There are lots of forces responsible for the downturn of global markets that had an unprecedented side effect on the prices of digital assets. It is no longer news that the untamed spread of Covid-19 and Opec’s oil price crisis have had a devastating impact on the crypto market, with bitcoin, the poster boy of the market, recently shedding over 50% of its value and still recovering. Although many envisaged the total annihilation of the crypto space as a result of this crash, things are, however, looking up for the industry with crypto exchanges showing incredible tenacity to withstand the unprecedented liquidation activities inspired by the global economic crisis.
In this article, I will highlight 20 of the exchanges that impressed throughout these unfolding events and established their suitability for traders who are looking to profit from the current spike in volatility.
Based in Malta, OKex is one of the largest and most robust crypto exchanges in the market. This was evident in the manner at which the exchange reportedly withstood the liquidity pressure recorded at the height of the global economic meltdown. The report revealed that OKex topped the list of crypto exchanges that processed the highest volume of crypto derivatives during this period.
Although many believe that trading volume is a deficient metric for determining the viability of crypto exchanges, it is, however, certain that it shows a clear representation of traders’ faith in the efficacy of a trading platform. More importantly, the exchange has recently implemented zero fees charge on crypto purchases with selected fiat currencies to alleviate the financial strain being experienced in some regions.
Second on my list of exchanges that you should consider in this trying time is EXMO. Founded in 2013, EXMO has implemented a resilient crypto exchange business that has weathered whatever storm recorded in the short but eventful history of cryptocurrency. There has not been a single case of a hack, privacy-related scandal, or mismanagement of traders’ assets. Without any doubt, in a market where longevity and a commendable track record is a rare feat, EXMO stands out as the gold standard.
In line with its goal to retain its status as a pacesetter in the crypto exchange market, EXMO has intensified its effort, via a partnership with Ciphertrace, to rid its system of shadow transactions by complying with the stringiest of anti-money laundering regulations. Therefore, if what you need is security, reliability, stability, and credibility, then EXMO should be on your radar. With the entry into force in January 2020 of the Fifth Anti-Money Laundering Directive (5AMLD), the company has introduced a mandatory user verification.
BTC-Alpha has shown tremendous growth in the last couple of years. Its penchant for incorporating new ideas and technologies has translated into high rank in the crypto exchange market, regardless of the metrics used as the yardstick to judge its efficacy. Importantly, the exchange scored an average rating of 8.75 (10 for server security) in a recent security audit by Hacken. In line with its emphasis on providing unparalleled security cover for its users, the platform has intensified its security probing initiatives with the latest being a closed technical test in Hackerone.
Beyond its focus on establishing a flawless security system, BTC-Alpha has put in the work to improve the dynamics of its exchange platform by implementing standard and advanced versions of its trading platform. It has launched its native token, ALP Coin, to optimize settlements.
One of the unique products of the exchange is Alpha Code. This tool allows you to transfer assets from user to user within the platform without fees, and most importantly - safely. This year, the company plans to launch margin trading on BTC-Alpha.com, its own payment system, as well as other internally developed products.
Needless to say, Binance has established itself in just a short period of its existence as a force to reckon with in the crypto space. Binance ranks high, whichever the metric you choose to evaluate the efficacy of crypto exchanges, due to its commitment towards offering low transaction fees and liquidity. And while the exchange did fall victim to an unfortunate hack last year, its response reaffirmed the platform’s competence.
In essence, Binance remains a viable option for crypto traders amidst the ongoing economic crisis. Its extensive list of crypto pairs is ideal for people who might want to use this opportunity to capitalize on the increased price volatility of lesser-known coins. Also, you can take advantage of the current expansion of the Binance p2p trading network, which is slowly finding its footing in the crypto gateway niche.
BitForex relevance in the crypto space is a result of its decision to provide sophisticated trading infrastructures that boost liquidity and accessibility to the vast digital asset market. Already surpassing the 300 crypto pair mark, the exchange has built a reputation for helping traders explore the intricate and perhaps the most rewarding section of the crypto market. It ensures that traders access premium and diverse entry points to the crypto market, thereby increasing their chances of earning profits regardless of market trends.
As such, BitForex offers its 3.5 million registered users from around 180 countries spot trading services, a MetaTrader 5 platform, crypto-based perpetual contracts with up to 100x margin, a customer reward program, IEO launchpad, and so on. In other words, with BitForex you can access a wide array of profitable exchange products, which I believe is vital in this current market cycle.
