Choosing a crypto exchange to buy and sell cryptocurrencies in Europe is quite difficult. Many different platforms offer their services on the market, but not all are reliable. Let’s look at the top 5 crypto exchanges in Europe and get acquainted with their features.
WhiteBIT is the largest European crypto exchange founded in 2018. It has more than 3 million users in over 150 countries worldwide. It has an excellent reputation as a convenient platform for users. The set of trading tools is quite broad, and they are part of why WhiteBIT is the top crypto exchange. Spot, Professional, Margin, and Futures are trading on the platform. Perpetual futures contracts trading has been added recently but is already popular among the users. Also, traders can choose from ≈350 assets, including cryptocurrencies and fiat currencies. The standard trading fee is 0.1%, and the fee for using margin funds is 0.098%.
The most exciting projects are regularly added to the platform. The exchange often holds various activities and competitions with prizes for the winners.
Security is one of WhiteBIT’s top priorities. The assets are stored in cold wallets (96% of total user assets); the platform is in the top 3 most secure exchanges on CER.live and has an AAA rate.
Kraken is one of the oldest platforms (founded in 2011). According to open data, in 2019, Kraken accounted for 13% of the total turnover of tokens in the world. There are many instruments for users: spot, margin, futures trading, fiat transactions, money transfers, staking, etc.
The exchange has a good reputation among professional traders. It attracts them with low fees, vast opportunities for trading (different types of orders: from standard to advanced), and fiat transactions with popular currencies (USD, EUR, GBP, etc.)
The creators paid particular attention to security. 95% of all user assets are stored offline in secure distributed storage. An advanced 2FA system: in addition to an authenticator app and phone number, it is possible to use a YubiKey key and create a PGP key.
The disadvantages of the exchange include that the interface and trading mechanisms are complicated for beginners. Plus, the multi-level verification procedure and limited options for fiat withdrawal are not for everyone.
In 2013, the Israeli brokerage company eToro introduced the possibility of Bitcoin trading and launched full-fledged cryptocurrency trading (from 2017 to 2019).
In addition to the standard set of trading tools, the platform offers “Copytrading,” which allows you to copy trades of other traders. The minimum amount to copy is $200. In this case, the user does not pay any additional fees. This tool frees them from the need to monitor the market constantly and makes it possible to learn from the actions of experienced traders and adjust strategies.
A distinctive feature is an ability to buy and sell cryptocurrencies and trade traditional investment assets.
Although the company positions itself as a choice for beginners, the interface and how it works are complicated compared to other exchanges with an intuitive interface.
This American cryptocurrency company, founded in 2012, was listed on Nasdaq in 2021 and became a public company.
The exchange focuses on cryptocurrencies with above-average capitalization. More than 50 cryptocurrencies are currently represented: BTC, ETH, ADA, USDC, XRP, etc.
The platform has a user-friendly interface and a relatively simple mechanism for depositing and withdrawing funds using a bank card or payment system.
Security is one of the advantages of the exchange. Two-factor authentication is for every user. The guarantee of user asset safety is storing 98% of user assets in cold wallets.
At the same time, Coinbase offers limited functionality: users can only opt for spot trading. The exchange closed access to margin trading for its users in 2020. Popular tools such as perpetual futures or peer-to-peer trading are also not available.
It is a large exchange founded in 2019 in Singapore. It has a reasonably good reputation and serves customers from more than 90 countries, including Europe, the US, Canada, etc. The exchange offers the main tools of the cryptocurrency market: spot and margin trading with 10x leverage, operations with derivatives and futures, and convenient deposit and withdrawal of funds (bank accounts and cards, electronic wallets).
DeFi, CRO staking, soft staking, and Supercharger are provided for passive income. The tool that offers loans in USDC, BTC, USDT, and ETH is also quite interesting.
The main disadvantage for crypto traders is the impossibility of conducting fiat transactions, which seriously limits the trader. They also note that access to many options depends on the territory.
- What is a cryptocurrency exchange? How does it work?
A cryptocurrency exchange is an online platform that allows users to purchase, sell, and exchange digital currencies for other assets, including fiat money (USD, EUR, or other cryptocurrencies). They work as asset storage and an “intermediary” between two parties. The principle of operation depends on the type of cryptocurrency and the technologies.
- What should you look at when choosing a cryptocurrency exchange?
Before choosing a specific exchange, it is necessary to consider that such platforms are of two types: CEX and DEX.
CEX (Centralized Exchange) is a centralized platform managed by an organization that provides intermediary services between two parties.
DEX (Decentralized Crypto Exchange) is an automated platform operating on blockchain technology with no third-party control. Trading is possible due to smart contracts.
DEX is for those who especially appreciate decentralization and anonymity. At the same time, users face such disadvantages as a more complex interface, fewer tools for trading, and no cryptocurrency storage.
CEXs offer a more convenient interface, advanced functionality, fiat currencies, higher liquidity, and a high level of security.
It is essential to remember that a crypto exchange’s choice should be based on security, reputation, trading instruments, available cryptocurrencies, and transaction fee policy.
- How do you buy cryptocurrency?
Today, buying cryptocurrency on exchanges is a relatively simple process that does not take much time. Let’s go over the steps on the example of WhiteBIT:
- Complete the registration process;
- Pass KYC verification;
- Deposit fiat currency (USD, EUR, etc.) using a payment system you prefer;
- Place an order to buy the desired cryptocurrency in the Trade section.
As with any other financial instrument, cryptocurrency requires compliance with specific security rules. You can enjoy trading and earning on cryptocurrencies by choosing a safe and convenient platform.