The Crypto industry is expected to grow $386 million in 2020, with over 5.8million active users globally. It has been a competitive era for traders to find platforms that help them with better results on investments/trading.
Crypto exchanges are one of the main assets of the industry as it is the platform that enables traders to trade cryptocurrency for other assets like Fiat money and other digital currencies.
When you invest in cryptocurrencies, the next step is to start trading your currency. How will you start trading?
There are cryptocurrency exchanges that help you trade your currencies. These cryptocurrency exchanges will help you exchange your fiat currency with the cryptocurrency or cryptocurrency with cryptocurrency. The crypto exchanges support the top 20 cryptocurrencies by coinmarketcap.
When you wish to trade cryptocurrency you have to choose such a cryptocurrency exchange platform that offers complete security of your crypto holdings. Before choosing a cryptocurrency exchange you have to go through a few features like geographical restrictions, transaction fees, security, ease of use, and the credibility of the respected exchange.
As a trader, there are various features to look out from a Crypto exchange, understanding the traders’ obligations and present market condition we have shortlisted the best cryptocurrency exchanges in 2020 based on their Volatility, Cash Liquidity, Fiat to Crypto, Crypto to Crypto, Transaction fees and much more.
Let’s have a look at the top 10 cryptocurrency exchanges in 2020.
Types of Cryptocurrency Exchanges
Before we dive into the top 10 cryptocurrency exchanges, let’s have a look at the two types of cryptocurrency exchanges.
Fiat-to-crypto is the first type of cryptocurrency exchange. This type of crypto exchange allows you to buy crypto with fiat money like dollars, euros, pounds, etc. In this type, you can make payments using various methods like credit cards, bank accounts & cash. If you’re a newbie, then you should go with this type of crypto exchange.
Crypto-to-Crypto is the second category of cryptocurrency exchanges. This category does not deal with traditional payment methods like credit cards and banks. Instead, these exchanges require you to deposit a cryptocurrency first and then trade the deposited cryptocurrency for other altcoins. For example, if you deposited Bitcoin, then you have to trade for altcoins other than Bitcoin.
After understanding the types of cryptocurrency exchanges, let’s have a look at the top 10 cryptocurrency exchanges in 2020.
11 Best Cryptocurrency Exchanges in 2020
Binance is the popular cryptocurrency exchange which started in China and has now moved their headquarters to the crypto-friendly Island of Malta in EU. Binance came into existence in 2017 and since then it has become the top cryptocurrency exchange in the world.
Changpeng Zhao is the CEO of Binance cryptocurrency exchange. Binance has its own coin called Binance coin (BNB). Also, this cryptocurrency exchange supports nearly 130 tradeable cryptocurrencies. Binance also offers a lending program called “Binance Lending Protocol”, which allows the users to lock their assets for a given period and earn interest on the locked assets.
With a trading volume of $800 million, the exchange has 592 active trading pairs. Binance supports 30+ Fiat currencies and 160+ Cryptocurrencies for crypto to crypto and crypto to fiat trading in 5 countries using Visa cards.
Binance Trading Fees
Binance charges a flat 0.1% Maker and Taker fee and users can also avail up to 50% discount using BNB coin. The fee is reduced to as low as 0.0120% / 0.0240% with higher trade volume, BNB balance, and Referral numbers.
Binance charges Zero(0) fee for Crypto deposits, but the withdrawal fee may differ with different currencies. Get complete details here
Pros: Easy to use, low fees, good support, a lot of new listings, & good trading interface.
Cons: There is a different platform for US residents, not regulated by the SEC or USA government.
Updates to watch out in 2020:
- ‘Binance Options’ was recently updated with new ETH and XRP contracts.
- Binance announces isolated margin mode for the following 11 different parts i.e., BTC/USDT, ETH/BTC, ETH/USDT, BNB/BTC, BNB/USDT, BCH/BTC, BCH/USDT, LTC/BTC, LTC/USDT, XRP/BTC, and XRP/USDT.
Did you know?
“Binance does more than 1,400,000 transactions per second”.
4 Coinbase Pro
Coinbase Pro is the advanced version of the cryptocurrency trading platform, Coinbase. It was first launched as GDAX, which is a professional trading platform for individual active traders. In July 2018, the cryptocurrency exchange was rebranded as Coinbase Pro. Coinbase Pro operates from San Francisco and offers professional trading tools and wallet services.
