The Best Cryptocurrency Exchanges to Trade Bitcoin in 2021
In this article, we are going to answer the most commonly asked questions about crypto exchanges and compare the best cryptocurrency exchanges by discussing their fees, deposit limits, withdrawal limits, ease of use, and security.
In this Article:
What is a Cryptocurrency Exchange?
What Type of Cryptocurrency Exchanges Are There?
Which Bitcoin Exchange is Safest?
Is Bitcoin a good Investment in 2021?
Which Bitcoin Exchange has the Lowest Fees?
Exchanges Analysis:
What is a Cryptocurrency Exchange?
A cryptocurrency exchange is a platform that allows for the trading of cryptocurrencies against each other and other assets. It is very similar to a conventional financial exchange since its main idea is to allow for the exchange of digital assets.
What Type of Cryptocurrency Exchanges Are There?
Currently, there are more than 250 cryptocurrency exchanges available. The exact number is difficult to pinpoint since new ones can be created and several are still in their start-up phase. However, there are more than 250 cryptocurrency exchanges that are currently active.
Which Bitcoin Exchange Is Safest?
The answer to this question depends on the definition of “safest.”
There are several exchanges that never have been hacked or those that have been hacked but have repaid their customers in full. If we create criteria based on past security issues, insurance fund, and brand recognition, the safest exchanges would be:
Is Bitcoin a Good Investment in 2021?
The answer to this question depends on the time-frame on which you plan on taking out profits. Bitcoin is known to be extremely volatile, especially if we analyze it on short-term time-frames.
However, our long-term view of BTC remains bullish.
Which Bitcoin Exchange Has Lowest Fees?
Several exchanges offer rates below 0.1 percent and even zero percent in some cases. Out of the exchanges listed below, the smallest fees are given by Huobi, Kucoin, and Binance.
Exchanges Analysis
1) StormGain
Getting started with Stormgain only takes several minutes. All you need to register is an e-mail.
Stormgain Supported Coins
- Stormgain offers cryptocurrency trading for five cryptocurrencies: BTC, XRP, LTC, BCH and ETH.
Stormgain Fees
- The fees for trading are fixed at 0.25 percent for BTC pairs and 0.08 percent for USDT pairs.
- StormGain’s best feature is definitely its margin trading. It offers very satisfactory leverage rates from 5x-100x. This was the highest rate from the analyzed exchanges.
- The fees for leveraged trading depends on the cryptocurrency pair. They are between 0.15 percent and 0.25 percent. On top of this, there is the daily rate which is between 0.004 percent and 0.04 percent — likewise depending on the cryptocurrency pair.
Stormgain Minimum Deposit
- The minimum deposit for each currency is as follows: 0.05 BTC, 0.160 BCH, 0.200 ETH, 0.550 LTC, and 160 XRP.
Is Stormgain Safe?
- The phone application has a built-in wallet. The exchange has two-factor authentication for individual users.
| Pros of Stormgain |
Cons of Stormgain |
| ⊕ Easy-to-use interface |
⊗ Does not allow fiat deposits |
| ⊕ Offers leverage rates from 5x-100x |
|
| ⊕ Built-in wallet |
|
Click here to sign up for StormGain with only an email address now!
2) Binance
Binance is a cryptocurrency exchange based in Tokyo, Japan. It launched in 2017.
Binance employs the Binance launchpad and supports the listing and purchasing of new Initial Exchange Offerings (IEOs).
Binance has its own chart interface and the one powered by TradingView. The exchange is advanced and has several interesting tools, but is not preferred for beginners. The exchange offers basic conditional orders, such as stop-limit orders, but does not have trailing stops.
Binance Fees
- Fees are generally one percent. If a user uses BNB for trading he receives a reduced fee. The amount of reduction depends on the time that you have been trading and the total amount of BNB you hold. The exact fees are based on the past 30-day trading volume, whether the order is a market maker or a taker and BNB holdings. They range from 0.02 percent to 0.1 percent for the maker and 0.04 percent to 0.1 percent for the taker. If you are using BNB for trade then the numbers change to 0.015-0.075 and 0.03-0.075.
