In recent years, cryptocurrency trading has grown significantly in popularity, largely due to the rise in the value of cryptocurrencies. Due to the increasing traction of cryptocurrencies, numerous platforms have been introduced that make trading easier for consumers.
While certain platforms offer specific financial solutions, some exchanges offer the most competitive rates or speeds. Since there are so many trading platforms available, each offering different withdrawal and deposit rates and different user interfaces, it can be hard to determine the best one. Here are some reviews of the top crypto and trading platforms.
1. Robinhood
In 2014, Baiju Bhatt and Vlad Tenev launched Robinhood. Created with the goal of lowering entry barriers to the marketplace, the platform immediately became popular among young, tech-savvy traders because of its straightforward design and simple operating interface.
With over 14 million registered users and $64 billion of assets handled in 2022, it is obvious that Robinhood has gained the trust of consumers. It is a fantastic option for novel investors, particularly those who aim to trade through smartphones.
Features
- Low-cost margin loans
- Easy-to-use mobile application
- Offers educational articles for newbies
- Customer support available around the clock
- Fractional shares
Pros
Robinhood excels in its prices. This platform was designed with no commission or trading costs as a defining feature. Robinhood is an investor-friendly platform as its account minimum is $0. Its fundraising method is even better. With Robinhood, users can get money into their accounts quickly. It enables bypassing the headache of conventional verification of reporting small deposits into bank accounts, by employing immediate verification with the biggest banks worldwide.
Additionally, Robinhood is simple to use, which is a significant advantage for users. It has streamlined sophisticated trading techniques for new users, including options trading. The recurring investing capabilities and solid cash management options enable traders to use Robinhood to oversee their finances more easily.
Cons
There are some drawbacks to Robinhood. Firstly, there are limited account types available for users. Limited free research components and unclear markups on crypto trades are other disadvantages of Robinhood.
Overall, Robinhood may be appealing to novice investors who lack a sizable investment budget. There are no trading or commission costs, account minimums, or bank maintenance costs, making it a good option to get started for cryptocurrency trading.
2. Etoro
Ronen Assia and Yoni Assia created eToro in 2007. It was intended to be an international trading platform that began with forex. Additional asset classes have been introduced over time, including cryptocurrency in 2017, along with more social features, such as CopyTrader.
The American market is a relatively new one for eToro. It provides an exchange where almost 65 cryptocurrencies can be traded, in addition to an online brokerage facility where some stocks and ETFs (exchange-traded funds) are available.
Features
- More than 3000 tradable symbols
- Web and mobile platforms are available
- Offers a separate crypto wallet
- An online trading academy for beginners
Pros
The eToro site has a vibrant user community and a clear cost structure. The platform provides tools that enable users to mimic the trading tactics of successful cryptocurrency investors and profit from others following their lead. To gain a reputation on the platform, advanced cryptocurrency traders can receive annual awards equivalent to almost 2% of their overall balance.
Additionally, the eToro platform offers two other apps: the eToro Money wallet app and the eToro Cryptocurrency Trading application. While the wallet app allows users to transfer and receive coins as well as exchange cryptocurrencies, the trading app closely resembles the web platform. Because not all opponents permit users to transfer their currencies off their systems, eToro enjoys a market edge in this aspect.
Cons
The biggest con of eToro is its customer service. Email or support tickets are available for communication with eToro’s regular customer service. Chat service and phone help are also available to EToro Club members, although the means of contact vary according to the level of membership. Only members who have ownership of $5,000 or more and have reached the silver level or higher are eligible to call and talk with a representative.
In summary, eToro is a decent option for both active traders who wish to be compensated for sharing their thoughts with other traders, and for retailers, who wish to crowdsource investment opportunities by taking advantage of copy trading. The intuitive interface might also prove useful for novice traders who need guidance, so it’s worth a shot.
3. Overbit
Chieh Liu, who is a financial analyst in FX trading and derivatives with a US degree, created Overbit in 2018. Abberton Trading Limited, a Seychelles-incorporated business, operates as the broker. Today, the Overbit exchange is one of the most renowned token trading platforms.
Features
- No commission fees for withdrawals or deposits
- SSL encryption for providing security
- Margin trading and Leverage Trading are offered
- The browser version is easy to use
- Every deposit is stored securely in a cold wallet
Pros
The huge leverage offered by Overbit is its primary advantage. Users can exchange borrowed money or invest it in the open market thanks to leverage. This feature gives dealers the chance to transact large amounts of money. Overbit does certainly provide significant leverage. On a few different cryptocurrencies, it offers 100X leverage, and on forex, it offers 500X.
Additionally, Overbit gives users the option of selecting between cross-margin and isolated margin modes. Both long and short-term profit strategies can have their risk reduced by choosing this option. As a result, the platform protects users’ assets against being liquidated.
Cons
The company has no significant web presence and does not accept applications from several countries, including Sudan, North Korea, Iran, Singapore, Cuba, Seychelles, and the United States.
