The past few years have seen the rise of cryptocurrency and blockchain technology. Bitcoin, the first and most well-known cryptocurrency, has made headlines all over the world. With the rise in the popularity of cryptocurrency, there has also been a rise in the number of exchanges where people can buy and sell cryptocurrencies. In this article, we will look at the best cryptocurrency exchanges.
List of 8 Best Cryptocurrency Exchanges
1. Coinbase
Coinbase is one of the oldest exchanges in the market. Coinbase allows users to buy cryptocurrency with fiat currency (USD, EUR, GBP) via bank transfer or credit card payment.
Users can also use other payment methods like Skrill, NETELLER, and even Payout to purchase digital currencies.
Coinbase follows KYC policies that are very strict. Users need to upload their ID proof and other verification documents before they can start using services on this exchange.
Coinbase is one of the trustworthy exchanges in the market because it complies with all government regulations, but it lacks advanced trading features like margin trading (buying or selling assets by borrowing funds from a broker) or stops loss (an order to buy or sell traded assets when the price reaches a specific level).
It also doesn’t offer crypto/fiat trading pairs, which means users can only exchange Bitcoin (BTC) with Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH).
With that said, Coinbase is beginner friendly platform with high liquidity, and it also has two mobile apps for iOS and Android operating systems.
Coinbase supports Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Bitcoin cash (BCH).
The exchange charges reasonable fees on crypto/fiat trading like a 0.25% fee on all purchases via bank transfer or credit card. On the other hand, if you use Coinbase’s professional trading platform GDAX then there is a flat fee of $0.30 per order.
Coinbase also offers high security and insurance for digital assets that are kept in cold storage. It features 2-factor authentication (2FA) and protects users with SMS text message confirmation along with email notifications.
The platform supports over 30 countries around the world with more than 10 million users. It also has a beginner-friendly interface, which makes it easy for newbies to start crypto trading on this exchange.
Coinbase has an app for both iOS and Android operating systems. It can be downloaded from App Store or Google Play store respectively.
2. Gemini
Gemini is another popular cryptocurrency exchange that operates in 42 US states, Canada, Hong Kong, Japan, and Singapore.
It accepts bank transfers (via ACH) and credit card payment methods for users to buy digital assets. The fiat currencies supported by Gemini are US dollars(USD), Canadian dollars(CAD), British Pounds (GBP), and Japanese Yen(JPY).
Gemini also follows stringent KYC policies, which is why it only allows users from the above-mentioned countries to sign up for their services.
However, Gemini doesn’t allow users to deposit or withdraw fiat currency as it doesn’t have a corresponding banking partner. So basically on this exchange, users can only trade between cryptocurrencies.
Gemini doesn’t support crypto/fiat trading pairs either. So if you want to exchange BTC with LTC then you will need to go to another platform like Coinbase or Changelly.
The best thing about Gemini is that it has very high liquidity due to its large user base. It is also equipped with advanced trading features like margin trading and stop loss, which makes it suitable for professional traders.
Gemini does not support mobile apps yet. So if you want to place or manage orders on the go then you will need to use its website directly in your browser.
It only supports Bitcoin (BTC), Ethereum (ETH), and Zcash (ZEC).
Gemini has two mobile apps, one for the Android operating system and another for iOS. It also supports an unlimited number of wallets on the platform.
3. Kraken
Kraken is a popular cryptocurrency exchange that operates in Canada, the EU, Japan, and the US. The fiat currencies supported by this platform are Canadian dollars (CAD), US dollars (USD), and euros (EUR).
Since it supports fiat currencies, Kraken complies with all government regulations. It also holds 98% of all digital assets in cold storage to protect the funds of users.
However, since Kraken is located in the EU, it doesn’t allow users from the US and Japan to sign up and start trading until they get a proper KYC process done.
Users need to verify their accounts in order to deposit or withdraw fiat currencies from the Kraken platform. So if you don’t want your identity to be revealed then we would recommend staying away from this platform.
Kraken also has an app for both iOS and Android operating systems. It can be downloaded from App Store and Google Play store respectively.
