Are you looking after the Crypto Currency Exchange 2020 that you can rely on? Here are the comparison of some of the Best Crypto Currency Exchange 2020.
The First step for every crypto enthusiast is to find the exchange or brokerage. There are two main types of exchanges that we will discuss in this guide.
The first type of exchange are fiat exchanges.
These exchanges allow the direct conversion of US Dollars, Euros, and most government-backed currencies into cryptocurrency.
The second type of exchange are cryptocurrency to cryptocurrency exchanges.
These allow cryptocurrencies to be traded with each other. Crypto to crypto exchanges will be covered more in-depth on the second half of this page.
Depending on what cryptocurrency you are trying to obtain, you’ll need to use certain exchanges.
Crypto Currency Exchange: Coinbase
Based out of San Francisco, California, Coinbase is considered by many to be the most beginner-friendly exchange. It accomplishes this through its beautiful yet simple user interface.
Coinbase is a brokerage, meaning that instead of buying Bitcoin and other cryptocurrencies from other users, you are buying directly from Coinbase.
As far as fees go, Coinbase charges 1.49% on bank purchases and 3.99% on credit and debit purchases.
Due to the lower fees involved, it’s recommended to use your bank account when making large purchases.
Coinbase’s fees are on the lower end compared to other brokerages mentioned later in this guide.
Why use Coinbase?
Coinbase id good for You
- If You are a beginner to cryptocurrency
- You like low fees
- You plan on paying via credit card, debit card, bank transfer, or bank wire.
- Your country is supported by Coinbase (United States, Europe, Singapore, Australia, etc.)
Coinmama is another beginner-friendly cryptocurrency brokerage that focuses on credit and debit card purchases.
They offer instant delivery and sell Bitcoin, Ethereum, Ripple, Litecoin, and more to 40 US States, and most countries.
Coinmama doesn’t provide its users with a wallet on the exchange. Instead, users are asked to provide a wallet address to send the purchased cryptocurrency to.
As long as you have your own wallet, this shouldn’t be an issue!
Coinmama’s fees are slightly higher than Coinbase at 5% when a credit or debit card is used.
Recently, Coinmama has made it possible to sell Bitcoin back to your bank account. This feature is only available in European countries, but it’s likely it will be available to more as time goes on.
Why Use Coinmama?
You should use Coinmama if:
- You plan to purchase cryptocurrency with a credit or debit card
- Your country is not supported by Coinbase
- You have a cryptocurrency deposit address for Coinmama to send purchased crypto to
Bitpanda, called by some the Coinbase of Europe, is a popular brokerage that sells Bitcoin, Ethereum, Ripple, and more for US Dollars, Euros, British Pounds, and Swiss Francs.
Just like Coinbase, Bitpanda has a very simple user interface, making it easy for beginners to successfully purchase in cryptocurrency.
The exchange has several payment methods such as bank transfers, credit cards, debit cards, Skrill, Neteller and more. Depending on which method is used, there may be differing deposit fees.
When it comes time to transact on the exchange, Bitpanda charges 1.49% for buys, and 1.29% on sells making them an extremely competitive option.
Why Use Bitpanda?
You should use Bitpanda if:
- Your payment method is supported (card, bank, Skrill, Neteller, etc)
- You want to purchase a wide variety of altcoins
- Your country is not supported by Coinbase
Headquartered in London, UK, CEX.io offers security, high liquidity, and cross-platform trading. It has somewhat high fees, margin trading, almost 100% uptime, and more.
The exchange was affected by a small hack long back but has had no issues for a while. It has over 2.8 million accounts and a wide variety of cryptocurrencies for sale.
CEX.io appears to have little no fees at first glance. They are able to do this by charging a premium on the Bitcoin price.
Why use Cex.io?
- It Supports Different payment Methods
- You want to purchase a wide variety of altcoins
Kraken is another popular exchange based in the United States that’s been around since 2011.
In terms of trading fees, Kraken’s are very fair and scale based on your 30-day trading volume. If you’re a maker, they range from .16% all the way to 0%. Taker fees on Kraken range from .26%-.1%.
For funding options, Kraken offers deposits in USD (FedWire), EUR (SEPA), and CAD(Wire & EFT). They Provide the wallet for lots more of cryptocurrency.
