Crypto exchanges are crucial if you start your trading journey with digital coins. Many crypto exchanges are available where users can trade in different cryptocurrencies.
But we must look for essential factors such as safety, fees, wallet security, and other features before making any investment decision with these exchanges.
The crypto industry is worth a trillion dollars, but there are red flags that prevent investors from trusting crypto exchange platforms.
Global experts have predicted that the revenues from cryptocurrencies will reach $43.50 billion in 2023. Furthermore, the annual growth is expected to be around 14.32% by 2027.
So, if you are looking for the best crypto trading platform to start with your first investment, we will provide you with complete details of the top crypto trading platforms available in the market.
So let’s get into detail. What are the crypto exchanges?
What are the crypto exchanges?
Crypto exchanges are a digital marketplace where digital assets are exchanged. They act as the intermediaries between a buyer and seller. These online exchanges provide the best tools to trade digital coins like Bitcoin, Ethereum, and Solana.
Binance, coin, and eToro are some of the well-known and most popular crypto exchange platforms. But, apart from that, 100 other crypto exchanges have some red flags.
Best Crypto Exchange Platforms-
DeFi Swap is one of the best exchanges available, and it is a decentralized exchange hosted on the Binance Smart Chain. This exchange offers a variety of trading features that can be a good option for beginners and experts.
The best thing about this exchange is that it can easily connect through crypto wallets. There is no need for intermediaries to facilitate trading. Additionally, Users don’t need to verify themselves and do not need to submit KYC documents.
There is some benefit for the users who hold DEFC, as they will earn passive income through a static rewards system. In addition, DeFi supports more than 50 altcoins, including BNB, USDT, USDC, DAI, and many more. Apart from that, users can also customize transaction deadlines to suit basic and unique needs.
Another crypto platform we have added to our list is Bitstamp, which launched in 2011. Since its launch, they have added various features to the platform and become a reputed exchange platform over time.
Users will get the option of investing in more than 70 cryptocurrencies at a very affordable rate. They need to pay 0.50% per trade, which will reduce to 0.25% once they have exceeded your monthly trading limit of $10,000.
UK users will benefit from it because they can make transactions via ACH transfer free, and the withdrawal process is also free.
BitStamp allows users to buy crypto using a debit or credit card, and the minimum deposit amount is just $10, which is convenient for everyone.
BitStamp platform is user-friendly and considered one of the best crypto trading platforms for beginners. The mobile app has an easy user interface and some essential features. The app is available for both Android and iOS users.
Coinbase is the best platform for US users, especially for newbies. It is an easy-to-use exchange where users can create an account in just a few minutes. Yes, the platform has more transaction fees, but still, it is one of the best cryptocurrency platforms.
Coinbase allows users to buy via credit or debit card, but their charges are around 3.99%, which is quite expensive compared to other platforms. Another option is via ACH, where users need to pay a small commission of 1.49%.
But if we talk about their best features, Coinbase is one of the safest crypto exchanges where the platform will secure all the financial details in cold storage. Moreover, the operational security team is around to keep all of your accounts safe.
Coinbase allows users to trade in more than 100 cryptocurrencies, and users can start with a minimal amount. For the user’s convenience, there is also some educational content that will teach basic things.
eToro is one of the most popular crypto exchanges that allow users to trade in more than 70 cryptocurrencies. This exchange is the perfect choice for people living in the US.
If you are funding your amount in US dollars, you don’t need to pay a single penny. The charges are applied on Paypal, debit or credit card, ACH, domestic payment wires, and all other payment methods.
The minimum deposit on eToro is $10, so users can start with a small amount. Apart from all these things, eToro also gives you the list of the best and worst-performing cryptos that day.
There is also an app of eToro, which users can download free of cost; the app also has a simple and intuitive user interface. With all such features, eToro has created an excellent reputation in this industry. That’s why it is a perfect option for beginners and experts.
Binance is the best crypto trading platform for people looking for the lowest fee for crypto trading, as it charges just 0.10% for buying Ethereum or Bitcoin, which is quite affordable.
Besides this, users will find more than 60 DeFi coins on the Binance website with all the cryptocurrencies to invest in. Now, if you buy crypto via Fiat money, you must pay some charges. For bank wire transfers and ACh transfers, users need to pay the commission amount of 0.5%
Furthermore, if you want to deposit some amount via Mastercard or Visa, you must pay an additional fee of 4.5%. That’s why it will be considered an expensive option for those who trade crypto in exchange for USD.
