I asked myself this question many times and I think that many of you also did, what is the "perfect" Cryptocurrency exchange ? Quick disclaimer I don't think there is one Crypto-Exchange who is perfect, it's just an article which reviews few of them and try to figure the most ideal according to your needs.
Among every exchanges possible, we can mention, Coinbase, Kraken, OKEx,Binance, Bitfinex, etc.. I have decided to pick 3 according to the needs, you might know two of them but maybe not the third. Let's dive into it.
1. The beginner’s one, Coinbase :
Probably one of the most popular platform in the world, it was founded back in 2012 and has a decent numbers of cryptocurrency available (over 25). Coinbase has the reputation to be the exchange for newbies, and indeed I think a lot of us have bought our first crypto-assets on it, mainly because Coinbase is really easy to use, its design is clean, we understand very easily every functionalities, all in all it's simple.
Among others advantages like high liquidity or fee-less exchanges from crypto to crypto there are some down sides on Coinbase. First, and you might know it, fees, there are high on Coinbase when you buy crypto with fiat (EUR, USD,... ) and when you withdraw your crypto to fiat. These fees are between $1 (if you buy for less than $10 of crypto) to $3 (for less than $250) which is considerable especially if you invest small amounts.
And even if Coinbase offers 27 different cryptocurrencies it's not a lot comparing to other exchanges, as a result if you spot an interesting Altcoin in which you want to invest you might have to transfer your funds to another exchange if Coinbase hasn't listed it. Even if Coinbase is facing some issues like crashes during some bullish or bearish run, it is one of the most secure exchange nowadays.
We can also mention its earning system which allows you to earn from $3 to $9 of different crypto-assets (like Compound, BAT or 0x) just by watching videos about a specific cryptocurrency and answering questions about it. Another interesting feature is Coinbase Pro because trading with Coinbase is clearly not ideal, as a result Coinbase Pro turns out be a great solution with reduced fees, a good interface and margin options. Coinbase also instaured their own coin the USDC.
All in all, Coinbase is great to begin when you first invest in cryptocurrency, even if you don't hold your "keys" and you face high fees. As a result when you start to know a lot about crypto it's better to turn towards the next exchange I will talk about.
2. The King, Binance :
Like Coinbase, Binance is also one of the most popular exchanges in the world, with the highest trading volume for an exchange. Launched in 2017, Binance build a solid reputation rapidly and is now one the most trusted exchange. They even launched their own cryptocurrency the BNB, an asset who aims to be used to trade and pay for fees. Right now it supports over 500+ different cryptocurrencies, which is way over 27.
Binance has a lot of pros, low trading/deposit/withdraw fees, it's an innovative exchange, it has a high liquidity and is trustable. Binance has a lot of features and functionalities, like staking, swap pool, crypto loans, Binance DEX (decentralized exchange) and JEX (Binance’s cryptocurrency futures and options trading platform) and way more.
Trading has a lot of options concerning your knowledge of crypto (basic, margin, advanced,... ), Binance also has an Academy who aims to teach you blockchain & cryptocurrency subtleties. Despite all of that the platform can seems complicated, it's not that easy to use when you are a beginner and the number of different assets and functionalities can lost you. Moreover there aren't fiat currency pairs and there has been some security breaches in the past.
Binance is ideal if you wish to invest in "small" projects and new Altcoins, in terms of trading the interface is really classic and intuitive if you are used to trade. A trading fee of 0.1% is very pleasant, however the withdrawal fee is quite high especially for Bitcoin (0.0004 BTC).
All in all Binance offers its users a lot of possibilities, the design is clean even if the overall platform is pretty complicated. The trading experience is pretty comfortable, it's also an innovative platform with new ideas and projects every months, the security is also improving and breaches/flaws are less and less common today.
3. The Underdog, SwissBorg :
I don't think you know this recent crypto-exchange who I think has a lot of potential in the future, I was looking for a platform intuitive, simple, with low fees and a good user experience, for me SwissBorg could be a decent candidate. SwissBorg is a company based in Switzerland, who raised $50.000.000 in 2018 (the project is still recent), developed during 2 years by 19 tier-one engineers, more coins are going to be listed, a yield & loan program is coming.
As a result SwissBorg is only an exchange Application that you can only use on your phone, and it's the way it works that is quite interesting, SwissBorg is actually using a lot of exchanges to work. To simplify, its execution engine is connected to strategic exchanges : Binance for the volume, Kraken for fiat currency pairs, LMAX for stability and HitBTC for the listed coins.
Concerning fees, and here is the main advantage of SwissBorg, Deposits are Free (crypto and fiat), Withdrawals have a 0.1% fee and all exchanges (fiat to crypto, stablecoins to crypto, crypto to crypto) have 1% fee. SwissBorg is also proposing a Premium program allowing users to benefit from free fees or 0.5% fees depending the action requested, and it is realized in an interesting way using the SwissBorg Coin (CHSB) like Binance with BNB. A user has to stake a specific amount of CHSB in order to benefit from this Premium feature, and it actually helps the community (like Compound).
So far the exchange has listed 12 different assets (like BTC, ETH, BNB, COMP, KNC, LAND,... ), more will be added in the upcoming weeks, moreover the team behind the project aims to build close bonds with the community especially with their token CHSB, the security is also really good considering the project's age. However there are a lot of things that need to be added (features, assets and more), it will take time but SwissBorg is heading in the right direction.
To attract new users into their project they have recently launched an interesting Reward Program you just have to download the App here and deposit $50/€50 in crypto or fiat to receive a reward up to $100 in BTC with no conditions. SwissBorg is developing each and every day and I recommend you to try it if you want to enjoy a simplify, low fees and innovative experience.
I could have talked about a lot of others interesting exchanges so you are free to suggest others exchanges that deserve attention and that I haven't mentioned.