- Buying Bitcoin
In 2019, for the first time, there was a very interesting list of the best cryptocurrency exchanges (you can see the first 50 places in the pictures). Due to the comprehensiveness and reliability, this ranking of cryptocurrency exchanges was also prepared in 2020.
Why were we interested in this particular ranking of cryptocurrency exchanges?
The website www.cryptocompare.com, which publishes them, has collected a lot of interesting data on digital currency trading and exchange platforms. In total, over 100 exchanges have been classified.
The assessment did not take into account the turnover of a given exchange because, as the portal explains: “such data may be misleading in a full report. The volume of turnover does not always guarantee safety and satisfaction. ” Some time ago, we published a list of the largest cryptocurrency exchanges – here
One of the basic assumptions of the ranking was to lower the importance of the value of the exchange’s turnover for its classification. However, many other very important factors were taken into account.
This brand new ranking of the best cryptocurrency exchanges takes the following aspects into account:
The geographic location of the stock exchange
Quality of the company and staff
Conducting commercial supervision
Data and its delivery
The data was collected from official sources that are usually publicly available, e.g.
Profiles on Crunchbase
Headquarters of companies
Media websites such as Coindesk or Bloomberg
It can be said, that introducing more transparency into the digital asset class and improving the quality of data delivery so that market participants can make the most informed decisions greatly improves the quality of market functioning. This is the first report of its kind to cover so many different issues. Until now, the lack of reliable indicators to assess digital currency exchanges and the risk of overstated volumes had a negative impact on participants, and now everything indicates that this will change for the better.
The American cryptocurrency exchange Coinbase was ranked first in the ranking prepared by the www.cryptocompare.com portal. You can see the TOP 3 global digital currency exchanges on the right side.
So what are the best cryptocurrency exchanges? The top ten of the 2019 cryptocurrency exchanges ranking is as follows:
The next five digital currency trading platforms are:
The entire report and comparison are available here.
Unfortunately, the rankings are quite average – BitBay is considered the best european cryptocurrency exchange – 46th place in the ranking. Coindeal was ranked higher in 44th place.
We invite you to follow our website on a regular basis. In the coming months, our goal will be to always have a new ranking of the best cryptocurrency exchanges.
There are many elements that you can verify before you decide to choose a platform for trading and exchanging cryptocurrencies, e.g.
Below we present a subjective overview and the most important information about individual platforms. However, we want to point out that the order is completely random. Therefore, this update cannot be directly described as a ranking of cryptocurrency exchanges or a list of the best platforms for trading and exchanging encrypted electronic currencies, but rather a description of individual exchanges. Keep in mind that just buying cryptocurrencies is not that hard. Especially when we have already chosen the right and best platform for trading and exchanging digital currencies.
This is British cryptocurrency exchange, considered to be the European leader and the largest exchange on this continent. It is currently at the top of the liquidity rankings. HitBTC provides services to both individual and corporate clients.
It attracts customers from all over the world and runs offices among others in London, Malta, Singapore, Beijing, Hong Kong and Rio de Janeiro. These offices are the effect rather than the reason for the influx of investors. The main factors that encourage use of the HitBTC exchange are innovative functions, a regressive commission system and a large number of cryptocurrency pairs.
HitBTC clients can supply their portfolio with any of the 421 cataloged cryptocurrencies. The platform has also created a great environment for traders who can trade over 800 cryptocurrency pairs. Virtual coins are usually traded in pairs with more significant cryptocurrencies such as Bitcoin, Ethereum, Monero etc. There are also many pairs tied to stable-coins, such as USDT or TUSD, which are pegged to the US dollar. Additionally, HitBTC uses the best software for companies to handle their business. In addition to the multitude of instruments, it provides access to a number of APIs, such as API-REST, WebSocket, FixAPI. API can be useful when we want partially or completely automate trading. So if you are only interested in the best cryptocurrency exchanges, then you should definitely look at HitBTC.
