Crypto trading on cryptocurrency exchanges requires knowledge about the market, which can help you gain profit. Before starting your trading journey, you first need to know what cryptocurrency is?
Table of Contents
What is cryptocurrency?
Cryptocurrency is a new asset class that exists only digitally and is powered by blockchain technology. It can be traded like stocks and commodities.
A cryptocurrency is not issued by a central authority. Blockchain helps record and manage transactions. It is also the technology that gave birth to cryptocurrency.
All the records are secured and stored in a distributed ledger using robust cryptography.
Now that you know what cryptocurrency is, you need to know where to use cryptocurrency to profit.
What is a cryptocurrency exchange?
Simply put, a crypto exchange allows you to buy and sell crypto assets.
Cryptocurrency exchanges facilitate users’ trading of assets by acting as intermediaries. And earn profit through transaction fees.
This article will look into the top 10 cryptocurrency exchanges based on multiple parameters.
Summary
| Name | Security | Beginner-friendly | Fee | Mobile friendly | Reputation | Supported currencies | Overall |
|---|---|---|---|---|---|---|---|
| Binance | 5/5 | 4/5 | 4/5 | 5/5 | 5/5 | 5/5 | 4.7/5 |
| Uphold | 4/5 | 4/5 | 4/5 | 4/5 | 4/5 | 4/5 | 4/5 |
| PrimeXBT | 4/5 | 4/5 | 4/5 | 4.5/5 | 4/5 | 4/5 | 4.1/5 |
| Coinbase | 4/5 | 5/5 | 3/5 | 5/5 | 5/5 | 3/5 | 4.3/5 |
| DeGate | 5/5 | 3/5 | 3/5 | 4/5 | 4/5 | 4/5 | |
| BYDFI | 5/5 | 5/5 | 5/5 | 5/5 | 4/5 | 4/5 | 4.5/5 |
| Paybis | 5/5 | 5/5 | 4/5 | 4/5 | 4/5 | 4/5 | 4.3/5 |
| Huobi | 5/5 | 4/5 | 3/5 | 5/5 | 4/5 | 5/5 | 4.2/5 |
| Bitmex | 4/5 | 2/5 | 4/5 | 1/5 | 4/5 | 1/5 | 3/5 |
| Gemini | 5/5 | 4/5 | 2/5 | 4/5 | 4/5 | 3/5 | 3.8/5 |
| Bitfinex | 4/5 | 2/5 | 4/5 | 4/5 | 2/5 | 4/5 | 4.1/5 |
| GMX | 2/5 | 4/5 | 5/5 | 4/5 | 4/5 | 3/5 | 3.9/5 |
| Deribit | 5/5 | 1/5 | 3/5 | 4/5 | 4/5 | 2/5 | 3.7/5 |
10 Best Crypto Exchanges
To invest in the crypto market first, you need to know about various crypto exchange platforms providing their services. Hence let’s list out the ten best cryptocurrency exchange platforms.
1. Binance
What is Binance?
‘Binary + Finance’ are the two words that make Binance. Binance is a crypto exchange that provides a trading platform and various cryptocurrencies related services.
In January 2018, Binance stood as the world’s largest trading exchange in terms of volume. It is 2021, and this exchange platform has still managed to maintain its position on the top.
Binance not only provides trading services but also help users educate about Blockchain and crypto education.
Where is Binance located?
The origins of Binance go into China, although they had to shift their company because of the Chinese government’s ban on cryptocurrency. Binance currently operates from Japan.
Spot and Margin trading at Binance
Spot trading: Binance offers various features in spot trading. Users can choose between multiple interfaces, for both beginners and pro traders.
Margin trading: It is available for users to trade on the leverage of up to 10x on some available coins.
How to withdraw from Binance?
Once you’re a registered user of Binance and start trading, you need to make withdrawals at times.
Binance allows easy withdrawals after logging into your account, and then you can click on the spot wallet button.
