Cryptocurrency trading platforms (platforms) (cryptocurrency exchanges) are designed to buy, sell, exchange popular or rare coins. The functionality includes creating simple and complex orders, storing funds on an account, depositing and withdrawing funds, as well as additional options that are individual for each site (landing page, staking, futures, margin trading, etc.). The Btcnewsweb.com editors reviewed trading platforms where cryptocurrency trading is especially convenient and profitable.
Types of cryptocurrency trading platforms
Cryptocurrency trading platforms are classified according to a large number of different characteristics, namely:
✅ Centralized and decentralized. The former are managed by a company that is responsible for transactions between users, order matching and all other operations and functions available on the exchange. Decentralized ones are not an intermediary in making transactions; settlements take place directly between participants.
✅ Adjustable and non-adjustable. If the platform is regulated, then its activities are based on the legislative norms and rules adopted in the country of registration, and such a platform, at the request of the authorities, is ready to provide them with information about users and their operations. Unregulated exchanges are more privacy focused.
✅ With or without KYC / AML verification. In the first case, to fully use the platform, the user needs to provide information about himself – name, surname, passport data, address, sometimes payment details, selfies, etc. KYC / AML verification is an integral part of regulated cryptocurrency exchanges, it is aimed at combating money laundering money. Follow the link to see cryptocurrency platforms without verification.
✅ Spot or derivatives. This parameter characterizes the moment of settlement of transactions – in case of spot trading, it occurs instantly, and in the case of derivatives – within a specified period. Derivatives are derivative contracts whose value is linked to the value of the underlying assets. There are different types of contracts (futures, options). Trading platforms can support either exclusively spot or futures trading, or both.
✅ Fiat money or cryptocurrency. Some sites allow exchanging cryptocurrency exclusively for cryptocurrency. They are much less demanding on the user and information about him. Others make it possible to deposit and withdraw fiat funds from cards, e-wallets, mobile phones, etc. For this, in most cases, identity verification is required, since fiat transactions are monitored not only by exchange owners, but also by government agencies.
In addition, there are p2p platforms for trading cryptocurrency, convenient due to the fact that everyone can choose suitable conditions there for themselves or create an ad on their own terms; settlements take place between users, without the participation of the site.
Best Cryptocurrency Trading Platforms
For 2020, there are hundreds of cryptocurrency platforms operating in the industry, each with its own characteristics, advantages and disadvantages. There are several exchanges that are most popular and offer really decent functionality:
Binance is a popular, liquid and functional crypto exchange today. With a large number of options that may be of interest to an experienced trader, it also has a clear interface, as a result of which it is often chosen by beginners. Supports spot, futures, margin trading, staking, new token farming, OTC. There is a decentralized platform Binance DEX on its own Binance Chain blockchain and a derivatives trading platform Binance Futures.
You can trade on the platform without verification, but to remove the daily withdrawal limit of 2 BTC and open access to many functions, you will still need to verify your identity. There is a fiat gateway that allows you to easily withdraw and start traditional finances. Binance regularly holds contests and promotions to stimulate users.
Currency is a regulated trading platform that meets the requirements of the HTP (High Technology Park) of Belarus. Citizens of the Republic of Belarus until 2023 can trade cryptocurrencies without paying taxes on income. Provides the ability to trade cryptocurrencies and various tokenized assets, the number of which has already exceeded 1,500. It guarantees reliable regulation in accordance with global AML / KYC standards.
The exchange offers cryptocurrency trading with leverage up to 100x. It is possible to deposit and withdraw assets using a bank card. The platform has fairly low commission fees. A convenient trading terminal and high liquidity make Currency one of the best crypto trading platforms in the CIS.
Bybit cryptocurrency platform provides functionality for trading perpetual contracts from 1 USD. This is one of the new services – it was opened in 2018, but almost immediately began to enjoy success and achieved good liquidity. To start trading, Bybit rewards new users with bonuses. There is an insurance fund and cold storage to protect funds.
The site allows you to open transactions with a leverage of up to 100x and with protection against loss of more than the initial margin. There is a large number of training materials for beginners and experienced traders, professional trading charts from TradingView.
FTX is a cryptocurrency spot and futures trading platform. It works with different types of assets, including leveraged tokens and stocks, and supports fiat. There is clawback – a system that prevents distribution of losses. The user can trade all derivatives from a single margin wallet. FTT token holders receive a discount on commission fees and reduced spreads on OTC trades.
