Top Cryptocurrency Exchange - What You Should Know

Cryptocurrency exchanges are websites where you can buy, sell or exchange cryptocurrencies for other digital currency or traditional currency like US dollars or Euro. For those that want to trade professionally and have access to fancy trading tools, you will likely need to use an exchange that requires you to verify your ID and open an account. If you just want to make the occasional, straightforward trade, there are also platforms that you can use that do not require an account.

Types of exchanges

• Trading Platforms – These are websites that connect buyers and sellers and take a fee from each transaction.
• Direct Trading – These platforms offer direct person to person trading where individuals from different countries can exchange currency. Direct trading exchanges don’t have a fixed market price, instead, each seller sets their own exchange rate.
• Brokers – These are websites that anyone can visit to buy cryptocurrencies at a price set by the broker. Cryptocurrency brokers are similar to foreign exchange dealers.

What to look out for before joining an exchange
It’s important to do a little homework before you start trading. Here are a few things you should check before making your first trade.

• Reputation – The best way to find out about an exchange is to search through reviews from individual users and well-known industry websites. You can ask any questions you might have on forums like BitcoinTalk or Reddit.
• Fees – Most exchanges should have fee-related information on their websites. Before joining, make sure you understand deposit, transaction and withdrawal fees. Fees can differ substantially depending on the exchange you use.
• Payment Methods – What payment methods are available on the exchange? Credit & debit card? wire transfer? PayPal? If an exchange has limited payment options then it may not be convenient for you to use it. Remember that purchasing cryptocurrencies with a credit card will always require identity verification and come with a premium price as there is a higher risk of fraud and higher transaction and processing fees. Purchasing cryptocurrency via wire transfer will take significantly longer as it takes time for banks to process.
• Verification Requirements – The vast majority of the Bitcoin trading platforms both in the US and the UK require some sort of ID verification in order to make deposits & withdrawals. Some exchanges will allow you to remain anonymous. Although verification, which can take up to a few days, might seem like a pain, it protects the exchange against all kinds of scams and money laundering.
• Geographical Restrictions – Some specific user functions offered by exchanges are only accessible from certain countries. Make sure the exchange you want to join allows full access to all platform tools and functions in the country you currently live in.
• Exchange Rate – Different exchanges have different rates. You will be surprised how much you can save if you shop around. It’s not uncommon for rates to fluctuate up to 10% and even higher in some instances.

The Best Cryptocurrency Exchanges
Today there are a host of platforms to choose from, but not all exchanges are created equal. This list is based on user reviews as well as a host of other criteria such as user-friendliness, accessibility, fees, and security. Here are ten of the best crypto exchanges in no specific order.

Binance

Binance, founded by Changpeng Zhao in 2017, is a well-known cryptocurrency exchange renowned for its large trading volume. Here's a summary of its pros and cons based on recent reviews:

Pros:

• Fast Account Opening: Binance offers a quick and straightforward process for opening an account.
• Low Fees: The platform is known for its competitive fee structure, making it an attractive option for traders.
• Extensive Cryptocurrency Pairs: Binance supports a wide range of cryptocurrency pairs, providing users with numerous trading options.
• Secure Multi-Currency Wallet: It offers a secure wallet system for multiple currencies.
• Trading Setups: The platform caters to both beginners and advanced traders with its basic and advanced trading setups.
• Good Liquidity: Due to its large volume, Binance offers good liquidity for trading.
• Educational Resources: Binance provides extensive educational materials for users.
• Deposit Options: Various options are available for depositing funds into a Binance account.

Cons:

• Complex Platform for Beginners: The platform might be overwhelming for beginners due to its complexity.
• Regulatory Challenges: Binance has faced regulatory issues in several countries, which might be a concern for some users.
• Limited Access in the U.S.: Not all states in the U.S. have access to Binance.US, and the number of cryptocurrencies available on the U.S. platform is fewer compared to the global platform.
• No Telephonic Customer Support: There is a lack of telephonic customer support, which could be a downside for some users.

