Best Cryptocurrency Exchange + Opinions (2022) | BAMagazine.com

Best Cryptocurrency Exchange

Whether you want to buy some crypto of your own to get into this digital currency of the future, or you want to trade bitcoin and other cryptocurrencies to try your hand at crypto trading, you’ll need a secure and best crypto exchange to place your buy and sell orders and store your digital currencies.

Crypto exchanges are like stock exchanges – they let people buy, sell, or trade cryptocurrencies. However, there are tons of different exchanges and trading platforms, and only some of them let you trade cryptocurrency. It can certainly be tough to find the ideal exchange for your needs.

Fortunately, we’ve put together a list of the best crypto exchanges for 2021. Let’s take a look at how the best bitcoin exchanges operate and break down what you should look for in a crypto exchange perfect for your unique needs.

Best Crypto Exchange – Top 3 Crypto Exchanges List

Below you will find a list of the best crypto exchanges in the market right now.

1. eToro – Overall Best Crypto Exchange 2021
2. Coinbase – Most Popular Crypto Exchange
3. Binance – Great for Experienced Crypto Traders

There are tons of quality crypto and best bitcoin exchanges to choose from, which is why we’ve picked out the best of the best for you to consider. We focused on a variety of key factors when curating this list, including their fees, supported cryptocurrencies, commission rates, and more.

1.      eToro

eToro.com is one of the most popular crypto exchanges in the world, and for good reason. It’s fully authorized and regulated by the Financial Crimes Enforcement Network or FinCEN. Therefore, you never need to worry about security issues or the exchange mishandling your funds.

In addition to being fully licensed in the US, it’s also regulated in countries like Australia and the UK. While it offers Bitcoin, it also offers 16 popular cryptocurrencies, ranging from Ripple to EOS to Ethereum.

• You can also use eToro to trade more than just crypto, including stocks, ETS, and CFDs. This commission-free platform allows you to trade whatever digital currency like without having to pay fees. Note, however, that there is a small, 0.5% fee incurred whenever you make a deposit. It’s an overall minor downside when you consider everything this platform offers.
• You can add funds to your account through a variety of payment methods, including electronic wallets like PayPal or Skrill or more traditional methods like bank transfers or credit or debit card transfers.

Most important of all is the platform’s “Copy Trading” feature, which allows you to look at high-performing profiles on eToro’s social network and copy their trades or purchases. In this way, you can bootstrap a profitable portfolio in no time, especially if you are a beginner and don’t know where to start. Alternatively, you can take advantage of fully managed portfolios. These allow eToro to handle your cryptocurrency investment strategy: another potentially useful tool for newcomers to crypto trading.

Add all that together and you’ve got a solid Bitcoin exchange platform through and through. eToro even comes with a dedicated investment app you can check the status of your trades or positions on the go.

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2.      Coinbase

Coinbase is even more well-known and popular than eToro, with over 35 million customers at the time of this writing. This bitcoin exchange is one of the best in the industry for inexperienced traders, as it features a clean and intuitive user interface to navigate.

• It’s also quick and simple to open an account (with most accounts ready to go in about 10 minutes). Coinbase offers a wide assortment of digital currencies to trade, such as Bitcoin, Litecoin, Ethereum, and more.
• Fortunately, you can deposit funds easily on this platform. You can use debit/credit cards or bank account transfers. But keep in mind that this platform does charge a 3.99% fee if you deposit funds using a debit card.
• In addition, Coinbase can be pricy in terms of its trading commissions. There’s a 1.49% commission fee for all buy and sell orders. All in all, there are several fees to contend with that make this platform significantly more expensive than eToro or some of its other competitors.

Fortunately, Coinbase has some of the best digital security around. Any currencies you purchase will go into a dedicated and secure digital wallet (usually the only place to store Bitcoin and other crypto). The platform offers a host of security controls you can tweak to your liking as well, such as a 48-hour time lock for any withdrawal requests or automatic login blocks if a login request comes from an unregistered IP address. Lastly, this platform comes with a mobile trading app that can serve as a crypto wallet, too.

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3.      Binance

You might consider Binance as your crypto exchange platform if you want to practice day trading or swing trading. In a nutshell, this crypto exchange lets you trade hundreds of different pairs of currencies, effectively making profits on price differences that fluctuate throughout the day or over weeks/months.

