1.Binance Best Cryptocurrency Exchange Overall
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
Launched in China, in 2017, Malta-based Binance is among the most popular crypto trading exchanges globally. In 2019, Binance USwas launched in San Francisco for US residents.
Binance allows you to buy, sell, and trade cryptocurrency, charging 0.1% on trades. You have the option to earn interest on your coins by staking them for a while and earning an interest rate of between 0.5-10%.
You can purchase crypto using bank deposits, bank transfers, and credit/debit cards, so there are a lot of payment methods to choose from. However, a heavy 4.5% fee is charged on debit card purchases.
For security measures, Binance has an asset fund as insurance in case user funds are stolen and a 2-Factor Authentication system (2FA), although 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 Bitcoin, Ethereum, and many other coins.
2.Coinbase - Best Place To Buy Bitcoin for Beginners
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
Launched in 2012, in San Francisco, California, Coinbase has accrued over 30 million users worldwide, with users cutting across 103 countries.
This crypto exchange mostly caters to inexperienced investors looking to trade in cryptocurrency, so this is perfect if you’re a beginner who’s looking to learn the ropes without being overwhelmed by graphs and data all over the screen.
Coinbase allows for bank deposits, bank transfers, PayPal, and credit/debit card transfer payments. However, the exchange has rather expensive fees at $0.99-$2.99 for purchases under $200 and an additional 0.5% fee depending on the amount traded.
On matters of security, Coinbase has FDIC insurance that allows users to be fairly compensated if the company ceases to exist, and cold storage is used to set aside 98% of user funds, so theoretically only 2% of your money could ever be stolen at any time.
They’re good odds!
If you’re looking to get started as a crypto beginner, there’s no better place than Coinbase, in our opinion.
3.Kraken - Best Customer Support of Any Crypto Exchange
Pros
Good security features
Stylish user interface
Reputable site
7 fiat currencies
50+ cryptocurrencies
Cons
Not for beginners
Slow account verification
Poor customer support
Based in the US, Kraken launched in 2011 and relaunched in 2013. The exchange currently offers 50+ cryptocurrencies, so you’ve got plenty of options to trade with.
Kraken offers 3 packages of accounts: starter, intermediate, and pro. The starter account allows for deposits, exchanges, and withdrawal of cryptocurrency.
Perfect if you’re just getting used to crypto!
There are average fees on trades: between 0.9%-1.5% depending on the amount of the trade. This makes it one of the cheaper crypto exchanges that's a good reputation.
On the downside, although customer support assures users of 24/7 availability, there are some bad reviews about the service.
You are required to provide ID for any deposit for account verification, which is great for security, and there are 7 fiat currencies accepted at the time of writing (USD, EUR, CAD, GBP, CHF, JPY, and AUD).
4.eToro - Best Trading Platform For Crypto & FOREX
Pros
No commission on cryptocurrency
Easy-to-navigate user interface
Easy for US crypto investors to sign up
Multiple coins traded (BTC, ETH, etc.)
Cons
High trading fees
Poor customer service
One account-based currency
eToro was established in 2007 in Tel Aviv, Israel, as a social trading exchange. It now has its headquarters in London, with 17 million users globally spread over 100 countries. In 2018, it launched in the US with a cryptocurrency-only platform.
The exchange offers 6 crypto coins (Bitcoin, Bitcoin Cash, Ethereum, XRP, Litecoin, and XLM) for investors. While it’s not a lot, these are the biggest crypto coins that most people are looking to trade, so it makes sense.
On crypto charges worth $1,000, eToro offers a $50 bonus. However, eToro charges a high 0.75%-2.90% trade fee, depending on the trade amount.
No platform is perfect!
Deposits take about 7 days to be cleared for use, with only one standard currency ―USD. All foreign currency deposits and withdrawals are subject to a fee, so it’s definitely best if you’re a US trader.
Nonetheless, if you want a simple and reputable system that allows you to trade the biggest coins on the market, then eToro might be the cryptocurrency exchange for you.
5.Crypto.com - Best Sign-up Bonus
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
Founded in 2016 and based in Hong Kong, Crypto.com is a popular cryptocurrency platform that allows its users to trade, buy, sell, and spend. The exchange service is most popular for its remarkably low fees of between 0.04%-0.20%.
Crypto.com allows you to have a non-custodial DeFi wallet that has a separate app of its own. With it, you can link that account to your main one for ease of transfer of funds.
The exchange service also offers a program called Crypto Earn where users can stake their coins for a renewable period of 1 or 3 months and earn interest of up to 12%.
Typically, the longer you stake, the more interest you can earn.
In case of inquiries, Crypto.com boasts 24/7 customer care with options of in-app live chat, email, and phone support. However, slow customer service has been the source of their biggest criticisms, with some users reporting calls going unanswered or delayed services.
Crypto.com runs on mobile apps only, so you’d better be an on-the-go trader!