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6 Best Crypto Exchanges of April 2023
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6 Best Crypto Exchanges of April 2023
Crypto exchanges are where traders can buy, sell and convert different cryptocurrencies and NFTs (non-fungible tokens). They are necessary for digital assets to be traded at the scale they are today. Some exchanges offer the most competitive prices or speeds, whereas others provide specialized financial products.To get more news about WikiBit, you can visit wikifx.com official website.
Read on to learn about the best cryptocurrency exchanges, how they work, and which one you should pick.
What’s going on with crypto?
Amid a broad crackdown on the crypto industry by the Securities Exchange Commission (SEC), numerous organizations are currently under the spotlight. This crackdown comes in the wake of several high-profile failures that shook the industry from late 2022 to early 2023.The collapse of FTX in November 11, 2022, heralded the coming of this crackdown, as the company declared Chapter 11 bankruptcy. The ex-CEO, Sam Bankman-Fried, is now facing scrutiny in court over his expenses, while high-profile influencers who promoted the company’s services are facing a billion-dollar class-action lawsuit.
Binance, the international partner of Binance.us, was already facing legal troubles with the U.S. federal government after temporarily freezing USD Coin (USDC) due to a large wave of withdrawals. Now the company is making headlines again due to a CNBC investigation that revealed Binance employees and trained volunteers were assisting users in circumventing Know Your Customer (KYC) and Anti-Money Laundering Rules.
The SEC has identified possible violations of securities law in the crypto staking service of U.S. crypto giant Coinbase, leading to potential charges against the company. As a result, Coinbase has informed its customers that it will no longer offer staking rewards for the Algorand token, effective March 29. This development comes after Kraken, another major player in the industry, shut down its own staking service in the U.S. and agreed to pay $30 million in penalties to the SEC.
We acknowledge that the current state of the crypto industry may be unsettling, and want to assure our audience that the exchanges listed in our top picks have transparent financial backing and robust cybersecurity measures in place. Nonetheless, if you’re looking for the most secure method possible of managing your crypto, we recommend purchasing a cold storage wallet. Our top recommendation for the best hardware wallet can be found in our list of the best crypto wallets.
Why we chose it: We chose Coinbase as the best crypto exchange for beginners because of its easy-to-use interface, extensive educational material on everything from blockchain to volatility, and robust security features.If you’re familiar with crypto, chances are you’ve already heard of Coinbase. The exchange is one of the largest and most well-known in the U.S., and the crypto platform does a great job of lowering the barrier to entry for new investors, with a straightforward onboarding process that eases users into trading. At the same time, its interface makes navigating the platform and managing crypto a seamless experience.
Coinbase also features a comprehensive and accessible variety of learning materials. Users are encouraged to use these resources through the Coinbase Earn program, which teaches how to trade specific cryptocurrencies and rewards users with free crypto.
The exchange’s security features are worth mentioning, as well: Coinbase uses two-factor authentication on all versions of its platform, stores 98% of customers’ crypto offline, and has an insurance policy to protect custodial accounts of up to $250,000 (in line with per-depositor FDIC coverage limits). Such robust measures are why Coinbase is ultimately worth trying, despite its higher fees.
Why we chose it: We chose Bitstamp as the best crypto exchange for low fees because of its highly competitive maker/taker fees, free bank account transfers and strong cybersecurity.Many crypto exchanges promise low fees as a way to entice traders to join their platform. Then, they “catch” you with expensive transfer and withdrawal fees, or it turns out that those low fees only apply to users with an extremely high volume of trades. This is not the case with Bitstamp, which features inexpensive fees across the board.
Bitstamp’s maker/taker fee schedule — ranging from 0.30% to 0.00% and from 0.40% to 0.03%, respectively — is one of the most affordable among all the exchanges currently operating in the U.S. Moreover, users with a 30-day trading volume of under $1000 don’t have to pay any trading fees at all — a considerable boon for less dedicated traders. Withdrawal fees for individual cryptocurrencies are markedly low, and ACH transfers are free of charge.
One of the oldest crypto exchanges in the world, Bitstamp has a long track record of operating securely and transparently. It was the first crypto exchange to receive a Payment Institution license in the EU and currently holds a BitLicense issued by the New York Department of Financial Services (NYDFS). Nonetheless, it’s worth mentioning that the company lost over $5 million in a 2015 cyber attack that took several months to go public.
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