BitForex will launch CApp Town at the end of March. CApp Town is a platform that quickly connects global businesses and crypto users. It allows cryptocurrency holders from BitForex to participate and access global blockchain applications. BitForex CApp Town (BitForex Crypto Application Town) as an intermediate platform, which provides an innovative way to connect millions of crypto holders on BitForex to various applications of blockchain and cryptocurrency.
6. Coinbase Pro
Coinbase Pro is one of the big names in the crypto exchange market for the obvious reason. It has one of the most sophisticated trading and security systems in the industry and has maintained its appeal to traders looking to execute large volumes of trades. To retain its prominence, Coinbase Pro offers a tiered-based discount program, no limits on trade size, and insured cold wallet systems. Likewise, using the trading platform gives you access to the Coinbase ecosystem, which consists of an impressive debit card service, a crypto custodial platform, and so on. Importantly, Coinbase Pro has announced the provision of margin trading to eligible clients, thus reinforcing its stake in the crypto exchange market.
If you believe that the slump in prices presents an opportunity to go big on crypto, then Coinbase Pro can offer you the right tools to make this happen. Here, you are eligible to slashed transaction fees, unmatched security systems, and a wide array of access points.
For traders looking out for trading fees amongst the lowest in the market, you can check out Stex, which surprisingly has a commendable customer base for a three-year-old crypto exchange. According to its site, Stex has 300,000 registered users, over 400 listed coins and trading pairs, and supports over 11 languages.
Importantly, the platform has chosen to adhere to updated regulation requirements governing the activities of exchanges in all of its supported jurisdiction. With all these measures in place, you can ascertain that Stex has your best interest at heart, even as you filter through crypto assets to identify those with short-term and long-term growth tendencies.
Huobi did not show any sign of slowing down, even when the crypto market experienced a significant loss in valuation. All through this tumultuous period, the Singapore-based exchange has continued to tweak its services to ensure that its traders are ahead of the market. One such initiative came in the form of a liquidation mechanism implemented to act as a circuit breaker for its exchange ecosystem. This system functions like traditional circuit breakers in stock markets. According to reports, it will halt all liquidation activities once it perceives high volatility that might put traders at risk.
Another development is the launch of its crypto trading app for mobile devices. Hence, it is clear that Huobi continues to improve its offerings and leverage on its wealth of experience in the crypto exchange market to create new paradigms in an ever-evolving industry.
Kraken, one of the first movers in the crypto exchange market, has shown incredible management ability to maintain the quality of its services. Founded in 20111, the San Francisco-based exchange has mastered the crypto business landscape and effortlessly circumvented the regulatory debacles prevalent in the US. Even more impressive is the fact that the platform has not suffered a security breach since it first launched, thanks to its top-notch security system.
And while some of us were panicking as a result of the recent market crash, Kraken was busy adding new exciting features to its long list of functionalities. For one, the exchange announced that it is now offering Forex trading services to its customers. Thus, if you believe in the importance of the diversification of investment portfolios, Kraken might have just what you need.
Gemini has worked side by side with the US regulators to set new standards for exchange services in the region. And so, the exchange platform boasts some of the most coveted licenses in New York, hence establishing its brand in the heart of the buzzing crypto community in America. Like Coinbase, Gemini runs a qualified custody service. It recently enabled a direct trading feature that allows its custody service clients to trade crypto without the need to transfer a fraction of their holdings into a hot wallet. Therefore, Gemini joins a handful of exchanges offering such premium security infrastructure.
Beyond achieving outstanding security and compliance milestones, Gemini has recently struck a partnership that allows its users to trade with NYFIX network’s over 800 institutional clients.
Bittrex Global has been in the crypto exchange business since 2013, which is one of the core reasons why crypto holders trust its efficacy. The exchange has built a robust trading platform designed to offer speed and optimize security. In line with its commitment towards enabling a secure trading ecosystem, the platform ensures that a large fraction of its customers’ assets are stored in cold wallet infrastructure.
Furthermore, Bittrex took out a $300 million worth insurance on digital assets kept in its cold storage in January. The value of this insurance coverage is the highest offered by any crypto exchange. And in response to the recent price plunge, Bittrex has moved to offer a 50% discount on its transaction fees till April 23 as well as integrate credit card payment support for users.
Bitstamp came into the market as an alternative to the then-dominant Mt.Gox, exchange platform in 2011. Since then, it has molded a business model that has pushed it to the forefront of the crypto narrative in Europe. The platform incorporates a framework entrenched in compliance even back when the crypto space lacked any form of regulatory oversight. Also, it has implemented security measures allowing it to hold 98% of assets in a cold storage facility.
If you are a high-volume trader, you could take advantage of Bitstamp’s dedicated account managers, who will always be available to assist you in your daily trading activities.
