Best Crypto Exchanges to Trade Altcoins in 2022

It's Altcoin season! Here the best exchanges to trade altcoins

Overall: 4.9/5

#1 | Coinbase

One of the old-school exchanges. Coinbase is one of the largest cryptocurrency exchanges in the world. Traders enjoy a low 0.5% trading fee and a simple, easy to use exchange. Coinbase the best crypto exchange to trade altcoins on.

Visit Coinbase

Overall: 4.8/5

#2 | Binance

The world's largest cryptocurrency exchange also has the lowest fees. Traders can expect to pay as little as 0.05% per transaction while enjoying high liquidity, fast transactions, instant withdrawals while trading on an advanced trading platform with limitless features.

Visit Binance

Overall: 4.8/5

#3 | Bisq

Bisq remains one of the best exchanges on the market today and it's not hard to see why. With their measly 0.5% transaction fees and their great reputation and customer service, Bisq is one of the most beginner-friendly crypto exchanges on the market.

Visit Bisq

Table of Contents

Finding a suitable cryptocurrency exchange to buy and sell altcoins is essential if you plan on trading consistently.

You should always ask a few questions before joining any exchange, here are a few things to look at:

Is it available in your country?
How hard is the platform to use?
Does it have a proven security track record?
What is customer support like?
What are the trading fees?

Luckily for you, we have taken the time to thoroughly research each exchange so you don't have to!

Let's get started...

What are Altcoins?

Altcoins are cryptocurrencies that exist in addition to Bitcoin.

While both altcoins and Bitcoin employ blockchain technology, these digital assets' purpose, features, and functioning might differ.

There are dozens of altcoins, but some of the most well-known include Ethereum and Bitcoin.

Altcoins may be thought of as Bitcoin variants.

Developers build altcoins to improve the functioning of Bitcoin or provide features that Bitcoin does not have.

While some alternative coins may value these digital assets investors, others advance only on excitement and live on conjecture.

Many altcoins have had spectacular climbs this year, mirroring Bitcoin's surge this year, which has risen more than 110 percent as of November 15. Ethereum (ETH), Bitcoin's main rival, has risen roughly 500 percent year to date, while the upstart Shiba Inu Coin (SHIB) has gained an incredible 380,000 percent in a year.

"As the first cryptocurrency, Bitcoin established a precedent for how cryptocurrency projects should work," says Colin Pape, creator of Presearch, a search engine powered by blockchain technology, like cryptocurrencies.

While both altcoins and Bitcoin employ blockchain technology, these digital assets' purpose, features, and functioning might differ.

There are thousands of altcoins on the market.

However, the following are some of the most popular:

Ripple (XRP).
Ethereum.
Cardano (ADA).
Litecoin (LTC).
Dogecoin (DOGE).
Solana (SOL).
Shiba Inu Coin.

Alternative currency creators and developers aspired to create new versions of Bitcoin based on what they considered was lacking from Bitcoin's platform.

Ethereum, for example, is a system that allows users to transmit money to one another.

Still, it can also be used in application development where new tokens may be produced on the network.

Cardano, like Ethereum, aims to provide peer-to-peer transactions and let developers construct apps on the network.

On the other hand, Cardano's platform takes a research-intensive approach to grow out its blockchain network.

Litecoin includes a variety of characteristics as well.

To begin with, Litecoin has a more significant supply than Bitcoin, and transactions on the Litecoin network are often quicker.

Litecoin's goal is to be a silver alternative, similar to how some regard Bitcoin as a gold alternative.

There is an infinite number of altcoins, but they do not necessarily compete with Bitcoin.

Instead, "the objective of altcoins is to be initiatives that build on top of open-source blockchain technology, enabling alternative use cases to the old financial system and huge tech corporations - think DeFi (decentralized finance) or NFTs (nonfungible tokens)," Pape explains.

What is a Cryptocurrency Exchange?

The most exemplary cryptocurrency exchanges make it simple to buy and sell the currencies you choose, with low fees and robust security measures.

When looking for the perfect cryptocurrency exchange for your needs, consider the supported currencies, price, withdrawal methods, and security—all of which we considered when compiling our list of the top cryptocurrency exchanges.

A cryptocurrency exchange is a platform where users may buy, sell, and trade cryptocurrency.

A cryptocurrency exchange functions similarly to an online brokerage in that customers may deposit fiat currency (such as U.S. dollars) and use those funds to buy bitcoin.

