The untimely, controversial and crypto-market damaging implosion of the FTX exchange platform left traders with a nagging dilemma – where to easily but securely buy, sell and trade cryptocurrencies right now.
Truth be told, there are more than 600 crypto exchange platforms across the world right now so finding one shouldn’t be too hard for traders that were affected by the FTX disaster.
However, picking is not as easy as counting 1, 2, 3…as traders need to take into consideration a lot of factors before they can make the choice for a platform that will serve as their all-reliable crypto-buddy.
Along this line, here are some of the top crypto exchanges that sellers, buyers or traders might want to take a look at in their quest to find the best exchange platform out there.
1. BINANCE
Founded in 2017 by Changpeng Zhao, Binance consistently asserts its dominance in the industry by providing its users with the most trading pairs that result in it having the highest trading volume when compared to its competitors.
Advantages:
- Fast and easy sign up process
- Supports credit and debit cards for direct purchase of crypto assets
- Offers free deposits
- Transactions are completed quickly
- Offers lucrative on-site staking options for its users
Disadvantages:
- Binance has a history of being hacked on multiple occasions
- Main site not available in the USA
- Withdrawal fees are a bit high
- Doesn’t offer much regulation
2. COINBASE
Being in operation since 2012, Coinbase has established itself to be one of the best ways to buy Bitcoin. Based in the United States, it boasts unparalleled trading volume and has established itself as one of the leaders in terms of industry security on its way to becoming one of the biggest cryptocurrency exchanges in the world.
Advantages:
- Gives new users the chance to earn free crypto via coinbase.com/learn
- Coinbase is user-friendly in terms of design, having simple buy/sell buttons coupled with clear price tags
- Regular update and wide diversification of listed coins
- Created its own crypto asset, USDC, which provides protection for its users by selling their volatile holdings such as Bitcoin and Ethereum for the stablecoin
Disadvantages:
- Transaction fees are a bit high
- Coinbase could shut down an account based on where users send the crypto assets they have bought from the platform
- Meticulous identity verification is required
3. KRAKEN
Once considered to be a potential replacement for the now-bankrupt Mt. Gox crypto exchange, Kraken –which was launched in 2013 – is one of the oldest platforms to date. It supports varying funding options and had opened its doors to users across the globe
Advantages:
- Kraken enjoys a large number of positive comments and feedbacks from its users
- The platform is proud to say that it has never been a victim of hacking
- Offers versatile funding channels for users
- One of the original crypto exchanges out there
Disadvantages:
- Known for slow process of account verification
- Does not support credit and debit cards
- Service not available for New York residents
4. BIT crypto exchange
Dubbed as a “full-suite” professional trading platform, BIT– a relatively new crypto exchange – aims to make it professional and easier for its users to purchase, sell and trade digital currencies.
Currently one of the top crypto exchanges in the market today, BIT brings with it the promise to simplify all transactions without compromising security.
Advantages:
- Employs institutional-grade security and liquidity features
- One of the few exchanges offering both options trading service along with spot and perps
- Offers upgraded risk and trading management system known as Unified Margin (UM), saving the trouble from transferring assets between different accouonts
- Offers substantial but safe exposure to emerging or new crypto assets
- BIT rewards hedgers with well-maintained low-risk portfolios via its Portfolio Margin (PM)
- Insured by 200 units of BTC upon its launch
Disadvantages:
- Relatively new
- Can halt withdrawals if suspicious activities are flagged
- Withdrawals are paused every successful user password change
As earlier mentioned, there is no shortage of crypto exchange platforms where traders and prospective buyers and sellers of crypto assets can facilitate their businesses. It’s just a matter of carefully considering every feature that each exchange company has to offer before making a choice.
With FTX now out of the picture, crypto enthusiasts now have the chance to experience the kind of service and other cool features that these major exchanges have to offer.
Image by Miloslav Hamřík from Pixabay