The top exchange platforms to buy and sell cryptocurrencies should provide a good user-friendly interface, security, low charges, easy conversion from crypto to fiat, greater customer support, liquidity, and lots more.
Cryptocurrencies or crypto are digital or virtual currencies used as legal tender —- that is, accepted by the public to be a means of payment in exchange for goods and services.
Whereas, cryptocurrency trading or crypto trading is simply an act of buying and selling digital currency between a pair against another in order to make a profit through an exchange platform.
Just as in the case of Forex trading, where currencies are paired to one another for trading purposes, so also is the case of cryptocurrencies trading.
In trading, the currency in question normally comes in pairs. Examples of cryptocurrencies pairs include BTC/USD, USDT/USD, ETH/USDT, and more. This helps you to determine the buying power and volume of cryptocurrencies units against the other.
The first crypto in the pair is usually regarded as the base currency while the other is known as the quote currency. For example, BTC/USD, BTC is the base currency and USD is the quote currency. This pair has a value at which they are trading in the market. If BTC is 3875.98 in unit value against the US dollar, for example, this means that to buy 1 BTC which is the base currency, you’ll need 3875.98 USD which is the quote currency ( note: these value units are not accurate just for illustration purposes).
What is a cryptocurrency exchange?
A cryptocurrency exchange is like an online brokerage for cryptocurrencies, tokens (virtual assets created through existing blockchains), and other digital assets. Many of these exchanges offer investment options for active traders looking to buy, sell, or hold digital assets like bitcoin, Ethereum, and Litecoin.
In order to trade crypto, you’ll need to create an account with a broker. A broker serves as a bank that gives you access to have an account with them so as to trade the market after you have funded your account. The broker gives you an opportunity to buy or sell a larger volume through the power of leverage which an individual account can’t.
Simply put, it’s difficult for an individual account to have a full market capitalization since the individual can’t afford it, the broker who serves as a bank (body) allows you to create an account under them and with the power of leverage to trade the market and in return, you are being charged a commission.
These brokers have platforms known as exchange platforms (digital banks for trading) in which one can create and verify an account under them, where you can buy and sell and sometimes store your crypto assets — known as portfolio buying which you can hold for a long-term and profit from when the price of cryptocurrencies skyrocket.
Most exchanges also offer custody and storage options for users looking to safely protect their crypto assets against theft and hacks. But then again, most exchanges aren’t solely personal wallet services. If you want to set up an external wallet with a bitcoin wallet provider or another storage wallet service, you can do so while maintaining your crypto exchange account. You can simply transfer assets between your exchange account and crypto wallet when necessary.
For the purpose of this article, we’ll be discussing the top 5 exchange platforms to buy and sell cryptocurrencies in 2022.
TOP 5 exchange platforms For Cryptocurrencies in 2022.
This is arguably the best exchange platform because of its simple nature and beginner-friendly experience. It’s also a huge platform in terms of its market capitalization and it’s being used by traders around the globe.
Binance is the largest crypto exchange in the world, according to CoinMarketCap, with over $49,073,525,045.59 in trading volume occurring in the last 24 hours. This exchange offers over 500 cryptos to invest in, including altcoins and ERC-20 tokens.18 Jan 2022. Binance ranked among the largest cryptocurrency exchanges in the world in 2022, with a trading volume that was several times as high as ZG.com.
Binance consists of two categories.
- Binance US
And both have a large number of active traders on the platforms. Binance US is actually the one topping the chart. According to Forbes advisor, it has a rating of 4.9 stars.
As with most exchanges, Binance.US rewards high-volume crypto traders with progressively lower transaction fees, though this won’t kick in until you trade at least $50,000 of cryptocurrency within a 30-day period. (Keep in mind its base trading fee may be lower than competitors’ even before you hit that volume.)
- Volume and exchange-token discount, which can make already-low fees almost negligible.
- More than 50 coins are currently available for trading.
- Basic order types, as well as OTC trading, enabled.
- Coin offerings are limited compared to Binance and even other major exchanges, which may offer four to seven times as many coins.
- No support for margin trading.
Coinbase Global, Inc, or branded Coinbase is an American company that operates a cryptocurrency exchange platform. Coinbase operates remote-first and lacks an official physical headquarters.
Founded: 20 June 2012
Headquarters: No headquarters
Number of employees: 1,249 (2020)
Founders: Brian Armstrong, Fred Ehrsam.
Coinbase is a secure online platform for buying, selling, transferring, and storing digital currency. Their mission is to create an open financial system for the world and to be the leading global brand for helping people convert digital currency into and out of their local currency.
