What’s the Best Platform for Crypto Traders?

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The good news is, there are a lot of platforms for crypto traders to trade on, giving you a lot of options. The bad news is, there are a lot of platforms for crypto traders to trade on, which means it can be hard to decide which is the best one for you.

While there is no single crypto trading platform that is widely regarded as the “best,” there are several that are very popular and that a lot of traders like. The most effective way to find the platform that is best for your specific wants and needs is to check out these top sites.

You want to evaluate each platform for specific items. For example, is it available in your area, how secure is it, does it allow trading of the currency you want to trade, what are the fees? And, importantly, how comfortable are you with the user interface? With answers to these items, you’ll be able to find your best platform for trading crypto.

To help you find the best platform for trading crypto for you, we will discuss some of the top sites. These platforms are ones that many people enjoy trading on, making them a great place to start your research.

Coinbase

Coinbase is the biggest and most well-known crypto trading platform around. It boasts millions of users. There are many reasons why it’s become the most successful trading platform in the crypto world. Although it started as a Bitcoin trading site, it now offers a wide range of altcoins to trade as well. It offers an easy to use interface and different options to withdraw and deposit funds. The site is also known for being secure and it is available in many locations, unlike some other, more restricted sites.

There are only a few drawbacks to Coinbase. The site has gone down occasionally when trading spikes and there are mixed reviews on their customer service. The biggest issue is the platform’s fees. The fees are higher than many other sites but, as the industry leader, they get to charge what they charge. A way around this is with their sister site, Coinbase PRO. This site has lower fees for high volume traders. If you plan on trading 10k-plus in a 30-day cycle, this might be your best bet. For a more in-depth breakdown of different trading platforms, this Cove Markets guide is helpful.

Kraken

Just as in the crypto world–where there is Bitcoin and then everything else–for platforms, there is no undisputed 2nd place. These next few trading platforms, starting with Kraken, are all contenders for the 2nd place.

Kraken has been around since 2011, making it one of the older crypto trading platforms. They were in a unique position in 2014 to take on a lot of traders who were trading on Mt. Gox after this pioneering trading platform was hacked. Learning from this hack, Kraken has always taken security very seriously and has become a very trusted platform in the process. Kraken also stands out for their low fees and the fact they accept a lot of different fiat currencies.

On the flip side, traders have reported that the site offers clients poor customer service. They also are not allowed in some major US markets, such as New York which accused the platform of violating local laws in 2018.

Binance/ Binance US

Binance is one of the biggest crypto trading platforms in the world, but the spinoff site for the U.S. is a little less robust than its main platform. Even though the US version offers less tradable cryptocurrencies than the main site, it still has around 4x more tradable options than Coinbase. It offers incredibly in-depth and detailed charting, which will help an experienced trader. The fees here are competitively low as well, even for lower volume traders.

Even though the low-volume fees are low, the site is mostly geared to more knowledgeable, experienced traders so beginners may have a hard time with it. Although it is nice that the platform offers a US version, that site is scaled-down and not as appealing as the global site. It is also not available throughout the US. Thirteen states that do not allow trading on Binance.

Gemini 

The Gemini platform is best known for being the brainchild of the Winklevoss twins of Facebook and The Social Network fame. The platform is a favorite of professional crypto traders and hedge funds. Much of this popularity is based on the fact that high volume traders can trade with no fees if they trade enough. The platform is also adding more cryptocurrencies to its small but expanding portfolio and is expanding its global reach as well. In 2020, Gemini announced it will start offering trading in the U.K.

The platform is good with security as well. Gemini recently partnered with Eventus Systems Inc. to provide monitoring and security for the platform and to weed out any cheating or market manipulation. Overall, the platform is probably not for everyone right now, but it is a good one to keep an eye on. The platform is well-funded and backed by serious players. It doesn’t have a huge footprint now, but it has already cracked some tough nuts–such as New York–so expansion may be easier for Gemini than some other platforms.

There are even rumors that the Winklevoss twins may be interested in partnering with their old “frenemy,” Mark Zuckerberg in Facebook’s crypto venture, Libra. If this happens, it could change Gemini in a big way and catapult it to major player status.

Conclusion 

These are just a few of the top crypto trading platforms you may consider using. It is a good place to start your research–but don’t stop here. There are plenty of other platforms to consider as well. Other top sites include Bitstamp, BitMEX, Uniswap, Bisq, eToro, Coinmama, Poloniex, and more. With a little research and a few small test runs, you can find a platform that fits your needs perfectly.

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