Top Cryptocurrency Exchanges
Buying crypto with your fiat currencies is a no-brainer. There are many excellent cryptocurrency exchanges and platforms for that.
Are you a fan of cryptocurrencies? Or Do you want to begin your crypto investment journey? So you’re in luck because we’ll be reviewing the best cryptocurrency platforms today.
So far, the number of cryptocurrency platforms flooding the market is overwhelming. Therefore, it can be a nerve-wracking experience when looking for a platform that works best for you. To settle for a cryptocurrency platform, you need to be well informed.
Before we get into the best cryptocurrency platforms, let’s first go through the factors used to evaluate these platforms.
1. Acceptance of cryptocurrencies
Are you looking for a platform with a diverse crypto portfolio on which to invest and trade? Then you must be familiar with the cryptocurrencies offered by the platform: Ether, Bitcoin, Dogecoin, Ripple, or Litecoin are all acceptable.
The more cryptocurrencies you have, the more diverse your portfolio will be. Not only for digital currencies but also for fiat currencies and other financial assets.
2. Fees that are required
Crypto platforms, like banks, will frequently profit from exchange rates. Expect to pay some fees in order to keep your investment or trade running. Inactivity fees, withdrawal fees, deposits, and even CFD trading fees are examples of these fees. Furthermore, some platforms charge fees for any transaction that occurs on the platform.
3. Security precautions
A cryptocurrency platform cannot be the best if critical security measures are not followed. Data privacy and fund security are two examples of security measures. Great cryptocurrency platforms and exchanges are known for their trustworthy security measures.
These platforms are acutely aware of the threat posed by attackers. That is why they work tirelessly to prevent any attacks or thefts
4. Customer service
We can’t discuss the best cryptocurrency platforms without mentioning their customer support. The best platforms have excellent customer service and provide excellent services to their users. These assistance services can be transactional, technical, or general in nature. For customer support, the majority of the platforms we reviewed offer email or even a chatbot.
5. Withdrawal and deposit methods
Platforms should provide the most accessible transaction methods. Bank transfers and debit/credit cards are becoming increasingly obsolete. As a result, most crypto platforms have embraced digital transaction methods. Popular digital transaction methods are supported by the platforms discussed below. Methods of payment include eWallets, PayPal, Venmo, Neteller, Skrill, and CashApp.
There is a reason why Coinbase is number one on our list. It remains the oldest cryptocurrency platform on the market since launching in 2012. And in 2021, it went public on Nasdaq. At the same time, this platform provides you with over 50 cryptos for your trading experience. More importantly, it comes packed with a free wallet with private keys to secure your crypto storage.
Coinbase is well known for its above-average transaction fees. You’ll incur both a Coinbase fee and a spread fee when making transactions.
And what is a spread fee? The difference between crypto costs and the amount you pay to receive it.
Furthermore, the Coinbase fee can vary depending on your location. If your transaction is between different cryptos, you incur no Coinbase fees. Additional truncations include those of withdrawals and funding your account via various methods.
Transaction fees might be the ultimate turn-off. But its security makes it one of the most secure cryptocurrency platforms. The transparency on security is on another level. It’s said to use cold storage wallets for 98% of the crypto. And the rest of the 2% helps carry out trading activities.
Even better, Coinbase provides an insurance policy to protect your crypto. But this doesn’t guarantee total compensation in case of an attack.
Gemini is a U.S.-based company with FDIC protection for USD and has never been hacked (which we’re aware of as of publication). It’s a straightforward platform that is easy to use and puts security at the highest level. In this article, we’ll do a detailed review of Gemini.
Gemini is a cryptocurrency exchange. It was started by the Winklevoss twins (Cameron Winklevoss and Tyler Winklevoss). You might recognize those names. They created ConnectU, which was the predecessor to Facebook.
Gemini was started in 2014 and is based in New York, New York, which means it is one of a few cryptocurrency exchanges that is regulated in the U.S. Specifically, it is regulated by the New York State Department of Financial Services (NYSDFS).
Gemini has over 20 cryptocurrencies, including its own currency called Gemini dollars (GUSD). You can trade and store cryptocurrencies with Gemini.
Through a partnership with Samsung, Gemini powers the Samsung Blockchain. Customers in the U.S. and Canada can connect their Samsung Blockchain Wallet to the Gemini app to trade currencies.
Crypto.com strives to make cryptocurrency a part of everyday life by offering a full suite of services for crypto users. The company offers a Crypto.com App, Exchange, Visa Card, DeFi swap, DeFi Wallet, DeFi Earn, Crypto.com Price, staking, crypto lending, and many other services. What really sets them apart, however, is the combination of super low fees and incredibly generous rewards programs for their users.
Crypto.com is quickly becoming a household name in the cryptocurrency industry after purchasing the naming rights to The Staple’s Center. It’s a full-service cryptocurrency platform where users can buy or sell crypto, securely store their digital assets, and make everyday purchases with their crypto assets using Crypto.com’s credit cards. The company prioritizes high security, low fees, and tons of opportunities to earn interest and rewards. Learn more about what users can expect from the company in our Crypto.com review below:
On the Crypto.com exchange, users can trade over 150 cryptocurrency pairs. You can purchase crypto using your debit or credit card with over 20 fiat currencies in their mobile app.
