When it comes to cryptocurrencies, they are not available for purchase in your local store and you cannot physically trade them. You will need a cryptocurrency exchange for such activities. These online platforms are a hotspot for crypto enthusiasts, but they are not all created equal. Some exchanges are certainly larger than others, and it is better to know which exchanges are most used and popular before choosing the one that works for you.
So here are ten of the most popular crypto exchanges right now.
1. Coin base
Image source: marcoverch / Creative Commons
Coinbase, an American exchange platform, was founded in 2012 by investors Brian Armstrong and Fred Ehrsam. Since then, it has grown into an extremely popular exchange, currently valued at nearly $ 86 billion. Pretty impressive considering the company started with just $ 150,000 from a startup program. Since then, it has been expanded to include a NASDAQ listing, cryptocurrency wallet, and debit card, making it easier for users to spend cryptocurrencies.
Today Coinbase supports a wide range of cryptocurrencies including Bitcoin, Litecoin, Etherum, Stellar Lumens, and even Dogecoin. The range of supported cryptocurrencies is a huge benefit for the users, as is the super simple user interface. However, you will need a Coinbase Pro account to avoid high transaction fees. However, Coinbase Pro is more suitable for intermediate or professional traders, so it is not the best option for novice or casual traders.
2. Octopuses
Kraken was founded by Jesse Powell in 2011 and is now one of the world’s largest exchange platforms, valued at around $ 20 billion. The great thing about Kraken is the support for 72 different cryptocurrencies, including Bitcoin, Ethereum, Dogecoin, and ADA (or Cardano). The exchange platform is now also available in the form of an app that will be published in June 2021.
MAKEUSEO VIDEO OF THE DAY
Kraken offers low transaction fees as well as impressive security measures. However, users cannot make credit or debit card deposits on Kraken, so keep that in mind.
3. FTX
The FTX exchange platform is fairly new and was founded in 2019 by MIT alumni Gary Wang and Sam Bankman-Fried. However, FTX is completely unavailable to those who live in the United States. Even so, it still managed to net worth around $ 18 billion.
FTX hosts a number of popular coins, including Bitcoin, Ethereum, Binance Coin, Chainlink, Binance Coin, and many more. It also offers MOVE contracts (which are similar to futures) as well as leveraged tokens. It’s a great exchange platform for beginners in general. So if you are relatively new to the crypto market, give it a try.
4. KuCoin
Image source: marcoverch / Creative Commons
KuCoin is a Hong Kong-based cryptocurrency exchange founded in 2017. The platform is best known for hosting hundreds of trading pairs. In addition, KuCoin supports a selection of well-known crypto-coins, including Bitcoin, Binance Coin, Ethereum, XRP and Tether.
In addition, KuCoin fees are pretty low compared to other platforms. However, it doesn’t offer fiat trading pairs and its user interface is a bit complex for beginners. So keep this in mind if you are relatively new to cryptocurrency.
5. Poloniex
Image source: marcoverch / Creative Commons
Poloniex was founded by Tristan D’Agosta in 2014 and taken over by the American technology company Circle in 2018. Although it was hacked in 2014, it has remained secure since then and is widely considered to be safe. However, this is worth a mention if security is your priority.
Poloniex offers impressively low trading fees and supports all top cryptos like Bitcoin, Ethereum and TRON. Its user interface is also easy to use. However, it does not accept any form of fiat currency, which can make the whole process difficult for newcomers.
6. Binance
Image source: wuestenigel / Creative Commons
The Binance cryptocurrency exchange was founded in 2017 by Changpeng Zhao, a Sino-Canadian businessman. In just four years, the company has reached a staggering total value of $ 2 billion, which makes it a pretty big crypto exchange. It also has the highest daily trading volume of any cryptocurrency exchange, outperforming its competitors by billions of dollars.
Binance offers low transaction fees and fast trading hours, two important aspects for users. It also supports a wide variety of different crypto coins, including Bitcoin, ADA (or Cardano), Helium, Orchid, and Ethereum. And while Binance supports fiat currencies, it doesn’t support fiat trading pairs. Customer support is also quite limited as there is no phone support available. But it’s still a very popular platform with some great features.
7. Bitfinex
Image source: marcoverch / Creative Commons
Bitfinex is a Chinese crypto exchange founded in 2013 under its parent company iFinex Inc. And while this platform has become hugely popular, it has not been without its problems in the past.
Bitfinex customers’ money has been stolen on numerous occasions, and iFinex agreed to pay $ 18.5 million to settle a lawsuit against them alleging they had conducted undisclosed transactions with Tether in order to to cover Bitfinex’s financial losses. Given these past discrepancies and the non-acceptance from US customers, it’s surprising that Bitfinex is still so popular.
But with its customizable GUI, multiple trading pairs, and hosting the largest crypto coins in the world (like Bitcoin, Ether, and Litecoin), it’s easy to guess why Bitfinex still has such a high user rate.
8. Twins
Gemini is a US cryptocurrency exchange founded in 2014. As of 2021, the company holds over $ 10 billion worth of digital assets and is rapidly becoming one of the world’s most popular exchange platforms.
Gemini supports all of the top crypto coins including Ethereum, Bitcoin, Litecoin, Orchid, and Chainlink. It’s also legal across the United States. However, Gemini’s transaction fees can be quite high. So be aware of this when planning to buy, sell or trade on this particular platform.
Gemini also has one of the best cryptocurrency apps for beginners.
9. Bittrex
Bittrex was founded in 2014 by three cybersecurity engineers: Bill Shihara, Rami Kawach, and Richie Lai. It’s a pretty straightforward exchange platform, but has obviously found favor with over half a million users worldwide, which makes it a popular choice.
Bittrex supports Bitcoin, XRP, Litecoin and a variety of other coins. In addition, the transaction fees are relatively low and the exchange is quick due to the system design. However, if you’re fairly new to buying, selling, or trading crypto, Bittrex might be a little too complicated to use. Additionally, customer service is a little slow and could use some additional staff to manage the growing customer base.
10. CEX.IO
The British crypto exchange CEX.IO was founded in 2013 by Oleksandr Lutskevych, a software developer and investor. Since then, it has become an extremely popular platform with around four million users worldwide.
CEX.IO supports the most famous crypto-coins in the world, including Ethereum, Bitcoin, Dash, Litecoin and Ripple. It also supports four fiat currencies including GBP, USD, RUB, and EUR. CEX.IO’s trading fees are pretty low too, and it even offers customer support over the phone.
However, some of the less popular crypto coins are not supported by CEX.IO, which can be a huge barrier for many. Additionally, New York and Virginia residents also cannot use CEX.IO. So keep that in mind if you live in any of these states.
What is the best cryptocurrency exchange?
With cryptocurrencies growing in popularity, and hence exchanges around the world, it’s no surprise that companies are constantly working to improve their services by offering more coins, more fiat currencies, and more user-friendly interfaces. Who knows what advanced features these exchanges will offer next. We’ll definitely be here to keep you updated on them!
Continue reading
About the author
Katie Rees
(122 published articles)
Katie is a staff writer at MUO with experience writing content in the travel and mental health fields. She has a particular interest in Samsung and has therefore chosen to focus on Android in her position at MUO. She has written pieces for IMNOTABARISTA, Tourmeric and Vocal in the past, including one of her favorite pieces about staying positive and strong in difficult times, which can be found at the link above. Outside of her work life, Katie loves growing plants, cooking and practicing yoga.
More from Katie Rees
Subscribe to our newsletter
Subscribe to our newsletter for tech tips, reviews, free e-books, and exclusive offers!
Click here to subscribe
Comments are closed.