As Cryptocurrencies are becoming popular, there are a plethora of cryptocurrency exchanges, which are the main reason how the users are able to exchange or trade. The cryptocurrencies are volatile as that is an unavoidable characteristic of digital currency. Let us first understand what exactly is a cryptocurrency exchange, what does it do and then we can have a look at the top cryptocurrency exchange list for crypto trading 2021.
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What Is A Cryptocurrency Exchange?
A cryptocurrency exchange allows the investors to buy, sell or trade cryptocurrencies(either from fiat to crypto or from crypto to crypto). The cryptocurrency exchanges mostly support the top 20 cryptocurrencies by coinmarketcap. People lookout for the security of their crypto holdings and cryptocurrency exchange rates, hence they would prefer exchanges that offer great functionality, is user-friendly and secured.
What To Look for In A Cryptocurrency Exchange
Before using any cryptocurrency exchange, you must look for some basic features like geographical restrictions, transaction fees, security, ease of use and the credibility of the respected exchange.
Now, let us have a look at the best cryptocurrency exchanges in 2021:
#1 Coinbase Pro:
Coinbase Pro was one of the early cryptocurrency exchange platform, founded in 2012, based in San Francisco, with a valuation of around $1 billion. Coinbase Pro helps enable withdraw and deposit funds easily. It offers competitive fees, advanced trading features, and deposit options. IT is insured by the New York Stock Exchange and Andresseen Horowitz.
Supported Coins: BTC, ETH, BCH, LTC, ETH, ZRX, BAT
Trading volume: $217,481,180
Pros: Fully regulated in the United States, Competitive Fees
Cons: Not ideal for beginners, very fewer altcoin pairings for Australians
Binance is the world’s biggest cryptocurrency exchange which works like an ecosystem, comprising of an exchange, wallet, Labs, Charity info, etc as stated by the CEO- Changpeng Zhao. Binance has its own coin called Binancecoin(BNB) which comes with a discount when there is a crypto-to-crypto payment. Binance supports over 130 tradeable cryptocurrencies and is one of the best exchanges to buy cryptocurrencies. Binance is known to have one of the best cryptocurrency exchange apps.
Supported Coins: Bitcoin, Bitcoin Cash, Bitcoin Gold, Ethereum, Ethereum Classic, EOS, DASH, Litecoin, NEO, GAS, ZCash, Ripple and many more.
Trading Volume: $1,724,874,280
Pros: Low transaction fee- around 0.1%, not exactly suitable for the beginners as it has two versions of trading- basic and advanced with not an easy-to-use interface.
Cons: You can’t use or exchange with fiat, can’t margin trade or short sell.
BitMex is one of the premier Bitcoin exchange platforms across the world, based out of Hong Kong. As the name suggests, BitMex( Bitcoin Mercantile Exchange) is a trading platform for Bitcoin, the largest cryptocurrency by market capitalization. There have been reports that BitMex has had experienced over 2 billion USD transactions that have happened in 24 hours.
Supported Coins: Bitcoin, Cardano, Bitcoin Cash, Ethereum, Litecoin, EOS, Ripple
Trading Volume: $3,035,184,687
Pros: You can buy leveraged contracts like future or perpetual contracts from BitMex. You can short sell and margin trade.
Cons: Only one cryptocurrency is available for trading and does not accept any US-based payments as it’s not available there.
OKEx is one of the most popular cryptocurrencies supporting more than 145 cryptocurrencies, based out of Hong Kong. They even have their own cryptocurrency- OKB. OKEx has about 0.02% to 0.2% maker and taker fee.OKEx is not far behind when it comes to trading per day, it has experienced around $1.5 million in bitcoin futures every day.IT is one of the trusted global cryptocurrency exchange.
Supported coins: Bitcoin, Ethereum, Litecoin
Trading Volume: $1,384,994,152
Pros: Allows margin and short selling, supports more than 145 cryptocurrencies.
Cons: Not supporting the US traders, but is supposedly expanding to Malta.
Kraken, founded in 2011 by Jesse Powell, is one of the largest bitcoin exchanges for its popular section of fiat currency exchange including Euro, Yen, USD, pound, etc. Kraken is partnered with the first cryptocurrency bank in the world. It supports over 17 cryptocurrencies with a maker and taker fee of 0% to 0.26%. Kraken even provides bitcoin pricing to Bloomberg terminal.
Supported coins: Bitcoin, Bitcoin Cash, Bitcoin SV, Cardano, DASH, Dogecoin, EOS, Ethereum, Ethereum Classic, Litecoin, Monero, Ripple, Tether, Zcash and many more.
Trading Volume: $160,834,807
Pros: High liquidity, supports many cryptocurrencies, apt for seasoned traders.
Cons: The processing time is slow.Arbitrary closure of accounts
Another cryptocurrency exchange, which still hasn’t laid their foundation on the United States is Huobi, which was founded in China and boasts of supporting around 250 cryptocurrencies. Huobi has 2 different versions- Huobi OTC( that allows trading of cryptocurrencies with fiat currencies at zero fees) and Huobi Pro( that is for advanced trading capabilities). Huobi is coming up with a cryptocurrency exchange-traded fund(ETF) to be named HB10.