For users who have completed advanced verification requirements, the exchange also offers leverage. Leverage allows users to borrow money in order to magnify the volatility of a trade or investment. Users of leverage are at risk of liquidation, which is when your leverage play against you and drains your position to 0 rapidly. For this reason, only experienced traders should use leverage. You’ll also have to pay interest on borrowed funds, making leveraged positions expensive to hold. Leverage is currently unavailable to US customers
Traders who meet eligibility requirements can apply for the VIP program to receive additional incentives and perks. There are 3 tiers, based on your monthly trading volume as a percentage of the exchange’s total trading volume. VIP perks include:
- Reduced maker and taker fees
- Early access to new products and features
- Complimentary Crypto.com Visa Card
- 50% commission on trading fees collected from your referrals
- Exclusive research reports
- Your own dedicated VIP account manager and API tech engineer
- OTC Block Trades
- 2.99% to 3.99% debit or credit card processing fee their mobile app, depending on your region. This is charged each time you buy crypto with a credit or debit card. However, Crypto.com is now offering new users 30 days of zero fee trading.
- 0.10% to 0.16% taker fee per order, depending on your past 30-day trading volume. This is the fee charged for orders that are filled immediately. It could be reduced to zero if you staking CRO, please refer to their fees table.
- 0.04% to 0.10% maker fee, depending on your past 30-day trading volume. This is a fee placed on buy or sell orders that are not fulfilled immediately (e.g.- because you placed a limit order).
- Wallet withdrawal fees, depending on the coin you seek to withdraw.
- 0.015% to 0.04% taker fee on derivatives.
- 0% to 0.025% maker fee on derivatives.
- Visa card withdrawal fees, depending on which tier card you have.
- Network fees for transactions made with the DeFi Wallet. These fees are paid to blockchain miners, not crypto.com.
Founded in 2007, EToro is one of the world’s leading social trading and multi-asset brokerage companies, with over 20 million registered users globally. The broker launched in the U.S. in 2018 and is currently available in 45 states and Washington, D.C. It’s unavailable in Hawaii, Minnesota, Nevada, New York and Tennessee.
While eToro offers a wide variety of assets, including stocks, exchange-traded funds, commodities and other assets, U.S. users can only trade cryptocurrencies on the platform. However, that’s about to change. EToro announced on Jan. 18 that it is expanding its U.S. offerings to include stocks and ETFs in addition to crypto-assets. Once stock and ETF trading go live, U.S. users will be able to purchase full or fractional shares and trade securities commission-free within the same portfolio as their cryptocurrency.
How EToro Works
Like any other online broker, eToro allows users to invest in the real-time markets of various cryptocurrencies, including Bitcoin, Bitcoin Cash, Ethereum, Stellar, Chainlink and Cardano. While these are more high-profile examples, a selection of other options is available for cryptocurrency trading.
You can even copy the strategies of eToro’s top-performing traders in the hope of having an increased chance of success in the world of cryptocurrency trading. With eToro’s CopyTrader, you can find an investor you might like to copy by looking at their risk score and past performance.
EToro offers a selection of cryptocurrencies you can trade on its platform, including:
- Bitcoin cash
Trading and Transaction Fees
When you use eToro to trade cryptocurrencies, you will pay a 1% fee each time you buy or sell. In addition, you’ll pay a conversion fee of 50 to 100 pips if you make deposits in currency other than U.S. dollars and a $10 inactivity fee after 12 months with no login activity.
Apart from keeping your cryptocurrency on the eToro trading platform, you can open a digital crypto wallet. However, you must have a fully verified eToro account to use the wallet service. As of this writing, the eToro wallet supports Bitcoin, Bitcoin Cash, Ethereum, Litecoin and Stellar.
EToro is a good option for those who want to invest in cryptocurrencies, as it allows traders from all backgrounds and experience levels to take part. This includes those who have been involved with cryptocurrency trading for a long time, as well as beginners. Plus, a wide range of features available on eToro, such as CopyTrader and CopyPortfolio, make it stand out. EToro will have even wider appeal once it’s possible for investors located in the U.S. to trade stocks and other traditional assets.
This cryptocurrency platform almost needs no introduction. It’s big, and it’s popular in the market right now. On the positive side, Binance provides users with various crypto to trade and invest in. Also, its trading fees are so much lower than most competitors. On the negative side, this platform isn’t accessible by seven states in the U.S.
It has limited crypto-to-crypto trading pairs, and extra charges apply to debit and credit card users.
To make it convenient for users, Binance has an official Trust Wallet for crypto storage. This wallet is a free app highly rated on the App Store and Google play store. And since the wallet is not a must-have, you can freely use another crypto wallet.
In 2019, Binance reported a loss of 7000 Bitcoins, which, at that time, was worth $40 million. However, the company later fully compensated the affected users for their loss. So far, this crypto exchange has reported no other case of attack.
Besides crypto security, Binance also protects deposits made in U.S dollars. This money is directly stored in bank accounts held custody by FDIC. Even better, if your cash amount is up to $250,000, you get automatic insurance that allows for compensation in case of bank failures, theft, brokerage failure, or even unauthorized trading.
To sum up, on this list, we have Robinhood. For trading crypto, Robinhood offers exactly zero charges. Besides, it provides commission-free ETF, stock, and trades. And yet this platform could improve its customer support. Also, the platform has been in trouble with regulators in the past.
Yet, there is a reason why Robinhood is among the best cryptocurrency platforms. Firstly, Robinhood has a remarkably easier-to-use platform to use. It’s also said to open even the most complex trading strategies to beginners.
Secondly, unlike most platforms in the list, it has no minimum amount when starting. Even better, it has $0 fees for every trade carried out on the platform. Lastly, it’s one of the few platforms that allow free crypto trading.
In 2020, exchange commissions and securities charged Robinhood for a data security incident. Afterward, in June 2021, Robinhood paid a penalty of $70 million.
However, it is a member of SPIC and regulated by SEC. Thus cash funds up to $250,000 and Securities up to $500,000 are automatically protected.
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