Users may also swap their cryptocurrency for other cryptocurrencies, and some exchanges let users earn interest on cryptocurrency kept in an exchange account.

Different Types of Crypto Exchanges

Centralized Exchanges

The first and most popular kind of trade is the centralized exchange.

Popular exchanges in this category include Coinbase, Binance, Kraken, and Gemini.

These exchanges are private firms that provide trading platforms for cryptocurrencies.

The Know Your Customer regulation applies to specific transactions requiring registration and identification.

Centralized exchanges disprove the Bitcoin philosophy.

They run on their own ate servers, which creates an attack vector.

If the company's servers are compromised, the entire system may be shut down for a while.

Worse, vital information about its users might be compromised.

The more extensive, more popular centralized exchanges give by far the smoothest on-ramp for new users, and they even offer some sort of insurance if their systems fail.

While this is legitimate, when you purchase bitcoin on these exchanges, it is housed in their Custodial wallets rather than in your wallet that you possess the keys to.

The insurance given is only valid if the exchange is at fault.

You will lose your funds and be unable to obtain insurance.

It is critical to withdraw any substantial quantities and store them safely.

Decentralized Exchanges

Decentralized exchanges function similarly to Bitcoin. In a decentralized exchange, there is no central point of control.

Consider it as a server, except that each machine on the server is scattered globally.

An individual controls each computer that makes up one portion of that server.

If any one of these computers fails, the network is unaffected since many additional computers support the network.

This is not the same as one corporation managing a server in a single place.

Attacking anything dispersed and decentralized in this way is far more complex, making such attacks unrealistic and likely to fail.

Because of this decentralization, these sorts of exchanges are not subject to the restrictions of any regulatory authority, as a single person or organization does not administer the system.

Therefore a government or regulatory authority cannot reasonably pursue a single individual or group.

This implies that people dealing on the platform are not required to identify their identity and are free to use the site in any way they see fit, legal or illegal.

Best Crypto Exchanges for Altcoins

Here are the top cryptocurrency exchanges to trade altcoins on in 2021...

Coinbase

Rating

4.9/5

Supported Altcoins

50+

Fees

0.5%

Quick Review

Coinbase and Coinbase Pro are two of the most popular bitcoin trading platforms, both of which are owned by Coinbase Global Inc, which was formed in 2012.

Coinbase functions as a brokerage with a virtual wallet, whereas Coinbase Pro functions as an exchange where users buy and sell.

Coinbase is popular among beginners since it makes it simple to buy and trade cryptocurrencies.

Users are not required to learn investment jargon. Instead, customers may just log on to the site and begin trading.

Coinbase Pro is used by traders who are skilled with trading to take advantage of various trading kinds.

The Coinbase Pro site is straightforward to use, allowing newbies to become acquainted with the terminology and begin investing rapidly.

Regardless of the option, you select, you must create a Coinbase user account.

This necessitates the use of your name, email address, and a new password.

After verifying your email address, you may set up a two-step authentication procedure by verifying your phone number.

After you complete creating your account, users in the United States must submit a Social Security number, while those in other countries must supply another form of identity.

After there, you may add your credit card, debit card, or bank account.

Determine how much money do you want to spend, and then press the "trade" button.

You can purchase entire or fractional coins. Select the cryptocurrency you want to buy, how you want to pay, and then click Preview Purchase.

You'll see your Coinbase fee, payment method, pricing, and purchase amount on this screen. To finish your purchase, click "buy."

The Coinbase digital wallet is stand-alone software that works on both iOS and Android devices.

To trade, you are not needed to use the Coinbase platform.

The keys for the Coinbase Wallet are saved on your smartphone, enabling you access to your crypto assets.

You may also keep digital tokens and valuables.

The Coinbase Wallet, unlike some other wallets, employs two-factor authentication, making it a secure option.

It also allows you to handle cryptocurrency from various wallets. After selecting a third-party wallet from a list, you can access your funds and enter your 12-word keyphrase.

Coinbase and Coinbase Pro have user-friendly smartphone applications, but Coinbase is intended for consumers new to bitcoin investment. It simplifies your possibilities by restricting your transaction kinds.

Coinbase Pro is a beautiful alternative if you want more complex investment choices. Although it is simple to use, the different options might be perplexing.

You will, however, save much money on fees and be able to accomplish a lot more on the Coinbase Pro platform.

