Best Cryptocurrency Exchanges
Reviews of the best crypto exchanges based on security, ease of use, fees, assets and much more.
The 6 best crypto exchanges are:
- PrimeXBT
- Binance
- Coinbase – World’s Largest Cryptocurrency Exchange
- CoinMama
- BitFinex – Lowest fees
- CoinSmart
PrimeXBT CryptoCurrency Exchange
If we define a crypto exchange as an online platform where you can buy and sell digital assets for other digital and fiat currencies, PrimeXBT is not a crypto exchange. It is not like Coinbase, Binance, or the now-insolvent FTX. It is a trading platform that allows users to trade digital currency-based CFDs and more.
CFDs are derivatives. When trading CFDs, traders don’t hand over digital assets to one another. They wager on the price evolution of an underlying asset which can be a digital currency or fiat one, a commodity, a security, etc.
Why Do Some Believe That PrimeXBT is a Crypto Exchange?
You can make deposits in several cryptocurrencies on the trading platform. It currently supports five digital assets: bitcoin, Ethereum, Tether USD, USD Coin, and Covesting. Although you can keep digital assets on the platform in five different digital wallets, you can only trade in bitcoin.
But You Can Buy Bitcoin at PrimeXBT, Can’t You?
Yes and no. The site of the platform tells users they can buy bitcoin and other cryptocurrencies. Once you click on the buy option, however, the site whisks you to a page where you can choose between two third parties who sell bitcoin. Coinify and Paxful are the options currently available. You can’t buy crypto from PrimeXBT, nor does the site feature exchange services that match crypto buyers to crypto sellers, allowing them to buy and sell their digital assets.
What you may find confusing is that PrimeXBT’s site proclaims the platform the “No1 Bitcoin Trading Platform.” Yes, you can make deposits in bitcoin and execute CFD –based trades, paying for them in bitcoin, but you cannot buy and sell bitcoin the way you could at a cryptocurrency exchange.
Those looking for CFD trading will appreciate the trading services the platform offers.
Why would you want to trade CFDs with PrimeXBT?
- New users can sign up for the site in a couple of minutes.
- The PrimeXBT platform features attractive trading conditions, low fees, and high leverage.
- PrimeXBT offers great liquidity and lightning-fast trade execution.
- Users can trade cryptocurrencies as well as other assets like fiat currency pairs and commodities like oil and gold.
- The maximum available leverage is 1:100.
- The trading platform is highly capable. It offers advanced charting and analysis tools, allowing traders to perform technical analysis without having the leave the site.
- The minimum deposit is just 0.001 BTC, making PrimeXBT’s services accessible to all.
- The PrimeXBT trading platform is web-based. Users don’t have to download and install anything.
On the downside:
- You cannot make deposits and withdrawals in fiat currencies, only in the supported cryptos.
- PrimeXBT does not accept clients from some countries, including the US and Canada.
- The platform does not support spot trading or crypto exchange services. CFD trading is the only available option.
- The platform is not available in a Demo version.
PrimeXBT Registration
Registering an account with PrimeXBT is simple, quick, and straightforward. Users don’t have to provide personal information or verify their identities.
Just click the Register button, and enter your name, email address, and password. After the confirmation of the email address, users are free to log in and make their deposits.
PrimeXBT Trading Conditions
PrimeXBT charges some reasonable fees on trades. For cryptocurrency trades, users pay 0.05%. Commodity and index trades cost less at just 0.01%. Forex trades are the cheapest at 0.001%.
Payment and Withdrawal Methods
PrimeXBT only accepts bitcoin for payments. All transactions on the PrimeXBT platform happen in cryptocurrencies only. Traders can only withdraw their funds to an external crypto wallet.
There is a 0.0005 BTC commission on withdrawals.
The Bottom Line
PrimeXBT is a crypto-only trading destination with a decent reputation in thetrading community. In addition to the regular trading methods and options, it also offers a “covesting” module which allows traders to copy the trades of their more successful peers.
The deposit/withdrawal and registration processes are simple and quick.
