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Top five largest crypto exchanges

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The hot cake that is decentralized finance needs a marketplace, regardless of the lack of a central controlling body.

There are over a thousand decentralized finance projects in the market, each with a target community. To access the coins and perhaps store them in a secure virtual facility, crypto exchange platforms are needed.

Here, you will discover the top five largest crypto exchanges according to their trading volume:

Binance

Binance is the largest crypto exchange platform in the world. It records a 24-hour trading volume of more than $10 billion, roughly 625,000 bitcoins. In total, assets worth more than $67 billion are registered on the DeFi project, which you can access through an app or a website.

It provides secure storage for your coins, otherwise called software wallets. Depending on your preference, you can choose between Binance’s web, mobile, or desktop digital asset storage options.

There are many reasons why Binance is the most renowned trading platform in the global cryptocurrency scene, and one of them is the peer-to-peer function. Unless you reside in a demographic area where the exchange of crypto is prohibited, you may not appreciate what a P2P function is. But the summary is that it connects any two people looking to trade cryptocurrencies from any given location, worldwide.

Binance is also renowned for its rock-solid security in crypto world. It seldom hangs, even when a considerable trading volume meets the market. The platform has also never paused withdrawals, despite the very cold “crypto winter” the global DeFi realm is going through.

Speaking of which, Binance has a native cryptocurrency called BNB which trades at $295, with a maximum supply of 200,000,000 tokens.

Binance has been around since 2017 and has left many decentralized applications and services for users, including the revered Trust Wallet.

Coinbase Exchange

In 2012, Brian Armstrong and Fred Ersam launched Coinbase exchange to facilitate all forms of cryptocurrency exchanges, including buying and selling assets and storing them in a secure wallet.

Up to 150 tokens and coins can be traded on the Coinbase Exchange platform, leaving the platform with assets worth 70,000+ bitcoins. A 24-hour trading volume of $1.1 billion also sets it as the second highest-used decentralized finance trading platform worldwide.

It has more than 500 cryptocurrency pairs that you can trade with its advanced charting features.

It may also be an advantage to trade with a decentralized finance exchange platform with a crime insurance policy, as this secures your funds if a crime against users’ portfolios happens.

There are further money-making services on the Coinbase Exchange platform. A pretty easy one is watching trading tutorial videos and earning a few bucks instead of paying them. In other words, you can learn and earn.

Another one is the staking opportunity. However, arguably, the 5.7% APY is meager, but this is one of the safest platforms out there, so maybe this is a small price to pay.

Kraken

Kraken was launched in 2011. It can be used for spot trading, staking, NFT buying and selling, indices, and margin trading.

You can exchange more than 120 cryptocurrencies at 1.5 percent service charges on Bitcoin and other altcoins, and 0.9 percent on stablecoins.

Margin trade features are available to permit leveraging of up to five times your wallet balance. Kraken is also a favorite of the DeFi trading platform options because it offers low spreads at fast transaction speeds. This is because of the low latency API the exchange medium uses.

There is a paid version of Kraken called Kraken Pro, with perks such as significantly lower trading fees on each transaction.

Kraken was founded by Jesse Powell, a cryptocurrency enthusiast who has been dedicated to creating decentralized finance projects since 2001.

When trading high amounts of cryptocurrencies, Kraken can handle your load. So, its liquidity pool is also worth mentioning. It has a daily trading volume of 51,000 bitcoins, equivalent to $840 million.

This qualifies as the third largest crypto exchange.

KuCoin

KuCoin allows users to trade more than 700 cryptocurrencies at surprisingly low fees. You can fund your account with Apple Pay, a bank transfer, or your credit card and the minimum deposit is a dollar.

It is supported in more than 200 countries, with the possibility of trading more than 50 fiat currencies. You can do these on the app through peer-to-peer trading, margin trading, spot and futures trading, or simply investing and keeping your coins in your wallet.

It is also worth mentioning that KuCoin offers a crypto-lending service for seven to twenty-eight days.

The application also boasts a trading bot and an NFT marketplace. If you would also like to convert your funds to any of the fiat monies or cryptocurrencies listed on the exchange, that can be arranged.

Finally, with your KuCoin account comes a secure software wallet for your coins. The daily market volume for KuCoin is almost $397 million.

Bitstamp

Bitstamp has been around since 2011 and offers a daily trading volume of $106 million. You can trade 78 cryptocurrencies on the platform, and your account may be funded with a credit or debit card, or a bank transfer.

On Bitstamp, if you trade less than $1000, you will not pay transactional fees. However, on trades below $10,000, 0.3 to 0.4 percent will appear in charges.

Withdrawals will also attract fees, which are charged even on cryptocurrency transfers.

Bitstamp is more of a dedicated crypto exchange medium than a lending facility. Essentially, this means you cannot engage in futures and margin trades, strictly spot trading.

Staking is also a way to make money on the crypto exchange. Through a Bitstamp Earn, you can lock or leave idle coins in the custody of the exchange platform. The inactive cryptocurrencies will be used to validate and confirm transactions, and you earn your cut.

P.S., did you know that Bitstamp is the owner of the very popular Tradeview website? Every trader will agree that the site is a godsend because of the features that make trading easier.

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