Best cryptocurrency exchange platform list 2022

 

Best cryptocurrency exchange platform list 2022

In this guide, you will find the best platforms of the moment where to buy Bitcoin, Ethereum, Cardano (ADA), and other cryptocurrencies - updated May 2022.

Business regarding virtual currencies is steadily increasing, as evidenced by users' interest in cryptocurrency exchanges. Although Bitcoin is the best-known cryptocurrency globally, it does not mean that it is the only cryptocurrency being bought or sold.

Choosing the best cryptocurrency exchange is critical, especially considering the overall capital value invested. Indeed, there are risks associated with cryptocurrency trading, one of which refers precisely to the choice of exchange.

Before listing the best exchange sites for buying and selling cryptocurrency, we will explain in detail what an exchange is and how it works. We will then focus on the most advantageous solutions on the market today, available to experienced traders and users who are only now entering the digital currency industry.

What are cryptocurrency exchanges?

Cryptocurrency exchanges are platforms where coins can be exchanged. The most common exchange is between euros or dollars for the corresponding value of a virtual currency. If, for example, one wants to buy an ETH (Ethereum), the exchange will require $1,937 (the current value of a single ETH) plus the value of the fee.

Once the exchange is finished, the newly acquired cryptocurrency must be deposited in a wallet (electronic wallet). The wallet can be compared to a checking account, with which, however, one only has the opportunity to withdraw, deposit, or send some or all of the cryptocurrency to another digital wallet or exchange.

Each wallet is assigned a specific address, which could be compared to the IBAN code of traditional checking accounts. In addition, a secret key is needed to log into the e-wallet the first time. Then an access password can be set and the data encrypted.

There are three types of wallets:

Wallet Software. A program downloaded to a desktop (computer) or mobile (smartphone/tablet) device. They are generally among the wallets that provide the most security.

Online Wallet. Digital wallets are accessed from the Internet using a private key, most often managed by the exchange. Of the three types, it is the least secure.

Hardware Wallet. A physical device (most often a USB stick) that makes it possible to access the wallet only if it is connected to a second device. Of all of them, it is the one that offers the greatest security.

Just as there are different wallets, there are also different types of exchanges:

Exchange fiat to crypto. They allow the exchange of a fiat currency (e.g., dollar or euro) for a virtual currency.

Centrally managed exchanges. Platforms are managed by a third-party entity. Positive aspects include the speed of transactions and low fees compared to those imposed by decentralized cryptocurrency exchanges. Disadvantages, however, include a higher risk of running into a scam.

Exchanges with decentralized management. Processes are automated, as everything is delegated to blockchain technology. As a result, one operates in total security. However, it is also true that transactions are slower. In addition, the cryptocurrency pool is still small compared to the offerings of other exchanges.

Another aspect to check is whether the exchange employs a KYC procedure, to reduce the risks to which it exposes itself when it begins the relationship with the customer. Through these procedures, in fact, it is checked that what the client declares is true, avoiding dangerous reputational, legal, and commercial consequences.

The last aspect to emphasize concerns commissions, charged to users who operate within exchange platforms. Broadly speaking, there are four different commissions:

• Deposit
• Withdrawal
• Order taker
• Order maker

Usually, taxes are inversely proportional to volumes traded on a monthly basis. This means that higher volumes correspond to lower taxes, while when volumes are low, taxes tend to rise.

Thus, wanting to summarize the concepts expressed so far, the choice of one exchange over another should be based on the analysis of three important aspects:

• Security. As far as possible, opting for a decentralized exchange platform would be the best decision, but it is also true that this is a rather recent solution with the limitations described above (poor speed of operations and few cryptocurrencies to trade).
• Strategy. Before choosing one exchange over another one should already have a plan outlined. In this regard, it is important to understand whether one wants to aim for a fiat-to-crypto exchange or an exchange where only virtual currencies exist.
• Fees. An analysis of the costs to be incurred for future transactions you are going to execute is very important in making a final choice, while still taking into account the other two factors.

What are the best exchanges for cryptocurrencies?

The list of the best exchanges for cryptocurrency features long-established platforms such as Coinbase Pro, Kraken, and Bitstamp, as well as the more modern Binance or the very Italian Young Platform.

Below we offer a brief presentation of each exchange platform, listing its pros and cons.

Young Platform

Young Platform is a 100% Italian exchange that, born in late 2019, has attracted the interest of traders in our country in a very short time, positioning itself in the very first positions in terms of services offered and coins available.

The exchange has been entirely designed for those buying cryptocurrency for the first time: with Young Platform the buying experience is particularly simple, comparable to that of home banking.

With Young Platform's app, it is possible to automatically set up scheduled purchases of more than 30 cryptocurrencies and to receive price notifications.

For traders and professionals, Young Platform is also available in a Pro version, with over 50 pairs and advanced tools such as technical analysis indicators and APIs. This means that with the same account and wallet you can trade on both platforms at any time.

