The Best Cryptocurrency Exchanges and Their Main Features
          

A cryptocurrency exchange is a virtual place for converting virtual coins or exchanging them for fiat money. 

Such exchanges are characterised by advanced functions and provide opportunities for investors to make money. 

The world's first digital currency, Bitcoin, appeared relatively recently, in 2009. It differs from classical finance in its anonymity, high transaction execution, small transaction fees and special production algorithm. As its popularity grew, so did users' need for special platforms - best cryptocurrency exchanges. On these resources, people could exchange one crypto for another, or exchange crypto for fiat money. Miners would mine the cryptocurrencies and then transfer the mining by converting it on a special service.

Coinbase

Coinbase is a very large and highly demanded exchange. It was established in 2012, just a few years after the emergence of bitcoin. This exchange is located in the United States and operates in strict accordance with all established rules, making it a trusted and reliable exchange. They offer two different accounts - regular and professional.

Coinbase has pretty high fees if you don't use their professional account. This professional account also allows you to get more different charts and even some additional indicators that track subtle changes in the foreign exchange market. However, they offer a range of different types of cryptocurrencies, so there is a great choice.

Coinbase is intuitive, so it shouldn't be hard for even beginners to get used to. Now more than 10 million clients work with this platform.

  • 23 types of digital coins.
  • The rates charged for all operations under $200 are as follows: $ 0.99 - $ 2.99 - for operations from $ 0 to $ 200; for over $ 200, a fixed interest rate comes into play. Its size depends on the payment method.
  • Free mobile and online wallet. The advantage of this wallet is that transactions can be made off-blockchain.
  • You can pay funds that can be deposited and withdrawn using a bank card, transfer and a range of payment systems. SEPA transfers are available for EU residents.
  • Two-factor authentication. All website traffic is encrypted using the SSL cryptographic protocol.
    All wallets keys are protected by AES-256 encryption. Only 2% of her clients' cryptocurrency funds are stored online, and they are insured in case of loss.
  • Android and iOS app.

Binance

The exchange first opened in 2017. Being a fairly fresh company, it still managed to significantly expand its portfolio. The main highlight of this exchange, perhaps, is that they have deliberately focused on a large number of different cryptocurrencies. There are even a few fiat currency options, but they are much more limited.

It is played in its favour - the number of currency pairs, a wide range of trading instruments, as well as the trust of millions of users, which is especially important in the crypto market. The variety of assets and lower fees made it more than competitive worldwide.

Users can make contributions using crypto or fiat currencies that Binance permits. This is an often overlooked benefit that provides an easier way of access for customers around the world. Perhaps the only real downside to this exchange is that it has a slightly more convoluted layout than some of the other exchanges, and is perhaps better suited for those with experience with such cryptocurrency systems:

  • 740 different crypto and fiat pairs, including own token BNB.
  • Binance offers competitive trading fees (commissions): 0.1% on each side of the trade, or 0.075% if you are using your Binance tokens (BNB).
  • Trust Wallet mobile application.
  • Bank transfer, debit/credit cards, various P2P payment channels.
  • The exchange launched CryptoSafe Alliance (CSA). This initiative will bring together exchanges, blockchain protocols, cybersecurity experts, and regulatory compliance companies. It is the first comprehensive threat monitoring and protection tool in a decentralized data exchange environment.
  • A free app is available in Google Play Store or the App Store.

Kraken

The Kraken is one of the oldest exchanges in the industry, among the current leaders. The company was officially opened on July 28, 2011 in San Francisco, the public beta testing began in May 2013, and in September the exchange was already open to a wide range of traders.

Kraken has managed to gain the trust of users. No successful hacker attacks on the exchange have been recorded.

After its relatively quick establishment, the company quickly grew to become one of the most popular exchanges in the European market. They are very highly rated and offer a good mix of altcoins as well as fiat currencies for trading.

Kraken is a self-regulatory exchange, that is, it develops its own security policy and operating rules. However, it complies with the rules and regulations in many supported jurisdictions.

