The first step to invest in cryptocurrency is to choose a cryptocurrency exchange. But there are dozens of types of exchanges on the market, and it can be difficult to choose from them. There are some advantages and disadvantages that distinguish these cryptocurrency exchanges from each other. If you are just starting to invest in crypto money, you should do intensive research on the best crypto money exchange suitable for your investment and usage style.
On the other hand, if you are already a crypto money investor, you can choose an exchange with advanced tools that allow more complex transactions. So how to choose a cryptocurrency exchange and what are the top 10 cryptocurrency exchanges?
Preliminary information: This informative content seeks an answer to the question “Which are the top 10 crypto money exchanges?” based on the data. It does not contain any investment advice. How to choose a cryptocurrency exchange?
You decided to invest in cryptocurrency, did a little research for it, and learned that you need to trade on exchanges. But how will you choose from dozens of types of crypto money exchanges?
Even if you are a beginner or an investor who trades with small capital, one of the most important issues you need to pay attention to in the stock markets is security. As a result of the cyber attack of the exchange you are using, hackers gaining access to your wallet will also harm you. Such negative situations have occurred several times before. Cryptocurrency exchanges have to provide security to protect investors’ money.
One of the other factors to consider when choosing a crypto money exchange as an investor is that the commission fees are low. Cryptocurrency exchanges charge a certain amount of commission on the cryptocurrency trades you make. Many cryptocurrency exchanges reduce commission fees when the amount traded exceeds a certain limit. In addition, these exchanges also receive commissions when transferring from banks to the stock exchange wallet or vice versa.
You may have other needs that guide you in choosing a stock exchange. For example, not every coin is available on every crypto exchange. Especially if you are trading with altcoins, you should choose an exchange with plenty of altcoins. The interface and tools of the chosen exchange for investing in crypto money are also important. Crypto exchanges should offer an easy to use experience, facilitating the desired process with the tools they have. Top 10 cryptocurrency exchanges
There are many factors that differentiate crypto money exchanges from each other. So what are these elements and what are the best cryptocurrency exchanges?
- Related reading: What is a Cryptocurrency Exchange? Which Are The 10 Biggest Cryptocurrency Exchanges?
Overall, Coinbase is considered the best cryptocurrency exchange for all investors. Its presence in the United States and its positive relations with the government and the SEC greatly increase Coinbase’s credibility. That’s why investors who use Coinbase generally have a common belief that their money is safe.
Other things that make Coinbase stand out are its trading volume, easy interface, and fast transaction capability.
As one of the best cryptocurrency exchanges, Coinbase also has some drawbacks. The most important of these is that it is very restrictive in deposits and withdrawals. There are also higher commission fees than other cryptocurrency exchanges.2. Binance
Binance is one of the largest cryptocurrency exchanges. The security infrastructure and throughput are high. It is possible to carry out many transactions with this crypto exchange. Binance is also a preferable exchange in terms of cryptocurrency diversification. This cryptocurrency exchange allows trading both with the most well-known and trusted cryptocurrencies and with altcoins. When opening an account on Binance, there is a two-step authentication process. This supports Binance security.
One of the important factors when choosing a crypto money exchange is low commission fees. Binance, despite being a well-known and large-volume exchange, has low fees. Binance, one of the most preferred exchanges, is accessible in many countries. But it’s not easy to use for beginners.3. Kraken
This cryptocurrency exchange is a good option for beginners as well as a platform preferred by experienced investors. Kraken also allows leveraged trading but is not very easy to use. Kraken is an exchange with high reliability. It is also one of the cryptocurrency exchanges on the market that offers the lowest commission fee rates.
While some exchanges, such as Binance, are flexible in choosing a cryptocurrency and offer diversification to investors, some exchanges are more selective in cryptocurrencies. Kraken is also one of the exchanges that acts selectively. Investors who use Kraken trade in highly reliable cryptocurrencies. 4. FTX
FTX is a trusted cryptocurrency exchange. This cryptocurrency exchange also has two-factor authentication. This platform is one of the best exchanges on the market for derivatives investing. Cryptocurrency trading, futures and stock trading can be done with FTX. Just like Binance, FTX allows transactions from Turkey.
Although FTX is a successful and reliable exchange, it has some shortcomings. The Turkish language support of this exchange is insufficient in some menus. In addition, the support of Customer Service is limited in some cases. 5. eToro
eToro is a platform that hosts both traditional investment tools and cryptocurrency investment tools. It is a good option for those who are new to cryptocurrency trading. eToro provides access to dozens of foreign exchanges. eToro is a reliable intermediary for opening a membership in Turkey and investing in stocks in foreign markets and trading cryptocurrencies at the same time. Thanks to this tool, it is possible to study more than 1700 companies and invest in stocks.
While eToro is a convenient intermediary for taking advantage of traditional investment tools, it is somewhat limited for cryptocurrency investing. It holds only 16 types of cryptocurrencies. In addition, this exchange has some types of pricing that are unique to it. For example, if you do not make any transactions in your account for 1 year, you will face a monthly charge of $ 10. 6. KuCoin
One of the platforms that beginners can choose is KuCoin. Unlike eToro, this platform does not feature traditional investment tools. KuCoin is one of the cryptocurrency exchanges that keeps commission fees very low. The commission rate paid when trading is 0.1%.
KuCoin has a lot of cryptocurrency variations, but it doesn’t have a high trading volume. When the traffic is heavy, the infrastructure may not be sufficient and may cause some problems. Another feature of KuCoin is that there are no limits on deposits and withdrawals.
KuCoin is a cryptocurrency exchange that is considered safe. However, it does not require authentication. Without authentication, there is the possibility to invest anonymously.7. Uphold
If you want to trade altcoins, Uphold is a good cryptocurrency exchange for you. This cryptocurrency exchange also offers the possibility to trade for altcoins such as XRP and DOGE. However, this exchange is not easy to use.
Deposits and withdrawals on the Uphold exchange are only made by debit and credit card. There is a commission fee close to 4%, but it does not charge commission on transactions made with a debit card.
Another advantage of Uphold is that its customer support team is good. Compared to other cryptocurrency exchanges, they have a more engaged and fast customer support. 8. Gate.io
Gate.io is one of the exchanges with the greatest variety of altcoins. The cryptocurrencies you want to invest in are most likely on this platform. Newly released coins are also traded on Gate.io before other exchanges. Gate.io has a relatively low commission fee.
There is a commission fee of 2% for spot transactions. The price fluctuations on this cryptocurrency exchange are very high. Some traders also prefer Gate.io for price fluctuations. However, if the price changes too quickly, it provides high returns and sometimes it causes a quick and big loss. 9. Huobi Global