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Exchanges are where all the crypto magic happens. If you want to acquire a particular digital asset, whether you have fiat money or other crypto coins, a crypto exchange is the first place you visit.
In layman’s, a crypto exchange can be best described as a marketplace where, unlike the common ones, instead of exchanging money for commodities, folks switch their equivalent fiat money for digital assets and vice versa. Contrary, both parties (buyers and sellers) can exchange one crypto (commodity) for another even more distinctly.
Today, there are more than 5500 cryptocurrencies in existence with operations in over 22500 markets, according to CoinMarketCap. This means there is possibly an infinite number of crypto exchanges already established. While this is healthy for the crypto community, this could pose a nightmare for beginner traders looking for an ideal exchange that fits their needs.
Fortunately, this article encompasses a list of the top 5 crypto exchanges in the market today if you are a beginner. All their features, free and specs, have been indicated to aid you throughout your crypto adventure for the perfect crypto exchange.
Founded in May 2019, Bithumb Global (BG) is a cryptocurrency exchange based in Singapore. Bithumb Global supports trading in over 100 assets with a trading activity of $100M in daily volume. The platform’s advanced features have earned it the top seat as the best crypto exchange in 2020. Margin trading and staking are some of the exchanges’ unique features.
Bithumb Global presents the best user experience with fast loading and easy site navigation. The margin trading in Bithumb Global stands out from other exchanges. Bithumb Global’s margin trading offers traders unique staking options that allow their crypto holding to benefit from certain rewards.
To add, Bithumb Global stands out for other factors, including incredible global support, user-friendly design, low fees (0 to 0.1 percent of every transaction or trades), and quick fiat to crypto trading. Tight security measures and low latency order-matching-engine with proprietary technology and advanced algorithms are strong points for Bithumb Global.
With an excellent team, robust security, and support for many coins, Bithumb Global is undoubtedly one of the top crypto exchanges in 2020.
Based in San Francisco, USA, Coinbase is one of the oldest cryptocurrency exchanges, having started operations in 2012. Today, Coinbase is one of the top cryptocurrency exchanges and one of the most reputable.
Among other proofs, the exchange is regulated as a United States (US) financial institution besides being compliant with key European Union (EU) financial regulations. Coinbase is also supported by major investors, including banks and investment funds.
The platform’s security is also one of the best. Coinbase ensures that only 2% of clients’ funds are held online at a given time. Its insure policy also makes it one of the safest crypto exchanges for newbies. Coinbase simple design also makes it highly usable and easy for beginners.
Binance needs no introduction. Launched in July 2017, it’s the world’s largest crypto exchange, which works like an ecosystem comprising exchange, labs, and wallet.
Binance is the go-to crypto exchange for the coin to coin crypto trading. Its flagship exchange doesn’t deal in fiat currency, making Binance strictly cryptocurrency-based.
Binance became the crypto exchange with the largest trading volume in 2017, perhaps due to its huge selection of cryptocurrency assets available to users. The platform also introduced margin trading In February this year. The margin trading is currently available for BTC, ETH, XRP, TRX, and BNB.
“Binance Lending Products” is a futures trading program that allows traders to lock some assets for a given period. The locked assets earn interest for traders.
Bittrex is one of the best cryptocurrency exchanges. It is based in Seattle, Washington. Launched in February 2014, Bittrex supports cryptocurrencies (including BTC, ETH, XVG, and XRP), stable coins, tokens, and fiat currencies.
Although higher than other exchanges, Bittrex charges are in line with the industry average. It offers a flat trading fee of 0.20%. The Global industry average fee is arguably 0.25%.
Bittrex’s security is the single factor that makes it one of the best crypto exchanges. This was given that it was developed by a team with vast experience in security from major software companies like Microsoft and Amazon. The exchange keeps user’s funds in cold storage inaccessible to hackers due to its strong verification system.
Based in the USA, Kraken was founded in July 2011, becoming one of the earliest cryptocurrency exchanges. The platform has used its industry experience to build a solid reputation where users can trade in cryptocurrencies, stable coins, derivatives, tokens, and fiat. Compared to most similar platforms, Kraken has a long list of tradable pairs, though not by far.
The exchange offers a maker and taker fee ranging from 0% to 0.26% and even provides bitcoin pricing to Bloomberg terminal.
Kraken is ideal for all crypto traders. It offers great features, including margin trading, futures, and OTC.
Other features that make Kraken stand out to include improved security, 24/7 support, and a range of funding options.
Picking the best crypto exchange platform as a beginner trader may be a tough and painstaking process. In most cases, however, features such as fees, security, and the exchange offer services go a long way toward filtering the long list.
The above cryptocurrency exchanges are selected in order of merit in providing safe and easy features for beginners who are ready to venture into the ever-growing crypto industry.