You’ll have to click on withdraw button for the transaction to process.
Binance Fees Charged
Binance charges 0.1% of trading fees on every transaction. However, they do not charge any fees on deposits and charge 0.0004 BTC for withdrawals.
Binance offers its users a 25% discount on using Binance coin while trading.
How safe is Binance?
Binance is the largest crypto exchange; hence the security is top-notch. They offer you 24×7 support and process more than 1,400,000 transactions every second.
Binance: Pros and Cons
| Pros | Cons |
|---|---|
| Speed: Binance processes approximately 1.4 million transactions. | Newcomers: Binance is a vast platform and can be overwhelming to beginners. |
| Available Options: Binance offers more than a hundred cryptocurrencies to trade. | Customer support: Due to a large user base, it is hard to attend to all their clients’ grievances. |
| Security: Since Binance is the largest exchange platform, the deposit will be of premium quality. | |
| Binance API: It provides you with an efficient way to integrate your trading application at Binance. |
Wish to learn how to use Binance or how to trade on Binance? Go check out our ultimate guide on comparing Binance vs. Pionex.
2. Uphold
What is Uphold?
Uphold is a multi-asset digital money platform that provides financial services to the global market. Uphold’s innovative ‘Anything-to-Anything’ trading experience allows clients to trade directly between asset classes with embedded payments, paving the way for a future in which everyone has access to financial services.
Uphold provides frictionless foreign exchange and cross-border remittance to users in 184+ countries using 250+ currencies (conventional and crypto) and commodities.
Is Uphold safe?
Uphold claims to protect your money and privacy. Let us go through the security protocols in detail.
- Access and Encryption: The platform has layered defenses to protect it from potential attacks.
- Third-party Due Diligence: The platform providers undergo appropriate diligence checks.
- 24/7 Overwatch: The security operations center monitors and responds to any threats immediately.
- Auditing and Testing: Security professionals regularly conduct security auditing and testing of the system.
- Personnel Standards: The Uphold team is chosen and regularised with a background check by the accredited vendor.
- Bug Bounty Programme: The platform runs a Bug Bounty Programme. If there are any bugs or security issues on the platform, users reporting it will get rewards. The program is worked with a bug bounty platform called Intigriti.
How to use Uphold?
- First, go to the official web page of Uphold, and then click on Sign-up.
- You will then be asked for specific information like email-id, country, and citizenship. Set a password for yourself and sign-up.
- You will then be asked your name and birth date. Confirm the details.
- Give your number, and they will then verify it. Then, they ask for your home address.
- Verify your mail. Your Uphold account is then created.
NOTE: The platform further asks you details like your job title, yearly income, expected depositing amount, and a few other related questions. Once that is done, you get access to your account. The security is pretty standard. Very few websites ask for detailed information even while signing up and creating an account.
Uphold Trading Fees
Uphold Pros and Cons
| Pros | Cons |
| Beginner-friendly interface. | Educational content is less. |
| They provide digital wallets for popular cryptocurrencies. | There is no live chat system. |
| They are PCI/DSS verified. |
3. PrimeXBT
What is PrimeXBT?
PrimeXBT is an online trading platform launched in 2018 that enables users to trade various financial assets such as cryptocurrencies, forex, commodities, and stock indices. It offers advanced trading tools and features suitable for both novice and experienced traders.
Is PrimeXBT safe or legit to use?
PrimeXBT employs robust security measures to ensure the safety of user data and funds, including encryption, two-factor authentication (2FA), and partnerships with reputable security firms. While it is not regulated by major financial authorities, its security protocols are designed to protect against cyber threats, making it a safe platform for trading.
PrimeXBT App
PrimeXBT offers a mobile app available on both Android and iOS platforms, providing a user-friendly interface and advanced trading features. This app allows users to trade on the go, with functionalities like biometric authentication and real-time market updates.
