Best Crypto Exchanges
In this article, you will find out the best cryptocurrency exchanges for buying and selling crypto assets and can choose the best option for your skillset.
Crypto exchanges provide crypto traders with the tools they need to buy and sell Bitcoin, Ether, Dogecoin, and other types of cryptocurrency. Opening an account with a cryptocurrency exchange is the first step if you want to buy or sell cryptocurrencies.
There have been created numerous cryptocurrency exchanges with varying assets available due to the growth of the cryptocurrency sector. Every exchange has its funding methods, trading pairs, and fee structures.
One should pay attention to supported assets, fees, payment methods, and security while choosing the best cryptocurrency exchange. We have selected the best cryptocurrency exchanges that will hold your crypto securely, provide you with unfettered control over your assets, and make buying, selling, sending, receiving and trading crypto simple and affordable.
Coinbase is one of the best crypto exchanges in the US for newbies and provides an intuitive and streamlined experience. Serving over 70+ million clients it enables users to open an account in a matter of minutes and then instantly invest in crypto with their debit or credit card. This platform supports 207 tokens.
Coinbase is one of the safest cryptocurrency exchanges and keeps 98% of its crypto assets in cold storage (a method for holding crypto tokens offline), verifying the identity of all new customers, and requires each account holder to set up 2FA (two-factor authentication). Coinbase is also a good yield farming crypto platform to consider in 2022 if you’re interested in crypto staking and loans.
The main downside of Coinbase is that debit/credit card transactions are charged at 3.99%. The other option is to deposit funds via ACH – and then when the funds are credited, pay a smaller commission of 1.49% to complete your crypto purchase.
Besides email support, Coinbase also offers live phone support bringing new crypto investors an additional modicum of comfort – and there’s a well-written and helpful library of content for novices. Coinbase is available to residents of all US states except Hawaii.
For real-time crypto transactions (referred to as “spot trades”), Coinbase charges between $0.99 and $2.99 for trades up to $200; for transactions above $200, it’s a flat 1.49% fee. Coinbase also adds a 0.5% “spread” fee on top of that.
Coinbase has also advancedPro version, which runs on a separate app and website, charges lower fees but features a less user-friendly interface that’s not suited for beginners.
Kraken, one of the most reputable cryptocurrency exchanges, was established in 2011. Kraken’s professional-grade trading platform and low fees make it particularly attractive to high-volume traders. Kraken offers riskier and more advanced trading features – such as margin trading and on-chain staking, with biweekly payouts.
The exchange supports transactions for about 130 crypto assets for purchase or trade in the US. It also supports more than 100 crypto pairs – two crypto tokens that can be exchanged for each other.
Kraken does not include any insurance on crypto deposits held in hot wallets. Kraken keeps 95% of digital assets offline with enough liquidity and allows users to withdraw at any time. Note that no hacks of the Kraken crypto exchange have ever been reported. One of the drawbacks of this platform is that it’s not licensed for crypto services in New York, Washington state or Hawaii.
Kraken offers two platforms, the main one and its professional platform, Kraken Pro which provides highly customizable chart analysis tools, detailed insight into the order books, 13 order types, and high-speed execution. In addition to spot trading, Kraken users can also trade cryptocurrency using margin and execute crypto derivatives trading strategies.
While instant buy fees on Kraken’s main platform are quite high – up to 1.5%, Kraken Pro’s tiered fee structure allows high-volume traders to save on trading fees. For traders with 30-day volumes of less than $50,000, Kraken Pro’s maker fees start at 0.16% and taker fees start at 0.26%. However, maker fees can drop as low as 0%, and taker fees can drop as low as 0.10% (for traders with 30-day rolling volumes of over $10 million).
Wire transfers are the primary payment method for Kraken users, and ACH transfers are not supported.
Gemini was launched in 2014 by Tyler and Cameron Winklevoss. This platform puts a strong emphasis on security and compliance and features competitive trading fees. Gemini supports almost 100 currencies and 20 crypto pairs, but the exchange’s educational resources are what may be most appealing to novices. It’s also one of the few exchanges operating in all 50 US states.