Coinbase is listed on the Nasdaq Global Select Market under the symbol “COIN”.
The platform rewards users for consuming educational material.
Number of Cryptocurrencies:130+
Transaction Fees (Maker/Taker):0.50% – 0.04%/0.50% – 0.00%
With a minimum of $2, you can start trading with this platform and it does support trading on mobile apps.
Coinbase, 2021’s belle of the IPO ball, is the crypto exchange you may be most familiar with if you’re just now getting interested in crypto. That’s for good reason: Coinbase Pro, the robust exchange powering Coinbase, is one of the largest and safest platforms out there. (In fact, Coinbase Pro was a top contender for our Best Overall Cryptocurrency Exchange.)
- Beginner-friendly interface and easy purchase process.
- Strong user reviews and security ratings.
- It has an educational Learn platform that rewards users with cryptocurrency when they learn about crypto.
- High fees for convenience.
- Must use a separate, more complex platform to access a lower pricing structure.
eToro is an Israeli social trading and multi-asset brokerage company that focuses on providing financial and copy trading services such as forex and crypto. It has registered offices in Cyprus, the United Kingdom, the United States, and Australia.
Type of site: Private
Industry: Financial services, investing online, social investment, bitcoin exchange
Founded:2007; 15 years ago
Founder: Yoni Assia, Ronen Assia, David Ring
Headquarters: Tel Aviv, Israel
Area served: Worldwide
Key people: Yoni Assia, CEO.
Products: Electronic trading platform, stocks, cryptocurrencies, copy trading, cryptocurrency exchange, cryptocurrency wallet, investment portfolios.
Services: Investment management, Brokerage firm
Revenue: IncreaseUS$605 million
Operating income: IncreaseUS$87,2million
Net income: Increase US$82,9 million
Number of employees: 1200
eToro operates in accordance with the FCA, CySEC, and ASIC. eToro is safe and secure: Always look for security signs on your browser before you trade. On eToro, clients’ funds are kept secured in tier 1 banks, and all of their personal information is guarded under SSL encryption.
eToro is rated 4 stars and it supports a mobile trading app.
eToro key statistics
eToro generated $605 million revenue in 2020, a 146% year-on-year increase
It also noticed a 400% increase in trading volume during that time
In June 2021, eToro reached 20 million active users
It has set an IPO valuation of $10.4 billion, a 316% increase on its 2020 valuation.
- Free stock and ETF trading
- Seamless account opening
- Social trading
- High non-trading fees
- Only one account base currency
- Customer support should be improved.
Gemini Trust Company, LLC (Gemini) is a cryptocurrency exchange and custodian that allows customers to buy, sell, and store digital assets. It is a New York trust company that is regulated by the New York State Department of Financial Services (NYDFS) and was founded in 2014 by Cameron and Tyler Winklevoss
Type of site: Private
Headquarters: New York City, New York, U.S.
Key people: Cameron Winklevoss (Co-founder), Tyler Winklevoss (Co-founder)
Products: Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Zcash, Gemini dollar Exchange
Current status: Active
Gemini became the world’s first licensed ether exchange In June 2016. In May 2018, it was announced that Gemini had become the world’s first licensed Zcash exchange. Currently, it operates in the United States, Canada, the United Kingdom, South Korea, Hong Kong, and Singapore. Primary competitors include Coinbase, Binance, Bitstamp, and Kraken. All users are able to trade cryptocurrency and fiat currency on an open market. Users are able to transfer USD to and from their bank accounts.
Gemini was given birth with the purpose to facilitate the purchase and storage of Bitcoin through a complex system of private keys and password-protected environments. Only a small percentage of the total bitcoin on the exchange is held online to minimize the risk of loss from hacking. Gemini was the first exchange to launch bitcoin futures contracts in December 2017. The Chicago Board Options Exchange (CBOE) uses Gemini “as the basis for the daily settlement for the bitcoin futures”
Gemini has a rating of 4.5 stars and it supports the mobile trading app.
Gemini has low minimum trade amounts, which vary by the type of cryptocurrency you want to trade. For example, the minimum bitcoin trade is 0.00001 BTC and the minimum ether trade is 0.001 ETH.
Trading and transaction fees
Gemini’s fees are slightly higher than some other crypto brokerages and vary depending on the platform you’re using, topping out at 1.49%. If you’re using a debit card for purchases, the fee is 3.49%, and other fees may apply. For mobile and web app users, Gemini charges a flat 0.5% above the current trading price (which Gemini calls its “convenience fee”). On top of that, it charges a transaction fee, similar to Coinbase, based on the amount traded: a tiered flat fee up to $200; orders above $200 are charged 1.49%
- More than 50 cryptocurrencies.
