(Pocket-lint) – Finding crypto exchanges to purchase Bitcoin is extremely easy and simple. Due to the popularity of Bitcoin, there are innumerable cryptocurrency exchanges that offer BTC. In fact, it is possible to buy Bitcoin without even going to a crypto exchange. For example, users can easily purchase both Bitcoin and Bitcoin Cash using PayPal.
Users into altcoin trading, however, will find it difficult to decide which is the best altcoin exchange. As such, here you’ll find ranked the top 7 altcoin exchanges that not only offer high-quality services but are also trusted by almost all crypto enthusiasts.
Disclosure: The owners of this content may be paid to recommend the following companies. The content on this page, including any positive views of Binance and others, may not be neutral or independent. This article does not constitute financial advice.
When it comes to cryptocurrency exchanges, there is none that is more well-known and trusted than Binance. As such, it should be no surprise that Binance is the best altcoin exchange out there. The simple reason that it is better than all the other cryptocurrency exchanges is that it offers almost everything that a crypto user could need.
Purchasing and Trading Crypto on Binance
Binance is a centralized exchange that offers some of the highest numbers of cryptocurrency trading pairs. There are options to purchase cryptocurrency with a bank account through a bank transfer (among hundreds of other methods).
It is also possible to purchase crypto through a credit or debit card. users can also apply for a crypto-based card, which they can use to spend the balance in their account.
Advanced traders will find themselves to be right at home on Binance. Everything from margin trading, futures trading, and retail investor accounts is available on the platform. Whether users are trading CFDs or looking to hold crypto assets for the long term, Binance will get the job done.
The one problem with Binance is that the trading fees are nothing special. While the fee structure is extremely complicated, users should expect to pay the market average when it comes to transaction fees.
Users that do not have a need for advanced features may find that they can save on transaction fees by not using Binance. However, there are numerous ways to reduce the trading fees on the cryptocurrency exchange. For example, having a high daily trading volume will allow users to save a lot on trading costs.
Top Binance Features
Binance is considered to be the best crypto exchange by many people. The simple reason for this is the massive number of features that it offers. As such, Binance is a great platform for someone that wants to maximize the use of digital assets and currencies. Here is a list that summarizes some of the top benefits of using Binance.
- As a global exchange, Binance is available in more jurisdictions than most other crypto exchanges.
- The vast majority of the popular altcoins are available on Binance (and some not-so-popular ones are available too).
- Ideal for active trading, as the number of assets and digital currencies available, can be matched by only a few exchanges.
- Over 100 payment methods to buy and sell crypto, with the option of bank transfers and wire transfer available in most countries.
- A brilliant (albeit slightly buggy) mobile app that can be used to do everything that users would normally do on their desktop.
- Trusted and extremely reputable as it is the world’s largest exchange.
- Ability to spend crypto without paying any fee, apply for loans using crypto as collateral, and invest altcoins to earn interest.
A lot of smaller crypto exchanges try to focus on one thing or one area (e.g., offering a lot of trading pairs or very low trading fees). KuCoin, on the other hand, is best thought of like a mini Binance. While it is a lot smaller than many of the other best crypto exchanges for altcoins, it makes up for it by offering a lot of services and features.
Purchasing and Trading Crypto on KuCoin
Just like Binance, KuCoin allows users to purchase crypto for fiat currency through a credit or debit card. There are also P2P methods and third-party options available. However, whereas Binance has over 100 payment methods for P2P crypto purchases, KuCoin only has around 20.
Users will not have any problems trading altcoins on the exchange. This is because the trading platform is as advanced as the one found on the leading exchanges. With constant access to real-time market data, even advanced traders will find KuCoin to be a crypto exchange that they can easily use.
While the number of fiat currencies supported on KuCoin pales in comparison to other exchanges, users will find a really high number of altcoins here. That said, certain features are not there or are lacking in quality, such as retail investor accounts.
Just like any other cryptocurrency exchange, the fees on KuCoin can be reduced by increasing trading volume and by taking certain steps (e.g., using the proprietary coin to pay fees).
Overall, other platforms have higher fees when compared to KuCoin. This is especially true for users that trade cryptocurrency in large volumes, as KuCoin offers very high discounts for such traders.
Top KuCoin Features
KuCoin is quite similar to Binance in its feature set. However, there are certain things that make KuCoin stand out. Here is a small list:
- Multiple ways to purchase crypto, including bank transfer.
