Who should make use of the comparison?
Our comparison of brokers that trade cryptocurrency provides an information resource for any traders looking for a suitable platform. Whether you are interested in crypto trading and wondering which operators are out there, or a seasoned pro seeking an exchange that offers more than your current provider, the information below should help you make your own decision on which is the most suitable exchange for you personally. Whilst we won’t explicitly tell you which platform you should use, as this is largely down to individual preference and circumstance, we can provide a solid overview of the more well known and reliable crypto exchanges.
Secure trading with the best crypto trading platforms
Security is of primary concern when appraising crypto trading platforms and an essential consideration when choosing the best platform to trade cryptocurrency. Blockchain transactions themselves offer a high level of security purely by the way they operate. Whilst there have been incidents of security breaches at some well-known brokers over the years, it’s important to note that the industry as a whole has reacted to these and taken steps to enhance security, such as the industry-wide adoption of cold wallets, for example.
Aside from the assets themselves, account security is also of paramount concern. Most top platforms employ several security protocols such as SSL encryption and DDoS protection. What’s more, the majority of brokers will offer two-factor authentication for additional security. Of course, the user must also ensure they choose an adequate password and keep the details of their account confidential – even the most secure platform cannot safeguard against carelessness.
Finally, many reputable brokers will ask for KYC verification – depending on the jurisdiction in which they operate. For example, brokers in Australia that offer payments in fiat currency are obliged to verify accounts. Naturally, those who prefer anonymity will prefer platforms that require fewer personal details.
Editor’s recommendation – The best trading platform for crypto
Choosing the best trading platform for crypto will depend largely on personal circumstances. However, our experts believe that eToro is among the top trading platforms – particularly for those who enjoy social trading. Firstly, eToro is one of the longest-running trading platforms, trusted by over 200,000 active investors. Another plus point of eToro is its global reach – the platform is supported in over 60 countries, including the UK, South Africa and New Zealand. eToro is also available in the USA, but due to American trading regulations users are limited to cryptocurrency exchange.
Another feature of eToro is that users can open a free demo account, allowing them to explore the platform’s various trading tools without risking real capital. The platform also offers a huge array of CFD contracts to appeal to the more experienced trader. In addition to being a contender for the best platform to trade cryptocurrency users also have the option to trade in non-crypto assets.
This is How Our Experts Test Crypto Trading Platforms
To help you decide on which crypto exchange to go with, our experts assess each broker according to a comprehensive criteria. We look at everything from the platform’s user interface to its reputation in the crypto sphere. This thorough approach to reviewing each broker should help you decide which exchange best suits your own individual trading style.
For many traders, the best platform to trade cryptocurrency will be the one that offers the widest selection of coins. Whilst all top crypto platforms will offer the big coins, such as Bitcoin Cash, Litecoin and Tether, some have additional support for lesser-known or emerging altcoins.
Whilst cryptocurrency trading is the focus of our comparison, we also look at whether a platform offers trading in additional assets, such as forex or commodities. This can be particularly beneficial for traders who want a diversified portfolio of investments but prefer to make trades on a single platform.
Jurisdiction and Limits
Jurisdictions are an important factor when choosing a cryptocurrency trading platform. Regulations will differ between countries and rules for trading in the UK may allow transactions that trading rules in India, for example, do not. Furthermore, brokers often have international reach but may have different limits for users in certain countries.
Another important consideration for all traders when choosing an exchange will be the fees involved. Top crypto trading platforms are usually competitive in this area, but often there are differences in how they are applied that can be a big factor in choosing the right platform. Naturally, most traders will opt for the platform with the lowest fees, but this isn’t always as straightforward as it seems.
Usability Look & Feel
A cryptocurrency trading platform should be as understandable and intuitive to use as possible. Many industry-leading exchanges have a huge amount of tools and metrics, as well as complex charting arrangements, which can make them confusing for some traders. It’s therefore important for platforms to offer a clutter-free interface, with the best exchanges being those that strike the perfect balance between usability and functionality.
Payment options can often be the deciding factor when choosing a trading exchange. For example, a user might wish to predominantly deal in Bitcoin SV or Binance Coin, so will have little use for an exchange that only permits transactions in EOS. Processing times and accepted methods of payment, such as credit cards, bank transfers, Skrillex, are also important considerations for many investors. Ideally, an exchange will offer flexibility in this area – in particular those which allow transactions in multiple fiat currencies have a major advantage over those which do not.
