Cryptocurrency, also known as cryptos, is a currency that can be used worldwide without a specific country or region of issuance. Cryptocurrencies were not well received by the public at the time of their release, but nowadays, they are having a strong impact on the global economy and are beginning to spread and circulate throughout the world.
However, before you can start investing in cryptocurrencies you need to know not only about the current cryptocurrency situation but more importantly, about the exchange. Because the choice of the exchange is related to the security of the assets and the income from transactions. These are what we care about most.
How to Choose A Cryptocurrency Exchange?
Here are a few points on how to choose a suitable cryptocurrency exchange as a reference.
- Exchange size: If possible, choose a larger exchange for better security, quality, and fees. It is important to note that while large exchanges are relatively reliable, they do not guarantee absolute security.
- Having a local language: It is better to have your own native language to display pages and customer service to resolve problems. It is important to note that some platforms do provide different language interfaces, but they are not fully linguistic and do not necessarily have services in the appropriate language area.
- Good service and experience: After using the official website interface experience and customer service experience, most platforms can be registered for free. You can sign up and experience it yourself.
- Low fees and multiple trading tokens: Low fees facilitate investors’ investment in trading and reduce additional payments. Multi-trading tokens can provide various investment methods and opportunities.
- Security: The security of a cryptocurrency exchange is not only for the user’s funds account but also for the exchange. It provides protection against hacking and account theft.
Top Cryptocurrency Exchange Recommendations for 2023
The year 2022 was not only marked by a series of cryptocurrency crashes such as Celsius and FTX, but also by a large number of hacked cryptocurrency exchanges. These hacks happen every year, for example, the cryptocurrency platform Bitmart had around $150 million worth of tokens stolen in 2021. The total amount that has been stolen from the chain in 2022 is up to $3 billion.
However, investments in cryptocurrencies need to be based on a stable and secure exchange. There are hundreds of cryptocurrency exchanges on the market today, but which ones are the most reliable?
The following are the 3 top cryptocurrency exchanges currently available in 2023, and their pros and cons will be listed for your reference and selection.
Binance
Launch date: July 2017
24-hour trading volume: $24,699,117,846
Number of supported currencies: 395
Markets: 1647
Maker Fees: 0.02%
Taker Fees: 0.04
Binance was founded in 2017 by Chinese Canadian engineer Changpeng Zhao and is currently the largest cryptocurrency exchange. The platform only allows global users to deposit in US dollars through the Society for Worldwide Interbank Financial Telecommunication (SWIFT), and also allows users to purchase a specified amount of cryptocurrency directly with a credit card.
Note: In 2019, Binance was hacked and 7,000 bitcoins were stolen, then the SAFU mechanism was enabled to compensate users so that all users’ funds were not damaged.
In the first quarter of 2022, the Binance exchange was hit by 12 documented hacks alone, with a reported cumulative loss of approximately $99 million. In October 2022, the Binance Exchange was again hacked and approximately $100 million BNB worth was stolen.
Gate.io Exchange
Launch date: April 2013
24-hour trading volume: $2,843,704,993
Number of supported currencies: 1356
Markets: 2332
Maker Fees: 0.025%
Taker Fees: 0.03%
Gate.io is a 9-year-old trusted cryptocurrency exchange. There are more than 1400+ tradable coins offered by the Gate.io crypto exchange, in which you can view plenty of cryptocurrencies of your interest. But not only that, but the platform also has a lot of trading strategies, such as Perpetual Futures, Lend&Earn, IEO, Structured Product, Copy trading, and more, helping investors learn more about cryptocurrencies along the way.
Note: Gate.io was awarded the Forbes Advisor Best Crypto Exchange in the World for 2022. The exchange has low transaction fees and maximizes the protection of personal assets. It is easy to operate for both newbies and skilled persons.
The Gate.io exchange, as the world’s first trading platform that promises to provide 100% margin, has already started to work closely with Armanino LLP audit company in 2020 to provide professional and reliable asset verification services for Gate.io users in the form of open source, openness, transparency, blockchain signature, and Merkel tree. Find out more information at https://www.gate.io/proof_of_reserves
Coinbase Exchange
Launch date: 2012
24-hour trading volume: $3,840,398,716
Number of supported currencies: 169
Markets: 503
Maker Fees: 0.50%
Taker Fees: 0.50%
Coinbase is a cryptocurrency exchange founded in 2012 in San Francisco, USA. Today it is also one of the most powerful trading platforms in the United States. It supports withdrawing or selling cryptocurrencies using Paypal, and you can also buy tokens using credit cards.
Note: The platform has high fees and will track your cryptocurrency purchases. The types of currencies that can be traded are more limited.
These are three of the hotter national cryptocurrency exchanges currently available. Choosing a cryptocurrency exchange is an important step and requires deep thought. Make sure you do lots of research before making a choice and try to choose a popular and longer-existing cryptocurrency exchange so that your funds are relatively safe and protected.