A unique feature of Kraken is that it allows for margin trading with up to 5x leverage. When margin trading on Kraken, eligible accounts can borrow up to $500,000 to go long or short on a cryptocurrency.
Last but certainly not least, the exchange features a powerful and intuitive API for those wanting to take their investing to the next level.
Why use Kraken?
- If You want to margin trade (up to 5x)
- It offers You to trade cryptocurrency on fiat and crypto pairs
- You enjoy low fees
- You want to purchase a wide variety of cryptocurrency
- It operates in many countries.
LocalBitcoins offers a highly trustworthy escrow service and peer-to-peer (P2P) exchange.
On the exchange, users to trade among themselves. Due to the nature of the transactions on the exchange, there is a resolution and feedback system.
It also allows users to post a quick buy or quick sell ad on the exchange platform. It is one of the best cryptocurrency exchanges for peer to peer trading.
LocalBitcoins is one of the better exchanges for users concerned with their privacy as it allows to buy in person.
Why use LocalBitcoins?
- If You plan to use cash to buy cryptocurrency
- You want to use an escrow service
- You want a more private way of purchasing cryptocurrency
Bitstamp is one of the oldest Bitcoin and cryptocurrency exchanges. They have a wide variety of fiat vs crypto trading pairs.
As one of the oldest cryptocurrency exchanges out there, Bitstamp has proven to be one of the most reliable exchanges out there. They offer top of the line security, with highly encrypted personal information, and over 98% of assets locked in cold storage.
Although it’s based in Europe, Bitstamp users from the United States and other countries can send international transfers for a very low fee.
Want to trade on the go? Bitstamp also offers free mobile apps on Google Play and the App Store.
Why use Bitstamp?
- Its good IF You want high liquidity
- It has low fees
- You want to purchase a variety of cryptocurrencies
Gemini is an exchange based in New York, US that allows for the trading of USD against Bitcoin, Ethereum, Litecoin, Zcash, and more.
The exchange also offers high security and compliance, top of the line cold storage system that stores information offline, access controls, and multi-factor authentication.
For fees on Gemini’s brokerage service, expect 1.49% fees on buys and sells for orders over $200. Gemini’s brokerage service is an intuitive way for beginners to purchase cryptocurrency.
If you feel comfortable using their exchange feature, have your account switched to ActiveTrader mode. On this mode, fees scale base off your trading volume and are between .35% and 0% depending on if you are a maker or taker.
Why use Gemini?
- You want a secure exchange
- It is Known For its low fees
Crypto to Crypto Exchanges
Here’s some information on some of the most popular crypto to Crypto Currency exchange 2020.
Binance is one of the Best Crypto Currency Exchange 2020 that has impressed its customers on several occasions. They have some of the highest trading volumes on several of their trading pairs, and an enormous amount of coins available for purchase.
It is based in Hong Kong, with offices located in several other countries such as Japan and China. It is available to all countries and US states.
Binance introduced SAFU (Secure Asset Fund for Users), which takes 10% of all trading fees the exchanges earns, to give back to the users in the event of a hack. The exchange did have a hack in May 2019 but covered all user funds using the SAFU fund.
The Binance exchange features their own coin, Binance Coin, that allows users to save big on trading fees. In June of 2019, the exchange announced that there would be a new exchange for US users to trade on that is separate from the Binance DEX. This is likely due to the regulatory status of cryptocurrency in the United State
Changelly takes a different approach to the exchanging process. Instead of letting users store their cryptocurrency on their exchange, they set up conversion transactions. Users select an input and output currency and an amount.
In the above example, I selected .1 BTC and an it determine the ETH amount automatically at the current market rate. Then, Changelly provides an address to send the Bitcoin to and asks for an address to send their Ethereum to.
This effectively cuts out one step and swaps currencies in real-time. In exchange for their services, Changelly charges .5% on transactions. Fiat currencies such as the US Dollar and Euro can be used, but have slightly higher fees. Pretty cool!
Bitfinex is one of the larger cryptocurrency in terms of volume and users. It is based in Hong Kong and has trading fees of .1% for makers, and .2% for takers. It is important to note that BitFinex does not allow US users to sign up for their exchange.
They only operates in some of the selected countries. So, make sure you check them.
So, to sum it all up… each exchange has different pros and cons, so the best Crypto currency exchange 2020 for one person, might not be the best for another.