7 Best Crypto Exchanges to Buy Altcoins in 2020 [UPDATED]

Cryptocurrency is a new form of currency that uses cryptography to work. In the past few years, this digital currency has been gaining popularity and many people are looking for ways to invest in it. There are several different exchanges that allow you to buy altcoins. Here are the 7 best crypto exchanges to buy altcoins in 2020.

The best cryptocurrency exchange 2020 is a list of the top 7 exchanges in terms of trading volume, liquidity, and security.

These days, finding the finest bitcoin exchanges is a huge deal. Since the introduction of Bitcoin, Ether, EOS, and other crypto currencies, the way people conduct business and see money has changed dramatically. Cryptocurrencies have earned and lost fortunes, and billions of dollars worth of crypto tokens are exchanged every day all over the globe.

Getting into bitcoin trading is definitely appealing; but, doing so necessitates engaging in this kind of crypto company, of which there are hundreds.

So, how do you choose one? Which cryptocurrency exchange is the best for buying altcoins? We’ll compare the seven most significant kinds in this post. Continue reading to find out which one is the greatest.

Table of the Best Crypto Exchanges

* Depending on trading volume, token traded, or other factors, several exchanges alter their trading fees, providing cheaper costs. The costs mentioned are for new customers who trade in little amounts.

Reviews of the Best Crypto Exchanges

Binance is the first cryptocurrency.

Review

Binance, which was founded in China but is currently based in Malta, is one of the world’s largest cryptocurrency exchanges by volume, with over 1.5 billion dollars worth of tokens exchanged every day. It was originally a crypto-only exchange, but it recently introduced functionality for buying certain cryptocurrencies using fiat currency.

Binance has a wide range of trading choices as well as minimal costs. Binance also has an excellent mobile app for both Android and iOS smartphones that allows for on-the-go trading. Binance also has its own coin.

Binance Coin (BNB) may be used to receive trading fee reductions or exchanged like any other cryptocurrency token. The user interface isn’t the most user-friendly, but it shouldn’t take long for new traders to figure it out and get comfortable with it. Binance currently does not allow US citizens to trade.

Binance Advantages

• There are a lot of currencies and trading pairs to choose from.
• Transaction costs are low.
• Optional advanced trading features for seasoned traders
• Excellent mobile app

Cons of Binance

• There is no user-friendly interface for beginners.
• Citizens of the United States are not eligible.

 

2. BitMex

Review

BitMex was founded in 2014 and has its headquarters in the Seychelles. One of the company’s founders was the first individual in the United Kingdom to become a billionaire via bitcoin trading. Bitmex is a high-end bitcoin trading platform featuring a slew of sophisticated features aimed at seasoned cryptocurrency traders.

Only seven currencies are listed: Bitcoin, Ether, Bitcoin Cash, Cardano, EOS, Ripple, and Litecoin. Trading costs are among the lowest available, but only seven coins are listed: Bitcoin, Ether, Bitcoin Cash, Cardano, EOS, Ripple, and Litecoin. There is no beginner-friendly interface because of the intended audience. US citizens are not permitted to trade on BitMex, as they are on Binance, despite the fact that they were under investigation in 2019 for violating rules and allowing Americans to trade.

Pros of BitMex

• Transaction costs are low.
• There are many sophisticated trading alternatives available.

Cons of BitMex

• There is no support for fiat currencies.
• A small number of cryptocurrencies exist.
• Citizens of the United States are not eligible.
• There is no mobile app available.

 

Bitstamp is third.

Review

Bitstamp is a cryptocurrency exchange that has been operating for quite some time. It is one of the oldest cryptocurrency exchanges, having been established in 2011. Despite their lengthy history, they still only accept Bitcoin, Bitcoin Cash, Ether, Litecoin, and Ripple as payment methods.

Bitstamp provides a mobile wallet and trading app, as well as an API that allows you to connect other mobile trading applications if you don’t like their native app or if you wish to connect to several exchanges with one app.

The user interface is not very user-friendly for beginners, and there are no additional choices for experienced traders. Trading commissions are also very expensive. In 2014 and 2015, Bitstamp had to suspend operations due to a breach that resulted in the theft of 19,000 Bitcoins. They’ve upgraded their security measures since then, and no further instances have been recorded.

Pros of Bitstamp

• One of the finest cryptocurrency exchanges that has been around for a long time.
• Support for fiat currencies
• API and mobile app
• Available all around the globe

Cons of Bitstamp

• There are just five cryptocurrencies available.
• There is no user-friendly interface for beginners.
• There are no advanced features available for experts.
• Fees are higher than most.

 

Changelly is number four.

