Investing in cryptocurrencies is an exhilarating pastime that can be incredibly profitable if you do it correctly.
One thing every cryptocurrency trader needs, whether you've traded in virtual coins before or are entirely new to crypto trading, is a trading platform.
Most crypto traders use cryptocurrency exchanges. These online platforms allow users to exchange cryptocurrency for other assets, including conventional money or other digital tokens.
There are hundreds of different crypto exchanges on the internet today, and new ones are established regularly.
As such, traders need to find the best cryptocurrency exchange that will suit their trading style and give them the features and interface that they want.
The best cryptocurrency for you will depend on a variety of factors, including your trading skills, experience with cryptocurrency, the level of risk you wish to take and more.
At Traders Of Crypto, we understand the finding the best crypto exchange is vital for any trader, which is why we offer information on the best exchanges available .
We're a respected crypto community, so we understand what traders are looking for in a cryptocurrency exchange, and we endeavour to give you all the information you need in one place.
That's why we've put together this handy guide to the best cryptocurrency exchanges available in 2021, so you can find out more about them and select the perfect one.
Coinbase is one of the biggest names in the cryptocurrency market, and with good reason. Headquartered in California, the site allows users to buy, sell, store and compete for a range of popular cryptocurrencies.
These include Bitcoin, Ethereum, Litecoin, Numeraire and many more. Many highly-respected crypto traders use Coinbase, so you will be among many great investors if you use this trusted cryptocurrency exchange.
Pros Of Coinbase:
- Coinbase allows you to use many payment options, such as PayPal and major debit cards
- It is a popular crypto trading platform so that you can build your network
- Many popular digital currencies are offered on the platform
- The platform offers a digital wallet, so you can store your coins and allows you to add or spend tokens easily
- The Coinbase app is available on IoS and Android, so whatever type of mobile phone you have, you can trade on this platform
- Coinbase allows you to request crypto and get instant transfers between accounts
- Transactions on the exchange are insured, so you can feel safe when using it
- The platform has a simple interface making it ideal for a variety of users
- It's easy to sign up to Coinbase and doesn't take a long time so that you can get started quickly
- Coinbase offers affiliate bonuses for users who refer others to the platform
- It also has a range of competitions so that you can get yourself free tokens
- The platform supports users in over 100 countries
Cons Of Coinbase:
- The exchange charges buying, exchanging and networking fees, so you will have to pay for trading on Coinbase
- The vault function allows the platform to freeze or delete accounts, which is more control than other crypto exchanges exercise over users
- The platform doesn't have a lot of alternative cryptocurrencies, so if you want less popular crypto, then you might need to look elsewhere
- It is limited to crypto trading, with no other assets available
Founded in China and now based at locations around the world, Binance is another well-known name in the cryptocurrency community.
Binance now has more than 10 million users worldwide and can process as many as 1,400,000 crypto orders every second.
The exchange, whose name is an amalgamation of the words 'Binary' and 'Finance', provides access to common coins such as Bitcoin and Litecoin, as well as rarer cryptocurrencies.
If you want to find out more about Binance, you can read our review on this renowned cryptocurrency exchange.
Pros Of Binance:
- Binance has over 200 types of cryptocurrency so that you can buy and sell anything from Bitcoin through to less common coins such as Zcash
- With its high trade volume, you can trust that you're in safe hands with this exchange
- Basic and Advanced crypto trading is available on the cryptocurrency exchange, so you can find the approach that suits your style
- Binance has a desktop and mobile app so that you can stay on top of your Bitcoin trading and other crypto trades on the go
- The crypto trading platform has transparent fees, which are lower than on some other exchanges
- Binance has a bold dashboard that's easy to use
- Users can access 24/7 multilingual digital customer support
- Traders can also make use of a training academy and a comprehensive array of resources to help them improve their trading skills
Cons Of Binance:
- Binance's services aren't available in the US, although you can use similar features in America through Binance US, a separate exchange
- The site doesn't offer phone support for users
- Binance offers exclusively crypto trading, so you can't manage multiple types of financial asset on the same platform
eToro is a social trading platform dedicated to helping facilitate copy trading. The disruptive Israeli trading platform offers a variety of different financial assets.