FTX allows not only trading, but also earning on token staking. To stimulate participants, various contests and bonuses, a referral program are provided. To use fiat money or withdraw more than $ 1000, you need verification, in other cases you can do without it.
PrimeXBT is a trading platform for cryptocurrencies and other assets (indices, commodities, forex). Allows you to work without verification and use a leverage of up to 100x (for cryptocurrencies). Different types of orders, a large number of currency pairs, and the presence of professional charts make the exchange a suitable option for a trader of any level.
With the integrated exchange service Changelly, you can quickly fund your account using bank cards. Among the trading tools, it is worth noting the possibility of simultaneously opening long and short positions even for one asset, stop loss and take profit orders, technical analysis tools, low commissions.
Crypto exchange OKEx was created as part of the earlier OKCoin platform in 2013. The site offers ample opportunities for profitable spot and futures trading with low commissions. You can make a deposit with cryptocurrency or using a direct purchase from a bank card.
There are internal transfers between accounts of the exchange – it is instant and no commissions. All possible methods are provided to protect your account: password, financial password, two-factor authentication, phone and email binding. The native token OKB was created to provide benefits to its holders.
Popular exchange in Russia, Ukraine, Belarus, Kazakhstan. The EXMO trading platform cannot boast as many supported assets as the market leaders, but it does provide an opportunity to trade using fiat. Moreover, you can deposit it not only with bank cards, but also from electronic wallets, such as QIWI.
The platform is regulated, officially registered in Britain. As a result, since 2019, it requires mandatory identity verification for any action, including making a deposit. There is an EXM token, with which users can get advantages when trading and using other functions of the system.
Within the CEX.io platform, traders can buy, sell and exchange over 80 different cryptocurrencies in 200+ trading pairs. The service has a convenient and intuitive interface. There is the possibility of margin trading. Account verification is required here, which is determined by the requirements of regulatory authorities.
The site provides for a dynamic trading commission, which depends on many factors. All users’ cryptocurrencies are stored in cold wallets for security purposes. There are also various account protection measures that should not be neglected.
Huobi platform is deservedly one of the most popular in the world. A huge number of supported tokens, loyal operating costs, the interface does not cause problems with development. The functionality includes everything that a modern crypto exchange should contain.
In addition to the standard spot trading capabilities, the crypto exchange offers futures trading, brokerage (OTC), a trading bot, investment plans and instruments. You can trade with other users using the p2p section. The HT exchange token provides an opportunity to earn money on staking, reduce commissions and other benefits.
Cryptocurrency platform selection criteria
To choose the best cryptocurrency trading platform for yourself, go through several main criteria – this will immediately filter out options that are definitely not suitable:
- Which regions are supported. Some of the exchanges work only in certain regions, and at the time of registration you will be informed that for some reason you cannot use the service.
- What are your trading goals. Are you an investor or trader? Do you just want to buy bitcoin and keep it for a certain period, or do you actively trade altcoins in order to earn money now? In the first case, it is wise to choose a large and reputable fiat exchange. An active trader, on the other hand, considers many different nuances and options that will help in successful trading.
- Ways of payment. By choosing the best way to deposit and withdraw funds, you will save on unnecessary commission fees and get rid of unnecessary delays.
- What assets the platform supports. Most of the entire cryptocurrency market capitalization is now Bitcoin, but this is not the only asset that has prospects. Some exchanges only offer 10-20 coins, others several hundred.
- Are you interested in leveraged or futures trading. The growth of futures trading is one of the actively developing trends in the crypto space. Futures markets are often highly leveraged, which is attractive but also dangerous in the event of a loss.
Of course, consider security issues – how the exchange organizes the storage of funds and what measures it allows the user to activate in order to protect his account.
Cryptocurrencies today are one of the main directions in the investment world. Over the past few years, something that began as an experiment has become a massive global trend, providing tangible returns for investors. However, investors and traders need to make many responsible decisions about where to store funds and where to transact with them.
If you have started trading recently, then perhaps your choice will be any of the top platforms that have a fairly simple and convenient interface, coupled with training materials or a demo account. For more experienced users, a platform with an improved and more complex interface is relevant. You should also look at what other users are saying about a particular platform. Choosing the best cryptocurrency trading platform can have a significant impact on the success of your trading and investment operations.