The trading of Cryptocurrency has exploded in popularity almost overnight. Now, nearly every knowledgeable investor wants to get their hands on Cryptocurrency. This is primarily a result of the rise, twists, turns, etc., in the value of Bitcoin, Dogecoin, Ether, etc.
It is intimidating, at least at first. But what makes it fun and a wise investment vehicle is the availability of today’s cryptocurrency platforms and exchanges. They make selling and buying digital currency clearer and more straightforward than ever.
But how exactly do you pick the right one suitable for you, you ask? Fret not: this article contains a list of the most prominent exchange digital currency platforms.
However, it must be stated that investing in Cryptocurrency is purely speculative. You should only take this bold step if you are willing to accept a decent risk of losing every single digital coin you own, as well as wild price swings common in the cryptocurrency space today.
That said, here are the best platforms to buy Cryptocurrency from:
Coinbase should be a familiar crypto exchange as it was 2021’s belle of the IPO ball. Coinbase Pro is the robust exchange that powers Coinbase and is one of the safest and largest crypto platforms today.
Coinbase has 100-odd tradable cryptocurrencies, which should meet the satisfaction of anyone looking to break into the cryptocurrency space today. This is the best idea for you if you are interested in hitching your wagon to Ether or Bitcoin. Unfortunately, you can’t invest in Dogecoin on this platform.
This platform has a user-friendly interface, making recurring or one-time cryptocurrency investments a breeze.
Binance US provides a comprehensive array of digital currencies, from mainstays like Ether and Bitcoin to BNB, the platform’s property or stablecoin. The latter is essential as frequent crypto traders may bring down trading costs by up to 25 percent whenever they convert their investing dollars to BNB.
Binance US rewards high-volume cryptocurrency traders with increasingly lower transaction fees. The only time this kicks in is when you trade a minimum of $50,000 of digital currencies within 30 days. Its base trading fee may be somewhat lower than its competitors’ long before you hit that volume.
Binance US has 2 extensive market dashboards: ‘Simple’ and ‘Advanced’ with real-time market data.
Crypto.com was designed to be the go-to place for buying, trading, and selling Cryptocurrency. This decentralized exchange lets users exchange Cryptocurrency or fiat for over 100 of the most popular altcoins.
Crypto.com has over 10 million users and currently provides top-notch services in more than 90 countries worldwide. One hundred percent of user cryptocurrency is kept in cold storage for security purposes. Hot wallets used in ensuring lightning-fast transaction speeds contain nothing but corporate funds.
Every fiat currency is held in highly regulated custodian bank accounts, with strict protocols over access to wallets based primarily on the principle of least leverage.
Kraken is a cryptocurrency exchange that serves as an ‘on-the-forefront’ platform. It has been in existence since the Bitcoin revolution of 2011.
Kraken is ingeniously styled as a cryptocurrency exchange for every user and comes with an entire Resource Center laden with the basics of trading digital currencies. Its interface is loaded with unique features that make it user-friendly for newbies or beginners.
The short-term and long-term cryptocurrency investment strategies on Kraken – including futures and margin trading – are much more suitable for experienced crypto investors.
The exchange fees on this platform are investor-friendly and volume-based, and more significant trades attract zero percent trading fees. But Kraken is always upfront about the costs you may incur with selling and buying Bitcoin on a maker-taker system.
KuCoin is one of the heavy hitters regarding the sheer amount of tradable digital currencies available. The platform grants access to a wide range of altcoins at incredibly affordable fees.
KuCoin can bring down trading fees by up to 20 percent of traders pay with KCS, KuCoin’s proprietary stablecoin. Traders also have access to margin-based and automated trading.
One of the downsides with KuCoin is that trading relies heavily on U.S. dollar stablecoins but not fiat currency.
Gemini is a unique, security-first cryptocurrency platform for selling and buying digital currencies. It was established in 2014 by Cameron and Tyler Winklevoss in New York City. These are the famous twins that sued Facebook’s Mark Zuckerberg over creating the most prominent social media platform in the world today.
Gemini is one of the fewest cryptocurrency exchanges heavily regulated by the NYSDFJ. It is available in all 50 states of the federation and 50 – or even more – countries worldwide.
You can sell, buy, and exchange over 30 digital currencies with free cryptocurrency conversion as a trader. However, you should note that there is always a convenience charge on every transaction of 0.5 percent over the market price. There’s also a trading fee ranging from $0.99 to $2.99 or just 1.49 percent for transactions above $200.
According to CoinMarketCap.com, Gate.io is a cryptocurrency platform that grants you access to over 600 different, tradable digital currencies with lower trading fees. This makes the cryptocurrency exchange ideal for advanced traders who are always on the hunt for the less common altcoins.
Gate.io can also further bring down trading fees with large Gate stablecoin. However, the platform has a few downsides: trading is based primarily on a U.S. stablecoin, not fiat currency. The platform also has a complex interface that beginners find challenging to navigate.
TradeStation is a cryptocurrency exchange that charges 0.3 percent – or lower – on all digital currency trades. Unlike several other crypto brokerages, it enables you to transfer digital currency assets to a personal wallet.
TradeStation is one of the most convenient platforms to use, though you must have a TradeStation brokerage account for smooth operations.
Bittrex is one cryptocurrency exchange that boasts a plethora of digital currencies available. This platform is best suited for high-volume crypto traders capable of taking advantage of its highly discounted fee schedule.
Bittrex allows instant buying and selling of digital currencies, thanks to its user-friendly interface. Advanced traders will have no shortage of coins on the platform as there are hundreds of digital currencies at any given time.
But low-volume traders may have no choice but to agree with high fees. The platform also has a lower cybersecurity score than other platforms in the crypto space.
If you have lots of digital currencies and want to do a lot more with them without selling, BlockFi, a New Jersey-based exchange, is the platform to use. BlockFi enables users to earn interest whenever they deposit their Bitcoin into a registered account.
You can unlock your Bitcoin without selling and even use existing Bitcoin as collateral for loans. But you should be ready to pay the interest rates of up to 4.5 percent-9.75 percent as well as the required 2 percent origination fee.
Users can also sell and buy Bitcoin as well as other digital currencies with zero trading feeds. BlockFi can serve as an opposition party in every trade users engage in, and they will sell to any user at a small markup and purchase from them at a slight discount.
The right cryptocurrency platform for you should strike a perfect balance between security, fees, and trading options. This is why it is highly crucial to decide what you want out of a specific cryptocurrency exchange before transacting business on the platform.
Photo by TamimTaban