The complex nature of financial markets and CFD trading means that all reputable exchanges should offer comprehensive customer service. Our review team looks at the different contact options available for different exchanges, which different languages are offered and whether support is available 24/7. All established traders should also offer a comprehensive FAQ or help desk facility to allow you to address common issues as quickly as possible.
License and Security
Security is a primary concern for any investor but is particularly relevant for brokers that trade cryptocurrency due to the digital nature of the assets. Most well known brokers will utilise a range of the latest security protocols, both to protect the coins themselves and to ensure user data is kept secure. We also look at what regulatory bodies – if any – crypto brokers are covered by and whether they have experienced any issues with regards to data breaches.
As we review each exchange, we take an in-depth look at the process of setting up an account, making a deposit and carrying out trades with the various crypto trading platforms. This includes any KYC/verification requirements. Top crypto exchanges will offer a seamless user experience from the initial registration to making withdrawals.
Reputation and Customer Feedback
Any established crypto exchange should have a glowing reputation with plenty of positive feedback and a high number of active users. On the other hand, many brokers often claiming to be the best trading app but failing to deliver a quality product are soon exposed by users. With this in mind, our reviewers take a broad look at the reputation of each provider.
Finding the best trading platform for crypto
There are numerous reasons you might be considering a new crypto trading exchange. Perhaps you are just dipping your toes in the exciting world of crypto and looking for a demo account where you can trade with virtual money. Alternatively, you might be a seasoned CFD trader who is looking to enter the crypto market and so are seeking out the best platform for trading cryptocurrency. Motivation and individual objectives are an important consideration when looking for a new exchange. For example, a professional trader may require more advanced tools than a retail one, whilst investors with international interest might only consider exchanges with a global reach.
With this in mind, it’s a good idea to ask yourself a few questions before choosing an exchange.
What kind of cryptocurrency trader are you?
Choosing a suitable platform for buying and selling cryptocurrencies will largely depend on what kind of trader you are. Of course, not everyone knows the answer to this question. With this in mind, considering the following questions should help you build a clearer picture and get a step closer to finding the best platform to trade cryptocurrency.
Have you traded crypto before?
Cryptocurrency brokers and trading exchanges in general often target a specific user-base. Some platforms will provide a very basic interface, whilst others will present a range of complex metrics and professional trading tools, as well as offer additional options for CFDs and leveraged trading. With this in mind, the best exchange for you will largely depend on your experience as a trader.
What will your trading volume be like?
Some trading exchanges offer a huge amount of options and tools, allowing users to use stop/loss orders and trade CFDs including other assets alongside crypto. However, an advanced trading platform may not be the best trading platform for crypto for you if you only plan to buy a few coins once in a while. Similarly, the different fee structures offered by exchanges will likely have a huge bearing on which is the most suitable for you, depending on your trading volume.
Do you intend to have a diverse trading portfolio?
Will you be trading additional assets or just cryptocurrency? The best trading platform for crypto may not be the best for trading in other financial instruments. As such, it’s worth considering how committed you are to trading other assets, such as forex or commodities. Alternatively, you might prefer a focused exchange that only deals with digital currency.
Which device will you use for trading?
Any good crypto trading exchange will usually offer a companion app or at least an optimised version of their platform for mobile devices for trading on the go. However, whilst many brokers that trade cryptocurrency will offer mobile trading, it is often the case that their main interface is intended mainly for desktop use. On the other hand, there are plenty of mobile trading apps that are so basic in their operation that there is little difference between mobile and desktop use. It’s therefore worth considering which is likely to be your preferred device.
Do you travel a lot?
Brokers with cryptocurrency are subject to restrictions in some countries, depending on the different trading laws of a given jurisdiction. If you’re someone who spends a lot of time travelling, or has business interests in different countries, then you’ll want to go with an exchange that has an established global reach
Ultimately, the best platform to trade cryptocurrency will be the one that best meets your individual trading requirements. Our comparison should offer you a good insight into the various brokers that trade cryptocurrency and give you a starting point to begin further investigation by checking out some of our reviews directly. Once again, these will not specifically tell you the best trading platform for crypto, but should present you with enough information to decide for yourself.