Best Cryptocurrency Exchanges Guide: Best Places to Buy Crypto

Cryptocurrency exchanges are essential to the cryptocurrency ecosystem, allowing users to buy and sell digital assets such as Bitcoin, Ethereum, and Litecoin. However, with so many options available, deciding which exchange is the best for your needs can be overwhelming. 

This article will explore the top cryptocurrency exchanges currently available, considering factors such as fees, security, and user experience. Whether you are a seasoned trader or a beginner just starting in the world of crypto, these exchanges offer something for everyone.

1. Binance

Binance is the largest crypto exchange in the world in terms of the volume of daily traded cryptocurrencies. It was founded in 2017 and now supports more than 500 virtual tokens and cryptocurrencies.

The platform supports fiat (legal tender) deposits in about 50 currencies. You can deposit money in any of these currencies in your Binance account via bank transfer or debit/credit card payments. In addition, you’ll be able to purchase and trade cryptocurrencies 24 hours after making the deposit. 

To sign up, you need personal identification – your national passport or driver’s licence should suffice. Additionally, you must provide an email address and password. Adding two-factor authentication (2FA) will help keep your account secure. 

While there are no fees for depositing fiat or crypto in Binance, the platform charges withdrawal fees. For instance, withdrawing Ethereum will cost 0.01 ETH. However, the cost depends on the currency you are transferring. 

2. Crypto.com

On Crypto.com, you can trade cryptocurrencies for stablecoins or other cryptocurrencies. Furthermore, it offers a variety of cryptocurrency-oriented products comprising staking, wallet services, trading of crypto assets, non-fungible tokens (NFTs), and more. 

There are more than 200 tradable cryptos on the platform; all offered at market-leading fees. For example, if you stake about 10,000 Cronos (CRO) tokens, Crypto.com’s utility token similar to BNB, you’ll get a maker-and-taker discount of 8%.

To buy cryptos on this platform, you’ll need to sign up on their website and complete the Know-your-customer(KYC) procedures. Then, similar to Binance, you can deposit using bank transfers, debit or credit cards to purchase cryptocurrencies.

Usually, the minimum deposit you can make is $200, while the maximum deposit depends on the amount of CRO you staked, and it can rise from $500,000 to $2 million.

Trading fees are charged on all transactions until all orders are fulfilled, and there may be fee discount offers in the CRO rebate form. For example, buying with a debit or credit card attracts a 2.99% fee, while exchanging crypto within your account incurs no transaction fee.

3. Kraken

Kraken started operations two years after Bitcoin launched and is one of the most established crypto exchanges in the world. It offers a secure platform with more than 120 cryptos and tokens. You can also stake and earn rewards for your crypto at reasonably low prices. 

However, Kraken only accepts a few fiat currencies; hence, you may need to pay additional conversion fees for certain currencies. For example, there is a flat fee of 0.9% for stablecoins on Kraken Instant Buy, while for other not-so-competitive cryptos, the flat fee is 1.5%.

However, as your trading volume increases, the fees decrease. Consequently, more prominent traders using the Kraken Pro platform can access a broader range of cryptocurrency trading markets and incur lower trading fees.  

Signing up for the Kraken Instant Buy platform is easy; it takes a few minutes to get verified. Conversely, getting verified for Kraken Pro may take several days, requiring a manual review of certain documents. Once verified, you can deposit a fiat currency like U.S. dollars in your account and start buying cryptocurrencies.

4. Coinbase

Coinbase is one of the most popular crypto exchanges worldwide and is available in over 100 countries. Its user interface is intuitive and beginner-friendly, and the platform supports simple transactions, digital wallets, and PayPal withdrawals. 

Additionally, you can trade over 150 crypto assets and tokens, including Bitcoin, Ethereum, Dogecoin, and USD Tether. Of course, the exchange fees depend on what cryptocurrency you are buying. 

The market-maker fee ranges from 0.0% to 0.04%, while the taker fee ranges from 0.05% to 0.60%, depending on the total USD trailing 30-day trading volume. The maker and taker fees for stable pairs/trading pairs of stablecoins are 0.00% and 0.0001%, respectively.  

When signing up on Coinbase, you must provide and verify your email address, phone number, and identity. Also, you’ll add your personal information and link a payment method (debit or credit card) for the sign-up to be complete. And you must be at least 18 to sign up.

5. Gemini

Gemini offers more than 100 cryptocurrency trading options and a few crypto-to-crypto trading pairs. It has a simple platform for beginners, an advanced one for experienced traders, and a peer-to-peer learning portal. It is also available in over 60 countries around the world. 

When signing up for Gemini, you may get a sign-up bonus as a new user, and you can even refer friends and get up to $10 extra for each referral! However, the platform charges trading fees which kick in once you withdraw coins from your Gemini exchange to a wallet or another exchange more than ten times a month. 

So each time you buy or sell crypto, you’ll be charged convenience and transaction fees. The convenience fee is 0.5% for a given trade, though market conditions can cause it to vary. For instance, if Bitcoin trades at $15,000 for 1 BTC, you’d pay $15,075 for one BTC, including the fee.

For crypto conversions, such as exchanging Bitcoin for Litecoin, you’ll pay a standard fee of 1.49%. The price varies, depending on what cryptocurrency you are buying and ranges from a flat fee for less costly orders to a percentage of more expensive transactions. 

6. eToro

eToro is an investment app with a user-friendly platform for both beginner and advanced investors. It also provides advanced charts and analytic tools for following each coin’s trends.

To start using eToro, you must sign up, verify your account and make a deposit. It also has a virtual portfolio function, where you can practice trading in the market with a $100,000 demo account.

The platform doesn’t charge transaction fees, but blockchain fees are applicable for sending and receiving cryptocurrencies. Also, the conversion fee for crypto-to-crypto exchange is 0.1%, and eToro market rates determine the conversion rates. The minimum limit is $20, while the maximum is $10,000. 

All supported crypto asset transactions have a maximum of $50,000 per transaction and a daily maximum limit of $200,000. eToro USA LLC; Virtual currencies are highly volatile. Your capital is at risk.

7. Robinhood

Robinhood is one of the most straightforward exchanges to use, and it’s so easy some critics argue that its options trading is too open to inexperienced traders. Regardless of the criticisms, the platform is flourishing, providing users with stock, ETF and options trading. 

There is 24/7 customer support and zero commissions for 18 cryptocurrencies. You can sign up on their website, deposit, and start trading. Furthermore, there is no contract fee, which makes it stand out among other exchanges.

Traders can buy optional shares and set up recurring investments. They can also invest in Initial Public Offerings(IPOs) of new companies and become shareholders. 

Best Places to Buy Cryptocurrency: FAQs

Best Cryptocurrency Exchanges – Final Thoughts

In conclusion, choosing the right cryptocurrency exchange can be daunting due to the vast number of options available. However, by considering factors such as fees, security, and the types of cryptocurrencies offered, you can narrow down your options and find the best exchange for your needs. 

All top exchanges have proven security track records and a wide selection of cryptocurrencies available for trade. However, doing your research and due diligence before committing to an exchange is essential. 

Always keep your assets safe by using best practices such as enabling two-factor authentication and keeping your funds in a hardware wallet. Ultimately, the best exchange for you will depend on your individual needs and preferences.