Cryptocurrency exchanges are websites where users can buy, sell, or exchange cryptocurrencies such as bitcoin, litecoin, ethereum, etc. In these platforms, people can obtain other digital currencies or fiat money such as USD, EUR, etc.
There are four types of exchanges used in the cryptocurrency exchange business: centralized, decentralized, P2P (peer-to-peer exchange) or hybrid exchange. In this post, we bring you a wide range of the most prominent brokers and trading platforms, which have the best reputations in the cryptocurrency market.
If you are interested in making investments in crypto-assets, or other investments such as CFDs, this post should help you take into account the experience, know-how, international reputation, features, pros and cons of each of these platforms, so that you can find the one that better suits you.
Coinbase
Coinbase was founded in 2012 as a broker with which you can buy and sell various cryptocurrencies, such as Ethereum, Bitcoin, Litecoin, Dash, and many more. This broker was born in the United States, it is registered with the government control agency of this country and is licensed as an authorized money transmitting company in more than 35 states.
Coinbase, like many brokers, warns its users of the high volatility and risk involved in investing in cryptocurrencies, giving a feeling of safety and trust before investing your assets. The faces behind Coinbase are its current CEO and President Brian Armstrong and Fred Ehrsam. Coinbase has approximately 1,200 employees and is one of the most robust platforms to be found in the market.
Features
As features of Coinbase we can mention you:
Ease of investment
If this is your first time in the world of cryptocurrencies, or your level of experience is very low, Coinbase is for you. It stands out for its ease of investment, no matter how limited your knowledge of trading or cryptocurrencies is. With this exchange you will be able to invest in cryptocurrencies and trade with them.
Simple records
Registering is simple and easy. Clients need to be at least 18 years old and indicate basic data such as name, surname, email and password. To start enjoying the benefits of Coinbase, buy, sell or exchange cryptocurrencies, you need to link a payment method and that’s it.
User-friendly interface
The interface is very friendly and accessible, it is designed so that everyone can use it. It has its features available to users, you will not have to go around so many times to find what you are looking for.
They have a web interface and a mobile app for Android and iOS, both of which can be operated easily and securely.
Different payment methods
With Coinbase you can store, buy and sell your cryptocurrencies. You can send cryptoassets to other accounts on the platform if required, or to other cryptocurrency wallets. If you want to buy you can use SWIFT or SEPA transfers, credit or debit cards. In the case of withdrawals you can use PayPal or your associated account.
Secure Exchange
Coibase is one of the most secure exchanges. To guarantee the users’ safety, they use various security methods, such as 2FA two-step verification, cold storage of crypto-assets, and crypto-asset safeguards. In addition, it has a secure vault with delay in case of withdrawals.
Pros
Among Coinbase’s pro’s we have:
- All the main cryptocurrencies are available in this platform for trading operations.
- You can make transactions using Fiat currency such as dollars, euros, or pounds sterling.
- The app allows you to make payments as well as store your cryptocurrencies and secure your funds.
- It is one of the safest exchanges.
- Simple and easy to use.
Cons
As cons of Coinbase we can mention:
- High commissions, it is one of the most expensive exchanges.
- As a centralized exchange, users do not control their private keys.
Voyager
Voyager is a cryptocurrency broker launched in 2018, its aim has been to provide traders from one place the ability to trade reliably and securely with cryptoassets, supporting 55 cryptocurrency assets. It is geared towards retail investors and institutions, providing solutions in the crypto world, almost instantaneously.
The company behind Voyager is Crypto Trading Technologies. The founders are Stephen Ehrlich, founder of Lightspeed Financial, former CEO of E*TRADE Professional Trading LLC and current CEO of Voyager; Philip Eytan, founding investor of Uber and Livestream and current Chairman of Voyager; Gaspard de Dreuzy co-founder of Kapitall, Trade.it and Pager and Voyager board member; and Oscar Salazar, founder of Uber and founding investor of Voyager.
Features
Voyager presents within its features:
State-of-the-art technology
This broker uses a unique intelligent routing technology called “Smart order Routing” that allows you to place orders, being able to connect with more than a dozen cryptocurrency exchanges. With this technology, you can take advantage of discrepancies between the prices listed by those exchanges.
