The market for digital currency platforms is slowly increasing by the year, but despite the total quantity of exchanges for you to conduct your investments and trading, only a few that we think would make sense for long-term cryptocurrency investors and active traders. However, you must always remember that no matter where you buy digital currencies, it’s highly essential for you to know that cryptos are still a highly speculative asset that has a relatively short track record. So for individuals who are looking to save for the long-term or someone you would want to get successful with trading, here are our top 3 picks for the best crypto exchange platforms.
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Coinbase
The first one on our top crypto exchange platforms is Coinbase, and it’s the first-ever digital currency exchange to go public on Nasdaq in 2021, despite its existence since 2012. The simple and beginner-friendly interface that the platform has is one of the best advantages against other competitors. However, there’s also the option for the user to upgrade to a more advanced Coinbase Pro, which has additional features for investing, especially trading cryptocurrencies. Furthermore, Coinbase shares the platform’s security measures openly to the public to have transparency on what they are willing to do in order to keep you and your funds safe. Not to mention that any cash that you keep within Coinbase’s platform is insured by the FDIC for up to 250,000 dollars.
However, with how incredibly well the platform’s structure is put, it can be considerably pricey compared to other exchange platforms. But you can easily outweigh the cons with how convenient its interface is, as well as its upfront security measures. Overall, Coinbase is a relatively good choice for both expert and beginner investors and traders as its interface is relatively easy to use, and the platform supports over 50 different cryptocurrencies with a free digital wallet service.
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Bitcoin Prime
The second notable mention in our top picks for crypto exchange platforms is Bitcoin Prime. You can fully take advantage of the market with this platform and get the most out of the industry, as well as have the potential to make significant profits from the market. In essence, Bitcoin Prime is a live-trading platform that reviews the market extensively as it monitors the prices of Ethereum, Bitcoin, Bitcoin Gold, Ripple, ZCash, and many other cryptos.
Furthermore, Bitcoin Prime is significantly convenient to use as it makes currency trading relatively easy to complete regardless of whether you’re a beginner or an expert in the field. For you to utilise the full potential of the platform, you don’t necessarily need to have prior experience in trading to make Bitcoin Prime work for you. All you would have to do is to specify the digital currency assets that you would like to trade, as well as to determine any spending limits you hold; Bitcoin Prime will ensure that your trading would work over whatever you have requested.
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Gemini
Last but not least is a crypto exchange platform that was launched back in 2015, and it’s called Gemini. The platform is relatively ideal for investors who are just starting out and active traders as they support over 40 different digital currencies along with a suite of products that can be quite beneficial for seasoned investors. The reason why this platform is on our top picks is because of how open they are about their security measures, as well as having the majority of the users’ funds in an offline cold storage system, away from the internet and possible hacking.
Not only does the platform have an advanced interface for seasoned investors and traders, but it also has a much simpler interface for individuals who are looking to start their journey in the crypto world. Furthermore, the developers of Gemini stated that they keep the majority of their funds in offline storage, and a small portion of it is kept online. However, you don’t need to worry as the funds kept in that online storage are insured against theft, hacking, fraudulent transfers, employee theft, and possible security breaches.
Choosing The Best Exchange for You
There’s no denying that there are already thousands of different digital currencies in the market right now, and the same goes for crypto exchange platforms. Listed above are our top picks for people who would want to save for the long-term and for individuals who are looking to get rich quick with trading. However, if the platforms listed above don’t fit your style or don’t satisfy your individual needs, there are always hundreds more to choose from, but you have to be careful in choosing, and we’ll list down below what you would need to consider before choosing an exchange.
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Be Cautious
The very first thing to keep in mind when choosing a platform is that out of potentially thousands of different exchanges out there is; there’s bound to be hundreds of scams and frauds which can have a massive impact on individual investors. So you have to do everything in your power to prove that the platform you have chosen is legitimate.
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Do Extensive Research
When it comes to crypto exchange platforms, reputation counts, so before you go and create an account, you must take all the time you need to research the exchange thoroughly. You must know what the exchange says about itself, what the users are commenting about it, and check if there have been any security incidents in the past.
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Go With Better Security
When choosing an exchange, you must consider that when the platform is relatively hard to create an account with, it can be quite better as it’s hard for anyone to hack your account. If it’s too easy to create an account, it might suggest that the platform is not as trustworthy as it seems. Regardless, it’s a good idea to keep all of your funds separately into your personal digital wallet.
Takeaway
Now that you’ve read our top picks for digital currency exchange platforms and what to consider when choosing one, the question that remains on your mind is, are crypto exchanges worth it? The answer to that completely depends on your investment needs and goals, as you do have the option and freedom to invest in crypto in more than one exchange platform. So take all the factors you need to consider, choose the best exchange for you, and start investing or trading for a better future.
