We all use that one currency exchange every time we travel abroad or go to that store where we know the vegetables are always fresh. Well, picking a favorite centralized exchange isn’t any different and definitely a must when you start trading crypto.
Today we’ll explore five of the most popular CEXs based on the cryptocurrencies found on the platform, the number of users, and the services they offer – but we won’t forget to mention some of their cons as well.
Let’s begin with number five – KuCoin which was launched in 2017.
Not only does it offer you plenty of coin pairs and low transaction fees but you also won’t have to deal with KYC (Know Your Customer which refers to verifying the customer’s identity by sending personal data).
Though you should keep in mind that it’s your duty to declare crypto earnings and pay your taxes even if the account isn’t associated with you.
There is a small con we should mention – without the KYC feature you won’t be able to send fiat directly to your account.
The only alternative is to transfer your crypto from another wallet directly in the exchange. At the same time, if a transaction seems suspicious, the exchange has the right to ask you to verify your identity in order to stop any illegal activity.
Sitting comfortably at number 4 is Kraken, a real pioneer in the world of crypto as it was founded over a decade ago, in 2011.
The platform offers you plenty of trading services which makes it a better fit for professional traders or for those with plenty of experience in crypto. If you’re a beginner, using this platform could prove to be a bit difficult.
Unlike other examples mentioned here, Kraken has high fees for purchases and withdrawals and, looking at its services, it does seem to have fallen slightly behind.
Now we’ve reached the podium and at number three we have FTX which was launched in 2019.
One of its main advantages is the fact that it has the lowest fees on the market and offers advanced trading options which makes it perfect for experienced users.
But not all is perfect as people have complained that customer service is not up to par especially since it doesn’t even have a live support option. What’s this, the Stone Age? Step it up FTX!
The runner-up in our list is Coinbase, the most popular crypto exchange in the USA.
It ranks so high because you can create your account in a couple of minutes and the user-friendly interface makes it ideal for beginners.
Not only that but it also includes Coinbase PRO – aimed at advanced users.
There’s a smartphone app as well and you’ve guessed it, it’s really easy to use. You can check your portfolio and make transactions anywhere and anytime – even while waiting for the bus in the morning.
And here is our reigning champion – Binance.
Just like Coinbase, it’s divided into two versions, Binance Lite and Binance Professional, based on your level of familiarity with the platform and the world of crypto.
Not only does it include a desktop interface and a user-friendly app for transactions, but it also comes with a multitude of educational services such as Binance Academy where you can learn crypto and trading notions.
It also provides options for staking and deposits if you are interested in passive income. Furthermore, you can also have your own debit card to make payments using crypto directly – yes, yes, even at the corner store.
Be careful though as the temptation to always use it for shopping might be overwhelming so make sure to always remember how much you’ve spent.