While exchanging and buying Bitcoin or other cryptocurrencies, the primary concern is safety and protection. The following exchanges are the best for any use case you might have, whether you intend to buy and keep long term, want to trade regularly, are interested in anonymity or privacy, or simply want the ease of use.This article includes the best crypto exchanges for some types of investors as well as the best exchanges for each type of exchange.
Best Crypto Exchanges
- Binance: Best of all
- Coinbase and Coinbase Pro
- Cash App: Perfect for Starters
- Bisq: best decentralized exchange
Beyond operating the world’s leading cryptocurrency exchange, Binance spans an entire ecosystem.
The Binance platform was formed in 2017. Its priority is to focus on altcoin exchanging. It provides more than 100 different exchanging pairs between cryptocurrencies. A few fiat-crypto pairs are given, however, most of the pairs are between cryptocurrencies.
The Advantages
- Wide range of exchanging pairs and cryptocurrencies
- Unlike typically used exchanges, Binance has much cheaper fees
- Many advanced charts
The Disadvantages
- Focused on more professional users
- less trading pairs than its global counterpart (but there are still more than 100 trading pairs)
Fee: each side of the trade must pay 0.1% of the charges (0.1% for consumer and 0.1% for the investor). For both sides of the deal, this reduces the trade volume to 0.02 percent. By using the native cryptocurrency of Binance, BNB decreases fees by 25%.
Binance presently dominates the worldwide trade space, creating a larger part of the daily crypto trading volume. At this time, you can not use United States dollars for deposits. However, Binance allows you to buy a limited number of cryptocurrencies by using your debit or credit card. Investments using more than 20 other fiat currencies are permitted, such as Euro.
For investors who would like to trade or invest in infrequent altcoins, Binance is ideal. For instance, Coinbase’s offer for trading is just 22 different cryptocurrencies. Whereas, Binance has more than 50. For someone who would like to exchange altcoins or anyone who desires more advanced charting, in comparison to other exchanges, Binance is the best choice.
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KuCoin: Cryptocurrency Exchange With Margin, Futures & Earning Options
Launched as recently as 2017, KuCoin is a cryptocurrency exchange that also offers third-party brokerage services. Although the platform has just three years of trading history, it is now one of the largest cryptocurrency exchanges in the space.
One of the main reasons for this is that you will find over 200 coins with about 450 cryptocurrency pairs hosted at the exchange. Not only does this include major pairs like BTC/USDT and ETH/USDT, but heaps of crypto-cross pairs. Best of all, if you have an appetite to trade a less liquid ERC-20 token, chances are you will find it at KuCoin.
Trading Fees and Commissions
First and foremost, there are no fees associated with cryptocurrency deposits, and withdrawals are charged at the standard mining rate as per the coin you are looking to cash out.
When it comes to trading fees outside of the futures arena, you will pay 0.1%. This means that a $10,000 trade would cost you $10 in fees. As we briefly mentioned earlier, this sits in-line with fellow exchange counterpart Binance.
Coinbase and Coinbase Pro: Best of all
Coinbase is a widely used and well-known cryptocurrency exchange in the United States. it was established in 2012, not long after Bitcoin’s code was released in 2009, and is a fully regulated and certified exchange of cryptocurrencies. Currently, Coinbase has permits in more than 40 states and territories of the US.
The Advantages
- A solid range of options for altcoin
- Highly easy interface for users
- Extremely high liquidity
The Disadvantages
- High charges when Coinbase Pro is not used
- The user does not manage keys for wallets
- Fewer choices for Altcoin exchange than other exchanges
Fee: The fee ranges from $0.99 to $2.99 based on the total dollar cost of the transaction.
Since fake coins and dubious exchanges have infected the crypto-currency industry, Coinbase has highly avoided any controversy. Coinbase provides an incredibly simple exchange process, massively reducing the entry barrier for investment in cryptocurrencies, which is generally seen as complicated and confusing.
Coinbase also provides protected wallets for traders to store their investments. It is important to remember that this insurance is not applicable if your data is compromised by your actions. For beginner users that just breaking the ice, these custodial accounts are quite suitable, but Coinbase owns the encryption keys to the coins within them and not the user.
Besides, Coinbase also provides a free edition of Coinbase Pro that has a diff, but cheaper payment system and significantly more charts and indicator options. For those who have learned the ropes using Coinbase, Coinbase Pro is a great next move, and it helps round out the overall offer by incorporating functionality that the more sophisticated consumer will like.
Cash App: Perfect for Starters
just like Venmo, The Cash App is a p2p money transfer platform. This kind of platform enables users to buy food, paying a roommate’s rent, or even shop at a store that supports the Cash App online. The Cash App can operate like a bank account and users can have their debit cards from the Cash App. This feature itself is really useful, but there are also more features in the Cash App.
