Welcome to Linkingo’s list of the top 5 best crypto exchanges! In the modern days, investing in Bitcoin or other cryptocurrencies might sound inviting to many people. At the same time, though, it can be intimidating, as there are many pieces of news about people losing money. After the incident of the Turkish crypto boss ran away with more than two million dollars of investors’ funds, more and more people became aware of potential risks. Though investing and trading in cryptocurrencies are getting more and more simple nowadays, this is definitely not a game for those who are unprepared.
For anyone wants to start trading cryptocurrencies, safety and security are the first and foremost concern. Understanding that, we have spent many hours researching, testing, and evaluating the four most trusted crypto exchanges. They are selected based on several factors, including their service offers, available assets, charge, user interface, and customer service. With this list, you shall have the best preparation to be an active crypto trader.
1. Best Crypto Exchanges – Binance.
Launched in September 2017, Binance takes only two years to be among the ten biggest exchanges by trading volume, as shown by CoinMarketCap – the world’s most trusted cryptocurrency data authority. Changpeng Zhao, a developer who joined hands in creating several high-frequency trading software, is the person behind this platform. Before the foundation of Binance, Zhao was a member of the team that developed Blockchain.info, and the chief technology officer of OKCoin.
Although it offers a wide range of services, from spot trading, margin trading, futures trading, to savings, staking, liquid swap, etc., Binance’s UI is one of the most user-friendly, as traders said. Notably, in April 2021, the exchange just added the stock token trading feature, which allows users to purchase fractions of publicly-traded companies’ shares. Since this is a brand new feature, there are still not many options regarding stock tokens, but we can see that users have many choices when they trade on this platform.
Another advantage is that this exchange offers one of the lowest fees in the industry when trading crypto-to-crypto. Binance only charges customers 0.1% on every trade. Just like other platforms, the deposit doesn’t cost money. Withdrawal does, though, and the fees might vary depending on the cryptocurrency you are trading.
Another advantage of Binance is its high volume trading. Since April 2020, Binance has officially become one of the most popular platforms to buy, trade, and sell cryptocurrencies. In 24 hours, its average volume trading can go up to $38,586,110,869. It means you have a better chance of selling your cryptocurrencies whenever you need to, as fast as possible.
However, if you are a US resident, you will have less choices than international users. While the international website of Binance offers over 200 trading pairs, Binance US only has more than 100. Still, US users can trade notable coins such as Ethereum or Litecoin to the lesser-known Zcoin. In fact, since it holds the highest altcoin trading volumes, international Binance is most suitable for those who want to trade or invest in altcoins.
Regarding trading pairs, aside from common pairs such as bitcoin/altcoin, or altcoin/USD, Binance also supports fiat trading for traders worldwide. You can trade using a wide range of currencies, such as EUR, GBP, AUD, BRL, TRY, INDT, RUB, or UAH.
If you are worried about security, you might be glad to know that Binance uses Secure Asset Fund For Users (SAFU). This system is very effective in protecting users from thefts of funds. On the downside, though, you will need a while to set up the ID verification process.
Binance’s customer support service receives mixed reviews. While the platform offers two ways to contact, which are emails and live chat, some users still report long delays:
Since Binance is one of the largest exchanges available, this might explain the wait. Some users also suggest this platform to add phone support, which is something other exchanges have been using effectively.
2. Best Crypto Exchanges – Coinbase.
Coinbase is a fully licensed cryptocurrency exchange that supports all states across America, with Hawaii being the only exception. In 2012, Brian Amstrong, a former Airbnb engineer, formed Coinbase with the help of Fred Ehrsam. The platform quickly grew. As of March 2021, it became the third-largest cryptocurrency exchange in the United States by trading volume.
In terms of the user interface, Coinbase is perhaps one of the most user-friendly cryptocurrency exchanges. It only takes a few minutes for you to familiarize yourself with the theme, and you don’t need any guide to sign up and start trading. Hence, it is safe to say that Coinbase is built specifically for those new to cryptocurrency trading.
