Are you looking for the best cryptocurrency exchange platform? Well, you’ve come to the right place. Here you will find everything you need to know. Cryptocurrencies have grown in popularity over time, expanding beyond Bitcoin to encompass a broader category of currencies.
With more individuals becoming engaged in investing, it’s more important than ever to choose the proper exchange for your circumstances.
Here is all that you will find in this post;
- A comprehensive list of the 10 best cryptocurrency exchange platforms
- Get to know the top features of each of the exchange platforms
- Understand what are crypto exchange platforms
- See the advantages of using a cryptocurrency exchange platform
- Learn how to choose a crypto platform that will be ideal for you
But there’s no such idea as a one-size-fits-all approach in society, and therefore we have to figure out what works best for you.
List of 10 Best Cryptocurrency Exchange Platforms
Please go through the cryptocurrency exchange platform closely so that you can find the one best suited for your needs.
Coinbase offers a sophisticated exchange platform as well as a collection of safe tools to help you invest. It’s a good all-around choice.
Many beginners choose Coinbase as an entry point into cryptocurrency exchange since it offers a variety of tools while also allowing you to study and grow your knowledge of the industry.
They keep expanding their products. However, they have rather restrictive operations when it comes to lesser-known cryptocurrencies.
Top Features And Benefits Of Coinbase Cryptocurrency Exchange Platform:
- The majority of cryptocurrency exchanges already have wallets linked to them.
Coinbase is more attractive thanks to a straightforward yet powerful UI that will enable you to break through the intricacies and get to business right away.
- Because the exchange has so many users, you don’t have to worry so much about a shortage of market liquidity.
- Coinbase offers over 25 currencies in addition to Bitcoin, giving users a variety of alternatives beyond the standard cryptocurrency varieties.
- The firm has a proven record that backs up its positive reputation in cryptocurrency trading platforms.
Major Customers Of Coinbase Crypto Exchange Platform:
It has over 70 million verified users. Most of them are newcomers in the field of cryptocurrency.
Competitors Of Coinbase Exchange Platform:
Coinbase finds Tradestation and Binance as its biggest rivals. However, it is the market leader.
Pricing Of Coinbase Crypto Exchange:
Coinbase is the basic version. CoinbasePro is the advanced option. Coinbase to CoinbasePro is a free upgrade. With CoinbasePro you get a slightly lower transaction fee per trade.
TradeStation has the potential to be an all-in-one exchange platform, ranging from simple cryptocurrencies to the exchange of traded funds (ETFs), equities, futures, and a plethora of other financial assets.
The company received a slew of accolades for its platform’s 99.999 percent uptime.
TradeStation is a formidable choice thanks to its award-winning tools and low costs.
With its recent entry into even more different types of cryptocurrencies, they might easily become your one-stop-shop for exchanging and handling your money.
Top Features And Benefits Of TradeStation Cryptocurrency Exchange Platform:
- The company offers a wide range of investment options, in addition to bitcoin, at very low rates. Debits and stock transactions are free. Crypto account balances earn an annual interest rate of 0.5 percent, making the alternative quite inexpensive.
- With a down payment of a small amount, they provide you access to many advanced options. Also, there is no minimum balance required to access their bitcoin offers.
- They have won several accolades, including Greatest New Service at 2020 at the Benzinga Global Fintech Festival.
Major Customers Of TradeStation Crypto Exchange Platform:
TradeStation has over a 50million users active every day. Most of them are experienced users.
Competitors Of TradeStation Exchange Platform:
TradeStation is in close competition with Binance and Coinbase.
Pricing Of TradeStation Crypto Exchange:
TradeStation is free to use, however they charge a minimal amount per transaction.
Binance can well be the platform for you if you want a variety of crypto investing alternatives.
It is located in Malta, was founded in China in 2017, and is one of the most prominent cryptocurrency exchange platforms in the world.
Binance US was established in San Francisco in 2019 for citizens of the United States.
There are more than 100 coins accessible on it, so you have a lot of alternatives if you want to exchange Bitcoin, Ethereum, and other cryptocurrencies.
Top Features And Benefits Of Binance Cryptocurrency Exchange Platform:
- Binance offers a wide range of cryptocurrency choices, including a sizable proportion of altcoins, which are less well-known and traded currencies. There are over a hundred different coins to select from.
- The company offers alternatives for both novice and expert traders, providing as much data as you can manage. It provides everything you need, whether you’re a seasoned trader or just starting.
- When a new coin is released, Binance is fast to list them, this allows investors to get a good deal on new currencies before its prices settle.