The platform’s commissions are based on the tier system of the user’s turnover value for 30 days. The higher the turnover level, the lower the commission. There is also a division between the maker and taker commission. Maker is a commission on the transaction we create. In turn, taker is a commision from the one that someone else offered, and we decided to implement it. In HitBTC maker, depending on the tier, is (starting with the highest stake) 0.07% to -0.01%. Taker – from 0.07% to 0.02%. The maker commission may even reach negative values, but only from the value of the turnover exceeding 50,000 BTC. Then the cryptocurrency exchange pays us a commission. Such a system is designed to increase the liquidity of trading, and so far it works great. Withdrawal commissions are different for each coin. For Bitcoin it is the equivalent of $ 13, for other coins – an average of $ 7.37. What do you think, is this exchange the best cryptocurrency exchange in terms of the amount of fees?
Bitfinex is a cryptocurrency exchange created by the Taiwanese company iFinex. The latest cryptocurrency exchange ranking placed it in 14th place. It is currently the second-largest exchange for liquidity, according to coinmarketcap.com. The platform offers the possibility to buy or sell 118 digital coins. Trading is based on nearly 400 cryptocurrency and currency pairs. It is one of the few exchanges that still allow you to trade cryptocurrencies in pairs with FIAT currencies.
The Bitfinex exchange can be a particularly attractive platform for traders. Of course, investors will also find what they look for here, but the number of cataloged cryptocurrencies is not the largest. Traders can count on the ability to create their own APIs that will automate trading, partially or completely. Additionally, on Bitfinex we can use the leverage of 3.3x, which allows the so-called margin trading and the use of CFDs on cryptocurrencies. CFD (Contract For Difference) allows you to bet on drops or increases in the price of a given instrument, cryptocurrency. Leverage allows you to ‘borrow’ funds from liquidity providers. It is de facto multiplying the amount we trade (but also the risk) up to 3.3 times.
Bitfinex also allows you to trade OTC (Over The Counter). This function gives us the ability to trade cryptocurrencies directly with counterparties without affecting the quotes, over-the-counter. It is a great option for individuals or corporations that trade bigger amounts of money. In sum. When publishing any ranking of cryptocurrency exchanges or a list that collects the best cryptocurrency exchanges 2020, Bitfinex should not be overlooked.
The platform, like HitBTC, uses a regressive commission system. It is based on turnover levels – the higher the turnover, the lower the commission. Maker commission starts at 0.10% and ends at 0.00% with a turnover of $ 7,500,000 and above. The standard taker commission ranges from 0.100% to 0.055%, with a turnover of USD 30 billion (!). The last tier is probably dedicated for the so-called “Whales”. The commission on withdrawals depends on the given cryptocurrency. For BTC it is $ 4.33, for other coins – an average of $ 0.53.
This cryptocurrency exchange was established in Shangahai in 2017. Currently its headquarter is in Malta. Binance is considered the largest and most popular exchange in the world. It was also considered the safest for a long time. Its CEO – Chengpend Zhao “CZ” – is a well-known and respected authority in the cryptocurrency industry.
Binance offers its clients, especially traders, many cryptocurrencies. On the exchange, you can buy or sell almost 200 cryptocurrencies that are supported by 600 cryptocurrency pairs. The advantage is, of course, the huge fluidity of these pairs. We are unable to not to find the other party to the transaction on this platform. Additionally, the exchange offers users the possibility to create their own API. For many, the Binance exchange is the best cryptocurrency exchange. You can register on it by clicking HERE.
The commission system in this case is also regressive, based on the client’s turnover levels OR the amount of Binance Coin (BNB) tokens in his portfolio. The maker and taker commission starts here from one level of 0.100% to reach 0.02% and 0.04% respectively at the maximum level of turnover. The turnover level proportionally corresponds to the BNB tokens in the user’s wallet (on the exchange). To achieve the minimum commission, we must have 11,000 BNB or more. It is also possible to pay commission with BNB tokens. In this case, regardless of the levels, our commission is reduced by 25%.
This American cryptocurrency exchange was founded in San Francisco in 2011. The previous ranking of cryptocurrency exchanges ranked it on 7th position. This exchange has long taken many steps to regulate its activities, which is not easy on the American market. They are supported by a well-known IT law firm from the USA and the effects of this can be seen better and better!
Kraken offers a relatively small number of pairs. They use a principle similar to another cryptocurrency exchange – Coinbase – “not quantity but quality”. We have the possibility to stock or sell 27 different cryptocurrencies on this platform. Trading is based on 121 currency pairs. Currency pairs are settled mainly in Bitcoin (here XBT), but also in Fiat currencies such as USD, GBP, CAD (Canadian Dollar) and JPY (Japanese Yen).