Review

This article solely covers Changelly, a decentralized exchange. Because decentralized exchanges do not hold tokens, they do not offer wallet addresses; you must use your own. Because tokens aren’t stored, they’re less appealing to hackers. However, this means you’ll need to establish wallet addresses for each cryptocurrency you want to trade.

Changelly, like other exchanges, started off as a crypto-only platform but has lately introduced functionality for purchasing crypto using fiat currency. Even first-time traders will have no issues using the interface since it is as basic as it gets. There are no advanced trading options available. Transactions are quick and simple. Although transaction costs are greater than those of other exchanges, there are no fees for deposits or withdrawals.

Pros of Changelly

• Exchange that is not centralized
• The user interface is very basic.
• Transactions that are quick and safe
• Excellent mobile app
• There are a lot of cryptocurrencies mentioned.
• Available all around the globe
• Fiat’s backing

Constantly Changing

• There are no advanced trading features available.
• Fees are higher than on other exchanges.

 

Coinbase and Coinbase Pro are the fifth and sixth options.

 

Review

Coinbase is divided into two parts: Coinbase and Coinbase Pro (formerly GDAX). The first is a cryptocurrency brokerage service that allows you to purchase crypto tokens using fiat money, while the second is a full-fledged cryptocurrency exchange. Coinbase accounts are immediately linked to Coinbase Pro, allowing both services to function as a single entity.

Indeed, there are over 27 cryptocurrencies accessible for trade, which isn’t much when compared to the thousands in existence or even the number listed on exchanges like Binance or Changelly, but it is more than those provided on rival exchanges. Their 0.5 percent trading charge for new, low-volume traders is among the highest in the industry, but you can work your way up to the point where transaction fees are almost non-existent.

Coinbase is now only accessible to customers from 42 countries, but the United States is one among them (after all, it is headquartered in San Francisco).

Pros of Coinbase

• An easy-to-use interface (Coinbase)
• Options for advanced trading (Pro)
• A useful smartphone app that also serves as a wallet
• Support for fiat currencies

Cons of Coinbase

• For novice, low-volume traders, there is a high charge.
• A limited quantity of tokens are available.
• Regional availability is limited.

 

6. Kraken

Review

Kraken is another another exchange that has been operating for a long time. It began operations in 2013 and, like Coinbase, is headquartered in the United States. The user interface is basic enough for new traders to understand. However, sophisticated capabilities are available for more experienced traders. One of the industry’s most secure exchanges.

You may purchase crypto tokens using a variety of fiat currencies here (US and Canadian Dollars, Japanese Yen, and Euro). It supports 20 cryptocurrencies and has cheaper trading costs than other exchanges. Many nations have it, although Afghanistan, Cuba, Guinea-Bissau, Iran, Iraq, Japan, North Korea, and Tajikistan do not. Kraken is also unavailable to residents of the states of New York and Washington in the United States.

Pros of the Kraken

• An easy-to-use interface
• Options for advanced trading
• Support for fiat currencies
• Most nations and states in the United States have it.
• Fees are lower than on comparable exchanges.

Cons of the Kraken

• When compared to comparable exchanges, there are less coins listed.

 

LocalBitcoins is number seven.

Review of LocalBitcoins

LocalBitcoins is distinct from the other entries in this article since it is a peer-to-peer trading service rather than the finest bitcoin exchange. This implies that LocalBitcoins isn’t involved in the actual transaction. They simply match buyers (who often have fiat money and want to purchase crypto) with sellers (who have crypto and want fiat cash). Aside from putting both parties in touch with one another,

The money being exchanged are held in escrow by Local until both the buyer and seller certify that everything has gone well. LocalBitcoins is one of the few crypto exchanges (and the only one on our list) that still allows anonymous trading.

The UI is extremely user-friendly, and many individuals have started their crypto journey here by purchasing their first bitcoins. There are no advanced trading options due to the nature of the product. Although a few other tokens appear, it is mainly a location to purchase Bitcoins. The trade charge is very expensive at 1%.

Pros of LocalBitcoins

• The user interface is simple.
• Support for fiat currencies
• Available all around the globe
• It is feasible to trade anonymously.

Cons of LocalBitcoins

• Primarily for the purpose of purchasing Bitcoin. There are just a handful more tokens mentioned.
• Fees are very expensive.
• There are no advanced trading options available.

 

What Should You Look for in a Stock Exchange?

Not only are there many exchanges, but there are also several kinds, and not all of them provide the same set of services. There may not be a single exchange that is ideal for everyone, but everyone can discover the right exchange for them. So, what exactly are we on the lookout for?

1. Safety and security

This is self-evident. Nobody wants to put their money in the hands of a website or service unless they are certain that it is secure. This includes things like hacker protection, which ensures that your funds are secure even if the site is hacked or otherwise compromised.

