If you are looking to get on the cryptocurrency bandwagon, there is a myriad of cryptocurrency trading platforms to choose from these days. Of course, not every single one offers the same benefits, and not all of them can measure up to the leaders of this booming new investment venture. Looking for the right cryptocurrency trading platform? Here is a list of the leading 6 exchange platforms based on reviews in addition to numerous other essential standards one should be looking out for such as; ease-of-use, costs, and security.
Coinbase
Endorsed by savvy investors and already preferred by millions of users worldwide, Coinbase is currently one of the trendiest, if not the most highly-regarded trading platforms on a global scale. Coinbase’s platform enables the easy purchase, storage, and exchange of virtual currency with utmost security.
Coinbase users can make transactions in a variety of cryptocurrencies and Altcoins, including but not limited to Bitcoins and Litecoin using their virtual wallet on their iOS or Android device, or even on Coinbase’s affiliate Global Digital Asset Exchange (GDAX).
As of today, GDAX serves the US, UK, Canada, Australia, Singapore, and parts of Europe. There is presently no transaction fees when you transfer funds between your GDAX and Coinbase accounts. At this time, however, some geographical restrictions apply where the variety of exchangeable currencies are concerned.
Pros: Reputable and highly-rated; secure; affordable fees; user-friendly for beginners; and there is insurance available for currency storage.
Cons: Lack of customer service; limited selection of payment methods; geographical restrictions (only available in certain countries); the disorderly launch of services globally; and GDAX is only fit for tech-savvy traders.
Kraken
Established in San Francisco in 2011, Kraken is the most prominent Bitcoin trading platform in euro and liquidity. Not to mention, the company is also one of the co-founders of the world’s first cryptocurrency bank.
Kraken allows for the exchange of bitcoins as well as traditional currencies such as US dollar, Canadian dollar, Euro, British Pound, and also Yen. Trading other cryptocurrencies such as Ethereum, Litecoin, ICONOMI, Monero, Zcash, and Ripple is also an option. For savvier traders, Kraken also provides its users with the option to trade margin among numerous other exchange features. Indeed, Kraken is an excellent option for those who are well-versed in cryptocurrency trading.
Pros: Highly reputable; reasonable exchange rates; affordable transaction and deposit charges; high security; excellent customer support; and little to no geographical restrictions.
Cons: Few payment options; not user-friendly for beginners; and complicated interface.
Bitstamp
Established in Europe in 2011, Bitstamp is a cryptocurrency marketplace. Bitstamp is one of the first cryptocurrency trading platforms that managed to build up a loyal customer base. Bitstamp is a reputable and trustworthy presence within the cryptocurrency community as a platform that prioritizes secure transactions. It boasts cutting-edge safety features including but not limited to their two-step verification. Bitstamp offers customer support 24/7, and its user interface is available in numerous languages. Upon creating a free account, following their first deposit, users can begin exchanging currencies right away.
Pros: Reputable and well-established; top-level security features; accessible in every country; reasonable transaction fees; and ideal for the moving of substantial funds.
Cons: Not user-friendly for beginners; lacks many methods of payment; high deposit charges; and the user interface is not very intuitive.
Poloniex
Established in 2014, Poloniex is currently one of the biggest players in the cryptocurrency trading game. The trading platform enables the secure exchange of upwards of 100 different cryptocurrency pairs, complemented by sophisticated tools for high-level traders. Being one of the most highly-regarded and reputable cryptocurrency exchange platforms with sky-high exchange volumes, traders never have trouble closing a trade position. Poloniex implements a volume-based, maker-taker fee plan for all exchanges, which means that fees vary depending on whether one is a maker or taker. For makers, charges can go up to 0.15% at the most while they can reach a maximum of 0.25% for takers.
A feature that sets Poloniex’s platform apart is its Chatbox which is continuously swarming with discussions about troubleshooting and practically about everything related to the platform. When the traditional customer support won’t do, Chatbox is a great alternative to get your questions answered by other users who may be savvier or may have encountered a similar issue you are.
Pros: fast signup; many remarkable features; allows Bitcoin lending; ease of use; reasonable exchange rates; and an open API.
Cons: Poor customer support
Bitsquare
Bitsquare is an intuitive P2P trading platform that enables the purchasing and trading of bitcoins for cryptocurrencies as well as some fiat currencies. Bitsquare views itself as an entirely decentralized and peer-to-peer trading platform that allows instant access to users without a need to create an account.
Bitsquare never retains user funds and limits the exchange of personal information to trading affiliates. Bitsquare is equipped with exceptional security measures, from the use of multisig addresses to security deposits. Anonymity is also an option when you are a user on Bitsquare.
Pros: Highly reputable; safe and secure; availability of most cryptocurrencies; no requirement to sign up; reasonable fees; all features accessible worldwide; and an excellent choice for seasoned traders.
Cons: Only a few payment methods available; mediocre user support; not user-friendly for beginners.
CoinMama
CoinMama is a seasoned merchant platform that everyone can go on to trade cryptocurrencies like Bitcoin or Ether. CoinMama is an excellent choice for investors wanting to buy virtual currency instantaneously using traditional currency, which can be purchased by credit card or even through MoneyGram. Despite the fact that CoinMama is accessible globally, traders must be in the know that those in certain countries are restricted from taking advantage of some of the features of the trading platform. CoinMama platform comes in five languages, including English, French, German, Italian, and Russian.
Pros: Well-received and highly-rated; ease of use for beginners and novice users; an elegant and simple user interface; availability of a comprehensive variety of payment methods; all features accessible across the globe; and fast processing.
Cons: Steep trading rates; an additional charge for credit card purchases; no bitcoin-selling feature; and mediocre customer support.
Featured Image: Depositphotos/© dennizn
Posted on May 5, 2023