Key Takeaways
- Investors are on the lookout for better trading alternatives, especially as crypto becomes more popular over the years.
- Some of the best centralized platforms include Binance, Kucoin, Crypto.com, Kraken and ByBit.
- Decentralized alternatives include Uniswap, PancakeSwap, Jupiter and Raydium.
- These platforms vary in terms of features, from ease of access to security, to featured cryptocurrencies.
- Investors must make a decision between the many options available, based on tradeoffs and experience level.
Crypto is now a mainstream asset class, and buying or selling is now as easy as ever.
Beginners and experts alike, now have a wide variety of platforms to choose from, as the industry matures further over the years.
Whether your needs are security or country related—whether it be ease of use, or number of crypto offerings, this guide will break down some of the best platforms to buy crypto from, and what makes each of them stand out from the rest.
1. Binance
Binance is currently the largest and one of the most popular crypto exchanges in the world.
It offers a wide selection of cryptos that traders or investors can choose from. It even comes with some of the lowest trading fees on the market, along with advanced features for investors who would like to trade their assets alongside.
Binance supports over 350 cryptocurrencies, and features trading fees starting as low as 0.1%.
Its high trading volumes also means that it features high liquidity. This means that transactions across futures or margin trading will be as smooth as possible.
Binance is great for experienced or intermediate traders. However, beginners might find its interface overwhelming, considering the sheer number of offerings Binance comes with.
Binance is also restricted in some regions, so investors must make sure to check before choosing the exchange.
2. Coinbase
If you’re new to crypto, Coinbase is a great place to start. This platform has a user-friendly interface that beginners will appreciate.
It also has strong security measures underneath it all, along with comprehensive learning resources tailored specifically for newcomers.
This exchange supports a wide variety of cryptocurrencies including popular ones like Bitcoin and Ethereum.
All funds on Coinbase are insured, and trading is as simple as can be. However, the downside to Coinbase is that it features fees that can sometimes be higher than that of other exchanges.
It also has a smaller selection of altcoins compared to other popular platforms like, say, Binance or KuCoin.
3. Kraken
If you prefer a little more security, Kraken is the way to go. This exchange offers competitive fees and has rich trading options for investors of any kind.
It features futures and margin trading like Binance, along with 24/7 support for any customer complaints.
Kraken features a full lineup of downloadable apps across mobile desktop and browser, which makes it easily accessible to any investor, anywhere in the world.
Its interface can be slightly complex for beginners, however, and the altcoin selection on Kraken isn’t as comprehensive as Binance’s.
4. Bybit
Bybit specializes in derivatives and futures trading. This means that it has its services tailored specifically to traders who want a little bit of leverage.
This exchange features high leverage options that experienced traders will appreciate.
It also has less invasive KYC requirements for basic trading, along with a fast and responsive platform.
ByBit is great, but isn’t very optimized for beginners because of its limited fiat on-ramp options.
5. KuCoin
KuCoin is great for investors with a little bit of “degen” in them. If you’re looking to buy some lesser-known cryptocurrencies, Kucoin is the platform you want.
Not only does this platform offer a wide range of altcoins, it also comes with competitive fees.
Kucoin has support for around 600 altcoins, along with staking and lending services—not to mention futures trading.
Like ByBit, KuCoin also has less-invasive KYC requirements for basic accounts.
However, there have been reports of slow customer support. This is without mentioning the regulatory concerns that the platform has faced in the past.
6. Crypto.com
Users looking for a few quick rewards here and there will appreciate Crypto.com.
This platform allows the regular buying ans selling of crypto. On top of this, it also offers things like cashback rewards and staking options.
Users will also find Crypto.com’s crypto debit card very handy with its cashback rewards.
It has high yields on its staking features, along with a user-friendly mobile app.
However, occassionally, Crypto.com experiences customer support delays, and fees can be high for certain transactions.
It is also not very beginner friendly, despite its many redeeming features.
7. Uniswap
This platform is one of the most popular DEX alternatives. This means that it allows users to trade directly from their wallets, without having to rely on a central authority like the others on the list.
Uniswap has zero need for KYC, and is completely decentralized. This means that users have full control over their funds.
The platform also supports a much wider range of Ethereum-based cryptocurrencies and has low transaction fees compared to some centralized exchanges.
However, the only downside to Uniswap is that trading is limited to Ethereum and ERC-20 tokens only.
It is also a highly complex service and is out of the question for beginners.
8. PancakeSwap
This is another DEX that is similar to the Uniswap option. However, PancakeSwap is built on the Binance Smart Chain.
This means that it offers lower fees and faster transactions, compared to Ethereum-based services.
This platform supports a wide range of BSC tokens and requires no KYC whatsoever.
It also presents liquidity pools and farming opportunities for investors with experience.
The downside to this, however, is that while Pancakeswap is great for BSC traders, it does not feature as many tokens compared to Ethereum-based platforms.
