Whether you’re new to the world of cryptocurrency or a seasoned pro, choosing the right exchange service is a decision not to be taken lightly. In recent years, cryptocurriences have seen a giant leap in popularity, with more and more people realising the potential of blockchain technology.
More demand leads to an increased supply and, in an overcrowded marketplace, quality stands out. There are a handful of excellent crypto exchange platforms offering a safe, great value for money service, with crystal clear user interfaces that make the user experience a breeze. Let’s take a look at 5 of the best cryptocurrency exchange services currently on the market.
Coinbase
Perhaps the most user-friendly exchange service out there, Coinbase is the ideal option for those who are new to the world of cryptocurrency. Their intuitive, easy to use interface makes the process smooth and simple, perfect for those looking to make their first exchange from fiat to crypto. Unlike many other exchanges, Coinbase has a mobile app available on the Android and iOS stores, so you have access to exchange rates at your fingertips.
Where are they based?
Based in San Francisco, California, Coinbase is a brokerage exchange service, meaning that you buy currency directly from Coinbase, rather than other users. The U.S. currently has some of the strictest laws and regulations on digital currency, although these are certain to change in the not too distant future.
What fees do they charge?
Coinbase offers their users very low fees – 1.49% on bank purchases and 3.99% on credit and debit purchases – which has led to massive growth in the past three years. They now operate in many countries throughout the world.
How many cryptocurrencies do they offer?
Coinbase offers nine different currencies, including Bitcoin, Ethereum, Litecoin and Basic Attention Token.
Coinbase payment methods
A very flexible crypto exchange service, Coinbase allows purchases with credit and debit cards, as well as SEPA transfers, ACH transfers and Xfers transfers.
Is Coinbase safe?
An extremely safe crypto exchange service, Coinbase is privately insured and keeps only 2% of its currency online (the rest is kept offline, in cold storage).
Kraken
One of the first real crypto exchanges to innovate and lead the charge, Kraken was formed in 2011. Its beautifully designed platform is enticing for both new and seasoned crypto investors, with all features and services explained in a clear and concise way. A very wide selection of crypto currencies gives users the freedom to trade from anywhere in the world and its margin trading boosts currencies by up to 5x, a unique feature that’s ideal for advanced users.
Where are they based?
Another San Francisco-based exchange, Kraken now has hundreds of employees in offices all over the world. Despite their stratospheric growth, they are restricted by U.S. regulations, much the same as Coinbase. But things are changing, fast.
What fees do they charge?
Kraken charges very reasonable trading fees, which scale based on your 30-day trading volume. For sellers, they range from .16% all the way to 0%, while for buyers fees range from .26%-.1%.
What cryptocurrencies do they offer?
Kraken offers more than 30 different cryptocurrencies. These include Bitcoin, Ethereum, Tether, USD Coin and waterMelon.
Kraken payment methods
Although Kraken doesn’t currently accept purchases with credit or debit cards, it does accept SEPA, ACH, FedWire, FPS/BACS and SWIFT transfers.
Is Kraken safe?
Absolutely. It’s no surprise Kraken is one of the most popular and widely used exchanges – world class security services include 24/7 server surveillance and intense testing methods to ensure their users’ currency is safe. Plus, 95% of Kraken deposits are kept offline, in cold storage.
Binance
One of the newer exchange services on the market, Binance has some of the highest trading volumes, with a 1.2 billion daily average, and a huge variety of coins available for purchase. It also offers an incredibly fast exchange service, processing over 1.4 million transactions per second. Perhaps the biggest influencer of the blockchain ecosystem, Binance is constantly pushing boundaries. They even offer their own coin – Binance Coin – enabling users to save money on trading fees.
Where are they based?
Originally founded in Hong Kong, Binance moved to Japan and eventually settled its headquarters in the crypto haven of Malta, to sidestep regulations.
What fees do they charge?
A great value for money exchange service, Binance doesn't charge fees for deposits or withdrawals and only charges a fee of 0.1% for all trades. On top of this, Binance also offers a 50% discount on fees for trades made using Binance Coin.
What cryptocurrencies do they offer?
Binance offers five currencies – Bitcoin, Ethereum, Ripple, Litecoin and Bitcoin Cash, as well as Binance Coin.
Binance payment methods
Binance recently changed their payment system to enable purchases through credit and debit cards. It also accepts many other forms of fiat payment.
Is Binance safe?
Following a hack in May 2019, Binance has been the subject of widespread speculation regarding its security and reliability. But with a unique reimbursement system SAFU (Secure Asset Fund for Users) which takes 10% of all trading fees Binance earns and pledges them to users in the event of a hack, they managed to cover all funds.
Coinmama
A crypto brokerage, much like Coinbase, Coinmama has sold coins to more than 500,000 customers since it was launched. Characterised by its extremely user-friendly interface, Coinmama focuses on credit and debit card purchases and a fast exchange. They recently introduced a feature that enables users to sell Bitcoin back to their bank account. For the time being, this feature is only available in European countries, although it will most likely expand to the rest of the world in the near future.
Where are they based?
Coinmama was created in 2013 and is registered in Bratislava, Slovakia. Their easy to use, fast, secure exchange platform serves many countries throughout the world, with the exception of a few sanctioned ones, such as North Korea. This makes them stand out from their competitors.
What fees do they charge?
Slightly more expensive than competitors such as Coinbase, Coinmama charges a 5% processing fee for credit/debit card transactions.
What cryptocurrencies do they offer?
Coinmama currently offers Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Qtum, Ripple, Ethereum Classic and Cardano.
Binance payment methods
Coinmama accepts SEPA bank transfers, as well as credit/debit card payments through Visa or Mastercard.
Is Coinmama safe?
A service that takes security very seriously, Coinmama has never experienced any hacks to its system. One of the most secure crypto exchange services, it is registered with the U.S. organization FINCEN (the Financial Crimes Enforcement Network), who are responsible for investigating financial crimes such as fraud, money laundering, and tax evasion.
Bitpanda
With its extremely simple user interface, Bitpanda is an ideal starting point for beginners wanting to make their first cryptocurrency exchange. Their service is available in a large number of countries and they trade in a wide variety of alt coins.
Where are they based?
A crypto exchange company based in Vienna, Austria, Bitpanda is one of the world’s leading crypto brokers and has been exchanging cryptocurrencies throughout Europe since 2014.
What fees do they charge?
A very reasonably priced exchange service, Bitpanda charges 1.49% for buyers and 1.29% for sellers.
What cryptocurrencies do they offer?
Bitpanda supports around 30 different cryptocurrencies, making it one of the most wide ranging exchange services.
Bitpanda payment methods
Known for having one of the largest ranges for payment options in the industry, Bitpanda accepts SEPA, GIROPAY/EPS, iDEAL, SOFORT, NETELLER, Skrill, Zimpler, Visa and Mastercard.
Is Bitpanda safe?
Regarded as one of the safest exchange service providers on the market, Bitpanda stores user funds in secure offline wallets (cold storage), uses SSL encryption and offers DDOS protection.
