The number of people looking to buy and trade cryptocurrency is at an all time high in 2022, and despite the recent market volatility that saw Bitcoin crash to less than half of its value in the same period the year before, demand is continuing to rise. No longer an activity reserved for elite investors with years of experience, we’re seeing a young generation of amateurs also eager to dip their toes in the water, and thanks to the advent of automated software and crypto-exchanges, it’s now easier than ever to get involved.
Crypto exchange platforms are designed to let anyone buy or sell cryptocurrencies like Bitcoin, Ethereum and the like at just a few clicks of their smartphone screen, and allow users to spend fiat currency on assets as well as trading one cryptocurrency for another. Currently, there are a huge number of different cryptocurrency exchanges for traders to choose from, which can lead to uncertainty when choosing the best one to get started with.
Here, we look at seven of the best platforms and their offerings to help you make the right choice.
eToro Crypto Exchange
eToro has long been one of the most prominent cryptocurrency exchanges, and continues to be one of the best. Designed with complete beginners in mind, its user-friendly interface is a huge draw for those just getting started with trading, and it’s fully regulated to ensure peace of mind. In the UK, it’s authorised and regulated by the Financial Conduct Authority, which guarantees an element of safety – but it’s wise to bear in mind that buying and selling crypto will always come with some risk due to wild and unpredictable market price swings, so you should only ever trade money you can afford to lose.
eToro trading fees are extremely low when compared with many other platforms, which is a definite pro, and it also doesn’t charge users any deposit or account fees. What it does offer is a wide range of payment methods, and if you’re just getting to grips with crypto and want to learn the ropes then it offers lots of great tools to help you do just that.
Crypto.com Crypto Exchange
At the moment, the Crypto.com exchange has over 10 million users worldwide, so the fact it’s one of the best crypto exchanges in the world at present is indisputable. Like eToro, Crypto.com is also very easy to use, whether you are a beginner or already have experience, and it’s intelligent mobile application makes it even simpler to buy, sell and track your assets whilst on the go.
There is, however, a downside – the provider charges a 0.4 per cent maker/taker fee that must be paid if you want to trade cryptocurrencies. Nevertheless, the exchange also offers the use of a free crypto wallet, making it one of the more efficient for managing your assets, and with over 250 different coins available to choose from, users can purchase them via credit or debit card.
During the first 30 days of using Crypto.com, you are not required to deposit any money, but once the period has ended, a 2.99 per cent fee applies.
Binance Crypto Exchange
Next up is Binance, which attracts a huge number of users from across the globe thanks to its relatively low commission rate, which currently stands at 0.1 per cent.
Binance users have the opportunity to trade a large number of digital assets – there are currently more than 1,000 of them available in total. What active users of this exchange deem to be a plus point is the fact that every user holding BNB tokens is rewarded with an additional privilege, which is a further reduction in commission fees.
The ‘Crypto Savings Account’ offered by Binance is a stand-out feature, and allows investors to earn interest on their tokens. At the moment, you can find more than 500 Cryptos on Binance, with the current marker fee sitting at 0.35 per cent, and the taker fee at 0 per cent.
Coinbase Crypto Exchange
Coinbase is yet another great choice for beginners as well as experienced traders, and its double authentication technology means security is prioritised. You can trade a large number of cryptocurrencies on the Coinbase exchange, and when it comes to payment, there are two methods to choose from: via debit card, or bank transfer. What positions Coinbase at the very top of its game in the crypto exchange field is the fact that it charges relatively low fees when compared to other exchanges, and the fact that the platform donates $10 to its users for every $100 paid is another unique offering you won’t find elsewhere.
AQRU Crypto Exchange
If the use of a crypto savings account is important to you when choosing a crypto exchange, then look no further than AQRU. Although still a relatively small exchange which offers just five cryptocurrencies to invest in, the upside is that you can fund your account with BTC, ETH, USDT, USDC, and DAI.
If you decide to invest in stablecoins, you can expect interest up to 12 per cent per year, while those investing in Bitcoin or Ethereum can enjoy interest of seven per cent. What is especially attractive to users is that AQRU also offers an additional bonus – if a friend or acquaintance registers via your referral link, you receive 75 USDT in commission.
Huobi Crypto Exchange
Huobi offers its customers a crypto savings account through which they can earn passive income by getting a percentage of interest on their investments. To do so, users must first make a minimum deposit and investment of $100, but it’s a great additional way to grow your income in spite of what’s happening with the prices of your assets themselves. On this crypto exchange, you can choose from more than 400 different digital assets, which makes Huobi one of the top options when it comes to diversity and choice. But do bear in mind that you will be charged 0.2 per cent at both ends of your trade.
Margex Crypto Exchange
For fans of margin trading, the Margex crypto exchange is your perfect go-to and allows users to trade Bitcoin with up to 100 times leverage for potentially improved results. On this platform, you have the chance to use some great technical tools for Bitcoin trading, while Margex’s Bitcoin order book and recent trades features can also be handy in helping you to make better decisions in your trades. The platform also charges extremely low maker/taker fees, with a minimum trade size of £1 and the minimum deposit standing at £10.
Disclaimer: Investing money carries risk, do so at your own risk and we advise people to never invest more money than they can afford to lose and to seek professional advice before doing so.
