Best Crypto Exchange
Best crypto exchange for beginners and advanced users. Based on ease of use and security.
FINANCE
1/8/20249 min read
When it comes to choosing the best cryptocurrency exchange, it's important to consider a few key factors. Cryptocurrency exchanges, much like traditional online brokerages, offer a range of tools for trading and investing in popular cryptocurrencies such as Bitcoin, Ethereum, and Alt coins. However, not all exchanges are created equal.
In order to ensure ease of use and security from hacks, we have carefully selected the best crypto exchanges. These platforms not only provide a user-friendly interface but also offer a diverse selection of coins to choose from. This means you can easily purchase your preferred cryptocurrency just like buying a stock and securely trade , sell or buy coins.
key factors for our selection- ease of use, selection of ALT coins, customer service and security. Our recommended cryptocurrency exchanges will provide you with the best trading experience to get started.
Coinspot - Australia's leading crypto exchange.
Established in 2013, Coinspot stands as one of Australia's earliest and most reputable cryptocurrency exchanges. The Customer base is only for Australian customers. At present, the platform boasts a user base exceeding 2 million, facilitating transactions for over 410+ cryptocurrencies, and featuring a cryptocurrency debit card. It has earned a reputation for providing high level of security with great customer care and stands out against the big global players for first time crypto traders.
Pros:
Coinspot is renowned for its user-friendly interface, rendering it an optimal choice for novice investors.
The platform provides round-the-clock live chat support for its users.
Coinspot excels in regulatory compliance and security measures, achieving the prestigious ISO 27001 certification as the inaugural exchange to do so.
With a nominal fee structure of just 0.1%, Coinspot distinguishes itself for its affordability.
The platform accommodates diverse payment options, encompassing POLi payments, Bank Transfers, Credit/Debit Cards, BPAY, Osko, and PayID, ensuring convenient accessibility for its user base.
User-Friendly Interface: Coin spot's interface is impeccably designed for user convenience, catering even to those new to cryptocurrency trading. Whether navigating through the desktop site or mobile app, the process of buying and selling crypto directly with AUD is remarkably straightforward. Notably, the platform offers 24/7 live chat support, ensuring real-time assistance from human agents—an invaluable feature, especially for those averse to the complexities of automated bots or prolonged email ticket responses.
Trust and Security: Coinspot distinguishes itself as Australia's most trusted and secure cryptocurrency exchange, having undergone rigorous audits. As the initial Australian exchange to attain the ISO 27001 certification, it stands as a paragon of cyber-security. Registered with ASIC and AUSTRAC to combat money laundering and terrorism financing, Coinspot employs industry best practices, safeguarding the majority of assets in highly secure offline locations. The platform's commitment to security alleviates concerns related to loss, theft, or the financial instability witnessed in other exchanges' histories.
24/7 Customer support: This is an overlooked feature until you realise the necessity to have this feature when dealing with cryptos.When you need support, you dont have to wait days for generic email replies because it gets resolved ASAP.
Extensive Cryptocurrency Selection: With a portfolio encompassing over 410+ cryptocurrencies, Coinspot offers one of the broadest arrays in Australia. This expansive selection caters to both mainstream and niche preferences, featuring major coins like BTC, ETH, LTC, XRP, BNB, alongside numerous lesser-known altcoins. While the platform garners praise for its user-focused approach, some criticism has arisen due to the absence of advanced market features, particularly in derivatives trading. For those seeking a blend of security and advanced functionalities such as derivatives and margin trading, alternative platforms like Bybit are recommended. Bybit caters to global audience outside of Australia and Australian customers.
Cons:
Limited Advanced Trading Features: CoinSpot lacks some advanced features that more experienced traders may desire, such as margin trading and advanced charting tools.
Transactions incur trading fees of 1%. Though not higher than the average cryptocurrency exchange, this is higher than some other options noted below.
Overall, CoinSpot is a solid choice for Australians seeking a user-friendly platform with a wide range of cryptos. However, for more advanced traders or those looking for the lowest fees, exploring other options might be beneficial.