Coinbase users are charged 0.50% per trade, 3.99% for credit card purchases, and 1.49% for Coinbase wallet or bank account purchases. In comparison to other crypto exchanges, the fees are quite high, which I consider a disadvantage.
Of course, being the third-largest cryptocurrency exchange in the US, Coinbase also has a pretty high trading volume. Its average daily volume is $3,872,687,407, according to CoinMarketCap. This number is still increasing daily.
Coinbase provides a solid number of cryptocurrencies. You can trade up to 51 currencies in Coinbase. You can find most of the popular ones here, such as Bitcoin, Bitcoin Cash, Litecoin, Ethereum, Dogecoin, etc. However, those who are interested in serious tradings of altcoins will not have many selections here.
Even though Coinbase offers crypto/fiat tradings, this is only available for some countries such as the US, the UK, and Europe. They only support three types of fiat currencies, which are USD, GBP, and EUR. Other regions can only access crypto/crypto trading pairs.
Security is the biggest advantage of Coinbase, compared to its counterparts. It protects users with two-step verification and biometric fingerprint login. Moreover, in the event that a third party breaches the exchange, Coinbase also offers insurance. Please note that the insurance does not apply if you have problems due to your lack of security measures. The developers make sure to store 98% of users’ funds in cold storage. With that being said, you don’t have to worry about safety when you use this exchange.
So far, Coinbase only provides customer support via emails. Though no one has reported long delays, we still hope this platform can add live chat and phone number support in the future for more convenience.
3. Top Crypto Exchanges – Bittrex.
The third one in the list of best cryptocurrency exchanges is Bittrex. In 2014, three senior security managers from Amazon: Bill Shihara, Richie Lai, and Rami Kawach, founded this platform. At the beginning of 2021, Bittrex was the 14th largest cryptocurrency exchange in the world, according to CoinMarketCap and CryptoCompare. The trading platform received much compliment for its speed and stability.
Although Bittrex offers plenty of features, some are unique such as the USD and EUR market, and users still report that its UI is easy to use. Hence, the exchange is good for both new and experienced traders. The only problem with Bittrex UI is that the charts and graphs load very slow sometimes.
When it comes to fees, Bittrex charges a 0.2% commission fee. Compared to other cryptocurrency exchanges, this base fee falls somewhere into the middle ground for low-volume traders, it is neither the cheapest nor the most expensive.
The average daily trading volume of Bittrex is $333,485,014. In the last few years, its rank in CoinMarketCap based on trading volume has been increasing steadily. From 100th in August 2018 to 32th by mid-November 2019, up to 14th at the beginning of 2021.
Along with Binance, Bittrex is one of the exchanges to provide the widest choices of cryptocurrencies. It offers over 220 cryptocurrencies. Users can trade Bitcoin, Litecoin, XRP, and other top and less popular coins for big-time gain.
As the founding team of Bittrex comprises computer security experts with over 40 years of experience, the platform puts users’ safety on top priority. It applies an elastic, multi-stage wallet strategy that ensures 80% – 90% of funds safely offline. To protect customers, two-factor authentication is compulsory for any withdrawals and API calls. In case it is not activated, a limit of withdrawal is applied for customers without a 2PA set up. So far, Bittrex has never gone through any breach nor loss of customers’ funds.
Users can reach Bittrex’s customer support via four platforms: Zendesk, Slack, Facebook, and Twitter. Although there are several channels to contact, its customer service still receives negative feedback, mainly when it comes to dealing with suspended accounts. Occasionally, some accounts will be temporarily suspended for security checks. Although this situation has been going on for some time and receives much criticism, the Bittrex team only gives minimal responses on this. We recommend you have your credentials on hand while trading on this platform to avoid any convenience. According to Bittrex, though, suspensions or outright bans only affected 0.1% of accounts.
