Top 5 Cryptocurrency Exchanges To Watch Out For In 2020
Progressively, Bitcoin and altcoins are slowly garnering attention from more crypto investors worldwide. Is it because cryptocurrencies have proven themselves to be a safe haven? Maybe it’s that, or people have started to appreciate the perks of blockchain technology which is against the government’s inflationary strategies.
In that rationale, since cryptocurrency first appeared, a large number of exchange platforms have sprung up to facilitate transfers of the digital tokens. Although they offer similar services, crypto exchanges differ in terms of the level of privacy and security they provide, along with their fees and general structure.
Depending on the model of the exchange you choose, you might be able to use fiat currencies like the US dollar to exchange for crypto or be restricted to just exchanging crypto for other digital coins.
In this comprehensive guide, it highlights the best cryptocurrency exchanges to watch out for in 2020.
Hong Kong-based exchange Binance is the largest in its category in terms of the trading volume. Launched in 2017, the exchange has rapidly gained popularity amongst crypto traders. Binance can be literally be accessed from any part of the world, except in China.
The altcoin trading platform offers over 80 altcoins from which you can trade, and also boasts it’s very own cryptocurrency token – BNB. Trading fees on the exchange is 0.1%, but it can go as low as 0.05% if paid with BNB tokens.
To make it even more lucrative, Binance has a privileged USDT pair of EOS, ETH, XRP, and BCH. That said, the exchange does not support fiat currencies, but it utilizes a wide range of options of altcoins from which you can trade.
In 2019, the top crypto exchange said that it would launch a new exchange for US customers that is separate from the initial Binance exchange. This was attributed to the strict regulatory status of virtual currencies in the US.
The exchange’s flexible payment structure and the ease with which traders and investors can go in and out of coins at a reasonable price makes Binance the perfect platform for both big and small buyers, and a must-watch exchange in 2020.
Coinbase is the world’s largest Bitcoin (BTC) broker that was founded in June 2012 in San Francisco, California.
The exchange offers an easy and quick route for new users to purchase BTC, XRP and many other digital tokens. Their customer support is widespread, covering upwards of 30 countries such as the US, Australia, UK, Canada, and Singapore.
Through the elaborate exchange, users can deposit their native fiat currency to buy into some of the top cryptocurrencies in the market. With well over 10 million users and growing, Coinbase is emerging as one of the most popular broker exchanges globally.
Coinbase charges 0.1% to 0.25% for taker trades, and zero fees for maker trades. As long as users place limit orders, then they won’t have to worry about paying any trading fees.
The reasons that make Coinbase a top exchange and one of the best for trading is its safe platform that’s backed by trusted investors. In fact, Coinbase is regulated as a US financial institution, including FDIC insurance for US deposits of $250,000 or less, and is compliant with key EU financial regulations.
The exchange also makes it easy for first-time investors to buy BTC, BCH, ETH, and LTC while providing wallet and merchant services.
For those who want to increase their purchasing power in pursuit of bigger and faster profits, BitMEX is undoubtedly the king in this area with its cryptocurrency derivatives trading platform that provides up to 100x leverage.
BitMEX also provides users with outstanding security and allows users to trade 8 of the world’s top cryptos both long and short.
On this broker exchange, users rarely find any concerns regarding the liquidity of their digital assets. The chief cryptocurrency traded on the exchange is BTC and its future contracts.
So, whether you’re an aggressive trader looking for big returns, or simply looking for a way to free up some trading capital or go short, BitMEX is definitely a leading exchange that’s worth checking out in 2020.
Coinmama is another beginner-friendly cryptocurrency brokerage that focuses on credit and debit card purchases. Hailed as one of the fastest ways to buy into cryptocurrencies, this Slovak Republic-based exchange was launched in 2013.
The exchange prides itself in offering instant delivery and sell BTC, ETH, XRP, Litecoin, and many more to various countries, including most states in the US.
Coinmama doesn’t provide its users with a wallet on their platform, but rather requires users to provide a wallet address to send the procured crypto into.
One of Coinmama’s best features is that it “locks” your BTC or ETH rate at the time of purchase. That way, you get the exact amount of cryptocurrency you paid for.
Coinmama’s fees are slightly higher than Coinbase at 5% when a credit or debit card is used. However, it compensates for this by making it super easy to review your orders and transactions while also allowing the purchase of fractions of BTC.
In this regard, Coinmama is definitely a top choice for any crypto lover looking to trade in 2020.
Founded in 2013, OKEX exchange is renowned for trading from 199 coins and 653 trading pairs. The exchange has over the years displayed a remarkable volume for BCH, ETH, XRP, EOS and TRON, with the active pair on OKEx exchange being BTC/USDT.
The exchange is listed on CoinMarketCap.com as one of the top exchanges in the world, claiming daily turnover of $1.5 billion just from its BTC futures trading product.
OKEx’s user-friendly exchange platform is perfect for professional investors and high rollers. Without even having their account verified, stakeholders can trade up to 1,000 Bitcoin each day. The exchange is well-developed with significant features that provide more facilities to professional users as compared to other exchanges.
The exchange is widely popular for its offering structured fees of 0.1% maker and taker fee for all token-to-token trades.
There are hundreds of platform options out there; this list covers scratches the surface of the most popular, reputable options available in 2020. The takeaway for each crypto enthusiast is that each exchange has its own unique combination of features that make it suitable for a particular customer.
For instance, if you’re just getting started and want to buy crypto with your local currency, go for Coinbase if you are in its select group of countries. It is the top crypto exchanges that will let you spend your fiat on crypto.
If you’re elsewhere, Coinmama might be better for you. Unfortunately, Coinmama can’t be used in Europe, Australia or North America.
If you want to trade multiple cryptocurrencies with low fees and don’t want to use ID, go for Binance. You don’t need an ID for transactions below 2BTC. While other exchanges, like P2P exchanges, don’t require ID at all, Binance has the biggest volume and most extensive selection of Alt Coins.
Moreover, fees on Binance are cheaper than on other exchanges and can get even less expensive if you pay them with the Binance BNB coin.
If you are a professional crypto trader or just looking for a way to free up some trading capital, BitMEX is an ideal platform to try out.