There are many great exchanges out there but for each decent one there are multiple horrible ones. Below I have compiled a list of exchanges I have actually opened accounts, deposited, withdrawn, and been pleased (or displeased) with the site. This is a composite review of features I have found beneficial, detrimental, appealing, or problematic with five different exchanges (click exchange name to sign up):
Bibox (#1 Exchange for SNOV)
Cryptopia (Great for Smaller Cap Cryptos)
Bittrex (must email to request sign up)
(My Personal Favorite)
Binance has recently moved into first or second place (depending on the day) of total volume on any given cryptocurrency exchange. For an exchange that only started operation in 2017 they have managed to overtake the entire competition in under 365 days. Binance has a significant number of trading pairs for BTC, ETH, USDT, and BNB.
The BNB token is the token of the Binance exchange and one of the reasons it is a favorite place to trade for many traders. Binance has fees that are fairly low for the industry starting at .1%. However, if you hold the BNB token and enable it for fees that .1% is reduced to .05%. To compare that to Bittrex; Bittrex has a .25% trading fee. That means each trade on Bittrex is 250% more expensive to execute on both ends. This .15% adds up very significantly over time (and with each additional trade).
Trading on Binance while owning the BNB token reduces the fee from Bittrex’s .25% to .05%. Saving the investor 80% in fees on every trade. Binance is currently the top option for crypto investors with fees of .05% and an impeccable reputation for the prior year.
To sign up for the #1 exchange by volume visit Binance here: Binance
Bibox (#1 Exchange for SNOV)
Bibox is currently a great exchange for BTC and ETH pairing. They are also the number one exchange by volume for one of my favorite coins this week (SNOV). Bibox currently has a great referral program and fee structure if you own the BIB token. Very similar to the BNB token the BIB greatly reduces the cost of trading making Bibox a top option for those seeking a smaller exchange with better options when it comes to small cap coins. Binance is the best for large cap cryptos with the best fee structure but Bibox is a great alternative if you are wanting to trade on an exchange with many smaller cap cryptos.
Bibox is not for everyone, as smaller cap cryptos have much more risk. However, with more risk comes much more upside. If crypto is all a gamble anyways some investors chose to target the coins with the most upside, even if they are much riskier.
Due to Bibox’s fee structure, referral program, the BIB token, and great exposure to many small cap cryptos Bibox remains a great option.
To begin exploring Bibox’s small caps click here: Bibox (#1 Exchange for SNOV)
Cryptopia (Great for Smaller Cap Cryptos)
Cryptopia is similar to Bibox in one’s ability to target small cap cryptos. Almost every week a small cap (circa $1million in market cap) is chosen from Cryptopia for the Best Cryptos of the week (on BTCManager) or The Top Altcoins of the Week (Bitcoinist). Most of the time Cryptopia is the only exchange that is trading these very small cap cryptos. Cryptopia is a safe option based out of New Zealand but their biggest fault exists within their limits. The max limits for a twenty-four-hour period are $5,000 NZ (approx. $5,000USD). This becomes an issue for many investors looking to invest more than a BTC in their endeavors.
Cryptopia should not be shied away from even with their lower limits as they provide fantastic exposure to some of the smallest market cap coins on a safe, easy to use, exchange. The biggest negatives include time frame for withdrawals (sometimes it takes multiple hours) and the lower withdrawal limits.
With so many small market cap cryptos with great teams Cryptopia should be an exchange most who like the higher risk, higher reward coins, hold accounts on.
For those interested in targeting coins in from the Best Coin of the Week or the Top 5 Altcoins for the week, make sure to check out Cryptopia: Cryptopia (Great for Smaller Cap Cryptos)
Bittrex (Easy to Use, Hard to Sign Up, Highest Fees)
Bittrex is a great exchange if you like having a hard time signing up and high fees. They are currently one of the most expensive exchanges to actively day trade on but remain one of the easiest sites to use. With ease of use generally comes higher cost and Bittrex has simplified crypto trading down to its simplest form. For a long period Bittrex was not taking new sign ups, but recently has begun accepting new users who email them requesting accounts. It is very positive seeing Bittrex begin taking new traders again even if their fees are very high in comparison to many of the other exchanges.
With trading fees starting at .5% and withdrawal fees Bittrex is a less recommended exchange. For the investor not making many trades, Bittrex is the perfect site as it is extremely easy to use, U.S. based, and insured. These guarantees do not come often in the crypto space and knowing your funds are protected, on a U.S. based site, with an easy to use platform may very well be worth the .5% they charge per trade.
Coinbase/GDAX is another U.S. based platform that is a simplified exchange. I call it the exchange for “lazy Americans” (I am American, albeit a bit less lazy) because it only has 4 coins, no trading pairs, and for those that only have 1 account, it usually is on Coinbase. The phone application stream lines the entire process and in all honesty both my parents only have Coinbase accounts because that was the furthest they wanted to venture into blockchain technology.
The positives of Coinbase include the ability to purchase crypto using your bank account, the easiest exchange to use, an automatic GDAX account, and a lovely interface for both one’s phone and computer.
The negatives of Coinbase include very high transaction fees (buying, selling, and transferring) along with a selection small enough to count on one hand.
Coinbase is a site all investors will likely have an account on but it will primarily be used for the initial purchase and eventual cash out. Their interface is top tier, the biggest downside is the lack of coins and higher transaction fees.
Coinbase accounts can be opened here: Coinbase/GDAX