- There are no deposit fees. You can deposit fiat currencies with a fixed fee of 3.5 percent per transaction or $10, whichever is higher.
- The withdrawal fees are quite small. For Bitcoin, they are 0.0005 BTC with a minimum of 0.002 BTC withdrawn. For Ethereum, the fees are 0.01 ETH per withdrawal with a minimum withdrawal of 0.02 ETH.
Binance Withdrawal limits
- The withdrawal limit depends on the level of verification. It is two BTC for non-verified accounts and increases to 100 for verified accounts.
Binance Margin trading
- Finally, the exchange offers Margin trading with up to 3x leverage. It has a very helpful “margin meter,” which shows you how close you are to having your funds forcibly liquidated.
- For BTC, the maximum borrowing limit is 10 BTC — with a daily rate of 0.019-0.02 percent.
Is Binance Safe?
- Binance employs two-factor authentication for individual users.
- The exchange was hacked in May and lost $40 million, but it repaid its users.
| Pros of Binance |
Cons of Binance |
| ⊕ Low trading fees |
⊗ Not suitable for beginners |
| ⊕ Over 150 trading pairs |
|
| ⊕ Offers margin trading |
|
Click here to get started trading on Binance now!
3) eToro
eToro prides itself as a leading global social trading and investment platform. Founded in 2007, the platform offers a unique mechanism to help newer traders to learn from more experienced ones.
The company first introduced Bitcoin trading in 2013 via CFDs, before adding other popular cryptocurrencies such as Ethereum, XRP, and Litecoin, among others in 2017. It offers CFDs, Commodities, Cryptocurrencies, ETFs, Forex, Indices, and Shares.
eToro Supported Cryptocurrencies:
BTC, ETH, BCH, XRP, DASH, LTC, ETC, ADA, MIOTA, XLM, EOS, NEO, TRX, ZEC, BNB, XTZ (at the time of publishing).
eToro Fees:
- eToro uses the “spread pricing” on all trading involving cryptocurrencies, which is basically the difference between the buy and sell prices of a given coin.
- Spreads are the lowest for Bitcoin (0.75%) and the highest for MIOA (4.5%).
- The fee structure is such that you pay only a portion of the fee while purchasing a cryptocurrency and pay the remainder only when selling it. If the value of a coin in your crypto portfolio increases, you may have to pay a higher fee when selling it. On the other hand, if the value of said coin goes down, you might even receive a refund for a percentage of the initial fee.
- There are no extra charges on overnight or weekend crypto trading.
- Additional fees may include a withdrawal fee ($5), inactivity fee ($10 a month After 12 months with no login activity.)
eToro Minimum Deposit
- The minimum deposit required for opening manual positions with cryptocurrencies is $25.
- You must have a minimum balance of $200 to participate in CopyTrading, which is an eToro feature that lets you copy experienced traders’ trades.
- To invest in CopyPortfolios, which s a premium eToro product (basically an advanced version of CopyTrading), you must have a minimum balance of $5,000.
Is eToro Safe?
The company, as a whole, is fully regulated by the FCA CySEC. It also provides traders and investors an array of educational tools to learn and adhere to safe investment practices.
| Pros of eToro |
Cons of eToro |
| ⊕ No commission fees. |
⊗ Limited trading pairs. |
| ⊕ Social trading allows for fast learning. |
⊗ High conversion fees. |
| ⊕ Easy to use, proven company. |
|
Click here to get started trading on eToro now!
4) Bittrex
Bittrex is a U.S.-based cryptocurrency exchange headquartered in Washington founded in 2013.
It is possible to submit a coin for listing on Bittrex through the support team. In order to be listed, the coin has to go through several reviews. Bittrex does not require a commission for listing on the exchange.
Additionally, Bittrex has the right to remove a token from the exchange. However, it is required to notify the users at least 14 days in advance, in order to withdraw the tokens that are being delisted.
The chart options offered by Bittrex are quite extensive, providing drawing tools, different time-frames, and the inclusion of several built-in indicators. Comparing it to a premium chart, it is only missing long-term time-frames (4h is the maximum offered) and the ability to split the graph into two parts.