Commission free
With Voyager you will be able to make all your transactions without paying commissions, i.e. it offers 100 percent free trading, including buying and selling. Of course, traders will have to pay the quoted price when executing an order on the platform.
Automatic purchase
Using VOyager, you can place the investment made in cryptocurrencies on autopilot, this is achieved by setting up recurring purchases for individual coins. It is necessary at this point to connect to an external bank account to fund the purchases.
Storage Security
The platform offers its users a secure storage system, so they can store their cryptocurrencies in collaboration with their partners.
High APR interest
With Voyager you can earn up to 12% APR interest on more than 30 digital products, you only need to keep coins in the application and thus generate interest at the end of the month, all this happens automatically.
Powerful tools
Voyager users have at their disposal a variety of useful and powerful tools. From advanced market data, news, interactive charts, to professional research, which will help to gain an advantage in such a competitive market.
Fast registration process
If there’s one thing Voyager boasts, is its fast registration process. In fact, it’s self-listed as one of the fastest in the crypto universe, you just need to download the app, create the account, verify and add funds.
Pros
As pros we can list:
- Accessibility to various exchanges with one account.
- They make more than 50 digital assets available to traders.
- The operations carried out on the platform are free of commissions.
- You can earn up to 12% APY.
- Ease of use in the mobile application.
- Purchases can be programmed, they are automatic.
- Voyager users can earn cash rewards and other exclusive services by using the mobile app.
- Simple verification process.
- Deposits are instantaneous.
Cons
Among the cons we have:
- They do not have a currency-to-currency exchange option.
- The verification process is lengthy.
- The auto-custody function, which is used as a measure to protect digital assets, is not available.
- This exchange is only available to US residents, with the exception of New York.
BlockFi
BlockFi is a centralized exchange that started its operations in 2017, being its main objective to make available to traders traditional financial services at hand, but through the use of cryptocurrencies.
BlockFi was founded by Zac Prince, who is the current CEO and is a New York-based financial institution. Prince founded BlockFi to emulate banks in the cryptocurrency area, as well as to offer cryptocurrency-denominated credit cards and in January 2018 they began offering fiat money loans against bitcoin and other cryptocurrency collateral.
Features
BlockFi’s features are:
Cryptocurrency loans
BlockFi is one of the platforms that have led the cryptocurrency loans. The interests to be paid are fixed, paid monthly, and are received on the first day of each month. In the case of this platform it is not necessary to lock the capital to receive interest or meet certain conditions.
Fast registration
With this exchange you can register quickly, needing a verification or KYC that is done fast. If you need to have access to all the features, then you will need to both register and verify on the platform. In the case of withdrawing money, the process takes one business day.
Ease of use
BlockFi both in its web version and mobile applications provides an easy to use interface, allowing the withdrawal, deposit and conversion of currencies, this applies to both FIAT and cryptos.
Cryptocurrency trading
Users can trade or buy cryptocurrencies without commissions, enjoying an intuitive and fast interface to do so.
Commission-free exchange
This exchange is presented as completely free for any type of exchange service, this makes it stand out from other similar platforms, which charge fees ranging from 0.1% to 4%.
You earn compound dividends
With BlockFi you can earn more cryptocurrencies without locking your assets, no hidden contracts, no potential scams.
Possibility to automate operations
The exchange allows the possibility of automating your operations with a simple configuration. That is, you can establish a recurring trade order, avoiding entering and placing orders manually on the platform.
Credit card available
The platform offers a credit card in order to reward its users with 1.5% of their purchases with fiat currencies, paying in Bitcoin, this applies to purchases worldwide.
Pros
As pros, we find:
- Automatic operations can be performed.
- This exchange is commission free.
- Easy to use platform.
Cons
Among the cons are:
- The interest paid for BTC is 5%, and ETH is 4.5%, both of which have a downside when you pass a certain threshold.
- The coin offer is limited when compared to other platforms.
- Not available in all countries.
Uphold
Uphold was started in 2013 by Halsey Minor in South Carolina, USA. Formerly known as Bitreserve, it was born out of Minor’s own experience with finance and financial institutions in the past. It has since expanded to other continents such as Asia and Europe.