PrimeXBT is a comprehensive trading platform designed to provide a wide range of financial trading options, from cryptocurrencies and forex to commodities and stock indices. Established in 2018, it has quickly grown to serve over 1 million users across 150 countries.
Key Features:
- Multiple Markets Access: Trade a variety of assets from a single account.
- Advanced Trading Tools: Charts, market analysis, and trading signals.
- Innovation in Technology: Regular updates to provide the latest trading tools.
- Empowerment and Control: Users manage their portfolios easily from anywhere.
- Transparency and Trust: Clear communication and straightforward operations.
Main Products:
- CFD Trading: Speculate on price movements of assets without owning them.
- Forex Trading: Buy and sell currency pairs.
- Cryptocurrency Transactions: Buy, sell, and trade cryptocurrencies.
- Futures Trading: Trade futures contracts for cryptocurrencies.
- Copy Trading: Follow and replicate trades of experienced traders.
Fees:
PrimeXBT offers competitive trading fees, with maker fees as low as 0.01% and taker fees at 0.02% for crypto futures trading. Zero commissions are offered for trading commodities, forex, and indices, making it cost-effective.
PrimeXBT: Pros and Cons
| Pros | Cons |
| Easy to navigate, suitable for beginners. | Some users report delays in fund withdrawals. |
| Provides sophisticated trading tools and features. | Does not offer managed accounts where a manager trades on behalf of users. |
| Competitive trading fees and zero commissions on certain assets. | Lacks API support for integrating external tools or algorithms. |
| Around-the-clock customer support available in multiple languages. | Can lead to significant losses if not managed properly, especially for less experienced traders. |
| Enables users to replicate the trades of experienced traders. |
PrimeXBT is a reliable and innovative trading platform that caters to the needs of a global user base. With its user-friendly interface, comprehensive trading tools, and strong security measures, it offers a solid trading experience. The platform’s partnership program and extensive customer support further enhance its appeal, making it a trusted choice for traders worldwide.
4. Coinbase
What is Coinbase?
Coinbase is one of the most extensive cryptocurrency trading platforms in the world. It is available in more than 100 countries and 43M+ verified users. And it is the most popular crypto exchange in the United States.
Coinbase is considered the perfect platform for beginners due to its simple and easy to use interface.
Where is Coinbase located?
Coinbase first came into existence in San Fransisco, California, the USA, in the year 2012. Coinbase still has its headquarters in San Fransisco. However, now it has offices in multiple cities all across the US.
How to use Coinbase?
Coinbase is accessible from any device but is an entire browser-based platform. First, you need to create your account on the trading platform and then deposit the amount to start trading.
When you first log into your account, you will be witnessing an option to buy crypto, which will kickstart your crypto journey.
What is coinbase Pro?
Coinbase is the most popular trading platform in the US. However, it comes with limited features that are beginner-friendly. At the same time, Coinbase Pro offers a robust crypto trading platform.
Once you are ready to do it all on your own, Coinbase Pro offers you an option with lower commission fees. It also has a chance of Margin trading and enables users to place limits, market, and stop orders with a lower commission fee.
Coinbase deposits and cryptocurrency support
Coinbase not only accepts cryptocurrencies but allows you to deposit in Fiat currencies. In addition, Coinbase allows you to buy and sell coins from your debit or credit cards or even bank accounts.
Coinbase Fee
Coinbase has a very complex fee structure and is also very high if you’re not a Coinbase Pro user. The fee charged by coinbase depends on the value of purchase, payment method, and even location.
Here’s an overview of the fee charged by coinbase in the USA:
How safe is coinbase?
Coinbase uses premium security features, and all you need to do is maintain the security from your side. Coinbase offers biometric security, two-step verification, and insurance in case there is a breach at coinbase. However, this insurance is not valid if you perform any act of carelessness.
Coinbase stores almost all of its users’ funds in cold storage centers and protects them from hackers.