Among these assets are various cryptocurrencies, including Bitcoin, Ethereum, Ripple, Litecoin, and a variety of other digital currencies.
For more information about eToro, you can read our review of the respected social trading platform here .
Pros Of eToro:
- The platform offers a range of investment assets, including stocks, ETFs, funds and more, so users can manage all of their financial assets in one place
- Many of these assets, including stocks, are commission-free, so you can save money when investing on eToro
- The platform provides a free demo account, so you can test it out before you purchase assets with your own money and practice trading without any risk
- eToro offers a mobile app, so users can take their currencies everywhere and trade wherever they are, as long as they have access to the internet
- Users can copy successful traders and potentially reduce their investment risk, as well as learning more about trading in cryptocurrency and other assets
- This fully-regulated financial institution is proud to host a wide range of respected investors
- The interface is user-friendly and easy to grasp
Cons Of etoro:
- Some statics about other traders are unclear or hidden, which is unfortunate on a copy trading platform
- Some fees are higher than other platforms
- USD is the only base currency available on eToro, so you have to exchange your EUR or GBP
Established in 2018, Bybit is a relative newcomer to the cryptocurrency trading market. However, despite its relative youth, the cryptocurrency exchange has proved itself to be a worthy appointment when pitted against its more experienced competitors.
Thanks to its advanced features, the platform has grown rapidly and become a favourite of crypto trading experts.
To get a more in-depth overview of Bybit, read the review of this crypto exchange from Traders Of Crypto here .
Pros Of Bybit:
- As an innovative new exchange, Bybit uses cutting-edge technology and provides innovative features to its customers
- Cybersecurity and ease of use are core focuses for the developers of the exchange, and the team are constantly adapting the platform
- With high trading bonuses and low fees, Bybit is a cost-effective option
- Bybit is a fast exchange, able to process 100k transactions per second, making it a perfect choice for leveraged trading
- Bybit also has an app to make trading easy and portable
- Users can enjoy flexible withdrawals, which are processed three times a day and only need to be made 30 minutes before withdrawal time
Cons Of Bybit:
- Bybit only allows you to exchange crypto, so you can't trade in other financial assets on the platform
- As an unregulated cryptocurrency exchange, your money is more at risk than it is on a regulated platform
- Only a selection of popular cryptocurrencies are available on the exchange, so you won't be able to trade in many altcoins on the platform
- The platform is restricted for traders based in several countries, including the US
- As a newer crypto exchange, the platform doesn't have the experience and industry renown of other exchanges
- There are no option instruments available and limited CFD instruments available on Bybit, so that some traders might feel limited by the platform
Another new entrant to the cryptocurrency trading market, ChangeNow was established in 2017 and aimed to be a completely unique cryptocurrency platform.
The platform aims to be a simple, easy-to-use and fast cryptocurrency trading platform that any user will enjoy.
As such, it is non-custodial, as well as registration-free, making it quick and easy for traders to use. You don't even need an account- as such, the platform is less of an exchange and more of a marketplace for crypto.
Still, it is a cutting-edge platform that is used by thousands of cryptocurrency traders based around the world.