Uphold is a financial platform, which is based on the cloud, its objective is to facilitate transactions of purchases, sales, exchanges or storage of currencies, cryptocurrencies, and financial assets, for companies or individuals.
If anything characterizes Uphold is its transparency and various free services, which has made it one of the most popular platforms for trading cryptocurrencies in countries where local exchanges do not exist. Therefore, this platform has made it easy for these users to operate with their own currencies.
Features
Among the features offered by Uphold are the following:
Quick and easy registrations
Registering is very simple, you only need to fill out a few steps, and that’s it, you will be able to enjoy this platform. The best of all is that the registrations are free, and if you are a verified member you will enjoy a series of additional services.
Customizable and intuitive desktop platform
Its platform is simple, very intuitive and can be customized as you wish.
AutoPilot function
With this feature you can schedule regular trades of your favorite cryptocurrencies, stocks, precious metals, and more.
Intuitive account purchase and financing options
You can intuitively buy shares and finance, with no commissions or minimums.
One-step ordering
Placing purchase and sales orders on Uphold is a one-step process.
Instant Transfers
Transfers are instant, the best thing is that they are recorded and will be displayed immediately, and anonymously in “Reserveledger”.
Automatic currency conversion
With Uphold you can automatically convert currencies because it effectively connects the traditional financial system with the digital economy.
Uphold Card
Uphold introduces us to one of its flagship products Uphold Card, a cryptographic debit card that operates like the traditional debit cards you know. It differs because it has a range of assets that it offers users, which can be used as backups to make payments with the card.
Pros
As pros of Uphold we have:
- Commissions are low.
- Various cryptocurrencies, currencies and precious metals are available.
- Intuitive and easy to use platform.
- Simple verification process.
- You have the possibility of trading.
- Mobile application available.
Cons
As cons of Uphold we can mention:
- Payment methods not available for all countries.
- Possible commissions with currency exchange.
- Cryptocurrency wallet with a very low rank.
- It does not have charts or other resources that are necessary for trading.
Kraken
Kraken is a centralized cryptocurrency exchange platform, with more than 10 years in the crypto market, standing out for being reliable and secure, being of ideal use for both professionals and retail traders.
It has been in existence since July 28, 2011, its founder and current CEO is Jesse Powell and is based in San Francisco, USA.
It is one of the few platforms that allows the acquisition of bitcoin and other cryptocurrencies using fiat money. This makes the platform stand out for its high volume of transactions in euros, British pounds, U.S. and Canadian dollars and Japanese yen.
Features
Kraken’s features make the difference, we’ll tell you about them:
Minimalist design
Kraken distinguishes itself by offering its users a platform with a minimalist, simple and user-friendly design, while still covering the basic aspects of a professional exchange. This makes the trading experience much more intuitive.
Diversity in cryptocurrencies and fiat currencies
Kraken exchange has 54 cryptocurrencies available. Offering fiat currency pairs that are the most popular ones such as XBT/EUR and XBT/USD.
Leverage margin trading
Traders will be able to trade on margin or leverage, allowing them to trade positions larger than the amount in their account. This works as follows, the exchange makes a loan to the trader, which represents a multiplier factor for opening their positions.
But, if you don’t know how to use it, this tool can become a double-edged sword, because just as you can multiply your profits, you can also multiply your losses, and you can even lose all your capital, in the specific cases of rapid price drops.
If a trader invests large amounts, starting from 50,000 USD, Kraken offers a discount for buying cryptocurrencies in volume and can benefit from a commission of 0.002%.
Cold storage of cryptocurrencies
Kraken makes use of cold storage wallets, i.e. offline, so in case of any external attack the funds will be protected.
Different security mechanisms
This exchange takes security very seriously, so it has servers located in restricted access areas, being the access to the servers regulated and controlled 24/7. Additionally, user information is encrypted, making it impossible to use the information in case it is stolen.
Also, the platform forces users to activate the two-factor authentication or 2FA. A large number of security specialists are available to detect possible vulnerabilities in the system.
Pros
Among Kraken’s pros we list the following:
- Excellent trading conditions with low costs.
- Exchange that enjoys great prestige and recognition in the crypto market.
- For long-term investment, it has attractive contracts such as cryptocurrency indexe
- It has several fiat currency pairs.
