The cryptocurrency market has witnessed remarkable growth in the last decade, and many individuals are contemplating Bitcoin investment due to its increasing mainstream adoption. To get started, it’s crucial to select a reputable cryptocurrency exchange. Novice traders should avoid the common mistake of hastily signing up on any crypto trading platforms they come across. This hasty decision-making can make you vulnerable to scams, resulting in potential financial losses.
There are so many cryptocurrency exchanges that have appeared in recent years. It can be overwhelming to try and determine which one is legitimate. Don’t let the fear of choosing an unreliable exchange stop you from getting involved in the crypto community. It might surprise how simple and secure cryptocurrency trading can become once you have found the right platform. We’ve researched to find the best crypto exchanges for you. Let’s get into the various crypto exchanges.
#1 eToro – Best Overall
eToro is was founded in 2007 by two brothers from Israel as RetailFX. The company has grown to be one of the most popular crypto exchanges worldwide, with more than 17 million users at the end of 2020. eToro is regulated by legal entities in the European Union (E.U.), United States, Australia, China, and Australia.
eToro allows you to trade the 15 most popular cryptocurrencies, including Bitcoin and Ethereum. Users outside the United States can also trade non-crypto assets. You must deposit $50 to register as a U.S.-based trader on eToro. However, you don’t have to keep a minimum balance after that. If you wish to copy other traders, every trade must exceed $25 in value.
eToro’s simple-to-use platform has many features that make it one of the most popular crypto exchanges for beginners traders. You can also practice trading with a virtual account with $100,000 in pretend money if you aren’t ready to trade. eToro also offers a wealth of educational content via its website.
A social media-like dashboard allows you to communicate with other users, sharing ideas, and even entering trades together. If you want to be like the pros, you can use eToro’s CopyTrader tool to copy high-performing traders’ trades.
If you are a veteran investor, it is possible to sign up as a professional to get paid each time someone copies your portfolio.
#2 BlockFi: The Best Interest-Earning Accounts
BlockFi is the most popular crypto exchange platform to earn interest-earning accounts. It is based in the United States and allows its users to purchase crypto and begin earning since 2017. BlockFi is backed by Fidelity and SoFi, major financial players. This is free to join, and there are no fees to trade. There is no minimum deposit required. Gemini, BlockFi’s custodial representative, may allow you to withdraw minimums if your BlockFi Interest Account is (BIA).
The BIA is the best cryptocurrency exchange to earn interest. BlockFi offers a 6% annual percentage yield (APY) on Bitcoin and even higher APYs for other cryptocurrencies. BlockFi’s interest calculator will give you an estimate of how much your balance will earn over some time.
BlockFi also offers business accounts, regular trading accounts, and crypto-backed loans to expand your profile. It will be offering the first Bitcoin rewards credit card. BlockFi Bitcoin Rewards Credit card will be available in several states in the United States. It will offer 1.5% Bitcoin back on all purchases. Register now to be on the waiting list! You should be able to navigate the BlockFi platform on any device, desktop, or smartphone, as long as you are familiar with cryptocurrency trading.
#3 PrimeXBT: The Best Platform for Trading Cryptocurrency CFDs
PrimeXBT is the best site for trading CFDs on Bitcoin and Ethereum. PrimeXBT was founded in 2018 in Seychelles. It is currently available in 150 countries. Stricter crypto-exchange regulations exempt the United States and Canada. PrimeXBT’s growth has been exponential despite being excluded from large cryptocurrency markets. PrimeXBT is committed to user security and does not allow users to store funds on the internet. PrimeXBT users can trade more than 50 assets, but the exchange accepts only Bitcoin payments. You can convert your money to Bitcoin easily through the Changelly API.
PrimeXBT accounts require a minimum deposit amount of 0.001 BTC to be created. It doesn’t charge any deposit fees, but a fixed withdrawal fee amounts to 0.0005 BTC each time. PrimeXBT charges traders a 0.05% commission for any cryptocurrency-based trades. You will also be charged Changelly conversion fees
PrimeXBT’s intuitive platform offers simple tools such as price charts, Bitcoin leverage, and copy trading. PrimeXBT’s mobile app allows you to access your account.PrimeXBT offers 24/7 customer support in English and eight additional languages to serve its global user base.
#4 Binance: The Best Place to Trade Altcoins
Binance is headquartered in Malta and has been trading cryptocurrencies since its inception in 2017. The exchange is compliant with U.S. regulations, but residents of 28 states can only use it. Despite this, Binance has a remarkable trading volume in the global exchange space. Binance lets you trade fiat money, but this crypto exchange shines when it is about the multitude of altcoin trading options. Binance has a more incredible selection of cryptocurrencies than other Bitcoin exchanges. There are 600 trading pairs. Although only 100 pairs are available to U.S. traders, that’s still a lot more than many different platforms.
American traders can’t also make USD deposits. However, you can still purchase cryptocurrencies using various payment methods, including credit and debit cards, as well as EUR and GBP transactions. Binance charges 0.1% fees for both the maker and taker, but these fees decrease with trading volume. You can also trade in Binance Coin (BNB), the native cryptocurrency of Binance. This gives you a 25% discount.
Binance offers a variety of educational content to newbies in terms of features. Binance is a crypto exchange that focuses on advanced tools for veterans traders. This includes advanced charting and an incubator lab for blockchain-related projects. It also offers a launchpad for new tokens.Binance’s innovative platform can be accessed via the exchange website or the Binance smartphone application. The app is free to download from both the App Store (and the Google Play Store).
#5 Coinbase: The Most Popular Crypto Site
Coinbase, a U.S.-based Bitcoin exchange, has been trading high volumes among American cryptocurrency traders since its 2012 founding. It is fully regulated and operates in over 40 states and territories. Coinbase provides 22 different cryptocurrency options for trading via its intuitive platform or its subsidiary Global Digital Asset Exchange (GDAX), which is available in the U.S. and U.K. Coinbase allows fiat currency trading.
This makes it one of the most popular crypto exchanges. It also allows beginners to trade, which helps them to get money straight into their bank accounts. You can get bonuses ranging from $5-10 when you open a Coinbase account or deposit $100. Coinbase, like most cryptocurrency exchanges, charges a trade fee. This fee can be $0.99 up to $2.99 depending on the trade’s value.
Although it may seem high, Coinbase does not charge withdrawal fees. GDAX does not charge fees to transfer funds between Coinbase and GDAX accounts. Coinbase’s range of features is perfect for beginners. Custodial accounts make crypto newbie’s lives easier. A robust library of learning resources will also help them get up to speed.