So, you have been mining for some time now and already earned a certain amount of cryptocurrency. And now the question is, what should you do with it? Unfortunately, you can’t just go to a bank or to a brick-and-mortar exchange office and turn your cryptocurrency into a fiat money. However, there is a way, and it is called the online crypto exchanges. They are essentially not that different from the popular online exchanges where people trade in conventional currencies, such as Forex.
Frankly speaking, it is much simpler to trade or exchange cryptocurrencies at the favorable rate on such platforms because most of them do not force their users to go through a tedious process of full authorization which usually takes an awful lot of time. For example, Binance allows its users to operate with funds that don’t exceed 2 BTC without completing the 2-factor authentication which may take up to two weeks.
Before proceeding to the review of the top online cryptocurrency exchanges, we should note that there are two types of such exchanges: the fiat and the crypto ones.
- The former exchanges provide the means for buying and selling cryptocurrencies for conventional money, such as USD or EUR, while the former ones deal only with cryptocurrencies.
- The fiat exchanges are best suited for those who want to invest in digital currency or trade in the fiat/crypto pairs. At the cryptocurrency exchanges, you will be able only to carry out conversions between various digital currencies, for instance, selling Bitcoin to purchase Stellar etc.
Our list of TOP crypto exchanges includes 3 most recognized fiat exchanges and 1 platform for converting cryptocurrencies.
The best cryptocurrency exchanges
Coinbase. This crypto exchange was launched in 2012, and now it is one of the highest-ranking platforms in the industry which serves traders from more 30 countries of the world. It provides the means for purchasing cryptocurrencies using banking cards. Coinbase can boast a user-friendly and intuitive interface that would be comprehensible even for the rookie trader who will have no trouble figuring out how to carry out the simplest trading operation. The security of traders' assets and monetary transactions are ensured by the AES-256 algorithm as well as the 2-factor authentication.
Coinbase offers a wide range of tools for professional trading and market analysis. It imposes certain restrictions on users from Eastern Europe, but one can easily go around them by using VPN.
Kraken. This cryptocurrency exchange is one of the biggest in terms of daily trading volume. On Kraken, you can easily convert USD, EUR, and JPY to the following three cryptocurrencies: Bitcoin, Ethereum, and Ripple, and then trade them for altcoins.
It is necessary to warn you that this crypto exchange is not suitable for new traders because it has a rather complicated interface, three types of orders and the option for margin trading. However, when it comes to security, there is hardly any other crypto exchange that can beat Kraken. According to Besbitexchange, this platform has a B+ security rating which is one of the best reliability indexes throughout the entire industry.
Yobit. If the previous two exchanges are primarily oriented on the users from Western Europe, the United States, and Asia, Yobit has slightly different priorities and serves traders from Eastern Europe and the CIS countries. One can purchase digital coins using USD and even Rubles.
Yobit’s main advantage is that it has an absolutely enormous amount of crypto trading pairs and lists a few hundred tokens which can’t be bought on any other online conversion platform. This feature may be beneficial for those who consider investing in a newly emerged cryptocurrency that has the potential of “going to the Moon”.
Binance. Binance is the youngest crypto exchange on your list which began its operations only in 2017. Its corporate headquarters are located in Shanghai. The main distinguishing feature of this exchange is that it imposes a relatively low transaction fee which amounts to 0,1% that can be cut in half if the user chooses to pay it with Binance Coin (BNB). The BNB coins itself is of decent value as it occupies the 19h place on Coinmarketcap.
Registering on Binance far from being complicated, and it allows withdrawals of up to $2.5 thousand/day without having to complete an additional authentication.