Despite recent declines, cryptocurrencies continue to be a much pursued new investment category. Bitcoin topped the most searched topics on Google in 2022, surpassing TikTok, Apple, and the NFL, and coming close to “restaurants near me.”
Debthammer estimates that there are already 295 million crypto users globally, with 20% of them based in the United States. There are currently more than 20,000 cryptocurrency buy projects worldwide.
The first step in investing in bitcoin is creating an account with a cryptocurrency exchange. Forbes Advisor has researched the market leaders to identify the top crypto exchanges for beginners and seasoned traders alike.
We evaluated over 25 different cryptocurrency exchanges, crypto trading applications, and brokerage platforms to determine which ones provided the most comprehensive set of features and possibilities for crypto traders.
The fees shown for each broker or cryptocurrency exchange are calculated based on the smallest possible transaction volume conducted on the most basic available version of the exchange or broker.
There were 10 primary metrics used to compare platforms’ efficacy.
Features Essential to Trading. The quantity of tradable cryptocurrencies, the variety of fiat currencies accepted, the exchange’s general liquidity, and trading costs were all considered important factors.
The Next Level of Trading Technology. We analysed the accessibility of sophisticated trading options, such as advanced order types and volume discounts for heavy traders.
Money Trading on Margin. Analysis of margin trading costs, if relevant.
Accessibility of Platforms. Some of the top cryptocurrency exchanges are accessible worldwide, while others have vastly differing degrees of accessibility to certain services depending on location (both internationally and inside the United States).
Services to Customers. There are several channels of assistance for customers to choose from.
Books and other materials for use in classrooms. We compared the various platforms based on the quality of their instructional materials.
Cryptocurrency-based credit card with perks. Only a few few sites provide crypto-rewards credit cards.
Storage and Protection. Options for storing data, levels of protection and protection offered, and an analysis of any major breaches that have occurred on each platform over time.
Taking a Risk and the Payoffs.
Users may stake their cryptocurrency holdings on certain sites to earn interest.
Cryptocurrency borrowing and lending. There are certain cryptocurrency exchanges that facilitate lending out customers’ coin holdings.
We used these 10 metrics to compare and contrast the features and tools offered by the various examined cryptocurrency exchanges and brokerages.
Each brokerage or exchange’s final ranking was determined by summing the weighted values across all or some of these crucial parameters. The selection process for the top cryptocurrency exchanges for newbies did not take into account margin trading, platform lending, or advanced trading.