The Top 5 Cryptocurrency Exchanges Discussed

Best Cryptocurrency Exchange Platforms

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There are a myriad of options when it comes to choosing the best cryptocurrency exchange to buy, sell, or trade your coins. However, these exchanges are certainly not created equally- some are good, some are better. To ease the task of finding the best exchange for you, we have reviewed the top 5 Cryptocurrency Exchange platforms.

Our review is based on a number of criteria such as security, stability, performance, trading fees, user-friendliness, and others. Here we go.

The Top 5 Cryptocurrency Exchange Platforms

1. Coinbase

Coinbase cryptocurrency exchange

Founded in the year 2012, Coinbase is undoubtedly one of the most popular and heavily used cryptocurrency exchange and trading platforms. It’s a digital currency wallet and platform where traders and merchants alike can transact using digital currencies like Bitcoin, Ethereum, Bitcoin Cash and Litecoin.

One of the main reasons why Coinbase is a popular cryptocurrency exchange and trading platform is that it makes it extremely easy for users to securely buy, use, trade, and store their digital currencies. Users can also buy BTC, ETH, BCH and LTC from the platform through a digital wallet that is available on both Android and iOS platform.

Users can also buy crytocurrencies by trading with other users on the company’s Global Digital Asset Exchange, popularly known as GDAX.

Coinbase is currently available in 32 countries, including the United states. It’s also one of the cryptocurrency exchanges that accept fiat currency as a payment method.

Payment methods: Bank transfer, Credit/debit card- with a higher transaction fee, and wire.

In regard to fees, Coinbase does not charge a fee to use their Hosted Digital Wallet service. However, transferring currencies to any other address off the Coinbase platform may incur network fees. There are also Conversion Fees which are often calculated depending on your location, method of payment, and other factors. Have a look at the amount of conversion fees charged here.

Available Cryptocurrencies

Some of the trade pairs supported on Coinbase exchange include: ETH/USD, LTC/USD, LTC/BTC, BTC/USD, LTC/EUR, ETH/EUR, BTC/EUR, and BTC/GBP.

Transfer Limits

Coinbase does implement weekly buy and sell on all users accounts. The limits are calculated based on users’ account information like account age, payment method used, verification and successful purchase made.

Pros and Cons
Pros:
  • High liquidity
  • Provides access to top currency assets like Bitcoin and Ethereum.
  • Easy to use.
  • An instant buy feature is available.
  • Safe and stable.
  • Stored currency is covered by Coinbase insurance.
Cons:
  • Coinbase monitors users’ accounts, an action that many users aren’t comfortable with.
  • Limited payment methods.
  • Not available in most countries globally.
  • Mixed feedback on customer service.

2. Binance

Binance cryptocurrency exchange

Binance is currently one of the fastest growing cryptocurrency exchanges and over the past few months, it has managed to scoop up the number 10 position among the top volume cryptocurrency exchanges.

Even though it’s still one of the youngest exchanges, it still gaining a lot of popularity mostly due to its Initial Coin Offering listings. Binance is also renowned for its extremely fast order processing speed, high liquidity, safety and stability, low trading fees, and the fact that it’s by a strong team.

Unlike Coinbase, Binance is available worldwide. Deposit methods include BTC, ETH, NEO, LTC, and the exchange’s own currency, Binance Coin (BNB). Some of the trade pairs supported by Binance include ETH/BTC, MIOTA/BTC, POWR/BTC, POWR/BNB, MIOTA/ETH, DGD/BTC, MTH/BTC, and others.

Binance charges 0.1% in trading fees. However, you can use the exchange’s token BNB to pay any kind of fees incurred on the exchange.

Transfer Limits

Binance has set a withdrawal limit where unverified users can only withdraw up to 2BTC every day and 100BTC for verified users. The exchange does not limit deposit transactions though.

Pros and Cons
Pros:
  • Binance supports more than 200 cryptocurrencies.
  • It has high liquidity, making it a stable exchange and trading platform.
  • It has incredibly fast order processing speed.
  • Has low transaction and withdrawal fees.
  • Offers its own BNC coin to greatly reduce trading fees.
  • Backed by a strong team.
  • Multilingual support.
Cons:
  • Some users have reported delays when withdrawing some coins.
  • Some users have reported experiencing difficulties with the Android version of the Binance app.
  • Most users are not okay with Binance collecting and storing their logging IP addresses.

Related: 7 Complaints Users Have When Using Binance Exchange


3. Bittrex

BITTREX cryptocurrency exchange

Based in the heart of Las Vegas, USA, Bittrex is another popular cryptocurrency exchange and trading platform. The exchange supports more than 190 cryptocurrencies and offers speedy order transactions, great security and stability, and great trading stability.

