It is no longer news that cryptocurrency is currently causing a whole new wave in the finance world. While cryptos like Bitcoin and Ethereum are dominating the space, some more altcoins like Dogecoin and Litecoin are not dragging behind. And every day, more and more coins are finding their way into the market.
While investors now have more options in terms of which cryptocurrency to put their money for a good return, the challenge lies in choosing the right crypto exchange to trade their favorite cryptocurrency. The market is flooded with hackers and scammers looking for vulnerable investors and traders to rob of their hard-earned money. And one way to identify their prey is looking out for traders using poorly protected cryptocurrency exchanges.
You don’t have to be added to the list of crypto traders who lost their money to bad exchanges. That is why you need to put all diligence into choosing the best cryptocurrency exchange for your venture. So, in this post, we have made the job easier for you. We have combed through the market to find the top 8 cryptocurrency exchanges you can trust with your coins. So while you learn how to make good money investing in cryptocurrency, you should also equip yourself with the knowledge of the best trading platforms in the space.
What Are The Factors to Consider When Choosing a Crypto Exchange?
Many things go into choosing a cryptocurrency exchange. It is more than just going with the most popular or the first name that pops up in the search engine when you are making your research. To decide which platform is right for you, there are some factors you need to consider. This includes:
- The security of such a platform: You don’t want to trust a poorly secured exchange with your money. So check what security measure they have in place to make sure you and your fund is safe.
- Ease of use: When the platform is too complicated, you can make costly mistakes that will make you lose your money. So go for easy-to-use platforms – one that is very easy to use, even for a beginner.
- Trading fees: Look out for their trading fees and commissions. Too high? That could be a red flag.
- Number of available coins: Even if you have your eyes on a particular coin now, chances are that you would want to diversify later in the future and invest in some other coins. So, choose a crypto exchange platform that offers a wide range of cryptocurrencies on their platform.
To make it easy for you to find the crypto exchange that best meets your need, below are the top 8 platforms in the market you should consider.
The Top Cryptocurrency Exchange to Consider In 2022
#1: Coinbase
Coinbase comes as one of the most popular cryptocurrency exchanges out there. You can buy and invest in a wide range of cryptocurrencies directly with USD. Whether it is Bitcoin, Ethereum, or other altcoins that you want, you can be sure of finding your favorite coin right there on Coinbase.
The platform is straightforward and very easy to use. For more experienced traders, the platform provides advanced charts and crypto trading tools to help users achieve the best from their trading ventures.
Pros:
- Easy to use and straightforward
- Gives $5 bonus for new users
- Crypto charts and trading tools for advanced traders
- 30+ cryptocurrencies to choose from
- High level of security
Cons:
- Using Coinbase can be expensive
- Provides a few payment options
#2: Binance
Binance is another popular cryptocurrency trading platform you would likely come across in the market. It has been in operation since 2017 and is now one of the largest with more than 500 cryptocurrencies globally. With as low as $1, you can start your trading adventure on Binance.
It doesn’t matter your level and experience, Binance caters to traders across all levels. It has the Binance Academy where beginner traders can learn the curves and bends of crypto trading and blockchain. The exchange boasts of a wide range of cryptocurrencies that users can trade in and has about $95 billion in spot exchange volume.
Its features are easy to use. It provides low fees on trading and provides advanced trading tools both on its web platform and mobile app – all to make trading super easy for its users.
Pros:
- Easy to use
- Fast transaction time
- Huge crypto volume
- Learning resources for beginners
- Advanced charting and crypto tools for traders
- You can start trading with as low as $1
Cons:
- Limited coins on their U.S version
- Limited support
- Doesn’t allow you to exchange U.S dollars for cryptocurrency
#3: eToro
Whether from the U.S or the U.K, eToro welcomes traders from all states from these two countries. The platform allows easy buying and selling of various crypto assets. Their practice account comes as a huge benefit for people who are just new to the crypto trading world and just looking to find their feet. The account allows you to try trading and see how it works before you eventually commit real funds.