- As a leading cryptocurrency exchange, KuCoin is quick to adopt new features and developments in the world of crypto.
- The exchange fee is much lower compared to many of the other major exchanges.
- Multiple ways of setting up a trading operation in the crypto market, including an automated trading bot.
- Lots of ways to earn rewards, including regular promotions and a lucky raffle.
- All of the major DeFi features are present, although they lack in terms of depth compared to some other cryptocurrency exchanges.
- Options for derivatives, margin trading, and spot trading work flawlessly due to a superb trading platform.
Bybit is a name that is quite common on lists of the best crypto exchanges. Bybit is a global exchange that not only offers a competent trading platform but is also a hub for decentralized finance.
While KuCoin can be considered a great altcoin exchange for traders, Bybit is ideal for people who are more into the DeFi side of crypto.
Purchasing and Trading Crypto on Bybit
Bybit is lacking in the number of payment methods that can be used to purchase cryptocurrency. While the standard options of using a credit or debit card and P2P (like bank transfer) are present, other cryptocurrency exchanges allow for a lot more.
That said, Bybit is still quite suitable for altcoin trading. The trading platform is not as advanced as the one on KuCoin or Binance, but it gets the job done. In fact, Bybit may be one of the most beginner-friendly exchanges out there.
Of course, DeFi is where Bybit truly excels. Users can access everything from staking to dual-asset mining, buy and sell NFTs, and earn rewards from their exchange account. Unlike most crypto exchanges, retail investor accounts will also find a lot of services to manage their market risk.
It is no surprise that just like any other cryptocurrency exchange, the fees on Bybit vary. However, Bybit may be the best cryptocurrency exchange in terms of the discounts it offers. Traders who are market makers will find the fee structure on Bybit to be better than almost any other cryptocurrency exchange.
When it comes to futures trading, market makers can actually enjoy negative fees, meaning a rebate on every trade. Of course, certain conditions need to be met in order to achieve this. However, when it comes to trading cryptocurrency, Bybit is matched by a few in terms of low fees.
Top Bybit Features
It is safe to consider Bybit as one of the best cryptocurrency exchanges. Here is a list summarizing why:
- A lot of altcoins are available and can be purchased for fiat currency with ease.
- Has one of the best fee structures for market makers from all the exchanges.
- Ideal for DeFi, with numerous ways for users to invest their crypto.
- Has a vibrant NFT marketplace.
- Has a mobile app that works better than the apps of most exchanges.
- Bybit is considered to be amongst the top reputable exchanges and is a platform that users can generally trust.
No list of the best altcoin exchanges would be complete without FTX. The FTX exchange focuses heavily on trading and has numerous features that allow for advanced trading.
What’s surprising is that despite its small size, FTX is able to support a really high number of altcoins. This makes it ideal for crypto enthusiasts looking for the best crypto exchange to aggressively trade altcoins.
Purchasing and Trading Crypto on FTX
FTX is not an exchange that is huge on offering a lot of payment methods. There are only a select number of fiat currencies supported, and even fewer have the option of using a bank account to purchase crypto.
Users do have the option of paying for crypto through a wire transfer, an option missing on many of the best crypto exchanges. And once users get to trading, there is simply no match for FTX in terms of the features offered.
While the fees on FTX are nothing special, they are not bad either. FTX tries to prioritize users that trade a lot. As such, it offers a lot of discounts for users with a high monthly trading volume. On top of that, traders can stake FTT (the proprietary token for FTX) in their exchange account for additional discounts.
Just like Bybit and many other cryptocurrency exchanges, users can use maker orders to avoid paying higher fees. However, users cannot get a rebate on FTX, as the lowest fee for markers is 0%.
Top FTX Features
Here is a list of the features that make FTX one of the best cryptocurrency exchanges for altcoins:
- The exchange has lots of options for advanced trading, including a quant zone where traders can set up automated strategies.
- While the exchange focuses heavily on trading, all the basic DeFi features such as crypto loans and staking are present.
- The crypto exchange also has an NFT marketplace, although it is not as active as some of the others on this list.
- The best crypto exchange when it comes to margin trading, derivatives, and advanced trading.
- Expert traders can take part in trading competitions to win prizes.
