While Bitcoin is the most famous digital currency, there are over 2,000 cryptocurrencies in circulation, and there’s more to come.
When I first getting into the crypto world, I only heard of Bitcoin. But once I dived deeply into the space, I quickly realized there are tons of other coins to choose from.
Here’s the question:
Where do you buy Bitcoin and other altcoins?
Which is the best cryptocurrency exchange?
Before you start investing your hard-earned money in crypto, it’s important to know what a cryptocurrency exchange is.
What is a cryptocurrency exchange?
A cryptocurrency exchange (also known as digital currency exchange) is an online platform that allows you to buy, sell or exchange cryptocurrencies for other virtual currency like Bitcoin, ether and ripple or traditional fiat money like USD, GBP and EUR.
Types of Cryptocurrency exchange
There are generally two different types of cryptocurrency exchange platforms, classified based on the tradable currency.
Fiat exchange: As its name suggests, Fiat exchange allows the exchange of USD, EUR, GBP and other government-backed currencies with the digital currencies.
Crypto-to-crypto exchange: This exchange doesn’t accept any fiat money. It’s exclusively for cryptocurrencies to be exchanged with each other. Bitcoin/Ethereum is considered the most popular crypto pair.
Cryptocurrency exchanges can also be classified according to the price determinant on the platform.
Trading Platforms: Similar to traditional exchanges, these websites are a marketplace where buyers and sellers can place “buy” or “sell” orders. They’ll take a fee for each transaction.
Peer-to-Peer (P2P) Exchange Platforms: These platforms facilitate direct trading between potential buyers and sellers. Since there’s no exchange acts as an intermediary, they don’t provide a fixed market price. Instead the price depends on the two parties coming to an agreement.
IMPORTANT: Even though you can trade directly offline with your friends, it’s important to conduct transactions through P2P platforms. This is because they provide escrow, mediate transactions and resolve any dispute.
Cryptocurrency Brokers: With these websites, anyone can visit the platforms and purchase cryptocurrencies. Just like foreign exchanges, crypto brokers will set the price of the crypto coins. They will usually charge a fee on top of the current market price.
As of writing, there are 500+ cryptocurrency exchange services on the Internet. With new ones being created every week.
Sifting through the many options to find the best crypto exchange can be incredibly challenging, not to mention time consuming and inefficient.
Also, you will probably have to use more than one crypto exchange to get the cryptocoins that you want.
For example, you can’t depend solely on fiat exchanges to buy certain cryptocoins. In fact, there are many altcoins only available for trading on crypto-to-crypto exchanges.
To simplify it, here are few important things to consider when it comes to choosing the best crypto exchange/trading website:
Coverage,
Security of funds
Ease of use
Reputation
Number of pairs
Fiat exchange
Fees
Verification requirements
Taking into consideration the criteria above, here are the 10 best crypto exchanges (in no particular order) for buying and selling cryptocurrencies.
Related reading:
What is Cryptocurrency? Explain Like I’m Five
What is Bitcoin and Why all the fuss with Cryptocurrency?
The Best Cryptocurrency Exchanges
- Binance
Tradeable coins BTC, ETH, XRP and 140+more
Fiat currencies No, supports fiat in Malta, Singapore
Trading fee 0.1%/ Fee discount with BNB coins
Deposit fee Free
Withdrawal fee Vary
Deposit Method Cryptocurrency
App iOS and Android
Language English/ Dutch/ Chinese /Russian and 10 more
Coverage Global
Launched in July 2017, Binance has gone from nothing to billion dollar exchange site in the space of 12 months!
Now, it’s one of the most popular and fastest growing crypto exchanges on the Internet.
To get the most of Binance, you may want to use the Binance Coin (BNB), a native currency on the exchange.
Instead of paying 0.1% regular trading fee, using BNB allows you to deduct 50% of the fee to merely 0.05% in the first year, according to the fee structure below.
In addition, they also provide countless programs to reward users like Binance Angel Program, contests, competitions and bug bounty programs.
At present, Binance doesn’t accept fiat currency for deposit. To start trading on Binance, first, register with your email ID. Then buy BTC or ETH from Changelly and deposit your cryptocoins into your Binance account in order to trade other cryptos on this cryptocurrency exchange.
