Top 5 Cryptocurrency Exchanges To Trade Altcoins in 2021
The recent surge in altcoin prices has led to an influx of new investors seeking out these valuable digital assets. An altcoin is any coin other than Bitcoin. The term came about in the early days of the crypto market. At that time, there were only a handful of coins available. Today, nearly every exchange offers some form of altcoins to trade.
Unlike the early days, altcoins today outperform Bitcoin in terms of technical characteristics. There are altcoins capable of performing millions of transactions per second and operating complex smart contracts. In comparison, Bitcoin approved around seven transactions per second and was developed long before smart contracts were a thing.
All of this altcoin hype has made the sector crucial to the market. Altcoins represents innovation, and the blockchain sector continues to be home to some of the most innovative minds in finance and tech. Here are the top 5 altcoin exchanges for 2021.
Hitbtc.com is an advanced cryptocurrency exchange that has earned a reputation as one of the industry’s largest and oldest spot trading markets. This unregulated exchange provides a reliable trading environment for both new and expert traders. Users enjoy low latency, an impressive coin selection, and peak performance.
Speaking on coin selection, Hitbtc.com offers 800 trading pairs and 500+ spot crypto instruments. This massive selection is simplified through a responsive interface that provides real-time updates of the market data. In this way, Hitbtc is a safe and secure solution for bitcoin and altcoin traders. Additionally, there are discounts for large orders via the company’s rebate system.
Hitbtc was founded in late 2013 by Dave Merrill. The platform is geared at the EU market. Notably, the exchange launched after receiving a $6 million venture capital investment in Hong Kong the same year. This capital helped the platform develop its security and selection.
Binance has always been a top exchange for altcoin trading. The network has an impressive selection of coins. In its early days, Binance went the altcoin route rather than adding fiat currency pairs. This maneuver helped the exchange to cement its position as the largest altcoin exchange in the world.
Binance was launched in China in early 2017. In less than a year, the network became the world’s top exchange. This growth helped Binance to branch out into other platforms. Today the Binance ecosystem includes a DEX, Binance Global, and a native token called BNB. Binance isn’t afraid of change. The exchange has moved multiple times to find regulatory friendly shores and not stifle innovation.
Binance recently branched out into some DeFi functionalities with its Binance Finance protocol. Users can lend out their BNB tokens in the form of smart contract lending pools. In return, they receive their crypto back, plus interest. You can leave your crypto locked up longer to receive more rewards.
Read the full review about the Binance exchange here.
Gemini is another popular exchange for altcoins. Unlike Binance, Gemini isn’t popular for having a huge coin selection. The network only includes around 20+ altcoins. What makes Gemini so valuable in the market is its pristine security record and regulated status. Gemini is regulated as a New York State limited liability Trust rather than an exchange with a Bitlicence.
As a regulated option, users enjoy more protections. For example, your fiat holdings are federally insured up to $500,000. The platform also has a native stable coin named GUSD. This coin is backed by US dollars held at State Street Bank and Trust Company. Users can even place their GUSD into a saving account and earn interest.
Gemini has been a popular exchange since its launch. The exchange carries the names of its developers, the famous Winklevoss Twins. These Harvard graduates developed the precursor to Facebook and were among the first Bitcoin billionaires in the world.
Read the full review about the Gemini exchange here.
OKEx is a global trading platform that emphasizes advanced features. The platform is popular among experienced traders. Impressively, OKEx consistently ranks among the top 10 exchanges in terms of the trading volume. The network currently has over 20 million registered users.
OKEx is available for Windows, Mac, iOS, and Android as a free download. The platform features a user-friendly interface that makes it simple to trade a wide range of altcoins and the major crypto pairs. The network offers over 400 trading pairs and more than 200 digital assets at this time. Notably, you can even make a deposit directly from another exchange.
OKEx supports fiat-to-crypto trading options. The platform supports 30 different fiat currencies at this time. You can also load your account in various ways, including Bank Transfer, Mastercard, VISA, ApplePay, iDEAL, and SOFORT.
The exchange offers a huge selection of options. You can spot trade, trade with leverage up to 125%, trade derivatives, take out loans, and even earn interest lending out your own crypto. Currently, OKEx is headquartered in Malta and is compliant with the Virtual Financial Asset Act (VFAA), regulated by the Malta Financial Services Authority.
Read the full review about the OKEx exchange here.
Bittrex is an excellent exchange for altcoin traders. The network supports over 100+ altcoins at this time and consistently adds new projects to the platform to keep users interested. Bittrex is one of the largest exchanges in the world in terms of market capitalization. This deep liquidity makes it an ideal selection for active and professional traders as well.
Bittrex users enjoy a high level of flexibility. The network has 442+ trading pairs currently. Additionally, there is a large number of USD trading pairs to simplify your onboarding process. You can load your account with either USD or Euro. Users can use SEPA Credit Transfer, International Wire Transfer, or a Credit/Debit card to get started.
In terms of security, Bittrex is very secure. The network has never had a site-wide hack. Although, there have been some notable sim attacks that have succeeded on an individual basis. Sim hacks occur when a user losses control of their phone and email. Bittrex added a withdrawal whitelist to combat these issues and has limited tier-one withdrawals to 2 BTC per day.
Read the full review about the Bittrex exchange here.
Special Mention – Uniswap
Uniswap makes the top of this list because it’s the largest DEX (decentralized exchange) worldwide. The platform features thousands of coins and tokens. Uniswap is unique because it allows buyers and sellers to exchange ERC-20 tokens. These Ethereum-based assets are at the core of the DeFi revolution.
Uniswap is non-custodial, meaning you never need to load your funds onto the exchange to use it. Additionally, the platform requires no KYC/AML information because it never holds your cryptocurrency directly.
Impressively, you can start your own project and launch a liquidity pool on Uniswap without having to pay a ton in listing fees like on centralized exchanges. The network allows anyone to seed a liquidity pool by depositing a corresponding amount of ETH and the project token.
One of the biggest draws to Uniswap is its censorship-resistant format. The exchange is genuinely an international, open trading platform for digital assets of all types. In the Uniswap network, there is no central authority to block users and seize their funds.
Read the full review about the Uniswap exchange here.
Top 5 Altcoin Exchanges
All of these exchanges are ideal for different reasons. Uniswap is a great choice for someone who wants to trade altcoins anonymously. In comparison, Coinbase Pro and Gemini are a smart choice for someone who requires a fully regulated trading experience. Kraken and Binance are also proven winners in the market and continue to remain innovative. Always stick to reputable exchanges like those on this list, and you are sure to enjoy years of safe trading.