Pros Of ChangeNow:
- ChangeNOW is non-custodial, and as such, it does not have control of its user's virtual currencies
- Instead, it operates through third-party wallets, and crypto coins aren't kept on the exchange's wallet for long when you're completing a transaction
- Most trades on the platform take as little as 2 minutes, which is incredibly fast
- The fee structure is transparent, and there are no hidden deposit fees or fees to withdraw your money
- Many respected crypto wallets, including Edge, Ledger, and CakeWallet have partnered with the platform so that users can enjoy a simplified experience
- Registration isn't required, making this an ideal platform for privacy-conscious users
- Visa, Mastercard and other well-known forms of card payment are accepted
- Transactions are fast, and there's no upper limit
- Customer support is also fast and efficient, meaning if you're having trouble using the technology, you can quickly get assistance
- There's a website as well as Android and IoS apps, so you can trade on ChangeNOW wherever you are and whatever you're doing
- With many languages and territories supported, the platform has a global presence
- The platform offers over 200 different coins and over 40,000 pairs, so there's something for almost every trader on ChangeNOW
Cons Of ChangeNow:
- ChangeNOW doesn't have all of the cutting-edge features that some experienced traders might expect
- The platform's Fiat to cryptocurrency trades are slightly more expensive than on other sites
- In the past, users have accused the platform of fraud , so you might be taking a risk by using ChangeNOW
- As the site doesn't provide its own wallet for users, it's your responsibility to keep your currency safe
Named after the revered sea monster, Kraken is a US-based crypto exchange that is trusted by a wide range of investors globally.
Over the past decade, the platform has evolved, drawing on its founder's personal experience of being hacked.
Today, the exchange has earned itself a reputation for providing secure Fiat trades in cryptocurrency to various users and protecting the funds of its customers.
Want to get an expert overview of Kraken before you consider opening an account? Then check out our review of the exchange .
Pros Of Kraken:
- Kraken can be used to trade cryptocurrency against Fiat options
- The platform is one of the largest Bitcoin exchanges available in 2021 in terms of its trading volume and liquidity
- Kraken offers a wide range of digital coins, including many lesser-known altcoins, and it regularly adds new tokens and trading pairs
- With its robust security measures and focus on protecting user's funds, the platform is one of the safest on the market currently
- Kraken has an easy-to-use mobile app
- The exchange is listed on the Bloomberg Terminal, which has validated the exchange's credibility in the financial world and bought it to the attention of many global investors
- Users throughout Europe and most of America can use the site
- Kraken's fees are some of the lowest in the industry, making it an attractive trading platform for professional traders who make a living from their trading in digital currencies
- Users in Europe can enjoy free SEPA deposits on Kraken
Cons Of Kraken:
- Kraken's services aren't available to users in New York and are only available to Asian traders in Japan
- The site's interface can be confusing to beginners
- The platform limits the ways that users can fund their accounts- and in some cases, debit and credit cards and other payment services such as PayPal are not accepted
How To Choose The Ideal Cryptocurrency Exchange For Your Trading Strategy
When choosing a crypto exchange or trading platform, there are a lot of factors that you must consider. Whether you're a novice trader who needs an exchange to start crypto trading or an experienced investor who wants to find a new platform, you need to do your research.
Before you start looking for a new exchange, whether it's the first one you sign-up for or you're moving to a new platform, you need to think about what you want.
Consider how much cash you want to invest in crypto and whether you have any preferences on the features that your chosen exchange offers.
For example, if you want to try copy trading, you will need to find an exchange that offers this function.
Also, look into the coins that you definitely want to trade so you know what to look for when you're searching for a trading platform.
As well as what you want from your exchange, you should also consider whether you want to trade in more financial assets or if you want to focus exclusively on cryptocurrencies.
Then, you can start to explore the exchanges available and see which one would be worth researching in more detail.
From the terms and conditions of your account through to user reviews, you should get as much information on the trading platforms you're considering before you make an account.
When you know about the exchange and feel confident about trading on it, you should set up and account.
Many crypto exchanges offer demo accounts , so you buy and sell fake coins before you invest your actual money.
Once you've practised on a demo account, you will know if the trading platform is right for you or investigate another cryptocurrency exchange.
Often, exchanges also offer deals and sign-up bonuses for new users , so you should check if your chosen site does before you set up an account and start trading.
With a bonus, you can fill your wallet with free crypto, so you'll have made a profit before you even start trading!
Additionally, before you start trading for real, you should check out exchange reviews from respected cryptocurrency communities like Traders Of Crypto.
Not only do we review the best cryptocurrency exchanges on the market, but we also offer crypto guides and news on the latest developments in the digital currency market .
By joining our crypto community, you can meet new traders and learn about the latest new exchanges, cryptocurrencies and trading techniques in 2021 and further into the future.