7 Best Crypto Exchanges & Platforms of 2021

Investing in Bitcoin is all the rage but how exactly does a beginner get started?

Cryptocurrency trading has exploded in popularity, largely due to the rise (and twists and turns) in value of Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE) and more.

And while it can be intimidating at first, and although scams have occurred and continue to happen, today’s best crypto exchanges and platforms make buying and selling crypto simpler and clearer than it has been before.

There are several ways and places to invest in cryptocurrency. Our comprehensive list considers best crypto exchanges and platforms that offer crypto, that let you buy and sell Bitcoin.

Even those familiar with more traditional investing platforms should be mindful that crypto often comes with different fee structures, narrower customer service options and an increased role for the investor in security.

 

Best Crypto Exchanges & Platforms

Here is our comprehensive list of the 7 best crypto exchanges and investing or trading platforms. Take note that Finance Talk PH does not include all cryptocurrency exchanges or all crypto offers available in the marketplace.

1. Coinbase

Coinbase is by far the most popular and one of the best cryptocurrency exchanges because you can invest directly with USD.

You can currently purchase Bitcoin, Ethereum, and Litecoin and 30+ other coins and tokens on the platform.

Furthermore, you can earn interest on your USDT, and you can earn token rewards by completing various activities.

Plus, when you open a Coinbase account, you get a $5 bonus!

Pros

  • Easiest to use interface
  • Good selection of tokens and coins to invest in
  • High level of security and trustworthiness

Cons

  • High fees unless using Coinbase Pro
  • User does not control private keys in wallet
  • Slow to adopt popular new cryptocurrencies

2. Binance

A great platform for getting into some currencies like Cardano or Neo. Not as easy to use as some of the top platforms on this list, but they do have one of the most robust trading platforms out there. They do have a decent mobile app, but again, not as easy to use and we’ve been frustrated with it.

As of June 2021, Binance dominates the global exchange space, making up a significant portion of crypto trading volume daily. The exchange only allows for U.S. Dollar deposits by global users via SWIFT, but it does allow you to directly purchase a select number of cryptocurrencies with a credit or debit card. Deposits using 12 other fiat currencies are allowed, including the Euro.

Pros

  • Huge amount of supported coins and tokens
  • Fast transactions times
  • Low fees
  • Most advanced charting

Cons

  • Limited customer support
  • Geared for more advanced users

3. Gemini

Gemini is a popular platform to invest in crypto because of its focus on security and transparency. Unlike some exchanges that appear vulnerable, Gemini makes it a focus to protect its customers.

Gemini is one of the only exchanges we’ve seen that offers FDIC-protection on USD deposits. They also now support DOGE.

Plus, when you open a Gemini account and deposit $100, you get a $10 bonus!

Pros

  • Very easy to use app-based interface
  • Gemini Earn provides solid interest rates

Cons

  • High fees and pricing structure
  • Reports of poor customer support

4. Kraken

Kraken is one of the original crypto trading platforms and they have a good selection of coins and tokens to trade and invest in. They also allow margin trading. However, it’s a real exchange, and not as easy to use as some of the top platforms on this list.

Kraken is one of the few platforms on this list that allow you to trade in DOGE and other, more risky, tokens.

Pros

  • One of the longest running crypto exchanges
  • High level of security and trust
  • Large variety of crypto and tokens to trade

Cons

  • One of the more difficult platforms to use
  • Difficulty with 2FA
  • Some reports of poor customer service

5. BlockFi

BlockFi is a cryptocurrency investment platform that allows you to lend and earn interest on your holdings. Also, instead of selling your coins and tokens, you can also borrow against your holdings.

If you’re just looking to hold your tokens, you can also just let them earn interest for you.

Bonus Offer: Get up to $250 bonus when you make a $25 deposit and maintain it for the specified period of time.

Pros

  • No commissions and fees
  • US-Based and regulated
  • Earn high interest on deposits

Cons

  • Doesn’t support many tokens and coins
  • Limited free withdrawals

6. Crypto.com

Crypto.com is one of the largest and fastest growing crypto exchanges. It’s based in Hong Kong, but offers a ton of support for US-based customers.

Right now, you can have access to over 90 tokens and coins worldwide, and 50 tokens and coins if you’re in the United States. Plus, the offer solid rates on their crypto savings accounts.

The only major drawback is that it’s only app-based at this time, there is no desktop platform.

Pros

  • Huge amount of supported coins and tokens
  • Pays weekly interest on crypto savings
  • You can get a debit card linked to your account

Cons

  • Complicated fee structure
  • No desktop support, only app-based
  • Limited customer support

7. Ledn

If you’re looking for an alternative to trading cryptocurrencies, check out Ledn. Ledn is a savings and lending platform that focuses on Bitcoin and USDC.

Right now, you can earn up to 6.10% on your bitcoin and up to 11% on your USDC through saving and lending options on their platform.

Pros

  • Pays high interest on holdings
  • No minimum balance requirements
  • No monthly payments on BTC-backed loans

Cons

  • Only supports BTC and USDC
  • Loans are very high interest rates

How To Invest In Bitcoin

Best crypto exchanges and platforms

Investing in BTC is similar to investing in stocks, except far more volatile because of the daily swings in BTC. Here are the steps to invest in stocks from the beginning:

  1. Open a brokerage account at a firm that allows crypto investments
  2. Deposit funds from your bank into the brokerage account.
  3. Buy a stock using deposited funds (cash balance).
  4. Later sell the stock for a gain or loss. Funds are returned to your cash balance.

The main difference with BTC is for step three; you buy BTC or another cryptocurrency instead of stock.

With BTC, the above flow is similar in most cases but it depends on the exchange or trading platform. In some cases, you can buy BTC using your credit card or by transferring funds from your bank account.

For other platforms, you must transfer BTC directly. This is known as a direct deposit of BTC.

Final Thoughts

Investing in BTC isn’t much different from investing in stocks. With BTC, you need to choose from the best crypto exchanges and platforms which are mentioned above. With stocks, you open an account with a stock brokerage then you deposit funds.

The only difference in terms of investing in Bitcoin is that you have to purchase BTC, first using deposited funds, before you can trade BTC. Although, your initial purchase of BTC is your first opening trade.

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