There are many cryptocurrency exchanges available today. These exchanges suit different needs so it’s important to know what you want out of an exchange.
Best Exchange for Crypto-to-Crypto Trading
Crypto-to-crypto trading is swapping one cryptocurrency for a another. For example, trading Litecoin for Ripple (ltc to xrp). Most of these exchanges don’t allow users to buy crypto with fiat currency like USD, EUR, etc.
Binance is one of the biggest exchanges for crypto-to-crypto trading. They have a quick sign up process and smooth user interface. This exchange has many different cryptocurrencies to trade. Also, their size also provides a high level of liquidity. The fees are pretty low and traders can get discounts by paying in Binance Coin.
Binance has a good reputation and their CEO, Changpeng Zhao, is well known in the cryptocurrency space. It is a good starting point for beginners and a useful exchange for trading veterans.
Cex.io also has a variety of trade pairs and offers fiat onboarding.
Buy Cryptocurrency with Fiat
Some exchanges allow you to buy cryptocurrency in the currency of your native country. Euros, Singapore Dollars, US Dollars, and Rupee are all examples of fiat currency. The best exchange for this purpose varies by location. That is, some platforms allow you to buy cryptocurrency with fiat but don’t have the option to sell.
Coinbase Cryptocurrency Exchange
Coinbase is an entry point into crypto for people in 40+ countries. Many people in the United States and Europe have purchased their first crypto from Coinbase. It has built a reputation over the years; they were founded in California in July 2012.
Moreover, Coinbase has an exchange called Coinbase Pro. They only have a few cryptocurrencies available, but they may add more in the future.
Users can buy and sell cryptocurrency but there are some exceptions. Australians, for example, can buy crypto from Coinbase but they can’t sell it. More information about the available locations can be found here. What if you’re not from one of these countries?
Luno Cryptocurrency Exchange
Luno is a good alternative for people living in countries without Coinbase support.
It offers fiat trade pairs in Nigeria, South Africa, Malaysia, and Indonesia. Indodax is also a great option for Indonesians.
Luno also has support in a number of European countries. Check out the full list here.
Satoshitango Cryptocurrency Exchange
Satoshitango has support in a number of South American countries. People living in places like Brazil, Argentina, and Colombia can trade using this exchange. They have a number of other countries available as well.
Coinmama Cryptocurrency Exchange
Coinmama doesn’t allow trading but it does support almost every country on earth. Even though this method of onboarding is simple, it also has high fees. Almost anyone can buy crypto but only users with a European bank account can sell it.
Maybe you would prefer to avoid Coinmama. Don’t forget about P2P marketplaces like LocalBitcoins or country-specific exchanges like coins.ph.
Decentralized Exchanges (DEXs)
The idea of a decentralized exchange (DEX) is to have a permissionless, on-chain trading platform. Today, decentralized exchanges aren’t truly decentralized. For instance, the technology isn’t mature enough to solve problems with scalability.
IDEX is an example of a DEX which has tons of tokens available for trading. This is the go-to place when searching for an obscure ERC20 token.
Non-Custodial or “Instant” Exchanges
Most Instant Exchanges allow you to trade cryptocurrency without making an account or providing personal information.
ShapeShift was the biggest non-custodial exchange for a long time. A change in their policy changed things. To explain, ShapeShift started requiring users to make accounts and provide identification. This bit of news shook confidence but opened the door for new exchanges.
Switchain is an instant exchange that fulfills the role that ShapeShift once did. It gives traders a safe, easy way to trade cryptocurrency without requiring an account for trading.
Signing up for an account can be a hassle and expose you to unnecessary risks. Stories have surfaced of personal data being targeted in hacks. Switchain’s non-custodial model allows for a higher degree of anonymity and security.
This instant exchange has many trade pairs with new assets being added regularly. It has also been integrated into the Exodus desktop wallet.
Which One is the Best Crypto Exchange?
This depends on your circumstance.
If you are a US resident and you want to buy Bitcoin with USD, use Coinbase. In case Coinbase is unavailable in your country, use an exchange that offers crypto in your local currency.
If you want an exotic ERC20 token, go to IDEX. You can find almost any Ethereum based token on IDEX.
If you want general crypto-to-crypto trading, sign up for Binance. They offer a lot of trade pairs that other exchanges don’t. They are reputable and the website is easy to navigate.
If you want a to do a quick trade without signing up for an account, use Switchain. You don’t even need to provide an email address. A lot of general trading can be done here because the fees are low.
Disclaimer: Please use caution when entrusting a third party with your cryptocurrency. It is generally unwise to leave cryptocurrency on an exchange for an extended period of time. Use due diligence before using a new exchange. This is not an endorsement of any specific product or service.
Switchain is an instant non custodial cryptocurrency exchange. Our user user-friendly platform makes trading crypto easy and fast. We work with different cryptocurrency trading partners to guarantee the best cryptocurrency rates to our clients.