With constant new ways to trade cryptocurrencies, we’ve all wondered at some point: What are the best cryptocurrency exchanges?
Cryptocurrencies have grown in popularity and numbers since Bitcoin was first launched in the distant past (2009).
It seems like every day more cryptocurrencies are hitting the market and new cryptocurrency exchanges have been popping up almost at the same rate.
Crypto trading is easier than you might think, especially after learning and practicing for free right here on Wall Street Survivor, but how do you choose which crypto exchange to trust with your money?
Check out this quick list of recommendations for the best crypto exchanges out there in 2022.
Best crypto exchange for beginners
Coinbase is one of the largest and most established crypto exchanges out there.
Their site features over 10,000 cryptocurrencies that you can trade on the exchange, which can obviously be overwhelming for new investors, but their extensive list of tips, tutorials, articles, and newsletters will help guide you every step of the way. way
Seriously, the folks at Coinbase know how confusing all this crypto talk can be, so they’ve really gone above and beyond with their educational materials.
You can find in-depth articles on everything from the underlying technologies that make cryptocurrencies work, how to spot investment opportunities, and even how to figure out how your crypto holdings will affect your taxes.
And if that wasn’t enough, Coinbase even has a program that rewards you with free crypto for completing learning modules through their Coinbase Earn program.
It’s not every day you get paid to learn, but Coinbase is so committed to making sure you know what you’re doing before you start investing…almost like they want their customers to succeed, or something.
Coinbase also features a simplified interface that makes it easy to find, buy, and sell different currencies, and its transaction and conversion fees are very reasonable compared to some of its competitors.
The only thing missing from Coinbase is a great way to practice investing without using real money, but luckily you can do it here for free in Wall Street Survivor.
Best Crypto Exchange for Passive Investors
Want to buy and hold some crypto without doing too much trading? Look no further.
Abra is a reasonably large exchange: about $1.5 billion in assets under management, over $7 billion in transaction volumes, which is available in more than 150 countries.
Their list of over 80 popular cryptocurrencies (Bitcoin, Etherium, Dogecoin, etc.) isn’t as impressive as some of the other exchanges out there, but a passive investor probably doesn’t want or need to speculate or trade smaller coins.
Abra does not charge transaction fees, just a spread fee built into the exchange rates, so you can trade your content, although this probably won’t be as important to passive investors as it would be to day traders.
The real draw for passive investors isn’t Abra’s product offerings or transaction fees, it’s the fact that Abra will pay you up to 10% interest on any crypto you hold on its platform.
Passive investors could do a lot worse than earning up to 10% interest (compounded daily and paid weekly, no less) just by holding their crypto on top of the upside potential of the coins themselves.
Abra also offers its members low-interest crypto loans that start at 0% APR, which isn’t very useful for passive investors, but it’s still cool enough to warrant a mention here.
Best Crypto Exchange for Day Traders
Surprise, surprise; Maybe Matt Damon knows what he’s talking about!
Crypto.com is not only one of the largest and most polished exchanges on the scene, but also one of the most highly rated and recommended platforms available.
You’ve probably come across crypto.com in your search for the best crypto exchange, and there seems to be a reason for that.
Crypto.com accepts over 20 fiat currencies and allows you to trade over 250 cryptocurrencies, tracks prices in real-time and gives you access to an incredibly liquid market populated by over 50 million other users.
The crypto.com desktop platform has everything you need to find, trade and track your favorite coins, and the mobile app is packed with useful features and information.
Day traders will love the fact that you can pull up charts, track trading volume, and see which coins made the biggest moves on a given day, and day traders who are on the move will love the fact that all of this functionality be available in cryptography. as well
In addition to all this, the crypto.com platform also crawls the web for mentions of specific coins on twitter, reddit and other social networks, which is perfect for the connected trader who wants to take the temperature of the market without setting a lot of alerts and doing hours of research.
Crypto.com also has you covered if you’re looking for a place to trade NFTs, and their DeFi wallet app (and browser extension) gives you a great place to store, exchange, and send your NFTs and crypto.
Best crypto exchange for security conscious traders
Gemini is one of the oldest exchanges still operating today, and its longevity is no accident.
Besides its semi-famous roots — it was founded by the Winklevoss twins, aka the guys Mark Zuckerberg hooked on the social network — Gemini is probably most notable for the fact that it’s been working closely with regulators to bring more security and legitimacy. in cryptocurrency since it was founded in 2014.
Working with regulators might not sound cool or punk rock or whatever, but it’s hard to argue with the rigorous security measures Gemini has put in place as a result.
Gemini’s security measures start from the moment you try to sign up, and are actually strict enough to put some users off.
The first thing you’ll notice is that Gemini requires the same security measures, if not more, that you would expect if you were trying to open a bank account or get a mortgage.
They want your full name, your address, your phone number, at least one form of valid identification, your same-sex celebrity crushes, all of your fingerprints, toe prints, tongue prints, eye prints, DNA, ok, everything after “valid ID”. ” is a lie, but still.
Two-factor authentication is required to access your account (not recommended, required), new devices are subject to verification if you try to sign in, and even use machine learning algorithms to detect suspicious activity on your account if you’re hacked.
And speaking of hacking, you know how a lot of exchanges are basically big digital bank vaults waiting for hackers to break in and steal? Yes, no Gemini.
Instead of leaving your assets on servers connected to the Internet, Gemini puts all of their (and your) valuables into “cold storage,” which basically means “turn off the Wi-Fi in the server room,” but it sounds much cooler.
It’s safe to say that Gemini has the security of your account and assets top of mind, so you can breathe easy if you’re worried about scams or hackers.
The main downside to trading on Gemini is that it isn’t as big or popular as some of its competitors, which means there aren’t as many people to trade with and not as much liquidity in the market.
This may or may not be a big deal to you, but it’s definitely something to consider before signing up.
Best Peer-to-Peer Crypto Exchange (for Bitcoin)
Do you like feeling like an outlaw? Do you like to trade off the grid? Do you like to exchange currency for Bitcoin, sell that Bitcoin for another currency and use that currency to buy more Bitcoin? You will love Bisq.
This decentralized, open source software runs on a peer-to-peer network of anonymous users located around the world and hidden from prying eyes by a combination of local-only storage and the same obfuscation technology which uses the Tor browser.
There is no identity verification, no strict rules, and no central authority running the show.
Transactions are made simply by placing or accepting bids, transactions are completed and secured by holding deposits in 2-of-2 multisig wallets, and everything is done between individual users without moderation or oversight.
In other words: it’s pretty much the opposite of Gemini.
Bisq is great if you want to feel like a hacker while trading Bitcoin, but all that freedom and anonymity comes at a cost, at the cost of literally every other cryptocurrency.
As interesting an idea as Bisq is, being limited to Bitcoin can be a deal breaker for some people.
That said, you’d be hard-pressed to find an open source decentralized platform as robust or as well-designed as Bisq.
There are tons of different crypto exchanges vying for your business, but not all of them are worth your time. Make sure you choose an exchange that has the right mix of features, products, fees, and security before you invest your money… and it never hurts to prepare by practicing your crypto investing right here on Wall Street Survivor.