This Is The Best Crypto Exchange Based On Consumer Ratings
The cryptocurrency euphoria in 2021 led to a boom year for crypto exchanges. Bitcoin, the digital coin created in 2009 that was once worth a fraction of a cent, rode Covid anxiety, investor thrill-seeking and mainstream adoption to a nearly $69,000 price last year.To get more news about
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In the process, trillions of dollars in trade volume whisked through cryptocurrency exchanges. Matt Damon and Larry David did TV ads for them. And Los Angeles' Staples Center got renamed after one.
As those exchanges battle for new crypto converts, Binance — a massive global exchange with a smaller U.S. offshoot — emerged over its many rivals as the Best In Fintech among cryptocurrency exchanges, according to customers surveyed by Investor's Business Daily and polling partner TechnoMetrica. The cryptocurrency exchange ranking is part of IBD's Best In Fintech series, which previously highlighted the best digital wallets. Future coverage will include the best investment and savings apps.
The survey findings are not based on sheer size or number of transactions, which can say more about marketing than service. Instead, the rankings reflect the consensus of customers who rated the crypto exchanges that they actually use.
The survey of 6,000 U.S. consumers scored the three exchanges across five criteria, which together produced an Overall Customer Experience Index rating. Five other exchanges didn't qualify for the survey analysis because fewer than 100 of their customers took part in the survey. And the lion's share of respondents, 4,324, didn't use any cryptocurrency exchange at all.
The crypto exchanges have tried to compete for users in different ways. Some, like Binance, cater to sophisticated traders and offer some of the lowest trading fees in the game. Others, like Coinbase, charge a little bit more. But Coinbase and other higher-cost exchanges try to offer a more beginner-friendly experience.
"The beginning of the evolution was a lot of race-to-the-bottom," Chris Kline, founder of the crypto retirement platform Bitcoin IRA, said of competition among crypto exchanges. "It was a very heavy fee conversation. Where you see it shifting toward is people are looking to pay for the experience that they want for themselves."
What Is A Cryptocurrency Exchange And How Does It Work?
A cryptocurrency exchange is an online platform where people can buy and sell cryptocurrencies like Bitcoin, Ethereum or the meme-based digital asset Dogecoin.
Each platform is a bit different, though most are available via mobile apps as well as their own websites. The most popular ones offer a clean, simple menu allowing users to select what cryptocurrency they want to buy or sell and the amount they want to spend. Some charge lower fees the more a person trades, or they may tack on other fees depending on how you pay.
To sign up, users generally must provide basic information and upload a photo ID. The verification process can take several days.
As crypto made an unrelenting push into pop culture last year, volume on the exchanges swelled. On Coinbase, the largest exchange in the U.S., trading volume surged 766% last year to $1.67 trillion, according to a shareholder letter last month. Some $38 trillion in spot crypto volume passed through crypto exchanges in 2021, based on those exchanges tracked by CryptoCompare.
Where that volume might be headed is difficult to predict. The digital assets' volatility — and the prospect of huge returns or losses — is part of the appeal as well as the danger. Investors, in some sense, are still hashing out whether Bitcoin is a currency, a safe haven against inflation or a risk asset.