Coinbase Cryptocurrency Exchange
The consensus about Coinbase is that it is one of the world’s top cryptocurrency exchanges. According to press reports, Tesla completed its recent $1.5 billion bitcoin purchase through Coinbase. The co-founder and chief executive officer of the exchange, is Brian Armstrong, a well-known crypto celebrity. More than 43 million people worldwide have thus far found Coinbase worthy of their trust.
If you are a cryptocurrency beginner, it makes perfect sense to start your crypto journey at Coinbase. The exchange allows users to buy, sell, convert, and store cryptocurrencies through a trifecta of dedicated platforms.
Although Coinbase’s services seem to be universally appreciated, its high fees are not particularly popular.
Coinbase’s Products
Coinbase’s three platforms are:
- Coinbase.com focused on easing beginners into buying, selling, and exchanging cryptocurrencies
- Coinbase.pro, offering the same services for advanced/institutional users, featuring graphs, an order book, and a better fee structure
- The Coinbase wallet, where users can store their freshly acquired cryptocurrencies
Coinbase’s merchant solutions allow providers of products and services to accept crypto as payment.
Coinbase.com
Coinbase.com is the beginner-oriented segment of the Coinbase product suite. It makes buying and selling cryptocurrencies as simple as clicking a few buttons. Users can send funds to their Coinbase accounts through bank transfers. They can also use a credit card to buy crypto, provided their bank allows it.
The lower and upper limits on credit card purchases are very generous. They span the GBP 1.99-GBP 3,000 range. Buying and selling are fully transparent. The platform features a Buy/Sell preview that lists all the variables of the trade, including the fees.
For bank transfer deposits, the Coinbase app uses a USD/GBP/EUR wallet depending on your location. You can then use the funds deposited in this wallet to buy/sell crypto.
The coins that you buy through Coinbase.com land in your account. You can then transfer them from your Coinbase account to your Coinbase wallet or an outside online/hardware wallet. Always pay close attention when entering the address to which you wish to send your digital assets.
Through Coinbase.com, you can also convert one cryptocurrency directly to another, through the same interface you use for buying/selling. Just choose the “convert” option.
Coinbase.pro
Coinbase.com’s fees are indeed on the steep side. To circumvent them to some degree, you can use Coinbase.pro, a fully-featured virtual exchange floor.
Do not let the daunting aspect of the Coinbase.pro interface intimidate you. At a closer look, it clicks wonderfully, allowing you to deposit/withdraw fiat funds, as well as buy and sell cryptocurrencies as conveniently as Coinbase.com. The fees at Coinbase.pro are significantly smaller.
In addition to your trade history, the Coinbase.pro interface features an order book, as well as an overview of your open orders. You can deposit funds directly to Coinbase.pro the same way you would at Coinbase.com. You can also transfer funds from Coinbase.com, free of charge.
Coinbase.pro allows you to launch market orders, as well as Limit and Stop orders. The advanced trading interface also offers a chart, complete with limited technical analysis capabilities.
The Bottom Line
Coinbase is a good choice for those wanting to buy/sell/store/convert cryptocurrencies. The operation has gone to great lengths to ensure legal compliance. As a downside of this, you will have to jump through some KYC hoops to get started.
Binance Cryptocurrency Exchange
Founded in 2017, Binance is a relative newcomer to the cryptocurrency exchange scene. Despite that fact, however, it has managed to take over a massive share of the market remarkably quickly. By January 2018, it had hogged up most of the world’s cryptocurrency exchange volume.
The founder and CEO of Binance is Changpeng Zhao, known in cryptocurrency circles as CZ. Zhao is something of a celebrity. He has garnered a massive following on Twitter and often voices his opinion on various crypto matters.
Zhao founded Binance in China, but following the hostile moves of the Chinese government toward operations like his, moved the exchange to Malta. The regulatory status of Binance in Malta is still unclear.
As far as user feedback goes, Binance’s situation is as unclear as its regulatory situation. The public discusses the services of the exchange on several feedback portals and pages and the opinions expressed are confusing.
Some users love Binance’s services. Others hate them. Some people have accused the exchange of stealing their monies. Others have called their trading platform ‘undermaintained’ and lacking adequate support.
