It is now 2018 and cryptocurrencies have become a force to be reckoned with in the world of business, trading, and economy. This is confirmed by the number of various crypto exchanges that have appeared in the last few years, which leads to an important question – which ones are the best?
Crypto exchanges are online trading platforms designed to trade in cryptocurrencies. By using them, those who buy and sell cryptos can use traditional fiat currencies to buy cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), TRON (TRX), and the like.
These platforms connect those with cryptos and those who wish to buy them. When the two are connected, the exchange is made. The entire process is pretty simple in theory, but the main question is: which exchange should you use?
There is no single answer to this question but there are certain criteria that determine which ones are better than others, taking into account considerations like trading fees, trading pairs, currencies that are being offered, liquidity, support from the customers, security, transparency, friendliness to beginners, and the customer satisfaction.
With all of these factors in mind, we have carefully selected 10 crypto exchanges that might be called ‘the best’ on the market as it is right now. So, let’s see which ones have made the list.
The best crypto exchanges in 2018
1. Binance
Binance is a relatively new exchange, but it can already be found on many lists like this due to its popularity. It is based in China and it became popular mostly because of its extremely low trading fees. It supports many cryptocurrencies, and it is available in multiple languages, including English, Chinese, Japanese, Korean, French, Russian, and Spanish. The exchange also started its own coin called BNB, or Binance token, to fund its development. It is deemed safe, with no serious security issues, and its customers claim that it is also extremely fast and effective.
2. Coinbase
Coinbase is a six-year-old exchange in 2018 and it serves as a trading platform and crypto wallet. It offers a limited number of currencies, but it has already started working on expanding the list. It has a reputation as one of the most secure platforms in the world, which is why it is popular in many countries around the globe. It is also extremely user-friendly, but it has higher fees. If someone chooses to buy cryptos via their credit card, the fees include 3.99%, while bank transfers cost 1.49%. Choosing a right way to make a purchase can save you fees, depending on how much you are willing to buy, which is something to keep in mind.
3. Cex.io
Cex.io is a great exchange for novices and professionals alike. It offers a large variety of services and it allows for easy trading of both cryptos and fiat. It is secure, has low fees, high liquidity, and it is up for almost 100% of the time. Additionally, it allows cross-platform trading and a highly-personalized trading dashboard for professional BTC traders. It has a brokerage service for novices to quickly buy Bitcoin in a safe and easy way. Its fees are very low for credit card users, and non-existent for those using bank transfers.
4. Coinmama
Coinmama is an exchange that covers around 200 countries, making it one of the most available crypto exchanges. It is an experienced broker platform for Bitcoin and Ethereum purchases via cash and credit card. It is a great platform for buying cryptos via your local currency, due to its availability. The exchange itself is based in Israel and has slightly higher fees than other exchanges. To make up for that, however, it sets the buying limit much higher than some others.
5. Bithumb
Bithumb is a Korean exchange that has quickly become one of the most popular in Asia. Because of that, it mostly lists coins which are accepted and supported by the Asian market. Its trading list includes up to 30 currencies, which can be bought via Korean Won (KRW), but it doesn’t accept the USD. Its trading fees are low, and the deposits are free, except for some which depend on the coin being traded. The security of the exchange is very tight, consisting of a 4-stage process that makes the user confirm their name, location, phone number, and email. While it is great for those living in Korea, it can be less convenient for those living outside of Asia.
6. Upbit
Upbit, also based in Korea, is among the newest ones on this list. It launched in October of last year, but despite this, it became the country’s largest in terms of daily trading volume. It is only available in Korean, which makes it harder for foreigners to navigate its platform, but it is possible through translation services like Google Translate. Still, it offers more than 100 cryptos, and it has pretty low fees which are taken from both parties during the transaction. Deposits are completely free, withdrawals come with a small fee depending on the coin. The platform is backed by Kakao and users have to register with Kakao pay in order to register with the exchange. Still, it is a very good and safe choice for traders from this part of the world.
7. OKEx
OKEx is a Hong Kong exchange which is currently making plans to move to Malta. It offers an incredible amount of over 450 cryptos, which include all the major ones. Not only that, but the exchange continues to regularly add new coins. Its registered users are enjoying various benefits, like a price index, unlimited trading, and trading of crypto futures. The exchange allows withdrawals in Bitcoin, Litecoin, Ethereum, and Ethereum Classic. When it comes to deposits, the exchange currently allows Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Litecoin, Ripple, and NEM. The fees vary from coin to coin, but all transactions below 600 Bitcoin tokens will be charged with 0.15% to the maker, and 0.2% to the taker. The security is more than decent, and the platform is quite reputable, easy to use, and novice-friendly.
8. Bitfinex
Bitfinex is a Hong Kong-based exchange with connections to Tether. It launched a new platform for Ethereum in January, called Ethfinex, due to the large number of trades in this coin. It plans to do the same for EOS tokens in the future. It lists many cryptocurrencies, mostly all major ones, and allows for the purchase of cryptos with Euros and US dollars, for which you will need to verify your ID during registration, a lengthy process that may take more than a month. Still, for those willing to go through the waiting period, it pays off in the end, since cryptos can be exchanged easily and quickly after that. Fees are low, deposits are free if they exceed $1000, while smaller depoits include small fees. The security might be a topic for debate, due to a large hack from two years ago, but the situation was handled well, the customers received a refund, and the security was updated and has been strong ever since.
9. Bit-Z
Another Hong Kong-based crypto, Bit-Z is operational since 2016. It allows for regular crypto trading, and OTC trading. Despite its location, it is more than happy to serve those outside of Asia and is very easy to navigate and use, even for novices. It offers insights for those who know what they are doing, including charting tools, trade history, various technical indicators, and market info in real time. It offers more than 100 coins, and several trading pairs. There are relatively low fees, free deposits, and a 0.5% average withdrawal fee, which depends on the coin. Security is solid with a 2-factor verification system which is also needed to make a withdrawal, which improves the security even more.
10. Instaforex
Instaforex is a veteran crypto exchange that was launched over a decade ago. It has more than 7 million clients and is very well-established. It is user-friendly, supporting over 27 languages, and can be easily used by novices and professionals alike. It features more than 300 trading instruments, 7 asset classes, and 16 platforms. The clients of this exchange can trade much more than just cryptos, and that includes stocks, commodities, forex, precious metals, equity indices, energies, etc.
There are a lot of crypto exchanges out there, and knowing which ones are the best for your purposes can make all the difference. The ones mentioned on this list are among the most powerful but there may be others that suit your individual needs in a better fashion. In the end, the most important thing is to do your research and find the best option.