Commissions are calculated on the basis of a regressive system, taking into account the customer’s volume (turnover). Maker commission rates start at 0.16% and end at 0.00% in the last stage. Taker commission – from 0.26% to 0.10%. The exchange provides lower commissions for OTC trading.
For withdrawals, the commissions depend on the cryptocurrency. For Bitcoin, the withdrawal commission is $ 4.33, for other coins it is on average $ 0.58. Summarizing, in our list of the best cryptocurrency exchanges – Kraken has a high position and must certainly be taken into account by each investor.
This is another American cryptocurrency exchange. It was established in Las Vegas in 2014. Bittrex is one of the largest and safest exchanges in the world. The platform has never been successfully hacked. Bittrex used to be the main competition and replacement variant for Binance.
The exchange offers 254 carefully selected cryptocurrencies. Together, these coins make up 317 different cryptocurrency pairs. Unfortunately, due to restrictive regulations in the USA, Bittrex does not allow trading of FIAT cryptocurrencies. However, there is an option to buy a stable-coin USDT with dollars. Such a transaction requires a high level of Enchanced Verification. The maximum transaction amount is $ 100,000.
Bittrex commissions are not based on a regressive system. They are calculated on the basis of a mathematical operation – cryptocurrency quantity * purchase price * 0.0025%. For example: for 1 BTC purchased for $ 10,000, the commission will be $ 0.25. The commission on Bittrex is charged only after the transaction is completed. If it is canceled before execution, the entire amount is returned to the wallet.
The commission on the withdrawal depends on the given cryptocurrency. For BTC it is $ 4.33, and for other coins – an average of $ 0.24.
We are slowly approaching the end of our article collecting the best cryptocurrency exchanges in 2020 for you in one place. BitMEX is a fairly unusual cryptocurrency exchange based in Hong Kong. It was founded in 2014 by Arthur Hayes, Bean Delo and Samuel Reed. Today it is one of the most popular exchanges of its kind in the world.
BitMEX offers its users, above all, a leverage of 100: 1. What does it mean? If we have 1 Bitcoin (here XBT) in the wallet on this platform, thanks to the leverage we are able to increase our capital by 100 times – we can have 100 XBT for the duration of the transaction. Such a procedure allows you to multiply the profits, but also increase the risk – the potential losses are equal to the potential profits. Of course, we don’t have to play the 100: 1 lever right away. There are also smaller levers.
On the BitMEX we can deposit only Bitcoins. Trading on this platform is not like on other exchanges. Contrary to appearances, contracts are traded on BitMEX, not cryptocurrencies. One contract is worth $ 1. Depending on the amount of XBT and the leverage used, we can buy the equivalent of funds in contracts, additionally multiplied by the leverage. The cryptocurrency exchange offers contracts for both price increases and price decreases. It is basically a type of CFD.
At BitMEX we do not have to trade exclusively with Bitcoin. In addition to XBT, the exchange offers trading in cryptocurrencies such as Bitcoin Cash (BCH), Cardano (ADA), EOS Token (EOS), Ether (ETH), Litecoin (LTC), Ripple (XRP) and Tron (TRX). The leverage on these cryptocurrencies – as their rates are capable of larger, potential fluctuations – may be smaller. It should be noted, however, that contracts are only purchased for Bitcoin.
BitMEX commissions are fixed and the same for every cryptocurrency except Bitcoin. The maker commission for Bitcoin is 0.0250% and the taker commission is 0.0750% (multiplied by the leverage used). In the case of other cryptocurrencies, the maker is 0.050% and the taker is 0.25% (also multiplied by the leverage used). BitMEX does not charge any commission on withdrawals.
Coinbase Pro – the best cryptocurrency exchange of 2020
Last year, it was ranked No. 1 in the ranking of cryptocurrency exchanges. Coinbase is an American stock exchange from California, San Francisco, founded in 2014. It’s one of the most respected exchanges, despite the small amount of cryptocurrencies available. Today Coinbase is divided into several services, incl. a new trading platform – Coinbase Pro – and a platform for institutional clients – Coinbase Custody. It allows you to buy not only bitcoin, but also many other interesting cryptocurrencies.
