If you're wondering where to buy cryptocurrency, using a cryptocurrency exchange platform is likely where you'll start your investment journey. Cryptocurrency exchanges are online platforms used to buy and sell cryptocurrency. These platforms are intermediaries between the buyer and seller, allowing users to trade cryptocurrencies using fiat money or altcoins.
Cryptocurrency exchanges are online platforms where you can exchange one cryptocurrency for another cryptocurrency (or for fiat currency). In other words, depending on the exchange, it is either like a stock exchange or a currency exchange (at the airport or bank).
The Top Cryptocurrency Exchanges are:
- Binance
- KuCoin
- Kraken
- Changelly
Binance
Binance is the world’s largest crypto exchange by trading volume, with $76 billion daily trading volume on the Binance exchange as of August 2022, and 90 million customers worldwide. The platform has established itself as a trusted member of the crypto space, where users can buy, sell and store their digital assets, as well as access over 350 cryptocurrencies listed and thousands of trading pairs. The Binance ecosystem now comprises of Binance Exchange, Labs, Launchpad, Info, Academy, Research, Trust Wallet, Charity, NFT and more.
Restricted Countries
Under the Binance Terms of Use, restricted locations include the United States, Singapore and Ontario (Canada). However, some countries have restricted usage or features might be limited due to regulatory reasons, including but not limited to, China, Malaysia, Japan, UK and Thailand. Futures and derivatives products are also not available in Germany, Italy and The Netherlands. In September 2019, a separate dedicated platform for US clients, Binance.US, was launched
How Much Are Binance Fees?
The platform is user-friendly and one of the cheapest with a huge selection of transaction types and an advanced set of trading tools for experienced investors. It charges based on a tiered system, from regular users to VIP 9. For regular users, a 0.10% maker-taker fee is charged for spot trading. In July 2022, Binance announced zero-fee trading for BTC spot trading pairs, and in August for ETH/BUSD pair.
Is It Possible To Use Leverage or Margin Trading on Binance?
Traders can borrow funds and participate in margin trading on Binance Margin, which allows trading cryptocurrencies with up to 10X leverage. Users can also use derivatives products such as Binance Futures, settled in USDT, BUSD or other cryptocurrencies and Binance Options to leverage on their trades.
Kucoin
KuCoin is a cryptocurrency exchange built with the mission to “facilitate the global free flow of digital value.” It claims to have an emphasis on intuitive design, simple registration process and high level of security. The platform supports futures trading, a built-in P2P exchange, the ability to purchase cryptocurrencies with a credit or debit card, and instant exchange services.
KuCoin Restricted Countries
The platform provides services to countries such as Turkey, India, Japan, Canada, the UK, Singapore and many others. The project is not licensed to operate in the US, but traders and crypto investors have the option to register their accounts.
How Much Are KuCoin Fees?
Fees are based on a tiered system depending on which “class” a token is classified under and a user’s ‘level’ — determined by their past 30-day spot trading volume and minimum KCS holding.
The system uses a maker-taker model with maker and taker fees from 0.10% for ‘Class A’ to 0.30% for ‘Class C’ for ‘Level 0’ traders. Levels range from 0 to 12. Users can receive a 20% discount if they pay using the KCS token.
For futures trading, maker fees range from 0.02% for ‘Level 0’ to ‘-0.015%’ for ‘Level 12’. Taker fees range from 0.06% to 0.03%. Deposit is free for all users, however withdrawal fees depend on the crypto asset.
Is It Possible To Use Leverage or Margin Trading on KuCoin?
Yes, users can use margin trading, futures or leveraged tokens, which allows them to use leverage. The maximum leverage available on KuCoin futures is 100x, but users need to pass KYC first. In isolated margin mode, the leverage is up to 10x and depends on the trading pair.
Kraken
Kraken is a US-based cryptocurrency exchange where users can buy, sell and trade various assets with relatively low commissions. Clients can also earn rewards through coin staking. The exchange has a leading level euro volume and liquidity and allows users to trade over 100 crypto assets and 7 fiat currencies, including USD, CAD, EUR, GBP, JPY, CHF and AUD, on-the-go with a web platform and mobile apps.
Kraken Restricted Countries
Kraken is available to all U.S. residents, except those living in New York and Washington. However, Kraken Futures are not available to all U.S. residents. Currently, the platform serves millions of customers in approximately 200 countries.
The company has several restrictions for the following countries: Afghanistan, Central African Republic, Congo-Brazzaville, Eritrea, Congo-Kinshasa, Guinea-Bissau, Cuba, Lebanon, Iran, Mali, Iraq, Namibia, Libya, Somalia, North Korea, South Sudan, Syria, Sudan, Tajikistan and Yemen.
How Much Are Kraken Fees?
Fees on the platform vary across different products, such as Instant Buy, Kraken Pro, Stablecoins, Margin, Futures and NFT. For the basic Instant Buy service, the company charges a fee of 0.9% for stablecoins and 1.5% for other crypto assets, on top of fees charged for different payment methods. For Kraken Pro, it uses a maker-taker fee model where maker fees range 0.00% to 0.16% and taker fees range from 0.10% to 0.26%, depending on how often a user trades each 30-day period.
Is It Possible To Use Leverage or Margin Trading on Kraken?
For advanced users, Kraken Pro offers margin and futures features. The platform offers up to 5X leverage. The maximum level of leverage depends on the currency pair.
While cryptocurrency exchanges are a great place to exchange your fiat for cryptocurrency, the best place to store your cryptocurrency is with the use of a cryptocurrency hardware wallet.
The best two hardware wallets are:
For a full review, visit:
Richard Knight