Digital currencies are gradually sweeping the market and if you wish to begin trading Bitcoin, Ethereum, Dogecoin, or any other altcoin, start choosing the right currency exchange platform. Now, what is this crypto exchange? These platforms are similar to an online brokerage medium whereby one can buy or sell digital coins.
When searching for an exchange, a diversity of options might intimidate you. Our blog will make it easier by offering an overview of some of the top crypto exchanges.
Popular crypto exchanges and why to choose them
We prepared a list to help you gather information about each of the five crypto exchange platforms to avoid discrepancies when selecting one.
Coinbase
Suppose you are new to the world of digital currency; in that case, Coinbase is perfect for you. Coinbase is one of the most popular and most prominent exchanges in the US. Besides serving as a currency exchange platform, it offers great insight into the major happening and blogs about the crypto world.
Coinbase is popular among crypto enthusiasts as it offers robust security features and is designed with an easy-to-use interface. In comparison to other exchanges, users will find fewer barriers while trading, thereby enabling users to get a smooth and hassle-free experience.
Pros
- Availability of a wide variety of crypto
- User friendly
- Educational content
- High liquid exchange
Cons
- Complicated pay structure
- Hefty fees
Gemini
Gemini provides greater control over one’s account as it encourages two-factor authentication, eradicating any security breaches. It is built by using a high-grade trading dashboard that enables users to trade almost 75 currencies.
Gemini incorporated a high-end security protocol, SOC2; this indicates that the third-party auditors verify the platform. Perhaps its popularity is owed to its high-end security that helps traders make safe payments.
Pros
- Effective security framework
- Insurance facility
- Accessible
Cons
- Supports limited currencies
- High fees
Binance
Binance is regarded as the largest exchange globally as maximum trading is conducted on it. One prime reason for its immense popularity among traders and investors is that you have to offer relatively low trading fees compared to any other exchange platform. Crypto traders can get a wide variety of cryptocurrency options.
Pros
- Wider trading options
- Low fees
- Efficaciousness in trading
Cons
- The platform is a bit complex
- A built-in digital wallet is not available
SimpleSwap
SimpleSwap is another reliable and user-friendly crypto exchange platform which allows users to sign up for free. It supports about 450+ crypto and fiat currencies. You will find the fixed and floating rates that will enable you to select a suitable option. This exchange platform is available in the form of a mobile app in both Android and iOS versions. Users get the privilege of joining its affiliate programs to receive cashback in BTC.
Pros
- 24/7 support team
- User-friendly interface
- Access to a wide range of coins
Cons
- Automated trading bots are available
- The exchange process is longer compared to other platforms
BitMart
This is categorized as a global cryptocurrency exchange as almost 180 countries can access it. Over 1,000 digital tokens and currencies can be traded using this platform. Amongst its competitors, BitMart is perhaps the one which enables users to get more trading pairs and assets.
If you intend to add some newly launched crypto assets, this platform seems ideal for you. Furthermore, users will get an exclusive feature in BitMart, utilizing the earn feature to receive interest on assets.
Pros
- Opportunity to earn interest on assets
- Supports maximum digital currencies
- Easy-to-use trading features
Cons
- Limited technical support
- Demo accounts are not available
Crypto.com
The first and foremost concern lies with security when investing in crypto, and crypto.com stands out in this aspect. This platform has been designed with multiple layered protection against cyberattacks. You will be delighted to know that crypto.com is ranked among the top 100 most secured exchanges.
Users need to undergo password, phone, biometric and email verification, and perhaps because of this high-end security, more investors depend on this platform. It even helps users send digital coins within the stipulated time and enables them to earn interest in digital assets.
Pros
- Access to a wide range of crypto assets
- Multiple layer security framework
- Low fee in cash transfer
Cons
- No crypto-to-crypto trading is available
- Expensive debit and credit purchases
Choose a crypto exchange based on its security features and functionality. If you choose a complicated system, prepare to struggle. To make the right decision, seek professional advice.
