One of the biggest revolutions over the past decade has been the rise of cryptocurrency. Bitcoin was first released in 2009, and since then it has increased in value at an incredible rate, to the point where it has at times been worth more than $50,000. This rise has led to the establishment of several other forms of crypto.
With crypto rising in popularity, more and more people are interested in investing in it. Unfortunately, many people do not know how to invest. The key is to figure out which trading platforms are best for prospective traders. Here we will take a look at some of the best crypto trading platforms on the market.
Coinbase is by far the most well known and most used crypto trading platform. It allows users to directly invest USD to purchase popular forms of cryptocurrency such as Bitcoin, Ethereum, and Litecoin.
What makes Coinbase so successful is that it has the easiest user interface to use. There are over 30 cryptocurrencies for you to invest in, and the security is top notch. No other platform provides the combination of security and freedom that Coinbase does.
That being said, there are a few downsides to using Coinbase. Notably, there are high transaction fees unless you subscribe to Coinbase Pro. Users also do not control private keys in their wallet. Experienced traders will also tell you that Coinbase is known for being slow to adopt new popular forms of crypto.
Voyager is another platform that is popular for trading crypto. It was one of the first publicly traded exchanges, and today it is app driven and offers commission free trading. You should also be happy to hear that it supports most cryptocurrencies, has great customer support, and it pays competitive interest rates on assets. Additionally, new users can earn $25 in Bitcoin after trading $100 in crypto.
The biggest downside to using this platform is that it can take over a day to withdraw your funds. It is also not available in New York at the moment.
Hodlnaut is an interesting platform because it provides an alternative to trading cryptocurrencies. Instead, it is a savings and lending platform that focuses on Bitcoin and a few other stable coins. With this tool, users can earn up to 7.46% interest on Bitcoin, and up to 12.73% on their USDC through saving and lending options.
This platform has no minimum balance requirements, and users get a free $20 when they deposit $1000 or more. However, the only coins that are supported are BTC, ETH, DAI, USDC, and USDT. Support is also based in Singapore, so customer support can be slow to respond at certain times.
Binance is one of the better known crypto trading platforms. It is a great platform for trading some coins like Cardano and Neo, but it is not as easy to use as some other platforms. That being said, they do have a mobile app, which is not the case for many other trading platforms.
This trading platform has a huge number of supported coins and tokens. It also has fast transaction times low fees. That being said, users in the United States have limited options compared to the rest of the world. It is not available in all 50 states, and there is limited customer support.
BlockFi is another investing platform that allows users to lend and earn interest on their holdings. Additionally, instead of selling your coins, you are able to borrow against your holdings. If you just want to hold your tokens, you can let them earn interest for you.
This platform is a good option because it has no commissions and fees. It is also a US based platform, making it one of the better options for US residents. New users should also be happy to hear that they can get up to a $250 bonus when they make a $25 deposit and maintain it for a specified period of time.
With that said, there are some downsides to using this platform. Notably, the number of coins that are supported is limited. Users also only get a limited number of free withdrawals.
Uphold is a platform that provides a simple solution for trading multiple assets. Users are able to open an account and trade several crypto assets without needing to cash out.
A big problem with crypto trading on other platforms is that some coins only allow you to trade in certain pairs. For example, BTC and ETH can only be traded for each other on some platforms. However, with Uphold, users can trade several assets directly. It is also one of the few platforms to support XRP and DOGE.
Users should also be happy to hear that there is a simple and transparent pricing structure on the Uphold platform. It also has apps for both desktop and mobile.
With all that said, there are some downsides to using Uphold. Notably, it is not as easy to use as many other platforms. There are also some reports that customer support is well below par of the industry standard.
Crypto.com is one of the fastest growing crypto trading platforms in the world. Based in Hong Kong, it provides excellent support for users in the United States. At the moment, it provides access to over 90 coins around the world. 50 of those coins can be traded by people in the United States.
Additionally, Crypto.com provides solid interest rates in their crypto savings accounts. You can also link your debit or credit card to your account directly, making it easy to trade and invest.
There are a few downsides to this platform, starting with its complicated fee structure. There is also no desktop support as you can only trade using the app.
8. Bitcoin IRA
Bitcoin IRA is an interesting option because it is a little different from most other trading platforms. Unlike most exchanges, this platform basically just involves exchanging currency, and you are subject to paying taxes on your gain. That being said, this platform provides the best of being both a crypto wallet, while also being an IRA. As a result, the money you earn in this wallet are not taxed.
With that said, there are some pretty significant downsides to this platform. Notably, the fees and minimums are very high. It also does not support as many coins and tokens as most other trading platforms and wallets.
If you have been around the world of cryptocurrency for a long time, you have probably heard of Kraken. It is one of the original crypto trading platforms, and they still have a good selection of coins for people to invest in. Additionally, the platform allows margin trading, and it is one of the only platforms to support the trading of DOGE.
As one of the oldest trading platforms, Kraken would not have survived without a high level of security. So, you can expect your investments to be safe with this trading platform.
Unfortunately, Kraken is one of the most difficult platforms to use as its user interface is not optimized. There are also some reports of poor customer service.
eToro is a platform that is well known amongst the UK and European user base, but it is now allowing traders from the United States. They offer a huge variety of digital assets for users to buy and sell, and they even have a practice trading account for new users to try before they start trading for real. There is even a $10 bonus for new users that deposit $100 or more.
The only major downside of this platform is that it does not support as many coins as some of the other trading platforms that we have discussed today.
Choosing the Best Crypto Trading Platform for You
At the end of the day, there are many great crypto trading platforms out there. Each of the 10 that we looked at today have their pros and cons, and as a result, you need to determine which is best for you. They are all good options, so it really comes down to personal preference as to which one you would like to use.
Residing in Ontario, Canada, Alex is a full time freelance writer. He’s been in the business for 4 years and is an SEO and WordPress expert.