Binance’s Products
Binance is much more than a place where traders can buy and sell cryptocurrencies. The Binance platform offers an impressive range of crypto/crypto pairs. The operator has made available futures trading with leverage through the same platform.
In addition to that, the exchange also offers a Convert and OTC portal, that allows the trading of cryptocurrencies easily, in one go.
The Binance Earn feature lets users earn interest on their cryptocurrency savings. There are several options available in this regard, including flexible savings, fixed-term savings, as well as high-risk products, such as DeFi staking, dual investments, and liquid swaps.
In addition to the Binance Earn feature, the platform supports a Binance Savings option that seems to offer the same products/benefits as the savings section of the Earn product. Locked Savings offer higher interest rates than Flexible ones, although they require users to lock up their cryptocurrencies for a set amount of time.
The Binance Launchpad has thus far raised more than $75 million in funding. It has helped launch 41 projects, and it always seems to have something going on. Through Launchpad and Launchpool, the entities interested in launching a new crypto project can gain exposure and access to liquidity. Through the Binance platform, they can have their tokens distributed to a large pool of investors and potential users.
The Crypto Loans platform allows users to get loans they can guarantee with their crypto holdings. Approval is simple and guaranteed. Be careful, however. The annual interest rate is over 50 percent.
Liquid Swaps allow users to become liquidity providers. Through this platform, they can pool their tokens and earn rewards. Providing liquidity is a high-risk activity, however. Sometimes, revenue generated through staking may be underwhelming. Losses are not out of the question either.
The Leveraged Tokens platform lets users take advantage of leveraged trading without risking liquidation.
Leveraged tokens are financial derivatives representing baskets of perpetual contract positions. While this derivative class does not entail ‘traditional’ risks, it does bear specific risks due to the price movements of the contracts, etc.
The Binance Card is a debit card that allows holders to spend their cryptocurrencies anywhere at any time. More than 60 million merchants accept the card worldwide. When you spend crypto through the card, Binance converts your crypto to fiat.
Binance’s Platform
The Binance platform is a web-based trading platform featuring decent charting and technical analysis capabilities and a transparent, real-time order book. Buying and selling are as easy as clicking a few buttons.
The platform supports multiple order types, such as market, limit, and stop-limit orders.
Conclusion
As one of the biggest cryptocurrency exchanges, Binance offers an unparalleled suite of services. It is well-known in the industry, and most users appreciate its services.
Coinmama Cryptocurrency Exchange
Coinmama is not a cryptocurrency exchange in the most widely-accepted sense of the term. It does not feature an app with charting and an order book. Those who buy bitcoin, Ethereum, or several other supported cryptocurrencies at Coinmama buy directly from the operator and not from other users who sell.
Coinmama does not have a trading app. Transactions take place via a web-based interface, which is as simple as it could be. Purchases are all instant, and the same goes for sales.
The corporate entity behind Coinmama is Cmama Ltd., a registered company in Ireland. The company registration number is 672704. The Coinmama brand is the property of New Bit Ventures Ltd.
The physical address of the operation is 3 Ballsbridge Park, Ballsbridge, Dublin, Ireland, DO4 C7H2.
The user feedback concerning Coinmama’s services is a mixed bag, although most users like and appreciate the exchange service.
- Most users love the Coinmama support. According to some reports, Coinmama support staff was helpful even when clients provided the wrong addresses for their bitcoin purchases.
- The speed with which Coinmama processes transfers has been regarded as one of the strong suits of the operation.
- The operation is user-friendly. It has made it very simple to buy and sell cryptocurrencies.
- The Coinmama site does what it is supposed to do, mostly without hiccups.
While the user feedback is overwhelmingly positive, there are a few dissenting voices mixed in with the chorus of praises.
- Some users have complained that at first, Coinmama’s services worked well. Later, however, they could no longer buy cryptocurrencies, and the site failed to explain the problem.
- A handful of complainers have alleged that Coinmama took their monies and failed to deliver the cryptocurrencies they had bought. It is unclear whether such users entered the correct addresses when making their purchases. Using the wrong address can irrevocably derail transfers.
- Many of the negative feedback providers seem to be scammers. They falsely accuse the operator of some kind of failure, plugging their shady funds-recovery services.