Major Customers Of Binance Crypto Exchange Platform:
It is the world’s largest crypto exchange platform when it comes to daily trading volume. So it is easy to say that millions of people from all walks of life log in every day.
Competitors Of Binance Exchange Platform:
BlockFi, Kraken, and TradeStation are Binance’s closest rivals.
Pricing Of Binance Crypto Exchange:
It is free to use. They charge a standard amount for each transaction made.
BlockFi combines bitcoin investing choices with the option to seek out loans utilizing cryptocurrency as collateral.
This cryptocurrency exchange platform primarily caters to newbies who are wanting to jump on the crypto bandwagon.
So if you’re a newbie who wants to know the basics without being overloaded by graphs and statistics on the screen, this is ideal.
Bank deposits, money transfers, PayPal, and prepaid card transfer payments are all accepted by BlockFi.
Top Features And Benefits Of BlockFi Cryptocurrency Exchange Platform:
- BlockFi offers users to earn a ton of money as interest per year on their cryptocurrency holdings, surpassing many other savings choices.
- The exchange platform enables you to use your coins as collateral for loans. This can be quite beneficial.
- They presently provide even more interest rates for keeping bitcoin, but they reserve the right to modify their rates at any moment.
Major Customers Of BlockFi Crypto Exchange Platform:
BlockFi, which was founded in 2017 in New York City, has over 35 million active users from 110 different countries.
Competitors Of BlockFi Exchange Platform:
The top competitors of BlockFi are Binance and Kraken and eToro.
Pricing Of BlockFi Crypto Exchange:
It is free to use, however, their transaction fees are relatively higher.
Kraken, which is based in the United States, was first released in 2011 and then rebooted in 2013.
There are now more than 50 cryptocurrencies available on the platform, so you’ll have lots of alternatives to trade with.
With almost a decade into the business, it is a veteran in the bitcoin industry.
They have been able to show a level of stability and stay strong even during testing times.
Top Features And Benefits Of Kraken Cryptocurrency Exchange Platform:
- The Kraken platform offers contract kinds that are rare in the bitcoin world. You may purchase not just multiple currencies, but it also allows options such as futures agreements that are similar to those found on traditional markets.
- Kraken demands proof of identity checking before you may transfer your income. This is done to adhere to various legislation and fundamental security considerations.
- Trading costs are very nominal, it is based on the scale of the transaction. As a result, it’s one of the more affordable cryptocurrency exchange platforms with a solid reputation.
Major Customers Of Kraken Crypto Exchange Platform:
Kraken sees a weekly visitor count of over 28 Million. Businesses and experienced professionals usually use Kraken.
Competitors Of Kraken Exchange Platform:
Kraken is in close competition with BlockFi, eToro, and Gemini.
Pricing Of Kraken Crypto Exchange:
It is again free to use. They charge a very nominal fee per deposit and per trade.
eToro has a variety of features that set it apart from other platforms. Before introducing bitcoin to its products, it was primarily a foreign exchange (FX) platform.
It has a lot of graphics and gives a plethora of info in an easy-to-read style, but it’s oriented at everyday trading as a result.
If you’re searching for a supportive group to train from as you begin your cryptocurrency exchange career, eToro offers a variety of alternatives.
Top Features And Benefits Of eToro Cryptocurrency Exchange Platform:
- Unlike other crypto exchange platforms, it includes a social media and communal component in its service. A network of many other professionals is accessible 24 hours a day, 7 days a week to share ideas and knowledge.
- Clone trading is a function of eToro which enables you to imitate and automatically execute the transactions of your favorite trading person on the site, with scaled transactions based on your bankroll.
- The platform provides advanced options in the exchange of six types of cryptocurrency: Bitcoin, Cardano, Ethereum, XRP, Tether, and XLM.
Major Customers Of eToro Crypto Exchange Platform:
It is one of the top five most popular crypto exchange platforms. They have a mixed range of audiences.
Competitors Of eToro Exchange Platform:
Kraken, BlockFi, and Binance are eToro’s closest competitors.
Pricing Of eToro Crypto Exchange:
eToro charges a fixed fee for both – trading and transaction. This fee is the highest of any other cryptocurrency exchange platform.
Gemini is a cryptocurrency exchange platform based in New York that offers up to 20 crypto coins and more than 25 fiat money.
It is operated by the Winklevoss twins, who had alleged that Mark Zuckerberg hijacked their company concept while they were Harvard students.
Being early bitcoin investors, they have subsequently become millionaires.
The platform has a novel and intriguing way to engage in the crypto market.
