Cryptocurrencies are the newest financial sensation, with Bitcoin making the headlines and Dogecoin (DOGE) nailing the jokes.
Investors have more choices than ever before to convert their hard-earned cash for decentralised digital money as the number of cryptocurrencies on the market keeps growing. But where do you start when it comes to trading your preferred cryptocurrency?
The internet is riddled with horror stories about hackers stealing traders’ funds from poorly secured cryptocurrency exchanges, emphasising the importance of selecting a secure crypto trading platform prior to placing your investment.
As a result, which of the numerous cryptocurrency exchanges is the greatest fit for you?
Numerous aspects will impact your choice: security measures, the convenience of usage, trading costs, and the number of currencies accessible for trade are all elements that will drive your decision.
To assist you in finding the cryptocurrency trading platform that best suits your needs, we’ve put together a list of a few alternatives that will appeal to a wide range of cryptocurrency investors.
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Binance
Binance, another major crypto trading site, has barely been active for four years yet has already dominated the crypto market.
Binance, based in Hong Kong, is a global cryptocurrency exchange that facilitates over 500 different cryptocurrencies. The website is incredibly user-friendly and easy, enabling users to move between an intermediate and advanced version as their crypto trading careers evolve.
While rookie cryptocurrency traders will find Binance straightforward to use, it may be perfect for crypto day traders — minimal trading fees, powerful charting tools, and an easy mobile app enable for quick and easy cryptocurrency trading. With all of these powerful features, it’s easy to see why Binance has grown to become one of the world’s largest cryptocurrency exchanges.
Because of the large number of cryptocurrencies accessible, Hill believes Binance is not the greatest choice for newcomers. “When investors are just getting started and learning the market, less is often more,” he explains.
“However, for individuals who are acquainted with bitcoin language and investment choices, Binance is the superior alternative.”
Binance does not permit you to trade US dollars for cryptocurrency, but it does accept credit and debit cards — there is a separate US site for US residents, but it has fewer alternatives than the main site. Furthermore, Binance has been the victim of cyberattacks in the past, the most recent of which occurred in 2019 – however, the site does have an insurance fund to compensate for any damages. Binance, on the other hand, is a safe trading platform with a variety of useful features for customers looking to trade in various digital currencies on the blockchain
BlockFi
BlockFi, is a cryptocurrency exchange that also provides interest-bearing accounts and low-interest loans. It doesn’t matter what kind of business you’re in; there’s no charge. There are no hidden fees, so you can utilise this site without concern.
BlockFi is one of the few cryptocurrency exchanges in the US. It isn’t reliant on cryptocurrency investors offering to invest. Rather, they generate a consistent interest rate by selling their products. Cryptocurrency users can earn compound interest.
BlockFi’s security is exceptional. All of their money is kept in the Gemini Trust Company, which is overseen by the New York Department of Financial Services.
Their resources are delivered all around the world; you may log in to your account and trade whenever you like. You are entitled to one free withdrawal every month, with no limit on the amount you can withdraw. Afterwards, you must pay fees to withdraw funds.
On the BlockFi account, you can earn between 3 per cent and 8.6 percent compounding interest. There are no hidden charges, and there is no minimum purchase requirement. The interest rate, on the other hand, varies determined by the market value.
Interest accumulates daily and is credited to your account once a month. Every month, you can accrue interest and choose which currency you would like the interest to be paid in.
CoinDCX
CoinDCX is widely regarded as the most sophisticated crypto asset trading programme. It allows you to purchase and sell over 200 different trade coins.
Furthermore, the entire setup procedure has been streamlined by the use of a one-time password (OTP) sent to your registered mobile number and email address.
You may find out a lot regarding investing in cryptocurrencies and also how they work in the virtual world by going to the app’s Settings menu. CoinDCX has a 0.1 percent maker and taker fee, with a minimum withdrawal limit of Rs 1,000 that is free of fees.
To allow you to trade in cryptos, this cryptocurrency exchange software only supports INR. You can fund your account through NEFT, IMPS, RTGS, UPI, or maybe even a regular bank transfer.
CoinDCX provides a comprehensive set of security features, which is a huge benefit. Users must first independently verify themselves using the Google authenticator app. Because otherwise, you won’t be able to use the app to trade. You’ll also need to create a withdrawal password, which must be verified for each withdrawal.
Kraken
Kraken is one of the first cryptocurrency trading platforms, with a wide range of coins and tokens to trade and invest in. They also allow you to trade on margin. It is, although, a real exchange that is not as user-friendly as other of the top platforms on this list.
Kraken is among the few platforms on this list that lets you trade DOGE and other riskier tokens.
Crypto.com
Crypto.com is one of the most popular and rapidly expanding cryptocurrency exchanges. It’s situated in Hong Kong, but it provides a lot of help to consumers in the United States.
Currently, you can choose from over 90 tokens and coins around the world, as well as 50 tokens and coins in the United States. In addition, their crypto savings accounts have competitive rates.
The one big disadvantage is that it is now only available as an app; there is no desktop platform
Coinbase
The Coinbase, platform is your best bet if you want to trade crypto in new currencies. They have over 100 cryptocurrencies and update their inventory as soon as a new coin becomes popular. You can join the 73 million other users and trade on the most user-friendly platform for beginners.
They also have a pro edition if you wish to increase your trading capacity and access more features. To get the pro version, you do not have to be popular on this platform. Any user, if new or experienced, can register.
Bitcoin, litecoin,ethereum, dogecoin and ripple are among the more than 80 cryptocurrencies available on Coinbase. Individual and institutional clients can invest in a variety of ways on the exchange.
Staking awards, iOS and Android mobile apps, and a Coinbase Earn account option that compensates you in crypto assets for viewing instructive videos are just a few of the account’s perks.
Coinbase also has two more services: Coinbase Pro for advanced traders and Coinbase Prime for institutions and high-net-worth individuals. Advanced capabilities such as safe trading bots, charting tools, and real-time order books are available to Coinbase Pro users.
Bittrex
Bittrex is impossible to beat when it comes to account security. The exchange claims to use a multi-stage wallet technique in addition to two-factor verification to ensure assets are held in secure, cold storage (offline storage). In comparison to other exchanges, Bittrex’s transaction fees are significantly lower.
The exchange, like CEX.IO, has a maker/taker fee structure depending on your 30-day trading volume (the number of crypto assets you’ve traded in the previous 30 days).
Unlike many of the investment apps described above, however, Bittrex does not charge any fees for deposits (USD deposits and withdrawals have no fees either). Withdrawals from blockchain/cryptocurrencies, on the other hand, have low network fees.
Bittrex also has an Instant Buy & Sell tool that allows you to instantly swap bitcoin and other assets. Bittrex is available on both iOS and Android devices.
eToro
eToro is recommended for both social copy trading and cryptocurrency trading, and it is a top pick in both categories. eToro also has a user-friendly web platform and smartphone app for casual investors, including newbies.
eToro goes above and beyond to make trading as easy as possible. For instance, eToro gives you the option of trading CFDs or the underlying asset right from the trade-ticket window. It’s subtle, yet it’s incredibly effective.
In addition, eToro’s typical research resources and techniques are restricted in comparison to its competitors.
Conclusion
It’s not easy to identify the best crypto exchange. Every exchange has its own set of characteristics that appeal to different people. The exchanges on our list are the best in their field, and they offer competitive prices on every purchase you make.
They also assist you in increasing your investment and improving your trading skills. Cryptocurrencies are the ideal alternative if you want to protect your money for a long period.
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