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Exchanges are where you buy and sell cryptocurrencies, so they’re an integral part of the market. But no two are alike and it’s worth doing your research before picking one.
Learn more about the differences between exchanges and how to choose, or compare exchanges to see what’s out there.
It’s important to research a wide range of platforms and compare the pros and cons of each option. The best Bitcoin exchange for you depends on what you’re looking for.
Consider the following factors when comparing crypto exchanges.
For the sake of our example, let’s assume that you have INR10,000 that you want to use to buy Bitcoin.
You’ll need to deposit funds on your cryptocurrency exchange, or otherwise make a transfer. Bitcoin exchanges accept all sorts of deposit methods, including the following:
The payment types accepted will vary between exchanges though, so it’s worth checking to ensure your preferred payment method is supported before signing up.
The term “exchange” can be used to refer to a variety of cryptocurrency brokers, trading platforms and other services. Different types of exchange are often more geared towards beginners or experienced users.
Cryptocurrency is held in digital wallets. Some exchanges will give you your own wallet, which lets you hold cryptocurrency in your exchange account and then transfer it anywhere as desired, while others will require you to have your own wallet at the time of purchase.
However, using an exchange for long-term storage is not recommended. As the exchange controls the private key to your wallet, you don’t have total control of your funds. And with exchanges regularly (and sometimes successfully) targeted by hackers, storing crypto on an exchange long-term is very risky.
Not all crypto exchanges are created equal, and not all crypto buyers and sellers have the same trading needs. The best exchange for one person might not necessarily be the right choice for someone else, so it’s essential that you do your own research.
Check out our reviews on a range of leading cryptocurrency exchanges in India and around the world. Compare the features, fees and pros and cons of each Bitcoin exchange and consider how they align with your trading requirements.
No. The list of currencies available varies widely from one exchange to the next. Some Bitcoin exchanges will only offer Bitcoin or a select few currencies while others support hundreds, but there’s no guarantee that all the cryptos you want to buy and sell will be available on any one platform.
While regulators are gradually implementing laws and guidelines to help protect consumers against fraud, there are still plenty of dodgy exchange operators out there. Falling victim to theft is a major concern for any crypto buyer.
Read our guide to cryptocurrency scams for a checklist to help you avoid falling victim to fake or disreputable exchanges.
You may want to consider using the services of an over-the-counter (OTC) broker in order to avoid slippage. Check out our guide to OTC services for more details.
Exchanges in India and several other countries are subject to anti-money laundering and counter-terrorism financing (AML/CTF) regulations. In order to comply with these regulations, exchange operators must gather certain details about their customers – which is why you may be asked to provide proof of ID. This process is typically referred to as “know your customer” or KYC.
Trade cryptocurrency, derivatives and speculate on stocks with this fully-featured exchange created “by traders, for traders”.
Kraken is a reputable bitcoin and altcoin exchange that is designed with the advanced trader in mind.
Check out our complete review of Coinbase to see if it’s safe, weigh up pros and cons, compare fees and learn what you can do on it beyond simply buying cryptocurrency.
If you’re thinking of trading cryptocurrency and CFDs on eToro, make sure you check out our comprehensive eToro review first.
Binance is the world’s biggest cryptocurrency exchange by volume. Here’s how to get started using it.
Learn more about the Crypto.com platform in our complete review.
If you want to know more about the features, fees and pros and cons of the DDEX cryptocurrency exchange, check out this comprehensive review.
A comprehensive review of Uphold, the cloud-based financial services platform where you can hold, move, convert and transact in fiat currency, cryptocurrency and even commodities.
Check out this comprehensive guide to the deposit, withdrawal and trading fees charged by crypto exchanges.
What are the pros, cons and headlining features of the Gate.io cryptocurrency exchange? Find out in this comprehensive review.
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