Best Crypto Exchange Sites

The terms cryptocurrency and bitcoin have been floated repeatedly on the internet. Bitcoin, the first cryptocurrency, was launched in 2009, and by April 2013, bitcoin was worth $266 per bitcoin.

That same Bitcoin is worth over $30000 at this publication. The market capitalisation of cryptocurrency trading is over $1.6 trillion, according to Coinmarketcap.

Cryptocurrency is digital cash not tied to any government or body; bitcoin's value and market are determined solely by the community's activities.

Like the stock market, government policies and pronouncements can affect the cryptocurrency market, but it lacks a direct regulation under anybody or an institution.

Some analysts have predicted a significant change in the cryptocurrency market, and there is also the possibility that crypto will enter the Nasdaq.

The above is why Clacified has chosen to tabulate the list of the best Crypto exchange Sites.

Bitcoin and crypto trading sites are popularly known as exchange sites because they offer a platform where users can trade their cryptocurrency for another crypto or fiat (money). It is worthy to note that Exchange sites and crypto gambling sites are among the top platforms that provides liquidity for the crypto market.

Read up on some terms and abbreviations used in the cryptocurrency market to enable you to read this article more comprehensively.

Crypto exchange Sites offer services like:

• Conventional exchange with cryptocurrency and fiat
• Market analysis of the best crypto asset to buy
• The purview of the entire cryptocurrency market
• Alternate banks to save and access foreign currency
• Wallet system to store, send and receive cryptocurrency
• Historic price values, for instance with analysis of the past performance of some cyrptocurrrencies, Clacified was able to analyse the price prediction of some crypto assets like Shiba Inu and Solana.

The discussion on the best cryptocurrency exchange sites for 2022 will focus on platforms with reputable recognition. In discussing the best Crypto exchange sites, we will also delve into their individual

• Gas fees,
• Offer,
• Features,
• The number of coins/tokens traded,
• Merits and demerits associated with each etc.

Below are the best crypto exchange sites for 2022.

1. Binance

Binance was coined from two words, 'Bitcoin' and 'Finance.' The company ranks first on the list of best crypto trading sites.

Binance is a crypto trading platform with a significant interest in altcoins. Binance is the largest crypto exchange site by trading volume.

Binance was founded by Changpeng Zhao, AKA CZ, in 2017. Binance ranks as the number 1 bitcoin and crypto trading site globally.

Binance owns a cryptocurrency called, Binance coin (BNB).

The Binance platform offers users a desktop, android, and IOS application to access its online trading.

Binance Gas Fees

Gas fees are charges placed on most cryptocurrency transactions. They are also known as processing fees and are collated by the exchange or supporting platform.

Gas fees are charged both for receiving and sending crypto.

• Binance charges 0.1% for the taker's side and 0.1% for the maker's side.
• Binance charges a 2% fee for credit card purchases.

Advantages of Using Binance

The trading volume of Binance is not the only factor that projects Binance as the number 1 in Clacified's list of best Crypto exchange Sites

Binance offers its users some unique features which make them stand out amongst their peers.

• Relatively low fees
• Fees on transactions done with BNB are reduced by 25%
• Over 500 cryptocurrency pairs are allowed on Binance with multiple fiat pairs
• Multiple trade options are available to users like Limit order, Market order, Stop limit order, Stop market order
• Numerous security features like 2FA, SMS, and google authenticator.

Disadvantages of Using Binance

Binance might be first on the list of best crypto exchange sites, but they still have some cons or disadvantages associated with them, some of Binance's disadvantages:

• Binance supports a limited version for US users.
• The user interface on Binance is tailored toward more advanced users
• Binance.us does not support some US states like New York and Texas

2. CoinBase

Coinbase ranks 2nd on the list of best Crypto exchange sites

Coinbase is among the top exchange sites in the United States. Coinbase supports all the states in the united states of America except Huawei.

The crypto trading site was founded in 2012 by Brian Armstrong and Fred Ehrsam. Coinbase is a cryptocurrency trading and exchange site in America with no physical office.

Coinbase is the largest Crypto exchange or exchange site in the united state by trading volume. Coinbase recently made Dogecoin tradeable on their platform.

CoinBase Gas Fees

Coinbase is among the top 5 crypto exchange sites globally and an important exchange site in the United States. Coinbase offers two exchange versions, including the pro and lite version.

