6 best exchanges used by crypto bros on Reddit — and how to choose the one that suits you

Reddit users were asked what crypto exchange is their overall favorite to use. At the beginning of 2022, there were more than 400 cryptocurrency exchanges worldwide. But not all of them are equally good. Don’t worry; we’ll tell you how to choose a good one and which ones Reddit users prefer.

 The metrics of a good exchange 

The best cryptocurrency exchanges provide good trading volume and offer solid security measures, including: 

• two-factor authentication;
• SMS;
• emails alerts;
• ease of use;
• 24/7 support;
• encrypted emails;
• electronic keys;
• availability of devices on specific IPs.

 What you should pay attention to:

 the period of existence of the platform;

• liquidity and trading volume;
• the amount of commissions and payments;
• feedback from users.

After estimating all these factors, you should choose the cryptocurrency exchange option that suits you best.

Types of cryptocurrency exchanges 

Platforms that support fiat money allow you to exchange state currencies for cryptocurrencies. Exchanging cryptocurrency for cryptocurrency means that you can exchange one cryptocurrency for another. The most popular cryptocurrencies are Bitcoin and Ethereum. 

Cryptocurrency exchanges are also classified as: 

• Traditional cryptocurrency exchanges: buyers and sellers, in this case, trade cryptocurrencies based on the prevailing market value. Here, the role of the business is similar to that of an intermediary facilitating the transaction.
• Cryptocurrency brokers: Similar to a currency exchange, brokers facilitate customers to buy and sell cryptocurrencies at prices determined by them, usually at the current market value with a small markup.
• Direct trading platforms: facilitate peer-to-peer cryptocurrency trading between buyers and sellers without an exchange that acts as an intermediary.

 The best crypto exchange to use (in Reddit users’ opinion)

 Kraken

One of the first exchanges. It launched in 2011. The platform offers access to buy and sell cryptocurrencies (100+ supported coins and tokens), margin trading, low fees, the ability to trade futures, and robust security standards. Commissions at the crypto exchange are variable, often resulting in lower commissions than fixed-rate brokerages.

 Pros: 

• good liquidity;
• safety and reliability of the system;
• 24-hour support;
• relatively low commissions;
• a large number of accepted fiat currencies;
• simple and understandable platform.

Cons: 

• lack of customer service over the phone.

Coinbase

One of the largest exchanges in the world, founded in 2012. Fully regulated and licensed. Users can buy and sell various cryptocurrencies through a bank account or credit (debit) card on the platform. There is support for several fiat currencies.

Pros:

• Simple user interface;
• very high liquidity;
• support for several fiat currencies;
• there is a selection of alternative coins;
• good security.

Cons:

• high commissions;
• fewer altcoin trading options than on some other exchanges;
• wallet keys belong to the exchange;
• poor customer support.

KuCoin

An exchange with the lowest commissions, a wide range of cryptocurrencies, and a trading bot for copying strategies of the best exchange traders. It launched in 2017. It offers a wide range of services, including P2P exchange, staking, trading bot, credit or debit card buying, and more.

Pros:

• commissions from 0.1%;
• futures trading is possible;
• hundreds of assets available for trading;
• user-friendly and simple trading platform;
• demo account;
• opportunity to trade anonymously;
• crediting.

Cons:

• the exchange was hacked in 2020, causing it to lose the trust of many users.

Gemini

Suitable for both beginners and experienced traders. It was founded in 2014. It offers a reliable level of security and allows the selling and storing of more than 70 cryptocurrencies.

Pros:

• insured hot wallet;
• institutional-level cold storage system;
• stablecoin backed by U.S. dollars;
• Gemini credit card and Gemini Pay;
• security;
• training center.

Cons:

• high fees based on market price.

Binance

Global cryptocurrency exchange, which is available almost everywhere in the world. It was founded in 2017. It offers some of the best trading conditions. Simple and user-friendly platform. Many cryptocurrencies are available for trading, including the native BNB coin.

Pros:

• 749 different cryptocurrency and fiat trading pairs;
• low commissions;
• more advanced charting compared to competitors;
• insurance fund;
• ICO;
• support on any devices;
• beginner’s guide.

Cons:

• the average speed of customer support.

FTX

It collaborates with Binance and is known as a trading platform created by traders for traders and launched in mid-2019. FTX allows trading of over 45 tokens. There is an app for Android and iOS and a PC version.  

Pros:

• low commissions;
• you can buy cryptocurrency with a credit card;
• guarantees liquidity;
• availability of an insurance fund.

Cons:

• it’s a relatively new platform, so there is little trust in it yet

That’s all. When choosing a crypto exchange, rely on the points described above, and everything should be okay. What is your favorite platform? Write about it in the comments.