Cryptocurrencies are getting popular day by day. However, digital currencies still have significant risks despite the blockchain’s security. So, if you’re going to engage in exchanging cryptocurrencies, you should first find a secure crypto exchange. This is where the problem starts. Most crypto exchanges claim that they are safe, whereas their users are not happy.
Using the best crypto exchange is safe to buy and sell cryptocurrencies. A good crypto exchange makes it easy to buy and sell the cryptos as you wish with low fees and robust security features. However, keep one thing in mind; while trading in cryptocurrencies, you must accept wild price swings and be ready to face some loss. Apart from safety, ensure that the specific exchange deals in multiple currencies. So you can always switch to another currency if you want. Looking at supported currencies, pricing, withdrawal options, and security are necessary when choosing the best cryptocurrency exchanges.
Most cryptocurrency exchanges help their user in trading options by giving a detailed overview of the market. These exchanges also offer quick insurance in case of an accident. You’ll see two types of crypto exchanges in the market; we’ll tell you the difference, and then you can make an informed decision.
While risks are bound to occur when dealing with cryptocurrencies, some platforms provide a certain level of insurance to their users in case of system failure. Only in rare cases do these exchanges accept their error. In most cases, they are not responsible for any loss if your account is unsafe due to your negligence.
In a decentralized exchange, there is no one particular server in use unlike centralized exchanges. A widespread network is in place to stay safe from cyberattacks. Therefore, if a cyber-attack happens, only a tiny part is affected.
Let’s go ahead and see how we made the list of best crypto exchanges. We looked for features like a digital wallet, no hidden fees, an easy-to-use website interface, and some other stuff.
List Of Top 5 Cryptocurrency Exchange Platforms In 2021:
The top five crypto exchanges are as follows:
- Crypto.com – Overall Best Crypto Exchange Platform
- eToro – Best Bitcoin Trading Platform
- BlockFi – Most Popular Cryptocurrency Trading Site
- Coinmama – Highly Secured Services For Crypto Investors
- Coinbase – Best Bitcoin Exchange For Beginners
#1. Crypto.com – Overall Best Crypto Exchange Platform
This exchange is on top of our list because of the wide range of cryptocurrencies it offers at affordable rates. Crypto.com is a one-stop solution where you can even swap these currencies with others using your DeFi wallet. You get paid in crypto, and you can put your money in an account or ask for a crypto loan if you wish.
The best part is that you can use this money through your Visa card. This payment method is the unique feature that brought Crypto.com to the top position in our list. Apart from trading cryptocurrency, you can also earn interest on your money. The maximum interest you can earn is 14%, but that depends on your type of cardholder.
- Strong security
- Wide range of cryptocurrencies
- Earn interest in crypto
- Visa card with cashback rewards
- Difficult to navigate
- Easy to convert your money: Crypto.com makes it easy to convert fiat currency into crypto. They support over 20 currencies, including USD, GBP, and EUR. You don’t have to pay hefty fees to convert the currency. However, depending on your residence, there are some limitations on fiat currencies once you register. To avoid that, you can ask customer support to provide you with a list of internationally acceptable currencies. So, you can convert them before you make any transaction in the crypto world.
- Cashback cards: This is something you don’t see every day. Crypto.com offers five different Visa cards that are accepted anywhere that is compatible with Visa. All you need is to add some money to them, and you are good to go. However, every card requires more CRO (Crypto.com Coin), so you should opt for the one you can easily access. The Obsidian card earns over 8% cashback and has hordes of extra features. But you’ll need to stake over 5,000,000 CRO to qualify for this card. Other cards require less CRO and offer fewer features. There is no annual fee; you’ll get a limited amount of free ATM withdrawals every month. But that depends on what card you are using.
- Low fees: You can deposit money into your crypto account without paying any fee. The only fee or charge they ask for is the debit/credit card fee. You can also buy and sell cryptocurrencies at their actual cost. On the other hand, your card issuer might charge some “cash advance fee” if you use it to purchase cryptocurrency.
