Learn where to trade crypto with this easy guide to crypto exchanges and the best ones optimized for certain trading styles: Futures, Derivatives and Margin for cryptocurrencies.
One of the most important questions newbies ask when they begin their trading journey is where to trade crypto. With so many crypto exchanges available today, selecting one that matches your trading style and is best optimized for the crypto pair you’re looking to trade can be challenging.
Luckily, in this article, we’ve narrowed down your options so it’s easier for you to make trading decisions. Without further ado, let’s get into it.
What are Crypto Exchanges?
If you’re looking for where to trade crypto, a cryptocurrency exchange is the best place.
Crypto exchanges are online marketplaces that allow you to buy and sell crypto assets such as cryptocurrencies, futures, perpetual futures, and derivatives.
They act as the intermediary between individuals who want to trade their crypto assets, creating a safe environment for them to transact.
One of the best things about crypto exchanges is that they enable different kinds of trading, rather than just spot trading alone. So, with a suitable exchange, some of which we’ll reveal in this article, you can profit from your trading strategy.
There are two kinds of crypto exchanges: centralized exchanges (CEXes) and decentralized exchanges (DEXes). Let’s discuss them below.
Where to Trade Crypto— Options and Examples
To answer the question of where to trade crypto, you must understand that there are two options to pick from. You can trade crypto either with a centralized exchange (CEX) or a decentralized exchange (DEX).
A centralized exchange (CEX) is a crypto exchange that works under the management of a single entity. They are not as private as decentralized exchanges; still, they’re the most popular today.
Centralized exchanges act like matchmakers, using order books to ensure that you trade crypto assets with someone interested in making a transaction at that price.
Decentralized exchanges, on the other hand, work differently. Because they are built on decentralized blockchains, they aren’t bound by any central authorities or financial corporations.
They allow you to make direct, decentralized peer-to-peer transactions using smart contracts. However, because they don’t use KYC verifications, they are more prone to fraudulent acts such as wash trading (a process that involves traders artificially inflating trading volume by buying and selling the same asset repetitively).
Regardless, decentralized exchanges are still rising in popularity for their privacy features and low fees.
Today’s popular centralized exchanges include Binance, ByBit, Bitget, Kraken, and Coinbase. In comparison, the top decentralized exchanges include Uniswap, Vertex Protocol, PancakeSwap, Orca, and THORChain.
Best Crypto Platforms for Day Trading Futures
Where to trade crypto futures? Centralized exchanges are often the best options if you’re looking for where to trade crypto, futures, and derivatives. From our experience, they have many more features, compared to DEXes, that can help you make profitable trades within 24 hours if you’re proficient with the crypto market.
That said, our personal top 3 crypto platforms for day trading are :
- Binance,
- ByBit, and
- BingX.
1. Binance— Most Popular Day Trading Platform
Currently, Binance is the most popular day-trading centralized exchange on the planet. With a daily transaction volume of over $15 billion in spot trades, it undoubtedly comes to mind when people look for where to day trade crypto.
Binance is mainly preferred for its vast liquidity and support for many cryptocurrencies, altcoins, and trading pairs. Although it has a complex user interface, it allows users to switch to “Convert,” a mode easier for newbies to use when spot trading.
Another edge Binance has over its competition is its fees, which start from 0.2% and can drop down to 0.04%.
2. ByBit— Quickly Rising Fan Favorite
Since its launch in 2018, ByBit has quickly stolen the attention of the crypto world. Although it has about a fifth of Binance’s daily transaction volume for spot trading, that number is bound to increase as more people migrate to the platform.
Although ByBit is more often used for trading futures and perpetual futures, it’s still a good choice for day trading. It supports over 270 cryptocurrencies and has liquidity that nearly matches Binance’s.
ByBit also has competitive fees as low as 0.1% for spot trading, making it an excellent choice if you’re trading large volumes of crypto.
3. BingX— Best No-KYC Trading Platform
In our opinion, BingX is an excellent alternative to Binance and Bybit if you’re looking for where to day trade crypto. It was launched around the same time as Binance in 2018.
BingX is very popular because it allows users to trade without completing their KYC verification. However, it comes with a withdrawal limit of $100,000 USDT, a reasonable bargain if you think about it.