4. Best Cryptocurrency Exchanges – eToro.
Being the only exchange in the best cryptocurrency exchanges list that is based in Israel, eToro was founded in 2007 by Yoni Assia, Ronen Assia, and David Ring. In the beginning, it served as a graphics-intensive forex platform and later adopted those tools for cryptocurrency trading. Though it does not have notable achievements like other platforms, experts have acknowledged eToro as one of the leading social investment networks.
The user interface of eToro is well-tailored for anyone with a basic knowledge of forex and cryptocurrency trading. What makes this platform unique is that an individual client can implement copy trading at ease. Hence, it is most suitable for traders who would like to be copied or anyone who follows risk-control rules. Opening a new account is very simple in a few steps. Still, it takes several days for the team to verify your identity. The most interesting thing about eToro, in my opinion, is that it has a social media-like dashboard. That way, you can trade and sell cryptocurrencies, but you can also hear what other traders are saying and join discussions.
eToro’s fees can vary, depending on the asset classes you trade. Here are a few samples for you to check out:
Of course, eToro cannot match other platforms such as Binance or Coinbase when it comes to trading volume. However, looking at the analysis, we can see that it is growing rapidly. The platform ended 2020 with gross revenue of $600 million, which is very impressive, especially when the world is in the middle of a recession due to COVID-19. The yearly trading volume also hit its roof at more than $1.5 trillion, 400% higher than that of 2019.
For the time being, this platform allows access to the 15 most common coins and tokens. The list of cryptocurrencies they support includes Bitcoin, Bitcoin Cash, Ethereum, Ripple, Dash, Litecoin, and Stellar Lumens.
Traders often consider eToro a safe platform to exchange, as it incorporates numerous cutting-edge security protocols. This also includes data encryption by default to stop CSRF attacks. What’s more, the team also protects users with Level 3 Identity Verification to ensure that all the accounts and trades are safe.
To contact the customer support team, you first need to access the support ticket queue. After submitting the ticket, it might need up to seven days to receive feedback from the team. This is a pretty long wait in comparison to other platforms. eToro also offers live chat support, but it is only available for those who currently have access to an eToro account.
5. Best Crypto Trading Platforms – FTx.
Been up and running since May 2019, this exchange has quickly joined the race and becomes a popular cryptocurrency exchange. According to Sam Bankman-Fried, founder of the platform, FTx’s priority is to build financial products with short-term crypto traders in mind.
It might take you some time to adjust yourself to the user interface of FTx, but once you do, it indeed is worth the effort. That’s because FTx offers some unique and innovative features that you can hardly find anywhere, such as leveraged tokens and MOVE contracts. Other than that, it also contains all the key features of other exchanges, including fiat currency transfers, easy conversions, or institutional grade services.
One advantage of FTx is users won’t have to pay any deposit or withdrawal fee. Moreover, futures settlements are free as well. Leveraged tokens charge a fee of 0.10% and daily management fees of 0.03%, which is average compared to other exchanges.
The average daily trading volume of FTx is around $10,811,064,057, according to CoinMarketCap. For a newbie in the field, this is quite a profound number.
FTx currently supports 32 types of coins. Although this number cannot match other platforms, users can find some unique altcoins here, such as THORChain coin or Solana coin. What’s more, it also supports a wide range of fiat currencies, from common ones like USD, EUR, or GBP, to HKD, SGD, and ZAR.
As of 2021, there aren’t any reports regarding FTx’s security protocol so far. The platform encourages users to install 2FA to further keep their funds safe. Aside from that, the platform also sets up insurance funds.
What makes FTx become the first choice for many people is its customer support. The team is always active on all social media platforms, so you can reach them anytime you need. They also provide live chat support on WeChat and Telegram for users all around the world.
Above is our list of best crypto exchanges we have carefully selected. For beginners, the landscape of cryptocurrencies can be pretty risky. Hence we only select exchanges that we have tried, tested, and confirmed that are trustworthy. Furthermore, they are easy to use even for beginners, and all traders in the field acknowledge their long-standing quality.
If you want to share your experience or voice your opinion, please leave a comment below and let us know! We look forward to seeing you in the next post.