The term “cryptocurrency” has gained so much popularity from being mere technical jargon derived by an overzealous programmer to becoming a real and valuable asset. With financial investors beginning to key into this concept, trading of cryptocurrencies has generated a lot of attention.
This drastic change brings the need to choose a reliable exchange, which most newbie crypto investors find challenging. Therefore, we have assembled a list of the top 10 cryptocurrency exchanges in the world based on several factors such as customer reviews, security features, number of users, and convenient payment options. If you are a beginner trader, you will definitely find this list helpful as one of the exchanges will meet your preferences.
Poloniex is a widely used exchange based in the US. It is the largest cyptocurrency exchange in terms of volume. Users can trade almost every cryptocoin. It also presents unrestricted access to previous charts of cryptocurrencies. To ensure security and to decrease risks, the majority of users’ deposits is secured offline in air-gapped cold storage. Poloniex has an interesting interface, which new traders will find easy to use.
Coinhouse is based in France and is a suitable exchange for those living in Europe. Users are required to provide full identity verification upon registering as transaction limits will be based on this information. Crypto users are allowed to buy Bitcoin with credit cards having 3D Secure feature, which protects against charge-backs.
Bitsquare presents an open-source desktop application for Bitcoin exchange transactions in fiat money or altcoins. It is quite easy to use. If you are mostly concerned about the privacy of your transactions, you should consider using BitSquare’s exchange. All user information is stored locally, so only trading partners get to exchange personally identifying data. BitSquare has average customer support and might not be the best exchange for new traders.
Kraken has been expanding rapidly since its acquisition of Cryptowatch, Glidera, CleverCoin, and a few other Bitcoin businesses. The company is based in the US, and its exchange platform is available to users in Canada, Japan, and across Europe. It remains the largest BTC exchange in euro volume and liquidity. Users will enjoy low deposit and transaction fees (1%), fast funding, and up to 5 times leverage for BTC margin trading, although the interface could prove quite difficult for newbie traders.
Bittrex is US-based and boasts one of few highly regulated exchanges, offering trading pairs consisting of Bitcoin and several altcoins such as DarkCoin, nextcoin, and litecoin. The owners ensure the security of the platform with a two-factor authentication feature, which is an industry standard. Users of this exchange also enjoy faster trade executions.
Bitstamp is one of few cryptocurrency exchanges for trading USD and altcoin pairs involving the likes of Litecoin and Ripple apart from traditional cryptocoins such as Bitcoin and Ethereum. Bitstamp is one of the earliest exchanges in the market, founded in 2011. While users will enjoy low transaction fees, the payment options are limited. Bitstamp allows deposits and withdrawals in both cryptocurrencies and fiat money. 24/7 customer support and multilingual user interface are part of the outstanding features of Bitstamp. Also, it presents the best exchange for large transactions with advanced security features.
This company was founded in 2012 with headquarters in Helsinki, Finland. It provides a form of Bitcoin trading where users can transact in person and make payments in their local currencies. The website at localbitcoins.com features an escrow system that only approves transfer of Bitcoins after the receipt of funds. In addition, users can assess individual credibility through the feedback history on the user profile. LocalBitcoins.com also has an online forum where users may seek help.
The crypto-space witnessed the launch of CEX.IO in 2013 after completing the acquisition of GHash.IO. CEX.IO is based in the UK and provides both exchange and cloud mining services. Currently, it allows trading involving Bitcoin and Litecoin for fiat currencies such as the USD, EUR, and RUB. Users can make deposits and withdrawals via credit cards (Mastercard/Visa), wire transfer, and SEPA transfer. The credit card fee is currently pegged at 3.5%. For security purposes, transactions on CEX.IO go through a verification process before approval. One striking feature of CEX.IO is cross-platform trading, which allows trading access via mobile app, website, WebSocket, and REST API. Mobile users can download the app for both Android and iOS devices. Generally, the CEX.IO platform is optimized for both beginner and pro traders. Other features include low purchase fees and instant cash receipt.
Coinmama was created in 2013 to serve as a Bitcoin and Ethereum exchange and as a site for bitcoin purchase. Investors can utilize credit cards and cash deposits through MoneyGram and Western Union to make purchases. The company’s website has a user-friendly interface enabling both new and pro traders to transact seamlessly. Coinmama allows unlimited purchases with users being able to buy up to $5,000 worth of Bitcoin daily. This is an advantage it has over other platforms. However, ID verification is needed for such large purchases. The major con of this exchange is the high exchange rate and average user support.
Coinbase is located in San Francisco, California. This company was founded in 2012 and has grown to be among the biggest cryptocurrency exchanges in the world. So, it occupies this spot on our list based on popularity among crypto traders. It currently has over 8 million users globally in up to 32 countries. It operates a popular user-friendly fiat-money retail exchange platform for Bitcoin, Ether, and Litecoin as well as a Global Digital Asset Exchange (GDAX) created on a specialized professional platform for trading of digital assets.
Coinbase has a user-friendly interface and wallets for mobile devices, which are available for Android and iOS users. It is possible for crypto investors to purchase digital assets with credit cards and via bank accounts. This option is available to users in Canada, Singapore, the United States, Australia, and countries across Europe where coinbase currently is functional. Generally, coinbase presents easy cryptocurrency transactions, high liquidity, two-factor authentication, customizable daily transaction limits, and sufficient customer support. It is also integrated into the US banking system and is newbie friendly.
While it is a good idea to be well-informed about various cryptocurrency exchanges, having current information about the overall market and specific details about each cryptocoin is advised. Information about trading volumes, market capitalization, and speculations will assist in minimizing risk.
