Learn About the Top Crypto Currency ExchangesCryptocurrency has exploded in popularity. Learn how easy it is to invest with these top seven cryptocurrency exchanges.
Cryptocurrency is digital assets, or a virtual currency decentralized and nearly impossible to double-spend or counterfeit. It is secured by cryptography, or secure communications, and used as an exchange that allows peer-to-peer transactions. Cryptocurrencies have seen extraordinary growth, and the field of cryptocurrencies has begun to expand. There are many benefits when investing in cryptocurrencies. The money is entirely managed by you and decentralized, the markets are flexible and available 24/7, and they can be an excellent long-term investment with the potential for remarkable growth.
There are many cryptocurrencies out there, all with different fundamentals, and they are growing exponentially. Investors should take care to research before they invest and be sure your investment will be worthwhile. When investing in cryptocurrencies, you have to consider options carefully, and your first step to safely investing in crypto should start with a secure cryptocurrency exchange. These exchanges usually take care to research each cryptocurrency before allowing them on their platform.
When choosing an exchange, as a trader, you will want to consider their transaction fees, the available cryptocurrencies on the platform, their resources for education, and be sure the platform aligns with your interests and goals. Here are the top seven cryptocurrency exchanges to consider when you decide to invest in cryptocurrency.
Coinbase is a great beginner crypto exchange and is one of the largest and safest trading platforms out there. You can buy, sell and trade easily with Coinbase’s beginner-friendly interface and with a growing selection of over 100 cryptocurrencies. It has a platform built for helping educate users with a reward system for learning about crypto. Coinbase has some steep trading fees, and if you want to use Coinbase for lower fees, you could opt for their less user-friendly platform Coinbase Pro which has a lower fee than most platforms out there. The fees vary based on many factors, including the payment method you use, the size of the order, and the current market conditions, including volatility and liquidity.
Binance or Binance.US for united states traders is one of the more popular and reputable cryptocurrency exchanges. Binance allows you to buy, sell, trade, and charge a fee of .1%, but if you hold BNB in your Binance wallet and use your BNB to pay for your fees, you will receive a 25% discount on your trading fees. Security for Binance is a 2-Factor Authentication making it one of the more secure exchanges out there. The selections are more limited, with about 50 cryptocurrencies to choose from, but they offer the standard Bitcoin, Ethereum, and more.
Kraken offers an appealing interface allowing you to buy, sell and trade cryptocurrencies. There is an exceptional education center to help the newest investors easily navigate questions and safely begin trading on their platform. Kraken’s fees start at .9% for purchasing stable coins (USDT USDC or DAI) and 1.5% for any other cryptocurrency purchase. The fees get steeper with your method of payment 3.75% credit card fee or digital wallet purchasing fee and .5% for ACH processing fees. Kraken has many more sophisticated features that may be more appealing to an advanced crypto trader. Signing on with Kraken requires you to provide an ID which is an excellent security feature.
Cryto.com allows access to over 70 cryptocurrencies and offers a debit card to easily spend your crypto funds while earning rewards while doing so. High balances in stable coins held on the platform offers 8% back on debit card spending. The drawback is higher fees for low-volume cryptocurrency investors. The app allows you to link your banking account to transfer your funds quickly. You can stake your coins on crypto.com and earn interest of up to 12%, in which the longer you stake, the more you earn. Crypto.com only runs on a complex mobile app, but you will have access to 24/7 customer support. The fee schedule is built on a maker and taker function and changes with tiers. The higher the volume of trades, the lower the fees. Crypto.com often offers sign-up bonuses and has regular promotions to appeal to many traders.
If you are looking for a vast selection of cryptocurrencies, Gate.io has over 600 to invest in, making it an excellent option for traders interested in the less common altcoins. Trading on Gate.io offers lower trading fees at .2% for makers and takes, and the fees lower the more you invest. Security with Gate.io protects funds through centralized and decentralized methods and allows you to add insurance to your assets. With Gate.io, you can efficiently and conveniently instantly deposit or withdrawal your money with a stable and dependable although complex interface.
Although Robinhood has comparatively fewer cryptocurrencies to trade, the platform offers no fees for cryptocurrency trading. Robinhood is already an established trading platform for trading in the stock market with an easy-to-use exchange and app. The catch with no fees is that you do not control the cryptocurrency. You can only buy with USD and sell with USD. There is no crypto-to-crypto trading as there is with other apps. Although you are not able to withdraw your crypto funds, you can transfer the funds to external accounts, which you might be subject to their fees. Robinhood offers extraordinary security measures, including two-factor authentication.
Gemini may be one of the better exchanges for beginners and is quick to set up. The straightforward interface and convenience come with a higher fee structure that is more confusing than most exchanges. The fee schedule varies based on web exchanges versus a mobile exchange, active trader fees, custody fees, and transfer fees. Gemini offers advanced security features, including insurance for digital assets that might ease your mind if you are new to cryptocurrencies. Gemini is available in all 50 states, including New York, which has stringent rules against trading cryptocurrencies.