Top 5 Best Crypto Exchanges for Altcoins

Choosing the right cryptocurrency exchange is a challenge, with new platforms popping up daily and confusing users with aggressive marketing campaigns. So to make sense of hundreds of offers, we’ve created a shortlist of the five best exchanges for new and experienced altcoin enthusiasts.

WhiteBIT

Despite entering the market at the end of 2018, WhiteBIT has already earned a solid reputation among thousands of users across the EU, South America, and Asia. The platform focuses on providing high-quality assets for sale and trade and offers over 70 coins.

Aside from the expected crypto-to-crypto exchanges, the platform offers fiat support. And that comes with KYC and AML requirements. Moreover, P2P and decentralized exchange features are present, along with the trading tools for spot and margin trading. The highest trading fees are 0.1%, though some pairs come at a lower rate. SMART staking provides users with plenty of opportunities to earn crypto via short and long-term plans.

Privacy-conscious users may be unwilling to go through the KYC process. Professional traders may experience all advanced trading and passive income generation features. But, WhiteBIT’s straightforward and intuitive interface makes for a much more gentle learning curve than the other platforms on this list.

Verdict: WhiteBIT is a perfect starting point for crypto newcomers to acquaint themselves with the exchange, trading, and staking tools without being overwhelmed.

Binance

Anyone interested in cryptocurrency has heard about Binance. The most popular exchange platform offers over 370 tokens for exchange and trade. Binance supports over 40 fiat currencies, attracting millions of users from across the globe.

Whatever you might want to do with altcoins, Binance has it all. There are traditional and advanced trading tools, including margin trading. And Stock Token provides an opportunity to buy and sell stocks using cryptocurrency. Users can also join the Binance mining pool to earn rewards, make most of the crypto loans or become liquidity providers to earn double.

On the flip side, KYC becomes an inevitability for users wishing to use fiat-supported features, like buying for selling tokens for USD. And even with 24/7 support, the identification process can be drawn-out and painful. Besides, the sheer amount of features on offer can overwhelm someone new to the crypto world. And the trading fees are a bit over the top.

Verdict: Binance is best-suited for experienced crypto traders looking for complete control over their portfolio and extra features, like crypto loans or stock trading.

Coinbase

No crypto exchange list would be complete without Coinbase. One of the most popular altcoin platforms boasts over 240 tokens and over 56 million verified users. The website’s reputation is well-earned thanks to secure offline asset storage, crypto-insurance, and FDIC insurance of the USD assets.

Unlike many exchanges, Coinbase supports fiat currencies. You can link it to your bank account for fast deposits and withdrawals. The KYC procedures are mandatory to enjoy these benefits, so users have to give up their privacy for security.

High fees are among the most common complaints. But users can upgrade to Coinbase Pro to lower the fees and enjoy extra benefits. Upgrading to a premium account makes sense for serious traders to save on transaction fees. But it may be too much of an investment for crypto newcomers.

Verdict: Coinbase is one of the safest options for new altcoin users, while experienced traders have the option to upgrade to a premium account to save on transaction fees.

KuCoin

The Seychelles-based exchange opened for business in 2017. The company prides itself in in-depth blockchain research. It guarantees only high-quality blockchain products get listed on KuCoin. At the time of writing, the number of coins listed neared 400.

Aside from the exchange platform, KuCoin hosts various crypto features. These include spot and margin trading functionality and free strategies devised by a trading bot. Besides, the platform offers crypto lending and investment programs, as well as a referral program.

While KuCoin does not have much in the way of fiat support, the crypto purchase feature is among the latest upgrades. Google Pay, Apple Pay, SEPA, and credit card deposits are supported via third-party services like Banxa or Simplex. While this allows KuCoin to steer clear of KYC procedures, the third-party platform transactions are liable to deposit fees.

Verdict: KuCoin is a one-stop solution for experienced crypto traders unwilling to deal with KYC paperwork and looking for extra income stream opportunities.

Hotbit

Hotbit is the most prolific of altcoin exchanges at the time of writing. The platform hosts almost 1,000 coins with an average of over a million weekly visits. Cryptocurrency deposit fees are absent. And withdrawals come with transaction fees and minimum volume thresholds. For BTC, they are 0.001 and 0.002, while for ETH, the numbers are 0.0075 and 0.015.

And that’s not the full extent of Hotbit’s unique features. For one, the platform boasts zero loss of user assets caused by the platform’s security weaknesses and highlights the B+ security rating, making it one of the safest crypto exchanges. Moreover, Hotbit offers a variety of investment break-even features, providing users with a chance to receive daily interest.

On the downside, the investment program comes without a compound interest option for now. But the biggest issue for crypto newcomers is the lack of fiat support. While it relieves users of the KYC bureaucracy, it prevents them from buying or selling altcoins using USD or other fiat currencies.

Verdict: Hotbit is best suited for experienced traders interested in obscure crypto pairs and those seeking safe long-term investment options.

All five of the altcoin crypto exchanges on this list are reputable, secure, and feature-rich. It’s up to you to check out the interfaces, fees, and features and make the final choice that suits your trading needs best.