What are the Best Crypto Exchanges and Why?
Using a cryptocurrency exchange is a great advantage for any crypto investor. These exchanges work much in the same way as traditional brokers, enabling users to buy and sell various cryptocurrencies while keeping their security in mind. Some exchanges even provide additional investment services, including digital asset custody, staking and lending.
However, with over five hundred different exchanges available it can be hard to know which to choose. With this in mind, this article will delve into some of the best cryptocurrency exchanges as well as explore what sets them apart from the rest.
Number One: Binance (The Best all-rounder)
Binance is the leading cryptocurrency exchange, compatible with over 400 different cryptocurrencies (source:https://www.techopedia.com/cryptocurrency/upcoming-binance-listings). The exchange is also incredibly budget-friendly, offering some of the lowest fees out of all crypto exchange platforms. It is by far the most popular exchange and is incredibly well-regarded by much of the crypto world. With this in mind, it is easy to see why Binance takes the top spot on our list of best cryptocurrency exchanges, however, the service is known for having quite a complicated interface so it may take a while to familiarize yourself with how it works, especially if you are new to the realm of cryptocurrency. Despite this, the advantages of this exchange absolutely outweigh the potential confusion that arises from navigating the platform and as such, it is well worth taking the time to understand this exchange.
Number Two: Coinbase (Best for Beginners)
Although Binance may be in the lead as a cryptocurrency exchange, its complex interface is no secret and may put some people off. If you are new to the world of cryptocurrency, a platform like Coinbase might appeal to you much more. Coinbase is known for its user-friendly interface, but its simplicity does not take away from its functionality. In fact, Coinbase is compatible with over 200 different cryptocurrencies and is loved by both beginner crypto investors and experienced crypto users alike. Plus, Coinbase prides itself on its security, meaning any transactions on the site can be made with valuable peace of mind.
Number Three: Kraken (Best for Experienced Traders)
Kraken is also very well regarded and prides itself on the security it provides to its users. It might not be compatible with as many coins as Binance but it still boasts an impressive number of coins (200 instead of 400). It is also one of the oldest cryptocurrency exchanges and, by offering multiple services, has become a one-stop shop for many crypto users. The interface is friendly and easy to use and Kraken also offers tiered memberships, keeping their users in charge of how much they want to spend and what services they wish to get out of the platform.
Number Four: Gemini (Most Secure)
Although Gemini is not compatible with as many coins as Binance (70 instead of 400) it is still a well-respected cryptocurrency exchange. The primary reason for this stems from the platform’s focus on placing security first for its users. It has incredible security features and is the first crypto exchange to be SOC 1 Type 2 and Soc Type 2 certified. If you are a very security-conscious crypto user, Gemini might be the right choice for you.
Number Five: MEXC (Best for Broad Assets)
MEXC is on this list for one impressive reason, the fact that it is compatible with over 2400 different forms of cryptocurrency. This makes it the perfect fit for both popular and niche crypto fans as well as everyone in between. In fact, you’ll be hard-pressed to find an active cryptocurrency not available on the site. On top of this, MEXC is also well known for its earning opportunities for investors, including token airdrops and exclusive events.
Number Six: Kucoin (Best for Altcoins)
Many cryptocurrency exchanges focus on the big names of cryptocurrency such as Bitcoin and Ethereum, making them all but useless for many altcoin enthusiasts. This is where Kucoin comes in. This platform is compatible with a wide range of niche altcoins. Additionally, the platform has relatively low fees compared to a lot of other exchange services. And if that wasn’t enough, Kucoin also allows its users to earn interest on their crypto by staking certain assets or lending them to other users.
In Summary…
If we had to suggest a single crypto exchange platform then Binance would take that spot for its overall popularity and versatility. Binance is the perfect all-rounder and the most widely used across the globe. However, it’s all about finding a crypto exchange that best fits with your own goals for your own crypto investments, so feel free to check out the others on this list or even do your own research to figure out what exchange works best for you.