When it comes to buying and selling Bitcoin and other cryptocurrencies, traders are usually interested in researching the exchange they will use, especially its security, safety, and commissions. 

We have simplified your task, so now you do not need to spend hours finding the best exchange platform.

How to Select the Appropriate Platform for the Conversion?

The idea of the best platform can vary depending on the needs of the trader. It’s important to consider the essential features of an excellent exchange and add your personal needs to it.

These features of a crypto exchange include security, high exchange speeds, anonymity (or at least protection of information), low transaction fees, and high volume limits. You also have to check out the website to see whether it’s easy to use and how good the support is.

Top Five Crypto Exchange Sites

Below are the main peculiarities of each platform that will help you with your choice.

1. Godex

godex crypto exchange

First on our list is Godex, an exchange platform that offers a wide range of cryptocurrencies. The platform does not require you to sign up to start converting currencies, and you can exchange as much as you want at once. Godex is at the top of our list because it’s reliable and offers high security. 

Opportunities

  • It is fully anonymous and requires no sign-up or personal data.
  • It features unlimited exchange volumes and fixed rates.
  • It features over 200 cryptocurrencies.
  • The transaction fees are reasonable.
  • The website is highly user-friendly.
  • It offers full customer support.

Obstacles

  • Godex does not support fiat currency exchange.

2. Coinbase

coinbase

Coinbase is a safe exchange platform with headquarters in the United States. The platform features many cryptocurrencies and is well-known among seasoned investors. It is often called one of the largest platforms with over 35 million users.

Opportunities

  • It accepts fiat currencies.
  • It consists of the most trustworthy and well-known currencies.
  • It features a user-friendly design.
  • It is highly secure.

Obstacles

  • It places high transaction fees between 0.5% and 4.5%.
  • It does not support some lesser-known coins.
  • It is not available in all countries.
  • It collects personal data from traders.

3. eToro

eToro

Founded in Israel, eToro is a social trading and exchange platform. It is unique from other platforms because not only does it allow you to exchange currencies, but it also features social trading. You can invest in stocks, ETFs, commodities, cryptocurrencies, and more on the platform, all while copying the strategies of experienced investors.

Opportunities

  • It features a social trading section with copy trading services available.
  • It accepts fiat currencies.
  • It offers a wide range of cryptocurrencies.

Obstacles

  • It features a lot of non-trading fees, such as inactivity and withdrawal fees.
  • It requires a high first-time deposit.
  • Withdrawals can be slow.
  • It has a slow verification process.
  • It requires signing up and personal data.
  • The customer support is poor.

4. Kraken

Kraken

Kraken describes itself mostly as a Bitcoin trading platform, although it features other cryptocurrencies and fiat currencies. It offers exchange services to up to 176 countries and lists up to 40 currencies. Founded in 2011, Kraken is one of the oldest exchange platforms focusing on cryptocurrencies. 

Opportunities

  • Maker fees and taker fees are 0.16% and 0.26% for traders with a monthly volume of less than $50,000.
  • It offers a wide variety of fiat and cryptocurrencies.

Obstacles

  • It’s not easy to navigate the website.
  • It asks for personal data.

5. Bitfinex

Bitfinex

Founded in 2012, Bitfinex is one of the longest-running exchange platforms in the crypto market. It also has a mobile application that its users can download and has become one of the go-to platforms for any seasoned investor.

Opportunities

  • Quick sign-up and verification process
  • Allows for fiat money deposits
  • Features a long list of cryptocurrencies and fiat currencies
  • Lower fees for high-volume traders 
  • Excellent customer service and security

Obstacles

  • The website design is not user-friendly.
  • The sign-up process requires personal data.
  • There have been some notable complaints about customer support.
  • Trading fees can be as high as 0.2% for both maker and taker.

Each of the five platforms is reliable and may suit your personal requirements. The choice is yours.

Summary

From our detailed explanation and comparison of the top five crypto exchange platforms, you can easily choose the one that is ideal for you. As long as it meets your personal needs and the essential features your converter must have, you can check out the website and start trading.

Any of the platforms listed above can be used for operations such as BTC to XMR exchange.