A cryptocurrency is a digital currency that is not supported or maintained by a central authority. Instead, transaction and ownership data is stored in a distributed ledger, typically a blockchain, in a digital ledger. The most common way to begin buying and selling cryptocurrencies and other digital assets is through Crypto Exchanges. Cryptocurrency exchanges are privately run platforms that allow users to trade cryptocurrencies for other crypto assets such as digital and fiat currencies and NFTs.
Here are the top 6 crypto exchange platforms that you can look for
Binance
Binance is a cryptocurrency exchange that has the largest daily trading volume of cryptocurrencies in the world. It was established in 2017 and is based in the Cayman Islands. Changpeng Zhao, a developer who previously created high-frequency trading software, founded Binance. Binance was founded in China but later relocated its headquarters due to the Chinese government’s increased regulation of cryptocurrency. Binance was investigated by both the US Department of Justice and the Internal Revenue Service in 2021 on allegations of money laundering and tax evasion. Binance was ordered by the UK’s Financial Conduct Authority to cease all regulated activity in the UK by June 2021. Binance shared client information, including names and addresses, with the Russian government in 2021.
Coinbase Exchange
Coinbase Exchange is a cryptocurrency trading and investment platform based in the United States that allows users to easily buy, sell, exchange, and store cryptocurrencies. The platform is simple and easy to use, and it supports basic transactions, digital wallets, and PayPal withdrawals. Coinbase Pro provides more professional trade execution and lower fees for more advanced traders. However, the company announced in June 2022 that Coinbase Pro would be phased out and that all users would have access to the “Advanced Trade” feature on the main app.
FTX
FTX is a highly centralized cryptocurrency exchange founded “by traders, for traders” and backed by major trading firms such as Almeda Research, OTPP, Temasek, BlackRock, Coinbase Ventures, and Sequoia Capital. The platform has over a million registered members as of 2022, and daily trading volume has reached billions of dollars. It accepts over 300 cryptocurrencies for spot trading and provides derivatives, options, prediction markets, leveraged tokens, tokenized stocks, OTC desk, and volatility products.
Kraken
Kraken is a cryptocurrency exchange based in the United States that allows users to buy, sell, and trade a variety of assets with low commissions. Clients can also earn rewards by staking coins. With a web platform and mobile apps, users can trade over 100 crypto assets and 7 fiat currencies, including USD, CAD, EUR, GBP, JPY, CHF, and AUD, on the go. It was one of the first crypto exchanges to offer spot trading, derivatives, and index products when it was founded in 2011. Today, the company provides a wide range of products and services, such as spot trading, margin trading, futures, indices, stakings, OTC, and an upcoming non-fungible token (NFT) marketplace.
KuCoin
KuCoin is a cryptocurrency exchange that was founded with the goal of “facilitating the global free flow of digital value.” It claims to prioritize intuitive design, a simple registration process, and a high level of security. Futures trading, a built-in P2P exchange, the ability to buy cryptocurrencies with a credit or debit card, and instant exchange services are all supported by the platform. The platform, also known as “people’s exchange,” has facilitated 1.2 trillion in lifetime trading volume and has over 20 million users worldwide. The company claims to provide technologically driven trading products as well as the KuCoin ecosystem, which includes the KuCoin community and is centered on the KuCoin token.
Bitfinex
Bitfinex is a cryptocurrency exchange run by iFinex Inc, which is based in the British Virgin Islands. In several incidents, their customers’ money has been stolen or lost, and they have been unable to secure normal banking relationships. According to research, bitcoin price manipulation on Bitfinex accounted for roughly half of bitcoin’s price increase in late 2017.
