The process of exchanging cryptocurrency is the same as any other financial deal between a buyer and a seller. The current market prices of the cryptocurrencies involved are taken into account, and you can trade the same type of cryptocurrency or a different type, depending on what you want.
You can exchange Cryptocurrencies for fiat currencies like the USD or Euro, and also move funds between crypto accounts and traditional accounts. Crypto wallets are the best way to store digital currencies and tokens because they are safe and easy to use.
These are the Best Cryptocurrency Exchanges available
Kraken
Kraken is one of the oldest cryptocurrency exchanges, as it has been around since 2011. It supports more than 160 different cryptocurrencies and it has indicators for trading analysis, current market price, recent price changes, and market capitalization. You can trade margins, futures, and limit orders.
Pricing: 0.9% fee for stablecoin transactions, 1.5% fee for non-stablecoin transactions, and a 0.5% online banking/ACH processing fee. Overall, this is a lower-than-average fee for a crypto exchange. Kraken provides 24/7 live chat support.
eToro
With 25 million users, eToro claims to be the largest social investing platform. It was launched in 2007. Although it has fewer cryptocurrencies than Kraken, its buy/sell guide is updated in real-time to show the most recent prices. You can also invest in stocks and exchange-traded funds through the Exchange.
Pricing is easy to understand on eToro. Buying and selling cryptocurrency costs 1 %. You must have at least $10 in your account.
Crypto.com
Crypto.com was launched in 2016, but it supports more than 180 cryptocurrencies, which is way more than most cryptocurrencies. However, not all of them are listed on their buy/sell guide. This exchange is a good place to buy non-fungible tokens.
One challenge with Crypto.com is that users can’t directly trade one cryptocurrency for another. This is called “crypto-to-crypto trading.” In their case, you would have to sell the first in a separate transaction and then buy the second in a separate transaction.
Prices: Fees range from 0% to 2.99% depending on the type of transaction and payment method involved. If you use ACH to transfer funds from your Exchange account, there are no fees. However, purchases made with a credit or debit card costs 2.99%.
Binance
Binance’s buy/sell guide lists more than 60 different cryptocurrencies. The company was started in 2017, but in 2019 it temporarily stopped allowing U.S. users because of regulatory concerns. This was what led to the creation of the Binance US branch.
Although Binance does have a challenge of verification. It takes quite a while to get completely verified.
Pricing: charges 0.1% for spot trading and 0.5% to buy or sell cryptocurrency. According to their site, “trading fees are based on your trading volume over 30 days (in USD) and your daily BNB [BNB Coin] balance.” Trading fees will be cut by 25% for people who use BNB.
Coinbase
Coinbase is a popular and well-regulated cryptocurrency exchange supporting over 150 different types of cryptocurrency. The exchange started in 2012 and has more than 98 million users. It works in more than 100 countries, making it a strong, diverse, and user-friendly platform.
It’s worth noting that Investopedia named Coinbase the best cryptocurrency exchange for beginners and the best overall in the industry.
Pricing: Rates range from 0.5% to 4.5%, depending on the transaction, and other fees may apply. Coinbase Pro, a pricing option that is currently in beta testing, offers trades with no fees and other features for a fee of $30 per month.
BitMart
BitMart was started in 2017 and is one of the world’s top 20 exchanges. Their Exchange platform supports the top 60 mainstream cryptocurrencies.
BitMart was hacked in December 2021, and nearly $200 million worth of assets were stolen. The company promised to return those assets.
Pricing: fixed price per trade is 0.2%, but like Crypto.com, if you use a credit or debit card, you might pay over 4.5 %.
Gemini
Gemini started in 2014, and it supports over 100 cryptocurrencies that can be traded in over 60 different countries. Their user interface is simple and easy to use, with a lot of tutorial guides available.
Gemini has the best security in the industry according to Investopedia. It recently became the first SOC 2-certified crypto exchange and offers FDIC insurance for deposits of up to $250,000 in U.S. currency.
Pricing: Trading fees are different for their mobile and desktop trading platforms. Mobile transactions between $10 and $200 can cost between $0.99 and $2.99, and anything over $200 has a standard fee of 1.49 %.
CashApp
CashApp started in 2013 and is a unique trading platform because it not only focuses on crypto exchange and stock trading but also on regular financial transactions. This puts it in the same category as PayPal and Venmo. According to Investopedia, CashApp is the best cryptocurrency exchange for Bitcoin.
Prices: Transaction fees for cryptocurrencies range from 1.5% to 2.3%. If you plan to use the app for regular financial transactions, standard deposits are free, but instant deposits cost between 0.5 % and 1.75%.
Bakkt
Bakkt is an easy-to-use and secure platform, which was launched in 2018 and can be accessed through the Bakkt app, making it easy for users to get started with crypto because it doesn’t charge any fees. Allows users to buy and sell Bitcoin and Ethereum without Charges.
Users can also link supported rewards and loyalty programs to the app and turn certain points into cash, which they can use to buy more cryptocurrency, make payments, buy gift cards, or anything with the virtual Bakkt Visa Debit Card. Users of the Bakkt App can see their loyalty points, rewards programs, gift cards, and cryptocurrency all in one view.
Pricing: Unlike other platforms, Bakkt does not charge a fee for each transaction.
Bisq
Bisq is a decentralized platform for trading bitcoins available in more than 180 countries. They support more than 1000 different cryptocurrencies. Bisq was launched in 2014 and is unique because it has a downloadable app that works on all of the major operating systems.
Since Bisq is decentralized, it does not hold any real assets. Instead, it connects traders. The good thing about this kind of transaction is that you don’t have to link a bank account or crypto wallet to do business. This gives users an added advantage as their personal information is safer.
Prices: Depending on the type of transaction, fees range from 0.10% to 0.70%.
In Conclusion
A cryptocurrency exchange is a great place to start if you want to buy or sell cryptocurrencies. Crypto exchanges work like online brokerage platforms. They give you the tools you need to buy and sell digital currencies and tokens like Bitcoin and Ethereum.
When picking a cryptocurrency exchange, it’s important to consider the assets it supports, the fees it charges, the payment methods it accepts, and how safe it is.