- Good conditions to operate frequently.
- Good liquidity.
Cons
As cons are:
- The preferred language of the platform is English.
- Customer service needs improvement.
- Few options for payment methods and withdrawals, compared to the competition.
eToro
eToro stands out as one of the largest forex brokerage and social trading platforms, trading in 140 countries, with over 11,000,000 active users. This broker presents itself as a different product, standing out from the rest.
This financial services company was founded in 2007 by brothers Yoni Assia (CEO and co-founder) and Ronen Assia (co-founder). It has offices in Limassol, Cyprus, London, England and Tel Aviv, Israel. It currently has approximately 12,000 employees and revenues of approximately US$605 million.
It is a leading social trading platform which makes it very popular. With eToro the accessibility to the cryptocurrency market is simple, you only need the login credentials of an investment account.
Features
eToro is characterized by:
Social Trading
Traders can interact with other investors, being able to trade derivatives, ETFs, cryptocurrencies, and fractional real shares.
Copy Trading
You will be able to copy the decisions of some investors, for this the user decides to put their trust in them, leaving the decisions in the expert hands, and wait for the results.
CopyPortfolios™
CopyPortfolios operate automatic learning algorithms, which seek to generate the maximum return at a specific time. Traders can choose from a variety of similar strategies and portfolios, and can invest and trade as they like.
Popular Investor
This broker with a wide portfolio of investors, can be located in the advanced search system to choose the criteria you need. When performing searches be sure to check the profile of the investors to validate that the track record is consistent.
eToro webtrader
eToro is compatible with CopyPortfolios and CopyTrader, offering social trading opportunities to its users. It also has TipRanks which offers information from over 15,000 analysts covering stocks. In addition, it has the ProChart tool, one that allows manual traders to view technical analysis.
Pros
As pros of the eToro platform we can mention:
- Simple social trading procedure.
- Wallet available for iOS and Android.
- Extensive cryptographic options.
- Twitter-based digital asset indicator.
- It offers the possibility to trade with or without leverage.
- Access to a virtual demo account, which is provided free of charge.
- It is cross-platform and multi-language.
- It has a Web App useful in any modern browser, it also has a mobile app for iPhones and Android, as well as personal computers.
Cons
As cons we have:
- The accounts operate in US dollars, if you use another currency you will have to pay an exchange fee.
- The customer service is 24/5, taking a long time to give an answer.
- Withdrawal fee is high, it costs about $5 US, and the minimum deposit is $200.
- There is no support for the MT4 trading platform.
Bitcoin IRA
The IRA Bitcoin is presented as an option in the face of the volatility that Bitcoin presents, with users being able to access the financial services offered by some companies with the option of investing in Bitcoin through self-directed individual retirement accounts (IRAs).
Bitcoin IRA is one of the providers in this space, born to give users the ability to invest their cryptocurrencies for retirement, as there is no specific Internal Revenue Service (IRS) account in the crypto world.
Thus, since 2014 what is called the IRS takes into account both Bitcoin and other cryptocurrencies for retirement accounts, where the coins are taxed in the same way as bonds and stocks.
Investors who have IRAs require custodians to accept Bitcoin into an IRA, a difficult or difficult task to achieve. But, thanks to its popularity, companies designed for this purpose such as BitIRS, Bitcoin IRA and Equity Trust have emerged.
Features
As Bitcoin IRA features we have:
24/7 Trading
Bitcoin IRA’s platform allows its investors to buy and sell cryptocurrencies anytime, anywhere, 24 hours a day, 7 days a week.
Custody insurance included
With Bitcoin IRA assets are insured up to $700M with BitGo Trust and Lloyd’s of London.
Cold asset storage
Traders’ funds are stored 100% offline, which provides much more security in case of cyber attacks.
Tax-free investment
Investments can be tax-free or tax-exempt, so you can maximize withdrawal growth in a tax-advantaged IRA.
Earn up to 6% interest on your IRA
Earn interest payments on cryptocurrencies and cash inside the retirement account, being able to earn up to 6% interest on their IRA.
Complete control panel
Bitcoin IRA’s unique Bitcoin dashboard features several attractive functions for traders, such as portfolio performance, price tracking, videos, education, and more.
