Top 5 Crypto Exchanges of 2021. Overview of The Market Leaders

The crypto market is evolving rapidly in large part thanks to the gradual development and evolution of crypto exchanges that are offering extensive functionalities for users. The following is an overview of the Top 5 most popular crypto exchanges in 2021

Kraken

The platform was officially launched in 2013. It has since become a popular cryptocurrency exchange with around $800 million traded on the platform every day ranking as the first in EUR/BTC pair trading.

Kraken offers trading of BTC and numerous altcoins also presented as tradable assets. The platform’s leverage can range from 1:2 to 1:5 for some instruments. Trading without leverage requires paying a commission which ranges from 0.01% to 0.02% from instrument to instrument.

A trading fee of 0% to 0.16% for makers and from 0.1% to 0.26% for takers is traditionally charged depending on trade volumes concluded over a period of a calendar month. The commissions charged are market standard and do not deviate from the norm, making them acceptable for traders.

The TradingView interface is used for chart building and there is a mobile application for iOS users. Fiat funds can be transferred to user accounts on the exchange only by bank transfer with traditional payment methods such as bank cards. Cryptocurrencies can also be used to fund accounts.

There are 4 levels of verification available on Kraken and the first two levels can be achieved quickly while higher tiers take longer:

  • Tier 1 allows users to transfer or withdraw digital currencies and get the chance of withdrawing as much as $2,500 daily, or a maximum of $20,000 monthly in equivalent. The filling of personal profile information is sufficient to pass Tier 1.
  • Tier 2 gives users deposit and withdrawals of up to $2,000 daily and $10,000 monthly with connection to accounts with a European bank. Cryptocurrency transfer limits are $5,000 daily and $50,000 monthly.
  • Tier 3 requires users to provide an identity document and proof of residence specified in Tier 2. Deposit and withdrawal in fiat is $25,000 per day and $200,000 per month, or $50,000 per day and $200,000 a month in cryptocurrencies.
  • Tier 4 requires contacting support for raising limits to $100,000 per day and $500,000 per month for depositing and withdrawing fiat and withdrawing cryptocurrencies.

Kraken is considered to be a secure platform with numerous additional protection features that include 2FA and other layers. The platform offers an excellent interface, convenient trading tools, suitable for both market novices and traders with experience.

The platform also provides the ability to work with fiat, making it versatile with its good withdrawal limits and standard commissions that are on par with market levels.

You can register to start making money on cryptocurrency exchanges here.

 

BitMEX

BitMEX is a highly liquid and popular exchange operating on the global market, offering users low trading commissions and acceptable minimum deposits. Its daily trade volume stands at about $3 billion.

Registration on BitMEX is straightforward and should be standard for anyone with experience. Users are required to be of legal age for trading, provide an email address, and prove that they are not United States residents, otherwise legal restrictions may arise.

Many users consider the interface to be cumbersome and inconvenient for novices, but it still has numerous features and functions allowing users to freely change widgets, depending on their preferences. A drawback is the lack of a mobile application.

In addition to a standard package of spreads and diverse fees for various operations, BitMEX grants 100:1 leverage for some cryptocurrencies. The market maker commission, taker commission and settlement commissions for all cryptocurrencies amount to about 0.25%, 0.075% and 0.05% respectively.

Tezos and Zcash are exceptions to the given rule, since no market maker fee is provided. However, a considerably higher taker fee and settlement fee of 0.25% are charged. Hidden and iceberg orders are also be charged on BitMEX at a higher rate.

BitMEX guarantees the safety of trading with numerous layers of security and protection features, providing a high degree of customizability and direct chats with other users. But despite the advantages, the platform has several disadvantages. The lack of mobile application, a cumbersome interface, and a limited number of daily withdrawals to name but a few.

BitMEX is a proven and operational exchange platform for experienced users who value classic approaches to trading and are not particularly demanding in terms of functionality or withdrawal amounts.

You can register to start making money on cryptocurrency exchanges here.

Poloniex

Poloniex is a rather popular exchange that was founded in 2014. The platform hosts numerous cryptocurrencies and spots one of the highest volumes of Bitcoin trade on the market, standing at about $262 million.

In March of 2014, Poloniex suffered a major hacker attack. The hack resulted in the theft of around 12% of all Bitcoin assets stored on the exchange’s accounts. The platform offers a large number of cryptocurrency pairs, allowing experienced traders to create portfolios and trade using a variety of strategies.

Registration on Poloniex is simple with sign-in via social media. As with other online trading platforms, new users must go through a two-step verification system. Passing the first stage limits withdrawals to $2,000 per day. After providing additional personal information, such as ID and residence address, the withdrawal limit is increased to $25,000. To further increase the limit, users need to contact the exchange support service.

Poloniex has no support for fiat and pegs its US dollar exchange rate to USDT, allowing for some deviations in times of heightened market volatility. Another serious disadvantage is the lack of a mobile application. The platform has a cumbersome user interface and works slowly.

