According to the most recent study, there are more than 600 crypto exchanges dispersed all over the globe today, so finding one should not be too difficult, especially for those affected by the recent collapse of FTX.
The domino effect of the FTX scandal and other large investors has halted the market, since the market has yet to make a significant move, causing widespread concern about its future direction.
The abrupt implosion of the Sam Bankman-Fried-led company has left many people, especially traders, with a vital question: to which exchange can they put their funds and confidently trade cryptocurrencies?
Let’s take a look at some of the largest names in the crypto industry – the main exchanges – that are regarded as the “go-to” places for buying, selling, and trading crypto that promises profitable returns.
1 – BINANCE
Binance is the largest cryptocurrency exchange in the world. In 2017, it was launched by Changpeng “CZ” Zhao, and its daily trading volume surged rapidly to more than $20 billion.
Binance, which can be accessible via its website, desktop, or mobile app, provides a large inventory of crypto products, including earnings, staking, derivatives, loans, payments, credit cards, NFTs, etc.
Pros:
-Excellent analysis tool
-Free deposits are available
-Enables the rapid use of credit and debit cards for the acquisition of cryptocurrency assets
-Provides customers with a variety of profitable on-site betting options Offers quick transaction processing
Cons:
-Binance has a long history of numerous accounts being stolen by hackers
-The major site is unavailable in the United States
-maintenance work on some withdrawals takes too long
2- COINBASE
Coinbase is currently largely regarded as one of the better locations to purchase Bitcoin. It is located in the United States, has good trading volume, and has established itself as a security leader in the cryptocurrency industry.
Since 2012, Coinbase has been a well-known cryptocurrency exchange that makes buying, selling, and exchanging cryptocurrencies simple.
Pros:
-Opening a Coinbase account is simple
-Developed its own cryptocurrency, USDC, which can be exchanged for a stable value without jeopardizing the value of the user’s Bitcoin or Ethereum holdings
-Coins are constantly and diversely added, and listings are routinely updated
Cons:
-Possible large transaction fees
-Customer service concerns
-Although Coinbase supports an extensive list of currencies, several are absent
3 – KUCOIN
KuCoin is a third-party exchange that enables the buying, selling, and trading of a variety of cryptocurrencies. It was established in May 2017 by a group of seasoned business professionals. KuCoin is one of the industry’s newest cryptocurrency exchanges.
Pros:
-The potential to earn income on bitcoin transactions
-A varied selection of cryptocurrencies
-Reasonable transaction fees
Cons:
-Poor customer feedback
-Users have complained about withdrawal delays and market manipulation charges
4- BIT Crypto Exchange
BIT, a relatively new cryptocurrency exchange, promises to make buying, selling, and trading digital currencies more professional and convenient for its consumers.
BIT markets itself as a “full-featured” professional trading platform with the aim of streamlining and improving the purchasing, selling, and trading of cryptocurrencies.
BIT is currently one of the market’s most successful cryptocurrency exchanges, and it delivers on its promise to simplify all transaction processes without compromising data integrity.
Pros:
-At the time of its launch, BIT was supported by a total of 200 BTC as evidence of its stability
-Utilizes security and liquidity characteristics comparable to those of institutions
-Among the few exchanges that offer options, spot, and perps
-Provides an enhanced mechanism for risk and trade management known as Unified Margin (UM), reducing the need to transfer funds across accounts
-Offers substantial, risk-free exposure to new or emerging cryptocurrencies
-Portfolio Margin is BIT’s method of recognizing and compensating traders who maintain low-risk portfolios (PM)
Cons:
-When a user successfully changes their password, withdrawals are put on hold
-Easily detects suspicious transactions and automatically secures withdrawals or locks them right away