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Looking to trade cryptocurrency but not sure where to start? Check out our list of the best exchanges for 2020. From established heavyweights like Coinbase and Binance to newer platforms like FTX, there’s sure to be an exchange that’s right for you.
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Introduction
The recent boom in the cryptocurrency market has seen a lot of money move into the digital asset space. As a result, there has been a proliferation of crypto exchanges, looking to capitalize on this new found interest.
However, with so many exchanges now vying for attention, it can be difficult to know which one is the right choice for you. To help you make an informed decision, we’ve compiled a list of some of the best crypto exchanges currently operating.
Binance
One of the world’s largest cryptocurrency exchanges, Binance is popular for its low trading fees and wide range of altcoins. The exchange also offers margin trading and has its own native token, Binance Coin (BNB), which can be used to pay fees on the platform.
Coinbase
Coinbase is one of the most popular cryptocurrency exchanges and allows users to buy and sell Bitcoin, Ethereum, Litecoin and other major cryptocurrencies. The exchange is also widely considered to be one of the most user-friendly platforms in operation, making it ideal for those new to the crypto space.
Kraken
Based in the US, Kraken is one of the oldest and most well-respected cryptocurrency exchanges in operation. The platform offers a good selection of coins and features margin trading, OTC services and dark pool trading.
Bitfinex
Bitfinex is a Hong Kong-based exchange that offers trading in a wide range of cryptocurrencies as well as USDT (Tether). The platform supports margin trading and has been involved in some controversies in recent years but remains a popular choice for many traders.
Binance
Binance is a China-based cryptocurrency exchange that became popular following the 2017/2018 crypto bull run. The exchange has grown exponentially in the past two years, and it is now one of the largest exchanges by trading volume. Binance offers a wide variety of digital assets to trade, and it also has a very user-friendly platform. In this article, we will take a closer look at Binance and what it has to offer.
Fees
Binance is one of the most popular cryptocurrency exchanges on the market today. They offer a wide variety of features, including a large selection of coins to trade, low fees, and a user-friendly interface. In this article, we’ll take a look at Binance’s fees, how they compare to other exchanges, and what you should keep in mind when trading on Binance.
Binance has two types of fees: trading fees and withdrawal fees. Trading fees are charged when you make a trade on the exchange. Withdrawal fees are charged when you withdraw coins from the exchange to your personal wallet.
Binance’s trading fees are 0.1% for all trades. There is no fee for deposits, but withdrawals may be subject to a fee depending on the coin you’re withdrawing. For example, the withdrawal fee for Bitcoin is 0.0005 BTC, while the withdrawal fee for Ethereum is 0.005 ETH.
In general, Binance’s fees are very competitive when compared to other cryptocurrency exchanges. For example, Coinbase Pro charges a 0.5% fee for trades, while Kraken charges 0.26% for trades (if you have a maker or taker account). However, it’s important to keep in mind that some exchanges charge different fees for different pairs (e.g., Coinbase Pro charges more for certain pairs than others). When comparing exchanges, be sure to compare the fees for the pairs that you’re interested in trading.
One thing to keep in mind when trading on Binance is that they have a “staking” system which gives users discounts on trading fees based on how much they hold in their account. For example, if you hold 1 BTC in your account, you will get a 25% discount on all trading fees (0.075% instead of 0.1%). The more you hold in your account, the higher the discount will be. This staking system can be beneficial for long-term traders who don’t mind tying up their capital in an exchange account.
Supported Cryptocurrencies
Binance currently supports more than 180 cryptocurrencies. It’s one of the few exchanges that lets you trade crypto to crypto. That means if you have Bitcoin (BTC) and want to buy Ethereum (ETH), you can do it on Binance. It also has a large number of supported altcoins, which is perfect if you’re looking to diversify your portfolio.
