Picking a good exchange platform for crypto is an issue that bothers even the most experienced dealers. This is because, in a market that is still relatively young, there is still a lot of fluidity. As a result, what may be the best exchange today may not necessarily be a leader tomorrow.
This article looks at exchanges that have been the most stable over the last year. But before that, a brief look at factors that would guide the choice of exchange.
* Security and legitimacy: Although most brokerages you will come across are legitimate, it is always good to read reviews before engaging.
*Cost: The cost of transacting on an exchange is definitely a critical guiding factor
* Flexibility: There are brokerages that, for instance, do not allow you to withdraw to your wallet. Others do not offer trade options in specific crypto. Therefore, a good exchange should offer as many options as possible.
* Hours: Again, most brokerages will allow you to do exchanges round the clock. However, always check the listed hours of operation.
Guided by the above factors, here are some of the best exchanges you can use.
By all indicators, Binance appears to be a market leader in cryptocurrency exchange. It ranks 9.9 on Coinmarketcap, an entire point above Coinbase which comes second at 8.8. Moreover, Binance’s $25 billion worth of 24-hour trade is almost six times that of Huobi Global.
The Business Insider picks Binance as a suitable platform for people looking to transact with low fees.
Investopedia ranks Coinbase higher than Binance despite a much lower volume of trade. It is a highly recommended site for Bitcoin traders. Investopedia ranks it highly for its transparency and variety of crypto. It, however, ranks lowly because of the high cost incurred when you are not using Coinbase Pro. This is a good exchange for people with an intermediate knowledge of the market.
With a similar Coinmarketcap rating to Coinbase (8.8), Huobi edges its counterpart on the volume of trade ($5b against $3b). It is a very fluid market, making it an excellent place for experienced traders to make money.
Investopedia ranks CashApp because of simple features such as a fantastic interface, the option of Bitcoin withdrawal and peer-to-peer cash transfers. However, CashApp only supports Bitcoin exchange and has daily and weekly limits.
This exchange has been overtaken by many others, but it still remains a great place to exchange Bitcoin. It is easy to use, cheap and very secure.