If you are reading this, then the chances are that you have started investing in cryptocurrencies or are thinking of investing in them. If you have been feeling so, you also must know that you need to find a platform that can be used to buy, sell, and exchange currencies. There are many cryptocurrency exchanges in the market today, but not all of them are good. The primary need of a cryptocurrency exchange is to have the best security. Since cryptocurrency has gained a lot of attraction in recent years, crypto exchanges have also become prone to hacking and cyber-attacks. To avoid such situations, it is essential to find a suitable exchange for currencies. Also, you need to check if the exchange lists all the cryptocurrencies you would want to invest in.
So, keep on reading to find the best crypto exchange 2021 best suited for your needs.
- Binance: This is one of the oldest cryptocurrency exchanges. It has robust security, which allows the users to trade in peace. It supports more than 50 cryptocurrencies for exchange. The ease of exchanging that Binance provides, considering their very reasonable fees, has made it a user favourite over the years. But the only drawback is that it has been recently banned in many countries as a very unfortunate exchange. So, they have started a KYC system for any new user, which has to be done instantly once you sign up. For old users without KYC, they can only withdraw, close redemption, close position, etc.
- Coinbase: Coinbase is one of the most famous and most used cryptocurrency exchanges of the present time. But it only operates in the United States. It started as a straightforward exchange platform, but today it exchanges all the cryptocurrencies. It also has a very user-friendly interface and can be used by even any newbie for cryptocurrency investments. There is a unique feature on the platform where you can learn and earn. You can read about coins, answer quizzes, and get coins rewarded in return through the program. But the biggest drawback of this exchange is that the users do not control the keys as they are never disclosed to them. So, this can be a little off-putting for some users.
- Bisq: This exchange is almost simultaneously used with Bitcoin since it is decentralized and a peer-to-peer reviewed Network. The exchange is popularly used for exchanging all kinds of fiat and cryptocurrencies. Since it is entirely decentralized and non-regulated, there is no point of failure, much like Bitcoin. The exchange also does not need a KYC to be fulfilled by its users. Therefore, it allows anybody who is against government intervention or exists without a government-issued identification to use the network to exchange cryptocurrencies. Since the peer-to-peer review method and the decentralized characteristics mean that it is much slower in processing transactions. Thus, individuals who love their privacy and do not mind the slight delay can surely opt for this exchange.
- CashApp: This is a peer-to-peer money transfer system, which acts a lot like Venmo. But it also does have the primary cryptocurrency exchange feature. You can invest and trade in cryptocurrencies, withdraw them, use them in whatever way you want, and directly pay retailers who support Cash App. It differentiates it from Robinhood, another famous network that allows only the users to invest and trade in cryptocurrencies without the option of withdrawal. But similar to Coinbase, this network does not allow users to win the keys. The crypto community has a common saying that ‘not your keys, not your coins.’ So, the exchange platform always has the right to withhold the funds if they think of suspicious activity on the account. So, this can be a drawback of the platform. But on the other hand, it has a straightforward interface and is best for first-time users.
So, if you are looking for an exchange that is easy to use, or allows the most cryptocurrencies, or that lets you exchange dogecoin to bitcoin, or has the lowest fees, do research and explore enough before you have exhausted all your options to make sure that you get the best one for yourself.