Supported coins: BTC, LTC, ETH, BCH, XRP, DASH, EOS, TRX, ZEC, and 90 other coins
Trading Volume: $911,363,754
Pros: Access to wide-ranging cryptocurrencies, 24/7 customer support, Competitive Fees
Cons: has been accused before, of falsifying trading volumes, mostly focusing on South-Asian market and not targetting any other parts of the world.
Bitfinex was started in 2012 and is based out of Hong Kong, offering the most liquid order, which allows easy exchange with minimal slippage. Bitfinex enables the users to trade up to 3.3x leverage by getting funds from peer margin platform. The margin funding market of Bitfinex helps you earn interest in digital and fiat assets. The users can also auto-renew the offers, even if it gets expired. The best part is that Bitfinex lets you have the set-up done according to your needs or preferences.
Supported coins: BTC, ETH, ETC, XMR,ZEC, LTC, DASH and 22 more
Trading Volume: $149,183836
Pros: Unlimited withdrawal, in-house mobile app, multiple payment options
Cons: has some history regarding it getting hacked
Bittrex is an US-based cryptocurrency exchange based in Seattle, Washington where security is the most unique factor, that makes it one of the best cryptocurrency exchanges in 2021. There are more than 190 cryptocurrencies enlisted out there, without around 284 unique pairings. Bittrex charges flat 0.25% of each and every trade. Bittrex can process trades as soon as it happens as it was built using elastic computing.
Supported coins: BTC, ETH, XVG, XRP, ADA, XRP, LTC, RDD, ZEC, and 130 more coins
Trading volume: $61,219,365
Pros: Highly secured, very easy to use, even for the beginners.
Cons: Only supports crypto-to-crypto trading, Accused of poor customer service in the past, not a beginner-friendly platform
Bitstamp was formed in 2011, based out of Slovenia, and has multiple headquarters, both in New York and Luxembourg. Bitstamp has one of the lowest fee systems in the world, with 0.05% for international wire transfer, and imposes 0.09% on international withdrawals. It allows USD, EUR, Bitcoin, Litecoin, ethereum, ripple or bitcoin cash deposits, and withdrawals.
Supported coins: BTC, BCH, LTC, ETH, XRP
Trading Volume: $89,107,924
Pros: Verification on Bitstamp is fairly rapid, very easy to use by the beginners and the crypto enthusiasts.
Cons: Simplistic mobile app, High card fees
KuCoin was founded in 2011, with a predominantly modern outlook, backed with a secured platform. It is based out of Hong Kong, which is a profit-sharing platform, distributing 50% of their overall revenue to holders holding exchange-based token-n KuCoin Shares (KCS). Even the Holders get a 1% discount for every 1000 KCS they hold. The fees are comparatively lower than other exchanges.
Supported coins: BTC, BCH, ETH, XRP, LTC, EOS, ADA, TRX and 62 other coins.
Trading Volume: $53,671,283
Pros: Offers a wide range of cryptocurrencies, fees are low
Cons: No fiat currencies accepted, difficulties experienced during a high traffic period.
What is the best cryptocurrency exchange for beginners?
Now, its time for getting rid of all the challenges, and get the collaborative and additional benefit, that any single crypto exchange can provide in a single platform. Let’s talk about the platform, which enables the users to trade seamlessly in just three clicks.
CoinSwitch is not an exchange, but a cryptocurrency exchange aggregator, which has the benefits of all the exchanges put together. Not only that, CoinSwitch lets the user get the optimum benefit by letting the user choose the best price amongst the price from the exchanges. The best part is that you will get the security at the most competitive rate and that too, without revealing your personal details. CoinSwitch has its own API, which you can use for your custom made products or services.
If you refer a person, you get 5$ in BTC after the successful transaction. You get to know about every crypto-trading pairs, their highest conversion rate in the last 24 hours, the conversion rate and the trading analytics on a particular coin or crypto pair.
CoinSwitch supports more than 300 cryptocurrencies and has an instant crypto converter. The best part is that it is partnered with exchanges such as Binance, HitBTC and many more, hence considered one of the best crypto exchanges for the U.S. customers.
Frequently Asked Questions (FAQ)
1. How many cryptocurrency exchanges are there?
There are many cryptocurrency exchanges in the world- the prominent ones being Binance and Coinbase.
2. What is the best cryptocurrency exchange for beginners?
We have already mentioned in the last section, and you can get the needed benefits with an easy interface.
3. How do cryptocurrency exchange work?
Cryptocurrency exchanges work very easily and efficiently, where you can trade or sell as per the current cost of the respective cryptocurrency.
4. Which crypto exchange has the lowest price?
CoinSwitch provides you with the most competitive rate in the market.
5. How do crypto exchanges determine the price?
Most of the crypto exchanges calculate the value based on the volume of trades, the demand, and supply of the particular coins.
6. How do I get cryptocurrency exchange in the U.S.?
You can get cryptocurrency exchange at the best rates here.
7. What type of cryptocurrency exchanges are there?
There are mainly two kinds of crypto exchanges- centralized and decentralized.
Disclaimer : Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. The information provided in this post is not to be considered as investment/financial advice from CoinSwitch. Any action taken upon the information shall be at user's own risk.
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