What are the Best Crypto Trading Platforms?

what are the best platforms

Crypto trading has become very popular in the last few years. Many people have gotten into crypto trading for a number of reasons, and it has been a profitable experience for them.

With so many crypto traders out there, the next natural step is to buy and sell using an online platform that makes it easier to get started. Here are some of the best trading platforms to consider using for trading cryptocurrencies.

In this article, we will go over each platform that can be used to trade cryptocurrencies. We will also go over some details about the features that are offered by each platform, as well as provide reviews for each one.

The trading platforms are categorized by the number of crypto assets available on them. Note that not all these platforms support fiat currencies or other types of cryptocurrencies other than those mentioned in their respective reviews.

What is Crypto Trading?

Before we get started, it is a good idea to go over what crypto trading actually is. This section will briefly discuss the basics of crypto trading so that those who don’t know what it is have a better understanding going forward.

Every trade begins with two parties, a buyer and a seller. The buyer asks sellers to quote their best price for an asset, and the sellers do the same thing once they’ve received a request from buyers. Once there’s agreement on both sides, the trade can be consummated by either party.

In some cases, governments also impose restrictions on where money can be transferred or sent after a transaction has been completed between buyers and sellers. Some countries allow citizens to purchase while others make this type of transaction illegal.

There is also a slight difference between crypto trading and crypto investing . With crypto trading, the assets are exchanged for fiat currencies like US Dollars (USD), British Pounds (GBP), or Euros (EUR). On the other hand, with crypto investing , the trader hopes to make gains from their transactions in any of the cryptocurrencies that they choose.

It’s important to note that many traders prefer using exchanges like Bitfinex and Binance because it becomes easier for them to purchase separate cryptocurrencies as compared to trying to buy into one specific coin on those exchanges. For this reason alone, we will use only those platforms that allow us to purchase multiple cryptos at once.

What Makes a Good Crypto Trading Platform?

Some of the features that a good trading platform should have include:

  • Reliability and trustworthiness,
  • 24/7 customer support ,
  • A large selection of cryptocurrencies to choose from,
  • Security for transactions and investments

In most cases, traders prefer using platforms that are recognized by the people who they’re interacting with. In turn, this is what drives up the price of a cryptocurrency because more people want to buy it due to its rising popularity.

When choosing a crypto trading platform , make sure you know what type of assets you want to trade in before you get started. 

Once these steps have been completed, it’s time to look at each one of them individually so you can determine which ones suit your personal needs best. Note that we will go over five different platforms in this article.

Exchange Reviews: The Best Crypto Trading Platforms

Some of the best exchanges for crypto trading include: Coinbase, Robinhood, Bitfinex, Binance and Poloniex.

Coinbase ( 73+ Million Customers )

Coinbase is one of the most popular choices when it comes to buying cryptocurrencies . It has a large number of coins which you can purchase using fiat currencies.

Although its fees are slightly higher than other options out there when buying cryptos , their vast selection makes up for that shortcoming.

Coinbase was founded by Brian Armstrong and Fred Ehrsam in 2012 which makes it one of the oldest exchanges out there. It’s based out of San Francisco, California and has a simple interface which is easy to understand.

Coinbase also provides two other platforms for its users: Coinbase Pro and Coinbase Prime . The first one offers a selection of cryptos from both regular Coinbase as well as GDAX , while the second platform allows you to trade using fiat currencies. 

In total, they have around 70 million users all over the world which makes them one of the largest trading platforms on today’s market. To make up for their slightly higher fees, they offer an incentive program that accumulates 25% back in reward dollars on your transactions.

Robinhood ( 22 Million+ Customers )

Robinhood is another popular trading platform that provides users with a 10,000 USD insurance protection on their crypto assets . They provide a simple interface that’s easy to understand and use. In addition, this platform does not require any verification which is a benefit if you’re looking to trade small amounts of cryptos at once. 

However, they do charge super low fees on transactions , but they have very little coins offered for purchase. Their basic plan allows you to buy cryptocurrencies priced from 0.0025 BTC upwards per coin , so keep in mind that this option is mainly suited for those who want to invest in smaller coins as opposed to trading them back and forth each day.

Binance ( 30 Million+ Customers )

Binance is an exchange founded by Changpeng Zhao in 2017. It’s one of the newest trading platforms on the market, but it has managed to become a very popular choice for a lot of users who want to trade in smaller cryptocurrencies.

They offer extremely low fees which makes it easy for people to buy and sell without having to worry about losing too much money on each transaction. In addition, they have a large number of available coins that you can choose from which includes Bitcoin, Ethereum, Litecoin among others.

One thing worth mentioning is that because Binance was recently hacked, you’ll need to verify your identity before being able to make transactions using fiat currencies .

BitMex ( 180,000+ Customers )

BitMex is a trading platform that was founded by Samuel Reed and Ben Delo back in 2014. They provide cryptocurrency investors with the option of using both long and short term trades to make money on cryptocurrencies. If you’re new to the industry and looking for an easy entry point into finding ways you can buy low and sell high , then this platform is ideal for you.

In addition, BitMex has minimal fees compared to other platforms which means there’s more money left over from each transaction. The downside is that they do not allow you to purchase cryptos with fiat. Instead, all purchases need to be done with Bitcoin or Ethereum . 

So — Which Platform Reigns Supreme?

All of these platforms are excellent choices when it comes down to finding one that suits your needs. It just depends on the level of experience you have with trading , how much money you’re looking to invest in cryptocurrencies, and what kind of coins you want to purchase.

Binance is probably the most ideal platform for new users who are looking to get involved in cryptocurrency exchanges without breaking the bank.

BitMex is another great choice thanks to their minimal fees which can save crypto traders a good amount of money over time. Coinbase only provides fiat support through their Pro and Prime services which might be limiting depending on where you live.

Robinhood is a great platform for people who are trying to trade smaller cryptos on the daily, while also looking at their account balance grow everyday. .

Final Thoughts on The Best Crypto Trading Platforms

The best way to figure out which platform is best for your needs is by actually going through with a few different transactions on each one. Once you’re able to test them out, then you’ll know which platforms suit you most , and how much money they’ll save you over time compared to other existing ones.

And hopefully after reading this article, understanding each platform’s benefits, fees , and pros/cons will make it easier for you to choose the right one. They all have their advantages and disadvantages depending on what kind of crypto trader you are — so it would be wise for you to test them all out before making a final decision.

To summarize, here are the biggest advantages of each platform:

  1. Binance –   Low fees , small selection of available coins .
  2. BitMex –  Extremely low trading fees, large selection of cryptos.
  3. Coinbase (Pro & Prime) – Support for fiat currencies, larger list of tokens to choose from.
  4. Robinhood – No fees when making transactions, support for both Android and iOS devices.

These are just some of the most popular crypto trading platforms that people use when looking to purchase cryptocurrencies.

What are some of your favorite platforms? Do you use them for purchasing smaller cryptos, or larger ones like Bitcoin & Ethereum? 

The great thing about them is that they all have their own unique benefits that make them stand out from the crowd. Just always remember to watch for those fees because they can eat away at your returns if you’re not careful enough.

About Paolo Miguel Besabella 3 Articles
Paolo is a machine learning engineer and technical writer focused on the FinTech space. He earned a professional certificate in "Blockchain for the Enterprise" from INSEAD after studying computer science at Regis University. He has created several whitepapers and pitch decks and has provided consultations for various Web3 projects. Learn more about Paolo via Linkedin