Anyone looking to trade in crypto currencies is going to need to have access to at least one good crypto exchange. Good news is, there are now many reliable and reputable crypto currency exchanges. The bad news?
There are now so many crypto exchanges that it can be difficult to find the one that’s right for you. To give you a few options, we’ve put together this top 5 list of crypto currency exchanges that we ourselves use.
When judging a crypto exchange, you should examine multiple factors. For example, how liquid is the exchange? Is data, such as trade volume, transparent? How do other users feel about it? How intuitive is the interface? What are the fees? How about security measures?
When picking an exchange, you should conduct some of your own research. Don’t trust sponosred shills and dig in a bit deeper. Read the fine print, look out for any red flags. When it comes to money, it’s better to be safe than sorry.
Bittrex – High Security, Many Currencies
Bittrex is a great platform for those who want to trade more than the most common crypto currencies. Bittrex makes it easy to trade a huge range of lesser-known crypto currencies while also being able to trade on large, liquid, and well-known exchange. Of course, you can trade the big name coins like Bitcoin, Ethereum and Litecoin as well.
- Bittrex’s fees are straightforward, easy to understand, and start at just .25%.
- Bittrex keeps roughly 80 to 90% of their assets offline in cold storage. This helps harden their platform against hacks.
- Bittrex has fast withdrawal and deposit time.
Bittrex is located in the United States and is “fully regulated”. Regardless, Bittrex is one of the most popular platforms but still maintains reasonable fees.
Binance – Off To a Strong Start
Binance launched in July of 2017 in Hong Kong after raising $15 million through an Initial Coin Offering. Founder and developer Changpeng Zhao, however, is a familiar name around the bitcoin crowd, being the technical director at Blockchain.info and having served in other high profile roles. So far, Binance has been one of the fastest and most popular emerging exchanges.
- Binance’s .1% trade fee is among the lowest in the industry.
- Despite its youth, Binance has already locked up a top three 24 hour volume exchange ranking.
- Binance does not currently support fiat currencies.
- Does support a huge range of coins.
The platform itself is well-regarded and the fees are more than affordable. However, since you have to own crypto currencies before you can trade on Binance, it’s not as beginner friendly as some other exchanges.Worried about the Chinese government? Binance has moved its servers offshore (Malta) to protect from government interference.
Gemini Exchange – Insured & Regulated
The Gemini Exchange is based in the United States. The Gemini Exchange is backed by the Winklevoss Twins, who have gone all in on crypto currency. The twins won a huge settlement against Facebook founder Mark Zuckerberg some years ago and claim to own as much as 1% of the total global bitcoin supply.
- Fees start at .25% and decrease if you trade in high volumes.
- Only supports bitcoin and ether trading.
- USD is the only supported Fiat currency.
- FDIC Insured.
ACH transfers are easy with the platform, so managing deposits and withdrawals is quick, simple, and reliable. The user interface is generally well-regarded and certainly is sleek. Customer support is a bit limited, which is a common issue for many exchanges.
Coinsquare – Canadian All-Rounder
Coinsquare bills itself as Canada’s most trusted digital currency exchange and also claims that its platform is built on the same technology as the New York Stock Exchange. So far, Coinsquare has never lost a single coin to hacking. The company also maintains its own ledger, which is updated about 2,400 times a day.
- .2% quick trade market fee.
- Can be funded via bank drafts, money orders, credit cards, and a variety of other methods.
- Credit card payments won’t require additional verification, meaning you can start trading quickly.
- Can trade bitcoin, ethereum, litecoin, bitcoin cash, dogecoin, dash,
Coinsquare recently received $30 million in equity funding, meaning some serious investors were willing to invest quite a lot into the company. Not only will this help Coinsquare improve its platform, but an investment of that magnitude will attract a lot of scrutiny from investors and ensure increased security, performance and reliability to users.
Coinbase – A One-Stop Shop For Beginners
Coinbase is perhaps the most complete one-stop-shop for bitcoin and other crypto currencies. Not only does Coinbase function as an exchange, but it can act as a wallet as well. Further, Coinbase is used as a payment processor by many merchants, such as Overstock and Dell. With over $50 billion in transactions conducted and 10 million plus customers, Coinbase is already one of the most popular exchanges in the world.
- Coinbase fees start at 1%, which is pretty high.
- One of the oldest, largest, and most liquid exchanges.
- Coinbase apparently tracks how users spend their coins.
- The verification process is rather long and intensive.
Many exchanges have suffered hacks. However, any digital currencies stored on Coinbase’s servers are protected by insurance. This should help people sleep a bit easier at night. Be warned, the approval process for Coinbase can take a substantial amount of time. On one hand, this can be a pain. On the other hand, their approval process could protect you from unscrupulous parties.
Cryptopia – Small Cap Coin Exchange
Is Cryptopia the Utopia of virtual currency exchanges? Not quite, but it’s one to watch. The platform has been around since 2014 when it was established by Adam Clark and Rob Dawson. Now, you can trade 400 plus digital currencies on Crytopia.
- .2% static market trading fee.
- Considered as one of the most feature-rich platforms.
- Good documentation, such as FAQs and forums
- Huge selection of small cap coins.
- Only supports New Zealand Dollars for Fiat.
Cryptopia is another one-stop shop where you can not only make trades but also find tons of resources regarding crypto currency trading. The platform can be a bit unwieldy at first. Unfortunately, Cryptopia only supports New Zealand Dollars. There are some workarounds for non-New Zealanders who are looking to trade even though they can be a bit of a hassle.
Conclusion: Just the Tip of the Iceberg
This article has reviewed five of the most popular and/or promising cryptocurrency exchanges. A few years ago, it would have been a struggle just to find five exchanges. Now? There are roughly 200 active exchanges, and the number continues to grow.
For consumers, this is great news. You’ll have more options now than ever before. However, whenever financial transactions and investing are at play, it’s important to be careful. Vet every exchange carefully. Hunt around for complaints, read the fine print. It’s your money so take care of it.