Cryptocurrency trading becomes popular due to the rise in the value of bitcoin, Dogecoin, ether and more. The high price and returns make it intimidating at first, but scams might occur, so you have to be cautious. Presently, there are so many online crypto exchange platforms available for buying, selling and swapping crypto, designed to make the process easier.
If you want to buy or sell cryptocurrencies, it requires a cryptocurrency exchange/swap platform. There are so many crypto exchange platforms from which you can choose the one that suits your requirements. These online services actually work like a stockbroker, providing you tools to buy & sell digital currencies like best crypto swap Reddit, SVCapital, Bitcoin, Dogecoin and Ethereum. The best crypto exchange platform makes it easy to buy and sell your desired currencies by offering you lower fees and secured features.
While deciding the best crypto swap platform, it’s essential to check out the supported currencies, exchange rates, security and withdrawal options. Here we are mentioning the best crypto exchanges and online brokers where you can buy, sell and swap cryptocurrencies online. People who are familiar with traditional investing platforms should be aware of different fee structures of crypto, fine customer service choices and enhanced security of investors.
Understanding the Types of Cryptocurrency Exchanges
Before investing in cryptocurrencies, it’s important to understand about the types of crypto exchanges so that you can pick the best crypto swap app with the best crypto swap fees based on your needs.
The first type of exchange is known as centralized exchange. Basically, these exchanges belong to private companies, who offer platforms to trade or swap cryptocurrencies. Some very popular central exchanges are Coinbase, Gemini, SVCapital, Binance and Kraken. To use these exchanges, you simply need to get yourself registered and prove your identification, that’s also called (KYC) Know Your Customer rule.
These crypto swap exchanges are listed above all the active trading, liquidity and high volumes. These centralized exchanges are by far the easiest one to start for the new users, and they provide some level of insurance if their system fails. When you purchase the cryptocurrencies on these exchanges, it will be stored in their custodial wallets instead of your personal wallets, but you will be provided with the keys of the wallet to manage your money.
Whereas decentralized exchanges work similar to bitcoin, they don’t have any type of central point of control. Instead, it’s just like a server, without a separate computer within the server that spreads out worldwide. It’s based on a system where separate individuals control each computer that makes up one part of the server. So, in that case, if one computer will turn off, it won’t affect the network as other computers will keep running the network.
Due to this decentralization, these exchanges don’t get affected with the rules of the regulatory bodies. Because there is no specific person or group out there who runs this system.
Best Crypto Exchanges of 2022
Investing in the cryptocurrencies, Initial Coin Offerings (ICOs) and Decentralized Finance (DeFi), might be highly risky and speculative, and the markets are very volatile. You are suggested to always consult a qualified professional and follow their instructions while making your financial decisions. This article is all about the top crypto swapping platforms, which you can use for buying, selling or swapping the cryptocurrencies.
BEST CRYPTO SWAP PLATFORM OVERALL
Coinbase and Coinbase Pro
Why We Chose It
The Coinbase platform is one of the best crypto exchanges for day trading that makes it easy to buy, sell or swap the crypto with maximum security. Additionally, Coinbase offers the updated version as Coinbase Pro, offering the same fee structure but with more advanced features in terms of graphs and indicators.
Pros and Cons
As we all know, the cryptocurrency industry is full of shady exchanges and fraudulent coins, but Coinbase has successfully avoided all types of controversy. It offers a wonderful platform with easy to use exchanges and user interface designed to encourage people for cryptocurrency investments.
The insured custodial wallets are offered to investors and traders, where they can store their investments. Coin base allows users to carry insurance against all types of data breaches and hacking, and all your cash will be stored in the insured accounts of Federal Deposit Insurance Corporation (FDIC). The insurance has become critical these days, as most of the account users have reported about their accounts being hacked and funds being drained illegitimately.
The best thing about Coinbase custodial accounts is that it’s very convenient for new users who are attempting to get their feet wet, but you should keep in mind that Coinbase owns the private keys of your wallet instead of the investor.
BEST CRYPTO PLATFORM FOR BEGINNERS
Why We Chose It
Another remarkable and instant crypto exchange platform that we recommend is Cash App. Its well-secured and easy to use platform that gives you flexible choices to withdraw your cryptocurrency to other crypto wallets or swap it any time you want.
Pros and Cons
- Basically, Cash App is a system designed for peer-to-peer money transfer just like Venmo. It allows users to divide food, shop online at a retailer supporting Cash Pay. It acts as a bank account, allowing users to have their own debit cards.
- Cash App enables users to invest in stocks, Bitcoin and exchange-traded funds (ETFs). It features the easy-to-use mobile interface, to make it ideal for investors.
- The main function of Cash App is money transfers, with enhanced features of cryptocurrency investment. It allows users to easily withdraw cryptocurrency investments right into their own wallets, which makes it more popular among investors.
BEST DECENTRALIZED CRYPTO EXCHANGE
Why We Chose It
Another fantastic Crypto exchange and crypto swapping Platform that we recommend is BISQ. The main reason for choosing this platform is that it’s an open-source and decentralized exchange without any type of (KYC) Know Your Customer requirements.
Pros and Cons
BISQ is basically an open-source and decentralized platform with downloadable software that allows peer-to-peer transactions in Bitcoin and other cryptocurrency exchanges. So yes, we can say that it doesn’t have any type of central failure point and cannot be taken down, just like Bitcoin itself.
The BISQ differs from other centralized exchanges, like Coinbase because Coinbase actually controls all the funds of users in a custodial account for which the user doesn’t have any type of private keys. So in that scenario, Coinbase is entitled to freeze your account if they find any suspicious activity.
Whereas, BISQ is promptly accessible to anyone who has a smartphone or computer, as there is no registration process or the KYC rule required for authentication. This feature makes it ideal for people looking for privacy, persons that don’t have any government-issued identification or the dissidents living within a repressive regime.
BEST Crypto exchange FOR ALTCOINS
Why We Chose It
Another astonishing crypto swap services or exchange platform that we recommend is Binance.US. It’s the best platform because it supports a huge list of currencies instead of popular digital coins only.
Pros and Cons
The Binance exchange was founded in 2017 with enhanced focus on altcoin trading. Binance exchange only supports one type of deposit currency i-e U.S. dollar for global users via (SWIFT) Society for Worldwide Interbank Financial Telecommunications. Besides that, it also allows the users to directly purchase the selected number of cryptocurrencies simply by using your credit or debit card.
Binance, the best crypto swap exchange, is suitable for people interested to trade or like to invest in altcoins. Binance actually supports more than 50 diverse cryptocurrencies to trade, and it’s actually a good option for people who need advanced charting at very reasonable prices.
People looking to start cryptocurrency trading, swapping and investing, then it’s essential to choose the best exchange to avoid any risks associated with this trade. There are so many remarkable options for you out there whether you want a platform that supports most currencies, offer the lowest fees, or provide the easiest user experience. It might be the all-around winner Coinbase Crypto exchange platform or its biggest competitor like Binance Crypto exchange platform, you just need a funded account to buy your first ever cryptocurrency.