The Advantages
- p2p money transfer, such as Venmo or Zelle
- Ability to withdraw Bitcoin
- Highly easy user interface
The Disadvantages
- Just allows investment in Bitcoin at this time
- 3% fee while transferring money via a linked credit card
- The withdrawal restrict of $2,000 in Bitcoin each 24 hours
Fee: For each purchase, the Cash App costs a service fee. It also costs a fee that is influenced by price volatility. Based on the market’s activity, these fees change.
Similar to Robinhood, Cash App also enables its users to invest in stocks, ETFs, and cryptocurrencies. It is very convenient to find out and use the mobile-first interface that this exchange uses, making it perfect for a first-time investor.
Although the Cash app provides a payment service such as Venmo and an investment system such as Robinhood, it differs in that it enables the consumer to withdraw investments in cryptocurrencies to your wallet. This is the prime reason that we have chosen Cash App over Robinhood as the most suitable option for newer users looking to buy Bitcoin.
The capability to withdraw crypto from an account is vital for crypto marketers.
You can invest and exchange cryptocurrencies with Robinhood, but you can not withdraw and spend them as you desire. Many crypto investors relate to this phrase as “not your key, not your coins,”
Bisq: best decentralized exchange
The concept of Bitcoin on its own is that it provides a wallet with free and unlimited access. Banking services, such as a checking or savings account, are only available if you have a government-issued identification that is legally proven. But this isn’t essential for Bitcoin. It is accessible irrespective of nationality or region, with no identification.
The Advantages
- Non-KYC network, decentralized
- 26 different options for payment, such as Zelle
- mobile app (supports iOS and Android)
The Disadvantages
- Depending on the payment mechanism, the transaction speed can be slower,
- Volumes of trade may become low
- Bisq doesn’t support active trading, not created for this purpose
Fee: You can pay fees in the network’s native cryptocurrencies, including BTC or BSQ. If you are using bitcoin to paying for the fees:
- the maker portion will be 0.10%
- the taker portion will be 0.70%
but if you are using BSQ fees for trading one bitcoin:
- the maker portion will be 0.05%
- the taker portion will be 0.35%
Although many say that this ease of access expands possibilities for illegal activity (also can happen while using cash), It even provides units of an account that has less-developed banking systems to people in different countries. Many people across the world may not have bank accounts, means of exchange, or identification provided by the government. Because their countries do not have the required financial infrastructure. In these situations, using Bitcoin with a decentralized trading platform such as Bisq is the best choice.
You can download Bisq p2p software for decentralized crypto trading. You can download Bisq p2p software for decentralized crypto trading (like bitcoin). So no one can take down Bisq and it hasn’t any weaknesses, kind of like bitcoin. The only person who can manage your funds is you (as a user), and it’s non-custodial.
But centralized trade platforms it’s different. for example, Coinbase has custodial accounts so It can manage your fund, and you as a user don’t have private keys. Coinbase keeps the authority to take user’s funds if it considers your account activity dubious, whether or not the activity in your country is probably illegal.
Bisq has no registration or KYC rules, so all you need is a computer or smartphone. Bisq has no registration or KYC rules, so all you need is a computer or smartphone, Which works great for those seeking privacy and anonymity, living around an oppressive regime, or anybody who has no identity provided by the government.
As well as bitcoin, Bisq has the ability for fiat currencies trading like USD. Its decentralized and peer-to-peer features can decrease volumes of trading and reduced transactions, but this is well worth it for some people.
Crypto Exchange Types
It is necessary to know the kinds of exchanges clearly to choose the best platform for your requirements.
- Centralized Exchange
These exchanges are private firms that provide crypto-currency trading platforms. such exchanges demand KYC, which means you must register and It requires authentication. These exchanges have active trade, large volumes, and paying ability.
That said, centralized exchanges are not in line with the philosophy of Bitcoin. They run on their private servers which create a vector of attack. If the servers of the company were to be compromised, the whole system could be shut down for some time. Worse, sensitive data about its users could be released.
Centralized exchanges won’t use the same ideology as bitcoin. They work on their private servers, which can establish an attack. So, if someone hacks the company’s servers, it is possible to shut down the entire system for a while. Even worse, it may leak private information about its users.
The bigger, more common centralized exchanges seem to be the simplest on-ramp for new clients and, they also offer insurance if their system fails. Even though this is accurate, when you purchase cryptocurrency, it is kept inside their custodial wallets, and not in your wallet that you have the keys for.
The insurance offered is available only if the exchange is by mistake. For example, if your accounts were hacked, your funds would be gone and you would certainly not have the right to demand insurance. This is the reason it is essential to withdraw any large amounts and secure storage.
- Decentralized Exchange
The decentralized exchanges method is like Bitcoin’s. There is no main controller point in a decentralized trade. consider it as a server, every computer in that server is distributed around the world and a person controls every computer that represents one portion of the server.
It does not affect the whole network if one of these computers is shut down since there are lots of other computers that will maintain operating the network.
As a result of this decentralization, these kinds of exchanges are exempt from the rules of any regulatory agency, because the system is not run by any single individual or organization.
This implies that such exchanges on the platform don’t get to reveal their identity and are using them is free, whether legal or not, in whatever manner they want.