- Gift cards and phone top-ups: Your Visa card is not the only option to spend your money. You can use your cryptocurrency to send gift cards to your loved ones. Moreover, you’ll also earn cashback if you purchase gift cards or send credit to your phone. However, the cashback amount depends on how much CRO you staked and what type of currency it is.
⇒ Click Here to Visit the Official Website of Crypto.com
#2. eToro – Best Bitcoin Trading Platform
eToro is the best social trading platform. It is considered a social trading platform because it lets the users copy the trades of other investors. This platform is best for those who want to learn about online trading. You don’t have to start your work from scratch using this innovative tool. Just copy the trading strategy of other crypto traders and apply it as you like. Once you get a hold of how things work, you can use your methods to trade.
eToro has more than 20 million users worldwide but is quite limited in the United States. The citizens of the United States can only trade cryptocurrencies, while for the rest of the world, eToro runs multi-asset brokerages. You can also use eToro for stocks, commodities, and forex trading if you live outside the US. Let’s look at some of its prominent highlights to know more about Etoro.
- Offers access to 17 cryptocurrencies
- It’s a simple enough platform to use
- Both a social and a regulated platform
- You can copy and follow other traders
- Virtual account training
- Perfect for a newcomer in crypto trading
- Can’t withdraw all the available coins
- Low Trading Amount: If you want to try crypto trading just for fun, you should opt for eToro. You can open your account with as little as $50 and start trading with only $20 in your account. However, you’ll need a credit/debit card to deposit in your account. But that also poses some problems as anyone can enter for trading, causing frauds and security risks.
- Trading and transaction fees: eToro fees vary with the market conditions. The maximum price they charge is 5%. For a bitcoin trade, they charge between 0.79% to 5%. However, most cryptocurrency spreads range between 1.9% and 2.9%. The best part is that they have one spread for buying and selling. They won’t charge you separately for buying and selling cryptocurrencies.
- Digital wallet option: eToro has its digital wallet, and they give it for free to their users. You can use this wallet to convert crypto to fiat currency, and the conversion cost is 5%. This application is available on both Android and iOS, so that you can use it anytime you want. The minimum transaction is only $125, and the maximum you can withdraw is $10,000, which is quite a lot of money.
- Website transparency: They have nothing to hide. You can instantly find all the information on their website. eToro customer support is not that good, but you are unlikely to need them since everything is right in front of you. They mention that crypto-to-crypto trading pairs are not available in the United States. You can use your custom digital wallet, but you can’t transfer it back once you transfer crypto from the platform. So it is better if you stick with the wallet that the company provides.
⇒ Click Here to Visit the Official Website of eToro
#3. BlockFi – Most Popular Cryptocurrency Trading Site
BlockFi is not just a cryptocurrency exchange, but it also offers low-interest loans and interest-bearing accounts. It doesn’t matter what sort of trade you are doing; there is no fee. There are no hidden charges, so feel free to use this platform without any tension.
BlockFi is one of few crypto exchanges in the United States. It doesn’t rely on crypto investors offering for investment. Instead, they pay a stable interest rate by earning through their products. Users can earn compound interest in cryptocurrencies.
The security provided by BlockFi is top-notch. All their currencies are stored in Gemini Trust Company, which the New York Department of Financial Services operates. Their services are available worldwide; you can access your account from anywhere and trade as you like. You have one free withdrawal every month, and there is no limit on how much you can withdraw. After that, you have to pay charges to withdraw money.
- U.S.-based and regulated
- Instant trades
- No commission fee
- No monthly fees or minimum deposits
- Available worldwide
- Limited free withdrawals from interest accounts
- Borrow against your portfolio: If you want to get some cash but avoid selling crypto, you can borrow some money from BlockFi. That way, you can save money in taxes since you don’t have to report the capital gain of selling. Moreover, the interest you’ll pay is also deductible, that’ll save your tax even more. However, there is a risk in borrowing; you could lose the value of your crypto assets or digital assets. You might not have enough interest value in your account to support your loan balance.
