All crypto enthusiasts will need a cryptocurrency exchange that operates on the Decentralized finance protocol. The cryptocurrency exchange functions just like a centralized stockbroker. It provides you with the necessary tools for the trade of cryptocurrencies like bitcoin, ethereum, etc.
Although not all decentralized exchanges are regulated…
Below are the things to look for before opting for any regulated exchange to trade cryptocurrency:
● Cryptocurrency availability
● Cryptocurrency pricing
● Staking rewards
● Margin trading
● Stable coin support
● Exchange services rendered
● User Interface
- Withdrawal option
Here’s our take on the top 5 regulated exchanges to trade cryptocurrency with important information that will help you choose which one you feel is best.
5 Top Regulated Exchanges to Trade Cryptocurrency
Coinbase and Coinbase Pro
Coinbase and Coinbase Pro are both products of the Coinbase Global Entity. They are centralized exchanges that are suitable for both beginners and professional crypto enthusiasts. Coinbase is for beginners and it has 50 coins listed for transactions whereas, Coinbase PRO has 109 coins listed with less transaction fee structure. It has transaction fees of $0.99 to $2.99 for the Coinbase platform and up to 0.50% for the Coinbase PRO and provides its users with a wallet for their coins.
Coinbase PRO also has more complex features like charts and indicators. Coinbase has been free from all forms of fraudulent coins or exchange activities and what’s more, they offer insurance for investors and traders.
Pro’s of Coinbase and Coinbase PRO
● User-friendly interface for beginners.
● Variety of cryptocurrencies available for your transactions.
● High liquidity feature
● Speed, security, and scalability.
Cons of Coinbase and Coinbase PRO
● Coinbase’s transaction fee is high compared to Coinbase PRO.
● Lack of privacy as the wallet key is not controlled by the users.
● Vulnerability to hackers draining people’s accounts from reports made by its users in August 2021.
● Unavailability of some crypto coins on Coinbase for traders to trade-in.
The Binance exchange was founded in 2017. Since then, it offers over 100 different trading pairs between different cryptocurrencies and also focuses on offering altcoins. This exchange platform also supports fiat-crypto pairs as well. On Binance exchange, the only acceptable fiat currency is U.S. Dollar deposits by global users. This deposit can only be done through SWIFT. Although it has this restriction, you can make a direct purchase of cryptocurrencies through some recognized credit/debit cards. Its users can make deposits with 12 other fiat currencies like Euro. It has a 0.1% spot trading fee, and also a 0.5% instant buy/sell fee. It also gives a discount of 4.5% fee for deposits with a US debit card.
Pros of Binance
● Low transaction fee compared to its competitors.
● Variety of cryptocurrencies and trading pairs to explore.
● Advanced charting system.
Cons of Binance
● It has restrictions. Hence, it is not supported in all countries.
● Lack of customer support via telephone.
Kraken has more than 80 cryptocurrencies supported on its platform and has both margin and futures trading. Its OTC trading features have the management for high-net-worth individuals and institutional clients. It has multiple trading platforms, educational resources, and staking rewards. In addition, Kraken has a trading fee of 0% to 0.26%. Currently, this exchange platform has a reach to nearly 200 countries.
Pro of Kraken
● Good accessibility for both Android and iOS devices.
● Staking rewards.
● Margin trading and futures trading.
Cons of Kraken
● More beneficial to institutional and high-net-worth clients to manipulate the exchange’s consultation and account management services.
● Mobile app is not available for US traders.
Gemini has trading options for everyone, beginners, experts, and institutions who want to take their investment to the next level with a high ROI. It offers various services like GEM Earn, Gemini Wallet, etc. There is $200 million in insurance in Gemini Custody. It has a $0.99 to $2.99 transaction fee. While for web and mobile transactions, it is between $10 and $200; i.e 1.49% fee for transactions over $200. Its users receive a 0.50% convenience fee and a 3.49% fee on debit card transfers.
Pros of Gemini
● With Gemini Earn, you receive up to 7.4% interest on your crypto balance during usage.
Cons of Gemini
● Multiple fee schedules for different accounts and account actions.
● Transactions made through debit/credit attract a high transaction fee like a 3.49% fee.
Bisq operates similarly to Bitcoin, it’s a decentralized finance protocol hence, it is known to be a decentralized exchange with a peer-to-peer feature. It has no agency or body controlling any activity of its users. It also has a non-custodial feature making its users the sole operator of their funds. It allows fiat currency, like USD, tradings, stablecoins, and other digital currencies. It has 63 coins for trading purposes, transaction fees set at 0.05% to 0.70%, and a wallet for its users.
Pro of Bisq
● Bisq is a non-KYC platform. Its users have privacy as none of their details are needed to open an account on the platform.
● More than 25 payment options. You can choose whichever platform you trust for your transaction.
● High accessibility. It has a mobile app for both Android and iOS.
Con of Bisq
● Slow transaction speed.
● Trading volumes are sometimes low.
● The platform is not designed for active trading.
With the information supplied above, choosing a regulated exchange for your cryptocurrency activities should be much easier. After all, knowledge is power!