It is definitely a good exchange that has all the features you need to support more advanced users. A notable disadvantage is that there are not many payment methods available to fund your account. This can be overcome, but for some it is still inconvenient:

  • 8 tokens are available for.
  • Transactions under 50,000 units of a particular currency are subject to a commission of 0.16% for the seller and 0.26% for the buyer. For sums over 50,000 units, commissions are reduced to 0.14% and 0.24% respectively.
  • No crypto wallet is offered on the site.
  • Crypto wallets and money transfers via bank transfer. Deposit/withdrawal via bank cards is not available.
  • The exchange offers users two-factor authentication, PGP encryption, and global settings lock, which prevents any account changes within a certain period of time.
  • Kraken Pro and Kraken Futures applications.

Bittrex

Bittrex Inc. was founded in 2014 and is based in Seattle, Washington, USA. Bittrex was founded by cybersecurity experts. Although Bittrex Inc. is an American company, they recently expanded their operations and opened an international branch.

The exchange is constantly being modified and updated, and Bittrex is entering into new partnerships.

It provides storage and operations with more than 200 tokens, the number of which is constantly increasing. The exchange also works with euros and dollars and allows the withdrawal of funds to bank cards. In addition, the exchange has extensive security features and technologically advanced software that protects these online wallets and the platform itself:

  • 250+ trading pairs are available.
  • Topping up your euro account is available via SEPA credit transfer,international bank transfer,bank card. Fiat funds withdrawal is possible to a bank account using an international bank transfer, and for euros, a SEPA credit transfer is supported. The withdrawal commission depends on the chosen currency: in bitcoin, it is 0.0005 BTC, in Ethereum - 0.00600000 ETH.The site has a fixed trading fee of 0.25% of the total value of the order.
  • No crypto wallet.
  • Bank transfers, credit/debit cards.
  • Two-factor authentication (2FA),IP check, which requires an email confirmation of entry from a new IP-address, IP whitelists, Cold storage for 80%-90% assets.
  • There are two apps for Android and iOS respectively: Bittrex Global and Bittrex.

BitMex 

The BitMex began its history in 2014 and has grown quite quickly with attractive margin trading offers. BitMex is the largest Bitcoin platform, offering Bitcoin futures contracts with up to 100x leverage. This environment is perhaps best suited for more experienced traders.

BitMex offers perpetual and fixed contracts with different expiration dates. But all contracts are paid in bitcoin.

BitMex offers the largest market liquidity of any exchange. Ultra-low trading costs and minimum deposit requirements. Possibility to register in 30 seconds. The interface of the BitMex looks quite functional. The user can freely change several available widgets, depending on their preferences. Overall, this exchange has become one of the popular options, especially for margin trading:

  • 55 trading pairs.
  • BitMEX does not charge any fees for deposits or withdrawals. When withdrawing BTC, a minimum Bitcoin Network commission is applied; commissions for takers are 0.075% of the total order value, while makers are paid an additional 0.025% for each trade.
  • Crypto BitMEX wallet.
  • Beyond virtual currencies, BitMEX does not accept any other deposits.
  • Funds are stored in cold wallets; Two-factor authentication; Registration via SMS notifications; Multi-signature wallets for transactions; Email communications are encrypted using PGP encryption.
  • BitMEX Mobile launched in September 2020.

Bitfinex

Established in late 2012, this exchange is one of the earliest exchanges. It was originally a peer-to-peer margin lending platform in BTC, but later other cryptocurrencies became available and Bitfinex evolved into an exchange. From the very beginning, the platform was aimed at attracting users from the United States. The exchange is now used internationally.

One of the reasons for its success is a fairly simple interface. Despite its versatility, the exchange is quite easy to use. The combination of this user-friendliness and the variety of features makes the exchange convenient for both experienced traders and newbies. Users can customize the interface, create their own layouts of market information, change the colours of the interface elements, and so on. Both the mobile and web versions of the site are convenient:

  • Over 140 coins and 300 trading pairs.
  • No additional payments for deposits and withdrawals in digital coins. When you deposit USD, you will have to pay a commission of 0.1%, but not less than $ 20;Minimum fee for withdrawing fiat money is $ 60; With the minimum currency turnover per month, the trading fee is 0.1% for the maker and 0.2% for the taker.
  • Users are offered three wallets to choose from - Exchange Wallet, Margin Wallet, and Financing Wallet.
  • In addition to digital currencies, bank transfers and card withdrawals are available to users.
  • Only 0.5% of crypto assets are kept online to support daily transactions. The rest of the coins are kept in cold wallets out of the reach of hackers. For these wallets to become available, manual authorization of several members of the management team is required.

