5 Best Bitcoin Exchanges of 2020
Whether you are a new crypto enthusiast or a more seasoned trader, it’s not always easy to find an efficient and reliable exchange for investing in Bitcoin. Apart from security and professional reputation, there are many factors you should keep in mind when considering which crypto exchange is best for you. What is the best Bitcoin exchange out there? The answer to this question varies for different traders depending on their needs. There are several professional and trustworthy services that provide different tools and trading opportunities, making each exchange more or less suitable for particular crypto enthusiasts. Many opt exclusively for non-custodial services, as security is their chief priority, but others might look for platforms that offer more advanced trading tools and varying payment methods. This article explores the best options for Bitcoin exchanges and analyzes their pros and cons, and it should come in handy for both beginners and more experienced crypto traders.
Binance
It’s safe to say that Binance is the most popular crypto exchange service on the market these days. As long as this article is not your first foray into the crypto universe, you’ve almost certainly already heard about Binance. It’s no surprise that millions of people worldwide choose Binance over other crypto services, as it is one of the cheapest exchanges to buy Bitcoin due to its low transaction fees. What’s more, you can lower your fee to an even greater extent if you trade using Binance’s own crypto coin, BNB. Binance has been operating since 2017, so it is not the oldest crypto exchange out there, but its widespread popularity makes it the top exchange when measuring in pure daily trading volume. With Binance, you can buy and sell BTC and more than 150 altcoins using your credit or debit card. The service and its app also work as a crypto wallet and allow you to securely store your digital assets. Of course, there is always a slight risk that such platforms might be hacked, but Binance utilizes state-of-the-art security. It even has the Secure Asset Fund for Users (SAFU), an emergency insurance fund that is used to protect traders’ assets and is kept in separate cold storage. Binance is a great option for both beginners and professionals as it offers separate Lite and Pro interfaces for users of varying experiences. It is easy to toggle back and forth between the two interfaces based on your needs. Apart from being one of the best exchanges to trade Bitcoin, Binance operates as an entire crypto ecosystem with several distinct projects. It provides users with an array of options, tools, and additional platforms for learning and research, regardless of their experience with digital currencies. For beginners and enthusiasts, the platform offers Binance Academy, which allows you to read insightful articles on the crypto market, blockchain technology, and the world of finance in general - all free of charge. This feature shows that Binance tries to create an inclusive space for beginners, and it is a great option for those who want to learn more about the industry but don’t know where to start. In addition, Binance’s Info project serves as a crypto-related online database and encyclopedia, which is constantly updated by the platform’s users. Binance also provides the latest updates on the cryptocurrency market, as well as real-time trading stats. Binance Research offers expert market analysis and reports on the events in the field. Advantages: Low fees; wide range of cryptocurrencies supported; reliable source; high daily trading volume; supports credit cards as a payment option; emergency fund; suitable for beginners; advanced trading tools, reports, and analytical stats. Disadvantages: Might be hacked; you can’t withdraw most of your crypto coins in cash, including BTC.