The platform has also been repeatedly accused of fraud related to manipulating cryptocurrency rates. In addition, the exchange is often subjected to DDoS attacks, and its users may receive phishing emails.

Nevertheless, Poloniex continues to be popular among cryptocurrency traders for its broad range of offered assets that include ZCash, BTC, ETH and many others. The maximum leverage is 1: 2.5, with fees varying from 0 to 0.25%, depending on the trader’s volume over the last 30 days and their role. The set of functions provided is sufficient for average traders, but more advanced users will find them lacking. Though standard strategies and instruments are provided.

There are 3 levels of accounts on Poloniex. The first level requires users to confirm their email, and provide their first or last name, and country of residence, allowing them to withdraw up to $2,000 per day in equivalent. The second level requires full filling of profile and contact details, as well as a scan of an identity document and a selfie.

The requirements for the third level of verification are not specified on the site and will require users to contact support for increasing withdrawal levels. Verification is voluntary if users do not withdraw more than $2,000 per day. However, the site reserves the right to require users to verify their identities of transactions are considered suspicious.

Overall, Poloniex is a reliable exchange for average users seeking a large variety of traded assets.

You can register to start making money on cryptocurrency exchanges here.

Binance

Founded in 2017 by blockchain developer Changpeng Zhao, Binance is one of the market leaders in terms of liquidity. It offers users almost 600 trading pairs including fiat for conducting transactions with a variety of popular crypto assets. In addition to standard exchange analysis, Binance offers tools for margin and futures trading. Its daily trading volume is around $11 billion.

The low commissions Binance boasts are its main selling points along with the ability it gives users to buy cryptocurrencies using standard fiat currencies. A multi-level account protection system, lack of mandatory verification and a user-friendly, intuitive and relatively simple interface with support for 6 languages, ​and round the clock customer support are also among its advantages.

Before being given the opportunity to trade, all users have to pass a three-stage verification process, which requires them to connect their mobile phone number or use Google verification. The first level allows users to withdraw no more than 2 Bitcoins per day.

Users can increase the withdrawal limit to 100 BTC daily after passing the next stage of verification by providing passport scans and a sample signature, or legal information if trading is conducted on behalf of a company. The third level is personal and requires contact with the support service.

Binance attracts traders with low trading commissions, which are 0.1% - makers and takers included equally. Marker discounts of up to 0.015% and 0.03% for takers are provided for large traders. But such generosity depends on monthly trade volumes in BTC.

Binance provides extremely fast order closing and high liquidity as significant advantages. A relative disadvantage is the lack of support for classic currencies, but the platform is an excellent trading channel for beginners and advanced users, as no commissions are charged for depositing funds.

A world-class system of security layers and a rather generous program of user rewards are also granted to users for bug hunts and reports of system vulnerabilities. The system’s referral system is another bonus that can bring in additional income at 20% to 40% from each referral’s transaction, and Binance sets no vertical limits on the number of users invited.

Overall, Binance is highly recommended as a go-to platform for novice and seasoned traders who seek and value convenience and functionality in the interface cluster along with low commissions and a good selection of listed assets offered for trade.

You can register to start making money on cryptocurrency exchanges here.

Huobi

Huobi Global Exchange is a Chinese centralized platform founded in 2013. The platform comes in mobile and web versions, occupying a top place in terms of trading volume reaching over $2 billion daily.

The website allows users from more than 130 countries to register and offers high-quality multi-language support. The exchange is designed to manage cryptocurrency assets via a standard set of trading instruments that include OTC, spot trading, futures, margin trading, and leveraged trading specific to each currency.

The platform is intended for institutional investors with large volumes of trade within the legal framework. Huobi offers 10 top 10 cryptocurrencies and works with fiat via supported payment methods that include bank cards, Western Union, and e-wallets. Huobi Global currently trades 286 coins. Over 770 trading pairs are also offered to users as standard.

Identity verification is not required for using the platform, but it can expand withdrawal limits and give users broader opportunities of using more functions offered by the platform. Huobi Global includes a number of fund management options and provides three investment strategies with different levels of risk and profitability along with savings options. A new Savings Pool option is also offered for DeFi tokens with profitable farming of new and promising tokens.

Deposit minimums on the platform as set from 0.001 BTC. Withdrawals are rather straightforward and the commission is indicated instantly with quick transfer ensuing. The minimum withdrawal amount is also 0.001 BTC.

Huobi is a mainstay of the crypto exchange market and offers a solid variety of options for experienced and average users seeking investments with acceptable levels of commissions standing at 0.20% for both takers and makers.

You can register to start making money on cryptocurrency exchanges here.

Conclusion

The abundance of exchanges on the market makes selecting the perfect one a pure matter of personal choice, which will depend largely on the experience of the user and their preferences regarding convenience, volumes of trade, the selection of assets available for trade and interface functionality.

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CoinShark is not responsible for any content, accuracy, quality, advertising, products or other content posted on the site. The review is for informational purposes only and reflects only the opinion of the author. Users should do their own research before taking any action.

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