Top Features And Benefits Of Gemini Cryptocurrency Exchange Platform:
- Gemini utilizes Nasdaq-based systems to automate its exchanges and also has collaborated with Samsung wallet to make its tools available to everybody from investment firms to regular people.
- They also have an Earn program that will allow you to save Bitcoins and make money on interests.
- The company is providing very high percent interest on all Bitcoin balances. These rates outperform almost all savings accounts, as well as certain fixed-income investing choices.
Major Customers Of Gemini Crypto Exchange Platform:
Gemini maintains the tenth spot in terms of traffic volume. They mainly cater to people who want to do bitcoin trading.
Competitors Of Gemini Exchange Platform:
The biggest competitors of Gemini are Kraken and SoFi Invest.
Pricing Of Gemini Crypto Exchange:
It is free to use. However, they charge quite a bit higher than the current industry standards. You will have to pay both, trading as well as transaction fees.
8. SoFi Invest
SoFi Invest is a diverse investing and crypto exchange platform that makes buying, selling, and holding bitcoin assets simple for regular people.
Unlike many in the competition, it is an excellent option for anyone wanting to borrow money or restructure current debt.
They began in the college loan repayment sector and continue to be a go-to for credit aspirants – albeit its loans are now only available in fiat money (dollars).
Top Features And Benefits Of SoFi Invest Cryptocurrency Exchange Platform:
- SoFi Invest has around 20 crypto coins, ranging from well-known coins like Bitcoin and Tether to younger, lower-volume coins. It also adds new currencies regularly.
- The company offers a sizable incentive for new account openings. It is incredibly simple to obtain. All you have to do is make a single qualified trade-in for any coin.
- You may trade cryptocurrency in small quantities here, this makes it simple to manage your investment.
Major Customers Of SoFi Invest Crypto Exchange Platform:
SoFi Invest is mainly targeted towards light-hearted cryptocurrency traders. Newcomers and casual investors are their main customers.
Competitors Of SoFi Invest Exchange Platform:
The top competitors of SoFi Invest are Kraken and eToro.
Pricing Of SoFi Invest Crypto Exchange:
As usual, it is free to use. They charge a nominal amount after a minimum deposit of $100.
Robinhood, which was founded in 2013 and is located in the United States, began as a brokerage firm.
Nevertheless, in 2018, it began selling cryptocurrency services, mostly to new and energetic investors who wanted to try their hand at cryptocurrency trading.
The cryptocurrency exchange platform, which now supports most major crypto coins, is well known because of its easy-to-use mobile application.
They offer good security features as well, including two-factor Google verification.
Top Features And Benefits Of Robinhood Cryptocurrency Exchange Platform:
- Benefits of low-cost investment have always been their motto. Trades in cryptocurrency are performed with a 0% fee.
- The company provides access to the most prominent and actively traded crypto coins, including Bitcoin, Dogecoin, Ethereum, and Litecoin.
- Robinhood gives you instant access to your cash deposits and also accepts many fiat currencies.
Major Customers Of Robinhood Crypto Exchange Platform:
Robinhood has seen close to 10 million traders recently and is on its way up the popularity ranks. They cater to both newcomers and experienced traders.
Competitors Of Robinhood Exchange Platform:
Robinhood finds eToro, SoFi Invest, and Unifimoney as its top competition.
Pricing Of Robinhood Crypto Exchange:
Robinhood is the most affordable on this list. They do not take any commission.
Unifimoney is an easy-to-use platform that aims to integrate your financial life by combining banking and investments – especially assets such as cryptocurrency into one place.
Overall, it is a fantastic option for cryptocurrency traders of all levels of expertise who want to manage their assets amid other securities and fiat cash balances.
During verification, you must submit identification for every transaction, which is excellent for safety and security.
Top Features And Benefits Of Unifimoney Cryptocurrency Exchange Platform:
- The exchange platform supports traditional crypto coins like Bitcoin and Ether as well as around a half-dozen altcoins, allowing savvy crypto investors to diversify their portfolios.
- Unifimoney has good quality educational tools for people who are just looking to start their journey as cryptocurrency traders.
- They have exceptional security features to protect your assets and have had stable liquidity for quite some years now.
Major Customers Of Unifimoney Crypto Exchange Platform:
They have a daily visitor count of around 1 Million. Most of the users are relatively newcomers in the trading market.
Competitors Of Unifimoney Exchange Platform:
They have their closest rivals as Robinhood.
Pricing Of Unifimoney Crypto Exchange:
Unifimoney holds a commission fee, the rate is at par with the industry standard.