Coinbase Pros and Cons
| Pros | Cons |
|---|---|
| Accepted currencies: Coinbase accepts Fiat currencies, which is rare among cryptocurrency exchanges. | Availability: The major drawback of coinbase is that they are not functional in all the countries. |
| User interface: Coinbase offers a beginner centred UI. | Fess: Coinbase has very high fees, which is the sole major drawback if a user is not using Coinbase Pro. |
| Accepted currencies: Coinbase only agrees with the most popular and trusted cryptocurrencies. | They lack in offering various other underrated cryptocurrencies. |
| Security: The security offered by Coinbase is the best in the market. They even provide you with insurance. | Control on the wallet: Coinbase is a centralized exchange. Hence, a user stores the cryptocurrency bought by him in a wallet. |
What is a Coinbase wallet?
Coinbase also offers a crypto wallet to its users. You can know more about it by reading our detailed review of the Coinbase wallet.
5. DeGate
What is DeGate?
DeGate positions itself as a hybrid between traditional centralized exchanges and the newer breed of decentralized platforms, offering users the best of both worlds.
Its focus on security, cost-efficiency, and self-custody makes it a noteworthy option for traders in the Cryptocurrency trading ecosystem
Where is DeGate located?
DeGate was founded in 2020 as a decentralized exchange (DEX) on the Ethereum blockchain. As a decentralized project, DeGate does not have a traditional headquarters. Instead, it operates as a fairly launched DAO with its native token ($DG).
How to use DeGate?
DeGate is accessible to all users, no KYC is required. To use DeGate, simply visit app.degate.com through your web browser. Once there, connect a compatible Ethereum wallet, such as MetaMask or OKX Wallet. After connecting your wallet, you can explore and utilize various trading features.
DeGate Fee and Supported Currencies
DeGate offers a user-friendly fee structure, with zero fees for Maker orders that add liquidity to the market, and low Taker fees ranging from 0.01% – 0.05% for orders that execute Free to place orders. Free to cancel orders.
The platform supports major assets like WBTC, ETH, and various ERC-20 tokens. Additionally, DeGate also supports multi-chain assets like SOL, JUP, AVAX, BRETT, SUI and others too. (through partners like Wormhole).
Is DeGate Safe?
DeGate is a secure decentralized exchange (DEX) on the Ethereum blockchain, offering several key security advantages:
- 100% Self-Custody: Users maintain full control over their private keys and funds, reducing risks associated with centralized exchanges.
- Zero-Knowledge Rollups: Enhances security and scalability by bundling transactions and securing them on the Ethereum mainnet.
- Security Audits: DeGate has an ongoing $1 million bug bounty for at least 1 year and no critical bugs has been found.
DeGate: Pros and Cons
| Pros | Cons |
|---|---|
| Users have 100% control over all their funds at all times | Less Recognizability in Industry |
| Super low fees, lower than CEX. | Smart Contract Risks |
| Order book mechanism. UI similar to CEX | Scalability Limitations |
6. BYDFI
What is BYDFI?
BYDFI is one of the world’s best cryptocurrency contracts exchange. With its easy to use interface and instant signup process, BYDFI is a beginner-friendly cryptocurrency exchange platform.
BYDFI is the perfect platform for traders seeking exposure to the crypto market. Because it offers one of the fastest trades to its users. It is also capable of carrying out a million trades in a second.
Where is BYDFI located?
BYDFI came into existence in the year 2019 in Singapore and regulate all its trades from Singapore.
However, BYDFI provides its services in more than 150 countries, far more significant than many massive trading platforms.
How to use BYDFI?
BYDFI offers one of the most basic and easy to use interface. Firstly, you need to complete your sign up process and then deposit an amount to begin trading at BYDFI.
BYDFI offers traditional cryptocurrency contract trading as well as copy trading. Copy trading at BYDFI is the perfect opportunity for beginners to learn about the market and develop trading skills.
What is copy trading?
Copy trading allows you to copy the trading strategy of an expert trader. To learn more about copy trading at BYDFI, read our ultimate guide for copy trading at BYDFI.
