Top 5 Cryptocurrency Exchanges of 2020
Crypto experts have been placing 2020 on top of their list of most significant years for the crypto industry. With the year nearing an end, here’s a rundown of the leading crypto exchanges that shined this year.
Once considered quite intimidating, cryptocurrencies are gaining global prominence as a preferred investment due to the rapid mass adoption across geographies. This year digital assets performed exceptionally well with the emergence of new assets and exchanges, and the older ones experiencing significant trading activity. With more and more people warming up to crypto, here are the top 5 exchanges that have continued to show promise through 2020.
Founded in 2016, this USA-based cryptocurrency exchange has been reigning in the global crypto scene for quite some time now, owing to its impressive portfolio of digital assets and a plethora of cutting-edge trading features that ensure a seamless trading experience. PayBito has been expanding in reach and in 2020 it resumed its trading operations in India, after the ban on crypto trading was lifted. The exchange was relaunched in the region with a host of geography-specific features, especially the addition of the Indian Rupee in the fiat currency list for deposits/withdrawals.
PayBito has a highly intuitive and user-friendly interface with high-end features. The trading platform has the most advanced security protocol ensuring the safety of trading and the assets. The world’s major crypto assets are listed on the platform and they are planning to expand the list further by focusing on emerging utility coins.
PayBito allows the traders to get the best crypto prices while increasing accessibility to a varied range of trading. It has the lowest trading fees, with a highly lucrative affiliate and referral program.
Pros
- A user-friendly interface
- Access to global order book
- A diverse collection of utility coins unlike any other
- Low transaction fees
Cons
- Less number of fiat options (it does support the major fiats)
Trading Fees
PayBito offers the lowest trading fees of 0.1%, which further reduces by 25% on using the crypto HCX as the base currency in trading pairs.
Based in the USA, Coinbase is one of the oldest, most renowned, and globally used cryptocurrency exchanges. The trading platform was founded in 2012, following the issuance of the Bitcoin (BTC) code in 2009. While crypto has been booming for a while now, there have been instances of exchange hacks and allegations concerning fraudulent tokens and shady trading platforms. However, Coinbase has been able to remain free from such controversies, which has uplifted its status as one of the most trust-worthy exchanges in the world.
The trading platform is easy to use with an intuitive interface, making it very easy for even a beginner to trade with ease. Apart from the buying and selling of cryptocurrencies, Coinbase is also known to provide custodial wallets that are insured, for the safe keep of all the coins bought by the trader. However, the private keys supporting the wallet are governed by the exchange and not the trader. The crypto exchange also comes in free, with a cheaper fee structure and more features, Coinbase Pro, which is recommended for seasoned traders.
Pros
- Navigational and easy to use interface
- Great variety of crypto coins
- Offers high liquidity
Cons
- The private keys for the wallet are controlled by the exchange
- Fees are usually high if one is not using the Pro version
- Altcoin trading options are considerably limited as opposed to other exchanges
Trading Fees
The trading fee ranges between 0.1% and 0.2% usually. It depends on the value of the token purchase by the dollar.
Founded in 2017, Binance is the largest cryptocurrency exchange in the world. It was started by Changpeng Zhao and has its headquarters in Malta. Binance stands out from the rest, owing to its focus on altcoin trading and the plethora of features that it offers to support the same. The trading platform offers its global trader base with more than 600 crypto trading pairs, including some fiat-crypto pairs as well.
After India lifted its ban on crypto trading, Binance was fast to take action to conquer the emerging crypto market, by buying the local exchange WazirX, extending its global reach. This merger was one of its significant moves this year. Although the exchange is yet to offer USD deposits, it does enable deposits in 20 different fiat currencies. It also enables traders to buy a few selective cryptocurrencies by using debit and credit cards.
The exchange is good for the traders who are interested in altcoin trading specifically, given the variety that Binance caters to.
Pros
- The fees are significantly lower than the others
- Extensive range in crypto trading pairs
- Comes with advanced charting options
Cons
- Might be a bit confusing for beginners, Binance is more suited for the seasoned traders
- More than 13 US states do not support Binance
- The exchange is yet to allow deposits in USD
Trading Fees
The trading fees range between 0.1% to 0.2% (taker and maker).
BitMEX or Bitcoin Mercantile Exchange was founded by Arthur Hayes, along with Ben Delo and Samuel Reed in 2014. The exchange is headquartered in Hong Kong and differs from the others because it is a margin trading exchange. It claims a record $2 billion BTC transaction every 24 hours, making it one of the most sought after cryptocurrency exchanges for traders, be it beginners or seasoned.
One of the biggest advantages of BitMEX is that it allows the traders to leverage futures contracts that are used to buy derivatives on the trading platform. This generates profits faster for the trader. The exchange has a steady trading volume and a highly secured infrastructure with seamless usability that attracts investors and traders from all over.
Pros
- Supports margin trading
- Super-easy registration for traders
- One of the best exchanges for Bitcoin trading
Cons
- Lacks in altcoin support compared to the others
- It is solely focused on crypto and does not support fiat withdrawal/deposits
Trading Fees
The trading fees range between 0.2% and 0.7% for Bitcoin. For other coins, it is between 0.2% and 0.5%.
Founded by Jesse Powell in 2011, Kraken is one of the oldest cryptocurrency exchanges to exist that has consistently good returns in terms of trading since inception. The exchange has its headquarters in San Francisco. It is known among its global users for having a considerably low transaction fee, advanced security, and excellent features.
Kraken claims to have the largest variety of fiat exchange pairs, and at present is collaborating with the most pioneering crypto bank. The exchange operates across the USA except in New York and Canada, Japan, along with the European Union. The trading platform holds the full reserves of the user funds and employs a cryptographically-verifiable independent audit process to ensure the security of the user funds. Starting from the usual crypto trading it also offers margin trading, OTC services, with a dedicated account manager.
Pros
- Allows trading in multiple fiat currencies
- The transaction/trading fees are quite low
Cons
- Crypto pair options are lesser than the others
- The customer service if not up to the mark
Trading Fees
The trading fees range between 0.1% and 0.2%.
The crypto industry is already bracing itself for a productive 2021, an even better year than the present in terms of cryptocurrency adoption and the overall development of the industry.