One of the best features is the ‘Biggest gainers’ list on the main market page, which allows for identifying lesser-known coins that have been increasing at a high rate.
Bittrex Supported Coins
- Bittrex supports upwards of 200 coins and is available in around 190 countries.
Bittrex Fees
- Bittrex does not charge any extra fees for deposits or withdrawals of cryptocurrencies or USD deposits.
- However, in order to be able to deposit or withdraw USD the account needs to be verified by submitting a request. Besides that, the only accepted method of depositing is through a bank transfer. The minimum withdrawal amount is $10.
- All trades have a fixed fee of 0.25 percent. The minimum trade size is 50,000 satoshis, and there is no maximum trade size.
Is Bittrex Safe?
- You can verify your account in order to increase your allowance to 100 BTC per day. The verification process can take up to ten minutes. Bittrex uses a multi-stage wallet strategy that ensures that the bulk of the funds of the exchange’s users are saved in cold storage.
- Additionally, the first time you log in you are required to verify your IP, and this process is repeated every time you log in from a different IP address.
| Pros of Bittrex |
Cons of Bittrex |
| ⊕ Zero fees on deposits & withdrawals |
⊗ Doesn’t offer margin trading |
| ⊕ Quick account opening process |
⊗ Interface is not user friendly |
5) Kraken
Kraken is a U.S.-based cryptocurrency exchange that was founded in 2011.
The chart offered by Kraken is quite advanced, offering a vast number of technical indicators and different time-frames. It also offers conditional trading including stop/limit orders. Finally, Kraken offers future trading, a way to amplify profits with 50x leverage, over the counter desk, and cryptocurrency indices.
While there is no official Kraken phone application, it offers mobile trading support on the crypto watch platform.
Kraken Supported coins
- Kraken offers 18 trading pairs against BTC and USD and 10 trading pairs for Ethereum (ETH).
Kraken Fees
- Fees are not fixed, but rather depend on the previous 30-day volume and whether the order is a market maker or taker. For cryptocurrencies, the fees range from 0-0.16% (maker) and 0.1-0.26% (taker).
- For stablecoins like Tether (USDT), the fees range from 0-0.2%, without regard to whether you are a maker or taker.
- The margin fees are a fixed rate of 0.01% + an added 0.01% every four hours for BTC and 0.02% + 0.02% every four hours on trading pairs.
Kraken Deposit limits
- Additionally, Kraken allows depositing fiat currencies into the exchange. The deposit limits are $100,000 daily for the Intermediate account and $10,000,000 for the Pro account. If you only have a starter account, you are not allowed to deposit any fiat currencies.
- A bank/wire transfer is necessary in order to do a deposit since Kraken does not support credit cards.
- For U.S. residents, the Fedwire method allows better conditions, with a minimum deposit of only $20 and a fixed fee of $5. The deposit takes only 1-3 business days to be completed.
- The fees for depositing (worldwide) are 35 USD + 0.125%, and take 1-5 business days to be completed. There is a minimum deposit allowance of $150.
Kraken Withdrawl limits
- While the daily deposit allowance for cryptocurrencies is the same, the withdrawal allowance changes based on the verification level. There are three verification levels — Starter, Intermediate, and Pro. In a period of 24 hours, there is a $5000 withdrawal limit (worth in cryptocurrency) for the starter account, $500,000 for intermediate, and $10,000,000 for Pro accounts.
Kraken Borrowing Limits
- The borrowing limits for EUR/USD are $5000, $50,000 and $500,000 for the starter, intermediate, and pro accounts respectively.
- For BTC, the values changes to 2.5, 25, and 250.
Is Kraken Safe?
- Kraken is registered with FinCEN in the U.S. as a Money Services Business (MSB). Kraken Futures (CryptoFacilities) is regulated by the Financial Conduct Authority (FCA), the UK’s primary financial regulatory body.
