Best crypto exchanges according to Forbes
Forbes has released a top 10 list of the best crypto exchanges.
It was compiled by Forbes Advisor who put Binance US and Coinbase at the top of the list.
The best of all is Binance US, with a score of 4.9. This is Binance’s subsidiary dedicated specifically to US users. Forbes cites the low fees and more than 50 tradable cryptocurrencies among the award-winning features. In addition, the interface is intuitive for transactions under $10,000. More experienced users can also take advantage of many other features, from candlestick charts to limit and stop purchases.
On the downside, there is a lack of tutorials and educational sections, and it is not available in some US states, including Texas and New York.
The best exchange for beginners is Coinbase. With a score of 4.5, Forbes claims it to be one of the largest and most secure exchanges, particularly in its Pro version.
It stands out for its ease of use but also for its fees, which have been described as confusing. In order to access lower fees, it is necessary to leave the basic platform and upgrade to Pro. This is not listed as a downside, but Forbes is keen to point out that, on Coinbase, there is no Dogecoin among the 60 tradable crypto assets and adds that this:
“Not necessarily a bad thing for your long-term wealth”.
Lastly, the best exchange for crypto enthusiasts is Binance US. Here Forbes rewards not only the numerous cryptocurrencies present but also the use of BNB, Binance’s native token, to reduce fees. Also appreciated is the listing and pairing with the stablecoin Tether (USDT). But due to US regulation, Binance US currently offers neither margin trading nor futures trading.
Other top crypto exchanges according to Forbes
Forbes’ analysis looked at the top 10 exchanges according to CoinMarketCap. In addition to the two exchanges already mentioned, the ranking continues as follows:
- Kraken, 4.8;
- Crypto.com, 4.7;
- Gemini, 4.5;
- Gate.io, 4.5;
- Kucoin, 4.1;
- Bitstamp, 3.4;
- Bittrex, 3.4;
- Bitflyer, 3.3.
Looking into the details of some like Gate.io, Kucoin and Bittrex, Forbes awards them for their high number of tradable cryptocurrencies.
Kraken is singled out for being a pioneer in the sector (it was founded in its infancy in 2011). Bitstamp, on the other hand, is penalized for its security, as it was the victim of a hacker attack in 2015. However, Bitstamp now holds 98% of its clients’ assets offline.
How to choose a crypto exchange
Forbes ends its analysis by indicating which factors should determine the choice of a crypto exchange.
First and foremost, security. It has already happened that exchanges have been targeted by hackers, even giants like Binance. To be on the safe side, the best recipe is to shop on multiple exchanges and keep your cryptocurrencies in cold wallets.
The other aspect to bear in mind is the number of cryptocurrencies available, but this is not enough: to carry out many trades you need liquidity, so it is important to choose an exchange with consistent trading volumes.
If you are a beginner, you should choose a simple exchange. Finally, there is the fee aspect to consider, but perhaps it is worth paying higher commission costs for a simpler interface for beginners. Finally, Forbes explains:
“Don’t assume that an exchange is available in your country, or even state, just because you can access its website. Many state and federal governments are still figuring out how exactly they want to treat cryptocurrencies from a legal and tax standpoint”.
Which, simply put, is an invitation to also consider the legal and tax aspects before starting to trade.