Coinbase Pro offers its users a modern and professional interface. In addition, customers have 26 different cryptocurrencies at their disposal, carefully selected by the exchange. They can be traded using 56 cryptocurrency and cryptocurrency-FIAT currency pairs. Coinbase supports FIAT-crypto exchange. In fact, most of the pairs follow this exchange model. The available fiat currencies are Dollar, Pound Sterling and Euro.
Commissions at Coinbase Pro, as with most major exchanges, depend on the volume (turnover value) of the client. The system is, of course, regressive. The maker commission ranges from 0.50% to 0.04% and the taker commission ranges from 0.50% to 0.00%.
Withdrawing and depositing cryptocurrencies is free. When paying in FIAT currencies, a commission is charged. We will have to pay $ 10 for an ordinary transfer (USD, in the USA). We will pay 0.15 Euro for the payment by SEPA transfer (EUR). Depositing via SWIFT (GBP) is free.
Payouts of FIAT currencies are also subject to commission. We will have to pay $ 25 for withdrawal by ordinary transfer (USD, in the USA). We will pay 0.15 Euro for the withdrawal by SEPA transfer (EUR). Withdrawing via SWIFT (GBP) will cost us £ 5.
This crypto exchange was founded in 2014 in Hong Kong. After 5 years of operation it was ranked 13th in the ranking of the best cryptocurrency exchanges 2019. OKEx was created thanks to the financing of several funds and businessmen dealing with Venture Capital. Like many other exchanges, in 2018 this one also moved its headquarters to Malta.
This exchange offers trading in 207 cataloged cryptocurrencies within 370 pairs. OKEx also supports a single Fiat currency – USD – in which you can deposit and withdraw funds. The platform, in addition to trading cryptocurrencies, offers futures, indices and loans, which are granted in tokens.
Commissions at OKEx are based on a regressive system of customer turnover thresholds. The scale of commission levels differs for regular trading and futures contracts. The usual maker commission ranges from 0.1% to 0.06%, and the taker commission ranges from 0.15% to 0.09%. The maker commission for futures contracts ranges from 0.02% to 0.015%, and the rate ranges from 0.05% to 0.03%. The commission thresholds for VIP clients are different.
The commission on cryptocurrency withdrawals depends on the given coin. For BTC the commission is $ 4.33, and for other tokens – an average of $ 0.43. It must be remembered that not all cryptocurrency exchanges from our ranking allow you to easily buy cryptocurrencies for traditional currencies.
Yobit is a Russian crypto exchange famous for its wild nature. It’s put here rather as a curiosity. There is a lot of controversy with this platform, including such that it organized a pump & dump on its own cryptocurrency pairs. However, it is here for a reason.
There is no need to feel sorry for the exchange interface. It is as simple as building a flail. However, there is something that distinguishes this crypto exchange from the competition. Usually, it is the first exchange where quite promising cryptocurrency projects land. This is because Yobit doesn’t have a lot of requirements when it comes to adding new tokens. Exorbitant requirements of other exchanges often make the creators of ambitious projects to throw the cryptocurrency they created into these slums among crypto exchanges. Of course, most of the cryptocurrencies listed on Yobit are so-called “Shitcoins”, but you can also find unique gems there. It is definitely not a top exchange when it comes to the best cryptocurrency exchanges and our ranking for 2020.
However, it can certainly be taken into account if we are interested in investing in cryptocurrencies.
The commission for withdrawing cryptocurrencies on Yobit is 0.0005 BTC (50,000 Satoshi). Maker and taker commission 0.2%.
Warning! It is strongly discouraged to accumulate and keep your funds on any exchange, let alone Yobit. The best solution is to install your own wallet on the PC.
You can probably guess, that it is practically impossible to prepare a fully objective list presenting the best cryptocurrency exchanges. All the factors that can be used in such a ranking can be understood differently or questioned.
The best cryptocurrency exchanges 2020 and 2021
Of course, this type of statement should be prepared regularly every year. However, it can be said that it will probably look similar in 2020. The best cryptocurrency exchanges are constantly developing and gaining many new users. Their turnover is constantly growing. Therefore, the positions in the ranking are likely to change. If we see a big reshuffle, we will definitely update this ranking.
For now, however, we encourage you to conduct your own research and careful movements regarding the selection of the best cryptocurrency exchanges. You can never be sure if a given platform will not be hacked or collapse, as it was the case with several exchanges, about which, we informed you in our cryptocurrency news.