Localbitcoins

LocalBitcoins was launched in Finland in 2012. The main office is located in the capital of Suomi - Helsinki. LocalBitcoins - P2P exchange for buying bitcoin for fiat money offline, electronic money online and some altcoins. It is considered a reliable platform for direct, decentralized exchange between the parties to the transaction. It allows you to quickly purchase Bitcoin using many convenient methods.

With citizens from more than 200 countries working with this exchanger, it is one of the biggest cryptocurrency exchanges.

There is not like other exchanges.It does not use a common global exchange rate. Bidders decide for themselves at what price they want to sell or buy Bitcoin, and choose the methods of exchange:

  • The service does not charge a commission from the buyer.  For sellers, there is a set commission of 1% on each sale.
  • Bank transfers, banking cards, electronic systems.
  • The security of the transaction is ensured by the escrow method, which has proven to be highly effective; User accounts are protected by two-factor authentication.

Poloniex 

Poloniex is one of the biggest cryptocurrency exchanges in the world, founded in 2014 by Tristan D'Agosta. At the time of this writing, the exchange has over 100 currency pairs and a daily trading volume of over $ 13 million. Initially, the exchange focused on the United States market, but the general popularity and large trading volumes attracted altcoin traders from all over the world.

It offers a large number of pairs, allowing experienced traders to create a great portfolio of their choice in a short timeframe.

Interaction with the interface of the Poloniex exchange leaves only the best impressions. In addition, good liquidity and a large selection of forks are indisputable advantages. The Lending feature will not leave indifferent supporters of a small but stable passive income. But Poloniex is also not without a number of shortcomings, such as, for example, the lack of a mobile application and a cumbersome website:

  • 100+ currency pairs.
  • All deposits are allowed without any additional charges; The withdrawal fee is fixed, and it depends on the type of the currency; commissions are from 0 to 0.25%.Maker commission is from 0% to 0.15%; taker commission is from 0.1% to 0.25%. The higher is the volume of completed transactions in one month, the lower is the commission for all subsequently completed transactions.
  • Own Wallet.
  • Replenishment of an account with a bank card or withdrawal to a card are not available for users of some countries.
  • The administration highly recommends to add two-factor authentication to your account.
  • Mobile application.

Kucoin

KuCoin is a Hong Kong exchange that started operating in May 2017 and has already gained popularity among traders. It is a third-party exchange that allows you to buy, sell, and trade a variety of cybercurrencies.

The main feature of KuCoin is its own cryptocurrency KuCoin Shares (KCS).

KuCoin is very popular with new virtual currencies that have gone through ICOs, which means you can buy their coins while they are still in the early stages. You can access the KuCoin through your desktop computer as well as through the Kucoin app on Android and iOS.

This exchange is an excellent platform that guarantees a high degree of protection for your assets. Transactions are fast enough, and withdrawals are almost instantaneous:

  • 200+ coins and 450+ trading pairs.
  • All deposits are free on the site, and there is a fixed fee for withdrawals; KuCoin offers a flat commission of 0.10%, which is less than the industry average.
  • Inner site crypto wallet.
  • A variety of payment methods supported by P2P fiat services.
  • The exchange offers you the option to set up two-factor authentication by Google Authenticator.
  • Mobile application .

Bitpanda

Bitpanda is an Austrian startup that specializes in buying and selling digital currencies. He adheres strictly to KYC principles - know your customer and anti-money laundering laws.

Exchange fully complies with its slogan: customer satisfaction is a top priority. The resource site is fast and works like a debugged mechanism.

A big plus is work with fiat and a wide range of ways to deposit and withdraw money. The service offers a wide range of payment methods. Here, crypto coins can be purchased via Visa / MasterCard, payment systems and via bank transfers.

Cryptoservice is concerned about customer security. Therefore, he implemented a two-factor authentication system and constantly monitors the activity of crypto investors. And so that hackers do not get to the cybercurrencies, Bitpanda stores funds in "cold" storage, that is, offline:

  • Bitcoin, Ethereum and 30+ digital assets.
  • The trading commission of the service depends on the type of currency and the nature of the transaction. When buying bitcoins, you pay 1.49%, when selling - 1.29%.
  • Commission for replenishment and withdrawal is fixed for each coin and is debited from the account.
  • Bitpanda crypto wallet.
  • You can make a deposit either by bank transfer, credit cards or electronic payment systems.
  • Bitpanda refers to systems that independently manage user wallet keys.Besides, the following security measures are offered: fund cold storage session control. Every login attempt from a new device requires two-factor authentication confirmation, authentication and validation via email.

