Introduction
So, what is the best trading platform for crypto? Well, this is quite an open-ended question. There are several hundred crypto exchanges on the market currently. New ones continue to pop up as more coins are released, the number of which is above 20 000.
So, it’s clear to see the range is enormous. Fortunately, we are here to narrow your search by focusing on five options for the best trading platform for crypto and what makes them exceptional.
What is a crypto trading platform?
A crypto trading platform (or a crypto exchange) is a business that offers a facility for trading digital currencies. Like an options or stock exchange, a crypto exchange connects buyers and sellers on a central platform.
Think of it like a ‘matchmaking service.’ Exchanges use an order book, a matching engine displaying a list of orders at different prices for each coin.
When you want to buy at a certain price, the platform will match your request with a sell order (and vice versa).
Once it has fulfilled this transaction, it will levy a small commission for making this trade.
Most crypto exchanges use a commission structure called the maker-taker system. A ‘maker’ fee refers to an order that adds to the order book, while a ‘taker’ fee refers to an order that removes liquidity from the order book.
This is charged as a percentage of your trading volume over a month; the higher this is, the lower the commissions. The industry average is 0.25% for maker fees and 0.20% for taker fees.
Of course, these are not only the costs to note when seeking the best platform for trading crypto. You should consider potential:
- Network or gas fees (when receiving or sending coins through a particular blockchain)
- Deposit and withdrawal fees (for non-crypto payment methods like cards and bank wire)
- Staking fees (when you invest your coins in a staking program)
Most exchanges also provide an in-built wallet, where clients can hold their coins safely and use them for spot trading later.
Now, not all trading platforms are exchanges. We also have brokers that, like forex brokers, charge a spread instead of a maker/taker fee. The key difference between a broker and an exchange is the absence of an order book.
The broker sets the prices and orders are executed between them and the trader (rather than between buyers and sellers). Also, brokers cannot offer 24/7 trading like exchanges.
So, what are the key features to observe when looking for the best crypto platform for trading?
- Top security: regulation, data encryption, identity verification, two-factor authentication, cold storage
- Wide selection of coins: the best trading platform for crypto should also include newer tokens regularly.
- Different trading types (spot trading, margin trading, futures trading, etc.)
- Broad range of payment methods (crypto and fiat-based channels)
- Reasonable fees (be mindful of any hidden charges)
- Inclusion of a wallet
Best platform crypto trading: top 5 options
So, we’ve covered the basics. Now, let’s answer the question of ‘what is the best platform for trading crypto’ with 5 choices you can consider.
5. PrimeBit
Features:
- Anonymous trading (no KYC needed)
- 8 crypto markets available
- No minimum deposit
- No deposit fees
- 0.02% maker fees / 0.05% taker fees
- Perpetual futures with 1:200 max. leverage
- Crypto-based deposits/withdrawals only
- Built-in wallet
- Email and live chat support
PrimeBit is a relatively new digital currency trading service from Saint Vincent and the Grenadines launched in 2019. It offers trading in crypto, stocks, metals, commodities and indices.
PrimeBit is the best trading platform for crypto when it comes to high leverage. You can gear your account up to 200x on their perpetual futures. What’s also unique with this platform is no identity verification or KYC (Know-Your-Customer) is needed.
So, you can get started with a name and email address. Therefore, in the true spirit of crypto, you remain anonymous.
Pros:
- Offers some of the highest leverage in the industry
- No minimum deposit amount
- No KYC required
- Provides a demo account
- In-built wallet
Cons:
- Limited crypto pair selection
- Restricted payment methods
- Some risks with offshore no-KYC trading platforms
4. KuCoin
Features:
- +1400 crypto markets
- 10 payment methods available
- Maker and taker fees of 0%-0.10%
- Spot, margin, futures trading
- Crypto lending
- Staking
- Trading bot
- Mining pool
- KCS utility token for trading discounts and other incentives
- In-built wallet (which can also hold NFTs)
- 24/7 customer service (including live chat)
KuCoin, which dubs itself as ‘The People’s Exchange.’ is a large crypto exchange founded in 2017 in Singapore. The service is an all-in-one trading, derivatives and earning platform. It contains a host of exciting features like spot/margin trading, staking, lending, NFTs, mining pools, etc.
