Choosing the best crypto exchange for buying and selling cryptocurrencies can be a difficult task. However, if you have done proper research and are aware of the factors that matter in the exchange such as trading features, charges payment options available etc., there’s no way to end up being a fool. In this article, we are going to review some of the most popular cryptocurrency exchanges in 2020. If you are also interested to know which one of them is better at what, read this article till the end.
What Is Cryptocurrency Exchange?
A cryptocurrency exchange is nothing else but an online platfrom from where you can purchase cryptocurrencies with your fiat currency or any other crypto asset. It lets you trade cryptocurrencies and offers many trading platfrom to make a profit from it. When someone steps into the crypto world and consider buying or selling cryptocurrencies, the first question that comes into mind is that which crypto exchange they could trust. If you are also looking for the best exchanges in cryptocurrency, then no worries because we are reviewing the top crypto platforms today in this article.
There are three types of crypto exchanges, one that allows you to trade crypto for crypto, another that enables you to buy cryptocurrencies from fiat currency and vice versa and at last peer-to-peer exchanges that connects you directly to the buyer or seller. Which crypto exchange is best actually depends on your need like if you want to buy crypto using your fiat currency or want to sell your crypto asset for another. So, without wasting another moment, let’s start with the guide to review the most popular cryptocurrency exchanges in 2020.
Most Popular Cryptocurrency Exchanges
There are plenty of crypto exchanges out there in the market that are best in different aspects. While looking for what is the best crypto exchanges, you first need to determine what you are actually looking for. Given below are the best cryptocurrency exchange reviews that could help you find your exchange to buy or sell crypto.
Coinbase: Best For Beginners>
If you are going to purchase cryptocurrencies for the first time, it is better if you stay away from complications and advance trading tools. Coinbase offers an intuitive platfrom to the users, which makes crypto trading comfortable for already confused beginners. The best thing about Coinbase is that it allows you to buy cryptocurrencies from credit card/debit card and even direct bank account. Furthermore, Coinbase is a brokerage which makes it one of the most secure because here, instead of buying crypto from buyers or sellers you are buying from the exchange directly. Whether you are buying through a bank account or debit/credit card, you need to pay trading fees. Although the charges for bank purchases are relatively low as compared to the credit or debit card purchases. The exchange charges less fee as compared to other brokerages in the market.
Binance: Best Overall
Binance is one of the newest crypto exchange in the market still in its short period it has achieved the title the most popular cryptocurrency exchange worldwide. Binance process more than 1.5 million orders in a second, which put it in the category of the fastest crypto exchange worldwide. It also has the highest trading volumes on various trading pairs. You can buy almost all the top cryptocurrencies from Binance and it now also supports many fiats to crypto pairs. The exchange does not have that simple interface, although if you follow the helpful guides, you can trade easily on Binance. It supports plenty of payment options such as credit or debit card.
Users also get the option to get a 50% discount on the trading fees if they would use Binance coin as the base currency.
Kraken: Best Overall
Like other cryptocurrency exchanges, Kraken is a centralized exchange which is developed in the aftermath of the Mt Gox incident. The platfrom claims to be the most secure, transparent and immutable. Along with crypto-to-crypto pairs, it also provides fiat to crypto trading for many base currencies including USD, EUR and GBP. Kraken has never been hacked and has maintained its security well, which is why its number of users is increasing day by day. Kraken became the second most popular cryptocurrency exchange in 2015 after it added support for Ether. Furthermore, it provides low fees on the majority of currency pairs and accesses more than 25 exchanges with CryptoWatch. Although, Kraken doesn’t have its own wallet and it does not provide any mobile application.
CEX.io: Best For Trading Altcoins
Being one of the oldest and largest cryptocurrency exchange, CEX provides pretty much decent services. The platfrom provides brokerage services as well as margin trading. Although, the trading platfrom is quite complicated, which is why we recommend beginners to use brokerage platfrom. It offers support for multiple cryptocurrencies but charges somewhat high than other platforms.
CEX support multiple payment options like credit/debit card, SEPA and ACH transfer as well as a wire transfer. It brokerage service allows new users to purchase cryptocurrencies easily but takes a high fee. But if you want are looking for an exchange with low trading charges, then you can use its trading platform. While the trading fee of CEX brokerage can go as high as 7%, its trading platform offers up 0.25% at max. You also get the option for margin trading on CEX. Another reason to choose CEX is the availability of plenty of altcoins. Users who want to trade in many altcoins should seriously consider CEX.
LocalBitcoins: Best P2P Platform
LocalBitcoins is a P2P exchange that enables sellers and buyers to communicate as well as trade directly. You can think of LocalBitcoins like Craigslist, but it offers trades for cryptocurrency instead. We only recommend using Locabitcoins if either you can’t find your payment methods or can’t get the best quote for your cryptocurrency. Although, you must remember that there are more risks of scam in such platforms.
So, these were some of the most popular cryptocurrency exchanges reviews. However, there are plenty of other exchanges and crypto platfrom that provides trade such as Bitmex, Bitfinex, Bittrex, Changelly, Bitstamp, Gemini, Coinnama etc. that you can consider. Make sure you do proper research before going for any of these exchanges and follow best practices to keep yourself safe from hackers.
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