A Cryptocurrency exchange is also called a digital currency exchange (DCE). It is a business that enables you to trade Cryptocurrencies or digital currencies. Many Cryptocurrency exchanges offer Ethereum, Bitcoins, XRP (Ripple), Altcoin, and more.
Cryptocurrencies are virtual or digital currencies that people use to invest and shop online. You can buy ‘tokens’ or ‘coins’ of a particular Cryptocurrency with the actual cash, such as the Euro or Dollar.
The world is familiar with various Cryptocurrencies, of which Bitcoin is the most popular. However, Dogecoin, Bitcoin Cash, Ethereum, and Litecoin are just a few. All financial institutions and banks want to be part of the Crypto community. Even Facebook now has a new Cryptocurrency called Libra.
Cryptocurrencies are exchanged online from one person to another, such as the government or a bank. They are decentralized, which means any government or bank does not control them.
That is why Cryptocurrencies are worth having people willing to exchange or pay for them. The best Cryptocurrencies to invest in are based on Blockchain technology.
These exchanges are like a long chain of ‘blocks’ that grows with each transaction. Simply put, Blockchain Records is a growing list of all the transactions that have ever taken place in a given Cryptocurrency.
Cryptocurrency Trading or Investments
At the very first investing or Trading in Cryptocurrency can seem like a daunting task. There are regular headlines about scams and losing people’s money. While this is undoubtedly true and many scams have occurred and continue to happen.
Trading in Digital currency is not so easy. Technology has developed at a tremendous rate in the last few years, making investing in Cryptocurrencies easier and safer.
The biggest concern when buying and investing in Bitcoin, or other Cryptocurrencies, is security and safety. Cryptocurrency Exchange is the right place to start whether you plan to buy it and support it on a long-term basis, want a private business, or want the ease of use.
Cryptocurrency exchanges are websites where people can trade Bitcoin, Altcoins, Stablecoins and other Cryptocurrencies.
The exchange can convert Cryptocurrency into government-backed currencies. When opening an account, people must provide proof of identity as almost every business is subject to government anti-money laundering guidelines.
If you are a newbie in the world of Cryptocurrency, you can read (Bitcoin Trading Guide for Beginners) this article for a basic understanding.
The following is a list of Cryptocurrency exchanges with their information.
This Cryptocurrency exchange list includes both commercial (free) and open source (free) software. The Digital Currency Exchange List below contains all popular Crypto exchanges and trading platforms.
Best Cryptocurrency Exchange in 2021
The following are some of the Best Decentralized Cryptocurrency exchanges mentioned in 2021:
• Binance
• Coinbase
• Coinbase Pro
• Kraken
• eToro
• Crypto.com
• Celsius (CEL)
• Cryptohopper
• BlockFi
• Cash App
• Bisq
• PrimeXBT
Binance (Binance.us for USA users)
Binance was launched in China in 2017. Malta-based Binance is a famous Crypto trading exchange globally. In 2019, Binance US was established in San Francisco for US residents.
Binance allows you to sell, buy and trade Cryptocurrency by charging 0.1% on trades. You have an option to earn interest on your coins by staking them for a while.
You can purchase Crypto using bank deposits, bank transfers, and debit/ credit cards. Binance offers you a lot of payment methods. However, a hefty 4.5% fee is charged on debit card purchases.
Pros
• 50+ Cryptocurrencies
• Reputable
• Low fees
• Easy-to-use website interface
• Good security
Cons
• Not available in 7 US states
• Not ideal for beginners
• Poor customer service
• For Security Measures
Binance has a 2-Factor Authentication system (2FA) for security measures and an asset fund as insurance in case user funds are stolen. However, reviews have reported glitches with the authentication system.
Nonetheless, there are 50+ coins available on Binance. So you’ve got a ton of options if you’re looking to trade Ethereum, Bitcoin, and many other currencies.
Coinbase – Best Place for Beginners to Buy Bitcoin
Coinbase is launched in 2012 in San Francisco, California. The perfect Crypto exchange for US citizens has amassed more than 30 million users’ worldwide, cutting customers in 103 countries.
This Crypto Exchange caters primarily to inexperienced investors who want to trade in Cryptocurrency. So it is best if you are a beginner who wants to learn the ropes without being overwhelmed by graphs and data on the entire screen.
