Crypto Trading Platforms
In this crypto trading platforms review, we go through privacy, liquidity, fees, deposit methods, regional availability, and security. More importantly, we aim to bring about short reviews of several trading sites, as you can compare them in terms of important factors.
In this article, we don’t handle leverage trading. However, we have a dedicated article for crypto platforms with the highest leverage.
Anonymity might be your primary concern when surfing the web. If you think there is no reason to be different for crypto trading, try the BitMEX platform. It only requires a valid e-mail address and you are good to go! There are no trading restrictions even if you do not verify your identity.
Binance will allow you to trade without passing verification process, but it will limit you to 2BTC per day. While that might be enough for some, it is not enough to cover serious traders.
The same goes for eToro. This platform has a different approach and sets EUR2.000 limit for all those who do not confirm their identity. As soon as you achieve this threshold, you will need to send proof of ID and address.
Bitfinex does not allow staying anonymous. If you want to use this platform for trading, you will need to pass verification check. You can check out the verification form below to get an idea of what is required from traders.
The truth is you cannot go wrong because none of these exchanges has liquidity issues. However, the reputation of Binance and its 24h trading volume suggest that this is the most liquid crypto trading platform these days.
eToro allows you to trade both and crypto and fiat currencies, as well as stocks, ETFs, and commodities. The vast selection available implies that liquidity is not something they worry about in this company.
The attack two years ago took 120,000BTC (millions of dollars) away from Bitfinex. However, the platform quickly brought back all those tokens. That showed their capability to handle issues and protect users. The volume of trading on the website clearly shows that there are no problems with liquidity today. It has passed the $3.7 billion mark on BTC daily trade, showing its strength.
BitMEX might not have as many trades as other options, but it is enough to consider them liquid. Their daily volume is measured in USD millions, as it trades over 464 thousands of BTC daily.
All platforms have clearly listed trading fees on their websites. If you choose BitMEX, the fee will depend on the contract you choose. Makers have lower fees than takers. In some cases, they can even get a -0.05% rebate. On the other side, takers can pay as much as 0.075%, especially if they choose to trade with leverage.
If this sounds confusing, Binance offers the simplest formula. It charges 0.1% fees regardless of the trade size. You can cut this cost in half if you use BNB coin.
The default trading fee on Bitfinex is 0.1% for makers and 0.2% for takers. You will need to swap over $500,000 per month to get a discount, which is not a small sum.
eToro uses a spread to integrate all trading fees. This might seem a bit complex if you are not familiar with the system. However, if you know how the spread works, you will quickly realize that the fees are fairly competitive. Read more about trading fees and compare crypto trading platforms with the lowest trading fees.
BitFinex accepts two fiat currencies (EUR and USD) and dozens of crypto coins. For a bank wire transfer, you need to pay 0.1% and the minimum amount you need to deposit is 20EUR/USD. A small deposit fee for cryptocurrencies is also applied and it involves a charge for all investments under $1,000.
If you are looking for extra payment methods for fiat money, try eToro. Bank wire transfer, debit and credit card, Neteller, Giropay, and PayPal, are among the options that this platform supports. There is no charge for depositing, but eToro uses the only USD. The platform charges conversion fee if you invest any other fiat currency. You can check out eToro’s deposit form in picture below.
The only currency you can deposit to BitMEX is Bitcoin. That means the only acceptable method is transferring your BTC from another crypto wallet. On the plus side, you do not have to pay any fees when depositing.
Binance also only accepts adding crypto coins to your account. However, you can choose between five currencies, including BNB, NEO, LTC, ETH, and BTC. The platform does not charge anything regardless of the size of your deposit. Read more about deposit bonuses and trading platforms with bitcoin bonus without deposit.
Binance has some great news for users from the United States. This platform is the only one on our list to have found a way to do business in the USA. Their website does not clearly list supported countries, but it should be available worldwide.
Bitfinex stopped providing services to US-based clients in 2017. They revealed that they could not comply with the complex regulatory environment. The other countries they do not support include Bolivia, Kyrgyzstan, Ecuador, and Bangladesh.
BitMEX is another platform that you can access from any other part of the world except the USA. There is no indication that they would provide availability for this country soon.
eToro has a specific list of 60 countries they operate in. These include mostly European states, but they also do business across Asia, South America, and North America. South Africa and Nigeria are the only African countries that eToro supports. The platform does not cover USA, Sudan, Cuba, Syria, Myanmar, North Korea, and Iran.
All four crypto trading platforms have an adequate level of security. Bitfinex implements two-factor authentication and demands identity verification from all users. Combined with offline storing of assets, it should be a top choice. However, the platform was hacked twice – in 2015 in 2016. The attacks did not affect the users and Bitfinex successfully recovered both times.
Binance is the next best choice when it comes to security. It allows unverified users to trade, but it limits them to 2BTC per day. The platform protects the users with the 2FA login feature. It also allows you to access Binance via a third-party app by using a private API key.
eToro uses SSL protection to keep the data of its users safe. Although social trading is available, you can make your profile private and keep anyone from seeing your investment information. The website has never been hacked, but we still feel like 2FA is missing.
Finally, BitMEX does not require any kind of verification except an e-mail address. It also does not impose any limits on freshly registered users. Although there were no complaints regarding the platform safety, we would still like to see them adding an extra layer of security.
In this crypto trading platform guide, we went over several platforms in terms of important trade factors. Suffice to say, many of the platforms showed some strengths and weaknesses in each of the fore mentioned aspects of trade. Thus, it depends on your personal preference when it comes to what platform is the best for crypto trading.
Also, if you want to read more comparisons of Cryptocurrency Trading Platforms please feel free to read our article of Cryptocurrency Margin Trading Platforms.