The security features of Gemini include FDIC insurance for US dollar deposits, private insurance for hot wallets — on the blockchain — crypto assets and support for U2F hardware keys. Its ActiveTrader platform for high-volume traders offers charting, multiple order types, auctions and block trading. Having acquired the NFT marketplace Nifty Gateway in 2019, Gemini also lets users buy and sell crypto collectibles and digital art.
Gemini’s Cryptopedia section provides deep knowledge about cryptocurrencies and the technology behind them. It contains a bounty of articles on a wide range of crypto subjects, from basic explainers on bitcoin and blockchain to more advanced topics like real-world uses for smart contracts, the NFT marketplace model for music and decentralized cloud storage.
This exchange also encourages users to utilize two-factor authentication to secure their accounts and provides the option to review and approve devices used to log onto the trading account. Another standout security feature of Gemini is that it is SOC 2-certified, which means that third-party auditors have verified the company’s security and compliance frameworks.
Gemini’s main platform and active trader platform use different fee structures. The primary platform charges fixed amounts for smaller trades and a very high 1.49% on trades above $200. The active trader platform charges maker-taker fees up to 0.4% with reductions as your volume grows.
Crypto.com was launched in 2016 and is one of the leading global crypto exchanges. This exchange supports 300 cryptocurrencies and more than 80 trading pairs. Crypto.com claims that 100% of all user cryptocurrencies are held offline in cold storage and that it has secured $750 million in crypto insurance. US dollar balances in Crypto.com accounts are held by the Metropolitan Commercial Bank and insured by the FDIC.
Crypto.com offers multifactor authentication – including password, biometric, email, phone and authenticator verification – for all crypto transactions. Crypto.com is now available in 90 countries and is one of the 15 exchanges allowed to operate in Hawaii. Residents of every US state except for New York can use Crypto.com.
What stands out the most is the Crypto.com mobile app that offers a wide range of products and features so users can benefit from this exchange’s ecosystem on the go. Mobile app users can buy, sell, trade, and earn interest on their crypto, as well as pay with crypto.
According to TrustPilot reports from former and existing users, here customer support is lacking. Additionally, unless you trade at higher volumes, you will end up paying relatively high trading fees of up to 0.40%.
BitFlyer is a private company that launched its crypto exchange first in Japan in 2014 and later expanded into the US in 2017. This exchange supports 11 different cryptocurrencies, including bitcoin, ether, litecoin and Stellar Lumens (XLM).
BitFlyer offers low trading fees and two ways to buy and sell crypto on bitFlyer – through the instant buy/sell platform and transactions on bitFlyer’s Lightning Network. Once you’ve verified your identity and funded your account, maker and taker fees on the bitFlyer Lightning Network max out at 0.1% for transactions less than $50,000. That’s even lower than Kraken’s baseline 0.2% fee for makers and 0.5% for takers – and far more affordable than Coinbase Pro’s 0.4% for makers and 0.6% for takers.
It is tempting thatBitFlyer’s instant buy and sell platform doesn’t charge any transaction fees at all. But you should watch out for the wild range of spread fees, from 0.1% to 6%. BitFlyer will show you the spread fee for any transaction before you make it. Its 1.95% fee for credit car d and debit card purchases is also the lowest on this list.
This platform’s interface is more primitive than other exchanges. One of the downsides of this exchange is that users may encounter a few minor hiccups – unexplained error messages and missing 2FA codes – during the sign-up process. It’s worth noting that the lower volume of transactions on the bitFlyer exchange may impact your ability to complete trades at the prices you want.
All US residents except for those living in the states of West Virginia and Nevada can use BitFlyer.
When choosing the best crypto exchange, it’s essential to keep an eye out for fake websites and mobile apps. Always check for any misspellings in the copy, inauthentic branding, and, in the case of a website, whether there’s a small lock icon indicating security near the URL bar.
Also, pay attention to functionality and security measures. Your exchange of choice should have most, if not all, of the features you expect to use, be it fiat-to-currency trade pairings, liquidity aggregation, or specific altcoins and stablecoins you want to trade.
The best exchanges provide additional lines of defense, such as two-factor authentication and Bitcoin locks, which help against hackers. Ease of use is especially important for newer traders who may struggle to use platforms with a less intuitive user interface. Nonetheless, advanced traders can also benefit from greater usability.
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