- Earn interest on your holdings: You can earn between 3% and 8.6% compounding interest on the BlockFi account. There is no hidden fee, and there is no minimum limit. However, the interest rate fluctuates depending on the market value. Interest accrues daily and is added to your account every month. You can earn interest every month and even get to choose which currency you want to get the interest in.
- Rewards credit card: You get to earn 1.5% back on every bitcoin purchase you make via the company’s provided Visa card. Your bitcoin rewards are added to your interest account; thus, you earn interest right away. However, this service is not available for everyone as the company starts shipping these cards in the spring of 2021. You might have to wait for a little before you get this goody.
- Automatic trading: Are you among those who forget to make a trade on the desired date? This automated trading feature is here to help you out. You can set up a recurring exchange and buy or sell cryptocurrency daily, weekly, or monthly. That way, your account will grow even if you won’t actively use it. However, make sure to check it at least twice a week to see your growth. You can even turn on notifications to learn about new changes.
⇒ Click Here to Visit the Official Website of BlockFi
#4. Coinmama – Highly Secured Services For Crypto Investors
Coinmama is yet another exchange that allows you to purchase some cryptocurrencies. It also allows you to sell bitcoin for cash if you want. This company has been in operation for a decade, but they still have higher fees than their competitors. Since they have been working for quite a time in the industry, they have earned people’s trust. With its easy-to-use platform, this exchange was the first to introduce purchases with a credit card.
Coinmama is perfect for those who want to start doing crypto trading due to its easy operations. They offer a high spending limit, and you can extend that limit by getting a VIP verification.
However, Coinmama doesn’t offer a digital wallet. Instead, you have to rely on a third party for this. Thus, you have to enter the wallet key every time you make a transaction. This takes some extra time because if you enter the wrong key, you have to enter it again to continue with the transaction. Let’s look at some of the Coinmama highlights and see what they have to offer.
- Wide range of payment options
- Offers access to 10 cryptocurrencies
- High spending limits
- Doesn’t allow crypto-to-crypto transactions
- Fast verification: Coinmama has multiple levels of verifications. To get to the first level, you just need to snap a photo of the front and back of your government-issued identity card. You then need to write “Coinmama” on a piece of paper with that day’s date and send it to the platform. It will take between 10 minutes to 60 minutes to approve the verification process. In rare cases, it might take more than an hour, but then the support will let you know, so be patient. You can’t make any transaction without verification, so make sure to go through the procedure to avoid any problems.
- Beginner-friendly platform: Even if you are baffled by other platforms, you can easily set up your account and start trading on Coinmama. You don’t need a lot of experience or knowledge to join this platform. Just choose an account level and start making your transactions. All the transactions are settled within two days. You can either use your debit card or Apple pay to withdraw and deposit money. Here transactions are as easy as doing online shopping.
- Security: Coinmama never saves your information on their website. Therefore, there is a zero percent chance of data leak or your information getting hacked. Moreover, they never hold your cryptocurrency funds, so there is no chance of fraud through their system.
- Fees and Costs: The charges are based on the market rate plus 2% extra. There is a commission fee of up to 3.81% on purchasing crypto and 0.9% on selling bitcoin. However, you can buy their loyalty program and reduce the trading fees. The higher the purchase amount is, the lower fee you will have to pay. You can also get your sales fee reduced by 12.5% to 25% based on the purchases you made. Moreover, additional fees depend on what type of payment method you are using. You’ll pay an extra 5% charge when you make a payment using your Credit card or Apple pay.
⇒ Click Here to Visit the Official Website of Coinmama
#5. Coinbase – Best Bitcoin Exchange For Beginners
If you are looking to trade crypto in new currencies, this platform is your best option. They offer more than 100 cryptocurrencies, and they also update their collection as soon as a new currency is trending. You can join the other 73 million users and enjoy trading on the most straightforward platform for newbies. If you want to extend your trading capacity and enjoy more features, they also offer a pro version for that. You don’t have to become famous on this platform to get the pro version. Any user can apply for that, whether you are new or old.
