Best cryptocurrency exchange list – Payment methods, fee, crypto supported, features & more
Cryptocurrency exchange is a place where we buy, sell and trade cryptocurrencies against fiat currency (USD, Euro…) or other cryptocurrencies. This article features the best cryptocurrency exchange list worldwide.
It provides a detailed overview of the major attributes of the cryptocurrency exchange and rates them accordingly.
Cryptocurrency market evolves around cryptocurrency exchange. Each cryptocurrency exchange differs from other cryptocurrency exchange in their primary role, features, quality of service, and most importantly user experience. Hence choosing a right cryptocurrency exchange can be a tedious job.
But this article provides the detailed overview of the features offered by the platform. Hence helps you choose the right and best possible cryptocurrency exchange which serves your purpose.
Types of cryptocurrency exchange
As I said above no two exchange alike. They differ according to their primary purpose, features, and services offered. I have categorized cryptocurrency exchanges in three parts
1. Cryptocurrency trading platforms –
These are the more traditional type of exchanges “similar to the stock exchange” where you trade altcoins at an open market price. These type of exchanges charge a tiny amount of fee for a transaction.
This type of exchange allows you to trade cryptocurrency against another cryptocurrency. They provide a trading platform with advanced trading tools like coin price charts, margin trading etc.
Cryptopia, Binance, Bitmex are the prime examples of these type of exchanges
2. Cryptocurrency Brokers
Cryptocurrency Broker is kind of similar to cryptocurrency trading exchange which allows users to buy cryptocurrencies at a slightly expensive price than an original market price of the cryptocurrency with Fiat currency like USD, Euro, AUD, INR.
Brokers work as the third party service which adds their premium to the original market price of the cryptocurrency.
These exchanges work like wholesalers which buy the product at wholesale price and sell at their own price tag. Most cryptocurrency brokers are also a trading platform with basic trading tools.
Changelly, Cex.io, and Coinbase are few of the examples of cryptocurrency brokers
3. PtoP exchange (Peer to Peer exchange)
These type of exchanges act as a middleman between the buyer and the seller and let them trade at whatever price they want.
Local Bitcoins is a prime example of these type of exchanges. The best part of these type of exchanges is that you have the option to buy and sell the coin using any payment method including cash.
To counter the risk associated with the peer to peer transaction. Exchange use escrow service which holds the cryptocurrency til the confirmation of payment by both parties.
First, the buyer makes the payment and then confirm the payment execution at his/her end. The seller releases the cryptocurrency after confirmed receiving of the payment. Exchange charge a tiny amount of escrow fee from both parties.
Exchanges also use a reputation system to categorize the reliable and trustworthy seller and buyer.
Local Bitcoins, Paxful are few of the examples of p2p cryptocurrency exchange
What features to look for before choosing the best cryptocurrency exchange
Reputation and the background of a cryptocurrency exchange is the first thing to look for before choosing the cryptocurrency exchange.
The best way to check the reputation of exchange is to read user reviews on public forums like Bitcoin talk,or reddit.
It gives an overview of the past practices of a cryptocurrency exchange and gives you the confidence to invest your money in the platform
2. Security –
An exchange must have robust security. So user feels confident to invest the money in the platform and can trade with a peace of mind without worrying about the trading asset.
3. The interface of the exchange
The interface of the exchange is the next big thing to consider before choosing the platform. A flexible, easy to navigate, dynamic, and well-structured interface provides a much better user experience.
4. Fees –
Fees is another major factor in the search for the best cryptocurrency exchange. The low fee exchange helps users to make the more profit than high fee exchange.
5. Number of altcoins to trade –
A large number of altcoins supported by the cryptocurrency trading platform gives the user more options to maximize the profit.
6. Payment options –
The number of payment options supported by the platform makes it more accessible and flexible. It provides more opportunities for the users to access the platform.
The higher number of payment methods also maximize the profit potential for the users as different payment methods have the different transaction fee.
Certain payment methods are also best suited to certain users according to location, fiat currency, and accessibility.
7. Liquidity –
Liquidity means how quickly the trader can get your hands on your wanted currency by exchanging it for other currencies. Higher the liquidity better the cryptocurrency trading exchange for cryptocurrency trading.
8. Trading tools
Trading tools are the trading features or add-on trading services offered by the cryptocurrency trading platform. Which provide a user with more trading options, trading types and make cryptocurrency trading more convenient.
9. Customer support
Customer Support of the exchange plays a major role in the user experience and reflects the good practices of the platform.
10. Trading volume
High trading volume exchanges give a strong indication of the popularity, credibility and good practices of the cryptocurrency exchange. It shows people are ready to invest in the platform.
Best Cryptocurrency exchange list – Payment options, fee, crypto support, features and overall ratings
Hello, I am Harsh Vasistha Btech(IT) from New Delhi, India. I am the Owner and the Author of Coinexpansion (An Altcoin & Exchange Hub). Although I am not a techie, in fact, I am more an ideological person but got infatuated with blockchain technology. Hence I commit myself to thorough and in-depth research on the core subject. Coinexpansion is the product of my cryptocurrency learning lust.
Hobbies – An avid reader, compulsive learner, passionate writer, sports addict, history captivated, and obsessed with learning new things and love to decode that stuff into simple and self-explanatory words.
I will do my best to serve my viewers with more pragmatic information about cryptocurrency and it’s associated technology and will try to keep you updated with current events of the cryptocurrency world