In this article we will take a closer look at the 10 best cryptocurrency exchanges in 2020.
The last decade has been a great one for Bitcoin and other cryptocurrencies in general. Aside from witnessing the launch of over three thousand new cryptocurrencies, we have also seen an unprecedented increase in the value of these cryptos.
The launch of cryptocurrencies, in general, has led to the development of a plethora of other service apps and companies. One of these service apps is “Cryptocurrency Exchanges”. Basically, cryptocurrency exchanges are platforms or third-party applications that allow potential crypto investors to either buy, sell, or trade their cryptocurrencies. This exchange could either be from crypto to crypto or from fiat to crypto.
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With an increasing number of these crypto exchanges being developed today, most potential crypto investors have had trouble picking out the best exchange to make use of. This is why we have taken it upon ourselves to make a list of some of the best cryptocurrency and Bitcoin exchanges of 2020. Bear in mind that this list has been compiled after extensive research and is based on a number of criteria that include but are definitely not limited to the following;
- Trading volume
- The transaction speed
- The transaction fees charged
- Number of supported coins
- Multiple payment methods
In our rankings below for the 10 best cryptocurrency exchanges of 2020, each cryptocurrency exchange we listed scores for each criterion and then calculated the total score. That’s why there is a little bit subjectivity in our rankings. If you don’t agree with some of the scores, please leave a comment at the bottom of this article. Here are the best cryptocurrency exchanges of 2020:
10. KuCoin
Trading Volume: 2
Transaction Speed: 5
Transaction Fees: 5
Supported Coins: 5
Payment Methods: 1
Total Score: 18
Designed with a modern outlook and backed by a secure platform, this Hong Kong-based exchange is known for distributing 50% of the total revenue received to holders of KuCoin Shares – the native coin of the platform.
KuCoin supports the trading of over 70 cryptocurrencies and this makes it one of the very best. With a trading volume of $53.6 million, KuCoin charges low transaction fees.
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9. BitStamp
Trading Volume: 3
Transaction Speed: 6
Transaction Fees: 4
Supported Coins: 3
Payment Methods: 2
Total Score: 18
With its headquarters located in Slovenia and branches in other parts of the world, BitStamp has cemented its place as one of the best exchanges because of its low transaction fee principle. For international transfers and withdrawals, BitStamp charges 0.05% and 0.09% respectively.
BitStamp supports the purchase of cryptos through a number of payment options and this makes it one of the best. Additionally, it supports the trading, buying, and selling of over 10 different cryptos. BitStamp has been designed to be easy to use, which makes it one of the best exchanges for beginners.
With a trading volume of $89.1 million, there is still more room for improvement in the years to come.
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8. Bittrex
Trading Volume: 2.5
Transaction Speed: 6
Transaction Fees: 4
Supported Coins: 7
Payment Methods: 3
Total Score: 22.5
Based in the United States and with the security of coins as its priority, Bittrex has managed to find itself in this list and the reason for that is not far fetched. The United States pays close attention to security and that is why Bittrex is one of the most secure exchanges out there. Additionally, this crypto exchange supports the trading of over 190 cryptocurrencies with over 284 unique pairings.
Built using elastic computing, Bittrex is capable of processing transactions as fast as possible. With a trading volume of $61.2 million, Bittrex has been designed for both advanced and amateur investors.
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7. Kraken
Trading Volume: 4.8
Transaction Speed: 5
Transaction Fees: 7
Supported Coins: 3.5
Payment Methods: 3.5
Total Score: 23.8
Launched in 2011, Kraken has managed to make it one of the biggest Bitcoin exchanges of 2020. Unlike most of the other exchanges, Kraken has the largest fiat currency exchange pair and it is currently in partnership with the pioneer crypto bank in the world.
With a trading volume of over $160 million, Kraken has a maker and a taker fee of 0% to 0.26%. It currently supports the purchase of over 17 different cryptocurrencies and most of them include the top cryptos in the market. It is an ideal platform for advanced traders and beginners alike.
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6. Bitfinex
Trading Volume: 4
Transaction Speed: 5
Transaction Fees: 5
Supported Coins: 4.5
Payment Methods: 6
Total Score: 24.5
Launched in 2012 and based in Hong Kong, Bitfinex happens to be the crypto exchange with the most liquid order, thus, allowing minimal slippage and easy exchange of cryptos. In addition to offering you an opportunity to buy and sell cryptocurrencies, Bitfinex offers advanced traders the opportunity to trade and leverage up to 3 times of their funds.