The only demerit we found on this platform is that it is not regulated by the SEC and not even licensed in a single jurisdiction, so there will be some risk on this platform. However, Binance is also an NFT marketplace so that users can invest in the best NFTs. Therefore, it can be a perfect option for beginners and experts also.
It is a licensed US-based crypto exchange that empowers users to make better investment choices using cutting-edge analytic tools. It also offers advanced currency and derivatives transaction services for all the cryptocurrencies like BTC, ETH, and others.
The critical factor of BitDD is that it is highly secured and meets all the standard guidelines. Many other platforms are not certified, but it provides higher security to the users, as the US Treasury department licenses them.
The trust in this platform has increased the total user base, which exceeds 500,000. Furthermore, they expect this figure to rise to 2 million by 2023. To reach this milestone, they have introduced many other features and functions.
This platform’s most important feature is FastTrades, a perfect option for beginners to use data analytic tools. It has a straightforward Sign-up process, and users don’t need to pay any transaction fees in the starting 90 days. So you can quickly analyze whether this platform is working for you.
Apart from these things, they also provide customer support 24/7, and users can earn an interest of up to 14.5% on crypto deposits. So, it can be an excellent choice to start trading on the BitDD exchange.
Things to consider while choosing Crypto Exchange-
Crypto exchanges are similar to traditional brokers, allowing you to trade various coins. So make sure your platform has a wide selection of digital currencies other than some popular ones.
Most crypto exchanges support only a limited number of coins. However, there are a large number of coins available to trade. Some of these coins can create a big revolution in the industry.
So you can pick the coin you’re interested in and available on the crypto exchange platforms. It takes time to list new assets, so be sure of everything before making any decision.
The fees that crypto exchanges charge are very crucial for crypto investors. Most crypto platforms also charge buying, selling, staking, or mining fees. These fees depend on your trading size and budget.
There are also a few exchanges that don’t charge any trading fees. So it’s essential to research and know the exchange charges before investing.
This is one of the most important aspects of choosing a crypto exchange platform. Crypto exchanges hold a large volume of funds, making them vulnerable and prime targets of hackers who can steal your funds in minutes.
There are significant security red flags in crypto exchange platforms, such as two-factor authentication, cold fund storage, wallet address, etc. So naturally, look for these factors before investing money in your chosen exchange.
Insured Fund means a value or sum covering a trader’s losses in uncontrolled situations. Many platforms provide fund insurance in situations of uncertain loss.
Fund insurance ensures the security of your Fund on the crypto exchange platforms and protects traders from adverse losses. However, This is only applicable in certain conditions.
Different exchange platforms work on other protocols, so choosing the one that guarantees the fund insurance with a reputed official entity is beneficial.
Ease of Use
You will first notice the user interface if you’re new to the crypto industry and join a crypto exchange. Crypto exchanges should be simple. However, some platforms can be intimidating and complicated for newbie traders.
So look for crypto exchanges with a primary interface that display everything, like charts, order books, price analysis, and asset categories.
Similar to traditional exchanges, crypto exchanges have geographical restrictions. Therefore, it’s better to choose an available exchange in your location. In addition, it will improve things, such as quickly getting updates about its legal and regulatory changes.
Some platforms offer global trading. However, they can have some drawbacks, so be mindful and get complete details of the platform before making any decision.
Reputation is an essential consideration for crypto exchange platforms. Online reputation shows the credibility of a platform based on comments, ratings, and text messages.
More than 100 percent security is needed even if a platform is famous. So It’s always worth researching before fully trusting an exchange platform.
It is always essential to choose the best exchange to trade in crypto and DeFi coins. After all, you will invest a hard-earned income in cryptocurrencies.
We have given the list of the best crypto exchange trading platforms, and you can read their services and features. Then you can choose the exchange at your convenience. We hope that the information remains helpful for you.
Q. What are the main types of crypto exchanges?
Ans. Crypto can buy, sell, or convert cryptocurrencies on a crypto exchange. There are three types of crypto exchanges: centralized, decentralized, and hybrid.
Q. How much crypto should I keep in an exchange?
Ans. The expert recommends not to keep more than 5% of your portfolio in an exchange and never invest the amount you cannot afford to lose.
Q. How does Crypto Exchange make money?
Ans. There are numerous ways for crypto exchanges to earn money, such as transaction fees, deposit fees, withdrawal fees, and listing fees.
Q. Can anyone start a crypto exchange?
Ans. Yes, it is possible to start a crypto exchange platform from the ground up. But it takes a lot of time and money, which is why it is a complicated task.