Despite recent setbacks, crypto has remained a popular new asset class for investors. Opening an account with a crypto exchange is a great way to start if you want to buy or sell cryptocurrencies. Crypto exchanges function similarly to online brokerage platforms. They provide you with the tools you need to buy and sell digital currencies and tokens like Bitcoin, Ethereum, and Dogecoin. When choosing a crypto exchange, it’s important to look at factors such as supported assets, fees, payment methods, and security.
Crypto.com is the best mobile crypto exchange app. It provides an extensive digital asset trading and investing ecosystem that you can access easily from your smartphone. Crypto.com supports over 250 cryptocurrencies and provides a range of crypto products. Crypto.com provides a vast digital asset ecosystem composed of its own blockchain, Crypto.org Chain; a native token called CRO; a crypto visa card; and yield-generating crypto products.
Kraken is one of the oldest U.S. crypto exchanges. The platform offers a solid range of coins with very competitive trading fees. It’s also one of the few exchanges in the U.S. to offer margin trading and a suite of other advanced trading tools like advanced order types and futures trading. This exchange offers two trading platforms: Kraken and Kraken Pro.
Binance is the global leading crypto exchange founded in 2017 in Hong Kong. It features a strong focus on altcoin trading. Binance offers crypto-to-crypto trading in more than 600 cryptocurrencies and virtual tokens. Currently, it is the most sought entity by government legislators.
Gemini is well suited for crypto traders of any skill level. The platform is packed to the brim with features, like its unique Gemini Earn program for earning interest on crypto holdings and the Gemini Credit Card.
Coinbase offers more than 150 tradable crypto coins. which should satisfy most investors looking to break into the crypto space. The platform stands out for an easy-to-use interface that makes one-time or recurring crypto transactions a snap. The exchange also offers advanced trading options.
Broadly speaking, there are two categories of crypto exchanges: centralized and decentralized. Each category comes with its own advantages and disadvantages. Centralized crypto exchanges (CEX) are managed by one organization. Decentralized crypto exchanges (DEX) distribute responsibility for facilitating and verifying crypto trades.
Beyond fees, when choosing the best crypto exchange for your needs, consider things like security, trading volumes, educational resources, and whether an exchange lists the cryptocurrencies you’re interested in buying.
To open an account, most cryptocurrency exchanges require you to provide your name, email, personal information, and proof of identity (to follow KYC standards). This process may include answering personal questions, verifying your identity with a third-party application, or providing a picture of your driver’s license. Once your account is approved, you can deposit funds and purchase cryptocurrency.