Cryptocurrency has taken the world by storm and is one of the most traded digital assets in the world. There are several crypto platforms/brokers/exchanges that allow trading cryptocurrency. However, there is constant speculation over the legitimacy of these platforms. Nevertheless, some platforms allow you to trade safely and effectively.
Security is one of the main concerns when trading cryptocurrency, which the ones on this list do offer; however, there are more perks that come with these four cryptocurrency exchanges.
Best Low Fees and Best For Experienced Traders – Kraken
Kraken allows you to trade the most common cryptocurrencies on the platform, with over 240 different coins that you can buy and sell. Another benefit is that it doesn’t overcharge for exchange fees either. Kraken is good for both experienced and inexperienced traders in the stock market.
With its simple-to-use interface and high liquidity exchange, there is no surprise why Kraken is so popular, as you are capable of trading Bitcoin, Ethereum, Tether and much more. However, there are some issues with this exchange platform and one of those is that you are charged more if you don’t use the pro version.
There have been some issues of security with Kraken, with some of its users reporting losses due to hacking; however, that has not been confirmed.
Best For The Beginners – Coinbase
Coinbase is one of the best exchanges, especially for those new to trading cryptocurrency. Again, this platform offers a variety of cryptocurrencies to trade, which is why it is so popular. It also allows rapid transactions when trading, meaning the price won’t change much when you have put your transaction in.
Due to its simplicity, it makes it very easy for crypto and NFT beginners. Additionally, if you have an account on Coinbase, it has an in-exchange marketplace where users can trade, or collect digital collectables.
There are a couple of negatives with Coinbase, as there are high transaction fees. Coinbase doesn’t have great customer service to deal with any issues you may have while trading. Finally, Coinbase has access to all private keys, which are essentially passwords for your digital wallet. It means they have full access to your digital currency.
Best Mobile App – Crypto.com
For simple investments, Crypto.com is the best app for mobile transactions. There is a wide range of digital assets that you can access with just a few clicks on your mobile phone. Plus, there are several benefits to using Crypto.com.
One of the positives to using crypto.com is that there are a lot of cryptocurrencies available. Another great positive is that they offer discounts for competitive fees and unlike Coinbase, they offer great support, unlike other stock exchanges. They also have hardware wallets that protect their investment even more.
Like all crypto exchanges, there are a couple of issues with crypto.com. Crypto.com can have really high fees unless you hold and use CRO. If you have a CRO currency, then you will have a discount on your trading fees. Additionally, their customer support doesn’t have the best reviews. Although you can have a trading fee discount, it can be quite confusing as there are multiple tiers to this.
If you want a simple-to-use app that has access to a large number of cryptocurrencies, then this is a great app to use.
The Best For Security – Gemini
One of the main issues with these crypto exchanges is that they don’t offer good security. However, that is not the case with Gemini. Gemini seems to be pretty secure in comparison to its competitors. It offers hot wallet insurance, which means that if the wallet is breached or hacked, it is covered by digital asset insurance.
Although their level of security is good, there is a lack of cryptocurrencies available on the platform. Trading fees can be high, especially if you are only making small crypto transactions of crypto.
If you want to trade with crypto but are worried about the security of other exchanges, Gemini is the one for you. Yes, you have to pay more expensive transaction fees but if you pay for Gemini, you can be sure your crypto is safe.
Summary
There are a variety of crypto exchanges that you can use. It all depends on your circumstances. Some people prefer more security with their investments to avoid things like Binance fraud and other crypto scams. Other people want to diversify their portfolios and invest in a variety of crypto coins. If you trade with small amounts, then look for platforms with small transactional fees.
Trading crypto is a great way to grow wealth and it is a different method of investing compared to stocks. The market is very different in comparison to the stock market, which is why people invest in crypto. However, it can be volatile so you have to invest wisely.
