The rise in value and adoption of cryptocurrencies have contributed significantly to the explosive growth of cryptocurrency trading. And even while frauds have happened and still do, using the best cryptocurrency platforms, exchanges, and apps available today makes buying and trading cryptocurrency easier and more transparent than ever.
If you are new to cryptocurrency or blockchain or wish to change your exchange, there are about 500 best crypto exchanges you can choose from. Individuals who are used to more traditional investing platforms should be aware that cryptocurrency frequently comes with unique fee structures, constrained customer support alternatives, and a larger role for the investor in security.
This article has researched these exchanges and has presented a list of top exchanges you can use for your cryptocurrency transactions.
What Is a Crypto Exchange?
A cryptocurrency exchange is an online marketplace where you can transact cryptocurrency. Exchanges can be used to exchange cryptocurrencies, such as converting Bitcoin to Litecoin or to purchase cryptocurrencies using fiat money like the US dollar. The pricing of cryptocurrencies on exchanges are based on current market rates. On an exchange, you can switch cryptocurrencies back into dollars or other currencies, leaving the proceeds as cash in your account (in case you want to turn them back into cryptocurrencies later) or withdrawing them to a standard bank account.
Best Crypto Exchanges 2022
While there may not be a singular exchange that is best for a user, some exchanges have gained a reputation due to the quality of their service and use cases. For starters, it becomes important to start with an exchange that offers the basic features you will need.
This list is not comprehensive, but it gives you a peek at some of the best crypto exchanges you can trust.
Gemini
We discovered Gemini to be the best cryptocurrency exchange for novices due to its straightforward, user-friendly layout. Keep in mind that the platform’s higher prices are worthwhile to pay for the convenience and use.
Gemini also provides a wide range of instructional resources in its Cryptopedia library. Users can read up on cryptocurrency-related topics, including sophisticated crypto trading techniques and the most recent advancements in decentralized finance (DeFi).
Pros
- Strong security mechanisms, with a hot wallet built in.
- Simple, user-friendly UI.
- A wealth of resources for learning about cryptocurrencies.
Cons
- Poor customer support service
Coinbase
Most investors intending to enter the cryptocurrency market should be satisfied by Coinbase’s selection of more than 150 trading cryptocurrencies. The platform prides itself on being a user-friendly platform that enables one-time or recurring cryptocurrency transactions.
Customers can consider paying for Coinbase’s Advanced Trade package, which will also be enhanced with greater security if they are interested in services like in-depth technical analysis. Some of the features provided by Coinbase Pro, which will be discontinued in late 2022, are also being replaced by Advanced Trade.
Pros
- It has a user-friendly interface
- The transaction process is easy
- It has strong user reviews
Cons
- High convenience fees
Crypto.com
Over 250 cryptocurrencies are available on Crypto.com, with a pretty good selection. For holders of the Crypto.com Visa Card, the platform provides exclusive benefits and cryptocurrency rewards.
Users can use Cronos (CRO), a utility token offered by Crypto.com, to pay platform fees and gain additional advantages.
Pros
- It is rated high in cybersecurity
- Available limited margin trading.
- Get up to 8% cash back on purchases made with your Crypto.com Visa debit card if you have a high CRO balance.
Cons
- Higher trading costs apply to lower trading volumes.
KuCoin
KuCoin offers minimal fees for access to a large library of altcoins, making it another powerhouse regarding the number of coins available.
The Seychelles-based platform has a growing user base across Asia, Europe, the Middle East, and Africa. Users from the United States can access and use the trading site, but KuCoin is not authorized there.
Pros
- HIt has a huge collection of tradable cryptos
- Offers discounts on fees
- Uses debit and credit cards
Cons
- Not licensed in the United States
- There is no insurance for the funds stored on the platform
Kraken
Kraken is a good choice for new users because it has fair prices and a wide selection of coins. With the Kraken Instant Buy platform, this exchange makes it simple to buy and sell. Kraken Pro offers cheaper fees for trades of $50,000 or less, with the maker and take fees of 0.16 percent and 0.26 percent, respectively, for more experienced users.
Pros
- The cost of withdrawing bitcoins is not too high.
- There are various customer service options, including chatbots and phone support.
Cons
- Increased costs for Instant Buy.
- Only a few fiat currencies are accepted.
Final Words
Selecting the best cryptocurrency exchange for your unique needs is important if you want to start trading or investing in cryptocurrencies. There is always a good alternative for you, whether you want to trade a wide variety of digital assets, pay the least fees, or have the finest mobile trading experience.