ChangeNOW
If security is your number one priority and you absolutely will not compromise, you should definitely consider trading on ChangeNOW, the most secure Bitcoin exchange on the market. It is a non-custodial service that doesn’t require you to create an account or sign up to trade, which means that users don’t have to provide any private information that might be stolen or hacked. ChangeNOW avoids security vulnerabilities by simply not storing your funds or keeping your data. This thoughtful approach to user security also has another advantage, namely the speed of operations. No need for registration means you can exchange cryptocurrencies instantly, which makes ChangeNOW the fastest Bitcoin exchange among its peers. The average transaction on its platform takes no more than 5 minutes. In addition, there is no upper limit on transactions, so you can trade to your heart’s content. ChangeNOW is the crypto exchange service with one of the largest lists of supported coins. It supports a wide array of cryptocurrencies, from the most popular such as Bitcoin, Litecoin, and Ethereum, to very niche altcoins. At the moment, the crypto exchange service has more than 200 coins in its list, which is constantly growing. With ChangeNOW, you can easily purchase some digital coins with a Visa or MasterCard credit or debit card. You can also exchange digital currencies with other users while taking advantage of the lowest rates in the industry. The platform analyzes the market automatically and selects the best rate available. If you use ChangeNOW, you can be sure that at the precise moment of your transaction you are not missing out on better rates. Unlike many of its peers, ChangeNOW’s commission is included in the expected rate shown on the screen, so users don't have to pay any extra or hidden fees. Like other Bitcoin exchange sites, ChangeNOW strives to educate traders, investors, and crypto enthusiasts. It doesn’t work exclusively as a simple exchange platform; instead, it provides its users with access to its comprehensive blog, featuring in-depth analysis, the latest crypto data, coin reviews, predictions on price movement, and insightful articles. ChangeNOW has recently announced its brand-new crypto learning platform, NOWAcademy. With the help of experts in the field, anyone can understand crypto from scratch and be sure they don’t miss anything important. NOWAcademy organizes its lessons in a straightforward manner, with simple and general learning tools separated from more complicated and narrow ones. Advantages: The safest exchange service; high operation speed; lowest fee bitcoin exchange; great rates; no hidden fees; 200+ cryptocurrencies supported; limitless transactions; user-friendly and clear interface; 24/7 customer support. Disadvantages: Doesn’t support cash withdrawals; limited payment options.
Kraken
Kraken was founded in 2011, and is among the oldest, most reliable, and most trusted cryptocurrency exchanges. Its seamless interface makes it one of the best bitcoin exchange sites for both newcomers and crypto experts. From the first time you visit their website, you will be impressed with the thoughtful design and engaging graphics utilized across all of their platforms. Kraken appeals to newbies in a variety of ways like offering simple accessibility and a comprehensive guide to crypto. On their website support page, anyone can learn more about cryptocurrencies, blockchain, and professional trading in plain English. The platform appeals to experts by providing advanced trading tools, futures trading, OTC, statistics, market analysis, and much more. With Kraken, you can manage and grow your portfolio and keep track of your crypto assets no matter how long you’ve been in the game. The cryptocurrency service strives to accelerate the adoption of digital coins, which will eventually result in more financial freedom all over the world. By just trading on their platform, you are contributing to their goal of crypto adoption, an objective that will yield profits for everybody in the industry. Kraken is a cheap Bitcoin exchange with some of the lowest fees in the market. It allows you to buy, sell, and trade more than 30 digital coins. You can purchase cryptocurrencies with a wide range of fiat currencies, including US, Canadian, and Australian Dollars, the Euro, Pound, Japanese Yen, and Swiss Franc. The service’s approach to fees depends on the volume of your trading, meaning that the more you use the platform, the lower your fees are. Furthermore, Kraken offers top-of-the-line security to its users. The company gains their users’ trust by investing in comprehensive security standards. The exchange stores most of its digital assets in offline cold storage, making users’ assets hack-resistant, so they can be sure their funds aren’t going anywhere. What’s more, any sensitive or personal information on users is thoroughly encrypted at both the system and data level. Its servers are heavily guarded and constantly monitored, with very limited access granted to authorized personnel only. It is no wonder that throughout their presence in the crypto market Kraken has been repeatedly named one of the safest digital currency exchanges. Advantages: High liquidity; supports fiat-to-crypto transactions; advanced trading tools; low fees; cold storage; top security; convenient interface with design aesthetics; high quality international customer support. Disadvantages: Limited fiat withdrawal options; limited list of currencies supported; requires an account verification for trading.