CoinBase Fees for Non-Pro Version

Users that are not using the Coinbase pro experience high Gas fees when trading or exchanging cryptocurrency on Coinbase.

Coinbase fees vary across different countries and regions, but Clacified will focus on the United States for simplicity.

CoinBase Fees for Pro Version

Coinbase charges low fees for the user currently on the pro version.

The Fees charged on the pro version are also less complicated; for instance, Digital Assets and ACH (Automated Clearing House or Direct deposits) transfers are free, both for withdrawal and deposits.

The crypto exchange sites charge $10 for withdrawal with wire transfers and $25 for deposits with a wire transfer.

Advantages of CoinBase

Coinbase offers users some advantages while trading or making exchanges; below are some of the advantages of trading or making cryptocurrency exchanges on the Coinbase platform:

• Coinbase comes with a simple interface.
• Coinbase offers high liquidity, which protects investors from serious price slippage.
• Coinbase is gauged with a secured security layer to protect users
• Coinbase is available to all the states in America except Huawei

Disadvantages of CoinBase

The crypto exchange site also comes with its own demerits or disadvantages in comparison to other cryptocurrency exchange sites. Some of the disadvantages are listed below:

• High Fees for non-pro users
• Coinbases does not support a variety of altcoins options
• Coinbase uses a centralized wallet system

3. Kraken

Kraken is another name on the best Crypto exchange Sites. The San Francisco-based firm ranks 3rd on the list of best crypto exchange sites.

Kraken serves as both a bank and a crypto exchange site. As a United States-based exchange site. Kraken offers a fiat-to-crypto currency exchange site that has listed over 70 currencies on its platform.

Kraken was established in 2011 by Payward Inc. Kraken gained prominence after it was selected by Bloomberg terminal to provide them with price information of bitcoin in 2014.

Kraken also gained more credibility after Mt. Gox (a cryptocurrency exchange) filed for Bankruptcy; the exchange company, Kraken, was selected among the firms that will help recover the over 850 000 lost bitcoins in 2014.

Kraken required mt. Gox's users open a Kraken account before accessing their crypto assets.

By 2016, Kraken has approved numerous claims from Mt. Gox's creditors. The above policy increased Kraken's trading volume and popularity.

Kraken Gas Fees

Kraken charges low gas fees compared to other leading crypto exchange sites. Kraken charges no fee when funding your Kraken account from your wallet, while Coinbase charges at least 1.49% for the same transaction.

Though ACH transfers on Kraken are charged at 1.7% + $0.10 while Coinbase is free, Crypto conversions on Kraken are between 0.09% to 0.015%.

While trading on Kraken, they charge 0% to 0.05% based on rolling 30-day volume.

Advantages of Using Kraken

Kraken offers some good qualities, which are listed below:

• Kraken Ranks high based on a simple User interface.
• Kraken gas fees are relatively cheap.
• Kraken is available in about 176 countries.
• Kraken allows users to withdraw money into their linked bank account
• Kraken offers Cryptowatch, a free service that provides price and market analysis of over 8000 cryptocurrencies.

Disadvantages of Using Kraken

• Kraken's mobile App is unavailable in seven countries, including the USA and Japan.
• Kraken was hit with a Distributed Denial of Service (DDoS) attack in 2017.

4. Gate.io

Fourth on Clacified's list of best Crypto exchange sites is Gate.io. Gate.io is one of the oldest crypto exchange sites.

The crypto exchange site was founded in 2013 by Lin Han with a headquarters in Cayman Island. Gate.io has over 180 different coins on its platform and offers over 400 unique crypto markets.

Gate.io lost over 7000 BTC to a web hack in 2015.

Gate Technology Inc. raised $64 million in crypto to support the Gatechain decentralized exchange (DEX) project.

Gate.io Gas Fees

Gate.io charges a relatively low Gas fee for transaction processing on the exchange site.

Traders pay no fee for deposits on Gate.io and 0.2% for spot and margin trading.

Gate.io charges a low fee when you withdraw coins like USDT, ETH, or TRX, but they charge high for withdrawing XMR, XRP, or BTC compared to Binance, Bittrex, Poloneix, HitBtc, and Bithoven.

