by Rohit 

November 14, 2020

Listen to this article now

With the growing popularity and acceptance of Cryptocurrency, it gets confusing sometimes about where to start. Apart from popular coins like Bitcoin, Ethereum, etc., there are hundreds of AltCoins in market.

And on top of that, there are numerous cryptocurrency exchanges. Each of these exchanges is there with their own pros and cons ( as well as legislation of countries).

Thus, for your ease, we have trimmed down this list to these 6 best cryptocurrency exchange.

This post is always updated to include latest information.

You can read about which one is the best cryptocurrency exchange in details or you can go through the quick list.

Best Cryptocurrency Exchange – The updated list:

This quick list of best cryptocurrency exchange is made up of exchanges with their own benefits and strengths. Hence depending on your requirements, you can choose the one most suitable for you:

  1. Coinbase
  2. Coinmama
  3. LocalBitcoins
  4. Binance
  5. Kraken
  6. Huobi

Now, let’s look into each of these top cryptocurrency exchanges in depth for their individual strength and weak points.

Coinbase

coinbase - cryptocurrency exchange
6 Best Cryptocurrency Exchange 2

USA based Cryptocurrency exchange platform Coinbase is the world’s largest Bitcoin (BTC) broker. They represent an easy and modern way for new users to purchase bitcoins, bitcoin cash, ethereum, litecoin, Tezos and many other coins. Coinbase supports exchanges with fiat currencies in approximately 32 countries, and bitcoin transactions and storage in 190 countries worldwide. Coinbase supports customers in over 30 countries, including the United States, Europe (besides Germany), UK, Singapore, Canada, and Australia.

Payment method: Customers in the above-mentioned countries can purchase cryptocurrency by debit card, bank transfer, SEPA transfer, and more.

Pros of Coinbase:

  • A solid variety of altcoin choices
  • Very high liquidity and buying limits
  • An easy way for newcomers to get bitcoins
  • “Instant Buy” option available with a debit card

Cons of Coinbase

High fees when not using Coinbase Pro. Coinbase charges a base rate of up to 4 percent for all transactions, for example, while other exchanges with fewer guarantees, perhaps can charge as low as 0.2 percent (via cnbc.com).

Purchases made with bank transfer can take up to 5 days to complete

Coinbase may track how and where you spend your bitcoins

Coinmama

Coinmama is a Israel based online Cryptocurrency exchange platform. It allows customers in almost every country to buy coins with currently over 1.5 million users in over 200 different nations. It is a secure, safe, and fast method to buy digital coins like BTC, BCH, ETC, ETH, LTC, ADA, QTUM,

Payment Method: You can pay here with a credit or debit card. They charge a 4.9%-5.9% (depends on volume) fee on each purchase. Customers in Europe can also pay with Single Euro Payments Area (SEPA) transfer for a lower fee.

Pros of Coinmana

  • Active in almost all countries
  • Excellent platform for new users due to simple interface
  • Highest limits for buying bitcoins with a credit card
  • Coins are not stored on Coinmama servers and are immediately sent to offsite user wallet

Cons of Coinmama

  • Higher trading fees among most other exchanges.
  • Monthly and daily purchase limits exist depending on your level
  • Limited coins available as it only supports eight digital coins at this time
  • Payment options are limited and include credit/debit cards.

LocalBitcoins

LocalBitcoins is a peer to peer bitcoin marketplace based in Helsinki, Finland. Its service facilitates over-the-counter trading of local currency for bitcoins. On LocalBitcoins, users post advertisements on the website, where they state exchange rates and payment methods for buying or selling bitcoins

Payment Methods: Options include but are not limited to Cash on delivery, M-Pesa, PayPal, Wire transfer

Pros of LocalBitcoins

  • Relatively low trading fees as compared to other platforms
  • Variety of payment options
  • Good customer support and simple user interface

Cons of LocalBitcoins

  • Bitcoin trading only, no altcoins are supported
  • Higher fees for cash made transactions
  • Bid/Offer spread can be very wide in illiquid markets

Binance

Binance is a Malta-based Cryptocurrency trading platform. Binance was initially based in China but later moved out of China due to China’s increasing regulation of cryptocurrency. Currently, the exchange offers over 150 coins for exchange.

As of October 2nd, 2020, Binance is the largest crypto exchange with a daily trading volume of $8,254,916,550 (coinmarketcap.com).

Payment Method: You can buy cryptocurrency here through debit card or credit card

Pros of Binace

  • Binance has a great reputation and is available in many markets
  • Offers very high liquidity and over 150 types of coins
  • Charges lower trading fees as compared to other platforms

Cons of Binance

  • Not very user friendly due to difficult user interface (There has been lots of improvement in user interface recently).
  • You can reach out to a multilingual customer support chat but there is no customer support via call
  • Has been a victim of a cyber attack in the past

Kraken

Founded in 2011, Kraken is a USA based Cryptocurrency exchange. The exchange provides cryptocurrency to fiat trading, and as of 2020, is available to residents of 48 U.S. states and 176 countries. You can trade over 40 cryptocurrencies on the platform.

According to CoinMarketCap, Kraken is the 4th largest cryptocurrency exchange in the world as of September 2020.

Payment Methods: Deposits and withdrawals into and from a Kraken trading account or wallet can be made in U.S. dollars, Canadian dollars, euro and Japanese yen, as well as the cryptocurrencies that can be traded via the exchange.

Deposits and withdrawals can only currently be made via bank or wire transfer and not from debit or credit cards or digital wallets such as Paypal or Skrill.

Pros of Kraken

  • Beginner-friendly due to a simple user interface
  • Highly reputed and safe with 2-factor authentication
  • Operates with a wide variety of Cryptocurrencies and fiat currencies.

Cons of Kraken

  • Customer support is not very responsive
  • Verification is slow

Huobi Global

Huobi Global was founded in Hong Kong in 2013 and has a very strong global presence. Huobi global is centralized cryptocurrency exchange with a core focus on the Asian markets.

Huobi offers a huge variety of trading pairs to smoothly conduct the transactions and offers Cryptocurrencies like BTC, ETH, Litecoin, Tether, and many others.

Payment Methods: Payments are accepted in the form of Bank Transfer, Crypto Deposits, Credit Cards

Pros of Huobi Global

  • Huobi Global is very beginner friendly.
  • It has a strong liquidity for a majority of the top crypto asset
  •  24/7 live chat is available for exchange users

Cons of Huobi Global

  • Higher trading fees than other platforms

Final thoughts – Best Cryptocurrency Exchange

About the author 

Rohit

A trader and investor with over 11 years in traditional stock markets. Got introduced to cryptocurrencies in 2018 and got hooked. Now spend half of the day in trading cryptocurrencies and another half in researching/reading about the whole ecosystem and cryptocurrencies in specific.

{"email":"Email address invalid","url":"Website address invalid","required":"Required field missing"}

Subscribe now to get the latest updates!