Coinbase allows bank deposits, PayPal, bank transfers, and debit/credit/card transfers.
On security issues, Coinbase has FDIC insurance. It allows customers to pay a reasonable amount if the company ceases to exist. In Coinbase, cold storage is used to separate 98% of consumer funds, so theoretically; only 2% of your money can be stolen.
If you want to get started as a Crypto beginner, in our opinion, there is no better place than Coinbase.
Pros
• See all your coins in one place
• Simple UI for beginners
• Insured
• Buy Bitcoin easily
• Good variety of Altcoins
Cons
• Expensive compared to other Crypto Exchanges
• Few payment options
• Custodial wallet
Kraken – For Best Customer Support of Any Digital currency Exchange
Based in the United States, Kraken launched in 2011 and was re-launched in 2013. The exchange currently offers 50+ Cryptocurrencies, so you have a lot of options to trade with.
Kraken Accounts offers three packages: Starter, Intermediate, and Pro. A starter account allows deposits, exchanges, and return of Cryptocurrency. It is perfect if you are getting used to Crypto.
The average fees per trade are between 0.9% – 1.5%, depending on the amount of transaction. It makes it one of the cheapest Crypto Exchanges with a good reputation.
On the downside, although customer support assures customers 24/7 availability, there are some poor reviews about the service.
You must provide an ID for any deposit to verify the account, which is excellent for security. Seven fiat currencies are accepted at writing (EUR, USD, CAD, CHF, GBP, AUD, and JPY).
Pros
• Good security features
• Stylish user interface
• Reputable site
• Seven fiat currencies
• 50+ Cryptocurrencies
Cons
• Not for beginners
• Slow account verification
• Poor customer support
eToro – Best Trading Platform For FOREX & Crypto
As a social trading exchange eToro was established in 2007 in Israel. It is now headquartered in London, with 17 million customers worldwide spread across 100 countries.
In 2018, it launched in the United States with just one Cryptocurrency platform.
The exchange offers to investors 6 Cryptocurrencies (Ethereum, Bitcoin Cash, XRP, Litecoin, and XLM). While not a groundbreaking contribution to the genre, these are just some of the goal-setting that you can use.
On Crypto charges of $1,000, eToro offers a bonus of $50. However, eToro charges a trade fee of 0.75% – 2.90% per trade amount.
Deposits take approximately seven days to clear for use, with only one standard currency, USD. All foreign exchange reserves and withdrawals are subject to fees. So this is best if you are a US trader.
However, if you want a well-known and straightforward system that allows you to trade the most significant coins in the market, eToro may be the Cryptocurrency exchange for you.
Pros
• No commission on Cryptocurrency
• Easy-to-navigate user interface
• To sign up, easy for US Crypto investors
• Multiple coins traded (ETH, BTC, etc.)
Cons
• High trading fees
• Poor customer service
• One account-based currency
Crypto.com – Best Sign-up Bonus
Crypto.com is founded in 2016 and is based in Hong Kong. It is a popular Cryptocurrency platform. It allows its users to buy, sell, and trade Cryptocurrency like Bitcoin. The exchange service is most famous for significantly lower fees between 0.04% – 0.20%.
Crypto.com allows you to have a non-secure DeFi wallet with its separate app. You can link this account to your main account to facilitate the transfer of funds.
The exchange service also offers a program called Crypto Earnings. Users can wager their coins for a renewable period of one or three months and earn up to 12% interest through this offer.
In general, the more you bet, the more interest you can earn.
Crypto.com offers 24/7 customer care with live app chat, email, and phone support options in inquiries.
However, slow customer service is the most prominent source of criticism, with some customers reporting delays or reporting calls services.
Crypto.com only runs on mobile apps, so you’ll be a better trader on the go.
Pros
• Good security
• Low fees
• Huge Crypto coin collection
• Up to $50 sign-up bonus
• Regular promotions
Cons
• Complex app system
• Poor customer service
• Poor privacy
• Unclear source of funding
Celsius (CEL)
Celsius is an all-in-one financial and banking services platform for Cryptocurrency users.
It is launched in June 2018. Celsius offers rewards for Cryptocurrency deposits and services.