• Thus, Binance is the go-to choice for active traders – those who want to make short-term profits through financial savvy and market analysis as opposed to purchasing crypto like Bitcoin and holding it for years for long-term profits.
• This relatively recently launched platform (which only began in 2017) usually sees tons of trading volume and liquidity. Therefore, it’s not a platform for the faint of heart and is only a good choice for experienced crypto traders.
• Luckily, this platform does have very competitive fees. Commission fees are only 0.10%, so even trades with a lot of volume shouldn’t cost you too much. Furthermore, you can pick up some of Binance’s native cryptocurrency, BNB, and get discounts on trading commission fees.

Note that funding your account with a debit or credit card will incur a 2% fee of the total transaction amount. Again, this is more expensive than what eToro charges.

Still, it’s a solid platform overall and includes a host of chart reading tools, technical functions, and even a tool that lets you connect its API to a third-party provider for extra customization/personalization. This exchange platform is also registered with the US FinCEN for added security and trustworthiness.

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What is a Crypto Exchange?

It’ll be tough to pick your favorite crypto exchange from the above list of six if you don’t know what these exchange platforms even are. In short, Bitcoin or crypto exchanges are digital platforms where you can buy or sell Bitcoin or other cryptocurrencies. Because cryptocurrencies aren’t traded on regular stock markets, you have to use crypto exchanges to place trades involving.

• Crypto exchanges typically allow you to buy digital currencies using debit or credit cards, bank transfers, and other deposit methods. These offer fast ways in which you can make a deposit in the crypto market.
• You should know that the crypto market is volatile by its very nature. You should only jump into using these exchanges with a clear head and a solid strategy in mind.

But if you have a good strategy, and you pick the exchange that best suits your needs, you can either make money by trading different cryptocurrencies or you can invest in Bitcoin for long-term profits, hoping that the digital currency will increase in value in the future.

How to Pick the Best Crypto Exchange

Since there are hundreds of different crypto exchanges to choose from, the best way to ensure you have a good experience and make money rather than lose money is to focus on a few key factors.

Trading Options

For starters, make sure that a given crypto exchange you are considering has the trading options you need. Some platforms only allow you to buy or sell cryptocurrencies, while others allow you to both buy and sell currencies and trade them with other traders.

• Indeed, some crypto exchanges are focused more on short-term trading profits, like day trading or swing trading strategies. With these exchanges, traders speculate on the future value of digital currency pairs and make or lose money based on the accuracy of their predictions.
• Other best bitcoin exchanges are more focused on buying or selling crypto. These are geared more toward long-term investors that hope the value of a chosen currency will increase gradually over time, theoretically resulting in more long-term profits.

Still, other exchanges allow you to swap one digital currency for a different one, such as exchanging your Ethereum for Bitcoin. Bottom line: make sure the platform you plan to use can do the things you needed to before putting money down.

Fees

Most crypto exchange platforms incur some fees. After all, they have to stay in business somehow. But exchange platforms will differ significantly in terms of how they collect those fees. Some include deposit fees, for example. These fees kick in whatever you deposit money using a bank account or a debit card.

• Others charge commission fees, which take a small chunk out of any profits you might make when you trade a pair of cryptocurrencies.
• Take a look at the fees a bitcoin exchange platform incurs before signing up. Some platforms, like eToro, are significantly cheaper than others.

Regulations

It’s always a good idea to find a trading platform that is regulated by FinCEN or another authoritative and trustworthy organization. Regulations separate trustworthy crypto exchange platforms from untrustworthy ones.

Trading Tools

Next, consider the trading tools a crypto exchange comes with. Some exchanges are geared more toward advanced or experienced traders who need a variety of charts, analysis tools, and other features to make intelligent trading decisions.

Others are more suited for newcomers and may have very few charting or analysis tools. These may require users to only use premade portfolios or may only allow you to buy Bitcoin and other currencies, not trade them.

Payment Methods

Most crypto exchanges will let you make deposits and buy different currencies using credit or debit cards, bank accounts, and other deposit methods. But double-check which methods are available, as you need a Bitcoin exchange that will pick the payment method you plan to use for you to buy any Bitcoin in the first place.

Customer Service

Lastly, consider the customer service record or reputation of a crypto exchange before signing up. Some places have excellent customer service, like 24/7 live chat sessions or email responses. Others are certainly subpar in this department and may leave you hanging if you have an important question or you want to know about your Bitcoin balance.