Cryptocurrencies have been a lucrative novelty for the past few years. Many wise investors have managed to grow their wealth rapidly by studying the market and investing in digital currencies that are trending. If you want to join them and invest yourself, you need a crypto exchange account to get started.
Investing in cryptos is no different from other types of investment. Although the market is more volatile, you’re still risking your funds. That’s why finding a secure, reliable broker should be the number one priority of any crypto trader.
We have gathered the top cryptocurrency exchanges in this review article.
What Is a Crypto Exchange Platform?
These platforms allow you to buy, sell, and trade cryptocurrencies like Bitcoin or Litecoin. You can buy these currencies with regular ones like USD or trade 1 Bitcoin for the correspondent amount of Litecoin.
Long story short, they allow you to buy, hold, sell, or trade cryptocurrencies. But there are many online exchange platforms, and it may be hard to determine which one is the best.
Many factors come into play when deciding what broker is best for you:
- Fees per trade: It accounts for the amount of money the platform charges you per trade. It may be fee-free, but other platforms charge up to $10 or more. For example, if you plan on being a day trader, you might want to stay away from brokers with fees – you’ll be trading way too many times a day for it to be worth it.
- Cryptocurrencies available: Some currencies like Bitcoin will be available on every platform, but others less known might not. Ensure the assets you want to acquire are all on the same broker.
- Payment methods: Some platforms will allow you to pay with your Visa card, PayPal, or bank account, while others may request you to use specific payment methods.
- Country accessibility: Some brokers don’t operate in specific countries like China or certain states in the US. Be that as it may, make sure the platform you choose is available in your region.
Top Cryptocurrency Exchanges
That said, let’s take a look at the ranking.
One of the best-known, and number one in this crypto exchange ranking, is eToro. The number one reason it’s so popular is that it allows users to trade stocks and crypto with a 0% fee commission.
The minimum deposit to start operating and trading is $50, although once you’ve made the deposit, you can invest only $10 and leave the rest untouched on your balance.
Besides its 0% fee commission, it offers a wide range of assets to trade, including cryptocurrencies. Users don’t have to find another platform to trade stocks or EFTs besides cryptocurrencies – they can do it on the same website.
Another feature that makes eToro so successful is that it allows you to copy top traders. That means that you can copy the moves of experienced traders that make a profit every (or almost every) month. To do so, you’ll need to invest at least $200.
You can close open positions and withdraw cash at any time. eToro will charge a small commission when you take your money out, but that’s all.
- 0% commission fee
- Variety of assets and cryptocurrencies
- You can copy top traders
If you value security above anything else, Gemini is your go-to option. It’s the number one regarding safety in our crypto exchange ranking, but it comes with a cost: higher fees. They vary depending on the amount you’re trading.
Gemini is a suitable platform for knowledgeable traders that plan on trading large amounts of crypto, especially those who value their money safety. On the contrary, users still trying to figure cryptocurrencies out might not benefit from this website.
Gemini’s variety allows you to trade almost 100 different currencies. But first, you need to complete a thorough identity verification process that includes uploading a photo of your ID card. It’s in the traders’ best interest since it prevents scammers from joining the site.
Other security features include setting a two-factor authentication process, wallet address whitelisting*, and the ability to review devices with access to your account.
*Wallet address whitelisting is an optional feature that allows you to set a list of addresses you consider trustworthy, whether within the same platform or an external one. Say you have an extra wallet in a different broker platform. Maybe you want to move your funds from one account to another. If you turn on the whitelisting feature, you can only withdraw or transfer funds to addresses previously included in the list.
- A thorough identity verification process
- Two-factor authentication
- Wallet addresses whitelisting
- Available in every US state
Coinbase is one of the most famous cryptocurrencies brokers. It supports over 100 different currencies, and the number is still growing. The interface is highly intuitive and easy for new users, which is a plus if you’re an amateur.
Although it can have relatively high fees ($0.99-$2.99), it’s still one of the traders’ favorites. With over 90 million users and billions of dollars in assets, you’re sure to make a profit if you learn how to trade.
To access every trading feature, you need to provide a photo of your ID card and personal data to avoid fraud.
Another great feature of Coinbase is its “learn & earn” program. You learn about blockchain and currencies and then take a test. Once you get all the answers correct, you earn cryptocurrencies. If you don’t wish to hold them, trade them for real money and cash it out!
If you’re new to the crypto world, you may want to join Coinbase for its learning program. You’ll get used to terms and trading techniques. But don’t get too invested in buying right away if you’re inexperienced – the fees probably aren’t worth it.
- Wide range of currencies
- Intuitive interface, suitable for beginners
- Learn & earn
The Bottom Line
If you seek the top cryptocurrency exchanges, our ranking list suggests three: eToro, Gemini, and Coinbase. They differ in key features, making it easy for everyone to find a platform that suits their needs. Here is the overview:
- eToro is great for beginners and inexperienced traders, as it has 0% fee commissions and allows you to trade a wide range of currencies.
- Gemini is one of the best platforms regarding security, although its fees per trade are higher than others. It’s more suitable for experienced traders or people who want to invest a large amount of money.
- Coinbase is intuitive and user-friendly. Although it has relatively high fees, it also offers an earning program where you can earn crypto just for learning and taking quizzes. It’s a good platform for beginners but also veterans.