If you finally have your eyes open to the possibilities the world of cryptocurrency has to offer, there is a host of cryptocurrency trading platforms you can choose from today. Though, it is important to understand that not every platform comes with the same benefits and not every emerging platform can meet the standards of the leaders of this exploding new market. In search of the right cryptocurrency trading platform for you?
Here is a compilation of the top 6 exchange platforms based on user feedback as well as various other crucial criteria one must be on the look-out for like ease-of-use, affordability, and safety.
Coinbase
With the endorsement of expert investors behind it and already millions of users on its network, Coinbase is one of the world’s most reliable and reputable trading platforms at the moment. Coinbase’s platform allows for the secure and straightforward purchasing, storing, and trading of cryptocurrencies.
Using their virtual iOS or Android wallet and also on Coinbase’s subsidiary Global Digital Asset Exchange (GDAX), users can exchange a myriad of cryptocurrency pairs.
GDAX is currently available in the US, UK, Canada, Australia, Singapore, and select parts of Europe. There is also no processing fees for transferring funds between Coinbase and GDAX accounts. However, there are some country-specific restrictions with regards to the diversity of cryptocurrency pairs.
Pros: Well-reputed with high user ratings; secure; modest fees; user-friendly for first-timers; currency storage insurance.
Cons: Lacking user support; poor selection of payment methods; certain features only available in select countries; GDAX only ideal for tech-savvy users.
Kraken
Launched in San Francisco in 2011, Kraken–one of the co-founders of the world’s first cryptocurrency bank–is the most notable Bitcoin trading platform when it comes to euro and liquidity.
Kraken allows for the trading of bitcoins in addition to fiat currencies such as US dollar, Canadian dollar, and Euro. The option to trade other cryptocurrencies such as Ethereum, Litecoin, Monero, Zcash, and Ripple is also offered. For more seasoned traders, Kraken also offers its users the option to trade margin among various other features. Without a doubt, Kraken is an outstanding option for users who are well-experienced in cryptocurrency trading.
Pros: Great reputation; modest exchange rates; inexpensive transaction and deposit fees; security; excellent user assistance; almost no geographical limitations.
Cons: Limited methods of payment; not easy enough for first-timers; complex user-interface.
Bitstamp
Launched in Europe in 2011, Bitstamp is essentially a cryptocurrency marketplace that is one of the first exchange platforms to build an exceptionally solid user base. Bitstamp is a well-reputed and highly reliable that puts much emphasis on processing secure transactions. It is equipped with top-of-the-line safety features including but not limited to two-step authentication. Bitstamp provides customer support 24/7, and its user interface is accessible in a number of languages. After registering for a free account, users can start exchanging currencies as soon as they make their first deposit.
Pros: High-rated and well-reputed; advanced security; available globally; modest transaction fees; optimal for making big transactions.
Cons: Not user-friendly for beginners; poor selection of payment methods; exorbitant deposit charges; complex user-interface.
Bitsquare
Bitsquare is a highly straightforward, user-friendly peer-to-peer trading platform that enables the buying and trading of bitcoins for other cryptocurrencies and standard currencies. Bitsquare sells itself as a fully decentralized and P2P trading platform that offers immediate access to users without the hassle of registering for an account.
Bitsquare also never keeps user assets and restricts the exchange of private information to trading members. Bitsquare boasts advanced security measures, including multi-sig addresses and security deposits. Bitsquare users are also offered the option of anonymity.
Pros: Great reputation and high ratings; advanced security features; availability of a large selection of cryptocurrencies; no registration requirement; low fees; all features available without geographical restrictions; an ideal option for experienced traders.
Cons: Scarce selection of payment methods; mediocre user assistance; not intuitive enough for first-timers.
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Posted on May 22, 2023