Coinbase is a crypto exchange that needs no introduction. It allows you to buy and sell digital currencies, engage in the DeFi side of crypto, and trade.
Coinbase is considered to be one of the most complete cryptocurrency exchanges in the world. As such, the only reason it is so low on this list is the fact that it is not ideal for traders.
Purchasing and Trading Crypto on Coinbase
With over 9000 assets on offer, Coinbase is one of the best cryptocurrency exchanges when it comes to purchasing crypto for fiat currencies. Everything from the option of a debit card to a bank transfer is available for users. The simple fact is that if you have fiat currency in any form, you can purchase crypto on Coinbase.
However, all exchange platforms have their weaknesses. For Coinbase, the weakness is trading. While everything from margin trading to derivatives can be accessed, other platforms are simply better.
Due to the vast number of assets and services offered by Coinbase, it is impossible to list specific fees that users should expect to pay. However, the fees are generally in line with all the other large exchanges.
That said, high-volume traders will be able to save a lot of money on trading fees by using a platform such as Bybit or KuCoin. Those looking to utilize their crypto as a currency, on the other hand, will find the fees on Coinbase to be quite reasonable.
Top Coinbase Features
Here are a few reasons why Coinbase is a great cryptocurrency exchange for altcoins:
- Ability to spend, stake, and invest crypto.
- Users can apply for the Coinbase card, which can be used to not only spend their crypto but also earn rewards such as cashback.
- Ideal for retail investors, as the platform has numerous features to support large-scale investments.
- An extremely beginner-friendly exchange that is also perfect for advanced crypto enthusiasts.
Phemex is a brilliant altcoin exchange that is mainly focused on trading but also has a few DeFi features. The only reason it is not higher on this list is the fact that only a select number of altcoins are available on the exchange.
The main allure of Phemex is that it is extremely beginner-friendly. With a simple user interface, Phemex might be the best exchange for novice traders to dabble into futures.
Purchasing and Trading Crypto on Phemex
Unfortunately, Phemex only has a limited number of payment methods available for converting fiat currencies into altcoins. Apart from the standard credit or debit card, users can utilize bank transfers and a few third-party payment options such as Simplex and Moonpay.
Traders will find themselves right at home on this crypto exchange. Not only is everything from spot and margin trading to derivatives accessible, but there are also hundreds of articles to help beginners get started.
The number of altcoins that users can trade is few in number. However, Phemex might be an ideal place for traders to begin their crypto journey.
The withdrawal fees on Phemex are slightly higher than the industry average. However, Phemex boasts low fees for traders. Spot contracts often have a fee of 0.1%. Futures, on the other hand, go as low as -0.025% for makers and 0.075% for takers.
Other platforms have similar fee structures. However, they usually require users to increase their level by staking their tokens or increasing their trade volume. On Phemex, the low fees are usually unlocked by default.
Top Phemex Features
Phemex, in general, is light on features. Here are a few key use cases:
- Beginner traders will enjoy the simple interface.
- The fees are low from the outset, making the platform great for low-volume traders.
- There are numerous ways for users to earn rewards and get free crypto.
Poloniex is the last exchange on our list of best altcoin exchanges. Just like Phemex, the reason for including it is its beginner-friendly nature and simple user interface.
While Poloniex boasts a lot of assets when it comes to the spot markets, it only offers derivatives on a select few of them.
Purchasing and Trading Crypto on Poloniex
There are only four methods to purchase cryptocurrencies on Poloniex. On top of that, the only way to withdraw crypto for fiat currency is through Simplex. This makes Poloniex the worst exchange for purchasing crypto on this list.
When it comes to trading, users will be fine if they stick to spot and margin trades, as a lot of altcoins are available. However, Phemex and other altcoin exchanges will be better for futures trading.
The fees on Poloniex are higher relative to other altcoin platforms. Even at their lowest rate, users should expect to pay 0.02% taker fees and 0.1% maker fees.
It is possible to get a discount on the fees by using TRX (the proprietary token) to pay the fees. However, Poloniex still has higher fees even after the discount.
From all the altcoin exchanges on this list, Poloniex is by far the worst for high-volume traders. That said, beginners that only want to trade occasionally might want to give Poloniex a try.
Top Poloniex Features
Just like Phemex, Poloniex is light on features. Here is a list of reasons why users may consider using Poloniex.
- A beginner-friendly user interface.
- Lots of spot trading pairs.
