So you are searching for the Best Crypto Exchange. My question to you is the Best Crypto Exchange for what?
It would be best if you answered this question first, this will greatly determine the Best Crypto Exchange for you. Do want to trade crypto, do you want to be a HODLer, what country do you live in, do you want to Stake your crypto etc… These are all questions you need to answer to find the best crypto exchange for you.
Best Crypto Exchange for What?
I have seen this question asked many times on social media forums. “What is the Best Crypto Exchange?” My response is – “best crypto exchange for what?” I guess this is because they are new to crypto and are not aware of the different things you can do with crypto.
Crypto or Bitcoin is much more than a decentralized digital currency. It can be used as an investment tool to generate cash flow. You can do this in several ways. You can trade, you can mine, you can stake, you can lend or you can just HODL. First, decide what you want to do with your crypto and then decide what exchange is best to do this.
If you want to trade crypto, you will want to use one of the major reputable exchanges. I personally use FTX for my trading, and this is because I trade the perpetual futures contracts. This suits my trading style, and I can short the market, which means I can make money when the price goes up or down.
Depending on what & how you trade will also determine which exchange is best. Ultimately, you will want to choose one of the top exchanges with the lowest fees that are easy to use. The top exchanges provide the most liquidity and are trusted.
Binance is one of the largest and most trusted exchanges, I do have an account at Binance, but I don’t trade with them because they don’t provide perp contracts and I have personally found their platform hard to trade on. Placing orders was not easy. When I enter a trade, I place a limit order, a stop, & a take profit all at once and I could not do this on Binance.
The best place to do some research on anything crypto is CoinMarketCap. You can research all your exchanges, coins etc… all in the one place and compare and make a decision which is the best for you.
Popular Trading Exchanges
Ones I use
Other Good Ones
- Huobi Global
Some exchanges are only open to certain countries as well, so this can affect your decision. Transferring money can be an issue also. Make sure you can deposit and withdraw your money easily without huge fees.
If you want to buy and hold you don’t really need an exchange like the ones above. You want to be able to buy your coins easily and maybe sell them one day.
A good place to buy your first crypto is Coinbase or in Australia CoinJar or one of my favourites CoinSpot. You can buy crypto really easy on these platforms and even set up recurring buys in you want to invest regularly. I personally love CoinSpot because I can transfer directly from my bank account via Poli without any fees straight to Coinspot almost instantly. You can also purchase crypto from your credit card easily.
These Platforms also have exchanges but are better suited to just buying and holding. It doesn’t matter which exchange you choose you will have to pass some verification or KYC unless it’s a DEX or decentralized exchange. Crypto is becoming more regulated, and this is a good thing.
Decentralized & Investing
I personally run a node on the DeFiChain. It is a Dapp or decentralized app. I use this to get cash flow from my crypto. A decentralized exchange needs a pool of coins for liquidity to exchange. If you are willing to provide this liquidity, they will pay you good returns on your investment.
I am currently getting around 200% APY Liquidity Mining. You can read more about that here ===> What is Liquidity Mining | CAKE DeFi Review
Decentralized exchanges have provided a means for everyday people to create cash flow from crypto without trading. I love using DEX. You can also check out the others DEX’s here on ==>> CoinMarketCap You might have heard of UniSwap they are a popular DEX.
Staking is another way to generate some extra from your coins. I currently Stake crypto on 2 exchanges and 1 platform.
I stake FTT on FTX exchange, DOT on Kucoin, and DFI @ CAKE DeFi. If you want to stake your crypto, you will need to find an exchange that stakes the investment you want. Not all exchanges have all coins. I am currently getting 37% APY on my DFI @ CAKE, but CAKE is not an exchange they are just an investment platform.
You can read more here about ===> Staking at CAKE.
I stake FTT, which is FTX’s native coin because this gives me a discount on my trading fees at FTX. Binance & KuCoin have some good options for Staking as well. You need to do your research and find the best returns for the coin you want to stake at a trusted exchange. You can find them here ===> Staking providers.
My thoughts on the Best Crypto Exchange
No one exchange does it all well, so you will probably end up using a few different exchanges if you are like me. So what is the Best Crypto Exchange? The one that best suits your needs and this may end up being several.
Depending on what country you live in and your needs, you will ultimately decide what the best crypto exchange is for you. Have a good look around and do your research before deciding what is good for me might not be good for your needs.
I trade on FTX, I Liquidity mine on DeFiChain and stake my crypto on a few other exchanges. So I would say there is no one Best Crypto Exchange it really depends what you want to do in the crypto space. I hope you have got some value out of this post and now you can choose the best crypto exchange for you.
Be the Best you can Be
❗ DISCLAIMER: I am not a financial advisor. This is not financial advice. The content and material I provide on 2dsirecrypto.com is my opinion only and general in nature. Always do your own research before investing any money. You should always understand the risks involved in trading and investing and seek advice from licensed professionals before undertaking any investments of your own.