If you’ve been keeping track of the news lately, you’d know that the cryptocurrency market is thriving. In fact, we’re arguably seeing an unprecedented meteoric rise in the popularity of most cryptocurrencies. And, while many people have claimed this to be the case for the past 5 years, this current trend seems like it’s here to stay. From the incredibly valuable Bitcoin to the skyrocketing Dogecoin, each cryptocurrency offers something different and the choices are very versatile.
Having said that, with so many different avenues of acquiring cryptocurrency, things can start to look a bit intimidating and confusing, especially if you’re new to this stuff. There are tons of options out there in terms of crypto, exchanges, and wallets. The first step to getting started though is selecting a good cryptocurrency exchange that offers good rates, exceptional customer service, and a safe trading platform for its users.
Everyone has different requirements and objectives when it comes to trading cryptocurrencies though. So, we’ve put together a list of some of the best cryptocurrency exchange platforms that cater to different types of investors. So, whether it’s your first foray into the world of trading crypto, or you’re a battle-hardened veteran, we’ve got you covered.
Best Cryptocurrency Exchange for Beginners: Coinbase
- Extremely user-friendly interface
- Easy to convert crypto into real cash and vice versa
- Wide variety of cryptocurrency available for trading
- Officially licensed and recognized in most U.S. States
- Insured wallets
- Transaction fees are on the higher side
- Wallet keys are not controlled by the user
- Some lesser-known cryptocurrencies and tokens not available
- Not available in many regions of the world
If you’re new to the world of cryptocurrency, it can be a bit tricky to start out. Most exchanges out there are pretty complicated and don’t offer much support or guidance for beginners. However, Coinbase, which is arguably the most popular cryptocurrency exchange is perfect for starters. It offers an adequate on-rails trading experience for novice users and can also ramp up in complexity once you get the hang of things.
Launched in 2012, Coinbase has been around for a very long time. It was one of the first cryptocurrency exchanges to be regulated and licensed in a number of different U.S. states and countries all over the world. Therefore, it is one of the most widely trusted exchanges around.
However, the good things don’t just stop there. Coinbase offers an extremely simple and intuitive user interface that’s perfect for most beginners. It also offers insured custodial wallets for users in case they can’t transfer to their permanent wallets for the time being. The keys for those wallets are stored with Coinbase though.
Since Coinbase has been operating for a very long time, it is now home to a wide variety of cryptocurrencies. Most of them are perfectly legitimate and valid ones as well which makes Coinbase very safe to use. All of these good things come at a cost though as Coinbase is relatively more expensive in terms of fees as compared to the competition.
Once you’ve learned the ropes though, you can move to Coinbase Pro which offers greater complexity and advanced features along with lesser fees. So, if you’re just starting out in the crypto world and aren’t sure where to look, Coinbase has got you covered.
Alternative Choice: CashApp
- Ability to do P2P cash transfers
- Arguably the simplest UI on the market
- Bitcoin can be withdrawn easily
- Can also invest in stocks and ETFs
- No Cryptocurrencies other than Bitcoin
- High fees via credit card transactions
- Low withdrawal limit on Bitcoin
If you’re looking for something extremely barebones and simple, CashApp might be the one for you. It only offers the trading of Bitcoin along with some other stocks and ETFs. However, that has an upside as it simplifies the app to an extent where pretty much anyone can use it. In addition to that, it also allows users to withdraw their BTC whenever they want.
Unlike other Crypto exchanges though, CashApp has relatively steep service charges and fees. The app also puts limits of $2000 of BTC withdrawal per day and $5000 per week. This limits the app’s ability to function as a good tool for trading. Having said that, it is still perfectly fine for anyone looking to test the waters and buy some Bitcoin easily.