Any trade below $200 has a fixed fee, but after the threshold of $200, they charge a percentage based on trade. Only the ACH transfer is free; you’ll have to pay for the rest. You can check the charges on their website as they have nothing to hide. Now let’s look at the highlights of Coinbase and see why it stands out.
- Offers access to nearly 100 cryptocurrencies
- Low minimum to fund account
- Cryptocurrency is insured
- Opportunities to earn cryptocurrency
- Lower pricing available with Coinbase Pro
- Customer service issues
- Coinbase Wallet: You can store your crypto directly on the Coinbase server, or you can move your holding to the Coinbase wallet. You’ll need to download a separate app for this. In their wallet, you will have more control over your transactions. You can use it to transfer the funds as you wish and also authenticate every trade before it happens. In addition, you don’t have to enter the private key every time you trade.
- Learn as you Earn: Coinbase also offers quizzes and short videos for its users to learn new tricks. The best part is that you get to earn some amount after participating in a quiz. They provide regular updates for the newbies to learn about the changes in the market. Moreover, they also give recommendations and resources to trade better with what you have in your account.
- Coinbase Pro: This unique feature is not something you’ll see everywhere. The pro version of Coinbase provides more features and fewer charges than the free one. If you are an active trader, you can get additional tools, extra reports, and cheaper trades in the pro version.
- Security: Coinbase keeps 98% of its customer’s crypto in offline storage, unlike other exchanges. The remaining 2% is used to facilitate trading volume. There is no way for any hacker to access them. Thus, everything is safe on their servers. They also offer insurance in case of any mishap. Coinbase is worth paying an extra fee due to these robust measures. However, the company is not responsible for unauthorized access to your account. As long as it is not your fault, the company will cover your loss.
⇒ Click Here to Visit the Official Website of Coinbase
How We Made This List
A cryptocurrency exchange’s worth depends upon many factors. These include the type of currency, the volume of their market share, and the liquidity they offer. Some platforms have strict criteria to register with them to avoid fraud. Thus only the user is liable for any loss or suspicious activity.
Some cryptocurrency exchanges offer a digital safe where you can keep your money. While these digital safes are secure, it is better to opt for a third-party wallet. Generally, third-party wallets are more confidential and have lots of valuable features for the users.
What We Looked For
Security should be your preferred choice when choosing any crypto exchange. However, a simple interface can save time, which is essential. You need a digital wallet to keep your currency safe and authorize every transaction. We kept all these points in mind to make the list of the best crypto decentralized exchanges.
Let’s discuss in detail our preferred features for the final choice.
- A Digital Wallet: Not every exchange provides a digital wallet, so we only opted for those providing one. These exchanges offer a digital wallet or are connected to a third-party wallet. A digital wallet contains a key that is necessary to make a transaction. With that key, only you can access the wallet.
Moreover, all your transactions are recorded, and authentication is required before every trade. That makes a digital wallet much more secure than an average virtual safe. Furthermore, these digital wallets have their apps so that you can access them from anywhere.
- No Hidden Fees: Despite that all exchanges claim that they have no hidden fees, it is better to go through their terms and conditions to ensure that you choose a suitable crypto exchange. There is always some hidden fee that the company never discloses to their customers. Some of these hidden charges are named under services.
You can always ask the company’s representative about their fee structure to get a good idea. Make sure to cover everything from deposit to trading to withdrawal. If the fees they are charging are not suitable, opt for another crypto exchange.
- Ease of Access: Think about how you want to access your account. The majority of crypto exchanges offer web browser trading, but that is not suitable for those who wish to trade currencies on the go. Going for a crypto exchange that provides a mobile app for convenience is better. Thus, you can view your trading records anytime you want, from anywhere.
Moreover, these mobile apps can notify you about the latest news or changes in the market. You can always check to see when the price of currencies is high and make a move to earn profit.
- Payment Methods: Check if your preferred exchange offers multiple ways to deposit money in your crypto account. The more payment options a crypto exchange offers, the more convenient it is for you. You can use your debit/credit card or your PayPal account to deposit funds in most cases.