There are many methods and procedures for ensuring security. All of the exchanges in this page are deemed secure and trustworthy based on their features, reputation, and history.

2. Usability

This is especially essential for novices and those who are unfamiliar with financial markets. However, no one loves a service or website that is too difficult to use. Some exchanges feature user interfaces that are basic enough for even novice traders to use. Others are more complicated, but they include features that expert traders would appreciate. The majority of them have two versions: one for novices with a basic interface and another for experienced crypto traders.

3. Reasonably priced fees

This is one area where opinions may vary significantly. Of course, the proprietors need to earn a profit as well. As a result, exchanges will charge a fee for each transaction. These costs will be added to the fees that are already included in the blockchains. Some exchanges have fixed costs, while others have fees that vary depending on the coin being exchanged.

4. Support for Fiat Currency

If you’re new to crypto trading, you’ll probably want to purchase your first crypto tokens using fiat money such as US dollars, Euros, British Pounds, or Japanese Yen. At least for the major cryptocurrencies like Bitcoin and Ether, exchanges enable you to do so. Others are pure cryptocurrency exchanges, which need you to have certain tokens in order to utilize them.

5. Confidentiality

For some, this may be a major problem. Traders with millions of dollars in crypto currencies want to maintain a low profile, which includes doing business anonymously. Decentralized currency and trade, on the other hand, have the potential to be exploited for less than noble reasons.

As a result, several countries have placed restrictions on crypto exchanges that prevent them from providing anonymous trading to its customers. To begin trading, the most of them will ask you to submit evidence of identity. Allow you to stay anonymous, if possible.

6. Options for Advanced Trading

Pro traders utilize techniques like margin trading, futures trading, and other sophisticated alternatives to increase the amount of money they can earn. These characteristics are not desired by everyone who utilizes an exchange. Some individuals just want to convert their crypto tokens into fiat money that they can use in normal shops. Experts, on the other hand, value exchanges that provide sophisticated choices and interfaces.

7. Varieties

There are hundreds of different cryptocurrencies, and no exchange can possibly list them all. Some tokens, like as Bitcoin or Ether, are available on all exchanges. Others are so obscure that they may only occur on one exchange. Of course, more shown tokens imply more trade possibilities.

8. The Kind of Exchange

Cryptocurrency exchanges come in a variety of shapes and sizes. First, there are centralized exchanges, which provide users with wallet addresses and allow them to store tokens (though it’s generally not a good idea to keep your tokens on exchange wallets, especially if you have a large number of them), and decentralized exchanges, which require users to use their wallets when trading and do not store tokens.

There are peer-to-peer exchanges that simply connect buyers and sellers; the transaction takes place directly between the users. Finally, there are exchange aggregators, which link you to several exchanges at once, assisting you in finding the best price.

9. Accessibility

Exchanges, as previously stated, are subject to restrictions. In certain instances, a country’s laws may impose restrictions on particular types of trade. Citizens of the state of New York, for example, are unable to trade on some that do not completely conform with state rules.

In some instances, sanctions may be imposed on whole nations, preventing them from providing services to their people. Citizens of most South American nations, for example, are not permitted to trade on Coinbase, and Bittrex just stopped service to Venezuelans. It doesn’t matter if an exchange has all the features you desire; if you can’t utilize it, it’s not for you.

We’ll use these characteristics to evaluate seven of the most popular cryptocurrency exchanges (Binance, BitMex, Bitstamp, Changelly, Coinbase, Kraken, and LocalBitcoins) to see which is the best.

So, which cryptocurrency exchange is the best?

We took a look at seven of the most well-known bitcoin exchanges. Looking at these alternatives, it’s clear that no one transaction can be described as “ideal for everyone.” Changelly is a good choice if you’re new to cryptocurrency trading or simply want to make a fast, uncomplicated trade.

Binance is the finest crypto exchange if you’re a bit more confident, experienced, want to explore additional choices, and don’t reside in the United States.

If you live in the United States, you may want to check at Coinbase or Kraken. However, this is by no means an exhaustive list, and there are many more excellent alternatives to consider. You should feel free to go ahead and do it. Above all, cryptocurrency is about decentralization and freedom. Go ahead and explore, and good luck with your trade!

The best cryptocurrency to buy 2021 is a question that has been asked before. In this article, we will go over 7 of the best exchanges to buy Altcoins in 2020.

Frequently Asked Questions

What is the best crypto exchange for Altcoins?

The best crypto exchange for Altcoins is Coinbase.

What are the best Altcoins to invest in 2020?

The best cryptocurrency to invest in 2020 is Bitcoin.

What is the best crypto Exchange 2020?

 

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