BYDFI deposits and cryptocurrency support
BYDFI takes deposits in two significant forms. You can either transfer from your crypto wallet to deposit the funds or use your VISA or Mastercard to buy a USDT.
However, there is a third option available for you if you belong from Mainland China, Indonesia, or Vietnam. BYDFI offers to accept Fiat from users of these locations.
BYDFI Fee
BYDFI provides a shallow trading entry that is 5 USDT. BYDFI charges a currency exchange fee of 0.05%.
However, the following formula can determine the opening and closing fee:
(Margin * Leverage * 0.05%)
Is BYDFI safe?
Many of the cryptocurrency contract exchanges fall under a single jurisdiction. However, BYDFI is different; it falls under four jurisdictions and is regulated by:
- The American money services
- The MTR of Estonia for EU
- Australia’s AUSTRAC
- Singaporean ACRA
BYDFI only stores a small fraction of funds in the wallets. The remaining funds remain in cold storage with optimum security. You also should maintain the security of your account by using two-step verification and keeping your data safe. BYDFI helps you avoid phishing attacks as the entire communication is SSL encrypted.
BYDFI: Pros and Cons
| Pros | Cons |
|---|---|
| They own licences from four different regulators. | |
| They charge a low trading fee. | They provide the option of very few cryptocurrencies. |
| They support OTC deposits. | The OTC deposits are available only in a bunch of countries. |
| They offer a broad leverage range, i.e. from 5x to 100x. |
To know more about BYDFI, read our detailed review of BYDFI.
7. Paybis.com
What is Paybis?
Paybis – a fast-growing cryptocurrency exchange that provides a seamless platform for users to effortlessly exchange digital assets. Whether you’re an experienced trader or new to the world of crypto, Paybis offers a comprehensive range of features tailored to your needs. Our global presence is complemented by three domestic acquirers in the U.K, USA, and Europe, ensuring that you can access Paybis regardless of your location, anytime.
Is Paybis safe?
Of course! Paybis ensures user safety through strict compliance, secure transactions, trusted partners, and an experienced team. Our platform follows regulations, implements KYC/AML procedures, and employs encryption and security protocols for secure transactions. With our experienced professionals maintaining high security standards, you can trust Paybis for the safe process of buying and selling crypto.
How to use Paybis?
Getting started is quick and easy. Simply create an account, and you’ll be ready to dive into the world of crypto trading. Our user-friendly interface ensures smooth navigation, allowing you to complete transactions in no time. What sets Paybis apart is our attractive and transparent fee structure. We offer the most competitive fees in the market – no surprises. Transparency is the key to making well-informed decisions.
Paybis: Pros and Cons
What is Paybis Onramp/Widget?
Our latest product, White-label On/Off-ramp, designed to supercharge your crypto business is a new word in crypto. It brings a multitude of benefits, including enhanced success and approval rates, improved user experience by eliminating KYC for transactions up to $2000, and much more.
Paybis deposits and cryptocurrency support
You can make a deposit to Paybis by Credit or Debit Card, or by one of the e-wallets like Neteller, Skrill and more. You can also deposit crypto, as well as buy and sell coins from your debit or credit cards or even bank accounts.
To know more about BYDFI, read our detailed review of Paybis.
8. Huobi
What is Huobi Global?
Huobi is one of the earliest crypto exchange platforms in the market providing services since 2013.
A mere three months after its launch, Huobi had a turnover of $4 billion. By 2014, Huobi had quadrupled this amount and made a mark on the Asian cryptocurrency market.
Where is Huobi located?
By the end of the year 2013, Leon Li had the trading platform running in China. However, China banned the trade of cryptocurrency in the year 2017. Huobi shifted its headquarters to Seoul, South Korea, and is still controlling its business worldwide from Seoul.
How to use Huobi?
Firstly you’ll need to create your account on Huobi, and then you’ll have to complete the KYC verification process.