The platform is best known for 6 crypto coins; Bitcoin, Ethereum, Bitcoin Cash, Litecoin, XRP, and XLM. These are also the biggest players in the market, and that’s why many people have chosen eToro as their favorite exchange.
Pros:
- Gives $10 bonus for the first $100 deposit
- Suitable for beginners
- Requires low amount to start trading
Cons:
- Deposite take long time to be cleared (about 7 days)
- High trading fees
#4: Gemini
Since 2014, Gemini has been able to register its name as one of the go-to exchanges in the industry. They are well-known for their top-notch security and compliance. Though they offer more than 50 cryptocurrencies on their site, Bitcoin and Ethereum are the two coins with the most focus on Gemini.
It doubles as both an exchange and a crypto wallet. Both the site and its mobile app are easy to use. Transaction fees are low and they accept a wide range of payment options except credit and debit cards.
Pros:
- Low fees on trading
- Easy to use – even for beginners
- Provides a wide range of cryptocurrencies to choose from
- Excellent Security
- Various payment options
Cons:
- Fees can be high for one-time users
- It doesn’t accept debit and credit card payment
#5: Voyager
If you are looking for a platform to invest in cryptocurrency, you might want to check out Voyager. It is one of the leading crypto exchanges presently in the market. It offers a commission-free trading structure and you can enjoy the best experience with their app. The platform supports most major crypto, including Bitcoin, Ethereum, Litecoin, and many others – up to 25 different cryptocurrencies.
Pros:
- App is very clean and easy to use
- Offers $25 in BTC after trading $100 in crypto
- Commission-free trading structure
Cons:
- Withdrawal can be very slow – sometimes takes up to 2 days
- Not available in New York
#6: Robinhood
Robinhood has decent security measures to make sure you and your funds are safe. Its two-factor Google authentication makes it possible for you to decide who accesses your account, and from which device. Robinhood presently offers 7 main cryptocurrencies, including Bitcoin, Ethereum, Litecoin, Dogecoin, Ethereum Classic, Bitcoin SV, and Bitcoin Cash. While this may not look like so much, it is a beginner-friendly selection that comes perfect for anyone just starting their journey as a crypto trader.
Its app is extremely easy to use and doesn’t require any fee for trading. Robinhood keeps cryptocurrency secured through a combination of hot and cold storage.
Pros:
- It has no minimum deposit
- No commission fee
- Good security
- Beginner-friendly app
- Accepts many fiat currencies
Cons:
- Some users pointed out hidden charges
- Offers only 7 cryptocurrencies
#7: Kraken
Kraken is a U.S based cryptocurrency exchange and first came to the market in 2011. The exchange is one of the few anyone would want to consider for crypto trading. It presently offers 50+ cryptos, so you won’t run out of options while trading with them.
The platform offers three types of accounts; starter, intermediate, and pro accounts. The starter account is perfect for people who are new to crypto trading, and it allows them to deposit, exchange, and withdraw their cryptocurrencies at will. Kraken offers one of the cheapest fees in the market.
Pros:
- Good security features
- User-friendly interface
- 50+ cryptocurrencies
- Various payment options
Cons
- Slow account verification
- Customer support is not the best
#8: Crypto.com
This is another reputable cryptocurrency exchange that allows you to trade, buy, and sell cryptocurrencies. Crypo.com boast of its extremely low fees – between 0.04% and 0.20%. This is something that is difficult to find in the crypto trading space.
The exchange service also offers a program called Crypto Earn where users can stake their coins for a renewable period of 1 or 3 months and earn interest of up to 12%. Typically, the longer you stake, the more interest you can earn.
Pros:
- Extremely low fees
- Good security
- Huge crypto coin collection
- Offers sign-up bonus – up to $50
Cons
- Poor privacy
- Poor customer service