In most situations, consumers may start utilizing Coinbase Pro after taking a bitcoin trading course.

The Best Benefits

Coinbase offers over 50 cryptocurrencies for trading, ranging from Bitcoin and other large coins to smaller and younger digital tokens. This is one of the most excellent bitcoin exchanges with the most options.

Minimums are low. Although the price of Bitcoin is currently hovering around $50,000 as of this writing, Coinbase allows clients to purchase the digital currency for as little as $25. If you prefer to spend gradually over time, there is also an easy option to set up recurring purchases.

App for mobile devices. Coinbase is an easy-to-use and highly functioning mobile app that lets users purchase, trade, and manage their bitcoins anywhere. It gets 4.7 out of 5 ratings on the Apple App Store and 4.4 of 5 stars on the Google Play and App Store.

An advanced trading platform. Coinbase's regular desktop site is suitable for most users who wish to purchase, sell, and spend bitcoin. However, the Coinbase Pro desktop trading interface is available to active traders. Customers may browse real-time order books, use charting tools, and rapidly place their orders on that site.

Earn money as you explore. Coinbase allows clients to earn free bitcoins in exchange for learning about newer digital assets. Customers, for example, may earn up to $3 in Numeraire (NMR) tokens simply by consenting to learn more about the cryptocurrency. Customers must view videos about various cryptocurrencies and take quizzes to receive the free cryptocurrency, and there are hundreds of similar offerings on Coinbase's platform, with values ranging from $10 to $100.

Educational tools. Coinbase has an outstanding array of instructional resources in addition to the "earn as you study" component. Do you want an easy-to-understand but comprehensive introduction to Bitcoin? Is there a guide on the tax consequences of bitcoin investing? Coinbase has you covered on all of these issues and more.

It is simple to send money. Users may send bitcoin to other Coinbase users by just entering their Coinbase Wallet login.

Access to debit cards. The Coinbase Card is Visa-branded debit card that is connected to the balances of Coinbase customers. It allows you to quickly spend bitcoins at any merchant that takes Visa anywhere in the globe.

What might be done better?

The fee structure is complicated. As you'll see in the fee section below, Coinbase employs a very sophisticated fee structure that includes both a spread (a premium connected to the market exchange rate) and a transaction charge.

Smaller transactions are more expensive. Coinbase's fee structure is very complicated, but it may also be prohibitively costly for tiny transactions. Coinbase, for example, imposes a flat fee of $0.99 for bitcoin purchases and sales of $10 or less. So, if you buy $10 worth of Bitcoin, your cost will be close to 10% of the transaction value.

Pros & Cons

Pros

Access to over 120 cryptocurrencies is available.
Account funding has a low minimum.
If a website is hacked, cryptocurrency is protected.
Choosing a cryptocurrency.
Minimums are low.
The best smartphone app.
The platform for advanced trading.
Provides free cryptocurrency in exchange for learning about new digital tokens.
Provides a Coinbase debit card that may be used to spend cryptocurrencies anywhere Visa is accepted.

Cons

Fees are greater than those charged by other bitcoin exchanges.
The fee structure is tough to comprehend.
Fees for lesser transactions are too high.

Visit Coinbase

Binance

Rating

4.8/5

Supported Altcoins

300+

Fees

0.1%

Quick Review

Binance is a mixture of the terms "bitcoin" and "financial."

It promises to have robust safety and security requirements, a multi-tier and multi-clustered design, and high processing throughput—it claims to be able to handle about 1.4 million orders per second.

It accepts over 500 currencies, including bitcoin, ethereum, litecoin, and native BNB tokens.

Binance was founded in 2019 by Binance and BAM Trading Services, Inc.

The U.S. is a cryptocurrency trading platform for individuals and organizations headquartered in the United States.

The investing platform presently supports Bitcoin and more than 50 other cryptocurrencies.

Binance also provides cryptocurrency trading pairs (virtual assets That traders may exchange for one another), staking incentives, safe storage, over-the-counter (OTC) trading, and other services.

Binance is now the world's largest cryptocurrency exchange in terms of the daily trading volume.

Binance was founded in China but Eventually relocated its headquarters due to its increased control of cryptocurrencies.

Binance is now being investigated by the U.S. Department of Justice and the Internal Revenue Service on money laundering and tax evasion suspicions.

Binance was ordered by the U.K.'s Financial Conduct Authority to cease all regulated business in the U.K. by June 2021.