The platform charges very fair fees on crypto/fiat trading like a 0.19% fee on all purchases through bank transfer or debit card and a 0.16% charge for credit card payments (for makers). However, Kraken also has a premium account service called ‘Kraken Pro with advanced features like margin trading, stop loss, and others.
4. BTC Markets
BTC Markets is an Australian cryptocurrency exchange that was established in 2013 by co-founders Andy Booth and Martin Kowalczyk.
It has support for AUD deposits, withdrawals, and trades with one of the lowest fees when compared to other supporting exchanges.
Users can deposit AUD via BPAY, POLi Payments, and Electronic Funds Transfer. BTC Markets is a great option for Australian traders as it allows users from all over the world to trade using this exchange’s services.
BTC Markets also has an official mobile app available for iOS and Android operating systems. The platform does not offer an option to trade in USD. So if you want to trade BTC/LTC for USD then you will need to use another platform like Gemini.
It supports Bitcoin (BTC), Ethereum (ETH), Litecoin(LTC), and Ripple(XRP).
The fees charged by BTC Markets are considerably higher than other exchanges. The fees can go up to 4.95% for credit card purchases and 1.01% on bank transfer deposits/withdrawals (for makers), however, it does not charge any fee for cryptocurrency withdrawals or trades. It even offers discounted trading fees for high-volume traders.
5. Cryptopia
Cryptopia is a popular New Zealand-based crypto exchange established back in 2014.
Cryptopia allows users to trade using more than 500 different coins making it suitable for all kinds of traders and investors looking to invest in a wide range of cryptocurrencies and crypto/fiat trading pairs.
The fees charged by this platform are quite low when compared with others at 0.2% on both sides (maker and taker).
Creating a free account is easy and simple. Cryptopia does not offer any mobile app, but it is still possible to place or manage orders on the go using its website directly in your browser.
However, since it is located in New Zealand, users from Australia have to be extra cautious as it complies with all security and legal requirements of the country.
Cryptopia has recently been under a lot of controversies due to maintenance issues and even allowing its users to deposit USDT via errors. It also got hacked in 2017 which resulted in a loss of around $16 million, but it was able to reimburse all lost funds with help from other crypto exchanges.
6. Bitstamp
Bitstamp is a Slovenia-based cryptocurrency exchange famous for its security and compliance with all government regulations.
Users must complete identity verification before they are allowed to deposit or withdraw fiat currencies. So if you don’t want your identity to be revealed then we would recommend staying away from this platform unless you have no other option available to you.
Bitstamp provides a high level of security and is authorized to operate as a money transmitter in all 28 countries that are part of the European Economic Area. It also provides advanced trading tools like stop loss orders, margin trading, and others.
The platform has not been hacked since it started operating back in 2011 and does not charge any fee for cryptocurrency deposits or withdrawals. However, users will have to pay a 0.25% fee per trade on the platform which is pretty much less than other exchanges out there.
However, the main disadvantage of using Bitstamp lies in its price markup. When compared with other supporting exchanges like Coinbase Pro and Gemini, the prices are usually 10-15% higher than the rest.
7. BitPanda
Bitpanda is also known as Coinimal is an Austria-based cryptocurrency exchange established back in 2014. It is supported both by desktop and mobile apps, which makes it suitable for trading on the go.
The platform supports AUD deposits, withdrawals, and trade with the lowest fees when compared with other platforms. It can also be used in countries like the US, Europe, and others.
The main disadvantage of Bitpanda is that it supports limited cryptocurrencies. You can only trade in Bitcoin (BTC), Ethereum (ETH), Ripple(XRP), and Litecoin(LTC). However, the selection process is slightly different when compared with others. Bitpanda provides its users with an option to select the cryptocurrency they want to invest in before signing up.
8 . Coinmama
Founded back in 2013, Coinmama is a crypto exchange based out of Slovakia that allows users to buy cryptocurrencies using fiat currencies like EUR or USD via Credit or Debit card. It also supports ETH and BTC trades.
Coinmama offers high limits for buying cryptocurrencies, but the downside is that it does not allow you to sell these cryptocurrencies back to fiat currency. This means that if you want to cash out, then Coinmama is not for you. It also charges more fees on credit/debit card payments compared with other exchanges.
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