- Site insurance of digital assets against exchange hacks.
- Available in all U.S. states.
- Higher fees than some other crypto exchanges.
Crypto.com Coin (CRO) is the native token of the Crypto.com Chain. The Crypto.com Chain was created to build a network of cryptocurrency projects, and develop merchants’ ability to accept crypto as a form of payment. The Crypto.com Chain is a high-performing native blockchain solution, which will make the transaction flows between crypto users and merchants accepting crypto seamless, cost-efficient, and secure. Businesses can use Crypto.com pay for checkout and/or invoice to enable customers to complete checkout and pay for goods and services with cryptocurrencies using the Crypto.com Wallet App. Businesses receive all their payments instantly in CRO or stable coins, or in fiat. CRO is now available on Defi Swap. Users can swap CRO, be CRO Liquidity Providers to earn fees and boost their yield by up to 20x when staking CRO.
The Crypto.com coin price page is part of the Crypto.com price index that features price history, price ticker, market cap, and live charts for the top cryptocurrencies.
Crypto.com is a cryptocurrency exchange that supports trading, investing, staking, wallets, NFTs, and more. This exchange offers more than 150 different currencies, reasonable fees, and discounts for those who hold a significant stake in Crypto.com Coin (CRO).
Crypto.com was founded in 2016 in Hong Kong. It currently offers more than 150 cryptocurrencies to over 10 million customers worldwide. Crypto.com serves users in 90 countries with a unique suite of cryptocurrency-related financial products.
The long list of currencies, low pricing, and additional features make Crypto.com suitable for beginner to advanced cryptocurrency users. However, beginners may find the plethora of features intimidating.
Crypto.com is best for those who want to do more with their cryptocurrency than simply buy and hold. It’s a good platform for active traders and anyone interested in using crypto as an actual currency, not just an investment.
Crypto.com uses various security measures, including two-factor authentication (2FA) and whitelisting, to help keep customer accounts safe. Of course, it’s also important to use a strong password and personal online security practices to help protect your account. Cryptocurrency transactions can’t be reversed, so it’s unlikely you’ll recover any lost crypto if your account is breached. In addition to its security measures, Crypto.com uses robust compliance monitoring and stores customer deposits offline in cold storage to help prevent hacks and losses. It also works with local banks in the U.S. to provide $250,000 in FDIC insurance on U.S. dollar balances.
New Crypto.com users without any CRO staking will pay 0.4% on trades with a total monthly trading volume of less than $25,000. Trading fees are a little less than what you’d see with some large industry competitors, but not the lowest around.
Higher-volume traders can qualify for fees as low as 0.04% as a maker or 0.1% as a taker without CRO staking. Discounted trading fees are available when you hold at least 5,000 CRO in your wallet—5,000 CRO was worth about $1,280 at the time of writing. At that point, traders with up to $25,000 in monthly volume pay 0.36%. Rates decrease with a larger stake.
There are no additional per-trade fees, so Crypto.com is competitive when it comes to pricing.
Crypto.com has a 4 stars rating and a 2.3 rating on trust pilot on customer satisfaction. It also supports the mobile trading app.
Crypto.com coin’s price as at when writing this article is 0.454 USD, with a 24-hour trading volume of 127.11 M USD. CRO is up 0.92% in the last 24 hours. It is currently -1.31% from its 7-day all-time high of 0.46 USD, and 15.70% from its 7-day all-time low of 0.3924 USD. CRO has a circulating supply of 25.26 B CRO and a max supply of 30.26 B CRO.
- An extensive list of supported cryptocurrencies.
- Transparent, competitive fees with discounts available.
- Support for an ecosystem of cryptocurrency products.
- Higher fees unless you hold and use CRO
- Poor customer support
- Trading fee discounts can be confusing to navigate
As the world is revolving and gaining its wave of mass globalization. A lot has changed as well as the digital space and the currency used as means of exchange. The new trend in the financial world right now is cryptocurrencies and their impact. It’s no doubt that Cryptocurrencies have come to stay despite having some controversies around it concept and adoption. To get hold of this trend and take part in it by buying some portfolio or trading, one needs to exchange for this to be possible.
Crypto exchanges serve as banks, in which one can create an account, verify it by completing the KYC and start trading. There are several trading exchanges but this article aim at picking the top 5 exchange platforms for trading cryptocurrencies. This selection is based on the market capitalization of the exchange, security, rating, and trading volume.
As discussed already, the top 5 crypto exchange platforms are as follows
Binance, Coinbase, eTero, Gemini and Crypto.com