what does it take to be a good crypto exchange?
Security: The exchange must have strong security measures in place to protect users’ funds and personal information. This can include measures such as two-factor authentication, cold storage, and insurance coverage.
Liquidity: The exchange should have a sufficient volume of trades and a diverse range of assets to ensure that users can buy and sell their chosen cryptocurrencies easily and at competitive prices.
User-friendly interface: The exchange’s platform should be easy to navigate and understand for both beginner and experienced traders. This includes features such as a clear and concise dashboard, a user-friendly mobile app, and accessible educational resources.
Regulatory compliance: The exchange should be fully compliant with local and international regulations to ensure that it operates within the law and protects users.
Customer support: The exchange should have a responsive and helpful customer support team that is able to assist users with any issues or questions they may have.
Diversity of assets: The exchange should offer a wide range of cryptocurrencies to trade, allowing users to diversify their portfolios.
Transparency and trustworthiness: The exchange should be transparent about its operations, fees, and security measures, and should have a strong reputation for honesty and fairness.
Best Crypto Exchanges and Apps As of February 2023
Coinbase: Coinbase is a San Francisco-based cryptocurrency exchange and wallet service founded in 2012. It is one of the largest cryptocurrency exchanges in the world and allows users to buy, sell, and store various cryptocurrencies including Bitcoin, Ethereum, and Litecoin. Coinbase is known for its user-friendly interface and extensive educational resources for users looking to learn about cryptocurrency. Additionally, the platform is known for its strict security measures and insurance coverage for users’ funds.
Robinhood Crypto: Robinhood Crypto is a cryptocurrency trading platform offered by Robinhood Financial LLC. The platform allows users to buy, sell, and hold cryptocurrency directly from their Robinhood investment account. Robinhood Crypto is notable for its commission-free trading and user-friendly mobile app, making it an accessible option for those looking to enter the cryptocurrency market.
Gemini Crypto: Gemini Crypto is a cryptocurrency exchange and trading platform founded in 2014 by the Winklevoss twins. The platform offers users the ability to trade cryptocurrencies such as Bitcoin, Ethereum, and others, as well as access to real-time market data and trading tools. Gemini is known for its strong security measures, including insurance coverage for users’ funds, and its commitment to regulatory compliance. The platform also offers a range of educational resources for users looking to learn about cryptocurrency trading.
Kraken Crypto: Kraken Crypto is a cryptocurrency exchange and trading platform founded in 2011. It is one of the largest and oldest cryptocurrency exchanges in the world and offers users the ability to trade a range of cryptocurrencies such as Bitcoin, Ethereum, and others. Kraken is known for its low fees, strong security measures, and commitment to regulatory compliance. The platform offers advanced trading features for experienced traders, as well as a range of educational resources for users looking to learn about cryptocurrency trading.
Crypto.com: Crypto.com is a cryptocurrency exchange and wallet service that allows users to buy, sell, and store a range of cryptocurrencies. The platform offers commission-free trading and competitive exchange rates, making it an attractive option for those looking to buy and sell cryptocurrencies. Crypto.com also offers a range of financial services, including debit card services, interest-bearing accounts, and loans, allowing users to earn and spend their cryptocurrencies.
Firstrade Crypto: Firstrade Crypto is a cryptocurrency trading platform offered by Firstrade Securities, Inc. The platform allows users to trade cryptocurrencies such as Bitcoin, Ethereum, and others, as well as access market data and real-time quotes. Firstrade Crypto is known for its commission-free trading and user-friendly interface, making it an accessible option for beginner traders. The platform also offers a range of educational resources for users looking to learn about cryptocurrency trading.
Webull Crypto: Webull Crypto is a cryptocurrency trading platform offered by Webull Financial LLC. The platform allows users to trade cryptocurrencies including Bitcoin, Ethereum, and others, as well as access market data and real-time quotes. Webull Crypto is known for its commission-free trading and advanced charting tools, making it an attractive option for traders.
TradeStation Crypto: TradeStation Crypto is a cryptocurrency trading platform offered by TradeStation Group, Inc. It offers commission-free trading of cryptocurrencies including Bitcoin, Ethereum, and others, as well as access to advanced trading tools and real-time market data. TradeStation Crypto is designed for experienced traders and provides a range of tools and resources for technical analysis and algorithmic trading.