Best Cryptocurrency Exchange Overall: Binance
- Intuitive UI for both moderate and advanced users
- Budget-friendly fees and charges
- An extremely wide variety of Cryptocurrencies available
- Different charts and stats for tracking the market
- Allows bank deposits via SWIFT
- Cash/Card deposits in over a dozen fiat currencies
- Can be difficult to use and understand for beginners
- Not supported in some of the U.S. States
- Binance US is not as fleshed out as the international version
Binance is arguably the biggest cryptocurrency exchange platform in the world right now. While it didn’t start off as early as Coinbase, Binance has rapidly grown in size over the past few years. Now, this behemoth of an exchange is the go-to solution for most investors. It offers a massive catalog of cryptocurrencies and more for people to invest in. In fact, the number of its crypto offerings is even greater than Coinbase.
In addition to that, Binance offers in-depth charts and trends for advanced users who want to keep close track of their investments. However, international accessibility is arguably its greatest feature. Users on Binance can deposit a dozen fiat currencies, use credit cards, and also make USD deposits using SWIFT. Furthermore, the P2P exchange is also well-equipped for people who don’t have any of those options.
Binance also offers some of the lowest transaction fees on the market. However, if you’re entirely unfamiliar with the world of crypto investment, Binance’s advanced features can seem a bit daunting.
Alternative Choice: Coinbase Pro
- Has all the benefits of regular Coinbase
- Lower transaction fees than Coinbase
- A wide variety of cryptocurrency selection
- Great UI for advanced and moderate users
- Multiple ways to pay
- Not the best customer service support
- Wallet codes are not personal
- Higher fees than the competition
- Geo-restricted in many regions
If Binance is not quite your cup of tea, then the pro version of Coinbase can offer similar features as well. Coinbase Pro is cheaper than its regular counterpart and caters to more advanced users. Its UI may not be as simple as the normal Coinbase but it is still incredibly intuitive. It also displays all the in-depth details and graphs to track your investments.
Having said that, Coinbase Pro is still not as popular as regular Coinbase or Binance. This is due to the fact that it is not accessible in many regions of the world. However, the payment options are still fairly flexible for Coinbase Pro and the insured wallet is a nice added benefit.
Best Cryptocurrency Exchange for Security: Bittrex
- Excellent security features
- Compliant with all U.S. Laws
- Wide variety of cryptocurrencies
- Flat 0.25% trading fees
- Available throughout the world
- Withdrawals and Deposits limited to wire transfer
- Margin trading not available everywhere
- Customer service can be subpar at times
If you’re unsure about the safety of cryptocurrency trading and want something that has top-notch security and privacy features, then Bittrex is a great option. Created by former Microsoft and Blackberry computer security experts in 2013, the main aim of Bittrex is to provide the highest level of security to its users. And, in line with their promise, the exchange has never experienced a security breach yet either.
Having said that, even if there is a rare chance of a security breach, Bittrex offers complete insurance on over 80% of the user funds, making it the safest platform to trade on. Safety and security isn’t the only thing that it is great at though. Bittrex has a flat 0.25% trading fee, which is simple to calculate and is also cheaper than a lot of other exchanges.
In addition to that, it is accessible throughout the world and doesn’t come with any geo-restrictions. The exchange is also fully compliant with the U.S. regulations and offers a pretty good portfolio of crypto to trade from.
The great security comes with a downside though as the exchange only takes payments via wire transfer which may not be ideal for many. Furthermore, some features like margin trading are also limited to a few regions only.
Alternative Choice: Gemini
- USD Accounts are insured
- Intuitive user interface
- Exceptional security features
- Affordable transaction fees
- Personal data and ID required to use
- Not as effective outside of the US
If you’re looking for a secure cryptocurrency exchange other than Bittrex, Gemini is an excellent alternative option for you. Created in 2015, Gemini has quickly grown into a powerhouse among those looking for secure trading. It is incredibly popular in the US thanks to its renowned security measures and low fees. Much like Bittrex, it also offers insurance on USD accounts. The platform is also well-suited to beginners as it specializes in Bitcoin and Etherium trading.
Having said that, to ensure this security, you do need to submit your ID and some additional personal data while making an account. So, it is not great for those looking to remain anonymous. This also limits the usability of the platform for those not living in the US.