- The process of opening an account is straightforward. You only need an e-mail address in order to receive the activation mail. However, it does not serve the following countries: Afghanistan, Cuba, Iran, Iraq, Japan, North Korea, Tajikistan.
| Pros of Kraken |
Cons of Kraken |
| ⊕ Margin trading |
⊗ Fees change often |
| ⊕ Low trading fees |
⊗ Does not support credit cards |
| ⊕ Advanced trading charts |
⊗ Slow customer service response |
6) Coinbase
Coinbase is one of the most well-known cryptocurrency exchanges and available in 32 countries. The full list can be found here.
Coinbase Supported coins
- Coinbase offers 16 cryptocurrency trading pairs.
Coinbase Fees
- For depositing, Coinbase first charges a spread of 0.5 percent for all purchases.
- In addition, it charges a variable fee depending on the transaction type, amount, and region.
- The flat fee is between $0.99 and $2.99, depending on the total transaction amount.
- The variable fee depends on the country and the method of payment. For example, in the U.S., the fee is 3.99% for a credit card payment and 1.5% for a bank transfer. In the UK, the credit card fee is the same, 3.99%, while the bank transfer is free.
Coinbase Deposit limits
Is Coinbase Safe?
- Coinbase recently issued a debit card in the UK, France, Germany, Ireland, Italy, the Netherlands, and Spain. The cost for the card is €5 and allows users to spend funds from their cryptocurrency wallets available on Coinbase. It can be used in anywhere that supports Visa.
- The card has a daily ATM withdrawal limit of €500 and daily use limit of €10,000. The monthly withdrawal limit €20,000, while the yearly limit is €100,000.
- Fees for domestic withdrawal are free for funds up to €200 and 1% after that. The international fees are the same for up to €200 and increase to two percent after.
- Fees for domestic transactions are 0.2 percent, while those for international transactions are 3%.
- Coinbase prioritizes the security of its customer’s funds. All digital currency that Coinbase holds online is insured. If Coinbase were to suffer a breach of its online storage, the insurance policy would cover any funds lost as a result. Coinbase holds less than 2% of its customers’ funds online. The rest is held in offline storage.
| Pros of Coinbase |
Cons of Coinbase |
| ⊕ Responsive customer support |
⊗ Does not support Tether (USDT) |
| ⊕ Wide range of products |
⊗ Complex pricing structure |
| ⊕ Fiat deposits |
|
Click here to get started on Coinbase now!
7) KuCoin
Kucoin is a relatively new exchange. It opened in 2017 and offers its own coin called Kucoin Shares (KCS). Holding KCS offers several benefits to users.
The interface is quite advanced. It offers various indicators and several time-frames that are not present in other exchanges.
The exchange offers conditional orders such as stop limits but not margin trading.
Finally, Kucoin allows listing tokens. It reserves the right to de-list any token if it meets certain criteria with 30 days prior notice.
Kucoin Supported coins
- Kucoin offers close to 200 trading pairs with BTC.
Kucoin Fees
- Fees are based on the prior 30-day trading volume, amount of KCS held, and whether the order is a maker or taker.
- They range from 0.0125 percent to 0.1 percent for market makers and 0.03 percent to 0.1 percent for market takers.
Kucoin Deposits
- Kucoin allows depositing cryptocurrencies, but not fiat currencies. There are no fees for depositing cryptocurrencies.
kucoin Withdrawal limits
- For withdrawing, the fee is 0.0005 for BTC and 0.01 for ETH. A full list of fees is given here. As for the withdrawal limits, they depend on the verification of the account.
- A non-verified account has a withdrawal limit of two BTC in a span of 24-hours. The limit increases to 100 BTC for a verified account, while an institutional account is allowed to withdraw 500 BTC.
Is Kucoin Safe?
- Kucoin offers two-factor authentication. Even though it is still new, it has not had any security issues.
| Pros of Kucoin |
Cons of Kucoin |
| ⊕ 200+ trading pairs |
⊗ Withdrawal limits |
| ⊕ Advanced trading interface |
⊗ Trading fees are not fixed |
| ⊕ Token listings |
|
Click here to get started trading on KuCoin now!
8) CEX
CEX.io is a cryptocurrency exchange established in the UK in 2013 which offers 16 USD and 14 BTC pairs.
You can also use ACH payment without any commission only if you are a resident of the USA.
The trading interface is extremely simple and misses several key indicators.
