The Best Cryptocurrency Exchanges in 2018 Review

Exchange | Reviews

 

If you’ve been an advocate for cryptocurrency for some time now, you’ll know that 2017 was nothing short of a fantasy ride for those who are lucky enough to invest. The market, spearheaded by sharp rise of bitcoin, all gained quick momentum in growth, which provided a sturdy base for investments.

Ever since the boon, cryptocurrencies have been in the limelight as well as attracted global interest from thousands of investors. Similar to trading shares within the traditional stock market, investing and trading in cryptocurrencies is facilitated through online cryptocurrency exchanges.

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Top Cryptocurrency Trading Exchanges for 2018

The cryptocurrency exchanges provided below are a platform and hence a marketplace for investing in and trading crypto coins, similar to traditional exchanges like NASDAQ, NYSE and the like. They ensure that a fair and orderly opportunity is available to all investors.

Cryptocurrency exchanges are now comprised of websites where anyone can buy, sell or trade just as long as you have money to throw at it. At the time of this review, cryptocurrency exchanges are unregulated by government agencies. We’re currently in the Wild West of cryptocurrency and their corresponding exchanges.

With the crypto space expanding every day there are more and more altcoins being added to these exchanges. The opportunities to capitalize on this massive revolution in financial technology are massive.

Cryptocurrency exchanges earn their share of profit by charging a nominal fee on each transaction made through the exchange. The fee charged, therefore, depends on the volume of the transaction completed and is different for each exchange. Most do not charge more than .0025%, which is a quarter of a percent to buy or sell a coin. This is a very nominal fee when compared to typical stock exchanges.

There has been a tremendous increase in the number of crypto exchanges all across the globe with many rapidly evolving since the time of inception. Given how transactions are continuing to increase rapidly, it is likely that the number of exchanges will increase at an alarming rate.

With a number of options available , choosing which exchange to use as now become very important. You must understand and recognize the characteristics of a good exchanges. A few of them are listed below.

  • The exchange should have a satisfactory reputation among its users. The reputation can be identified through public reviews.
  • The exchange and the server it operates on, should be secure. Exchanges are handling large sums of investment capital and have an increased potential for hacks.
  • The fees charged per transaction should be minimal. Typical fees are .0025% or .0010% of any transaction (buy or sell).
  • Payment methods supported by the exchange also play a major role.
  • Customer satisfaction and ease of use for novice traders are extremely important factors to consider.

Of the many available options to choose from, here is a list of a few of the most noteworthy exchanges for 2018 on the basis of their rapport with investors, security, fees, accessibility and beginner friendly features provided to the new traders.

1. Coinbase (free $10 of BTC when you sign up)

coinbase cryptocurrency exchangeSpanning across most of North America and Europe, active in more than 32 countries at the moment, Coinbase is the most widely used and densely connected network for coin exchange. It is used by millions of people through these countries and therefore backed and trusted by many of these investors. However, the exchange is not functional for Asian countries except for Singapore, which makes it tough cookie for Asian investors.

The exchange provides an extremely user-friendly  interface, and therefore is the first choice of most novice investors. The platform allows users to securely buy, sell,  and store cryptocurrency through their online digital wallet. The platform has  extended flexibility for accessing the wallet. Users can download an app for Coinbase, for both Android and iPhones.

Pros: Enjoys a good reputation among users, hassle-free interface, good security, easy accessibility, nominal fees, recovery of your funds through insurance if the site ever gets hacked.

Cons: Narrow geographical coverage, few coins supported (only Bitcoin, Litecoin, Ethereum, and Bitcoin Cash, and Ethereum Classic as of this post), GDAX is available for more technical traders.

The company has announced that it will expand their selection of crypto and add more to their platform in the foreseeable future.

2. Binance

binance-exchange

Another very popular choice for most cryptocurrency enthusiasts is Binance which means ‘Binary Finance’. It is both a cryptocurrency (BNB coin) as well as an exchange, which has a very low transaction fee of 0.1%.

At the time of this review, it is the number one most highly traded cryptocurrency exchange by trading volume. It has held this position for quite some time. Binance is a centralized exchange. Their headquarters is based out of China. They are a rapidly improving exchange and plan to become a decentralized exchange in the near future. It may therefore be immune to a ban on cryptocurrencies from the Chinese government.

[UPDATE] Binance just opened a new office and bank account in Malta. Click here for the latest Binance news.

Pros: Low transaction fee, a wide range of crypto coins available.

Cons: Runs a bit slow during peak hours, earlier this year, as reported by other users. This has since been improved but you may experience the occasional slow page load while trading from time to time.

3. Bittrex

 bittrex-exchangeA US based cryptocurrency platform, Bittrex provides trading for over 300 cryptocurrencies at the time of this guide. They offer one of the largest selections of digital tokens available to any cryptocurrency exchange to date. They are also the only cryptocurrency exchange (at time of this release) that offers a more expansive selection of fiat to cryptocurrency pairs. They currently support Tether, TrueUSD, and USD to crypto pairs.

Since trading on the platform complies with US regulations, you won’t need to worry about your funds being hacked, as they are insured by the company. If you’re not familiar with stablecoins, click here. There are many advantages to using stablecoins as a base pair to trade cryptocurrency with or as a unit of storage to avoid price volatility.