Coinbase
Coinbase is one of the best Bitcoin exchanges as it provides users with the ability to purchase, sell, store, and even earn cryptocurrency. It was founded in 2012, and since then its audience has reached 40 million users worldwide. With its head office based in San Francisco, Coinbase supports more than 100 countries all over the world. As of this moment, more than $200 billion have been traded via the platform, and it holds more than $7 billion of digital assets in its custody. This allows users to be sure of the high liquidity of Coinbase. With Coinbase, you can trade Bitcoin and more than 30 altcoins in exchange for fiat currencies, buy coins with your credit or debit card, and withdraw cash, as this service supports linking your bank account to your profile. The Coinbase app also operates as a crypto wallet that allows you to manage your digital assets. Like other Bitcoin exchanges with similar functionality, Coinbase provides optimal security, keeping most of its funds in offline cold storage so that they can’t be accessed by hackers. These funds are also insured. Furthermore, to offer its users extra security, the service allows you to store your digital assets in a vault and set specific time-delayed withdrawals. This is a great exchange for those at the very beginning of their crypto journey, as it specifically targets novice crypto enthusiasts. Coinbase Earn is a project developed by Coinbase which encourages amateur investors to research and learn more about how digital currencies and blockchain technology operate. While users learn how complex digital coins work, the platform rewards them with some free tokens for their efforts so that they can try their hand at trading themselves. At the same time, the platform provides advanced trading tools for expert investors and traders via their Pro version. Coinbase Pro allows users to keep up with the latest, most relevant crypto market data in real time. With this service, you will get access to advanced charting tools, trade history, and real-time order books. It’s a great place to manage and grow your crypto portfolio. Advantages: Perfect for beginners; provides crypto learners with free coins for trading; high liquidity; pro version; cold storage; security; funds insurance; supports credit and debit cards; worldwide customer support. Disadvantages: Supports limited list of digital coins; limited list of supported countries; average speed of operations; doesn’t support withdrawals on cards.
CEX.IO
CEX.IO strives to make crypto trading accessible, and they contribute to the establishment of a global open financial system by making their service easy to use. It was founded in 2013 and quickly became one of the first crypto platforms to support both card and bank transfers. Nowadays, CEX.IO is an extremely convenient fiat-to-crypto exchange service. It offers a broad range of crypto coins to buy, sell, and trade, as well as exchanges via several fiat currencies such as Dollars, Euros, Pounds, and Rubles. You can use different payment methods, including bank transfers, credit and debit card payments, and crypto-to-crypto exchange. You can even withdraw cash directly to your card. The fees on CEX.IO are also quite reasonable. You can sleep soundly using CEX.IO because all of your digital assets will be guarded with advanced security measures, including cold storage methods that make its funds less vulnerable to hacking. The service also deals with the most reputable and trustworthy banks for their fiat-crypto trading, which contributes to the overall security and reliability of the crypto exchange. As of today, CEX.IO has over 3 million registered traders. Originally a British company, nowadays the cryptocurrency exchange service has several offices all over the world, including the United Kingdom, United States, Cyprus, Ukraine, and even Gibraltar (a British Overseas territory). The service supports 99% of countries and 42 US states. CEX.IO claims that customers are their top priority, which means that they always try to optimize their workflow for better user experience. This includes a highly professional customer support service that operates globally and is ready to help you 24/7. Aside from regular trading, CEX.IO provides advanced and more comprehensive trading tools and options for cryptocurrency professionals. If you take advantage of this platform and its user-friendly app, you will always be able to keep up with the latest trading stats, crypto updates, and market data, as well as receive pop-up notifications with price alerts, and, most importantly, grow your portfolio. What’s more, CEX.IO’s app operates as a reliable and secure crypto wallet with an easy to navigate user-friendly interface. Advantages: Supports users worldwide; supports withdrawals on cards; different payment methods; doesn’t require photo of your card; niche altcoins; cold storage methods; crypto wallet; margin trading; advanced trading and investment tools; global 24/7 customer support. Disadvantages: Limited coins supported; fees vary depending on your payment method.
Conclusion
Before you trade on any Bitcoin exchange, be sure to understand both your goals and your needs as a crypto enthusiast. Otherwise, you will be overwhelmed and easily confused by the variety of options at your disposal, particularly if you are a novice trader. If you want to exchange between cryptocurrencies, the safest option is a non-custodial service such as ChangeNOW, which doesn’t require account creation and confirmation. If you want to buy some BTC with your credit card, there are many services you can choose from, but when it comes to withdrawal, you should keep in mind that many exchanges have limited withdrawal options, and you should narrow down your list accordingly. Nevertheless, hopefully this Bitcoin exchange list helps guide you on your crypto journey as it provides the main pros and cons of each of the top Bitcoin exchange services.
