It would be no surprise to know how popular cryptocurrencies have become in the global market given their current demand. If you’re already aware of the cryptocurrencies then there’s a high chance of you being familiar with cryptocurrency exchanges as well. A lot of interested investors went on to look at the top cryptocurrency exchanges at Reddit. On finding out, we came across a list of some of the best cryptocurrency exchanges Reddit recommended. Before we dive into the list, let’s find out what a cryptocurrency exchange is all about.
What is a Cryptocurrency Exchange?
A cryptocurrency exchange is a platform or more precisely, an online portal, that allows you to buy, sell, or exchange cryptocurrencies for other ones or even a fiat currency like US dollars, UK pounds, or Euro, depending upon the type of exchange.
There are different types of cryptocurrencies exchanges that offer the facility of professional trading, occasional trading, or even broker trading. There are trading platforms that allow you to trade cryptocurrencies professionally and require you to verify your ID and open an account. On the other hand, there are exchanges that help you make occasional, upfront trade without requiring you to set up an account. With broker trading platforms, you can trade cryptocurrencies in the price set by the broker.
Since you already know cryptocurrencies like Bitcoin, Ethereum, Ripple, and the other leading cryptocurrencies are slowly paving their ways to success, this is the right time to invest in them if you are really keen on trying your luck in the markets.
Best Cryptocurrency Exchanges Reddit Recommendations
To begin investing in a cryptocurrency of your choice, you need to first look out for the cryptocurrency exchange that can help you in trading the digital currencies. With abundant of cryptocurrency exchanges out there in the market, we have made the job easier for you by listing some of the best ones as also recommended by Reddit.
Reddit is an online forum where various users gather from all across the globe and share their opinions and views on diverse topics. We have picked out the best cryptocurrency exchanges that have been repeatedly discussed by users in the top cryptocurrency groups and communities available on Reddit.
Following is a list of best cryptocurrency exchanges for your reference in no particular order.
Binance is regarded as one of the most popular cryptocurrency exchanges worldwide. You can go ahead with this exchange if your sole focus lies in trading in cryptocurrencies only. Hailing from China, this exchange offers impressive features along with charging a low trading fee. Binance has its own coin named as BNB (Binance coin.) Since it’s a centralized exchange, a trader can get decent discounts if they chose to conduct trade in their town BNB tokens. Furthermore, it allows you to register and operate on both web and mobile (iOS and Android) interfaces, making your trading experience simple and user-friendly.
Bittrex is a US-based cryptocurrency exchange which is also known as one of the leading crypto exchanges across the world. It allows users to trade in a large number of trading crypto pairs. You can buy major cryptocurrencies such as Bitcoin, Ethereum, Litecoin and many other leading altcoins on this exchange platform. If reliable security is your major concern, then you should go for Bittrex as it offers 2FA. It is well-regulated as well as compliant with the rules of the US.
Bitfinex is yet another popular cryptocurrency exchange platform that lets you trade cryptocurrencies of your choice conveniently. With its headquarter based in Hong Kong, Bitfinex has seen great levels of success since it was founded back in 2012. The reliability of this popular exchange can be measured in terms of its daily trading volumes having a net worth of around USD 1 billion. It’s highly customizable interface platform makes it easy for the newbies as well as the professional traders to conduct the trading process.
CEX.io is another cryptocurrency exchange to have emerged as a success in the crypto market. Users can conveniently trade fiat money with cryptocurrencies and vice versa using this cryptocurrency exchange platform. It provides user-friendly and customized trading dashboards and margin trading to those who want to professionally trade Bitcoins. Moreover, CEX also provides a brokerage service which helps beginners buy Bitcoin at prices that may or may not be in accordance with the market rate. The website of its platform is extremely secure, storing your cryptocurrencies in safe cold storage.
Starting off its operations in 2014, the US-based Poloniex is being regarded as a preferred cryptocurrency exchange for trading by the users who want to trade Ether. This platform holds the highest volume for Ether and supports both Ethereum and Bitcoin markers independently. Like Bittrex, this is also a crypto-only exchange, allowing you to trade by depositing Tether dollars. The fee it charges depends upon your choice whether you are a market maker or a taker and can range from 0.15% to 0.25% accordingly. The only possible downside of Poloniex is that it doesn’t come with a mobile app. It only allows you to trade cryptos on its web-based exchange platform. This exchange suits really well to the professional traders but might be a bit challenging for the amateurs.
Kraken was found in 2011 and since then it has only gone higher by becoming one of the largest cryptocurrency exchange in euro volume and liquidity and also being a partner of the first cryptocurrency bank. Trading of Bitcoins with fiat currencies as well as other cryptocurrencies is possible with Kraken. This cryptocurrency exchange offers margin trading and a bunch of other trading features for highly experienced users, thus becoming more suitable for them.
When we’re talking about world’s largest cryptocurrency exchanges, how can we skip mentioning about Coinbase? Coinbase enjoys the title of being one of the most well-known trading platform and brokers for USD transactions in the world. Digital currency can be security bought, used, stored, and traded on this platform. Headquartered in San Francisco, it has been in operation since 2011 and is generally considered as the most secure and reliable cryptocurrency exchange with over 13 million users. Users can purchase cryptos through a digital wallet available on their iPhone and Android or they can also purchase through trading with other users on the company’s subsidiary, GDAX, which allows professionals to trade digital assets. The only drawback of using this platform is that it charges a high amount of trading fee.