The concept of one size fits all isn’t applicable when choosing a cryptocurrency exchange. Every user has different requirements when buying requirements.
If you want to access fancy trading tools and trade professionally, choose an exchange that requires you to open an account and verify your ID. If you simply want to make straightforward, occasional trade, choose exchanges that don’t require you to create an account.
Factors to Consider Before Joining a Cryptocurrency Exchange
It’s good to do some homework before joining any cryptocurrency exchange. Consider the following factors when evaluating exchanges:
* Reputation- You can know much about an exchange by checking reviews from individual users as well as industry websites. Ask any question about an exchange on forums such as Reddit and BitcoinTalk.
* Fees- Different exchange charge different amounts of fees. Before joining an exchange, make sure you know the deposit, transaction and withdrawal fees that it charges.
* Payment Methods- Which payment methods does the exchange provide? The popular ones include credit & debit cards, PayPal and wire transfer. If it offers limited payment options, it may not be more convenient.
* Geographical restrictions- Some functions offered by exchanges are only accessible to users in certain countries. Make sure you join an exchange whose tools are fully accessible to users in your country.
* Exchange Rate- Different exchanges offer different exchange rates. Shop around and you will save a lot.
The Best Cryptocurrency Exchanges
There are many cryptocurrency exchanges today. However, they are not equal. Here is a list of the best cryptocurrency exchanges that you can choose:
It’s the largest cryptocurrency exchange in the world and offers its users with a mobile app. It has the highest number of cryptos, and provides basic and advanced trading. Other exciting features include Exchange coin (BNB), Margin trading and others.
Coinbase forms the largest Bitcoin broker worldwide. It provides new users with an easy and fast way to buy bitcoins, litecoin, Ethereum and other coins. It is accessible by users in more than 30 countries, including Europe, United States, Singapore, UK, Australia and Canada.
The customers can buy cryptocurrency by SEPA transfer, bank transfer, debit card, etc.
It allows users located in nearly every country to purchase bitcoins, Ethereum, litecoins and other cryptocurrency using their debit or credit card. They charge a fee of 4.9-5.9% per purchase.
Customers located in Europe can purchase cryptocurrency via SEPA transfer, which attracts a lower fee.
Bitpanda is a popular brokerage that sells Ethereum, Ripple, Bitcoin and other cryprocurrency for US dollars, British Pounds, Euros, and Swiss Francs. It supports many payment methods, including bank, card, Neteller, Skrill, etc. If you need to buy a wide variety of altcoins, Bitpanda is the right exchange for you.
It has its headquarters in London, UK. Its users enjoy high liquidity, security and cross-platform trading. Its fees is a bit high as well as margin trading.
When you purchase cryptocurrency from CEX.io, you will pay more for actual currency compared to other exchange prices.
Kraken is based in the United States and it has been in existence since 2011. It offers a fair trading fees which scales depending on your 30-day trading volume. Makers are charged a fees of between 0.16% and 0%. Takers fees ranges between 0.26% and 0.1%.
To fund your Kraken account, you can make deposits via EUR (SEPA), USD (FedWire) or CAD (Wire & EFT). You can also make the deposit using the various types of cryptocurrency.