Huobi is a very advanced platform; therefore, it also offers a virtual interface inclined towards beginners.
Huobi Cryptocurrency support and deposits
Huobi accepts almost all cryptocurrencies as a deposit. Besides, Huobi also provides its users with an opportunity to make a deposit using credit or debit cards or even bank transfers.
Huobi Fee
Huobi doesn’t have a specific withdrawal fee as they update it now and then according to the market. However, Huobi provides VIP membership that reduces the cost by up to 60%.
You can also use HT token to slash the fee almost half by storing them in your wallet and using them while making a trade or withdrawal.
How safe is Huobi?
The most essential and scary part of centralized exchanges is that they have a chance of being hacked. However, Huobi has never lost a single Bitcoin and they claim that your asset is highly secure under their top security. Huobi has recently launched its user protection funds.
Huobi: Pros and Cons
| Pros | Cons |
|---|---|
| They offer user protection fund in case they are hacked and suffer any losses. | They offer a low withdrawal limit, which is further less in the case of non KYC user. |
| Huobi maintains the right balance of advanced and easy to use trading platform. |
9. Bitmex
What is Bitmex?
Established in 2014, Bitmex has proven to be one of the best platforms for crypto trading. Bitmex offers leveraged contracts and is a peer to peer trading platform.
Bitmex allows its users to buy or sell assets using Bitcoin. In addition, Bitmex only handles bitcoins, and all the profit and loss incurred is in Bitcoin. It doesn’t take any Fiat currency.
Bitmex has no trading limits once the user registration is complete. However, Bitmex is currently facing a trial in the US and isn’t providing services to US residents.
How to use Bitmex?
Bitmex offers a very outdated user interface. It even feels that the developers forgot to enhance their website after the year it first came into existence. However, it’s still functional and provides all the necessary information.
To trade at Bitmex, you first need to complete your registration. Once you make your very first trade, you can view them through active orders.
Bitmex has designed its interface keeping in mind the requirements of a desktop, and hence you’ll observe the complex screen in front of you when you first visit their website. However, Bitmex is one of the first crypto exchanges to offers 100x leverage trading.
Bitmex Fees
Bitmex doesn’t charge any deposit or withdrawal fee. However, they do charge a minimum Bitcoin Network fee, which is dynamically based on Bitcoin.
Bitmex charges the maker fee, taker fee, and the settlement fee according to the leverage as:
How safe is Bitmex?
Bitmex uses Amazon web services to ensure that the servers are well protected and a variety of security facilities are available. Bitmex takes the security of its users’ assets carefully. To read more about their security, visit here.
Bitmex Pros and Cons
| Pros | Cons |
|---|---|
| Only Bitcoin markets | No app or mobile version is available. |
| High liquidity exchange | There is a minimum deposit amount set for all the traders. |
| Customizable widgets exist in the desktop version. | Bitmex only allows trade bitcoins, and withdrawals are carried only at a set time in a day. |
10. Gemini
What is Gemini?
Gemini is one of the very few cryptocurrency exchanges regulated in the US. It is governed explicitly by NYSDFS. Gemini offers you to trade and store more than 20 most prominent cryptocurrencies. Gemini keeps in mind beginner traders as well as experienced traders. It is one of the few platforms that provides its services based on the investor’s skills.
Gemini now also offers its credit card with a return of up to 3% in bitcoin or other cryptocurrencies.
Where is Gemini located?
Gemini came into existence in 2014 by the creators of ConnectU. Yes, you got it right, the Winklevoss Twins (the predecessors of Facebook). As of now, Gemini is continuously expanding its user reach, specifically in Asia and Europe.
How to use Gemini?
When you’ve complete the signup process, you’ll have to fund your account to continue trading. Gemini offers you a mobile application with a primary user interface.
What currency does Gemini accept?