Before choosing any exchange, make sure to check whether its payment methods are suitable for you, along with what fees they are charging on the method you are about to choose.
Essential Factors To Consider While Choosing A Crypto Exchange
We gave you the list of the best crypto exchanges. However, you should know what to do if you are not interested in the listed ones. If you manage to find a new crypto exchange, but you are confused with what to look out for, we have your back!
We are about to present some of the critical factors that you should consider before going for any crypto exchange. These factors will help you choose the most suitable crypto exchange.
- Available Cryptocurrencies
Before choosing any crypto exchange, it is important to check how many cryptocurrencies are available on their platform. If they have all the trending cryptos and the famous ones, there is a good chance that you can earn a profit there.
Because most popular cryptocurrencies are still circulating, the new ones have a higher margin of going up. You can easily trade there without worrying about the loss. However, do speculate before margin trading in new currencies since they don’t reach the top every time.
Understanding liquidity’s role in the cryptocurrencies market is one of the most significant steps in investing. You should be ready to convert your crypto into cash anytime you don’t want to continue margin and futures trading in the crypto world. Moreover, traders need liquidity to make trades without moving in the market too much. You can check this in the company’s policy or ask customer support about the liquidity rules.
You should choose an exchange that has enough orders flowing around. If there is a low number of orders, you’ll have to wait until enough orders are circulating to facilitate the trade. This significantly impacts the time you have to wait for an order to be accepted.
The best way to check a company’s reputation is to see the customer reviews. However, ensure that you look out for fake reviews. For instance, if a cryptocurrencies exchange has simple reviews like “It is the best” or “It is the worst,” you are likely to miss out on the real opinions of users. As such, be sure to look for genuine reviews that show the real experience of using the platform.
If you are not satisfied with customer reviews, check the web for better answers. The companies we listed above are all authentic, and they provide their customers with the best experience. One more thing to check is how transparent that company is. If they are not hiding anything from you, you should choose them above others.
In this digital era, things are not as secure as companies claim them to be. If you are going for digital currencies or other digital assets, it is advisable to get insurance because they are highly volatile. You don’t know when the company’s website is breached, and you might end up losing all your assets. A digital wallet can keep things safe since it offers more protection. But still, it is better if the company you are choosing offers insurance if anything happens on their side.
A company offering insurance is always preferable and earns customers’ trust faster than others. The companies we listed above all provide insurance to their customers to an extent. However, most of these companies will not be liable for any mistake from your end.
FAQs About Crypto Exchange Platforms
- What Is A Cryptocurrency Exchange?
A cryptocurrency exchange is an online marketplace where people trade cryptocurrencies. You can use your paper currency, such as dollars or pounds, to purchase cryptocurrency there. Through cryptocurrencies exchanges, you can also trade with other people.
However, you have to employ a strategy to make a profit trading. If you are not interested in trading, you can exchange one currency for another to purchase something else with that currency. Moreover, you can also earn interest on your deposited currency the same way you make interest on a bank deposit.
- What Should You Look At When Choosing A Cryptocurrency Exchange?
There are many factors that you should consider when selecting a cryptocurrency exchange. First, you must check the company’s reputation for trust, so they won’t rob you once you deposit the money. Secondly, you should check the variety of currencies they are offering. If you are investing, it is better to check for multiple options before making a purchase, so you can always switch to another currency if your desired one is about to go down.
For more information on choosing the best cryptocurrency exchange, you can refer to the factors discussed earlier in this article.
- How Do You Open A Cryptocurrency Exchange Account?
That entirely depends on the exchange you are opening a crypto exchange account with. Some of the platforms have different levels of accounts. The basic one requires nothing but proof that you are human. Some have complicated processes so they can secure everything before opening an account. The most common method is filling out the online form and providing the necessary information. Then if the company asks you for extra information based on their policy, offer them to proceed further.
It takes about an hour at max to open a cryptocurrency exchange account. For additional features, you might need to upload your government-issued identity documents. Again, this doesn’t take long.
