What are the most popular crypto exchanges? Are you missing out on the best?
When it comes to crypto exchanges, there are a lot of options out there. You need to choose the one that works best for you. To do this, you need to know what you want. Do you want to be able to exchange cryptocurrency for fiat currency? Do you want a specific crypto trading pair?
Knowing what you want will help you to choose the right cryptocurrency exchange for your needs. We’ve created a list of some of the most popular crypto exchanges to help you find the best crypto exchange for you.
The best things to consider when choosing a cryptocurrency exchange that’s right for you are safety and security, exchange volume, and exchange fees. For example, ideally, you would want an exchange that is high in volume but low in fees. It’s also important to know that not all crypto exchanges are available in every country and some countries may have restrictions on what you can access on an exchange, these factors alone may be an instant deciding factor for you against a particular exchange.
Let’s dig in!
Popular Crypto Exchanges: Crypto-to-Crypto Trading
In a crypto-to-crypto exchange, all trading pairs are between cryptocurrencies. You cannot exchange fiat currency directly for crypto. Crypto-to-crypto exchanges include Binance, Huobi, and Bittrex.
If you want to be able to exchange, say, the US dollar directly for cryptocurrency, then none of these exchanges is the right one for you. But if you already own some cryptocurrency, and you just want to trade between cryptos, these popular crypto exchanges will do just the trick. (Just make sure the exchange supports the crypto trading pair you want to make!).
If you’re wondering about the name, it comes from ‘Binary’ and ‘Finance.‘ Binance is a popular exchange that offers a multi-tier and multi-cluster system for security and can process 1.4 million orders per second. You can access Binance from any device, and the exchange is available in multiple languages, including English, Chinese, Japanese, and Korean.
There are over 300 cryptocurrencies supported on Binance, with multiple trading pairs among them, including ETH/BTC, EOS/ETH, and many more. Binance currently holds approximately 29% of the overall exchange market share (market share varies by day).
Binance charges a 0.1% trading fee, no deposit fee, and the fee for withdrawing will depend on the blockchain (for example, to withdraw BTC, Binance will charge you 0.0005 BTC).
Binance is available in all countries, including the US.
Some of the drawbacks of Binance are that users may experience delays when trying to withdraw coins from the exchange, and occasionally, user data may be logged.
Click here to see all Binance trading pairs.
Huobi
Huobi is used by millions of customers every day and offers hundreds of trading pairs, placing it high on the list of “popular crypto exchanges” for many. It has security and risk control from Goldman Sachs and uses a decentralised structure with an anti-DDOS protection system. The majority of its digital assets are stored in multi-signature cold wallets to keep them safe.
The exchange also uses a SMART-chain evaluation model that analyzes the entire blockchain ecosystem to provide research-backed insights into cryptocurrency. Some other pros for this exchange include:
Customers can access Huobi from iOS, Android, Windows, or Mac.
Huobi offers 24/7 customer service, every day of the year.
Trading fees on Huobi are 0.2%. There are no deposit or withdrawal fees.
Huobi is available in over 130 countries, including CanADA.
A con to be considered is that the Huobi exchange has been accused of falsifying trading volumes in the past. Accusations may abound but that doesn’t necessarily mean they are true, but it’s worth researching for peace of mind.
Click here to see all Huobi trading pairs.