Coinbase - Leading crypto for beginners USA and UK
As of my last knowledge update in January 2022, Coinbase is one of the most well-known American cryptocurrency exchanges globally. It provides a platform for users to buy, sell, and manage various cryptocurrencies. Please be aware that developments may have occurred since then, so it's wise to check the latest information before making any decisions. Coinbase operates on a model of transparency and trust, with a strong focus on regulatory compliance. The platform adheres to strict laws and regulations in every country where it operates.
Pros of Coinbase:
User-Friendly Interface: Coinbase offers a simple and intuitive user interface, making it accessible for beginners in the cryptocurrency space.
Range of Cryptocurrencies: While initially focused on major cryptocurrencies like Bitcoin and Ethereum, Coinbase has expanded its offerings to include a variety of alt-coins, providing users with a diverse selection.
Security Measures: Coinbase prioritises security, implementing features like two-factor authentication (2FA) to enhance the protection of user accounts and funds.
Fiat Onramp: Coinbase allows users to purchase cryptocurrencies directly with fiat currencies, simplifying the onboarding process for individuals new to crypto.
Educational Resources: The platform provides educational resources and information to help users understand the cryptocurrency market, making it suitable for beginners.
Mobile App: Coinbase offers a mobile app, allowing users to manage their crypto portfolios on the go.
Cons of Coinbase:
Fees: Coinbase is known for its fees, which can be higher compared to some other exchanges, particularly for smaller transactions. Users may encounter fees for trading, withdrawals, and other transactions.
Limited Control: Some experienced traders may find Coinbase's platform somewhat limited in terms of advanced trading features and tools.
Account Freezes: In some cases, users have reported account freezes or closures without clear explanations, leading to frustration and inconvenience.
Regulatory Compliance: Coinbase operates within regulatory frameworks, which means users may be subject to certain compliance requirements.
Potential Downtime: During periods of high market activity, Coinbase has experienced temporary outages or downtime, impacting users' ability to trade.
Limited Anonymity: Coinbase follows KYC (Know Your Customer) regulations, requiring users to verify their identity. This means the platform is not ideal for those seeking complete anonymity.
In conclusion, Coinbase is a reliable and user-friendly platform for trading cryptocurrencies. Its strong security measures, diverse range of supported cryptocurrencies, and user-friendly interface make it a solid choice for many use.
Keep in mind that the cryptocurrency space is dynamic, and the features and reputation of exchanges can change. It's essential to conduct recent research and consider individual preferences and needs before choosing a cryptocurrency exchange.
Gemini - Highly Rated and reputed exchanges for beginners
As of my last knowledge update in January 2022, Gemini is a cryptocurrency exchange founded by the Winklevoss twins. It operates in the United States and provides a platform for buying, selling, and storing various cryptocurrencies. Please note that developments may have occurred since then, so it's advisable to check the latest information before making any decisions.
Pros of Gemini:
Regulatory Compliance: Gemini is known for its commitment to regulatory compliance, providing users with a platform that adheres to legal requirements in the United States.
Security Measures: The platform prioritises security and employs advanced security features such as cold storage, two-factor authentication (2FA), and insurance coverage for digital assets held on the exchange.
User-Friendly Interface: Gemini offers a user-friendly interface, making it accessible for both beginners and experienced traders.
Range of Cryptocurrencies: While not as extensive as some other exchanges, Gemini provides a selection of major cryptocurrencies, offering a solid foundation for users.
Mobile App: Gemini offers a mobile app, allowing users to manage their cryptocurrency portfolios on the go.
Institutional Services: Gemini caters to institutional clients, offering services tailored to the needs of larger investors and financial institutions.
Cons of Gemini:
Limited Geographic Availability: Gemini primarily serves users in the United States, and its services may not be as accessible to individuals outside of the U.S.
Limited Cryptocurrency Offerings: While Gemini supports major cryptocurrencies, the range of available alt-coins may be more limited compared to some other exchanges.
