The crypto industry has been on a roll in 2024, with the price of Bitcoin and other digital currencies surging since the beginning of the year.
As such, traders are eager to return to the crypto markets, looking to get in on what many believe could be the start of another big bull run that leads to steep gains. For most people, centralized cryptocurrency exchanges remain the primary gateway to the world of digital assets, serving as their principal platforms for buying and selling tokens such as Bitcoin, Ether, Solana, Tether and USDT, among many others.
But when it comes to choosing a cryptocurrency exchange, new users especially may feel a little daunted with the overwhelming number of platforms on offer. Factors to consider include the exchange’s reputation, security and fees, and also the choice of tokens they list, the advance trading features they offer, and the level of customer service.
Every CEX platform differs and it can be helpful to break down the available choices into categories that matter the most to different users.
When it comes to getting started in trading crypto for the first time, few platforms make it easier than Coinbase, which boasts one of the simplest and most streamlined user interfaces of any exchange in the business.
What’s more, its website oozes with tons of useful educational resources that explain virtually every aspect of both crypto, and also the wider Web3 industry.
If you’ve heard of crypto, you’ve probably also come across the name Coinbase. The exchange has grown to become the number one platform for U.S. traders, primarily because it does a fantastic job of smoothing the path for new users. It offers an easy onboarding process that makes it possible to get started buying and selling digital assets in a matter of minutes, and its actual trading platform is by far and away one of the easiest to navigate, with regular hints and tips popping up to explain the various features and tools available to traders.
As mentioned, Coinbase also excels in terms of education, with its comprehensive and easily accessible library of resources that can teach users about specific assets, strategies for trading and so on. What’s more, users are actually incentivized to read through these educational materials and learn about how crypto works with the prospect of small crypto rewards.
We should also mention Coinbase’s top-notch account security, with a choice of four kinds of two-factor authentication available, and the ability for users to keep their funds in a vault with time-delayed withdrawals, so no one can hack their account to swipe their money, even if they somehow manage to log in to the user’s account. It boasts a wide range of cryptocurrencies available for trading too, but if there’s one disadvantage, it’s that Coinbase’s fees tend to be a little higher than other platforms.
Although it’s a relative newcomer to the crypto trading scene, MultiBank.io has a strong reputation, having established its brand in traditional finance, where it’s held in high regard as one of the best derivatives trading platforms.
MultiBank offers access to more than 90 crypto pairs and can handle an impressive 9 million trades per second, and its streamlined yet simple UI makes it an ideal choice for both beginners and more experienced traders.
Other notable features include its low fees and its industry-leading 125:1 leverage on select tokens, including BTC and ETH. It supports a wide range of fiat payment methods too.
But by far and away, the best thing about MultiBank is the level of trust and reassurance it provides to users. It makes a lot of noise about being one of the most heavily regulated CEX platforms in the industry. It’s licensed by reputable financial regulators in 11 countries spanning all five continents, and it has a proud reputation for trustworthiness due to its roots in traditional finance. Users can trust that MultiBank intends to protect that reputation by going above and beyond what many other platforms do to secure their user’s funds.
The level of trust offered by MultiBank makes it an ideal platform for investors who want to spread their bets into traditional financial markets. Diversification is key to building wealth, and MultiBank provides a one-stop shop for trading assets ranging from crypto to forex, commodities to stocks, and indices to bonds, all in one platform.
Launching in 2024, Boxwind is a new cryptocurrency exchange that’s aiming to cast a wide net, with a particular focus on traders in emerging markets such as Africa, Asia and South America. Its platform is tailored to suit both new and professional traders, and like MultiBank, it has a strong reputation for excellence that stems from its roots in the traditional financial asset markets.
Boxwind’s parent company is Exinity Group, which operates the well-known stock exchange and commodities trading platforms Alpari and FXTM. With Boxwind, Exinity intends to bring digital asset trading capabilities to users of those platforms, and others in emerging markets that more established CEXs have traditionally tended to ignore.
What sets Boxwind apart is its incredible customer support services, with each user having 24/7 access to human agents that can advise them in an instant for any particular issue they might have. The idea is that by providing such a strong level of support, users will be able to deal with any issues they have immediately, so they don’t have to wait and potentially miss out on good trading conditions.
The Boxwind platform itself provides an extensive range of trading services and capabilities, with instant spot trading and more advanced kinds of trades, such as leverage, plus the secure storage of user’s assets and a simplified onboarding process, with assistance on hand every step of the way.
It’s an ideal crypto trading venue for those who are new to the cryptocurrency industry, as they get the reassurance of knowing that they only have to click a button and they’ll be able to talk directly to a helpful human, no matter what their problem is. This extreme level of customer support should also appeal to more experienced users, enabling everyone to trade with greater confidence.
Trading fees are a big consideration for every trader, and all the more so if you’re engaged in high volume trades looking to make razor-thin profits by taking advantage of the constant volatility of crypto asset prices.
While many CEX platforms claim to offer low fees, many will instead make their money by imposing significantly higher withdrawal and transfer fees on their customers. But Bitstamp is different.
Bitstamp offers incredibly low withdrawal fees on every customer account, with ACH transfers being completely free of charge. What’s more, its maker/taker fee structure is one of the most competitive we’ve found, with users being charged 0.40% and 0.30% for most assets. These are just about the lowest in the industry, and far below the industry average. As an example, users with a trading volume of less than $10,000 on Coinbase will incur maker and taker fees of 0.60% and 0.40%, respectively.
What’s more, Bitstamp eliminates its trading fees entirely for users who have a 30-day trading volume of less than $1,000, which makes it basically free to use for those only looking to buy and sell small amounts of crypto.
There is a price to pay for these lower fees, however, as Bitstamp only offers trading pairs for BTC and its native token BSQ, which means users must hold one of those tokens for trading purposes.
Bitstamps also happens to be one of the most instantly recognizable names in the CEX world, boasting a long history of operating securely and transparently. It was founded way back in 2009, just months after Bitcoin burst onto the scene, and it was also the first CEX in the industry to acquire an EU payment institution license. In addition, it is licensed by the New York Department of Financial Services.
Other features include a wide selection of cryptocurrencies, support for various fiat currencies, and short and simple verification process.
When it comes to automation, few platforms can compare with Pionex, which offers access to a range of easy-to-use trading bots that allow users to keep track of the markets 24/7.
Automated trading is a necessary feature for experienced traders, because the crypto market never sleeps, and they can miss out on some big profit-making opportunities when they take their eyes off the ball.
This is the audience that Singapore-based Pionex caters too, with a selection of 16 automated trading bots that anyone can leverage to execute a variety of trades on their behalf. While it does take a bit of know-how to set up those bots, it’s well worth doing so, as most traders will come to understand as they gain experience of how the crypto markets work.
Its trading bots can perform various functions, such as creating an index and rebalancing user’s portfolios automatically, based on that index, or buying at dollar-cost average for a one-time sell-off. They also help to facilitate a wide range of common strategies for buying low and selling high. What’s more, Pionex keeps it simple, with a series of educational videos that explain how each bot works, and how traders can quickly set them up to act on their behalf. In addition, users can also request a one-to-one session with a customer support representative for some hands-on instruction.
Notably, Pionex is also one of the few cryptocurrency trading platforms that’s regulated by both the U.S. SEC and FINRA (Financial Industry Regulatory Authority), and it also offers access to markets such as fractional stock investing, plus social trading features.
There are some downsides to Pionex. For instance, its technical charts are somewhat less insightful than those found on other platforms, and there have been multiple reports of long waiting times for fiat and crypto withdrawals.
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Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.