Ever since cryptocurrency entered the market, it has carved a niche for itself. Now there is no going back. This decentralized digital currency is the fuel of Blockchain, which was first created in 2009 as Bitcoin by Satoshi Nakamoto.
As the number and the reach of cryptocurrencies are constantly increasing, beginners get confused about choosing the best trading platform. In this article, we will talk about the top trusted exchange and things that you need to keep in mind before choosing the best crypto exchange.
How to choose the best Cryptocurrency Exchange?
While choosing an exchange, keep these basic requirements in mind:
Security
Security is always an important factor in an exchange dealing with digital assets. The best way to ensure the security of an exchange is to check if the exchange offers two-factor authentication (2FA). The other security measures that are implemented by crypto exchanges include cold storage asset reserves and custodial storage services.
Reputation
As we know that cryptocurrency is still new in the market and not many people have full-fledged knowledge of this new industry, it is important to be aware of the reputation of the crypto exchange you choose. Not all exchanges are free from nefarious activities, scams, and hacks. It is important to have proper research on each exchange of interest. Search for the reviews of the exchange on various social media platforms and then go for the best one.
KYC/AML
Following the laws and regulations based on their locations, most of the crypto exchanges have Know Your Customer (KYC) and Anti-Money Laundering (AML) to ensure regulatory compliance, risk management, and identification of suspicious activities. Also, some trading platforms ban customers living in certain countries.
Fees
Every crypto exchange platform offers a different fee structure based on a percentage of each trade. Fees may be a less relevant thing for the professional investors but for the traders who buy and sell more often, it is a real concern. Check the deposit and withdrawal fees of the particular crypto exchange before trading.
Volume
It is worthwhile to check the number of participants using trading platforms at any given time. The volume of a trading platform is important as well as a difficult task, because some exchanges post fake volume. To have an accurate idea, you can look at the order book on different exchanges or check third-party websites that offer this type of data.
User Experience
The user interface of the exchange makes a big impact on users. If you are new to trading, you would pick basic and intuitive design but if you are an experienced trader, you would go for a more developed or complex interface. See what other users have to say about the platform and compare exchanges with each other to see the difference.
Here is the list of top trusted digital asset trading platforms where you can buy and sell cryptocurrencies:
Binance is a worldwide crypto exchange where users can trade cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Binance Coin (BNB). Based in Tokyo, Japan, Binance doesn’t support fiat currency trading. Binance Coin (BNB) is its own cryptocurrency. Binance provides a crypto wallet for its traders, where they can store their electronic funds. Also, Binance has a site for hosting new and emerging blockchain projects called LaunchPad.
Key features of Binance
- Available worldwide
- Get discount if you pay fees in BNB tokens
- Lower trading fees
- The highest trading volumes
- SAFU (Secure Asset Fund for Users) that offer protection to the Binance users and their funds in extreme cases
Changelly is a global cryptocurrency exchange that allows the best crypto-to-crypto and fiat-to-crypto trading to its users. It offers access to 150+ cryptocurrencies. Operating since 2015, Changelly has a different approach to trading to offer its users. It attracts its users with high limits, fast transactions, and 24/7 live support. This famous exchange aims to make the exchange process effortless for everyone who wants to invest in cryptocurrency.
Key features of Changelly
- Intuitive interface
- Secure transactions
- Favorable exchange rates
- No hidden or unreasonable fees
- Fixed charge of 0.25% fee for crypto-to-crypto swaps
Coinbase is a global digital asset exchange (GDAX) that provides a platform to buy and sell digital currencies to over 20M customers. Based in the USA, Coinbase is a secure platform where you can transact with new digital currencies like bitcoin, ethereum, and litecoin. Also, coinbase offers a wallet to its customers where the digital currencies can be stored. Other products of Coinbase exchange are Coinbase Pro and Coinbase Prime.
Key features of Coinbase
- Beginner-friendly
- Pay via credit card, debit card, and bank transfer
- Protected by insurance
- Member of the Blockchain Alliance
- Monitoring Suspicious activities
- Quick customer support
Kraken is one of the oldest Bitcoin exchanges in the world where you can buy and sell cryptocurrencies. Kraken offers exceptional liquidity and the best pricing to help you achieve your investment goals quickly.
Key features of Kraken
- Low transaction fees
- Margin trading
- Versatile funding options
- 24/7 customer support
OKEx is a world-leading cryptocurrency exchange that offers a wide range of trading options such as spot, futures, perpetual swap, and options trading. It has crypto-to-crypto and fiat-to-crypto trading options. It serves millions of users in 100+ countries. Originally based in China, OKEx relocated to Malta in 2018.
- Extensive range of pro trading options such as futures
- Fiat to cryptocurrency support
- High-trade volume
- Spot and margin trading
- Extensive range of over 100 cryptocurrencies supported
- Low Fees
- Integrated storage wallet
Huobi is one of the largest cryptocurrency exchanges that serves to Asian audience. Operated in 2013, Huobi Global offers an inviting platform to trade cryptocurrency with wide support of its own invention HUSD, a USD-backed stablecoin. Huobi also owns a token- Huobi Token (HT). It is famous for the sheer number of cryptocurrency trading pairs available - nearly 400. There are two main versions of Huobi: Huobi OTC and Huobi Pro.
Key features of Huobi
- Buys back 20% of its own currency, the Huobi Token
- Transaction fee for most trades in bitcoin, Ethereum, or Tether
- Huobi Pro offers more than 100+ cryptocurrencies.
- 2% fee for most transactions
Recently Launched Exchange
SynchroBit™ is the world’s first multipurpose hybrid p2p digital asset trading platform that is designed to serve you faster, smarter, easier, cheaper, and better than ever. It is a newly launched hybrid exchange that is grabbing the attention of both rookies and professionals. Here you can buy and sell crypto with both crypto and fiat currencies. SynchroBit™ benefits from the latest innovations and sophisticated technologies, including AI and Blockchain.
SynchroBitcoin (SNB) is the native cryptocurrency of SynchroBit™.
Key features of SynchroBit™
- Simple and user-friendly
- Social trading
- Multi-Layered security
- 24/7 multilingual support
- Smart trading
- Tamper-proof wallets
NOTE
The above-written information does not mean to represent investment, financial, trading, or any other sort of advice. It is not recommended that any cryptocurrency should be bought, sold, or held by you. Research on your own or consult your financial advisor before making any investment-related decisions.