Binance's rise to the top of the cryptocurrency exchange market is attributed to its fast execution times and a wide range of services. However, its complexity and regulatory challenges might be points to consider before using the platform, especially for those from the USA.

Coinbase
Backed by trusted investors and used by millions of customers globally, Coinbase is one of the most popular and well-known brokers and trading platforms in the world. The Coinbase platform makes it easy to securely buy, use, store and trade digital currency. Users can purchase bitcoins, Ether and now Litecoin from Coinbase through a digital wallet available on Android & iPhone or through trading with other users on the company’s Global Digital Asset Exchange (GDAX) subsidiary. GDAX currently operates in the US, Europe, UK, Canada, Australia and Singapore. GDAX does not currently charge any transfer fees for moving funds between your Coinbase account and GDAX account. For now, the selection of tradable currencies will, however, depend on the country you live in. Check out the Coinbase FAQ and GDAX FAQ

Pros: Good reputation, security, reasonable fees, beginner friendly, stored currency is covered by Coinbase insurance.
Cons: Customer support, limited payment methods, limited countries supported, non-uniform rollout of services worldwide, GDAX suitable for technical traders only.

Kucoin

KuCoin, established in 2017 and headquartered in Seychelles, has become a popular choice for both advanced and beginner crypto traders. It's notable for its low fees, extensive range of over 700 cryptocurrencies, and innovative features like P2P fiat trading, margin trading, futures trading, staking, lending, NFT ETFs, and an automated trading bot. The platform emphasizes security, storing users' cryptocurrency in cold wallets and utilizing a multi-factor security system. Its user-friendly interface and the availability of a mobile app enhance accessibility. KuCoin also stands out for its transparent business practices and global reach, operating in over 200 countries with more than 30 million active users. The exchange is recognized for its rapid growth and innovative approach, making it a strong contender in the cryptocurrency exchange market.

Pros:

• Low Fees: Charges for trading, withdrawal, and deposit are low.
• Wide Range of Cryptocurrencies: Supports over 700 cryptocurrencies.
• High Security: Stores users’ cryptocurrency in cold wallets with multi-factor security.
• User-Friendly Interface: Accessible both on mobile and desktop, with a friendly interface.
• Innovative Features: Offers features like automated trading bots and NFT trading.
• Global Reach: Operates in over 200 countries with a large user base.

Cons:

• Regulatory Compliance: May have challenges in certain jurisdictions.
• Complexity for Beginners: The wide range of features might overwhelm new users.
• KYC Requirements: Some advanced features require KYC, which might not suit all users.

KuCoin balances its extensive features with user-friendly aspects but may present challenges in regulatory compliance and complexity for newcomers.

Remitano
Remitano is an independent Peer to Peer Bitcoin Exchange platform that is available to most bitcoin users all over the world. According to a recent press release by the platform, Remitano P2P Exchange has done away with any direct connection with banking institutions by dealing only with Bitcoin. All banking operations will be the responsibility of platform’s users. This way, any anti-bitcoin stance adopted overnight by the banking institutions will not affect the platform’s operations.

Remitano ensures that its users find the platform easy to use by incorporating a simple user interface. The user interface is combined with an excellent customer support desk, capable of resolving any issue and the live chat option on Remitano allows users to get their questions answered within minutes.

The platform is also known for its lowest fee in the industry, which is no more than 0.5 percent. Based out of Seychelles, Remitano has its operations spread across the United States, Australia, United Kingdom, Malaysia, Nigeria, Vietnam, Cambodia, China, India, Tanzania, and Ghana. Most of the platform’s customers are from Vietnam, followed by Nigeria and Malaysia.

Remitano is on an expansion spree and in the coming days, the platform aims to become one of the leading brand names in the cryptocurrency industry. The increasing traffic from African and Asian countries combined with the rising Bitcoin adoption rate is expected to help Remitano establish a firm foothold soon in these two continents.

