There are more than 500 cryptocurrency exchanges worldwide. And, only a handful are truly reliable. You need to be careful in your decision of choosing the right exchange as a professional trader, or you could lose some major margins in high trading fees and hacks.
Many exchanges market themselves as #1 based on security, liquidity, and trade volume. This guide will talk about the top 5 exchanges for the advanced trader. The guide is based upon fees, ease of trade, funding options, liquidity, speed, privacy, limits, and other advanced trading features.
Bitfinex is a highly popular exchange when it comes to USD trading volumes. The exchange has the highest liquidity and owns 10% share of the USD trading market. The exchange offers a robust and comprehensive platform interface, suited to the more seasoned users.
The main dashboard offers numerous tabs and options with a curated selection of advanced charting tools. Bitfinex mobile app is made available to both Android and iOS users. All you need to keep up with your trading is to own a smartphone.
The platform also remains one of the most ethical in the industry. Despite losing $70 million in customer funds, Bitfinex remains a popular choice among serious traders.
There is no verification required when you make a cryptocurrency deposit with Bitfinex. However, you would be required to verify your ID if you want to deposit Euro or Dollars.
The fee is on the low side for professional and low volume buyers. The highest fee on the platform is 0.1% per buy for market makers and 0.2% per buy for market takers.
You can benefit from the advanced list of tracers, which addresses particular financial instruments. There are 8 order variations offered by the platform, including market, limit, stop orders, trailing stop, fill or kill, iceberg, OCO, and post only orders.
The crypto platform supports all major currencies, like Bitcoin, Ethereum, Monero, Dash, EOS, Litecoin, Ripple, Tether, and NEO.
They also offer leverage trading that can help you get the best possible rate as specified by time. Their peer to peer trading platform can also attract trade demanders for your digital assets.
Why Should You Choose Bitfinex?
Several trading options
Quick transaction speed
Kraken is another popular platform for seasoned traders. It is a global crypto exchange supporting European citizens, along with Canada, Japan, and the US.
Kraken is amazing in terms of liquidity with its average daily volumes hitting 10-12 million euros. Kraken is the perfect option if you are looking to purchase large amounts of bitcoins and other cryptos. However, Kraken is regulated and you would have to verify your identity and other personal information before making a purchase.
Kraken’s fees can be quite confusing. There are separate fees charged for dark pool trades, margin trading, and stable coin trades. Margin trade charges range between 0.01% and 0.02% as an opening fee. A rollover fee is also charged every 4 hours ranging between 0.01% and 0.02%.
The standard trading fee for taker is 0.26% and 0.16% for the maker for transactions ranging between $0 and $50,000. The fee becomes progressively cheaper if you trade more, which makes it a good option for the serious buyer.
In terms of trading, Kraken is much more advanced than the average exchange. It includes several options, such as margin trading and spot trading for experienced users. Kraken also supports over 31 cryptocurrencies, including Bitcoin Cash, Bitcoin, DASH, Litecoin, Monero, Ethereum, Ripple, Zcash, and Tether.
The platform is focused on highlighting the ever-changing way of how finance is perceived by people. This means that you can expect some very informative articles from the platform.
While Kraken is great for seasoned traders, the platform separately targets newbies as well. Their trading interface is divided into three different parts – Simple, Intermediate, and Advanced. Even the simplest interface has some very intuitive and insightful marketing trends and charts.
Why Should You Choose Kraken?
Low fees as you trade more
Informative and intuitive UI
BitMEX was launched in 2014 by HDR Global Trading Ltd. (Arthur Hayes, Samuel Reed, and Ben Delo) and has since then come to become a well-respected international cryptocurrency exchange. The platform is only focused on cryptocurrencies, which means that deposits and withdrawals in fiat currency are not allowed.
BitMEX offers several interesting trading options with their margin trading going up to a leverage of 100x, where bitcoins are concerned with futures and spot trading markets. Leverage varies on other altcoins, with the lowest being on Litecoin at 33.3x.
BitMEX can be the perfect cryptocurrency exchange for you if you trade within a limited selection of popular cryptocurrencies. BitMEX wants to be known as a reliable brand, which explains its hesitation to list some of the newer coins. However, new projects are regularly added.
Liquidity, when it comes to Bitcoin futures and spot trading is highly respectable. The platform has continued to grow tremendously since its inception. However, you need to be careful about Slippage on some of the less popular pairs. It could be volatile enough to be unfeasible. BitMEX’s focus on security is commendable. There have never been hacks or any major security breaches. Withdrawals are processed manually every day for an added layer of protection.
Additionally, the trading platform is written using kdb+, which is a toolset popularly, used by major banks indulging in high-frequency trading.
The engine has unprecedented reliability and speed. This is a notable difference when compared to less polished platforms, like Bittrex.
Whatever BitMEX lacks in volume is compensated by its UI. The desktop page is fully featured with the mobile implementation blending usability with simplicity. There is an advanced UI option that is offered separately to seasoned traders.
This can be activated to benefit from several features, including the ‘night-mode’ to prevent eye strain. BitMEX is also the few exchanges in the space to have created a built-in full-featured TradingView charting. A wide range of charting tools is offered that is a vast improvement over other competitors.
Why Should You Choose BitMEX?
Speed and reliability
Advanced UI option
Poloniex is a rapidly growing exchange and has almost doubled its users in a pretty short period. This has helped increase its monthly traffic and achieve high trading volumes. The reason Poloniex has become popular among beginners and advanced traders is because of the 200 trading pairs on offer.
You can transact almost any crypto asset and enjoy a low trading fee. Most exchanges that offer a broad range of cryptocurrency find it challenging to create liquidity. However, that is not a cause of major concern with Poloniex. The platform not only offers high liquidity but also low fees.
For instance, if you trade up to 12,000 BTC within a 30 day rollover period, you would have to pay just 0.08% as the maker and 0.16% as the taker. The fee keeps reducing with 0% maker fee above $24,000 BTC transactions. The lowest taker fee is 0.05% on the platform.
Further, there are no charges for any deposits or withdrawals made on the exchange. However, deposits can only be made using cryptocurrency since the platform does not support fiat currency. The good news is that you can use any of the 80+ supported altcoins to make a deposit. This is another major benefit over competitors who typically allow only Bitcoin deposits.
Poloniex is highly versatile in terms of trading offering Buy order, Sell Order, and Stop limit order. These orders can be executed while trading Ethereum, Bitcoin, Tether, and Monero. The platform also offers margin trading with its leveraging reaching up to 2.5x for some pairs. Another interesting trading feature offered by the exchange is the lending option. This feature is unique to Poloniex. You can demand or offer a loan on the exchange with this feature for a pre-specified interest rate.
Why Should You Choose Poloniex?
Abundant trading pairs
Binance is based out of Malta, though it does have a native US site, called Binance.US. The platform is perfect for seasoned traders since it provides users access to robust charts, trading tools, and security features.
Binance is by far one of the best trading options if your focus is solely on crypto-to-crypto trading. It is constantly ranked as the top cryptocurrency worldwide. There are some impressive features on offer that accompanies a really low trading fee.
Binance exchange is a young entrant in the world of crypto. However, it has already made a name for itself and is rapidly growing. There is a huge selection of altcoins on offer, including trading pairs with Bitcoin, Ethereum, and Tether.
The exchange also offers a native token called BNB (Binance coin), which can help you get decent discounts. There is a standard trading fee across the platform of only 0.1%. This is reduced even further when you make trading fee payments using BNB.
Why Should You Choose Binance?
One of the cheapest to trade
Best charting tools