The platform provided by exchange is very user-friendly. The company recently renovated their user interface to be more mobile friendly and responsive to various smartphones and tablet devices.

To begin trading with Bittrex, you need to register and login using an email ID. To withdrawal funds, a KYC needs to be completed by submitting details of a valid ID and phone number, which is typical for all exchanges.

Users also need to activate a two factor authentication for setting up an account in order to trade higher limits. However, the account verification is pretty quick and the support team will get you up and running more quickly than most other exchanges.

Pros: number of accessible bitcoins/altcoins, user-friendly, clean interface, high performance, reliable, high security. One of the most reliable and best exchanges out there.

Cons: High trading fees if you’re really reaching for a con, however their fees are standard in reference to most cryptocurrency exchanges.

4. Poloniex

poloniex cryptocurrency exchange

Founded in 2014, Poloniex is another leading cryptocurrency exchange and is the second oldest next to Bittrex. The exchange continues to build a rapport among its potential investors and remains popular among its customers for providing a secure platform with a wide selection of altcoins.

[UPDATE] Poloniex has recently been acquired by the payment processor Circle for around $400 million.

One advantage to this exchange is that they provide the ability to margin trade, though only a limited number of coins are available for this type of trading. This is a welcome feature which is not present within many other exchanges.

The trade fees are moderate and dependent on the status of the investor. Trading on Poloniex involves a volume-tier, maker-taker setup for fee structure. For makers, the fee ranges from 0-0.15% and for takers it ranges from 0-0.25% depending on the quantity of the transaction. Again this is 1/4 of a percent, not to be confused with a 25% fee. Full fee structure can be viewed here.

Another feature of this exchange is the availability of a chat box which provides solutions to all user queries. Anyone on the exchange can post complaints or issues they are facing, as well as trading advice.

Pros: Fast platform, low trading fees dependent upon how you trade, open API, margin trading.

Cons: Horrible customer support, lag during large trading volume, withdrawal issues.

 

5. Kraken 

kraken-crypto-exchange

Founded in 2011, Kraken is a cryptocurrency exchange based out of San Francisco. It’s the largest exchange in terms of euro volume and is a partner of one of the first cryptocurrency banks. With moderate altcoin support, Kraken also supports fiat currencies and is the largest internationally accessible crypto exchange which makes it a top choice for many international users. For more experienced users, Kraken also offers margin trading for more experienced traders.

Pros: many reports of smooth experiences for users, very secure, good customer support, low trading fees, a large number of altcoin trading pairs.

Cons: Limited payment methods, many reports on the lack of customer service.

6. KuCoin

kucoin-exchange

A newly developed exchange, KuCoin is a Hong-Kong based company supporting a wide range of crypto coins. Since the exchange operates on a crypto-to-crypto basis, it does not support fiat currencies. However, the prospect of trading digital assets of KuCoin are very exciting. Users can buy and sell the shares of the parent company called KCS (KuCoin Shares) and operate in a similar fashion as Binance (BNB coin). Using the exchanges proprietary coin is a great way to save on fees!

Currently, KuCoin supports approximately 57 coins, a number that is expected to grow in the near future as their customer base expands. The fee charged for each transaction is very low and is approximately 0.1% (1/10 of a percent) for some coins. Other coins have an incredibly low the like BTC at just 0.0005, LTC at just 0.001, and ETH at just 0.01.Withdrawal fees vary from coin to coin.

Pros: User-friendly interface, low fee, a wide variety of altcoins available.

Cons: Less trust and rapport among customers because the exchange is still fairly new. Only serves

7. Cryptopia

cryptopia-exchange

Known for providing a ton of lower market altcoins which are usually not listed with most of the other exchanges. Cryptopia is another popular exchange for those looking at more high risk to high reward trading. Cryptopia stands out compared to other cryptocurrency exchanges due to the fact that they are a peer-to-peer network. This means that trades are done directly with other users.

The exchange also features a marketplace where users can buy, sell, and trade products using cryptocurrency as payment. The marketplace is similar to a classified ads website.

Pros: An exceptionally large repository of altcoins, low fee, decent customer support, and a ton of high risk/high reward coins to trade with (low market altcoins).

Cons: Low volume, confusing and clunky interface.

8. CEX.io

cex-exchange-crypot

The exchange provides a wide range of services and features. This London based cryptocurrency exchange supports fiat currencies and allows trading across almost all countries of the world. It facilitates instant buying and selling of cryptocurrency through a simple bundled interface.

For professional trading, the exchange offers highly intuitive dashboards and margin trading for bitcoin and as well as various altcoins.

Pros: User-friendly, low fee structure, secure, global presence and wide acceptance (confidence in the exchange is high), good customer rapport, excellent customer service, offers margin trading.

Cons: Depositing funds can be expensive.

Other than the cryptocurrency exchanges listed here, there is an ongoing list of newer exchanges which are being open every day to provide unparalleled trading experiences to investors. 

However, the exchanges listed within this article, are at the very top of the heap and should undoubtedly be a great starting point for your cryptocurrency trading needs. For seasoned traders, I recommend trying out some of the newer exchanges as they offer a lower fee structure as well as newer features that other more older exchanges may not offer.

Good luck and happy trading!

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