Cryptocurrencies in the modern era have become far more accessible after the late rise in overall popularity. Nowadays, a number of brokerage firms allow investors to go ahead with buying as well as selling cryptocurrencies along with mutual funds, stocks, and other types of investments. Some of the best crypto exchanges have made the entire process more user-friendly -especially the ones who have created some of the most renowned crypto trading apps.
Investing in cryptocurrencies might not be everyone’s cup of tea. This is because they are still looked at as a type of speculative investment. Whether or not you are able to make profits out of them in the future, investors can experience both ups & downs in the journey. If you believe in long-term returns, when you invest in crypto on one of the top places to exchange crypto, you can continue to hold your digital currency in the form of long-term investment.
What is a Cryptocurrency Exchange?
A crypto exchange can be regarded as a platform facilitating cryptocurrency-based transactions. Customers on crypto exchanges can decide between buying as well as selling multiple digital currencies. They can also execute the following through the platform of the cryptocurrency exchange:
- Exchanging a single type of cryptocurrency for another at relevant exchange rates.
- Exchanging cryptocurrency for fiat currency (including US dollars) or for cryptocurrencies that are linked to fiat currencies.
- Spending cryptocurrencies -like using a debit card
- Accessing educational resources to know more about digital currencies
Most of the top places to exchange cryptocurrencies also feature dedicated cryptocurrency apps. These deliver an overwhelming convenience if you have plans of consistently trading digital assets through the platform.
Top Crypto Exchanges and Apps
This is one of the oldest forms of crypto exchanges that has been in operation since 2011. The platform offers the ability to exchange over 160 types of cryptocurrencies. Additoinally, there is also the presence of a useful buy/sell guide for its users to help in the assessment of the ongoing market prices, latest changes in the respective prices, and the overall market cap.
The overall strength of the crypto exchange platform lies in the fact that it can conduct futures trading and margin trading along with limit orders. Kraken offers access to a dedicated guide for the installation of its Android and iOS apps.
It is regarded as one of the largest social investing platforms out there. The platform boasts the presence of as many as 25 million users. The company was founded in 2007. The platform offers access to fewer cryptocurrencies than Kraken. Still, the buy/sell guide of the platform has been updated in real-time for delivering access to uptime pricing information. Moreover, eToro also offers the ability to invest in exchange-traded funds and stocks.
The only limitation of using eToro is that it is only available across 45 states of the USA. Currently, users in Hawaii, Tennessee, New York, Nevada, and Minnesota do not have access to eToro. The guide delivered by the platform for the installation of mobile apps is also made available. eToro offers access to around $100,000 in the form of fake ‘play money’ to practice trading using the platform.
It is a relatively newer platform as the exchange came into existence in 2016. The platform is capable of supporting a wide number of cryptocurrencies from almost all crypto exchanges -with support for more than 180 cryptocurrencies. Still, all of them might not appear in the buy/sell guide of the platform. Non-fungible tokens (NFT’s) are a great offering through this exchange.
One restriction of the platform is that there is the absence of features in crypto-to-crypto trading. Due to this, users are not allowed to directly exchange a single type of cryptocurrency for another. Therefore, users are expected to sell one type of cryptocurrency at a time through a single dedicated transaction. Then, they can engage in another type of transaction to purchase another type of cryptocurrency.
Binance has about 60 cryptocurrencies listed on the respective buy/sell guide on their platform. The company was launched in 2017, however, in 2019, the company ended up shutting down temporarily for users in the United States due to some regulatory issues. Due to this, Binance.US came into existence.
One downfall of the platform is that it follows a difficult identity verification process. Regardless of that point, the major trade-off is that Binance.US comes forth with some of the lowest trading fees for the investors. Just like eToro, the exchange platform of Binance.US is not made available across all the states of the United States, however, some states still don’t have access, such as Idaho, Louisiana, Connecticut, Vermont, Texas, Hawaii, and New York.
Coinbase is an extremely popular and well-regulated cryptocurrency exchange platform that offers users for more than 150 cryptocurrencies. The platform has more than 98 million users across the world and was created in 2012 and is not operational is more than 100 nations. This makes the platform a highly robust and diverse crypto exchange while enhancing the overall ease of use.
As a matter of fact, it is important to note that Coinbase has been regarded as one of the best cryptocurrency exchange platforms. Coinbase is available via mobile app on both Android and iOS. With Coinbase, you can get access to comprehensive tutorials on the features of their platform. Additionally, the mobile app provides insight into relevant videos and news about different crypto tokens supported by the platform.
All different types of cryptocurrency exchange platforms and apps have something unique to offer to users. The process of exchanging cryptocurrency is extremely safe and reliable when utilizing one of these platforms. When trading digital currency, your experience ultimately depends on the platform that you are using. When deciding on which platform to trade on, your decision should be centered around the cryptocurrencies that the platform supports and the functionality that you require on your crypto exchange platform.