If you’re just starting out on your crypto journey there are some basic tools you will need to trade crypocurrencies and the most important ones are the cryptocurrency exchanges. The cryptocurrency exchanges are platforms where users can buy and sell cryptocurrencies on a centralised plaform.
These exchanges essentially perform the same functions which is to allow users to trade, but out of more than 200 exchanges, there are some that stand out in terms of efficiency, customer service and all-around good quality service provision and we’re going to list them below:
Cryptocurrency exchanges are gaining attention all over the world today. They are becoming a recognizable force in the financial market. The global cryptocurrency market size, trading volume, and several digital currencies have made these exchanges a platform that individuals cannot do without it. They have become popular mediums by which people can easily harness any form of cryptocurrency. However, purchasing altcoins on these exchanges can be difficult when you don’t know much about the exchanging platforms. Why? Several cryptocurrency exchanges have different policies that influence their transaction processes. These policies often influence the trading fees, payment methods, and the cost of a transaction. In this article, you will learn about the ten (10) best cryptocurrency exchanges to buying altcoin.
WHAT ARE CRYPTOCURRENCY EXCHANGES?
Cryptocurrency exchanges are websites that allow individuals to buy, sell, or trade other cryptocurrencies for other assets such as conventional fiat or other digital currencies. They accept payments through credit/debit card transactions, wire transfers, or other forms of payments. Most times, cryptocurrency exchanges act as the market maker where they take the bid-ask spread as transaction commission or as a matching platform where they charge fees. To use these exchanges, you will have to verify your ID and open an account with them.
11 BEST CRYPTOCURRENCY EXCHANGES TO BUY ALTCOIN
Several cryptocurrency exchanges encourage the purchase of altcoins. Altcoins are other cryptocurrencies excluding Bitcoin. However, this article shall only examine ten (10) best exchange platforms where you can buy altcoins.
Founded in 2012, Coinbase is one of the most widely used cryptocurrency exchanges in the world. Trusted by several investors and used by many customers globally, Coinbase makes it relatively easy to buy, store, use, and trade digital currencies. It offers an entry to its service by lowering the barriers that seem hard for first-time cryptocurrency investors. Also, it helps in the provision of insured custodial wallets for investors and traders. The wallets securing their investment and avoid risks.
- High liquidity
- Simple user interface
- Secured Investment
- Limited Payment Method
- Users don’t control wallet keys
- High trading fees unless it’s Coinbase Pro
Founded in 2017 with its focus on altcoin trading, Binance is arguably the most popular Cryptocurrency exchange today. Finance offers its coin, Binance coin (BNB) that can get you a decent discount when trading. Although the standard trading fee for transactions is 0.1%, you can get a lower trading fee if you use the Binance native cryptocurrency, BNB. With Binance, you have access to over 100 different trading pairs with their available altcoins.
- Access to more cryptocurrencies and trading pairs
- Access to more advanced charts
- Lower fees in comparison to other exchanges
- Designed for more advanced users
Mxc is a registration-free cryptocurrency exchange platform that gives room for limitless crypto conversion. It provides reliable service at a great rate and conducts transactions within a short time. With over 170 cryptocurrencies, the exchange platform does not require account creation, stays honest with its customers, and charges no hidden or inflated fees. The transaction speed is relatively fast, and there is no limit for any crypto exchanges.
- More than 170 cryptocurrencies and tokens
- It does not require account creation
- Does not collect a hidden or inflated fee
- Does not offer social signup
OKEX is a cryptocurrency exchange that allows the purchase, sales, and trading of cryptocurrencies worldwide. Operating in over 100 countries, OKEX provides cryptocurrency liquidity, offers market buying options, and supports different trading pairs to its users. With its sleek user interface, the platform allows users to check for cryptocurrency price, do market buys, and many more. Besides, it provides other valuable features like spot and margin trading, futures, perpetual swaps, and more.
- Supports over 400 trading pairs
- High liquidity
- 24/7 Customer support
- Low fees with decent incentives for market makers
- Limited to some countries
- Advanced features not recommended to beginners
Founded in 2011, Kraken is the largest exchange platform with high euro volume and liquidity. It allows the trading of other altcoins and encourages transactions in USD, Euros, Canadian Dollar, Britain Pounds, and the Japanese Yen. Although limited to many countries, Kraken is arguably a brilliant choice for experienced traders. It offers a host of trading features like spot and margin trading and other advanced features. Currently, it doesn’t accept deposits via credit/debit card, PayPal, and more.
- Low transaction fee
- Decent exchange rate
- Great User support
- Limited Payment Methods
Poloniex allows traders and investors to buy, sell, exchange, or trade cryptocurrencies with ease. With its mobile app that is open to IOS and Android users, Poloniex allows users to trade. However, trading is not as smooth on other exchanges.
- Low fee of 0.1% – 1% depending on transaction volume
- Good user support
- Available to IOS and Android Users
- No leverage trading.
Bittrex is a veteran cryptocurrency platform that allows users to buy and trade cryptocurrencies. Available to many countries in a few languages, Bittrex enables users to make instant purchases of digital currencies by using their native currency. However, using Bittrex does not have an in-built wallet for some coins. Thus, it requires that you have your wallet for each cryptocurrency.
- Available worldwide
- Offers a wide range of payment methods
- Fast transaction speed
- High exchange rate
- Average user support
This exchange is actually a top favorite for a lot of people. Their unique features include spot and futures trading and each account comes with a FREE trading bot. And in a bull market, that bot pretty much prints green all day long. Like the rest of the top exchanges, Kucoin has an android and ios app for easy use. They also use a trading account and separate wallet feature that allows you to move funds from your Kucoin wallet to your trading account. It’s pretty slick. You can get started on Kucoin here
Owned and operated by the Winklevoss twins, Gemini is one of the best cryptocurrency exchanges. Operating in a few countries, it is a brilliant choice for a diverse audience. It supports bank transfers and does not accept the use of cards, PayPal, and more. Although it doesn’t charge deposit and withdrawal fees, Gemini charges a brokerage fee of 0.5% for transactions. If your order is more than $200, you will have to pay a 1.99% fee for your orders.
- High liquidity
- High trading volume
- Reputable organization
- No margin trading
- Average customer support
Subordinate to Huobi Group and operating in over 130 countries, Huobi Global provides a secure and reliable trading option for its millions of users. It has varieties of trading features that makes it ideal and reliable for their users to operate. As for the transaction fee, the trading fee for both market maker and taker is 0.2%.
Several Cryptocurrency exchanges exist across the globe. Finding the one that suits your needs and demands should be your utmost priority.