How to Invest on Binance

Binance provides a variety of investment alternatives for both regular and institutional cryptocurrency traders.

Recurring purchases (an automatic feature that allows you to invest on a defined schedule), Stablecoins (virtual assets backed by U.S. dollars), crypto trading pairs, OTC trading, and staking incentives are among them.

Binance is intended to attract as many users as possible.

The exchange is easy for beginners to use while providing enough coins and features to satisfy skilled traders.

Binance is a platform that I would suggest to crypto traders of all levels of expertise.

Binance offers the Binance Academy comparable to Gemini's Cryptopedia and allows users to access tutorials or valuable materials akin to bitcoin trading courses.

Both systems provide a blog as well as a knowledge base.

Users must first satisfy the relevant KYC criteria before they can begin trading.

After successfully creating a trading account, customers may begin trading by depositing cryptocurrency funds into their Binance-provided public wallet address.

Limit, market, and stop-limit orders are all supported by the Binance exchange.

Limited orders are only executed at the limit price specified by the trader.

Market orders are promptly executed at the best available market price.

Only when the prices are at a specific level, do stop-limit orders become legitimate orders.

Binance Markets Limited, a U.K. branch of Binance.com, was barred from delivering regulated services to consumers in the United Kingdom by the Financial Conduct Authority (FCA), the country's regulatory agency, in June 2021.

The agency's warning prohibits the subsidiary from providing trading services in crypto-assets and derivatives to consumers in the United Kingdom.

The company's social media staff confirmed that the prohibition did not affect Binance.com's service offerings, including as trading, to users in the United Kingdom.

As of 2021, Binance only accepts U.S. dollar deposits through SWIFT from worldwide users.

However, it does enable you to directly purchase a limited number of cryptocurrencies using a credit or debit card.

Deposits are accepted in 12 different fiat currencies, including the euro.

There are no fees associated with cryptocurrency or money deposits, on the other hand.

Withdrawals are subject to a transaction charge that varies based on the coin and amount.

Binance also provides five new forms of orders for crypto derivatives, especially futures contracts. Among these trading orders are:

Legal Status

Due to regulatory concerns, Binance was prohibited in the United States in 2019.

Binance, together with other investors, reacted by founding Binance.

The U.S., a second exchange registered with the U.S. Financial Crimes Enforcement Network and designed to comply with applicable U.S. regulations.

The U.S. edition has been commended for having an interface and feature set that is remarkably close to its global equivalent.

It's, however, currently prohibited in seven states. Bloomberg News reported in May 2021 that the U.S was investigating Binance.

The Department of Justice and the Internal Revenue Service have charged him with money laundering and tax evasion.

Binance was ordered by the U.K.'s Financial Conduct Authority to cease all regulated business in the U.K. by June 2021.

The FCA began forcing enterprises dealing with cryptocurrencies to register to comply with anti-money laundering regulations in January 2021.

Binance was forced to suspend operations in the coming weeks due to non-compliance with these guidelines.

Binance was notified by Japan's Financial Services Agency on June 25, 2021, that it was not registered to do business in Japan.

This was Binance's second notification from the FSA. Previously, on March 23, 2018, a similar warning was issued.

On July 2, 2021, The Thailand Securities and Exchange Commission charged Binance with the "commission of a felony under the Emergency Decree on Digital Asset Business B.E. 2561 (2018)."

Furthermore, Thailand's Securities and Exchange Commission cited Binance for operating without a license, Section 26 the Emergency Decree on Digital Asset Businesses was violated.

Is Binance.US reliable?

Binance has earned a B- rating from the Better Business Bureau due to over 1,000 complaints submitted against the firm (it also attributes this rating to the length of time the exchange has been in business).

BBB grade ratings typically range from A+ to F, and the agency claims to evaluate various additional aspects when evaluating businesses.

These include the length of time in operation, the sort of business, the number of complaints filed with the BBB, licensing and government actions, advertising difficulties, and business practices.

However, because the BBB states that its ratings do not guarantee a company's dependability or performance, you should undertake your research as well.

Pros & Cons

Visit Binance

Bisq

Rating

4.5/5

Supported Altcoins

12+

Fees

0.05%-0.35%

Quick Review

Bisq, originally Bitsquare, is a decentralized bitcoin exchange with servers all around the world.