It’s pretty easy, simple and fast to create a free account on Binance.
Even though if you don’t complete the personal ID verification process, you can still buy/sell and withdraw 2BTC/day. This means that almost anyone in the world can trade on the platform without much restriction.
Once you’ve verified your account, you can transact and withdraw 50–200 BTC for 24 hours.
They also offer mobile app for Android and iOS too, making it much easier to manage and trade cryptocurrency on the go.
Become a Binancian Today!
Related reading:
How do I Trade Cryptocurrencies on Binance?
How to Buy Binance Coin at a Good Price
- Changelly– The best instant cryptocurrency exchange
Tradeable coins BTC, ETH, DASH, XRP, and 70+more
Fiat currencies Yes, USD and EUR
Trading fee 0.5%
Deposit fee Free
Withdrawal fee Free
Deposit Method Cryptocurrency, Credit card and debit card
App Android
Language 11+ (including English/Korean/ Chinese /Russian)
Coverage Global
Looking for a quick and hassle-free way to switch between cryptocoins?
Changelly can help.
Changelly is an instant crypto exchange. It’s created in the year 2013 by the developers of MinerGate, a group that has a long history of work within the crypto world.
Acting as a mediator, its robot integrated into some of the most popular cryptocurrency exchanges in the market like Bittrex and Poloniex to give you the best real-time price.
Just like other crypto-to-crypto exchange, it takes about 5-30 minutes to complete a transaction on Changelly.
Changelly’s biggest selling point is the simple, fair and flat fee of 0.5% for each transaction. No additional commissions or withdraw fees. I think it’s considered minimal in exchange for the unforeseen risk and high volatility they bear on behalf of users.
Although Changelly focuses on deals in crypto-to-crypto transactions, you are can also buy cryptocurrency using credit/debit card.
Note: You need to buy your own crypto hardware wallet first because Changelly doesn’t store your coins on its servers.
I recommend Ledger Nano S or Trezor to keep your crypto assets safe.
To get started with Changelly, simply log in with your email ID or social media account(Facebook, Twitter) and start exchanging!
3 KUCOiN
Tradeable coins BTC, BCH, ETH, XRP and 100+more
Fiat currencies No
Trading fee 0.1% / Fee discount with KuCoin Shares (KCS)
Deposit fee Free
Withdrawal fee Vary according to the cryptocurrency market’s performance
Deposit Method Cryptocurrency
App Android
Language 12+ (Including English/ Chinese /Russian/ Spanish/ French )
Coverage Global
Want to buy a new altcoin?
Chances are you’ll find those rare cryptocoins listed right on this exchange.
Kucoin is another great cryptocurrency exchange that provides an easy way to exchange cryptocurrencies.
With KuCoin, you can find a wide range of coins, both popular and unique coins such as 0x, SelfKey and Swarm, with highly competitive fees.
You are also free to use the mobile app (Android and iOS) to deposit, withdraw and trade crypto anytime anywhere in the world.
To get started with Kucoin, first you need to register an account using your email, no ID verification is needed. Then, buy BTC or ETH from Changelly and deposit your coins into your Kucoin account in order to trade other crypto coins on this cryptocurrency exchange.
Kucoin Bonus: By using the KuCoin’s native token, KuCoin Shares (KCS), you can enjoy special discounts on trading and receiving dividends.
For every 1,000 KCS you hold, you get 1% discount on trading fees, up to a maximum of 30%.
Start trading with KuCoin
- Cryptopia – The world’s largest range of cryptocurrencies
Tradeable coins BTC, BCH, ETH, XRP and 550+more
Fiat currencies Yes, only NZD
Trading fee 0.2%
Deposit fee Free
Withdrawal fee Vary
Deposit Method Cryptocurrency
App iOS and Andriod
Language English
Coverage Global
Cryptopia is a New Zealand based cryptocurrency exchange that supports buying/selling over 550+ altcoins.
With this enormous amount of cryptos listed on the platform, it’s undoubtedly a great place to buy new low-cap coins.
You can find many undervalued, rare and scarce coins right here in this exchange.
The other unique feature of Cryptopia is that it’s a peer-to-peer exchange. Instead of interacting with the platform, you’re actually purchasing directly from a seller.