With its launch in early 2015, the exchange introduces exciting features like reliable security measures, high trading volumes, low fees, deep liquidity, and ease of use. Coinbase Pro allows deposit and withdrawal of assets easily.
Coinbase Pro Trading Fees
Coinbase Pro charges 0.0% Maker fees and 0.3% Taker fees and it is absolutely free of charge on Coinbase USD wallet. Find more details here.
- Coinbase to acquire Tagomi to improve the institutional trading offering
- Coinbase Enables Cosmos (ATOM) Staking, Adds OmiseGO (OMG) Support, Becomes Primary Custodian for FTX Crypto Exchange
- Coinbase Co-Founder Invests In Project To Bridge Bitcoin And Ethereum
Supported Coins: 0x, Augur, Basic Attention Token, Bitcoin, Bitcoin Cash, EOS, Ethereum, Ethereum Classic, Litecoin, Stellar, Ripple and ZCash and a number of other tokens.
Trading Volume: $400,612,285
Pros: Beginner friendly, good security, low fees, easy to use.
Cons: Few altcoin pairs.
Bithumb is another popular cryptocurrency exchange that was launched in 2013. The exchange is based in Seoul, Korea, and is managed by a company BTC Korea.Com Co. Ltd. Catering to the customers of Korea, Bithumb offers cryptocurrency trading paired with South Korean Won (SKW). Although Bitcoin is the primary cryptocurrency being traded, Bithumb also offers a wide selection of altcoins.
Supported Coins: Bitcoin, Bitcoin Cash, Bitcoin Gold, Dash, Ethereum, Ethereum Classic, Litecoin, Monero, Qtum, Ripple, Zcash, & many others.
Trading Volume: $269,726,958
Pros: 24/7 support, competitive fees, multi-lingual support, user-friendly trading platform.
Cons: Target South Korean Users
OKEx is a Chinese cryptocurrency exchange launched in January 2014 and based in Malta. OKEx is a popular cryptocurrency exchange that offers fiat-to-fiat and crypto-to-fiat trading, futures trading, and wallet options all on one site. This crypto exchange does not charge any deposit or withdrawal fees. OKEx acts as a one-stop-shop where users can do spot and derivatives trading.
Supported Coins: Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Tether, Litecoin, EOS, Qtum, NEO, Ontology, Mithril, Nano, FirstBlood, Ark, Bitcoin Diamond, Bitcoin Gold, Zilliqa, DigiByte, Stellar, Monero, & many others.
Trading Volume: $1,765,356,868
Pros: Good track record with no hacks so far, built-in software wallet in its app, offers a wide range of functions.
Cons: Unavailable to U.S. users.
Bitfinex was launched in 2012 in the British Virgin Islands and has its headquarters in Hong Kong. Bitfinex supports cryptocurrencies, tokens, & fiat. Initially, the cryptocurrency exchange started as a P2P margin lending platform for Bitcoin only. Later, other functionalities were included.
Supported Coins: Bitcoin, Litecoin, Ethereum, ZCash, Monero, Dash, Ripple, Iota, EOS, and many others.
Trading Volume: $145,799,283
Pros: Good for experienced traders, high liquidity, reasonable fees.
Cons: Troubled history, confusing for newbies.
Kucoin is one of the top cryptocurrencies launched in August 2017 and based out in China. Kucoin offers tons of trading pairs, impressive security, 24/7 support, OTC trading, Margin trading, and many other features. Also, this crypto exchange offers an advanced API that allows users to develop a secure and programmatic trading strategy.
KuCoin Trading Fees
Trading fees for both Maker and Taker is 0.1%. There is no token launched yet by KuCoin. Click here for more updates.
Supported Coins: BTC, BCH, ETH, XRP, LTC, EOS, ADA, TRX, and 62 other coins.
Trading Volume: $174,852,956
Pros: Beginner friendly, low fees, easy to use, good security.
Cons: During the high traffic period, difficulties occur.
Kraken is another top cryptocurrency exchange that came into existence in July 2011 and is based in the USA. Over the past years, Kraken has built a good reputation. This exchange supports cryptocurrencies, derivatives, stable coins, tokens, and fiat. Kraken is one of the largest Bitcoin exchanges for its fiat currency exchange which includes Euro, Yen, USD, Pound, etc. Kraken is also partnered with the first cryptocurrency bank in the world.
Supported Coins: Bitcoin, Bitcoin Cash, Bitcoin SV, Cardano, DASH, Dogecoin, EOS, Ethereum, Ethereum Classic, Litecoin, Monero, Ripple, Tether, Zcash, and many more.
