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Everyone seems to want cryptocurrency these days. But to get in on the action, you’ll need a crypto exchange where you can buy and sell digital currencies, like Bitcoin, Ethereum and Dogecoin.
To help you pick the right one, Voskcoins Advisor checked through the leading exchange offerings, and reams of data, to determine the best crypto exchanges. All of these, however, come with one caveat: Cryptocurrencies are speculative investments and should only be made if you’re willing to accept wild price swings and a decent risk of losing everything.
Below is a list of the best crypto exchanges for the month of February 2022:
Binance.US, a domestic exchange run by global crypto powerhouse Binance, provides much of its parent company’s pros, including industry-low fees and a broad range of cryptocurrencies available to trade.
For the casual crypto fan, Binance.US offers a simple, form-based platform (under the Buy Cryptocurrency tab) designed for transactions under $10,000 that lets you pretty intuitively buy, sell and convert its tradable cryptocurrencies.
1. Low costs for spot and general trading.
2. Wide range of cryptocurrencies available for trading.
3. High cybersecurity ranking and user reviews.
1. Fewer coin options than its international parent company, Binance.
2. Not currently available in all U.S. states, including Texas and New York.
3. Newcomers to crypto may want more educational tutorials.
Coinbase, 2021’s belle of the IPO ball, is the crypto exchange you may be most familiar with if you’re just now getting interested in crypto. That’s for good reason: Coinbase Pro, the robust exchange powering Coinbase, is one of the largest and safest platforms out there. (In fact, Coinbase Pro was a top contender for our Best Overall Cryptocurrency Exchange.)
1. Beginner-friendly interface and easy purchase process.
2. Strong user reviews and security ratings.
3. Its educational Learn platform rewards users with cryptocurrency when they learn about crypto.
1. High fees for convenience.
2. Must use a separate, more complex platform to access lower pricing structure.
One of the oldest U.S. crypto exchanges, founded in the Paleolithic era of crypto (2011), Kraken offers a solid range of coins with low fees.
1. Sophisticated trading features, like margin, may appeal to advanced users.
2. High cybersecurity ratings.
1. May be too complex for true beginner users.
Crypto.com provides a broad amount of cryptocurrencies—currently more than 70—as well as unique perks, like a crypto rewards debit card for those hoping to optimize for coin-based rewards.
1. Those with high balances in Crypto.com’s proprietary stablecoin (CRO) can reap discounts on trading fees and enhanced benefits, like 8% back on debit card spending.
2. Limited margin trading currently available.
3. High cybersecurity ratings.
1. Higher trading fees for low-volume crypto investors.
Similar to Coinbase, Gemini may be best for beginners looking to dip their toes in the crypto waters. Its convenience and easier usability come with a higher (and confusing) fee structure that may be worthwhile as you learn the ropes before graduating to its (or another platform’s) lower-cost spot trading options.
1. Simple, easy-to-use interface.
2. Available in all 50 states, including New York, a common omission from other crypto exchanges’ offerings.
1. Convoluted fee (and high) structure when not spot trading.
Gate.io gives users access to a prodigious more than 600 different coins, according to CoinMarketCap.com, making it better for advanced crypto traders on the hunt for less common altcoins.
1. Huge array of tradable coins with low trading fees.
2. Can lower trading fees further with large Gate stablecoin holdings.
1. Because of that, along with the more complex interface, beginners would probably be better served by another platform.
2. Trading is based on a U.S. dollar stablecoin, not fiat currency.
Another heavy hitter when it comes to the sheer amount of coins available, KuCoin provides access to a wide library of altcoins at low fees.
1. Hundreds of tradable cryptos with low fees.
2. Can decrease trading fees by 20% by paying with KuCoin’s proprietary KCS stablecoin.
3. Automated and margin-based trading available.
1. Trading relies on U.S. dollar stablecoins, not fiat currency.
2. Though you can use U.S. dollars to buy select crypto, you must do so using an OTC, peer-to-peer market that may be too complex for beginner investors.
An early entrant to the crypto exchange space, Bitstamp currently provides a rather limited range of cryptos, though these may be enough to satisfy most traders.
1. Advanced charting capabilities.
1. Lower cybersecurity ranking than many others on this list and was subject to a $5 million hack in 2015. The company now reports that 98% of customer assets are held offline, which may decrease the risk of future hacks.
2. Higher trading fees than other leaders until you trade more than $10,000 a month in crypto.
Boasting a veritable cornucopia of coin options, Bittrex may be best suited to high volume traders who are able to take advantage of its discounted fee schedule.
1. Instant buy/sell platform with easy interface for beginner traders.
2. Hundreds of coins available for advanced traders.
1. High fees for low-volume traders.
2. Lower cybersecurity score than other leaders in space.
bitFlyer offers a very limited range of coins but very low trading costs, making it a strong fit for those who want to trade a lot (or a little) of a small variety of cryptos.
1. Industry-low fees.
2. May be too complex for beginners and lacks thorough educational resources.
1. Very few cryptocurrencies are available to trade.
2.. Lowest cybersecurity score in this ranking.
Picking the best crypto exchange can be a complicated process.
“Important features to consider,” says Stephen McKeon, an associate professor of finance at the University of Oregon, “are fees, security, and whether they list the assets that you are interested in buying.”
First and foremost, you’ll want a secure exchange, says Spencer Montgomery, founder of Unita Crypto Consulting, which helps the uninitiated learn how to start investing in digital currencies.
Also consider the cryptocurrencies available on a given exchange. You might be perfectly OK using a crypto exchange with only one coin if it’s the only coin you want. Conversely, if you’re a crypto fiend, you may want access to all of the more than 600 available on Gate.io.
If you’re an advanced crypto trader, you may want to make sure your preferred exchange offers the trading types—like limit orders, which can prevent slippage by setting a hard price—and margin you want. Remember trade types involving the latter are still evolving in the U.S., so different exchanges’ offerings may vary over time.
If you’re just getting started with buying cryptocurrency, look for an easy-to-use platform with thorough educational resources to help you understand this complex, rapidly developing commodity.
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