- Some uses do not appreciate the KYC requirements of the site.
Coinmama does what it says it does. It helps its users buy bitcoins in a simple, straightforward way. And it provides great support to those who run into problems.
Coinmama’s Products
The Buy/Sell service is the base product of the operation. It features live pricing in USD and EUR, and it allows users to purchase fractions of a bitcoin. The website supports many languages and a total of seven cryptocurrencies: bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Cardano, Litecoin, and Tezos.
Users have to buy at least $60 worth of cryptos. On level one, the buy limit is $5,000, and the monthly purchase limit is $15,000.
Coinmama charges a 5.5 percent commission on purchases. In addition to this, buyers will pay a 5 percent fee to their credit card provider.
Some may find these fees excessive.
Coinmama Business is a recently added product targeting corporate buyers/sellers. If you want to buy more than $100,000 worth of cryptocurrencies, this is the Coinmama service you need.
To make such large purchases, you need to provide your personal information through a form, leaving your email or phone number and the approximate amount you want to buy.
The Coinmama Platform
Coinmama’s trading platform is its website. The service does not have a dedicated platform. All you need to do is select/enter the amount you want to purchase after verifying your account, provide your crypto address, and pull the trigger.
To sell cryptocurrencies, you need a European bank account. Coinmama does not offer a mobile app currently.
Conclusion
Although it is not a crypto exchange in the traditional sense, Coinmama is a great destination for buying and selling cryptocurrencies.
BitFinex Cryptocurrency Exchange
Founded in 2012, Bitfinex is one of the older cryptocurrency exchanges. The operation observes strict KYC standards and enjoys an outstanding reputation. The business model of the exchange is transparent. And the About Us section of the official Bitfinex website provides detailed information on the people behind the exchange.
Bitfinex has its in-house utility token, the UNUS SED LEO, which offers its holders benefits such as discounts on trading and lending fees.
The user feedback on Bitfinex’s services is overwhelmingly positive.
- Most users appreciate the liquidity the exchange offers and the stability of its trading app even during times of peak trading.
- Other traders have praised the value the Bitfinex support staff adds to the operation.
- The diversity of the products Bitfinex offers has also been a hit with users.
- Some feedback providers point out the resilience of the exchange and the stability of its platform as its strong suits.
There are some dissenting voices among user reviews, their complaints ranging from the reasonable to the ridiculous.
- Some users do not appreciate the multitude of ‘scam coins’ the exchange supports.
- Others consider that their crypto is not safe at the exchange. They claim that Bitfinex does not bother to help them when they seek to recover cryptocurrencies worth less than $2,500. On a side-note: you should keep your cryptocurrencies in a hardware wallet if you do not want to trade them.
- Some users have complained about the fees that they found excessive. Others say the exchange seized their funds.
Bitfinex Products
In addition to the buying, selling, and exchanging of cryptocurrencies, Bitfinex offers a staggering selection of complementary products.
The exchange allows its users to lend out their crypto holdings for a profit. Through the same service, those interested can borrow funds as well.
The Bitfinex platform features token sales, and it offers an affiliate program. It also allows users to trade cryptocurrencies through derivatives and use leverage to increase their profits. Other Bitfinex features include:
- Lightning Network support
- Staking rewards
- Shopping
- The Bitfinex Terminal
- Bitfinex Pay
- Access to various other lending products
Some Bitfinex users can access an OTC trading feature that allows whales and institutional investors to buy/sell large amounts of cryptocurrencies.
The Bitfinex Platform
The Bitfinex platform is web-based, easy on the eyes, and highly functional. It supports Tradingview-style charting, with scores of technical indicators, time-frames, and drawing tools facilitating analysis.
Traders can place a variety of orders through the platform.
In Exchange mode, they can Exchange Buy/sell or Margin Buy/sell cryptocurrencies. Within these categories, the trading interface supports an impressive number of order types. Orders can be:
- Market
- Limit
- Stop
- Stop limit
- Trailing stop
- Limit (order book)
- Fill or kill
- Immediate or cancel
In addition to these choices, traders can also place advanced orders called Scaled orders. To help traders make sense of all these options, the platform features a handy calculator that reveals every bit of information about the order, including its entry price, direction, exit value, stop value, etc.