Bittrex handles one of the largest Bitcoin trading volumes of all the exchanges in the world. It also happens to be one of the largest crypto to crypto exchanges offering a large number of trading pairs into bitcoin. The exchange charges a trading fee of 0.25%.

Bittrex supports two types of views namely: Basic and Advanced. The Basic view is designed for beginners while the Advanced platform is designed for Pro traders. Both views consist of trading tools like Candlestick charts and crosshairs.

Bittrex is a strictly crypto-only exchange, which simply means that it doesn’t allow users to deposit fiat currencies like the USD or JPY.

Available Currencies

Bitrrex supports crypto trading pairs like ETH/BTC, BTC/USDT, ADA/BTC, SC/BTC, NEO/BTC, BCC/BTC, XRP/ETH, and many others.

Trade Limits

Bittrex has set a withdrawal limit where users with unverified accounts can only withdraw 1BTC and those who have activated the 2-Factor Authentication can withdraw up to 3 BTC a day. Users with Enhanced accounts can withdraw up to 100 BTC per day.

Pros and Cons
Pros:
  • Fast processing speeds.
  • Easy to use interface.
  • Offers a wide selection of altcoins.
  • High security level.
  • Comes with automated features.
  • Backed by a strong team.
Cons:
  • Some users have reported slow response time to customer service issues.

4. Poloniex

Poloniex cryptocurrency exchange

Poloniex has been in operation since 2014 and is without a doubt one of the largest and most reputable cryptocurrency exchanges in the world. The exchange is based in the U.S and offers more than 100 crypticurrencies to its users.

Available countries: Poloniex services are offered across the globe.

The exchange also offers advanced tools and data analysis especially for its Pro users. Advanced traders can access a stop-limit feature.

Poloniex is also renowned for its high trade volumes. As of 2017, the exchange was reported to have the highest volume for ETH as it supports an independent ETH and BTC market as well.

Poloniex charges an average trading fee of 0.15% to 0.25% on all trades.

Available Cryptocurrencies

Top cryptocurrencies available on Poloniex include BTC, ETH, BCH, SMR, DGB, SC, STR, STRAT, and many others. The exchange is also renowned for supporting Ethereum Classic after the hard fork of Ethereum. Poloniex charges an about 0.2% in trading fees. Deposit and withdrawal fees are subject to a particular blockchain’s minimum transaction fee.

Transfer Limits

Poloniex is one of the few cryptocurrency exchanges that operates a tiered withdrawal limit based on user verification. Initially, you will be given a daily withdrawal limit of $2000. After verifying the necessary documentation, your daily withdrawal limit will be increased to $25,000.

Pros and Cons
Pros:
  • The exchange offers a huge selection of cryptocurrencies.
  • One of the most trusted exchanges.
  • Easy to navigate interface.
  • High liquidity.
  • Advanced trading features for easy trading for both beginners and Pro traders.
  • Offers stop-limit order feature to reduce trading risk.
  • Offers margin trading.
Cons:
  • Customer service is wanting.
  • The exchange has received numerous negative reviews regarding issues with depositing and withdrawing funds.

5. Kraken

Kraken cryptocurrency exchange

Kraken is a popular and widely used European cryptocurrency exchange that was founded in 2011. It’s an exchange platform that is renowned for its high security, great stability and reliability, provides advanced order types like stop-loss orders, and provides some legal compliance.

Kraken is also one of the best cryptocurrency platforms that allow its users to buy, sell, and trade betrween BTC and USD, British Pounds, Euros, Canadian Dollars, and Japanese Yen.

Kraken’s trading fees range from 0.05%-0.75%.

Available Cryptocurrencies

Apart from Bitcoin, Kraken supports a wide variety of cryptocurrencies that you can buy, sell or trade. These currencies include Ripple, Ethereum, Dogecoin, Litecoin, Augur, Bitcoin Cash, Gnosis, and many others.

Transfer Limits

Kraken sets a hard carp on daily or monthly withdrawal limit. For example, if in Tier one that only allows trading in digital currencies only, you get a daily withdrawal limit of $2,500 and a monthly limit of $20,000. If in Tier 3, you have a daily withdrawal limit of $25,000 for all cryptocurrencies and a $200,000 monthly limit.

You can deposit and withdraw euros, US dollars, Canadian dollars, Japanese yen, bitcoins and other digital currencies.

Pros and Cons
Pros:
  • Considered one of the safest cryptocurrency exchanges in the world.
  • One of the most trusted exchanges.
  • Low transaction fees.
  • It’s a professional trading platform that consists of all essential trading tools.
  • Allows for margin trading and short selling.
Cons:
  • Offers limited payment methods.
  • Some users have complained about slow customer service.
  • Beginners may find it a little bit hard to use.

Related: Coins vs Tokens- What are the Differences?


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  1. A Comprehensive Review of Binance
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