Gemini accepts deposits in almost all the significant digital assets and recently started taking Fiat currency. However, Gemini accepts only USD as a Fiat currency. In addition, Gemini accepts wire transfers from everywhere else and ACH from the citizens of the US.
Gemini Fees
Gemini doesn’t charge any deposit fee. Gemini’s current fee schedules are:
The chart below represents the fee charged by Gemini. However, if you need more information, you can visit the links above.
How safe is Gemini?
Gemini offers one of the best securities in the crypto market. It protects your assets from external hacking threats while keeping in mind that you don’t make any human errors. Gemini also adheres to strict rules and keeps your assets unavailable to Gemini’s team to prevent misuse of insider access.
Gemini offers various other features such as Two-factor authentication, cold storage, and hot wallet for easy withdrawal. To know more about their security, you can visit their website.
Gemini Pros and Cons
| Pros | Cons |
|---|---|
| Easy signup process and simple user interface promote beginners. | They charge both commission and a convenience fee from users. |
| Completely regulated exchange | Lack of advance trading tools |
11. Bitfinex
What is Bitfinex?
Bitfinex is one of the best cryptocurrency exchange platform. It offers its users a peer to peer technology and margin trading for various assets.
Bitfinex is lead by experts having years of experience and thrive every day to provide their users with a platform unlike any other. However, In the year 2015, a hack led to a loss of almost 1500 bitcoins.
Where is Bitfinex located?
Bitfinex was founded in December of 2012 and has its headquarters reside in Hong Kong. However, It has had various mishappenings in the past, which you can read over here.
How to use Bitfinex?
Bitfinex is designed to cater to the needs of professional traders and yet has a simple user interface. You can access Bitfinex from your Android or iOS.
After you’ve completed the signup process, you will need to deposit an amount to begin trading.
Bitfinex deposits and cryptocurrency support
Bitfinex takes deposits in almost all primary forms. This includes cryptocurrencies, deposits using Fiat, credit cards, and debit cards.
To know more about their accepted payment modes, please visit here.
Bitfinex Fees
You can check Bitfinex trading fees in the images below or visit their website.
Bitfinex charges a fee on wire deposits and also on withdrawals which can be as follows:
How safe is Bitfinex?
Bitfinex provides its users with two-factor authentication, U2F, advanced API key permissions, advanced verification tools, withdrawals protection, and email encryption with OpenPGP.
Like every other central cryptocurrency platform, they store almost all the users’ assets in offline cold storage modes.
However, seeing their troubled past makes it hard to trust their security, yet it has been a long time, and they have undoubtedly learned from their mistakes.
Bitfinex Pros and Cons
| Pros | Cons |
|---|---|
| Offer a wide range of services to professionals with maintaining their simple user interface. | |
| Low trading and withdrawal fees. | The major drawback is the security breach of 2015. |
| Purchase cryptocurrency using Credit cards. | They consume a lot of time to verify users’ accounts. |
12. GMX Decentralized Exchange
What is GMX?
GMX is a decentralized perpetual exchange that came into the limelight after the FTX crash.
A decentralized perpetual exchange (or DEX) is a type of cryptocurrency exchange that operates on a blockchain network and allows for the trading of perpetual contracts.
Perpetual contracts are a type of derivatives contract that is similar to futures contracts but do not have an expiration date. This means the contract can be held indefinitely, and the holder can choose to close the position at any time.
Decentralized exchanges allow users to trade cryptocurrencies directly with each other, without the need for a central authority or intermediary. GMX is built on smart contract technology, which enables the execution of trades on the blockchain.
GMX provide greater security and autonomy for users, as they don’t need to rely on a centralized entity to hold and manage their assets.
However, decentralized perpetual exchanges are a relatively new concept and still in development, so it is important to research the security measures, regulations, and risks that the specific exchange platform has.
GMX Fees
The cost to open or close a position at GMX is 0.1% of the position size.
