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Top 5 Crypto Exchanges To Trade Cryptos In 2021

top crypto exchanges

June 1, 2021 | 

1075 Views | 

JOHN K MWANIKI | 

Get Into Cryptocurrency Trading Today

If you intend to invest in or trade cryptos, it can be very intimidating at first if you don't know where to start. With so many crypto exchanges, it can be challenging to make an informed choice since each comes with its own advantages and drawbacks. But first, ensure that the trading platform provides a guarantee for maximum safety and security to protect your investment.

Here are the top crypto trading platforms for 2021. The evaluation is based on several features, including transaction fees, available assets, user interface, customer reviews, and desirable features.

Coinbase (most popular crypto exchange)

Coinbase is the biggest crypto trading platform in the US. It was created in 2012, shortly after the invention of bitcoin in 2009. It charges between $0.99-2.99 based on the dollar value of the purchase. It provides a choice of various altcoins, has a simple user interface, and offers high liquidity. 

It also provides insured custodial wallets for crypto traders and investors to store their cryptocurrencies securely. These kinds of wallets are the best option for newbies just getting into the crypto space, but the private keys within them belong to the exchange, not the investor. That means you do not control the wallet keys, which is a drawback in addition to the fact that it charges higher fees when not using Coinbase Pro.

In addition to that, Coinbase has the free Coinbase Pro version with a cheaper fee structure and more features in charts and indicators. It is a bit different and is a suitable platform for advanced users who have honed their skills using Coinbase.

CashApp (best for beginners)

CashApp is best for investors and traders who are just getting their feet wet in the crypto waters. It charges a service fee on every transaction, which is based on the price volatility. Thus the fees differ depending on the market activity. It is a peer-to-peer currency transfer system like Venmo that enables users to shop online at a retailer that supports CashApp, split food, pay rent to a roommate, etc.

Users of CashApp can also have their own debit cards as it serves as a bank account. It offers the capability to withdraw bitcoin and comes with a simple user interface. It also allows its users to invest in ETFs and stocks. However, it only enables bitcoin investment currently, charges a 3% fee when sending money through a linked credit card, and has a withdrawal limit for bitcoin ($2000 worth of bitcoin per 24hours and $5000 per seven days).

Binance (best for altcoins)

Binance is the best crypto exchange for trading altcoins. A fee of 0.1% on every trade applies while deposits are free and withdrawals cost a fee. But if you use Binance Coin, the exchange's native currency, you get a 50% discount. Binance is popular because it offers a wide range of altcoins (more than 100), from the popular Etherium and Litecoin to smaller cryptos.

It offers high liquidity, low fees, fast trades, advanced charting, and you can buy cryptos with a credit card, bank account, or crypto transfer. However, it is suitable for more advanced users, while Binance US does not support 22 states, including new york.

Bisq (best-decentralized crypto exchange)

BSQ is the exchange's native currencies, and the fees are payable through it or bitcoin. When paying via bitcoin, it charges 0.10% on the maker and 0.70% on the taker side. With BSQ, it is 0.05% on the maker and 0.35% on the taker's side. Bisq is downloadable software and a peer-to-peer decentralized crypto exchange. It is a noncustodial platform which means that only the user controls their funds.

It is a non-KYC (know your customer) platform, which means it is accessible to any user with a computer or smartphone. It is suitable for those looking for more privacy and anonymity or anyone without a government-issued identification. But banking products such as savings or checking accounts are only accessible to those with government-issued identification.

It supports thirty different payment options and has a mobile app for both android and IOS. However, its decentralized nature leads to lower speed per transaction which depends on the payment method and low trading volumes. That means it is not ideal for active trading, but the features are well worth it.

Prime XBT (best for margin trading)

Prime XBT is the best crypto exchange for margin trading that has achieved significant growth since its launch in 2018. It is based in Seychelles, with clients from 150 nations, making it more attractive for any crypto investor. The exchange aims to offer traders the tools they need to undertake regular trading activities, including utilizing margin trading.

Prime XBT charges a fee of 0.05% for trading cryptos. It utilizes a straightforward onboarding procedure and offers anonymity as no personal details are required. To register, you need an email and password, accept the terms, and you are good to go. It facilitates trades for a wide variety of assets, including bitcoin, Litecoin, and Etherium, making it suitable if you intend to diversify your portfolio.

What sets Prime XBT apart from other crypt exchanges is the ability to margin trade cryptocurrencies and trade in the global market with bitcoin. It also has low fees and faster transactions. However, it has no demo account, no automated trades, and has limited deposit and withdrawal limits.

CONCLUSION

Note the difference between centralized and decentralized crypto exchanges; centralized exchanges have the KYC rule and require client registration and identification. Decentralized crypto exchanges have no central point of control, just like bitcoin; therefore, they are not subject to regulatory authority rules. That means you don't require identification to use decentralized exchanges.

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Total Market Cap The Total Market Capitalization (Market Cap) is an indicator that measures the size of all the cryptocurrencies.It’s the total market value of all the cryptocurrencies' circulating supply: so it’s the total value of all the coins that have been mined.

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