Trading Volume: $306,903,475
Pros: High liquidity, supports many currencies, good for seasoned traders.
Cons: Slow processing time, arbitrary closure of accounts.
Upbit was launched in October 2017 and it is the biggest cryptocurrency exchange in South Korea. Song Chi-Hyung is the founder of Upbit and is one of South Korea’s richest men. This exchange platform supports cryptocurrencies and stablecoins. Upbit does not charge any deposit fees, while the withdrawal fees depend on the cryptocurrencies.
Supported Coins: 0x Protocol, AdEx Coin, adToken, AidCoin, Ankr Network Token, and 166 more.
Trading Volume: $493,072,094
Pros: Uses top technology, high-level cyber-security, supports a wide range of cryptocurrencies.
Cons: Does not offer margin trading, South Korean Won is the only fiat currency supported.
bitFlyer is Japan’s biggest cryptocurrency exchange which was launched in 2017 and added the separate US and EU-based operations at the end of 2017. bitFlyer is a popular option for buying and selling bitcoin and altcoins in a secure, regulated, and trustworthy environment. The exchange supports both crypto and fiat currencies. bitFlyer provides features like very low fees, high security, easy to use, margin and futures trading.
Did you Know?
“On June 22, 2018, Japan’s Financial Services Agency stopped bitFlyer from accepting new customers temporarily as they required business improvement. On July 2, 2019, bitFlyer start accepting new accounts again”
BitFlyer Trading Fees
BitFlyer has a trading fee of 0.20% for both Maker and Taker, whereas the withdrawal fee is 0.0004. The exchange supports all three types of deposition i.e., wire transfer, credit card, and cryptocurrency. Click here for more details.
- Bitflyer partners with Brave to come up with a new Crypto Wallet.
- Many fees are waived off.
Supported Coins: Bitcoin, Ethereum, Litecoin, and others.
Trading Volume: $89,118,809
Pros: Very low fees, easy to use interface, advanced exchange for PRO traders.
Cons: Supports a limited number of cryptocurrencies, forced KYC measures, the mobile app does not support advanced trading.
12 Huobi Global
Huobi is one of the top cryptocurrency exchanges established in September 2013 and is based in Seychelles. This crypto exchange claims to have millions of users and it operates in over 130 countries. This platform also supports cryptocurrencies, stable coins, and tokens.
Supported Coins: Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Ripple, EOS, Ethereum Classic, and many others.
Trading Volume: $1,290,831,986
Pros: Over 100 cryptocurrencies and tokens supported, high-level cybersecurity, good customer support.
Cons: Does not support fiat currencies, lengthy registration process.
Poloniex is a cryptocurrency exchange started in 2014 Centre Rd, Wilmington by Tristan D’Agosta used to buy, sell, and trade 60+ crypto assets.
Features to Note:
- Trade on margin across a range of pairs to get bigger returns.
- You can run smart algorithms and bot trading strategies for a better result.
- It allows users to access airdrops (distribution of a cryptocurrency token or coin) and new projects.
Poloniex Trading Fees
Polonies exchange also supports all three type of deposition wire transfer, credit card and cryptocurrency. But the trading fees are comparatively less as it charges 0.09% for both Maker and Taker fees. Click here for more details.
Updates in 2020:
- Poloniex increased security for your funds and information
- Poloniex also increased withdrawal limits.
- Poloniex has come up with new interest rates for the year.
- Poloniex to restore unverified accounts with unlimited trading.
Choosing a cryptocurrency exchange depends on your requirements. If one exchange is good for you, it may not be good for others. So, before choosing a cryptocurrency exchange to trade, list down your requirements, and cross-check with various exchanges to see which one suits the best for you.
Trading has it’s own advantages and risks involved. Users need to deposit funds on a cryptocurrency exchange account which means the exchange is in full control of users’ funds. There are many examples where the cryptocurrency exchanges got hacked and the users lost funds. The well-known example of this is MT. Gox which was the biggest exchange of its time and has around 80% of the total trading volume of the crypto market before it goes shutdown. Another example is Cryptopia which was hacked in January 2019 and users can’t able to access their funds.
We recommend every crypto investor must buy a hardware wallet or use a paper wallet to store digital assets. Don’t hold unnecessary funds on the exchange accounts. Users should hold the private keys of the wallets they are using.