Traders can use crypto trading platforms to buy, sell, and convert various cryptocurrencies and non-fungible tokens (NFTs). It is imperative for digital assets to be traded at the scale they are today to have them. While some trading platforms offer competitive prices or fast speeds, others provide specialized financial products.
Let’s take a look at the best cryptocurrency platforms, how they work, and which one is the best for you by reading on.
What’s going on with crypto?
As the Securities Exchange Commission (SEC) cracks down on the crypto industry, numerous organizations are currently being investigated. This crackdown comes in the wake of several high-profile failures that shook the industry, starting with the collapse of FTX on November 11, 2022.
According to a CNBC investigation, Binance, the international partner of Binance.us, helped its users circumvent Anti-Money Laundering (AML) and Know Your Customer (KYC) laws in early 2023.
Crypto staking services provided by Coinbase and Kraken have also been identified as possibly violating securities law by the SEC. In addition to not offering staking rewards for the Algorand token, Coinbase also shut down its staking service in the U.S. and agreed to pay $30 million to the SEC in penalties.
Our audience may be concerned about the current state of the crypto industry, but we want to assure them that our top picks have strong cybersecurity measures and transparent financial backing. Our recommendation for the best hardware wallet, however, is to buy a cold storage wallet if you are looking for the most secure way to manage your crypto. Our list of the best crypto wallets includes our top recommendation.
Why Trust Money on Crypto Exchanges
For the best crypto exchanges, we vetted the companies based on security, safety, and user experience and spent more than 300 hours researching them. As well as reviewing cryptocurrency regulation compliance reports, comparing fees, and speaking with our crypto experts, we also reviewed available cryptocurrency regulation compliance reports.
Here are our top picks for the best crypto platforms:
1, BTCC
Website: https://www.btcc.com/
The BTCC cryptocurrency exchange was established in June 2011 and holds a high reputation for its commitment to providing reliable and accessible crypto trading services. Over the past 12 years, BTCC has provided secure trading services and holds crypto licenses in the US, Canada, and Europe. A strong focus of BTCC on continuous improvement ensures a fair trading environment for crypto enthusiasts worldwide as the longest-running crypto exchange in the world. As a whole, BTCC is a trusted and reliable platform dedicated to providing exceptional crypto trading services.
2, Coinbase
Website: https://www.coinbase.com/
You probably already know Coinbase if you’re familiar with crypto. With a straightforward onboarding process that eases new investors into trading, the exchange is one of the largest and most well-known in the U.S. Its crypto platform lowers the barrier to entry for new investors. Despite its smooth interface, it makes it easy to use and manage crypto simultaneously.
Additionally, Coinbase provides an extensive and accessible variety of learning materials for its customers. One of these tools is Coinbase Earn, which teaches users how to trade specific cryptocurrencies and rewards them with free cryptocurrencies as a reward.
Coinbase’s security features are also worth mentioning: Coinbase uses two-factor authentication on all versions of its platform, stores 98% of customers’ crypto offline, and offers an insurance policy covering custodial accounts up to $250,000 (in line with FDIC coverage limits per depository). It is because of these robust measures that Coinbase is ultimately worth trying despite its higher fees.
3, Kraken
Website: https://www.kraken.com/
For more than a decade, Kraken has been around, and it’s well known and loved by crypto traders around the world. At first glance, the exchange may not seem to have any standout features: it supports more than 200 cryptocurrencies across a range of services, such as spot trading, margin trading, staking and futures.
You’ll quickly see that Kraken offers one of the safest digital environments for trading crypto if you look a little deeper. Among the exchange’s security measures are industry essentials like two-factor authentication and account timeouts, as well as specialized solutions like PGP-signed and encrypted emails and global settings lock.
Since Kraken went online in 2011, it has never suffered a large-scale hack, which is remarkable because it employs stringent security measures. In order to achieve this accolade, the exchange has used a variety of information security management systems and user-facing security tools, which are not common in exchanges of its size.
4, Bitstamp
Website: https://www.bitstamp.net/
As a way to entice traders to join their platform, many crypto exchanges promise low fees, but then “catch” you with expensive transfer and withdrawal fees. Bitstamp, on the other hand, features inexpensive fees across the board.
Among all the exchanges currently operating in the U.S., Bitstamp offers a maker/taker fee schedule ranging from 0.30% to 0.00% and 0.40% to 0.03%, respectively. A significant benefit for less dedicated traders is that users with a 30-day trading volume of less than $1000 do not have to pay any trading fees. ACH transfers and withdrawal fees for individual cryptocurrencies are both free of charge.
The crypto exchange Bitstamp is one of the oldest in the world. A BitLicense issued by the New York Department of Financial Services (NYDFS) identifies it as the first crypto exchange to receive a Payment Institution license in the EU. Nevertheless, it’s worth mentioning that the company lost over $5 million in a 2015 cyber attack that took several months to go public.
5, Bisq
Website: https://bisq.network/
With Bisq, you’ll get a clean, easy-to-use interface and a wide range of coins from centralized exchanges in a decentralized environment. In addition to being open-source software, the platform’s design is publicly available, and donations from its community fund the project.
A decentralized environment with clean, easy-to-use interface and a vast amount of coin support is provided by Bisq, a centralized exchange. Open-source software is used to build the platform, which means its design is publicly available, as well as donations from the users of the platform, which are funded by their personal savings and donations.
Also, the platform’s security features, which include multi-signature and a security deposit system, ensure that both parties act honestly and are fully in control of their funds during the trading process, enhancing the inherent safety and privacy of decentralized exchanges.