SoFi Active Investing Crypto: SoFi Active Investing Crypto is a cryptocurrency trading platform offered by Social Finance, Inc. (SoFi). The platform allows users to trade cryptocurrencies such as Bitcoin, Ethereum, and others, and is designed to be user-friendly for beginner traders. SoFi Active Investing Crypto also offers educational resources and a community of traders for users to engage with.
eToro Crypto: eToro Crypto is a cryptocurrency trading platform offered by eToro Group Ltd. The platform offers users the ability to trade cryptocurrencies such as Bitcoin, Ethereum, and others, as well as access to market data and trading tools. eToro Crypto is known for its social trading features, allowing users to follow and copy the trades of successful traders. The platform also offers a range of educational resources for users looking to learn about cryptocurrency trading.
Binance.US: Binance.US is a cryptocurrency exchange and trading platform that is a subsidiary of Binance. The platform offers users the ability to trade a range of cryptocurrencies such as Bitcoin, Ethereum, and others, as well as access to real-time market data and trading tools. Binance.US is known for its low trading fees and fast transaction processing, making it an attractive option for traders.
Bitcoin Investment Websites
Coinbase is the biggest Bitcoin broker / exchange around, supporting 32 countries and with more than 4 million customers around the world. Founded in 2012 as part of Ycombinator Coinbase is also one of the oldest exchanges around. Coinbase is a regulated and licensed company.
Coinbase allows users to buy and sell Bitcoins through their bank account, credit card, Paypal account (selling only), and other less known methods as well. Even though Coinbase has started out only as a broker (selling Bitcoins directly to customers), lately (May 2016) Coinbase started operating GDAX – A Bitcoin exchange, where Bitcoiners can trade Bitcoins with one another.
Coinbase offers its services in the United States, United Kingdom, Canada, Singapore, and the following European countries: Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Finland, France, Greece, Hungary, Ireland, Italy, Latvia, Liechtenstein, Malta, Monaco, Netherlands, Norway, Poland, Portugal, Romania, San Marino, Slovakia, Slovenia, Spain, Sweden, Switzerland.
Coinbase required verification methods
All Coinbase accounts have a wallet the can be used for sending / receiving Bitcoins. In order to open such an account you will need to supply your full name, verify your email address and accept Coinbase’s user agreement.
If you want to be able to buy Bitcoins with Coinbase you will need to supply a valid bank account to allow bank transfers to Coinbase.
Coinbase buying / selling limits
Once your Coinbase account is set up (tutorial later down in this post), you are able to buy a small amount of Bitcoins until you raise your limit. For example, US residents who have a credit card on file in their Coinbase account (as backup) will be able to purchase up to $1000 worth of Bitcoins a week.
In order to raise your limits on buying Bitcoins you will need to supply the following:
Credit card verification
Debit card verification
If you are a fully verified US resident you can reach the highest limit which is currently $50K worth of Bitcoin a day. Limits may also be sent depending on the payment method you choose to buy the Bitcoins with. For example, ACH transfer has higher limits than buying Bitcoins with a credit card on Coinbase.
Transaction Fee Of Coinbase :
Coinbase is recommended for beginners because it functions more like a bank than a currency exchange. You may convert your USD to BTC there without needing to understand bid and ask prices, or limit and market orders. They also may be the most secure custodial online wallet, though large amounts of BTC should really be held in a hardware wallet.
Considering all of the above, including higher fees, there are many alternatives. Some of them are:
Other Bitcoin Investment websites – Coinbase Alternatives
Best Coinbase Alternatives
Gemini is one of the fastest growing Bitcoin exchanges in the world. They are based out of the United States and are fully compliant with the New York State Department of Financial Services (NYSDFS). Gemini is an online exchange operating with lower fees than Coinbase. It’s New York-based and it operates with individuals and business clients. In the US, it’s reachable in 26 states and DC. Gemini supports buying/selling of BTC and ETH against USD which you can wire transfer from the supported countries and states. One notable thing about this exchange is that they don’t charge a fee for wire transfer deposits, however, respective currency conversion charges will still apply. Maybe you’ve gotten comfortable trading on Coinbase and want to add some advanced tactics to your investment strategy. Or maybe you’ve already got traditional investment experience, so the simplified Coinbase platform doesn’t appeal to you. Either way, Gemini is worth your attention.
Other Bitcoin Investment Websites
Kraken –Coinbase is ideal to get your first taste of crypto, but after some time, three coins just might not be enough for you. If you’re looking to expand your portfolio with the addition of new coins, you should check out Kraken. Kraken is a great place for purchasing bitcoin if you’re looking for large volumes (as their fees look really good). I’d say that finding a big bitcoin exchange with the best commissions is vital when going all in with hefty buys.