Complex fee structure: Different fee tiers depending on platform and order type.
Advanced Trading Features: The platform may not offer as many advanced trading features as some other exchanges, which could be a drawback for more experienced traders.
Limited customer support: Live chat only available for select users.
Conclusion:
Gemini is a reputable cryptocurrency exchange that stands out for its commitment to regulatory compliance and security. It provides a user-friendly platform suitable for both beginners and institutional investors. However, users should consider factors such as fees, geographic availability, and the specific cryptocurrencies they wish to trade before choosing an exchange. As with any financial platform, it's crucial to conduct recent research and consider individual preferences and needs.
Binance - Best all-rounder crypto exchange.
Binance is one of the leading cryptocurrency exchanges, offering a platform for users to buy, sell, and trade a wide range of digital assets. Founded in 2017 by Changpeng Zhao, Binance has quickly grown to become one of the most popular and widely used exchanges in the world.
Pros:
Wide Range of Cryptocurrencies: Binance offers a vast selection of cryptocurrencies for trading, providing users with access to a diverse range of digital assets.
Low Fees: Binance is known for its competitive trading fees, making it an attractive option for both new and experienced traders.
User-Friendly Interface: The platform provides a user-friendly interface and a range of tools and features to help users navigate the trading process.
Security Measures: Binance has implemented robust security measures to protect user funds and personal information, earning trust and credibility within the crypto community.
Liquidity: With a large user base, Binance offers high liquidity, ensuring that users can easily buy and sell their desired assets at the market price.
Cons:
Customer Support: Some users have reported issues with Binance's customer support, citing slow response times and difficulties in resolving certain issues.
Regulatory Concerns: Binance has faced regulatory challenges in some jurisdictions, leading to restrictions on its services in certain regions.
Complex for Beginners: The platform's advanced trading features and tools may be overwhelming for beginners, requiring a learning curve to fully utilize its capabilities.
Limited Deposit Options: Binance's deposit options are primarily focused on cryptocurrency, which may pose a challenge for users looking to fund their accounts with fiat currency.
Overall, Binance's wide range of cryptocurrencies, low fees, and strong security measures make it a popular choice for cryptocurrency traders, despite some challenges related to customer support and regulatory issues.
Bybit - Best exchange for advanced users
Bybit crytpo exchange has over 20 million trusted users worldwide and offers more than 230 perpetual and future contracts.
Users get to engage in a spectrum of financial activities, encompassing trading, lending, and accruing a diverse array of cryptocurrencies. Moreover, patrons partake in the platform's NFT marketplace, launchpad, and the innovative Bybit Card feature.
Bybit allows users the capacity to engage in trades with a margin amplification of up to 100x. Furthermore, the platform introduces a multifaceted suite of opportunities, permitting users to replicate the trading strategies of other users, garner passive income through flexible savings initiatives and explore liquidity provisions.
Security, a pivotal consideration in the selection of a cryptocurrency exchange and bybit offers high security and transparency. The platform adheres to industry-standard security protocols, employing 2FA, encryption, and an industry-leading cold wallet for the impervious storage of assets. Rigorous scrutiny accompanies each withdrawal, affirming its legitimacy and checks.
Bybit offers an array of distinctive features:
Spot trading fees set at a nominal 0.1%.
Derivatives trading fees at a remarkably low 0.02% for makers and 0.055% for takers.
A diverse selection of over 330 cryptocurrencies available for trading.
Convert cash into crypto. Deposit over 50+ fiat currencies to get started with crypto trading.
Acquisition of cryptocurrencies with AUD via Visa/MasterCard, Apple Pay, and Google Pay.
Continuous 24/7 Live Chat customer support.
Margin trading capabilities with leverage up to 100x.
Copy Trading functionality, catering to both novices aspiring to trade expertly and seasoned traders seeking passive income.
Bybit Earn, presenting avenues to garner passive income with competitive annualised percentage yields.
A Testnet (demo mode) facilitating experiential learning of trading methodologies using virtual currency.
