However, the majority of these exchanges are plagued with a number of issues: either a lack of security or a lack of liquidity. This makes it very difficult for traders to pick a crypto exchange to work with. There are a number of factors such as availability of assets and liquidity that one needs to consider before they choose an exchange. Luckily, we have made a list of 5 of the best crypto exchanges that you can use in 2021.
eToroX
eToroX is catered towards the institutional-grade crypto trading community. Founded in 2018 and licensed in Gibraltar, it is led by Yoni Assia. It is one of the very few exchanges that extends support to stablecoins for most of its trading pairs instead of fiat currencies. It also provides a custodial wallet that is available for both Android and iOS. Their trading fees implements a maker-taker model. It currently has a trading volume of $121,435,828.
- Trading Fees: eToroX does not charge fees on deposits. They charge a fee of 0.1% to 0.03% on traders who add limit orders to the order book and 0.24% to 0.12% for those who fulfil existing orders from the order book. Withdrawal rates on the other hand depend on what cryptocurrency the trader is using.
- Supported cryptocurrencies: Bitcoin, XRP, Cardano, Binance Coin, Ethereum, TRON, Stellar, Litecoin, NEO, Unisap, Dash, Tezos, EOS, Zcash and ChainLink just to name a few.
Venus
Built on the Binance Smart Chain, Venus is an algorithmic-based money market system, enabling its users to utilize their cryptocurrencies. They do this by supplying collateral to the network that users pledge by over-collateralized cryptocurrencies. Interest rates are automated and are based on the demand of a specific token’s market. To protect the protocol, the exchange also creates synthetic stablecoins backed by a basket of cryptocurrencies.
- Trading fees: The platform charges Gas fees for trading.
- Supported Cryptocurrencies: Binance coin, Bitcoin, Ethereum, US Dollar stable coin, Tether, Cardano, ChainLink, Dogecoin, Bitcoin Cash, Filecoin and others.
BitForex
Based in Seychelles, BitForex is a capable exchange that can process about 1.6 million orders per second, more than the majority of trading engines available. With more than a modest offering of over 92 different trading pairs, it has amassed over 3 million users as of 2021. The exchange allows users to deposit funds as they wish via wire transfer, credit cards and of course other cryptocurrencies. It’s an entry-level exchange which makes it feasible for any novice cryptocurrency trader.
- Trading fees: It charges a withdrawal fee of 0.0005, a taker fee of 0.10% and a maker fee of 0.10%.
- Cryptocurrencies supported: ABBC Coin, Bitcoin, Ethereum, EOS, Binance Coin, Polygon. Bitcoin SV, Evedo, ECOMI, Yobit Token, PolkaDot, Grin, Litecoin, NEO, Ravencoin and others.
Bitstamp
Bitstamp is another popular cryptocurrency exchange that allows its users to buy cryptos using fiat currencies such as the Russian Ruble, Swiss Franc, British Pound, US Dollar and Chinese Yuan. Users can fund their Bitstamp accounts using credit cards and bank transfers. It provides the U.K.-based helpline for emergencies. Most noticeably, Bitstamp’s mobile app is rated high on the Apple Store.
- Trading fees: Bitstamp charges a fee of 0.5% for all trades under $10k. Fees go down as the trade size goes up.
- Cryptocurrencies supported: OMG network, Maker, Stellar, Aave, Litecoin, Bitcoin, Kyber Network, USD Coin, Basic Attention Token, Gemini Dollar, Paxos Standard, and others.
Kucoin
With an astounding 456 trading pairs to choose from, Kucoin is one most popular cryptocurrency exchanges. With over 6 million users, it offers a range of crypto exchanges from margins to futures trading. Users also have the ability to earn cryptocurrencies by lending or staking using Pool X. Users also have the opportunity to participate in fresh IEO via Kucoin spotlight. Users can buy crypto using currencies such as USD, GBP, CAD, AUD, CNY and EUR. It also lets them buy cryptocurrencies using credit or debit cards, PayMIR, Banxa, Simplex or via its fast buy service.
- Trading Fees: Kucoin charges a fee of 0.1% per trade and some additional charges for futures trading.
- Supported cryptocurrencies: Terra, Ethereum, Cardano, Kucoin token, Dogecoin, XRP, VEChain, Telcoin, Binance Coin, Polygon, Bitcoin Cash, Pancake Swap, Fantom, Litecoin, Uniswap, Hathor, Cosmos, Solana, NEO, Bridge oracle, Stellar, Theta, Polkadot and others.
Final Thoughts
Cryptocurrencies have started to rise in value once again as evident all throughout 2020 and the forecasts are high for this year as well. As cryptocurrencies such as Bitcoin start to rally high, crypto trading is slowly becoming a major component of many individual’s portfolios not just as a tool for diversification but as the main asset as well.