The trading, buying, and selling of cryptocurrencies have become a common occurrence as a result of their increasing prevalence and how investors trade them, especially with the continuous change in the value of these currencies. Most of the trades are aimed at supporting a certain type of investor based on their location, experience, payment method, need for anonymity, etc.
In this article, we will discuss what is meant by digital currency trading? How to choose trading platforms, their types, and the top 10 cryptocurrency trading platforms 2020.
What is meant by cryptocurrency trading?
Cryptocurrency trading allows investors to buy, sell or trade cryptocurrency (either from fiat currency to digital currency or from one digital currency to another). Cryptocurrency trading is supported by the top twenty digital currencies in the money market most of the time.
Investors prefer high-volume trading platforms that provide them with credibility and security; For their constant keenness to secure their capital from digital currencies and their trading rates.
Types of platforms
There are many types of digital currency trading platforms, including the following:
- Major Trading Platforms: These are websites that specialize in connecting buyers and sellers and charge a fee for each transaction.
- Direct Trading Platforms: Enables investors from all countries to trade digital currencies. It provides direct person-to-person trading and does not have a fixed market price; Each seller sets his own exchange rate.
- Brokers: These are sites that anyone can visit to buy cryptocurrency at a price set by the broker, similar to trading in cash.
How to choose the best trading platform
Some basic features of a cryptocurrency trading platform must be in place before it can be used. Like:
- Geographical Restrictions: Some platforms impose restrictions on certain regions or countries so make sure that the platform you want to join will allow full access to all platform functions and tools available for your country.
- Transaction fees: Transaction fees vary from one platform to another; So, make sure you understand the deposit, transaction, and withdrawal fees before joining them by looking at the fees through each platform's website.
- Security and Reputation: You can review feedback from Platform users from the Platform's website or similar sites. Also, you can ask any questions you want to discuss in the comments.
- Ease of use: The trading platform should be user-friendly in terms of buying and selling.
- Verify the identity of investors: Joining the platform requires identity verification before making deposits and withdrawals or increasing the withdrawal limit, which protects the exchange from fraud and money laundering.
We have previously mentioned the features and advantages that must be provided in a cryptocurrency trading platform, and below we will present the 10 best cryptocurrency trading platforms in 2020:
Coinbase Pro
- It is one of the oldest known cryptocurrency exchanges, founded in 2012, in San Francisco. Its value is estimated at about one billion dollars.
- Funds can be withdrawn and deposited easily through the platform, which offers competitive fees, advanced trading features, and numerous deposit options, and is secured by the New York Stock Exchange and Andreessen Horowitz.
Supported currencies
- Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Litecoin (LTC), ZRX, and Thai Baht (BAT).
24-hour trading volume
- The trading volume is around $158,724,151.
Advantages
- The platform offers competitive fees and is fully regulated in the USA.
Defects
- Not suitable for novice investors.
- Not suitable for Australian investors.
Binance platform
- It is the largest cryptocurrency exchange in the world, operating through an ecosystem; It consists of a stock exchange, a wallet, laboratories, and, a lot of information, CEO Changping Zhao said.
- The platform features its own digital currency called (BNB), which comes with a discount when one digital currency is exchanged for another.
- The platform supports more than 130 tradable digital currencies and provides the best currency trading applications; This makes it one of the best cryptocurrency exchanges
Supported currencies
- Bitcoin Gold, Bitcoin Cash, Ethereum Classic, ZEC, Litecoin (LTC), Dash, EOS, NEO, GAS, Ripple,, and more.
24-hour trading volume
- The trading volume is around $3,186,701,488.
Advantages
- Transaction fees are reduced by 0.1% for beginners.
Defects
- Inability to use or exchange coins.
- The platform does not offer margin trading.
BitMex platform
- It is one of the major bitcoin trading platforms. Its headquarters is located in Hong Kong. The Bitcoin (the largest cryptocurrency exchange) platform is the primary; As its transactions amounted to more than two billion dollars within 24 hours.
Supported currencies
- Bitcoin, Cardano, Bitcoin Cash, Ethereum, Litecoin, EOS, and Ripple.
24-hour trading volume
- The trading volume is around $3,035,184,687.
Advantages
- Futures or perpetual financial contracts can be purchased.
- It is possible to sell and trade on margin.
Defects
- Only existing coins are available for trade.
- Not available in the US, so no payments are accepted from them.
OKEx platform
- It is a trusted and one of the most popular platforms that supports more than 145 cryptocurrencies. Located in Hong Kong. It has its own digital currency.
- The platform saw about $1.5 million worth of Bitcoin futures per day.
