Brief comparison of crypto exchanges

Brief overview of crypto exchanges

I have already done a comparison of various brokerage sites. This time, due to the strong popularity of cryptocurrencies and also the fact that I opened several accounts on crypto exchanges, I decided to make a brief overview of popular crypto exchanges / crypto brokers (I don’t even know how to call them exactly).

On hearing I had dozens of different ones, but in fact there are more than + 100 tons. If we compare by popularity (average turnover per day), then the first positions are taken by:

1️⃣ Binance ($8,4 billion),
2️⃣ HBTC ($8,1 billion),
3️⃣ Huobi Global ($2,4 billion),
4️⃣ BitMex ($1,9 billion),
5️⃣ OKEx ($1,4 billion).
PS Data 2020

took from https://vc.ru/crypto/167064-kratkiy-obzor-populyarnyh-kriptobirzh-2020-infografika


Of all the 5 listed, I heard and used only Binance, but Kraken ($0,6 billion) and Coinbase ($0,35 billion) did not make it to the top list, which are definitely worth mentioning and deserve special attention.

My top list includes the following sites where you can buy cryptocurrency: Binance, Kraken, Coinbase, Revolut, eToro. Binance turned out to be the most profitable in terms of commissions (not surprising, given its volumes). The commission for purchase and sale transactions is 0.1% of the amount. Depositing and withdrawing funds remains free of charge.

In the case of crypto exchanges, trust is also important. There were so many stories when exchanges were closed, robbed, or personal data leaked into the network. Therefore, keeping all the funds with one player would be a big mistake. For this reason, I have also compiled a small comparison list of the provided exchanges in terms of functionality and security. The list is quite subjective, I awarded 1 point for the functionality.

Binance and Coinbase did not have an impeccable history, I managed to find several scandalous news on the network in reliable sources, for this reason I cannot give them a score for security, and as for me, all cryptocurrencies lose in many respects to Kraken'y. They really were able to impress in terms of speed, ease of use, functionality, security and design (very subjective). For security, I gave as many as 2 points, since they already have 2 separate applications for authentication: Google authentication and Microsoft Asure Authentication.

screen recording of my portfolio in Kraken

Plus, in the news field, the exchange was mentioned several times as a security leader. Kraken, unfortunately, did not and will not pay me anything for this brief review, but it is obvious that their service was able to impress. But you should be aware that keeping all your eggs in one basket, especially cryptocurrencies, is extremely dangerous.

How, in fact, to invest in cryptocurrency in general (I do not recommend it, especially now). For example, I have open positions in Revolut, Kraken and Coinbase. Could have ended up on binance as well, but their UX and various issues made me close my account with them.

Was the summary helpful to you? I would appreciate your reactions and comments! Thank you! Plus, you can see what other users have already commented on this post in Instagram