What Type of Exchange do You Need?
There are two types of cryptocurrency exchanges:
The first type is called a “fiat exchange”
Fiat exchanges allow you to buy cryptocurrency with fiat money (dollars, euros, pounds, etc.).
A fiat exchange lets you use traditional payment methods to buy cryptocurrency, like:
- credit card
- bank account
- cash
Fiat exchanges are how most people make their entry into cryptocurrency exchanges. If you’re new you’ll definitely need to use a fiat exchange, so keep following along.
The second type of exchange is called a “pure cryptocurrency exchange” or “altcoin exchange”
These exchanges don’t deal with traditional payment methods like credit cards and banks.
Instead, altcoin exchanges require that you deposit cryptocurrency FIRST and then you can trade the cryptocurrency you deposited for other coins and altcoins.
Read: Moonshot Picks- Cryptos with Massive Upside (500+ Potential Gains) may 2018
Best Fiat Cryptocurrency Exchanges – Start Here
Coinbase
Since most cryptocurrencies must be purchased with bitcoin or ether, Coinbase is a good entry point whether you want Bitcoin or any other cryptocurrency.
Coinbase lets customers from the USA, Canada, UK, Europe, Singapore, and Australia buy with a credit card or bank account.
The fees for buying with a credit card are 3.99%, while the fees for buying with bank transfer are about 1.49%.
This is the best option for beginners, it’s simple and you can buy from your phone. However, for experienced traders or those who would like to own/trade more cryptocurrencies than the basic 3..
- Pros: Good reputation, security, reasonable fees, beginner friendly, stored currency is covered by Coinbase insurance.
- Cons: Customer support, limited payment methods, limited countries supported, non-uniform rollout of services worldwide, GDAX suitable for technical traders only. Very Basic Options (Bitcoin, Ethereum, Litecoin), Lack of Anonymity.
Crypto-to-Crypto Exchanges
Once you’ve traded your crypto for fiat, you’ll want to move your newly acquired funds to an exchange with more options. Fiat exchanges don’t usually carry niche currencies, so in order to get those, you’ll use a crypto-to-crypto exchange. These are exchanges that require you to deposit cryptocurrency to start trading. Usually, this means depositing bitcoin (BTC) or ether (ETH).
Here are the best ones:
#1 Binance
Binance is the #1 exchange in our opinion. If you don’t have an account with Binance and you plan to trade crypto.. you’ll want one.
#2 Kucoin
Join Kucoin for some of the small/mid cap cryptocurrencies that may not be listed on Binance yet.
Fess of KuCoin are really competitive. It charges a flat fee of 0.1% per trade, while the average in the secctor is around 0.20% – 0.25%. Besides, for those who hold KuCoin Shares, there are attractive discounts.
The Promotions are Awesome
KuCoin offers a bunch of promotions: a referral program, top traders bonus promotion, and discount options for those holding its KCS token.
Kukon offers by far the most attractive referral program for those of you looking to earn passive income.
Micro/Small Cap Cryptos
#1 LiveCoin
Join LiveCoin to pick up smaller cap coins before they make it onto the bigger exchanges.
Best Exchanges 2018 Infographic
Here’s a helpful Infographic. GDAX is owned by Coinbase, and the reason you don’t see Coinbase listed is that you need. to have to have a Coinbase account to use GDAX.
Big thanks to the team at BestBitcoinExchange.io for putting together the infographic to help educate more individuals within the space.
Other Notable Exchanges to Consider
Cryptocurrency exchanges for USD deposits
CoinMama
Since its founding in 2013, CoinMama led the way as the site where you could purchase crypto with a credit or debit card. This makes it super easy to use. Unlike other exchanges, CoinMama is a buy-only marketplace that allows you to immediately transfer funds to other wallets upon purchase. They also have relatively high fees, but the simple experience makes it easy to use.
GDAX
GDAX is Coinbase’s older brother, run by the same company. We say older brother because GDAX’s interface and functionality attract more advanced investors than Coinbase’s beginner-friendly interface. Many U.S.-based traders who are serious investors gravitate toward GDAX.
Kraken
Kraken came on the scene around the same time as Coinbase in 2011. It’s also based in San Francisco, so they’re rivals. Users seem highly divided on Kraken with some praising the smooth experience on the platform while many others decry its customer service and buggy features.
CEX.io
CEX.io is a London-based exchange that’s been in operation since 2013. They’ve received a fairly good reputation over the years for being user-friendly and well-designed. Recently, however, there have been customer service issues, so proceed with caution.
Bittrex
Bittrex is based in Seattle and they’ve gained a reputation for wanting to strictly follow U.S. regulations. They’re a safe, well-established option for trading with good customer support.
Crypto-to-Crypto Exchanges
Cryptopia
Cryptopia is known as an exchange for trading niche or less popular altcoins. They have low fees and good customer support. However, they don’t accept Ethereum and the small nature of the exchange means low volume for trading.
Poloniex
Poloniex was among the top cryptocurrency exchanges in the world. However, its popularity has waned in the face of new competitors, customer support issues, and problems with withdrawals.
Bittrex
Bittrex is based in Seattle and they’ve gained a reputation for wanting to strictly follow U.S. regulations. They’re a safe, well-established option for trading with good customer support.
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The information provided on this website does not constitute investment advice, financial advice, trading advice or any other sort of advice and you should not treat any of the website’s content as such. CryptoClarified does not recommend that any cryptocurrency, game or token should be bought, sold or held by you and nothing on this website should be taken as an offer to buy, sell or hold a cryptocurrency, token, game or anything similar. Do conduct your own due diligence and consult your financial advisory before making any investment decision.
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