Forbes has published a list of the 10 best cryptocurrency exchanges.
It was compiled by Forbes Advisor, who placed Binance US and Coinbase at the top of the list.
The highest rated of all is Binance US, with a score of 4.9. This is the Binance subsidiary specifically dedicated to US users. Forbes cites low fees and more than 50 tradable cryptocurrencies among the award-winning features. Also, 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 that it is 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 rates, which have been described as confusing. To access lower rates, it is necessary to leave the basic platform and upgrade to Pro, although this is not listed as a disadvantage.
By last, 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. Inclusion and pairing with the stablecoin Tether (USDT) is also rewarded. But due to US regulation, Binance US does not currently offer margin trading or futures trading.
Other top cryptocurrency exchanges according to Forbes
The 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.
By analyzing the details of some like Gate.io, Kucoin and Bittrex, Forbes rewards them for their high number of tradable cryptocurrencies.
Kraken stands out for being pioneer in the sector (It was founded in its beginnings in 2011). Bitstamp, on the other hand, is penalized by safetyas it was the victim of a hacker attack in 2015. However, Bitstamp now has 98% of its clients' assets offline.
How to choose a cryptocurrency exchange
Forbes ends its analysis by stating what factors should determine the choice of a cryptocurrency exchange.
First of all, safety. It has already happened that exchanges have been attacked by hackers, even giants like Binance. To be safe, the best recipe is to buy on multiple exchanges and keep your cryptocurrencies in cold wallets.
The other aspect to consider is the amount of cryptocurrencies available, but this is not enough: liquidity is needed to carry out many transactions, so it is important to choose an exchange with trading volumes consistent.
If you are a beginner, you should choose a simple exchange. Finally, we must consider the aspect of the rates, but it might be worth paying a higher commission for a simpler interface for beginners. Finally, Forbes explains:
“Don't assume an exchange is available in your country, or even the state, just because you can access their website. Many state and federal governments are still figuring out how exactly they want to treat cryptocurrencies from a legal and tax point of view. "
Which, in a nutshell, is an invitation to consider also the legal and fiscal aspects before you start trading.