Kraken
Founded in 2011, Kraken is the largest Bitcoin exchange in euro volume and liquidity and is a partner in the first cryptocurrency bank. Kraken lets you buy and sell bitcoins and trade between bitcoins and euros, US Dollars, Canadian Dollars, British Pounds and Japanese Yen. It’s also possible to trade digital currencies other than Bitcoin like Ethereum, Monero, Ethereum Classic, Augur REP tokens, ICONOMI, Zcash, Litecoin, Dogecoin, Ripple and Stellar/Lumens. For more experienced users, Kraken offers margin trading and a host of other trading features. Kraken is a great choice for more experienced traders. Check out the Kraken FAQ

Pros: Good reputation, decent exchange rates, low transaction fees, minimal deposit fees, feature rich, great user support, secure, supported worldwide.
Cons: Limited payment methods, not suitable for beginners, unintuitive user interface.

Cex.io
Cex.io provides a wide range of services for using bitcoin and other cryptocurrencies. The platform lets users easily trade fiat money with cryptocurrencies and conversely cryptocurrencies for fiat money. For those looking to trade bitcoins professionally, the platform offers personalized and user-friendly trading dashboards and margin trading. Alternatively, CEX also offers a brokerage service which provides novice traders an extremely simple way to buy bitcoin at prices that are more or less in line with the market rate. The Cex.io website is secure and intuitive and cryptocurrencies can be stored in safe cold storage. Check out the Cex.io FAQ

Pros: Good reputation, good mobile product, supports credit cards, beginner friendly, decent exchange rate, supported worldwide.
Cons: Average customer support, drawn out verification process, depositing is expensive.

ShapeShift
ShapeShift is the leading exchange that supports a variety of cryptocurrencies including Bitcoin, Ethereum, Monero, Zcash, Dash, Dogecoin and many others. Shapeshift is great for those who want to make instant straightforward trades without signing up to an account or relying on a platform to hold their funds. ShapeShift does not allow users to purchase crypto’s with debit cards, credit cards or any other payment system. The platform has a no fiat policy and only allows for the exchange between bitcoin and the other supported cryptocurrencies. Visit the Shapeshift FAQ

Pros: Good reputation, beginner friendly, Dozens of Crypto’s available for exchange, fast, reasonable prices.
Cons: Average mobile app, no fiat currencies, limited payment options and tools.

Poloniex
Founded in 2014, Poloniex is one of the world’s leading cryptocurrency exchanges. The exchange offers a secure trading environment with more than 100 different Bitcoin cryptocurrency pairings and advanced tools and data analysis for advanced traders. As one of the most popular trading platforms with the highest trading volumes, users will always be able to close a trade position. Poloniex employs a volume-tiered, maker-taker fee schedule for all trades so fees are different depending on if you are the maker or the taker. For makers, fees range from 0 to 0.15%, depending on the amount traded.

For takers, fees range from 0.10 to 0.25%. There are no fees for withdrawals beyond the transaction fee required by the network. One of the unique tools on the Poloniex platform is the chat box which is constantly filled with user help and just about everything. Any user can write almost anything but inappropriate comments are eventually deleted by moderators. It can sometimes be hard to distinguish the good advice from the bad, but the Chatbox is a great tool that will keep you engaged.

Pros: fast account creation, feature rich, BTC lending, high volume trading, user-friendly, low trading fees, open API.
Cons: Slow customer service, no fiat support.

Bitstamp
Bitstamp is a European Union based bitcoin marketplace founded in 2011. The platform is one of the first generation bitcoin exchanges that has built up a loyal customer base. Bitstamp is well known and trusted throughout the bitcoin community as a safe platform. It offers advanced security features such as two-step authentication, multisig technology for its wallet and fully insured cold storage. Bitstamp has 24/7 support and a multilingual user interface and getting started is relatively easy. After opening a free account and making a deposit, users can start trading immediately. Check out the Bitstamp FAQ and the Fee Schedule

Pros: Good reputation, high-level security, worldwide availability, low transaction fees, good for large transactions.
Cons: Not beginner friendly, limited payment methods, high deposit fees, user interface.