Supported currencies
- Bitcoin, Ethereum, and Litecoin.
24 hour24-hour trading volume
- The trading volume is around $1,889,305,353.
Advantages
- Allow margin selling and selling credibility.
- Supports more than 145 digital currencies.
Defects
- It does not support US investors but is supposed to expand to Malta.
Krake. platform
- Founded by Jesse Powell in 2011, it is one of the most popular platforms for trading fiat currencies including the Euro, Yen, US Dollar, Sterling, and others. It is a partner in the world's first cryptocurrency bank.
- It supports more than 17 cryptocurrencies with fees ranging from 0% to 0.26%. Bloomberg also provides Armenia with the price of Bitcoin.
Supported currencies
- Bitcoin, Bitcoin Cash, Bitcoin SV, Cardano, Dash, Dogecoin, EOS, Ethereum Classic, Minero, Ripple, Tether, Zcash, Litecoin, and more.
24-hour trading volume
- The trading volume is around $126,497,278.
Advantages
- High liquidity support for many cryptocurrencies is suitable for seasonal investors.
Defects
- Slow trading time.
- Arbitrary closure of accounts.
Huobi. platform
It was founded in China and supports about 250 cryptocurrencies, and does not have cryptocurrency trading in the United States.
There are two types of them:
- Huobi OTC platform (allows to trade cryptocurrencies with fiat at zero fees).
- Huobi Pro platform (allows advanced trading) and is in the process of creating a new cryptocurrency exchange that will be called (HB10).
Supported currencies
- Bitcoin, Bitcoin Cash, Dash, EOS, Ethereum, Litecoin, Zcash, Tron Coin, Tron Coin, and others.
24-hour trading volume
- The trading volume is around $2,771,531,985.
Advantages
- Access to a wide range of digital currencies.
- Round-the-clock investor support.
- Competitive fees.
Defects
- It was previously accused of falsifying trading volumes.
- Focuses on the South Asian currency trading market and does not target any other parts of the year.
Bitfinex platform
- It was established in Hong Kong in 2012 and offers great liquidity allowing easy trading in the shortest period.
- The platform enables users to trade about 3.3 times more by getting funds from the peer-to-peer margin platform which helps in increasing interest in digital technology and cash basics.
- Investors can renew offers automatically even after their expiration date.
Supported currencies
- Bitcoin, Dash, Ethereum, Litecoin, Verge, Ripple, Tron, ADA Cardano, and 130 more.
24-hour trading volume
- The trading volume is approximately $47,846,107.
Advantages
- Unlimited withdrawals.
- The possibility of trading through the mobile application at home.
Defects
- The platform was breached in the past by a hacker.
Bittrex platform
It was founded in the United States and is headquartered in Seattle. This secures cryptocurrency trading and makes it one of the best cryptocurrency exchanges for 2020. It supports more than 190 digital currencies available to all countries of the world. The platform deducts a transaction fee of around 0.25%, which is relatively high compared to other exchanges.
Supported currencies
- Bitcoin, Dash, Ethereum, Litecoin, Zcash, Tron, and more.
24-hour trading volume
- The trading volume is approximately $24,591,437.
Advantages
- High insurance.
- Easy to use.
Defects
- Only supports the trading of digital currencies with other digital-only.
- Bad customer service.
- Not suitable for beginners.
Bitstamp. platform
It was founded in 2011 and is headquartered in Slovenia. It has multiple headquarters in New York and Luxembourg. It offers the lowest trading fees in the world and the size of the fee is 0.5% for international wire transfers and 0.9% for international withdrawals.
Supported currencies
- Bitcoin, Dash, Ethereum, Litecoin, Tron, and others.
24-hour trading volume
- The trading volume is around 72,853,002 dollars.
Advantages
- Confirmation speed.
- Easy to use for beginners.
Defects
High card fees.
KuCoin. platform
- It was founded in 2011 and is headquartered in Hong Kong. It is a profit-sharing platform and distributes more than 50% of its total revenue to shareholders.
Supported currencies
- Bitcoin, Dash, Ethereum, Litecoin, EOS, Tron, and 62 other currencies.
24-hour trading volume
- The trading volume is around $52,951,081.
Advantages
- It offers a wide range of digital currencies.
- The fee is affordable.
Defects
- Currency exchange is not accepted.
- There are difficulties during the period of heavy trading movements.
At the end of our article, we hope that we have succeeded in presenting the available information on the top 10 cryptocurrency trading platforms in 2020, and we remind you that the above information is not investment recommendations or advice and may change or change over time. Please consult financial advisors before making any decision to trade cryptocurrencies.