Bitfinex offers advanced and amateur users the opportunity to set it up according to their preference. It supports the buying and selling of over 27 cryptocurrencies and it currently has a trading volume of $149 million. Some of the core benefits of Bitfinex include; unlimited withdrawals, multiple payment options for investors, and an in-house mobile application.
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5. Huobi
Trading Volume: 6
Transaction Speed: 5
Transaction Fees: 7
Supported Coins: 7
Payment Methods: 4
Total Score: 29
This is another of the best cryptocurrency exchanges of 2020 that does not have its headquarters in the United States. Launched in China, Huobi boasts of supporting over 250 cryptocurrencies. Like the Coinbase Pro exchange, Huobi has two versions – Huobi Pro (designed specifically for advanced traders) and Huobi OTC (designed for everyone and offers you the opportunity to exchange cryptos for fiat at zero charges).
With a trading volume of over $911 million, Huobi is one of the best Bitcoin and altcoin exchange in the world right now. Aside from being an advanced platform, it has an active customer care service team ready to help users irrespective of where they are in the world.
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4. OKEx
Trading Volume: 7
Transaction Speed: 5
Transaction Fees: 7
Supported Coins: 6
Payment Methods: 6
Total Score: 31
With its headquarters in Hong Kong, OKEx currently one of the most popular cryptocurrency exchanges of 2020. Supporting the trading of over 145 coins, this crypto exchange has its native coin – OKB.
With a maker and a taker fee of 0.02, OKEx has a fair daily trading volume which is not far off behind some of the other exchanges mentioned above. It currently has a trading volume of $1.3 billion and is referred to as one of the most trusted global crypto exchanges. One core benefit of OKEx is that it supports short selling and margin selling.
While this crypto exchange is not available to US traders, it is open to use for investors in other parts of the world.
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3. BitMex
Trading Volume: 9
Transaction Speed: 7
Transaction Fees: 7
Supported Coins: 5
Payment Methods: 5.5
Total Score: 33.5
Otherwise referred to as Bitcoin Mercantile Exchange, BitMex is one of the premier Bitcoin exchanges in the world, thus making it one of the best cryptocurrency exchanges of 2020. As the name implies, BitMex is a Bitcoin exchange and trading platform. While it is unverified, there are reports that suggest that BitMex has managed to record a $2 billion Bitcoin transaction in 24 hours.
While being a Bitcoin exchange, BitMex supports the trading and sale of other cryptocurrencies like Ethereum, Cardano, EOS, Litecoin, Bitcoin Cash, etc. Surprisingly, BitMex has a trading volume of over $3 billion. One core benefit of this exchange platform is that it affords users the opportunity to leverage future contracts on the platform.
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2. Coinbase Pro
Trading Volume: 5.5
Transaction Speed: 8
Transaction Fees: 8
Supported Coins: 6
Payment Methods: 8
Total Score: 35.5
Founded in 2012 with its headquarters in San Francisco, Coinbase is one of the oldest cryptocurrency exchanges in the world. Coinbase, unlike most of the other crypto exchanges, offers users fast deposit and withdrawal, competitive fees, advanced trading features, as well as multiple deposit options.
With a trading volume of over $217 million, Coinbase Pro supports the trading of over 30 different cryptocurrencies. One of the core benefits of this Bitcoin exchange is that it is fully regulated by the United States.
While this crypto exchange has a number of advanced features, it is not an ideal platform for beginners. It has an advanced user-interface which may make it difficult for beginners to navigate and make purchases.
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1. Binance
Trading Volume: 8.5
Transaction Speed: 7
Transaction Fees: 7
Supported Coins: 7
Payment Methods: 6
Total Score: 35.5
Topping the list of 10 best cryptocurrency exchanges of 2020 as the biggest Bitcoin exchange in the world at the moment, Binance operates like an ecosystem that comprises a wallet, lab, exchange, clarity info, etc. In addition to being an advanced crypto exchange, Binance has a native coin Binance Coin (BNB). According to the official website, users on the platform that buy with this coin receive a discount when the transactions are crypto to crypto.
Currently, Binance supports the trading of over 130 coins and it is one of the best exchanges to buy crypto from at the moment. Aside from having a functioning website, Binance also has an application that is both functional and user-friendly. With a trading volume of over $1.7 billion, users will only have to pay 0.1% of their total transaction cost as a transaction fee. One core benefit of this crypto exchange is that it has two trading versions – advanced and basic interface.
While there are a number of these cryptocurrency exchanges in the market at the moment, we have made a list of the best exchanges of 2020. As clearly mentioned, these exchanges all offer different features, so it is best for you to pick one that fits your needs.
See also 11 easiest mining software for beginners and top 10 cryptocurrency experts to follow on social media.
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This article is originally published at Insider Monkey.