Services offered and benefits

• Coin offering. The availability of coins is greater than on any Italian exchange. On a regular basis, new ones are continually listed.
• Conversion to fiat (Euro) and transfer to your bank account.
• Deposits by wire transfer (including instant), cash (at participating supermarkets, tobacconists and, bars), credit, debit, prepaid, and Apple Pay cards.
• Young Platform operates only on banks, a guarantee of security for all transactions compared to exchanges using non-European banks.
• The platform relies on the best technology partners on the market, such as Modulus Global, Fireblocks, Onfido, and Chainalysis, to ensure top-notch security and performance.

Disadvantages

Fiat-crypto trading fees of 2.5% (0.2% on the Pro version) and crypto-crypto fees of 1.35% (0.2% on the Pro version).

Credit card deposit fees equal to 2.2% + 0.25€.

However, thanks to the proprietary YNG (Young) token, you get commission discounts of up to 50% and premium services.

Wirex

Wirex is a digital payment platform, an FCA-licensed e-money institution in the UK, established with a mission: to nullify the differences between real and virtual currency and make the use of cryptocurrencies easier and more accessible to all.

With the innovative mobile app and next-generation Wirex multi-currency card, users can buy, exchange and store a wide range of fiat and cryptocurrency coins (including BTC, ETH, ADA, SOL, XRP,and DOGE) and spend them in physical stores as well. All quickly, securely, and without fees.

So many benefits of having a Wirex account, from unlimited access to OTC rates for cryptocurrency exchanges to next-generation rewards.

Services offered and benefits

• Fee-free currency exchange: users can exchange fiat and cryptocurrencies instantly on the app for free and at favorable exchange rates.
• Multi-currency Wirex Card, with which to spend cryptocurrency and fiat currency wherever Mastercard and Visa are accepted and participate in the world's first cryptocurrency cashback program (Crypto back) to get up to 2% of spending on every purchase made.
• Free ATM withdrawals of up to €400 per month, unlimited spending, and zero monthly fees.

Other benefits offered by Wirex include free account and card issuance and no fees on in-store card transactions,  the ability to top up the account without restrictions up to 50,000 euros per transaction via bank transfer, crypto-fiat exchange, fast payments, or direct link to one's debit and credit card. In addition, Wirex has introduced crypto back, a form of cashback in crypto of 2 percent on payments that can go up to 8 percent in paid plans.

Registration and security

To register, one must log on to the website or download the app available for free in the App Store and Play Store. The registration process is quick and easy: just fill out the form and click on the link received in the confirmation email.

The verification process takes only a few minutes: you will have to upload documents to verify your identity and, once verified, set a password for added security.

And speaking of security, to protect its users' data from possible hacker attacks and privacy breaches, Wirex uses SSL (Secure Sockets Layer) technology for all communications between servers and web browsers, which guarantees data protection; two-factor authentication; and BitGo's multi-signature technology, which makes it impossible to transfer money without the transaction being authorized with signatures from all parties involved. Finally, the platform does not store payment card numbers, expiration dates, or CVV codes.

Binance

Binance is the largest cryptocurrency exchange internationally. Born in China in 2017, it has managed to gain the interest of virtual currency traders in a short time.

Binance also recently equipped itself with its own cryptocurrency (Binance Coin). BNB currently ranks in the top ten of CoinmarketCap's rankings, dominated by Bitcoin, Ethereum, and Tether.

Until recently on Binance, traders could only trade cryptocurrency for other cryptocurrencies. Recently, however, the ability to trade virtual currencies for fiat currencies has also been opened.

• Pros. Over 130 cryptocurrencies are available,with fees of around 0.1%.
• Daily cashback in Binance Coin (BNB) between 1% and 8% for each use of the Binance card to make purchases
• Cons. High fees on fiat currency withdrawals. The company is not authorized to provide investment services and activities in Italy (Consob).

Coinbase

Coinbase is the world's best-known cryptocurrency exchange. It is based in San Francisco and also ranks among the longest-running platforms (Coinbase's founding year was 2012).

The exchange offers three platforms to meet different customer needs.

Coinbase.com is the main application through which you can directly buy and sell Bitcoin, Ethereum, and many other cryptocurrencies.

Coinbase Pro is a more professional solution for more experienced traders and users, but the fees are higher than the basic platform.

Coinbase Earn is a service for earning cryptocurrency by watching proposed video tutorials and other educational offerings.

Another important aspect to consider when talking about Coinbase is the ease of use of the platform, a valid discourse even for those who are new to cryptocurrency trading. Through the platform, it is possible to convert one cryptocurrency to another or to fiat currency but also to send and receive cryptocurrency between different people.

• Pros. The intuitive user interface, secure and reliable, provides an external wallet.
• Cons. Few deposit and withdrawal methods, high fees.

Kraken

Kraken was founded in 2011, a year earlier than Coinbase. It owes its popularity to the rich fiat currency exchange section for Bitcoin (users can choose between euro, dollar, pound, yen, etc.).

Currently, the Kraken exchange supports more than 90 cryptocurrencies. These include Bitcoin, Bitcoin Cash, Cardano ADA, Ethereum, Ripple, Litecoin, Solana, EOS, ZCash, DASH, Dogecoin, and the stable coin Tether.