Also, use the arbitrage section to check on price differences on other exchanges so you can make better trading decisions.
Furthermore, Cryptopia has a marketplace where you can buy and sell anything with cryptocurrency, from gift cards to electronic devices.
First, register an account using your email ID. If you don’t have NZD for deposit, you can buy BTC or ETH from Changelly and deposit your coins into your Cryptopia account. That’s it, now you can start exchanging coins on the exchange.
There’re basically three stages of verification:
Verify email address only: Withdrawal limit up to $5,000 NZD/ day
Selfie ID, Name, Birthday and Address: Withdrawal limit up to $50,000 NZD/day
Proof of residence: Withdrawal limit up to $500,000 NZD/day
Register a free account on Cryptopia
- Coinbase — Digital Currency Exchange
Tradeable coins BTC, BCH, ETH, ETC, LTC
Fiat currencies USD, EUR, GBP, AUD CAD, CNY and 50+ more
Trading fee Vary
Deposit fee Credit/Debit Card: 3.99% ; US Bank Transfer: 1.49% (0.15 USD) ;
Wire Transfer USD: USD 10
Withdrawal fee Vary
Deposit Method Bank Transfers / Credit / Debit Cards / Providers of the bank
App iOS and Andriod
Language English
Coverage 32 countries
Based out of United States and operational since 2012, Coinbase is arguably the most beginner friendly cryptocurrency exchange in the world.
Coinbase is a digital wallet service provider and secure online platform for managing, buying, selling, storing and transferring crypto funds.
Currently, it offers two main services:
Fiat-to-crypto exchange: an instant exchange platform for newbie traders
Coinbase Pro (formerly known as GDAX): an advanced trading platform that offers more powerful tools for experienced traders.
You may also want to check out Earn.com by Coinbase that allows anyone with a LinkedIn network of minimum 50 to earn Bitcoin by answering surveys and gigs.
If you want to know more, check out this tutorial on how to earn Bitcoin in less than 1 minute.
Its mobile app is incredibly user-friendly and easy to use. By linking your Coinbase to your bank account, you can easily send and receive crypto coins using QR code.
Also, Coinbase is a relatively safe crypto exchange site with 98% of its coins is stored offline. If you’re a US resident, your Coinbase wallet is insured by the FDIC up to $250,000.
To start buying cryptocurrency on Coinbase, you need to register an account and provide ID verification, bank details and phone number.
- Bittrex
Tradeable coins BTC, ETH, XRP and 190+more
Fiat currencies USD
Trading fee 0.25%
Deposit fee Free
Withdrawal fee Vary
Deposit Method Cryptocurrency, Wire transfer
App iOS and Andriod
Language English
Coverage Global
Headquartered in Seattle, Washington, Bittrex is the one of the world’s popular cryptocurrency exchange.
The platform was founded in 2014 by three cybersecurity engineers with over 50 years of combined knowledge. They’re formerly worked as IT and security experts at Microsoft.
Bittrex is known for its ease of use as well as the security it provides its customers.
In this exchange, you have the option to buy/sell 190+ cryptocurrencies at very low fees.
If you’re ready, registering with Bittrex is pretty simple and straightforward. But you need to go through a verification process to start trading on the platform.
Basic account (with 2FA enbled) : transfer up to 3BTC/day
Enhanced account (with selfie ID): transfer up to 100 btc/day
Check out Bittrex
- GEMINI
Tradeable coins BTC, ZEC, ETH, LTC
Fiat currencies USD
Trading fee 0.00% to 0.25%
Deposit fee Free
Withdrawal fee Vary
Deposit Method Cryptocurrency, Wire transfer
App No
Language English
Coverage U.S, Canada, U.K, Hong Kong, Singapore, South Korea
Founded by the Winklevoss Twins, Gemini is a US-based cryptocurrency exchange where you can buy Bitcoin, Ethereum, Litecoin and Zcash using US dollars-or just trade between these few altcoins.
What makes Gemini different from other platforms is the embrace of regulation and compliance. It’s the first licensed Bitcoin and Ethereum exchange in the US.
It offers high security and compliance as well as top-notch cold storage system to store coins and information offline.
Also, your US dollars are deposited into an FDIC-insured bank.
