Crypto exchanges are marketplaces that allow anyone to buy, sell, and trade cryptocurrencies like Bitcoin, Ethereum, and Dogecoin. These are essentially similar to any other trading platform where you need to create an account to get started. An active account holder can use any of the supported fiat currencies to buy his or her preferred cryptocurrency.
Since crypto trading has become the buzzword in recent times, there are numerous crypto exchanges to choose from. These differ in the number of currencies supported, trading fees, security, and ease of use among other aspects. It can be a tricky thing to pick the correct crypto exchange for your needs but we are here to help you. Here are the 5 best crypto exchanges that you can try this year.
Coinbase is one of the most well-known crypto exchanges out there. It is home to about a hundred cryptocurrencies including all the major ones. It is specifically a good one for beginners as it has an intuitive interface that is easy to navigate. It even has educational material for newbies to learn crypto trading. But if you want advanced features, it has a special version called Coinbase Pro.
In terms of security, it offers 2-factor authentication (2FA) on all versions and stores the vast majority of the digital assets in secure offline storage. It also has an insurance policy in place where crypto holdings of up to $250,000 are protected by FDIC guidelines. However, its fee structure puts it on the expensive side as far as crypto exchanges go. The exact fee depends on a lot of factors like the type of transaction, location, and payment method. The minimum trade value on the platform is $2.
Crypto.com is one of the biggest crypto exchanges in terms of supported cryptocurrencies. It claims to have listings for over 250 cryptos. It further has compatibility with more than 20 fiat currencies that can be used for buying and selling.
Its fees are on the lower side if you fund your account with cash transfers. However, it does not support crypto-to-crypto trading. It has a Visa metal card that can be used for receiving 8% back on all the spending. The company claims all user cryptocurrencies are stored in offline cold storage. It also offers insurance on USD balances up to $250,000 as per FDIC.
Gemini is another crypto exchange that not only caters to seasoned traders but also to beginners. It is easy-to-use interface makes it easy to understand what is going on as well as to buy and sell. There are over 40 cryptocurrencies to choose from.
One of the things that make it special is that it is available in all states in the States. It offers two-factor authentication and also supports hardware security keys. It has a number of other security measures in place including annual penetration tests by independent third parties. Its fees can turn out to be slightly on the higher side as compared to other exchanges.
eToro has support for less than 20 cryptocurrencies making it the smallest crypto exchange on this list. The good thing is it supports the two most popular ones i.e. Bitcoin and Ethereum. It is available in all states except for Delaware, Hawaii, Minnesota, Nevada, New Hampshire, New York, and Tennessee.
It provides users with a virtual portfolio to practice crypto trading before they decide to spend their own real money. This is specifically beneficial for new traders. It has another feature called Social Trading where users can choose to copy the moves of popular traders on their respective portfolios.
Binance.US is a US-regulated crypto exchange division of the globally well-known exchange Binance. It supports more than 60 cryptocurrencies including all the major ones. The biggest USP of the platform is its affordable trading fee which is 0.1%.
It further provides educational tutorials for both beginners but is not as comprehensive as the global platform. One thing to keep in mind is that it is not available in the following states: Connecticut, Hawaii, Idaho, Louisiana, New York, Texas, and Vermont.