Advantages of Using Gate.io

There are some benefits attributed to the use of Gate.io. These benefits have helped place Gate.io on the list of best Crypto exchange Sites.

The cryptocurrency exchange site offers the following advantages or goodies to its customers:

• Relatively low Gas fee for withdrawing coins like USDT, ETH, and TRX.
• Gate.io charges no gas fee for deposits.
• Gate.io ensures High-end security by using 2FA (google authenticator and SMS), login verification, withdrawal password, Anti-Phishing code, and Blind IP logins.

Disadvantages of Using Gate.io

Gate.io comes with many benefits, but some cons or disadvantages are associated with the popular exchange platform.

Some of the disadvantages of using Gate.io are tabulated below:

• Gate.io does not support Fiat-to-Cryptocurrency transaction
• The Gas Fee for withdrawing BTC and Ripple on Gate.io is relatively high
• Gate.io, like any other cryptocurrency trading or exchange site, is decentralized and therefore prone to hack
• While trading Gate.io, you can trade with 10x leverage and invest in an Initial Exchange offering via its Gate.io Startup platform.
• With Gate.io, you can perpetuate swap contracts.

5. KuCoin

Kucoin is both a crypto exchange site and a crypto token issued by the company Kucoin.

KuCoin (crypto trading site) has an average daily trading volume of over 1.2 billion dollars, according to the Coin market cap. The cryptocurrency trading site, Kucoin, ranks 5th on coin market cap based on trading Volume.

Therefore, Kucoin is the 5th best Crypto exchange Site on Clacified's radar.

The Kucoin token is valued at about 8 dollars (Price expected to change with market volatility. The Kucoin token is used as exchange fees on the KuCoin cryptocurrency trading site.

The KuCoin crypto exchange site was launched in 2017, though a new cryptocurrency trading site, Kucoin, has gained popularity.

The KuCoin crypto exchange site supports over 200 crypto coins with over 450 cryptocurrency pairs. Kucoin's crypto exchange site was initially launched with no support for fiat exchange.

The above policy changed after a partnership with a European Fintech company, Simplex. The collaboration with Simplex helped Kucoin bridge the gap between crypto and fiat.

KuCoin Gas Fees

KuCoin charges no fee for deposits into your Kucoin wallet on the crypto exchange site. Concerning the withdrawal of crypto, Kucoin charges based on the standard mining rate of the particular coin.

On the Kucoin crypto exchange site, exchange fees outside the future arena are charged at 0.1%.

Advantages of using Kucoin

Some of the advantages of using the Kucoin crypto trading site have been stated above, but other merits linked to the use of the Kucoin crypto trading site are:

• The exchange and gas fees on KuCoin are somewhat low when compared to other crypto trading sites
• Kucoin allows users who hold more than 6 KCS to earn a daily revenue (from 50% of kucoin's daily exchange fees)
• Kucoin comes with a standard exchange interface
• Kucoin has both an android and IOS mobile application.

Disadvantages of using Kucoin

There are certain demerits associated with the crypto exchange site Kucoin. Some of the disadvantages of using the Kucoin site are:

• Depositing fiat with simplex will cost you 2.5-3.5%, and you can transact only a minimum of $10
• No national licensing body does not regulate Kucoin
• Kucoin does not require an ID before you can trade (which could be an advantage for others)

Our Verdict

The cryptocurrency world has gained loads of attention in the past few years. Cryptocurrency has created a digital economy and market that has yielded profits for many.

The Cryptocurrency market has high volatility that has been a curse or a blessing for many users.

Clacified compiled the list of the best Crypto exchange Sites to give crypto enthusiasts a purview of what they should be looking out for before choosing their default exchange site.

There are still other major crypto exchange sites in the world like:

• Huobi Global
• Bithumb
• Bitfinix
• Bitstamp
• Coinone Etc.

Note that all these major exchange sites use a decentralized or hot wallet to store cryptocurrencies. The implication is that they are prone to internet hacks or attacks.

You can use a cryptocurrency trading exchange site to place trades or swap fiat for a cryptocurrency.

The exchange aspect comes with a high margin of loss that could liquidate your crypto assets in seconds or give you a 1000% profit in mini-seconds.

Clacified advises you to trade with care and Do your Research (DYOR) before any trade.

So please trade with utmost caution.