28 Comments
This is a fascinating article! Amazing description about top ten cryptocurrency, I’ve been wondered. I appreciate the effort. What’s the best cryptocurency to invest in for a minimum of 3 years long term strategy?
There isn’t one crypto you should invest into – it’s rather a numbers game if you ask me. Invest a part of your income in 25+ altcoins and some into Bitcoin and wait for 3-5 years to see which ones take off. Even if – and this will clearly happen – most of them tank, you’ll still probably make a lot of money from the few that do take off.
For majority of new users, cryptocurrency still refers to Bitcoin and the implementation of a non-conventional form of currency online that does not subscribe to fundamental rules of international finance. However, the largest crytocurrencies include currencies such as Poloniex, BitSquare, Coinhouse, Kraken, BitRex, BitStamp and LocalBitCoins and others. How the international community has responded to these crytocurrencies and their adoption by major financial players and companies remains a function of effectiveness, robustness and ease of use.
Out of these top ten cryptocurrency exchanges, which are your favorites? I understand the importance of choosing a reliable exchange, especially for new investors. I have used BitSquare in the past. I love the interface of the desktop application, but the customer support, as you mentioned, is mediocre at best.
I’ve been in the trading and investment game for quite some time now a did forex trading and crypto trading on many different platforms. I use Bitstamp for crypto trading cause the platform gives you the option to purchase cryptocurrencies and keep it as it is or trade in the markets. You can also get a debit card that you can use to withdraw your profits/funds from your account.
Hi, I’ve been buying bitcoins on localbitcoins at a very high price. It was hard to store at a secure wallet and during the transactions it cost me some fractions of Bitcoins. Thanks a lot for this list. I’ve signed up for coinbase and I know why it’s the best. They are very professional and their support is one of the best.
The only exchange that I’ve ever used is Coinbase. It has been incredibly user-friendly and has helped me tremendously as I have learned about bitcoins. The customer service has been outstanding. I was attracted to this exchange because it allowed me to start very easily and using it (in general) is hassle-free. I’ve also heard great things about Bitstamp and Kraken. With anything, I would advise all parties to do their homework and research and find the best exchange for them.
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I prefer dealing with decentralized exchanges (an exchange without the regulatory hurdle) like bitshares.org’s DEX. The wallets are supported and hosted by several programs like Openledger, Cryptonomex, Compumatrix and other sites from various countries worldwide.
Crypto currency exchanges don’t trust every buyer and seller. Their trust depends on various factors, including track record and number of transactions made in a certain period of time. I am an old member of BitSquare and utilize their services for exchanging Bitcoin. For new members, they have very strict criteria and I recon, the platform is not for new traders. Those who are interested in exchanging crypto, Kraken is the right platform. What’s your take on this?
Thank you kindly for providing some optional exchanges here. Personally I have used Coinbase for nearly a year and have had no issues as yet. In my opinion the transfer fees are a bit high so this is not very convenient for sending small amounts like 0.00010000 BTC or even 0.00050000 BTC, hopefully this will change in the near future.
Another fairly reliable cryptocurrency exchange not mentioned here is Binance.com and Cryptonator.com
I am a novice but Bittrex and Bitstamp sound like they are what might work for me. I like the idea of a company based in the United States and I like the thought of being able to deal with different types of cryptocurrencies. My only regret is I don’t know anyone personally who has used bitcoins. I always like dealing with someone who has personale experience. Nonetheless, the world of cryptocurrency is fascinating and I’m looking to diversify using it.
May be we set key criteria on which each crypto exchanges is evaluated on in a time frame let say 6 months, 1 years, 18 months …. let say on number of cryptos supported, deposit/withdraw fee, settlement time, transaction fee etc??
There’s some good information here, as cryptocurrencies become popular more people will want to exchange these into easier forms of currency. Poloniex looks great from that list, especially since more types of cryptocurrency are always popping up.
I use Coinbase now. It has a user-friendly interface and is available right on my iPhone. I can easily make purchases with my credit card or via a checking/savings account. It’s super easy and I can’t help but recommend it.
So many choices, it’s hard to choose one. I guess trial and error is needed here. Kraken is my first choice now but who knows which one is actually the best.
I have signed up with CoinBase just to get used to these types of things. I knew there were many more options out there, but it seemed this one was being talked about the most in the forums and such. I will bookmark this page in case I need to read about some of the others.
What makes a cryptocurrency a “Top 10”? For me, it would come down to the fees that are charged and whether or not I am able to use all the currencies on the platform or not.
Thank you for the amazing article. This is so helpful as I am just learning about these platforms to invest. I think I will play around with these a bit.
Exchanging cryptocurrency has never seemed to easy to me as with this article. I feel much more aware of my options after reading. Thanks for sharing.
As a newbie to cryptocurrencies, this gave me a lot of great incite on how to get started. Thanks for such an easy read.
LocalBitcoins seems like a cool way to exchange. The fact that you can transact in person is really cool to me!
Really useful article! Thanks for sharing. It’s so comprehensive and I’ve been looking for a summary of some of the top cryptocurrency exchanges for awhile. This is a good starting point for my research.
I’ve only heard of one on this list – Bittrex. Probably because I’m based in the U.S. as it is. I’m fairly new to the crytocurrency world. Are any of these exchanges more stable than others?
All of these are great! Thanks so much!
Ah, not this is the information I wanted to see. There are so many exchanges out there, but you can barely tell if they are new to the game or have been around a while and are trusted. Thank you1
I have heard of most of these. I am going to assume that is because they are well trusted and easy to use. The ones on the list that I have never heard of must have just been brand new to the market.
CoinHouse is really good. I use that mostly and have not had any issues, even with customer service.