- The exchange has a lending platform for users to both give and receive loans.
How to Choose the Best Altcoin Crypto Exchange
While all of the 7 altcoin exchanges on this list are great for a number of reasons, the one that is perfect for the reader depends on a few factors.
Here, you can check out certain factors that users should consider when picking a cryptocurrency exchange.
Decentralized vs Centralized Cryptocurrency Exchanges
Decentralized exchanges usually prioritize privacy above all else. However, a decentralized exchange is also limited in terms of features.
Centralized exchanges, on the other hand, are not as anonymous as their decentralized counterparts. However, they offer a lot of additional features. For example, futures, investment schemes, crypto loans, and exchange-traded funds are all common on centralized exchanges.
Most people would be better off avoiding a decentralized exchange, especially if they are looking to regularly trade crypto. However, those looking to buy and hold for the long-term may want to look into a decentralized exchange.
Just note that all 7 of the altcoin exchanges on this list are decentralized exchanges.
Altcoin Availability on the Cryptocurrency Exchange
The availability of altcoins will depend on the exchange that is being used. Large exchanges tend to offer a higher number of altcoins. However, a lot of those altcoins have a low market cap and may not be in high demand.
The thing is that most users will be fine with investing in altcoins that are popular. Unless they have an innate knowledge of the altcoin market, they would be better off avoiding the smaller altcoins. Many of these altcoins are the victims of ‘pump and dump’ schemes and scams.
The top 5 exchanges on the aforementioned list are all boasting a high number of altcoins. For users that are looking to just buy and hold, Coinbase offers the largest selection of assets.
Users that are only looking to purchase a few altcoins with a large market cap will be fine with any of the platforms on this list.
Fees on Crypto Exchanges
Trading fees are only important for users that will be looking to make a lot of trades. Those that are primarily looking for an altcoin exchange to daytrade on should opt for a platform that charges as low as possible.
Of course, it is also important to be mindful of the trading features and the user interface, as that can help a lot when it comes to trading altcoins.
Users that are looking to mainly hold cryptocurrencies do not need to worry about the fees. The fees on most altcoin exchanges are quite low, and they only start to add up if users engage in a lot of trades on a daily basis.
Security and Trust
The larger the exchange, the more trustworthy it tends to be. Bigger exchanges usually have more regulatory oversight. Thus, they are required to meet certain conditions when it comes to security.
Just remember that more regulatory oversight also means less privacy for the users. This is a tradeoff that most crypto enthusiasts obsessed with privacy have to consider.
All of the exchanges on this list are trusted by crypto users and have numerous security features in place. As such, users cannot go wrong with picking any of them.
Lastly, remember that it is also possible for users to increase the security of their portfolio by taking a few safety measures. Some of them are listed below:
- Always enable two-factor authentication on all accounts.
- Only keep the crypto that is going to be traded, spent, or used in online wallets. The vast majority of anybody’s crypto should be kept in a hardware wallet.
- Make sure that the exchange holds most of its assets in cold storage too. Otherwise, it is possible for hackers to access the crypto and withdraw it to their accounts.
- Do a quick Google search before picking an exchange to see whether there have been any major break-ins during the last few years.
Accessibility of the Exchange
Unfortunately, it is not possible to access every single crypto exchange from every single country. Even if a platform advertises itself as a global exchange, chances are that it is not available in certain jurisdictions.
As such, it is best to go on the website of the exchange (or do a Google search) and check which jurisdictions the exchange can be accessed from.
Users that do not have a lot of platforms available in their jurisdictions may want to consider using a decentralized exchange. While a decentralized exchange will not have a lot of features, it will be almost completely anonymous.
Lastly, users that reside in jurisdictions that have outright banned owning or trading cryptocurrencies should be extremely careful before making crypto purchases. It is important that such users carefully weigh the consequences of their actions before purchasing any coins.
Altcoins allow for a lot more upside potential as compared to Bitcoin. However, while Bitcoin is available with ease, finding an altcoin exchange can be a bit of a hassle.
This list summarizes the 7 best altcoin exchanges that users can access. All the exchanges on this list are trusted, secure, and offer various features to make trading and owning altcoins as easy as possible.
Disclosure: The owners of this content may be paid to recommend the above companies. The content on this page, including any positive views of Binance and others, may not be neutral or independent. This article does not constitute financial advice.
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