KuCoin allows for non-KYC trading, but withdrawal limits exist apply. The exchange has its own utility token, KCS, that offers trading discounts, dividends, offers and more.
Pros:
- One of the largest crypto exchanges by trading volume
- Impressive choice of coins available
- Provides many interesting crypto-related services
- Has utility token offering numerous incentives
- Many trading types available
- 24/7 customer service
Cons:
- Better suited for advanced investors
- Higher fees for fiat-crypto trades
3. Coinbase
Features:
- +500 crypto pairs
- Crypto and fiat-based payment methods (cards, Paypal, ACH, bank wire)
- Maker fees of 0-0.50%; taker fees of 0.04-0.50%
- Staking available
- Spot and futures trading available
- Coinbase Visa® Card with spending rewards
- Borrowing using Bitcoin collateral
- In-built wallet (which can also store NFTs)
- Email and phone customer support
Few can argue about Coinbase being the best crypto trading platform for US citizens (and even globally). The exchange is one of the oldest in existence, having started in 2012. However, while a massive entity, Coinbase is not as feature-rich as brands like KuCoin and Binance.
But, it offers enough services when it comes to trading coins and NFTs, spot and futures trading, and earning interest through staking.
Pros:
- Publicly-traded company that’s over 10 years old
- Regulated in the US
- One of the largest crypto exchanges in trading volume
- Broad choice of crypto pairs provided
- Offers an in-built wallet
- Staking and lending offered to earn rewards
- Phone support available
Cons:
- Known for high fees
- No margin trading provided
2. OKX
Features:
- +700 crypto markets available
- 0.08% maker and 0.10% taker fees
- No minimum deposit
- Crypto and fiat payment methods
- Provides spot, margin (10x max leverage), perpetual swaps, futures (both 125x max leverage), and options trading
- Trading robot offered
- Mining pool
- OKB utility token
- Staking and lending available
- Built-in wallet for coins and NFTs
OKX is an innovative Seychelles-based crypto exchange founded in 2017. Like Coinbase, many consider it the best trading platform for crypto. But unlike Coinbase, OKX is an all-encompassing facility with several crypto services.
This includes spot, margin, options, futures, DeFi, mining and lending services, among other features. In addition, OKX has its own utility token, OKB, offering trading fee discounts, savings returns and other exclusive perks.
Pros:
- Massive exchange by daily trading volume
- Various customer support options
- OKB utility token
- Offers many trading types
- No starting balance
- Low trading fees
Cons:
- Complex fee structure
1. Binance
Features:
- +1600 crypto markets
- Provides basic, classic, advanced, margin, OTC, and P2P trading
- Maker and taker fees of 0%-0.10%
- Crypto lending and staking
- Liquidity farming
- BNB utility token offers fee discounts and incentives
- Mining pool
- Built-in wallet for coins and NFTs
It was a close tie between Binance and OKX, but we consider the former the best crypto trading platform. Binance is the creation of famous Chinese entrepreneur CZ, who founded the company in 2017 in China.
By the start of 2018, Binance was the largest exchange globally and has consistently retained that status. Binance is also one of the few crypto trading platforms operating in the US.
Overall, Binance is a super-complete crypto trading service for all your needs, whether you’re a beginner or an expert.
Pros:
- Has consistently ranked as the world’s largest exchange by volume
- Several trading types offered
- In-built wallet
- BNB utility token
- More expansive market selection compared to the other platforms
- Reasonable trading fees
Cons:
- More suitable for advanced investors
Conclusion
One massive advantage over markets like stocks (where the trading hours are limited) is that you can trade crypto 24/7. However, digital currencies offer many benefits, like freedom from the traditional finance system and decentralisation.
Still, as with any instrument, there are many risks with crypto. So, you must be as knowledgeable as possible to survive and thrive. Fortunately, you can learn more about cryptocurrencies with this guide for beginners here.
