When it comes to cryptocurrency, there’s no buying it at your local store, and you can’t trade it physically. For such activities, you’ll need a cryptocurrency exchange. These online platforms are a hotspot for crypto enthusiasts, but they’re not all equal. Some exchanges are certainly bigger than others, and it’s better to know which exchanges are most used and most loved before choosing the one for you.
So, here are ten of the most popular crypto exchanges out there right now.
1. Coinbase
Coinbase, an American exchange platform, was founded in 2012 by investors Brian Armstrong and Fred Ehrsam. It has since become a hugely popular exchange, with a current value of almost $86 billion. Pretty impressive, given that the company was started with just $150,000 from a startup program. It has since expanded with a stock listing on the NASDAQ, a cryptocurrency wallet, and a debit card, allowing users to spend cryptocurrency more easily.
Today, Coinbase supports a wide range of cryptocurrencies, including Bitcoin, Litecoin, Etherum, Stellar Lumens, and even Dogecoin. Its range of supported cryptocurrencies is a big benefit for users, as well as its super simple interface. But, you’ll need a Coinbase Pro account to avoid incurring high transaction fees. However, Coinbase Pro is more suited to advanced or professional traders, so it’s not the best option for beginners or casual traders.
2. Kraken
Kraken was founded in 2011 by Jesse Powell and is now one of the world’s biggest exchange platforms, with an estimated worth of around $20 billion. What’s so great about Kraken is its support of 72 different cryptocurrencies, including Bitcoin, Ethereum, Dogecoin, and ADA (or Cardano). The exchange platform now also comes in the form of an app released in June 2021.
Kraken offers low transaction fees, as well as impressive security measures. However, users cannot make credit or debit card deposits on Kraken, so keep this in mind.
3. FTX
The FTX exchange platform is pretty new, founded in 2019 by MIT graduates Gary Wang and Sam Bankman-Fried. However, FTX is entirely unavailable to those living in the US. Despite this, it’s still managed to obtain a net worth of around $18 billion.
FTX hosts a range of popular coins, including Bitcoin, Ethereum, Binance Coin, Chainlink, Binance Coin, and many more. It also offers MOVE contracts (which are similar to futures), as well as leveraged tokens. It’s generally a great exchange platform for beginners, so if you’re relatively new to the crypto market, give it a try.
4. KuCoin
KuCoin is a Hong-Kong based cryptocurrency exchange launched in 2017. The platform is known most notably for its hosting of hundreds of trading pairs. On top of this, KuCoin supports a selection of well-known crypto coins, including Bitcoin, Binance Coin, Ethereum, XRP, and Tether.
Additionally, KuCoin’s fees are pretty low compared to other platforms. However, it doesn’t offer any fiat trading pairs, and its interface is a little complex for beginners, so take note of this if you’re relatively new to crypto.
5. Poloniex
Poloniex was founded by Tristan D’Agosta in 2014 and was acquired by the American tech company Circle in 2018. Though it was hacked in 2014, it has remained secure ever since and is considered safe in general. But it’s worth noting this if security is your priority.
Poloniex offers impressively low trading fees and supports all the top cryptos, such as Bitcoin, Ethereum, and TRON. Its interface is also easy to use. However, it does not accept any form of fiat currency, which can complicate the whole process for newcomers.
6. Binance
The Binance cryptocurrency exchange was founded in 2017 by Changpeng Zhao, a Chinese-Canadian businessman. In just four years, the company has acquired an incredible overall value of $2 billion, making it a pretty huge crypto exchange. It also has the highest daily trading volume of any cryptocurrency exchange, outstripping competitors by billions of dollars.
Binance offers low transaction fees and speedy trading times, two important aspects for users. It also supports a huge array of different crypto coins, including Bitcoin, ADA (or Cardano), Helium, Orchid, and Ethereum. And while Binance does support fiat currencies, it doesn’t support fiat trading pairs. Its customer support is also pretty limited, with no over-the-phone support available. But it’s still a hugely popular platform with some great features.
7. Bitfinex
Bitfinex is a Chinese crypto exchange founded in 2013 under its mother company, iFinex Inc. And, while this platform has become hugely popular, it’s not without its past problems.
Bitfinex’s customers have had their money stolen on numerous occasions, and iFinex agreed to pay $18.5 million to settle a lawsuit against them that claimed they, along with Tether, conducted undisclosed transactions as a way to cover up Bitfinex’s financial losses. Given these past discrepancies and its non-acceptance of US customers, it’s surprising that Bitfinex is still so popular.
But, with its customizable GUI, multiple trading pairs, and hosting of the world’s biggest crypto coins (such as Bitcoin, Ether, and Litecoin), it’s easy to guess why Bitfinex is still seeing such a high user rate.
8. Gemini
Gemini is an American cryptocurrency exchange founded in 2014. As of 2021, the company holds over $10 billion worth of digital assets and is fast becoming one of the world’s most popular exchange platforms.
Gemini supports all of the top crypto coins, including Ethereum, Bitcoin, Litecoin, Orchid, and Chainlink. It is also legal across the entirety of the United States. However, Gemini’s transaction fees can go pretty high. So be aware of this if you’re looking to buy, sell, or trade using this particular platform.
Gemini also has one of the best cryptocurrency apps for beginners, too.
9. Bittrex
Bittrex was founded in 2014 by three cybersecurity engineers: Bill Shihara, Rami Kawach, and Richie Lai. It’s a pretty simple exchange platform but has evidently taken the liking of over half a million users worldwide, making it a popular choice.
Bittrex supports Bitcoin, XRP, Litecoin, and a huge range of other coins. What’s more, its transaction fees are relatively low, as well as speedy exchanges due to its system design. However, if you’re pretty new to buying, selling, or trading crypto, you may find Bittrex to be a little too complicated to use. On top of this, the customer service is a little slow and could do with some extra employees to handle its increasing customer base.
10. CEX.IO
The British crypto exchange CEX.IO was founded in 2013 by Oleksandr Lutskevych, a software developer and investor. It has since grown to become a hugely popular platform, with around four million users worldwide.
CEX.IO supports the world’s most well-known crypto coins, including Ethereum, Bitcoin, Dash, Litecoin, and Ripple. It also supports four fiat currencies, including GBP, USD, RUB, and EUR. CEX.IO’s trading fees are also pretty low, and it even offers over-the-phone customer support.
However, some of the less popular crypto coins are not supported by CEX.IO, which can be a big barrier for many. In addition, new York and Virginia residents also cannot use CEX.IO, so keep this in mind if you reside in one of these states.
What’s the Best Cryptocurrency Exchange?
With the increasing popularity of cryptocurrency, and therefore exchanges worldwide, it’s no surprise that companies are constantly working to improve their services, offering more coins, more fiat currencies, and friendlier interfaces. Who knows what advanced features these exchanges will offer next. We’ll certainly be here to keep you updated on them!
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