Pros
As pros of the Bitcoin IRA are:
- Diversification of retirement portfolios.
- Protection of retirement accounts in the event of a market downturn.
- They represent long-term investments.
- Decreased payment of high capital gains taxes when cryptocurrencies are included in some types of retirement accounts.
Cons
The cons are:
- Extreme volatility of cryptocurrencies.
- High fees may be incurred with additional risks.
Crypto.com
Crypto.com is a very robust exchange within the cryptocurrency market. It can be used for transactions such as buying and selling assets. Crypto.com was founded in 2016 and from that time to date it has to its credit more than 10 million affiliated users and 2600 employees, supporting more than 90 countries.
It is a safe and reliable platform, where they provide their users with cryptoassets’ insurance. They have an app available only in mobile version, being its interface very simple, and eye-catching, with just one click you can access several of its features.
They have a native token, which is called CRO. It has the functionalities of a high-end exchange, that includes the visa crypto card, and different programs that fit in crypto earn.
Features
Crypto.com offers everything in one place, where you can:
Easy transactions
With cripto.com you will be able to make easy transactions such as buying and selling cryptocurrencies, as well as making payments for daily expenses through their cryptoassets.
Staking pays off
If you do staking with Crypto.com you can bet funds, the best of all is that you can see the benefits reflected in the CRO token. Keep in mind that this may vary depending on the cryptocurrency market, ranging from $0.09 to $0.12.
If you do staking of the token CRO you can have as advantages:
- Obtain higher annual interest rates.
- Opt for the metallized Crypto premium cards.
- Get a 50% discount on Invest Feature fees.
Benefits are more than you can imagine
Get interest through their cryptocurrencies, make investments in cryptocurrencies, you can opt for loans by putting as collateral their cryptoassets. Also receive payment from third parties in cryptocurrencies.
Pros
With Crypto.com you have as pros:
- You will be able to buy and sell almost any type of currency, including fiat currencies.
- It is a platform that gives the user everything in one place, quickly, and with updated rates.
- Clear processes with easy linking.
- It offers security mechanisms in all the processes of this type of business.
- It provides its customers with VISA cards that link the money in the Wallet.
- It gives options to “freeze” money for a specified period of time, earning interest at the end of the period.
- Widely accepted, which generates confidence, besides the increase in value and number of shares to the company.
- Most reliable solution for anyone who has cryptocurrencies, you can make purchases, or who need to sell and buy cryptos.
Cons
Among its cons stand out:
- Young company in the cryptocurrency market, which may generate some distrust in users when investing.
- There is a variation in the taxation and finance issue depending on the country where the platform is used.
- English, Japanese or Mandarin languages are preferred within the platform, other languages such as Spanish or French are not available.
Binance
Binance has among its objectives to make cryptocurrencies available to users in real time, without restrictions. It is known as one of the most robust and largest exchange platforms in the blockchain world.
It was founded in 2017 by Changpeng Zhao who is the current CEO. Zhao was also the founder of Fusion Systems and worked on OKCoin, a trading platform between fiat and digital assets. In 2017, the company moved its headquarters and servers to Japan and by 2018 established its offices in Taiwan.
Over the years, Binance has demonstrated an interesting transaction volume management, which has generated confidence in its users to perform operations safely. All the trajectory demonstrated since its inception until today is reflected in the number of investors who bet on this platform.
Features
Binance is a cryptocurrency exchange platform that stands out for:
Easy Staking process
By staking with Binance you can enjoy the benefits of bringing your coins to this platform. You can also earn passive income by holding your coins, and the best part is that there are no fees charged for this transaction.
Agile Transactions
With Binance you can buy and sell cryptocurrencies. You can also trade, regardless of your level of experience, suitable for both beginners and advanced traders.
High processing capacity
The platform has a high processing capacity of more than 1.4 million transactions per second.
Binance card
Binance offers within its products the Binance Card, a cryptographic card that operates like a debit or credit card, thus allowing cardholders to spend their cryptocurrencies at any merchant or associated store.
It differs in use, that is, instead of managing your payments with fiat money, you will pay with your cryptocurrencies, such as SXP, BTC, BUSD, BNB. It has its presentations in physical and virtual cards.