Singapore-based Kucoin has all the resources necessary to maintain a reputable standard in the largely unregulated crypto exchange market. Since it launched in 2017, the exchange has ensured that it offers its customers access to quality projects in a secure and dynamic trading ecosystem. Already, the platform has processed over 600 million trades for it over 5 million registered traders spread across 100 countries. Even with all these successes, Kucoin has continued to restructure its business, which led to the creation of KuGroup.
Late in February, the exchange introduced an instant exchange service that provides an efficient and fast trade execution system at reduced transaction fees. There is no doubt that this new addition to Kucoin’s long list of exchange services will come handy in current market conditions.
Digifinex is one of the new crypto exchanges making waves in the crypto scene. The platform has combined fine digital asset storage architecture, a smart exchange infrastructure conditioned to evade DDoS attacks, and a real-time transaction system to ascertain the credibility of trades. In its two years of existence, Digifinex has risen in the ranks of crypto exchanges with a buzzing community of 300,000 active traders from over 100 nations.
Remarkably, the Seychelle-based platform has set up an SEC-based IT audit model to ensure that all upgrades and server-induced operations are recorded and audited occasionally. As such, Digifinex enables security, compliance, and an effective trading mechanism.
South Korea-based Bithumb is another exchange that has performed remarkably well throughout this low period of the crypto market. In response to the introduction of stricter crypto exchange regulatory framework in South Korea, the platform partnered with Chainalysis to fish out and curtail illegal activities on its trading platform. Before this development, its futures trading platform announced that it will start operations with the introduction of a bitcoin perpetual contract offering up to 100x leverage.
While Bithumb has emerged as the largest exchange in South Korea, its latest business moves indicate an intent to conquer the global exchange market. The launch of Bithumb Global is a testament to this fact.
CEX.io is one of the top exchanges in the crypto market, especially when it comes to offering easy-to-use and secure trading services. The exchange prides itself as a multi-functional trading platform as it enables both crypto-to-crypto and crypto-to-fiat exchanges. Late last year, the UK-based exchange reaffirmed its intent to capture the US market by joining the Silvergate Exchange Network, which offers an instant fiat payment gateway to institutional clients.
Hence, it is safe to say that CEX.io has continued to implement strategic business initiatives to expand its reach in the global front of the crypto market as well as push to optimize its legal standing in all of its base of operations. The crypto exchange is doing all this while maintaining a strong reputation as a security-conscious platform.
Bitflyer also falls under the category of crypto exchange that has invested lots of resources into providing trading services for the global crypto community. Founded in 2014, Bitflyer has come a long way to assert itself on the ever-changing and often uncertain crypto exchange market. One of its latest exploits in the US is the launch of its zero-commission fee for BTC/USD trades in 47 states in the US. In Europe, it introduced an instant buy service by widening the scope of supported payment methods to include debit cards, credit cards, and local transfer networks.
Following the implementation of these mouth-watering features, the crypto exchange recently surpassed the 2.5 million registered users milestone, which validates its appeal in the global scene.
18. Digital Exchange
Nearly all the crypto exchanges listed in this article allow their users to trade with physical coins and, in some cases, an option to dabble into crypto derivatives. However, in the case of Digital Exchange, it solely caters to traders who are more interested in the latter. One thing that sets the platform apart from the growing number of platforms offering similar services is its decision to incorporate altcoin futures that are exclusive to its platform.
True to the exchange’s knack for trailblazing the crypto derivative landscape, the platform has introduced Tether Gold contracts with up to 20x leverage, even as investors continue to seek refuge from the ongoing global economic crisis.
In a time like this that there is an increased demand for liquidation, HitBTC stands out as one of the platforms where you can instantly access your funds or exchange them for a stable digital asset. In addition to this, the platform, which is in its 7th year of operation, is one of the few top exchanges that has never recorded a security breach. All through this period, HitBTC has built a repertoire for integrating a robust spot trading market with over 800 trading pairs.
Likewise, the platform has always been at the forefront of innovation in the crypto exchange industry. It prides itself as one of the first set of exchanges that adopted the concept of automated crypto trading.
Luno is a UK-based crypto exchange platform dedicating its expertise and resources to providing affordable trading services to traders residing in emerging markets. Established in 2013 and rebranded in 2016. the exchange has all of the elements required to deliver a viable crypto trading infrastructure to its over 3 million users. These elements include competitive pricing, top-grade security mechanism, and instant trading capacity.
Without any doubt, exchanges like Luno have helped pushed the crypto narrative in developing countries. While people in developed nations were panicking and selling off their digital assets, Luno, and other exchanges with a similar business model, surprisingly recorded spikes in the number of users buying crypto assets.