Despite a significant dip this year and a string of setbacks in recent years, cryptocurrency is still a popular asset – the demand and hype for which is still spreading like wildfire. In 2022, Bitcoin is among the top Google searches, coming out on top over TikTok, NFL, and even Apple.
There are currently more than 20,000 known cryptocurrency projects and over 300 million cryptocurrency owners worldwide – over 20% of them situated in the US. To get in on the action in this crazed trend, you need to use the best cryptocurrency exchange. Over 500 exchanges currently saturate the crypto market, and our job is to direct you to the one that suits your needs best.
Best Crypto Exchanges in 2022
1. Binance – Best Exchange Overall
Was there ever any doubt? Binance is the big daddy of crypto exchanges; it is currently the world’s largest crypto exchange, with the highest user volume and an average daily trade volume of $10 billion – more than 8 times higher than the second-largest trade volume.
Apart from being the largest crypto exchange, it also hosts an impressive amount of coins – more than 350 cryptocurrencies. While also offering very low Maker-Taker fees at 0.1% per transaction that decreases as your trade volume increases, it’s also a very cheap option.
Out of the few downsides to this platform, one is the notable lack of the option to purchase using a credit card, along with some of its services being unavailable in a few US states.
2. Coinbase – Best Exchange for Beginners
One of the largest and most well-known exchanges in the US, Coinbase has one of the most accessible interfaces to use and get used to, with extensive amounts of educational material in the exchange itself, providing information from blockchains to platform security features. Debuting on the public market last year, Coinbase cemented the legitimacy of the crypto market.
With a straightforward sign-up process to make it as easy as possible to get into the action, and an interface that makes navigating that action a breeze, Coinbase lowers the entry threshold for crypto trading by quite a bit. With its comprehensive learning materials that users are encouraged to use through the Coinbase Earn program, along with the platform’s extensive security features and wide selection of cryptocurrencies, it’s the perfect starting point for beginners.
The only thing holding the exchange back from absolute glory is its needlessly complex fee structure. That caveat couples nicely with its higher-than-market average fees, making the charges side of this outlet its only pitfall.
3. Crypto.com – Best Exchange for Security
Crypto.com stands out at the top of the cryptocurrency hill – it is one of the largest crypto exchanges globally. What sets it apart from the rest of the herd, however, is its airtight security.
Most crypto exchanges worth their price in upkeep have to feature a solid cybersecurity infrastructure, but Crypto.com goes above and beyond to provide you the feeling of knowing your assets are safe. The platform is ranked first in the Cybersecurity Ranking and Certification Platform’s top 100 exchanges, making it the most sought-after by people worried about security.
Employing measures like offline cold storage, regulated custodian bank accounts for traditional currency, regular software peer-review, and multi-factor authorization, Crypto.com doesn’t slack off when it comes to security features.
The goodies don’t stop there. Offering very low transaction charges if your account is funded with cash transfers, a large selection of over 250 crypto assets, and a non-custodial DeFi wallet, Crypto.com is as good an option as any and trumps the pack when it comes to security.
Every armor has its chink, though. As a trade-off for providing such impeccable security, the platform has to sacrifice another aspect. This sacrifice comes in the form of expensive credit and debit card purchases and the lack of crypto-to-crypto trading options.
4. Kraken – Best Exchange for Experienced Traders
Founded in 2011, Kraken is one of the oldest crypto trading platforms. With all that experience comes the knowledge to make a platform that’s solid all around. With some of the lowest fees in the crypto market, Kraken Pro -Kraken’s professional-grade trading platform- is one of the best platforms out today.
Kraken offers more than 180 crypto coins. While an impressive number in itself, the main appeal of the exchange is its tailoring towards more experienced traders. The Pro dashboard provides customizable chart analysis tools, detailed insights into order books, and spot trading, and it is also one of the few exchanges to offer margins and futures trading.
What holds this particular medium back is its lack of account funding options – quite a considerable pitfall in the crypto business – and its unavailability in some US States.
5. Bisq – Best Decentralized Exchange
Bisq follows the essence of Bitcoin, and perhaps that is why so many people prefer it to other centralized exchanges. Built on open-source software, the design for Bisq is available publicly for FREE.
Bringing the easy interfaces and extensive coin support of centralized exchanges to a decentralized environment without limiting currency support is a feat worthy of praise. That may be the reason why the Bisq community goes as far as to fund the open-source project using its savings.
Not needing a third party to conduct crypto transactions or requiring users to submit their personal information while also boasting powerful security features, such as multi-signature and a security deposit system, we can see why it’s a favorite among Bitcoin fans looking to trade with other currencies, especially altcoins like Cardano or Dogecoin. Along with its availability of a wide variety of payment methods, Bisq is a solid choice.
However, the mobile version of the platform falls extremely short since it only acts as a notification bell. Another negative aspect to consider is the fact that you can only trade with Bitcoin or BSQ.
Conclusion
Whether you’re a newbie still wet behind the ears or a veteran of the crypto scene, the most important thing when stepping into this realm is to know what you’re looking for.
Everyone has their objectives and their own needs. Most exchanges cater to specific needs, so there will never be any clear-cut answer as to which platform is objectively the best. Whether you’re looking for low fees, more payment options, higher trading volumes, or a more vast selection of trades to pursue, remember your goal and choose your platform accordingly.
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