The derivatives trading interface supports the same order types and allows traders to quickly select the leverage they want through a slider tool.
To trade derivatives, users have to deposit USD in their derivatives wallet. To fund this wallet, traders can use the Quick Transfer option on their wallets page or the Balances widget from the trading interface.
Conclusion
Bitfinex is a solid, well-put-together, and reputable cryptocurrency exchange. In addition to the features and trading options it offers, it provides an exhaustive guide to teach traders how to use its services. It even gives its users tips on how to pay the least possible fees. Its KYC compliance positions Bitfinex well for regulation within any jurisdiction.
CoinSmart Cryptocurrency Exchange
CoinSmart is a fully-fledged online cryptocurrency exchange that used to focus on Canada. These days, however, the operation is eyeing the European market, as it is looking to set up physical offices in Europe. In addition to CAD, it also supports EUR and USD as fiat currencies for which users can buy a relatively impressive selection of digital assets.
The primary goal of CoinSmart is to make it easy for its clients to buy cryptocurrencies. To that end, it has streamlined its services with the Canadian legal requirements and the safety of its clients’ funds in mind.
- The exchange observes Canadian KYC and AML requirements. This means that to be allowed to use CoinSmart’s services, you need to provide some potentially sensitive personal information. Completing the verification process should not take you more than a couple of minutes.
- To offer a proper level of safety for its users, the exchange is BitGo insured. It also uses cold storage to handle the crypto funds of its clients, to stave off the danger of a hack.
- The CoinSmart platform allows users to launch Buy/Sell orders easily. It also supports limit-, stop-, and market orders.
- The CoinSmart trading platform features a full order book, giving users valuable insight into how people are trading the supported cryptocurrencies.
- The exchange offers a referral program.
CoinSmart users will be glad to learn that the exchange features a SmartGuarantee. This guarantee covers the following:
- Funds that users deposit land in their accounts on the same day.
- The exchange guarantees that fiat money withdrawals will not take more than five days to process.
- Account verification is near-instantaneous. At the very least, all accounts will be verified on the day they are created.
What do users dislike about CoinSmart?
Interestingly, despite the clean act of the exchange and the straightforward nature of its offers, many users have allegedly had problems with CoinSmart.
- According to some complainers, the CoinSmart support staff is not as responsive as it should be. The verification process often takes longer than what the SmartGuarantee states.
- Some users have had to deal with delays when withdrawing their fiat funds or cryptocurrencies.
What do users like about CoinSmart?
- Despite some of the complaints, most users have found the quality and responsiveness of the CoinSmart support more than satisfactory.
There are surprisingly few user reviews available about CoinSmart’s services.
CoinSmart’s Services/Products
The features CoinSmart offers focus on the “smart” aspect of various cryptocurrency buying/selling operations.
- The advanced CoinSmart trading platform allows skilled and experienced traders to keep their eyes on real-time charts, do their technical analysis, and trade cryptocurrencies through a handful of advanced order types. The advanced trading platform features a full order book.
- Although it keeps some of its crypto funds online, in hot wallets, the exchange stores over 95 percent of its crypto funds in cold wallets to ensure their safety. The SmartSecurity feature of the operation also enjoys the full backing of Canadian banks. This way, the exchange can secure reliable on- and off-ramps for its clients at all times.
- The SmartSupport feature of the exchange offers clients 24/7 support through channels, such as email, live chat, and phone. Live chat support is available directly through the CoinSmart website.
- CoinSmart’s SmartInterface aims to make it as easy as possible for beginners to buy their first digital assets.
- The SmartTrade feature allows users to pick the currency they want to sell and the currency they want to buy. This way, they can create the currency pairs they trade. They do not have to take their trading through bitcoin or Ethereum.
Conclusion
CoinSmart brings reasonably priced cryptocurrency exchange services to the table for Canadian users as well as those residing elsewhere in the world. The exchange offers advanced trading features, great security, and a reasonable selection of tradable currencies. The flexibility to create your crypto/crypto trading pairs is a major plus as well.