What Is Cryptocurrency Exchange Platform, Exactly
Cryptocurrency exchange platforms are online marketplaces where one may swap one form of digital property for the other based on market valuation.
Suggested Read: How to Start A Cryptocurrency Exchange Business
One could go long (‘buy’) if they believe the value of a cryptocurrency will grow, or short (‘sell’) if they believe the value will decrease.
When users buy cryptocurrencies on a marketplace, they are actually buying the coins. Hence they must first open a transfer account.
How To Choose A Cryptocurrency Exchange Platform?
We understand that choosing the best cryptocurrency exchange platform is not easy. You might have gotten confused with what requirements you need.
Hence we have compiled a guide where we will walk you through the process.
In the end, you can match it with the above platforms and choose your pick.
a) How Safe Is Your Capital?
When choosing a crypto exchange platform, the safety of your funds should be your top priority.
It’s crucial to ensure that the cryptocurrency marketplace hasn’t been hacked or stolen in the past.
b) Is it User-Friendly?
Its user experience and performance are two of the most essential factors for the ordinary bitcoin trader.
A clear design and good user-friendliness will help your activities on the market be better educated and effective.
c) What Is The State Of Liquidity?
Bitcoins are exchanged on a market where buyers and sellers of the currency seek opportunities to purchase and sell it.
The capacity to sell or purchase an item without impacting prices is referred to as liquidity in this context.
There is more liquidity because there are more sellers and buyers.
d) Check For Insurance
Insurance is a safe zone for investors who want to safeguard themselves against unanticipated losses that might result in them losing more money than they made.
Insurance money is intended to avoid shared losses, perhaps providing you with an additional sense of security that no unanticipated calamities will occur.
e) Look For The Fee Structure
Transaction fees are a big element of cryptocurrency trading, especially when you are a frequent trader. Consider the different fee structures used by cryptocurrency trading platforms that may save you cash.
f) See The Different Types Of Cryptocurrencies That Are Supported
When it comes to crypto coins or crypto contracts, always pick a platform that provides a broad choice of currencies.
It is most essential to know beforehand about the nations that are permitted to participate. While it may appear obvious, not all crypto exchanges are accessible worldwide and in all nations. This is since local banking rules extensively control the cryptocurrency sector. So double-check before making a final decision.
g) Check The Payment Methods
The process of purchasing cryptocurrency varies based on the site.
Some platforms require wire transfers, whereas others allow PayPal, and credit/debit cards. Yet there are some which just allow Bitcoin.
If you don’t have any crypto coins for enrolling in a platform, you’ll need to look for a cryptocurrency exchange platform that allows you to engage in it using fiat money (USD, EUR, GBP, etc.).
Advantages Of Using A Cryptocurrency Exchange Platform
Crypto exchange platforms function as a mediator between the purchase, transaction fees, and generating money via profits.
Some of the advantages of using them are as follows:
For inexperienced purchasers, centralized crypto exchange platforms provide a comfortable and inviting atmosphere in which to trade stocks and cryptocurrencies.
Integrated trades have added layers of protection and safety to the trading.
Reduce the Risk of Being Hacked
Your online assets will never be able to be taken away or be fooled by any third-party fraud. The platform will shield you from theft attacks and fake businesses.
You might not be required to fill out know-your-customer requests on some crypto exchange platforms. This will let you preserve your privacy and safety.
Our Recommendations For The Best Cryptocurrency Exchange Platform
As we have seen there goes a lot into choosing the best Cryptocurrency Exchange Platform. Every person will have different choices.
However, some platforms distinctively stood out:
- Coinbase & TradeStation – Safest Cryptocurrency Exchange Platform
- Binance & Kraken – Best Cryptocurrency Exchange Platform With The Lowest Fees
- Coinbase & SoFi Invest- Best Cryptocurrency Exchange Platform For Beginners
- TradeStation & BlockFi – Best Cryptocurrency Exchange Platform For Experts
- Coinbase & eToro – Most Popular Cryptocurrency Exchange Platform
- TradeStation & Kraken – Best Cryptocurrency Exchange Platform For Bitcoin
When it comes to buying and holding your preferred crypto coins, it’s critical to make sure your purchases align with your objectives.
Your knowledge is the best security for your assets, given shifting regulatory regimes and even respectable firms making big mistakes.
Moving forward, the important thing that counts is that you learn to trade rapidly and gain information so that you can make the best selections possible.
About the Author: 99businessideas.com led by Rupak Chakrabarty is committed to helping beginners, entrepreneurs, and small business owners in starting, managing, and growing their business. Our aim is to educate the entrepreneur on the various stages of entrepreneurship.