The process of this product is to automatically convert your funds into your local currency when you make your purchases at no additional cost to you. This can be achieved thanks to Swipe’s technology, which promotes instant conversions.
Available loans
Binance offers its users the possibility to apply for loans in different cryptocurrencies, for which the same amount of cryptos must be left as collateral, which is called collateralized loans.
The loans offered vary in terms of 7, 14, 30, 90 and 180 days, the commission will depend on the period of time and type of loan requested, which usually ranges from 13% to 35% commission.
Variety of benefits
Users will be able to get different gifts, promotions and contests, they also have available an interesting incentive and rewards program. You can also buy, sell and create non fungible tokens (NFT).
Pros
The pros of Binance are:
- Users can opt for a Visa card.
- Accessibility of the platform in different languages.
- Low transaction fees.
Cons
Among the cons stand out:
- If you are a beginner it can be a bit complicated to use the platform.
- Depending on the number of transactions, it may happen that the platform becomes slow, the server becomes saturated and it is difficult to operate.
Holdnaut
Hodlnaut was founded in 2019 by Zhu Juntao, born as a startup within the financial technology area, being its main goal to provide financial services to earn interest on cryptoassets.
It is a young platform that has registered more than 10,000 users and manages around $500 million. Offering its users optimistic interest rates that make this platform very attractive.
Features
Hodlnaut stands out as a lending platform for:
No minimum deposits
With Hodlnaut there is no minimum deposit required, you can earn up to 7.5% in BTC, and up to 12.73% in stable currencies.
Excellent yields
The platform gives good returns on your cryptocurrency investments.
Diversity of cryptocurrencies
It has various cryptocurrencies, featuring support for the most popular cryptocurrencies such as Bitcoin (BTC), USD Coin (USDC), Ethereum (ETH), Dai (DAI), and Tether (USDT). In addition, the user will be able to choose their preferred cryptocurrency to receive interest payments.
Staking is advantageous
Hodlnaut pays interest on cryptocurrency deposits. They are used to provide margin loans to crypto traders, accepting deposits and paying interest on ETH, DAI, BTC, USDC, and USDT.
Affordable loans for businesses only
Loans granted by Hodlnaut are for institutions, for this they require putting cryptos as collateral. Hodlnaut stands out for offering the lowest rates in the market, transparency, and they do not hide fees. In addition, the user can choose between open or fixed terms of more than 3 months. The loan granted is flexible in value from 25% to 100%. They have a minimum loan application amount of USD 50,000. And Hodlnaut acts as a counterparty on all loans.
Cryptocurrencies are not locked
Cryptocurrencies with Hodlnaut are not locked as with other platforms of this type, you can withdraw them whenever you want. However, the user must take into account the activation of two-factor authentication (2FA) to perform the transaction.
Relatively fast withdrawal processes
Within the platform you can make withdrawal transactions, which are made almost instantly, however, it may take longer in some cases, depending on the amount to be withdrawn. It is important for the user to be aware that if they activate the whitelist, the withdrawal process will not take place until the address is added to the withdrawal list, which can take up to 48 hours.
Other benefits
The user will be able to opt in to Nexus’ mutual custody coverage, and easily exchange tokens on one platform.
Pros
As pro Hodlnaut presents:
- It does not place periods of cryptocurrency blockades.
- No minimum deposits.
- Intuitive and easy to use platform, ideal for beginners.
- Offers high interest rates.
Cons
Among the cons are:
- Accepted cryptocurrencies are limited.
- No FIAT deposits.
- Cryptocurrency loans are available only to institutions.
Conclusion
Selecting the best exchange platform will depend on your tastes and preferences, level of experience you have in cryptocurrency trading, and preferences of specific crypto assets you wish to trade.
When you try each of them you will notice that there are marked differences, for example, in the simplicity or complexity of the platform at the time of trading, some are more suitable for beginners, others definitely require experience to understand the amount of trading features and complex trading tools that they provide.
Before you decide, you also need to study where the broker operates, as some brokers are limited to only operate in the United States, which can be disadvantageous when you want to enjoy all the advantages, services and / or products that the platform brings with it. If you have any additional doubts, make sure to visit all of their official websites and research before you decide which one is the best for you.