The goal of Overbit is to make full use of the opportunities offered by the cryptocurrency sector. They provide a completely new trading experience that extends beyond the altcoin market to include other asset classes like foreign exchange and metals. It is worthwhile to visit their website because its strategic objective enables traders to participate in transactions in an easy and seamless manner.
4. Liquid
Liquid is a crypto exchange with offices in Japan and Singapore. It allows users to trade over 100 distinct cryptocurrencies along with a variety of significant fiat currencies. For people living in Singapore, who wish to invest in cryptocurrencies while paying as little in fees as possible, this cryptocurrency exchange is an excellent choice.
Features
- Offers futures trading, CFD, Spot, and Margin
- The trading interface is simple and intuitive
- Offers perpetual futures contracts mainly for the Bitcoin Market
- Liquid Pro mobile app works without hassle
Pros
Liquid is among the most affordable locations to trade cryptocurrency. Trading commissions begin at 0.30% and depend on your monthly trading volume. If customers pay with QASH – the native cryptocurrency of Liquid – they can also receive a 50% trade fee discount. Comparing Liquid to competing platforms on the market, its fees are often reasonable.
The Liquid blog is also a fantastic resource for learning more about cryptocurrency. It is easy to find everything because it is organized clearly and includes a broad range of topics. Liquid Academy offers information about technology and trade, as well as promotions and the most recent bitcoin news, all in one convenient location.
Cons
One of the major drawbacks is that Liquid imposes a 0.10% fee when withdrawing fiat money, and the minimum price is $15 if withdrawals are made in USD.
Overall, Liquid provides a great response to the issues facing financial traders today. The Liquid trading experience is uncomplicated. Liquid takes care to keep the number of statistics and menu options on the dashboard to a minimum, which makes it easier to use than other exchanges’ dashboards. It’s always worthwhile to try out this platform since it comes with so many benefits!
5. LocalBitcoins
LocalBitcoins is a peer-to-peer (p2p) marketplace that enables direct communication and Bitcoin trading between sellers and buyers. The numerous payment alternatives provided by its sellers and the incorporated escrow enhance the safety of the buyer. Jeremiah Kangas, a developer and businessman, launched the business in 2012, making it one of the earliest exchanges in the sector. It currently has a base in Finland and works in 248 countries.
Features
- Zero buying and selling costs
- Escrow account ensures security
- Easy to use and extremely fast website
- Does not ask for any personal details
Pros
This exchange uses a peer-to-peer network to match local buyers and sellers instead of using a traditional brokerage business strategy. The site is used by traders to publish adverts with exchange rates and acceptable payment methods for purchasing or selling bitcoins. Other users respond to these advertisements and set up a meeting with the trader to conduct a transaction.
Additionally, LocalBitcoins offers a reputation system and a feedback process to aid users in separating genuine traders from fraudsters. The trading platform also provides customers with a conflict-resolution tool to help them work through any disagreements and an escrow service that helps build confidence between the parties.
Cons
Most consumers in the United States cannot access LocalBitcoins because of governmental limitations. Only ten states have access to LocalBitcoins, including Virginia, Wisconsin, Tennessee, New Jersey, Pennsylvania, New Hampshire, Montana, Kansas, Texas, and Illinois.
Furthermore, LocalBitcoins only allows you to purchase and sell Bitcoin as a cryptocurrency. Although this was not a huge issue, it would be great to have more investment options now that there are so many various kinds of cryptocurrencies available.
All things considered, LocalBitcoins is a fantastic way for individuals worldwide to exchange Bitcoins, especially in countries where no other options are available. It continues to be a global bitcoin exchange and provides a wide variety of payment methods available globally.
6. TradeJuice
TradeJuice is a cutting-edge cloud-based software, created by Nicola Delic. It continuously calculates dozens of market indicators. Users can execute rapid trades thanks to the tool’s regularly updated market trends. It excels in generating trading money in the least amount of time and is effective for both novice and seasoned traders.
Features
- Offers cryptocurrency, forex trading, commodities signals, and indices in one platform
- Provides users with entry, exit and latest profit targets automatically
- Contains 120 algorithms
- A variety of payment methods available
Pros
The interface of this software updates its signals every fifteen minutes. This is one of the reasons TradeJuice saves so much time. With this platform, you can trade in any market, including forex, cryptocurrencies, commodities, and indices.
This service, on average, has a lot of flexibility associated with it. For instance, it doesn’t require difficult computations or additional software to function. Most importantly, with an average accuracy of 65-75%, you have a considerable likelihood of increasing your earnings.
Cons
TradeJuice is an expensive platform, which means it is inaccessible to a large majority. Moreover, while the program is great, actual results may differ from predictions, which results in greater chances of incurring losses.
TradeJuice is a good platform that can help you analyze market trends and make predictions. However, don’t think of it as a get-rich-quick program because it will take time for you to learn how to use the platform to make the right trades.
Final Thoughts
You must consider factors like safety, trading volumes, learning material, and whether an exchange addresses the cryptocurrencies you’re interested in buying. You can quickly select the best cryptocurrency trading platform when you keep these points in mind.