Bisq allows you to trade cryptocurrencies peer-to-peer rather than through a third party, and its decentralized structure makes it more secure than other, more traditional exchanges.

Bisq is a simple, decentralized, blockchain-based cryptocurrency trading platform that allows users to purchase and sell cryptocurrencies safely.

These transactions are carried out amongst peers without the assistance of a third party.

To use Windows, Mac, or Linux, you may download the Bisq platform from its website or Github.

After downloading and installing Bisq, you should back up your profile and information.

This phase is especially critical given Bisq's decentralized structure, as there is no central entity to which to turn if things go wrong.

Bisq does have a dispute resolution procedure in place that includes trader chat, mediation, and arbitration.

After downloading and installing Bisq, you should back up your profile and information.

This phase is especially critical given Bisq's decentralized structure, as there is no central entity to which to turn if things go wrong.

Bisq does have a dispute resolution procedure in place that includes trader chat, mediation, and arbitration.

After you've registered with Bisq, you'll want to fund your account. If you aim to buy cryptocurrencies using fiat currency, you must fund your account through a third party.

Third-party payment methods supported include Advanced Cash, Perfect Money, National Bank Transfer, SEPA, Western Union, Zelle, and Face-to-Face (F2F).On Bisq, you can also use your current cryptocurrency pool.

You may begin trading as soon as you fill your Bisq account.

For each transaction you accept or make, the platform charges a fee in Bitcoin.

More precisely, you can choose to accept a transaction that someone else has put out or to put out a transaction that someone else can accept.

To begin a transaction from either side, you must have a particular quantity of Bitcoin.

Bisq accepts a wide range of coins. Bitcoin, Bitcoin Cash, Ethereum, Dogecoin, Dash, and other cryptocurrencies are among them.

Bisq Fees Explained

Trading costs are one of the most significant elements to consider when selecting a brokerage.

Bisq collects fees in a different way than most other brokerages.

As previously stated, its trading costs are charged in Bitcoin. You may also pay them with BSQ, Bisq's coloured Bitcoin used to manage and support itself.

Each trade maker charges 0.001 BTC for each Bitcoin transacted, while each trade taker charges 0.007 BTC.

Those are 8.74 BSQ and 61.21 BSQ in BSQ, respectively.

Trade takers and makers will also require mining fees, albeit these rates will change because it's difficult to predict what the mining fees will be when a trade is conducted.

Bisq does not impose any additional fees in addition to the ones listed above.

When moving or sending money, you may be charged by your bank or financial institution, but Bisq only charges for transactions and mining.

However, because the site charges fees in Bitcoin, you may wind up paying substantially more depending on when you trade, as the value of Bitcoin varies significantly.

Is Bisq a Good Exchange?

Bisq is unquestionably a platform for individuals who are at ease and educated about the cryptocurrency field.

Other platforms, like Coinbase, may be easier to use for newcomers since they include information such as trend graphs and historical price graphs.

It is important to remember that platforms and brokerages differ in terms of resources, with some offering equivalent or more complete tools and data than others.

Bisq users, on the other hand, like the platform's security, decentralization, and accessibility.

You just trade with other Bisq users because there are no third parties to coordinate with.

In this respect, it's more of a bitcoin trading platform than a brokerage service that lets customers trade.

In Summary

Bisq is an excellent tool for trading Bitcoin and a variety of other cryptocurrencies.

The platform's decentralized structure is incredibly safe, and you will not need to use a third party to perform trades.

For a nominal Bitcoin-denominated charge, anyone on the site can accept or conduct deals.

While Bisq is a beautiful alternative for bitcoin investors who are comfortable working on a decentralized platform, it may be limiting for novices and other cryptocurrency traders who prefer dealing through a brokerage.

So, if you're new to the crypto game, proceed with caution.

Investing Top tips

Cryptocurrency is possibly the most unusual investment on the market right now. If you have any queries about it, a financial counsellor may be beneficial. Fortunately, SmartAsset's accessible technology connects you with local financial experts in only five minutes.
Many people are interested in incorporating bitcoin investments into their investment portfolios these days. If you're figuring things out on your own, SmartAsset's free investing calculator can help.

Pros & Cons

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Best Crypto Exchanges to Trade Altcoins in 2022

What are Altcoins?

What is a Cryptocurrency Exchange?

Different Types of Crypto Exchanges

Best Crypto Exchanges for Altcoins

Coinbase

Binance

Bisq

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