Visit Gemini
- Bitfinex
Tradeable coins BTC, BCH, ETH, ETC, XRP, EOS, NEO and 100+more
Fiat currencies Yes, USD, EUR, JPY and GBP
Trading fee 0.00% to 0.20%
Deposit fee 0.0004 BTC \ None
Withdrawal fee Vary
Deposit Method Cryptocurrency, Wire transfer
App iOS and Andriod
Language English \ Chinese\ Russian
Coverage Global except residents from Bangladesh, Bolivia, Ecuador, Kyrgyzstan and US
Bitfinex is another popular cryptocurrency exchange in the world.
If you want to transfer fiat currencies to or from your Bitfinex account, you’ll need to complete a verification process by provide personal ID, phone number, email and address.
However, you don’t need to be verified to start trading on Bitfitnex.
Here’s how it works: First, buy btc on Changelly and then deposit into your Bitfinex account, and trade without needing to convert to fiat. No ID verification needed for crypto-to-crypto trading. Refer to the cryptocurrency withdrawal fees here.
Security: Bitfinex was hacked in 2016, resulted in 120,000 BTC stolen. But Bitfinex has taken immediate steps to rectify this problem and successfully compensated all the users in less than a year. This alone shows a lot of commitment on the company’s end.
- Huobi
Tradeable coins BTC, ETH, XRP, EOS, DASH and 90+more
Fiat currencies Yes, USD, EUR, JPY and GBP
Trading fee 0.2%
Deposit fee Free
Withdrawal fee Free
Deposit Method Cryptocurrency
App iOS and Andriod
Language 13 including English/ Chinese/ Korean
Coverage Global
Founded in 2013, Houbi is one of the world’s leading cryptocurrency exchange service provider.
Originated in China but following the Chinese government’s crackdown on crypto exchanges in 2017, Huobi has rapidly expanded its financial services to serve the international market.
They also offer a mobile app (iOS and Android) that allows you to manage, store and trade cryptocurrency on the go.
It’s pretty easy to register an account with Houbi. You’ll need to provide your email ID, name and selfie ID.
Create an account with Huobi
- HitBTC
Tradeable coins BTC, ETH, XRP, ZEC, DASH and 200+more
Fiat currencies No
Trading fee 0.10%
Deposit fee 0006 BTC
Withdrawal fee Vary
Deposit Method Cryptocurrency, SEPA, SWIFT
App iOS and Andriod
Language 13 including English/ Chinese/ Korean
Coverage Global
Looking to get started in crypto trading but have zero experience? No worries.
HitBTC is one of the easiest ways to get hold of multiple cryptocurrencies.
You don’t have to go through complicated registration process. Simply register with your email and a strong password, then you can start trading over 200+ crypto coins.
To take advantage of the low fees, you might want to buy bitcoin on Changelly first and send the BTC to your HitBTC account.
Security tools and features:
Automatic logout
Email notifications if there’s any new IP logins
Login History- show all the latest activity
Whitelist of withdrawal addresses
2FA enabled
cold storage system for certain cryptocurrencies
Join HitBTC
Conclusion
So now you know which are the best, reliable and popular cryptocurrency exchanges that you should use.
By using the cryptocurrency exchanges on this list, you will be able to buy/sell almost all of the cryptocoins that you want.
Each crypto trading platform has its unique features and benefits. The main differences are fee schedule, supported countries, supported coins and fiat currencies, and security.
It might be a good idea to register for few exchanges so that you have access to as many coins as possible.
Tips:
Always turn on the two-factor authentification (2FA) and be more secure.
I also strongly recommend you to use a reliable hardware wallet like Ledger Nano S or Trezor to store your crypto assets.
Since cryptocurrency exchanges have been highly vulnerable to thefts and hackers, it’s very risky to keep your digital currency using free wallet on exchange sites.
P.S: Don’t rely on exchanges as your wallet to HODL your crypto investment.
Here’s some helpful articles that you can read next:
How to Secure your Cryptocurrency: Cold Wallet vs. Hot Wallet
How to Setup a Ledger Nano S Hardware Wallet
Crypto 101: The Ultimate List of Cryptocurrency Resource
What is Bitcoin and why all the fuss with Cryptocurrency?