Coinmama

Coinmama exchange, founded in 2013, is the property of the investment company New Bit Ventures Ltd., which is legally registered in the territory of the State of Israel.

A trader with any level of training can work with Coinmama. There are not many sites on the market that are created with an emphasis on novice investors.

Coinmama is not an easy exchange. Since you can only buy currency on it, it can also be considered an exchanger. The website does not have a built-in digital wallet. All purchased assets are transferred to the address indicated by the user. This may be inconvenient for some users. This exchange is known for its three-tier verification. This suggests that its developers care about the safety of the capital and personal information of their users:

  • The website sells Bitcoin, Ethereum. Litecoin, Bitcoin Cash, Qtum, Ripple, Ethereum Classic, Cardano, Tezos and EOS.
  • The use of credit or debit cards implies a service charge of 5%.Besides, the charges 3.90% for buying coins and 0.9% for selling these.
  • No Wallet.
  • Credit/debit cards and bank transfers; It supports SEPA and SWIFT payments.
  • Coinmama is a reputable company with a secure site using Trust Guard and Comodo technologies. Both services have confirmed that 256-bit SSL encryption is actively used on pages containing personal. information
  • Mobile app.

Paxful

The Paxful allows you to exchange fiat money for digital assets in Peer-to-Peer mode and earn money by connecting an automatic payment service and attracting referrals. Paxful was founded in 2014. Today, the site allows you to use 400 ways to exchange digital assets for fiat and works with almost all national currencies.

Paxful is a fairly powerful platform. If you are faced with the task of finding a quick way to buy or sell bitcoin, then this site is perfect.

The Paxful website has a friendly interface. Everything is very clear and understandable, which is especially important for those people who are just starting their work.

One of the features of this platform is that it offers its users the opportunity to sell gift certificates for BTC for various retail chains, online auctions, stores. Thus, traders accept certificates for purchases at Amazon, Walmart, iTunes and many others:

  • Bitcoin and Tether as assets.
  • Commissions are applied for crypto selling:0.5% for bank transfers; 1% for bank cards and e-payments; 3-5% for gift cards; No commission is charged for buying cybercurrencies; Paxful will charge a transfer fee for sending funds to an external wallet. $ 0 - $ 9.99 = 0.0001 BTC$ 10 - $ 19.99 = 0.0002 BTC;More than $ 20 = 0.0005 BTC.
  • The Paxful Wallet App makes it easy to store and manage coins with your mobile wallet.
  • More than 300 ways to buy coins, including bank transfer, credit and debit cards, PayPal, Western Union, and even Amazon, iTunes or Steam gift cards.
  • The security of the system is ensured by two-factor authentication, depositing and the obligatory verification procedure when working with large amounts.
  • Paxful Wallet for Android and iOS.

HitBTC

The HitBTC exchange has been operating since 2013 and is a website with a beautiful design, fast engine, multi-currency support and the ability to trade both various cryptocurrencies and tokens.

The site offers users more than 500 currency pairs to trade. The ability to work with fiat money is available.

It is worth noting that this is a convenient and simple platform for digital currency trading. Throughout its existence, the project has established itself as a reliable and safe exchange. A large selection of currency pairs, a simple interface and low commission levels make the platform a good choice for both beginners and experienced traders:

  • 800 currency pairs.
  • No commissions for deposits and a fixed commission for withdrawals depending on the coin; HitBTC uses a multi-level trading fee calculation system. The more a user trades, the lower his commission will be.
  • No crypto wallet.
  • The HitBTC exchange can be replenished exclusively with digital currency.
  • The platform provides 2-factor authentication, high-end encryption technology and cold storage of funds.
  • No application.

There are quite a few exchanges, and the choice is an individual matter. 

Nevertheless, the main criteria that should be paid attention to when choosing a trading platform are as follows:

  • Reputation.
  • Commissions.
  • The number of trading pairs.
  • Liquidity.
  • Payment options.
  • Requirements for user verification.

 Based on the summary information of the article, you can make the right choice for yourself.