Users of the platform receive regular interest and payments on their holdings. Celsius’s local token is CEL. It performs many internal functions, including increasing user payments.
Celsius aims to offer banks financial services to its customers.
These include high returns on deposits and savings, very fair and easy credit requirements, and automated rewards for each customer. Fines and bank-style fees are also waived.
The platform also acts as a wallet through its CellPay feature. It hosts its CEL token that users can take advantage of to increase the payment cost, among other things.
Celsius reduces its profit margins on interest payments yet returns 80% to its customers as a profit company.
Payments are guaranteed because loans are run on assets, and any borrower must provide more than 100% of their currency.
Cryptohopper
For Cryptocurrencies, Cryptohopper is an automated trading bot that trades for you. Trading in Cryptocurrencies has never been easier. You have to set your order, and you’re ready to go.
Cryptohopper is a leader in the automated Crypto trading industry. It allows its users to automate trading strategies to trade Ethereum, Bitcoin, Ripple, and other Cryptocurrencies offered by your exchange.
To open a position according to your trading strategy or signal, Cryptohopper will scan the market 24/7. It buys the market at the lowest prices to place purchase orders when the trade shifts to a substantial profit.
The Cryptocurrency trading bot eliminates long-term learning and mastery of how the market operates. Adjust your bot, and the hopper will do the rest.
The Cryptohopper can connect to your exchange platform. It can use the money in your wallet without moving around, saving you time even saving a few percent on the transaction fee.
With the help of the API developed by your exchange, Cryptohopper Bot can integrate with your account without interruption, selling and buying in real-time.
Pros
• The monthly fee does not charge an additional commission.
• It provides investors with access to advanced analytics tools.
• The comprehensive mobile app includes advanced security features.
Cons
• No phone customer service options.
• To access the most valuable features, it is essential to purchasing a monthly plan.
Importance of Right Decision about Cryptocurrency
Choosing the right one is very important for any aspiring investor regardless of the presence of many Bitcoin Cryptocurrency exchanges in the market. Security, payment methods, trading fees, ease of use, and assets are essential factors to consider when choosing a Cryptocurrency trading platform.
Each Cryptocurrency Exchange platform has its unique features. It has different ways to help its members to trade the best Cryptocurrencies. While some powerful platforms offer a feature-rich UI, others make up for the lack of zero or low-fee features. You think it’s easy to find a Cryptocurrency exchange with zero or minimal fees.
What is The Most Popular Cryptocurrency Exchange in US?
The most popular and best cryptocurrency exchange platform in US is Coinbase. While the cryptocurrency industry has witnessed fraudulent activities and shady transactions, Coinbase has not yet seen any controversy surrounding it. The platform offers an easy-to-use exchange, largely reducing the barrier to entry for investment or trading, which particularly seems confusing and intricate.
Coinbase also offers insured custodial wallets for traders, investors, and speculators to collect their investments. But it is necessary to note that the insurance does not apply if your account has been compromised by your own doing. The accounts are very reliable for newer users just getting used to the process, but the private keys to the coins within them are owned by Coinbase and not the investor.
Moreover, Coinbase offers the Coinbase Pro version with a slightly different but more affordable fee structure and comparatively more options in terms of charts and indicators. It is the perfect step forward for people who are well-versed with Coinbase, and it helps round out the overall offering by putting more features that the more advanced user bases would want.
Conclusion
Each Cryptocurrency exchange platform has its own unique features and differential way of helping its members to trade the best crypto. While some major platforms provide a feature-rich UI, others make up for the shortage of features with zero or low fees. Truth be told, it’s simpler to find a cryptocurrency exchange with zero or minimal fees than you think.
Now due to the fast growth of Cryptocurrency, investors wanting reasonable profits in Digital trade.
However, around the credibility of some Crypto trading platforms, there has been skepticism. Especially when considering that how easy some systems are to hack. No one wants their Bitcoin stolen by hackers.
The rapid growth of Cryptocurrencies has long been a source of frustration, with investors looking for promising returns on digital currency.
Irrespective of the presence of many Cryptocurrency exchanges for Bitcoin, and Altcoins, selecting the right one is crucial for every aspiring investor out there. Security, trading fees, payment methods, ease of use, and selection assets are some of the major factors to consider while choosing a Cryptocurrency trading platform to buy Cryptos.