CEX also allows listing coins and reserves the right to delist any coin with prior notice of 30 days
Fees for trading depend on volume 30 days prior and whether the order is a maker or taker.
For a market maker, fees range from 0-0.16 percent, while for takers they range from 0.1-0.25 percent. CEX does not offer conditional orders. Additionally, margin trading is still in its beta phase.
The exchange allows depositing fiat funds in order to buy cryptocurrency. It has a fixed commission of 2.99 percent for credit card payments.
CEX Deposit limits
The limits for depositing depend on the type of verification on the account. They range from $1000-$10,000 on a daily basis and $3000-$100,000 on a monthly basis. Additionally, Cex.io is available in every country except for Iceland, Vietnam, Afghanistan, Algeria, Bahrain, Iraq, Kuwait, Lebanon, Libya, Nigeria, Oman, Pakistan, Palestine, Qatar, Saudi Arabia, and Yemen.
Editor’s Note: If you want to buy cryptocurrency with fiat, it is recommended to do so on the ‘Trade’ page instead of the homepage. Doing so on the homepage will take a fee of seven percent, even though it only places the order for you instead of you doing it manually.
Is CEX Safe?
- Opening an account is straightforward. In order to verify the account, which greatly enhances your depositing/withdrawal capabilities, you need to send a picture with a government-backed ID and a scanned picture of said ID.
- CEX states that user ID’s and credit card details are stored for at least five years after accounts are deleted.
- CEX claims to use offline cold storage to store users’ funds, although it does not provide additional detail on where or how it undergoes this process. The platform offers two-factor authentication.
- The exchange suffered a hacking incident in 2013 when it was in its infancy. The vulnerability was solved at that time, and there have been no reported security incidents since.
| Pros of CEX |
Cons of CEX |
| ⊕ Simple trading interface |
⊗ Limited range of crypto |
| ⊕ Fast account opening process |
⊗ Deposit limits |
| ⊕ Fiat deposits |
⊗ High card fees |
9) Huobi
Huobi is a Hong Kong-based exchange that opened in 2013.
Huobi possesses a very good community, with its own Telegram channel, Subreddits, and Instagram.
Huobi offers margin trading with leverage up to 5x. The daily interest is 0.1 percent.
The interface offers different time-frames and several indicators. It is both user-friendly for novices and offers more advanced tools for seasoned traders. An interesting feature is that it shows statistics for coins, such as whitepapers and circulating supply.
Huobi Supported coins
Huobi Fees
- For normal users, the fees range from 0.07 percent to 0.18 percent, depending on how much Huobi Coins you have and the previous 30-day volume. For professional users, the fees range from 0.011 percent to 0.07 percent for market makers and 0.022 percent to 0.085 percent for market takers.
- For crypto-fiat trading, the fees are 0 percent for market makers.
- For market takers, the fees are 0.1 percent for BTC and ETH, 0.2 percent for EOS/LTC/XRP and 0.7 percent for others.
- For withdrawals, the fees are quite small. For example, withdrawing BTC has a fee of 0.0005 BTC.
Huobi Withdrawal limits
- The withdrawal limits are 0.1 BTC per day for unverified accounts and 200 BTC per day for verified accounts.
Huobi Deposits
- Huobi allows for the deposit of fiat currency through the Huobi OTC. The fees are fixed at 3.5 percent of the total amount of the transaction with a minimum fee of $10.
- The daily limit for depositing is $20,000 while the monthly limit is $50,000, without regard to whether the account is verified or not.
Is Huobi Safe?
- Huobi Wallet is a cold storage professional multi-chain wallet. Its users have full control over their assets since there are no third parties involved in managing the private keys. Huobi Wallet users have sole control over their own private keys and thus have full control over their assets. ID verification is available, as is two-factor authorization for trades and withdrawals.
- In case a hack happens, Huobi keeps 20,000 BTC stored in order to repay users.
| Pros of Huobi |
Cons of Huobi |
| ⊕ Wide range of cryptos for trading |
⊗ No fiat withdrawals or deposits |
| ⊕ Responsive customer support |
⊗ Complicated registration |
| ⊕ Offers margin trading up to 5x |
|
10) BitMEX
BitMEX is a cryptocurrency exchange opened in 2014, mostly used for leverage trading.