Among Kraken's downsides is the arbitrary termination of some accounts run by ordinary users, as witnessed by some traders who have spoken controversially about the platform founded by Jesse Powell nearly a decade ago.

• Pros. It has a good offering of cryptocurrencies, allows trading fiat currencies for virtual currencies, the platform has advanced trading features, and the fees are competitive.
• Cons. Slower trading speed compared to other equally popular exchanges, a question mark on security in light of the complaint about arbitrary closure of some accounts.

Bitstamp

Bitstamp was founded in the same year as Kraken (2011) by the very young Nejc Kodrič and Damijan Merlak. Born in '89, Kodrič created Bitstamp at the age of 22. The exchange, whose base today is in Luxembourg, was born as a European alternative to Mt. Gox, the historic cryptocurrency exchange site that went bankrupt in 2014 (until a few months earlier it held 70 percent of Bitcoin transitions globally.

One of Bitstamp's main features is security, guaranteed by the placement of its servers within the European Union. In fact, the company is based in Luxembourg and has been licensed as a payment institution since 2016. Bitstamp is also authorized by all EU member states.

Bitstamp allows buying and selling of a good number of cryptocurrency, stable coins but also emerging cryptocurrencies. To promote the latter, the exchange resets fees to zero.

• Pros. Security and reliability. Customer service via email, ticket, and phone.
• Cons. High and variable commissions. Monthly account management fees (€1.95).

Bittrex

Bittrex ranks among the top 5 cryptocurrency exchanges along with the best-known platforms mentioned so far. It is based in Seattle in the United States of America, making Bittrex one of the safest exchanges for traders (in Washington State, security is a central issue in the debate regarding the management of virtual currencies).

Only trading between cryptocurrencies is allowed on Bittrex, so it is not an ideal choice for those who instead aim to exchange between fiat and virtual currencies. Also noteworthy is the cost of commissions, the average percentage of which reaches 0.25 percent.

Based on its structure, Bittrex is also the platform where the largest number of cryptocurrencies are present (over 190). The list also includes Bitcoin, Ethereum, Ripple, and Cardano.

• Pros. Supports over 350 cryptocurrencies,and platform security.
• Cons. Commissions are not exactly cheap, and exchange between fiat and virtual currencies is impossible. Transactions are slow. Does not have a regular license.

Crypto.com

Established in Munich in 2017, Crypto.com is currently operated by Singapore-based Foris DAX Asia. It is a smartphone app that allows users to buy, sell and generate interest on cryptocurrencies, as well as offering a wide range of side services, including a range of payment cards in partnership with Visa.

The main functionality is to allow the exchange of more than 90 cryptocurrencies, with competitive fees, and conversion to major fiat currencies. This functionality is complemented by the card system that allows up to 8 percent cash back on transactions.

Crypto.com also offers two staking systems, Crypto earn and Supercharger, to generate passive annuities with cryptocurrencies deposited on the wallet. New features include a marketplace where you can buy and sell NFTs.

• Pros. Staking allows you to earn up to 14.5%. Profitable commissions. Crypto cards.
• Cons. Unregulated platform. Minimum withdrawal of 80 euros.

Bitpanda

Bitpanda was founded in Austria with the goal of making investing accessible to everyone. It is one of the few regulated cryptocurrency exchange platforms. The exchange is regulated by the Austrian Financial Markets Authority (FMA), the French AMF, the MiFID II directive, and licensed under PSD2. User funds are stored in offline wallets (cold storage) and use SSL encryption,which offers DDOS session protection and management, and a dual authentication system.

It allows investing in stocks, cryptocurrency and metals, in a regulated and secure way, 7 days a week and 24 hours a day, and from 1 euro. Thanks to the debit card linked to the Bitpanda account, it is possible to spend and  make spendable any asset with its debit card belonging to the Visa and MasterCard circuits. It provides the option to create a personal savings plan using a credit, debit, prepaid card, or a SEPA direct debit.

• Pros. Safe, reliable, and authorized by major European regulators. Ability to invest as low as 1 euro. Guaranteed and secure portfolio service.
• Cons. Availability of few tokens compared to other competitors.

CoinMetro

CoinMetro is a cryptocurrency exchange based in Estonia. It launched its service in 2018 and offers individuals the ability to buy and sell multiple 17 cryptocurrencies. It holds licenses from the Estonian Financial Intelligence Unit (FIU), with license numbers FVR000143 and FRK000121. It is also licensed by the U.S. regulator Financial Crimes Enforcement Network (FinCEN.

One of its strengths is its advanced platform equipped with charts and a quote book. Although it is always discouraged for the inexperienced, it allows leveraged trading and also offers copy trading.

Coinmetro supports major cryptocurrencies and allows you to convert them to major fiat currencies.

• Pros. Advanced platform with integrated charts and indicators. Low commissions. Financial leverage.
• Cons. Availability of few tokens compared to other competitors.

Our in-depth look at the best cryptocurrency exchange platform list ends here. As a reminder that new exchanges are being born every day, we will update the ranking when one of the emerging platforms manages to reach the level achieved by the industry giants.

read more: Emerging cryptocurrencies: the new best coins to invest in (updated 2022)