For long positions, the collateral is the token being longed; for example, for ETH long positions, the collateral is ETH, for BTC long positions, the collateral is WBTC, etc. Any supported stablecoin, such as USDC, USDT, DAI, or FRAX, can be used as collateral for short positions.
The usual swap cost, which ranges from 0.2% to 0.8% of the size of the collateral and is determined by whether the swap increases or decreases balance, would be charged if a swap is required while opening or closing a position.
13. Deribit
What is Deribit?
The name Deribit comes from the words’ derivative’ and ‘bitcoin.’
Deribit offers its options and futures trading services to more experienced traders rather than newbies in crypto trading.
The platform excels in offering leveraged trading and provides a leverage of up to 50x in Ethereum and 100x in Bitcoin.
Where is Deribit located?
In the year 2016, Deribit came into existence through its founder Jon Jansen. It is based in the Netherlands and is still serving its customers worldwide from Ermelo, Netherlands.
How to use Deribit?
Firstly you’ll have to create an account and register with your email. Then the next step would be to complete your KYC as it will enhance your trading experience.
What payment methods are accepted by Deribit?
Deribit allows you to only transfer Bitcoins. For withdrawal, you need to go to the withdraw tab and submit the request for drawing the desired amount.
Deribit Fees
It follows a maker-taker model. There are two types of order. A “maker” order adds liquidity to the order book. It is executed instantly. A “taker” orders removes liquidity from the order book. It is not executed instantly.
| Contracts | Maker Fee | Taker Fee |
|---|---|---|
| BTC Futures/ Perpetual | 0.00% | 0.05% |
| ETH Futures/ Perpetual | 0.00% | 0.05% |
| BTC/ ETH Options | 0.03% of the underlying or 0.0003 BTC/ ETH per contract. | 0.03% of the underlying or 0.0003 BTC/ ETH per contract. |
The options fee can never be more than 12.5% of the options price.
There is also an additional fee for options and futures delivery. It is 0.025% and 0.015% for futures and options respectively.The additional fee for options can never be more than 12.5% of the options price.
There is also an additional fee for liquidation. It is added to the insurance fund automatically.
| Contracts | Maker Fee | Taker fee |
|---|---|---|
| BTC Futures/ Perpetual | 0.5% | 0.45% |
| ETH Futures/ Perpetual | 0.9% | 0.85% |
| Options | 0.19% or 0.0019 BTC per options contract | 0.16% or 0.0016 BTC per options contract |
There are no fees charged for deposits.
How safe is Deribit?
As per Deribit, 99% of its funds have a home in cold storage in offline modes. It is hence preventing them from any malicious attacks. However, it also reduces the speed of customer withdrawals.
Deribit offers a service of IP pinning, where if there is a change of IP address, the system terminates your session. They also provide two-factor authentication. However, you’ll have to enable it after setting up your account.
Read our Deribit review to learn more about the platform.
Deribit Pros and Cons
| Pros | Cons |
|---|---|
| They offer high leverage as compared to their competitors. | |
| They have an insurance fund protection. | They do not accept Fiat currencies. |
| They have a clean record with no security breaches. |
Best Crypto Exchange: Conclusion
Almost all of the trading platforms have their advantages and disadvantages. And still, some provide all the features to a trader. On our experience, we would suggest you go with Binance since it is the world’s largest crypto trading platform. However, Coinbase and BYDFI also offer their services which are comparable to Binance.
Cryptocurrency Exchange: FAQs
What is the best cryptocurrency exchange?
A platform that provides good liquidity, security, low fees, user interface is multiple is the best crypto exchange.
Which cryptocurrency exchange is best for beginners?
Well, the answer depends on the services you seek a cryptocurrency platform to provide. However, we believe Binance or BYDFI can meet your requirements as a beginner.
Are there no cryptocurrency exchanges based in the USA?
No, some platforms regulate from the USA. Such as BYDFI, Coinbase, Gemini etc. However, many platforms do not meet the guidelines of the US government. These platforms do not provide their services to the citizens of the USA.