Some of the most popular cryptocurrencies supported by Binance include:
-Bitcoin (BTC)
-Ethereum (ETH)
-Ripple (XRP)
-Litecoin (LTC)
-Tether (USDT)
-Stellar (XLM)
– Bitcoin Cash (BCH)
-EOS
Pros and Cons
Binance is the world’s largest cryptocurrency exchange by trading volume. It’s a go-to choice for many Crypto traders. Binance offers a huge selection of digital assets, low trading fees, a variety of languages, and mobile app trading.
Here are the pros and cons of Binance:
Pros:
-Has low trading fees (0.1%)
-Supports over 100 cryptocurrencies
-Offers mobile app trading
-Available in multiple languages
Cons:
-May be overwhelming for new users
-Not available in all countries
Coinbase
Coinbase is one of the most popular and well-known cryptocurrency exchanges. It allows you to buy, sell, and store cryptocurrencies. You can also use Coinbase to buy goods and services with cryptocurrency. Coinbase is available in over 100 countries and has over 30 million customers.
Fees
Coinbase is one of the most popular cryptocurrency exchanges and allows you to buy, sell, or trade a variety of digital assets on their platform. They offer a user-friendly platform with a variety of features for both beginners and experienced traders. Coinbase has a fairly simple fee structure, charging users a base rate of 4% for all transactions.
Supported Cryptocurrencies
Coinbase supports buying, selling, and storing cryptocurrency like Bitcoin, Ethereum, XRP, Litecoin, Bitcoin Cash, and more. They charge a 1.49% fee for buying and selling cryptocurrencies. When moving crypto off the Coinbase platform they charge a flat withdrawal fee based on the blockchain network used to send the transaction.
Bitcoin: BTCETHXRP
Litecoin: LTC
Ethereum: ETH
Bitcoin Cash: BCH
Tezos: XTZ
Chainlink: LINK
Dai: DAI
Kyber Network Crystal: KNC
Pros and Cons
Coinbase is one of the most popular cryptocurrency exchanges. It has been around since 2012 and is based in San Francisco, USA. Coinbase allows you to buy and sell cryptocurrencies, as well as store them in a wallet on the platform. It is one of the most user-friendly exchanges and is great for beginners. However, it does have some drawbacks, such as high fees and a limited selection of coins.
Kraken
Kraken is a US-based cryptocurrency exchange, founded in 2011. The exchange provides cryptocurrency to fiat trading, and provides price information to Bloomberg Terminal. As of May 2018, Kraken is the world’s largest bitcoin exchange in euro volume and liquidity.
Fees
Kraken offers tiered fees based on your 30-day trading volume. If you’re a market maker, you trade with lower fees than if you’re a market taker. To encourage crypto-to-fiat (and vice versa) trading, Kraken has special “volume discounts” for market makers who trade in pairs that include EUR, GBP, CAD, and JPY. You can see all their fee schedules on their website.
In general, Kraken’s fees are very competitive with other major exchanges. They’re also one of the few exchanges that encourage crypto-to-fiat trading by offering volume discounts on those trades.
Supported Cryptocurrencies
As of 2020, Kraken supports the following cryptocurrencies: Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Ripple (XRP), Litecoin (LTC), Stellar Lumens (XLM), Dogecoin (DOGE), Cardano (ADA), Monero (XMR) and more.
Pros and Cons
Kraken is a US-based cryptocurrency exchange, founded in 2011. The exchange provides cryptocurrency to fiat trading, and provides price information to Bloomberg Terminal. As of May 2019, Kraken is available in 48 US states and 176 countries, and lists 40 cryptocurrencies available for trade.
Kraken has a good reputation in the cryptocurrency community and is often used by traders seeking a large altcoin selection or users looking for a secure platform with low fees. However, the exchange has been criticized for its long verification process and lack of customer support.
Conclusion
So, there you have it. These are our top picks for where to trade crypto in 2020. We’ve looked at a variety of factors, including fees, security, ease of use, and more, to come up with this list.
As always, we recommend that you do your own research before choosing an exchange. And, if you’re ever in doubt, feel free to reach out to our team – we’re always happy to help!
