Comparison of Top Cryptocurrency Exchanges
Before you start trading cryptocurrency (or get more involved with altcoins and other currencies), it’s always a good idea to look at the different types of trading platforms. There are tons of different cryptocurrency exchanges, each one offering some advantage over the other. Before you choose an exchange to use, make sure you do some research to thoroughly understand it’s reputation, verification requirements, any fees associated with trading on their exchange, which countries and states support the exchange, the exchange rates, and the payment methods. The better you understand what an exchange has to offer, the better you can choose one that fits your needs.
Here, I’ve listed 12 popular crypto exchanges and their strengths and weaknesses to help you select the exchange that works best for you.
Coinbase Pro
CoinbasePro, previously known as GDAX, calls itself the “most trusted digital asset exchange.” CoinbasePro is a highly popular exchange and has a good reputation.
Strengths:
- User’s USD balance FDIC insured*
- 98% of digital assets in cold storage
- Good reputation and well known backers
- Security focus
- Good for technical traders
- No maker fee
Weaknesses:
- Slow customer support
- Slow identity verification process
- Limited currencies available for trading
- learn more about CoinbasePro deposit insurance here
Binance
Binance has quickly become one of the most popular exchanges since its launch last summer. Based in China, it’s a unique platform that offers competitions for its traders and even has its own coin that you can use to pay fees.
Strengths:
- Low fees
- Large selection of currencies
- Basic and advanced trading platforms
Weaknesses:
- Some complaints about difficulty in withdrawing funds
- No fiat currencies
- Slow customer support (and you might have to translate between English and Chinese…)
Poloniex
Poloniex, a US based exchange, says that it’s the “world’s most active digital asset exchange” and is known for its variety of supported coins. If you’re looking into trading altcoin, Poloniex is a great option.
Strengths:
- Great for altcoin trading
- Majority of digital assets in cold storage
- Advanced trading tools and analysis
- Live chatbox for asking questions while you trade
- High-volume trading
Weaknesses:
- Reputation for poor customer support
- Difficult to withdraw currency
- No fiat currencies supported
Kraken
If you’re looking to trade with Euro, Kraken could be the exchange for you, as it claims to be the “world’s largest bitcoin exchange in euro volume and liquidity.” Founded in 2011, Kraken has maintained a good reputation among personal and business customers alike.
Strengths:
- Trade between variety of fiat and crypto currencies
- Mobile app
- Approved by the German Bank
- Margin trading available for advanced users
Weaknesses:
- Difficult for beginners
- No insurance for hacked accounts
- Requires lots of steps to place an order
Bittrex
Another US based exchange, Bittrex is “the next generation crypto trading platform created by security professionals.” The founders of With over 50 years of combined security experience, Bittrex advertises its ability to protect your digital assets.
Strengths:
- Supports new and established cryptocurrencies
- Low user fees
- Good reputation
Weaknesses:
- No insurance for hacked accounts
- No fiat currencies supported
- History of bad customer support
- Currently allows only corporate accounts and select invitees to create an account
Gemini
The name of the exchange is inspired by its founders, Cameron and Tyler Winklevoss, who are identical twins and considered to be among the first bitcoin billionaires. Gemini is a London based exchange that calls itself the “bridge to the future of money.”
Strengths:
- Quick customer support
- Good analytics and high liquidity
- User’s USD balance FDIC insured*
- Security focus
Weaknesses:
- Limited currencies available
- No margin trading
- Smaller trading community
*learn more about Gemini insurance policy here
Bitfinex
Bitfinex has handled the largest amount of Bitcoin exchanges since 2014, and says it’s “the largest and most advanced cryptocurrencies exchange.” Although the exchange was breached in 2016 in the second-biggest bitcoin exchange hack, Bitfinex has remained popular among users.
Strengths:
- 99.5% assets in cold storage
- High liquidity
- No identity verification required when trading crypto (verification required when trading with fiat)
Weaknesses:
- Limited currencies
- History of hacked accounts
- No insurance for hacked accounts
Shapeshift
One of the more unique cryptocurrency exchanges, Shapeshift offers an exchange that acts more like a ATM currency exchange than a regular trading platform. It’s an easy way to switch between currencies (hence the name Shapeshift), and is “the platform [that] gives you the power to quickly swap between assets — no account required.”
Strengths:
- Instant currency exchange
- No account needed
- Intuitive user interface
Weaknesses:
- No fiat currencies
- Limited payment options and tools
- Hidden fees (depending on the type of trade) and history of lost funds
Cex.io
This London based exchange was one of the first to offer bitcoin cloud mining. It stopped its mining services in 2015 but remains a popular exchange. In fact, the exchange got such an influx of new users at the end of 2017 it has temporarily halted new user registration. So if you’re hoping to trade with Cex.io, you might have to wait a little bit.
Strengths:
- No maker fee
- Refund policy
- Credit card purchases
- Beginner friendly
- Mobil product
Weaknesses:
- No insurance for hacked accounts
- Limited currencies
- Long verification process
- Expensive to deposit
Bitstamp
Bitstamp is an exchange based in Europe that is among the oldest and most respected cryptocurrency exchanges. Their platform is best suited for experienced cryptocurrency traders, as its user interface is a bit more complicated.
Strengths:
- Security focus
- Low transaction fees
- Can process large transactions
Weaknesses:
- High deposit fees
- Slow customer support
- Not beginner friendly
Bisq
Previously known as Bitsquare, Bisq is a popular decentralized bitcoin-to-fiat exchange. Bisq really took the decentralized feature of cryptocurrency to heart, as this exchange has no central authority, and you don’t even need to open an account to trade.
Strengths:
- Good reputation
- Security focus
- Large selection of currencies
Weaknesses:
- User interface not intuitive
- High fees
- Limited payment options
CoinExchange.io
If you’re hoping to trade obscure altcoins, CoinExchange.io has over 300 different types of currencies you can trade in, from popular currencies like bitcoin and ether to lesser known coins hodlcoin or antimatter.
Strengths:
- Huge offering of altcoins
- Provides bitcoin exchange rate for hundreds of currencies
- Offline storage
Weaknesses:
- Poor customer support
- Debate on the legitimacy of some of the coin options
- No fiat currencies
- Limited information on the organization
Neuryx Club
Cryptocurrency investment is an exciting world of opportunity, growth, and potential, and represents the future. Entering the cryptosphere is as much about learning as it is investing, and the important thing is not to invest more, but to invest smarter.
Neuryx Club is an AI-powered crypto trading assistant that offers exclusive analytics and advanced trading tools to help you stay on top of your crypto game and trade smarter.