- How Do You Buy Cryptocurrency?
The easiest way to purchase cryptocurrency is by credit or debit card. Some exchanges offer the opportunity to purchase directly via your bank account. However, you cannot use cash to buy as everything happens online. You can also ask your bank to let you purchase cryptocurrency online if you don’t have a valid credit card for the purchase.
Once you purchase the cryptocurrencies, you can either store them in a digital wallet or let the exchange store them in their “cold storage.” However, a digital wallet is preferable since it is more secure and easy to use.
- How Much Money Do You Need To Buy Crypto?
That depends on the crypto exchange you are using. Some of them let you trade as soon as you have as little as $50 in your bank. Most of them have a minimum limit of $200. If you are looking to test your trading skills, go after a company offering a low amount of trade. But if you are good at trading crypto, then you should opt for a higher trading amount and get more profit.
- How Is Investing In Crypto Different From A Traditional Investment?
Let’s look at both aspects, why is crypto good, and why is it bad? Compared to traditional investment, crypto is expensive and still has a lot of risks. Since everything is done online, there is a high risk that your assets may be hijacked in a cyberattack. Furthermore, you have to pay a higher fee to purchase cryptocurrencies. While in fiat currencies, that fee is almost 0%.
On the other hand, the profit in crypto is higher than usual because they are expensive, and a slight spike can earn a lot of profit. If you are looking for a long-term investment, you should choose cryptocurrency. Since many rich people have already invested in it, they’ll do their best to keep it alive for a long time.
- Can You Operate Your Crypto Accounts From Anywhere?
Every crypto exchange has an app that lets you operate your account anywhere. These apps also provide you notifications for any changes in your account or the currency you have in your account. Moreover, if you opt for a third-party digital wallet, you can access it anywhere as long as you have an internet connection. However, crypto trading is banned in some countries. So before you dive in, it is advisable to know the laws so that you do not get into trouble with law enforcement.
- Are Cryptocurrency Exchanges Worth It?
There is no other option to purchase cryptocurrencies except through cryptocurrency exchanges. They can guide you to sharpen your trading skills and earn more profit. Moreover, they can keep your investment safe in their offline servers. If you want to spend these cryptocurrencies, these exchanges also offer Visa cards to purchase stuff. But then again, everything depends on your goals and investments and how willing you are to put your effort into it.
- Can We Keep Saving In These Crypto Exchanges?
Yes, you can, and if you ask us, cryptocurrencies are the best form of savings nowadays. Today, cryptocurrencies are highly valued worldwide, and it is unlikely that you will see a massive drop in their prices. However, it is also essential to understand that different cryptocurrencies have different volatility levels. Anyone who invested in a tiny amount of crypto in these exchanges back in 2016 or 2017 is now getting up to 100 times more of their initial savings.
- What’s The Difference Between A Crypto Exchange And A Crypto Wallet?
A crypto wallet is designed for the safe storage of your cryptocurrency. Exchange is designed to allow you to buy and sell digital currencies quickly and easily. A wallet will hold your private keys securely while you provide the exchange of your private keys when you use an exchange. The exchange then acts as your custodian.
Finding the best crypto exchange is not an easy task. Every exchange has unique features that are suitable for some people. The list of exchanges we have are the best in their work, and they provide reasonable rates on every purchase you make. Moreover, they also help you grow your investment and enhance your trading skills. If you want to secure your investment for a long time, cryptocurrencies are the best option.
If you don’t trust the typical offline servers, the listed exchanges also offer a digital wallet. The best part is that all these exchanges have an app to check your account anytime you want. We chose these exchanges based on how easy it is to access them and how fast they respond to your request.
Moreover, these listed exchanges also have a variety of cryptocurrencies to let you trade other than bitcoin. If you have no experience in the crypto world, you can choose the top exchange on our list. Otherwise, you can spend some time doing your research and then determine what suits you the most. Don’t just rush towards a famous company; give it some thought before trading since it is your precious money that you are spending.