The interface is above average. It offers stop limits, trailing stops, and different types of orders.
It offers margin trading with leverage up to 100x, tied for the most in the exchanges we have analyzed.
BitMEX Fees
- The fees depend on whether you are a market maker or taker. The market maker fee is 0.025 percent while the taker fee is 0.075%. The rolling fee for margin trading is 0.1 percent every eight hours. Finally, there is a 0.05 percent settlement fee.
BitMEX Leverage rates
BitMEX offers different leverage rates for different cryptocurrencies:
- 20x: Ripple (XRP), Bitcoin Cash (BCH), Cardano (ADA), EOS (EOS), Tron (TRX)
- 33x: Litecoin (LTC)
- 50x: Ethereum (ETH)
- 100x: Bitcoin (XBT), Bitcoin-Yen (XBJ), and Bitcoin-Yuan (XBC)
Is BitMEX Safe?
- All of the funds are kept in cold storage. In addition, all of the BitMEX addresses are multisignature. No private keys are kept in cloud storage.
- Finally, every single withdrawal request on BitMEX is audited by at least two BitMEX employees before being sent.
| Pros of BitMEX |
Cons of BitMEX |
| ⊕ Margin trading up to 100x leverage |
⊗ Doesn’t support fiat deposits |
| ⊕ Suitable for advanced traders |
|
| ⊕ Futures and perpetual contracts |
|
Click here to get started on BitMEX now!
11) Bitstamp
Bitstamp is a Bitcoin exchange that was opened in 2011 based in Luxembourg.
Opening an account is quite straightforward. However, you need to verify the account in order to do simple trades. This is in contrast with other exchanges that put limits on deposits/withdrawals but allow you to use your account. In addition to the ID verification, Bitstamp requires proof of residence in one of the countries that are supported.
The exchange does not allow listing coins and does not offer margin trading.
The trading interface offers basic conditional orders, but no trailing stops or other advanced conditional orders.
The chart is basic, offering key indicators but has an unusual feel to it. There is a beta version that is powered by TradingView, which is easy to use and offers a plethora of indicators and drawing tools.
Using a ‘Pro’ account for institutional traders offers an advanced interface, more aggregators, and more indicators.
Bitstamp Deposit & Withdrawal limits
- With a verified account, there are no deposit/withdrawal limits on Bitstamp.
Bitstamp Supported coins
- Bitstamp offers only five trading pairs: BTC, XRP, LTC, ETH, and BCH.
Bitstamp Fees
- The trading fees depend on the previous 30-day volume, ranging from zero percent to 0.5 percent.
- The minimum order size is 25 USD/EUR for USD/EUR-denominated trading pairs, and 0.001 BTC for BTC-denominated trading pairs.
- Bitstamp allows fiat depositing via three methods: Credit card, SEPA, and international wire transfer.
- The credit card fees are fixed at five percent.
- The fee for a wire transfer depend on whether you are depositing or withdrawing. The deposit fee is 0.05 percent while the withdrawal fee is 0.1 percent.
- SEPA has no fee for depositing and a fixed fee of 3 EUR for withdrawals.
- Cryptocurrency deposits are free, while withdrawal fees vary on cryptocurrency.
- The fee for BTC is 0.0005 BTC, XRP is 0.02 XRP, while LTC, ETH, and BCH are 0.001 of the underlying currency.
Is Bitstamp Safe?
- Bitstamp offers a mobile app that has a secure mobile wallet. It also allows sending and receiving cryptocurrencies for free. All of the digital funds are placed in cold storage. Bitstamp has been the victim of hacks in the past, most notably in 2014 and 2015. In the latter instance, 19,000 BTC were stolen.
| Pros of Bitstamp |
Cons of Bitstamp |
| ⊕ Quick account opening |
⊗ KYC required for all trades |
| ⊕ No deposit/withdrawal limits for verified users |
⊗ Trading fees are not fixed |
| ⊕ Fiat deposits |
⊗ High credit card fees |