In addition, BingX’s trading fees start at 0.1% for both makers and takers, making it an excellent choice for you.
This section should have answered all your question where to trade crypto futures. Let’s move on to the next section on where to trade crypto with margins.
Best Margin Trading Platforms for Cryptocurrencies
Margin trading involves using borrowed funds to trade. And if you’re looking for where to margin trade crypto, here are our top three recommendations:
- Binance (again),
- BingX, and
- KuCoin
1. Binance— Overall Best Margin Trading Platform
From our experience, Binance still tops the list of centralized exchanges when it comes to margin and even signal trading as well. Binance’s primary advantage is the sheer amount of available liquidity. It also has very low margin fees and allows users to margin trade a wide range of cryptocurrencies.
Binance is also very responsive and has a ton of tutorials and educational materials regarding margin trading available for newbies to learn from.
2. BingX— Great Binance Alternative for Margin Trading
BingX is the second-best margin trading platform on our list. Its low-interest rates and wide range of borrowable crypto assets make it particularly enticing for investors looking for where to margin trade crypto profitably.
However, you may have to complete your KYC verification before being able to margin trade as you may not be able to withdraw your funds. It’s also best to upgrade to a VIP level as it increases your margin or borrowing power.
3. Kucoin— Low Margin Trading Fees
If you’re looking for where to margin trade crypto, KuCoin is a commendable choice as it providing a diverse range of trading services. It offers competitive fees starting from 0.1% and various cryptocurrencies for margin trading.
KuCoin caters to both beginners and experienced traders. While it has faced security challenges in the past, its continuous development and commitment to innovation make it an excellent alternative to Binance and ByBit for margin trading.
Best Leverage Crypto Trading Platforms for Perpetual Derivatives
Leverage trading is a significant feature in crypto trading because it offers insane rewards for high risk. So, these are our recommendations if you’re looking for where to leverage trade crypto:
- Bybit,
- Binance (again in the top 3 from our experience), and
- BingX (as well in the op 3 again)
1. ByBit— Crypto Exchange with the Best Leverage
ByBit tops our list of the best leverage trading platforms. In addition to the features we’ve exhaustively covered previously, ByBit offers up to 100x leverage when trading a wide range of perpetual futures.
2. Binance— Up to 25x Futures Trading Leverage
Binance is our second-best recommendation if you’re seeking where to leverage trade crypto. Although it has much more liquidity than ByBit, Binance’s leverage caps out at 25x. It’s a great alternative if you want to play safe.
3. BingX— Great Binance and Bybit Alternative
With over $1 billion in daily transaction volumes, BingX is one of the most used crypto exchanges in the crypto market. Currently, it’s in the top 50 highest-ranked spot trading exchange on CoinMarketCap. It offers up to 150x leverage on futures trading but it comes with an insane liquidation risk if the market moves against your position.
Still, we personally recommend BingX if you have the kind of risk appetite that allows you to leverage trade.
Conclusion
Once you find where to trade crypto, it’s easier for you to make profits. And with this article as your guide, selecting a crypto exchange that matches your trading style should be a breeze. If you follow these steps, you are already on your way to growing a profitable crypto trading portfolio.
Not financial advice. Make sure only to trade crypto assets you’re comfortable with losing, as crypto market conditions can be unpredictable sometimes. Always consider setting relatively safe stop loss levels before engaging a set-up. Crypticorn is not liable for any financial losses you incur when trading.
FAQ
What’s the best place to trade crypto?
Currently, Centralized exchanges like BingX and Binance are the best places to trade crypto. In addition to safety and a user-friendly interface, an advantage they have is robust features that help you make the most from your trading style and strategy.
Where to trade crypto for beginners?
Binance is one of the top crypto exchanges to trade crypto if you are just starting. Furthermore, Binance Academy offers many free resources to help newbies on their trading journey and familiarize themselves with the exchange’s interface.
What’s the best crypto trading platform?
At the moment, Binance is the best crypto trading platform according to CoinMarketCap. It has the highest daily transaction volume, supports many cryptocurrencies, and is much easier to use than most crypto exchanges.
