Cryptocurrency has taken the world by storm. So naturally, everyone wants to taste the sweet fruit of investing in them. Indian investors and financial institutions are not far behind their global counterparts in this investing spree. India leads the number of first-time investors of cryptocurrency in the world. Therefore, it was prudent that the Government of India brought cryptocurrency under the tax gambit to bring transparency to this highly digitized investing arena.
If you’re looking to add to the number of first-time investors in cryptocurrency, let us help you find the best cryptocurrency exchange platform to trade with.
**To start trading in cryptocurrency, opening an account with an exchange platform is the first step. Crypto exchange platforms function as a brokerage, albeit online, helping investors deal in digital currencies like Bitcoin, Ethereum, and Dogecoin. **
We have curated a list of the top 10 best cryptocurrency exchange platforms this year. So please pick your exchange platform to trade in wisely.
| Cryptocurrencies are volatile, with high speculation and market risk involved. This article is not written with the intention to guide you to invest in cryptocurrencies but to inform you of the available platforms for cryptocurrency trade and provide a thorough understanding of them. |
1. Coinbase
With a market value of over $36 billion, it is the most used cryptocurrency platform by beginners and professionals. The user-friendly interface it offers attracts beginner-level investors. The advanced trading features with the look and feel of a banking app ensure that veterans from the investing field remain hooked. Supporting numerous digital currencies, Coinbase is highly secure in storing dollar balances in Federal Deposit Insurance Corporation (FDIC)-insured banks to prevent loss of user funds in case of a security breach.
| Crypto Storing Option | · Coinbase.com exchange allows you to store your coins
OR · a non-custodial wallet (Coinbase Wallet) for experienced crypto users |
| Trading Fees | 0% to 0.60% depending on trade volume |
| Pain Point | Lack of customer support
No control overprivate keys |
2. com
Supporting more than 250 cryptocurrencies, this exchange platform is a favourite due to its easy access from the smartphone. Moreover, it has a sizeable investing ecosystem that comprises its own blockchain Crypto.org Chain; CRO- a native token, a crypto visa card which offers coin-based rewards; crypto products and more. In addition, the platform is a hit with investors due to the high cybersecurity ratings it enjoys.
| Crypto Storing Option | Crypto wallet |
| Trading Fees | 0.40% in case of less volume |
| Pain Point | No customer support
|
3. Kraken
Kraken began as an exchange platform as early as 2011, when cryptocurrency was in its nascent stage. Kraken charges the lowest fees in the entire exchange platform market, a top choice for traders. Moreover, it conveniently bifurcates its investors into advanced levels and beginners by providing two platforms to trade. Kraken Pro is their offering for investors who are professionals and regular traders of the cryptocurrency market.
| Crypto Storing Option | Offline |
| Trading Fees | a layered fee structure that allows high-volume traders to save on trading fees |
| Pain Point | · Complex for first time traders
· Does not support ACH transfers
|
4. Gemini
Gemini is a perfect start for an investor who is clueless about the crypto exchange. The simple, easy-to-use interface with top-notch security protocols and SOC 2-certified compliance makes it the best cryptocurrency exchange platform that third-party auditors have verified. So if you are looking for security, trade with Gemini for a safe experience.
| Crypto Storing Option | software wallets, hardware wallets, and paper wallets |
| Trading Fees | ·fixed amount for small trades
·1.49% on trades above $200. |
| Pain Point | · Complex for first time traders
· Does not support ACH transfers
|
5. BitMart
BitMart made our list of top 10 because of its allowance for users to trade in 1000+ cryptocurrencies. BitMart is a boon for traders who wish to deal in new or phased out crypto assets. Available for trade in 180+ countries, its simple features attract beginners and traders alike. However, a voice of concern for most traders is the security breach it suffered in December 2021, which resulted in many suffering a considerable loss and has since created trust-based issues on their security.
| Crypto Storing Option | Wallet |
| Trading Fees | BitMart charges 0.25% (or less) per trade for most users |
| Pain Point | Poor feedback post the hack
|
The above listed choices are our best picks, however every investor’s goal and ask is different. Please determine your financial goal and risk appetite before starting trading in cryptocurrency. Here is a comparative list of other apps that made it to our top 10 list.
| Exchange Platform | Number of Currencies | Transaction Fees | Pros | Cons |
| Binance.US | 50+ | 0.1% | Discounts on volume
Almost negligible fees |
Limited Coin Offerings
No support for margin trading |
| KuCoin | 400+ | 0.1% | Automated and margin based training | Trade is in US dollars not fiat currency
Complex for beginner use |
| CashApp | 1 | Can be ascertained at the time of buying and selling | Easy to use interface | Custodial Wallet
Only one currency to trade |
| bitFlyer | 10+ | 0.1 | Low fees | Very few currencies to trade
Safety concerns |
| Bittrex | 350+ | 0.75% | Ease of buying and selling for beginners | Low cybersecurity |
