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.