Best Crypto Exchange Based On Consumer Ratings | Investor’s Business Daily

The cryptocurrency euphoria in 2021 led to a boom year for crypto exchanges. Bitcoin, the digital mint created in 2009 that was once worth a fraction of a cent, ride Covid anxiety, investor thrill-seeking and mainstream adoption to a about $ 69,000 price last year .

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In the process, trillions of dollars in trade bulk whisked through cryptocurrency exchanges. Matt Damon and Larry David did television ads for them. And Los Angeles ‘ Staples Center got renamed after one .
As those exchanges battle for newfangled crypto converts, Binance — a massive ball-shaped exchange with a smaller U.S. outgrowth — 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 rally rank is region 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 view findings are not based on sheer size or issue of transactions, which can say more about market than serve. alternatively, the rankings reflect the consensus of customers who rated the crypto exchanges that they actually use. Binance topped Coinbase ( COIN ) and Crypto.com, the No. 2 and No. 3 exchanges in the sketch .
The survey of 6,000 U.S. consumers scored the three exchanges across five criteria, which together produced an overall Customer Experience Index evaluation. Five other exchanges did n’t qualify for the survey analysis because fewer than 100 of their customers took depart in the survey. And the lion ‘s share of respondents, 4,324, did n’t use any cryptocurrency central at all .
The crypto exchanges have tried to compete for users in different ways. Some, like Binance, provide to sophisticate traders and offer some of the lowest trade fees in the bet on. Others, like Coinbase, charge a little bit more. But Coinbase and early higher-cost exchanges try to offer a more beginner-friendly know .
“ The begin of the evolution was a lot of race-to-the-bottom, ” Chris Kline, fall through of the crypto retirement platform Bitcoin IRA, said of rival among crypto exchanges. “ It was a very clayey fee conversation. Where you see it shifting toward is people are looking to pay for the experience that they want for themselves. ”

overall Customer Experience Ratings

Rank Company Rating
1 Binance 70.7
2 Coinbase 55.1
3 Crypto.com 53.7
The Best In Fintech logo and accolade are available for licensing through IBD’s partner, The YGS Group, at [email protected] or 800-290-5460.

What Is A Cryptocurrency Exchange And How Does It Work?

A cryptocurrency exchange is an on-line platform where people can buy and sell cryptocurrencies like Bitcoin, Ethereum or the meme-based digital asset Dogecoin .
Each chopine is a bit unlike, though most are available via mobile apps a good as their own websites. The most democratic ones offer a clean, childlike menu allowing users to select what cryptocurrency they want to buy or sell and the sum they want to spend. Some appoint 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 photograph ID. The verification process can take respective days .
As crypto made an brutal push into pop culture survive year, volume on the exchanges swelled. On Coinbase, the largest change in the U.S., trade volume surged 766 % last year to $ 1.67 trillion, according to a stockholder letter death month. Some $ 38 trillion in spot crypto bulk passed through crypto exchanges in 2021, based on those exchanges tracked by CryptoCompare .
Where that volume might be headed is unmanageable to predict. The digital assets ‘ volatility — and the prospect of huge returns or losses — is separate of the appeal adenine well as the risk. Investors, in some sense, are silent hashing out whether Bitcoin is a currentness, a safe haven against ostentation or a hazard asset .
“ It ‘s still a new asset class, and it has features that fall into the safe-haven side and the risk-asset side, ” said Matt Weller, ball-shaped head of research at Forex.com. “ I think in real meter, traders are grappling with that. ”

IBD Survey Of Cryptocurrency Exchange Users

The IBD/TechnoMetrica surveil, conducted in deep December, asked users to pace cryptocurrency exchanges based on five criteria. Those criteria were relief of habit, low fees, security system and privacy, customer service, and rest of converting funds from crypto to cash and vice versa .
TechnoMetrica used a Customer Experience Index, or CEI, to gauge those criteria. Each rating was calculated by adding the percentage of customers who rated their experience Excellent or very good and subtracting the percentage who gave ratings of Fair or Poor. The closer the score was to 100, the higher the exploiter satisfaction .
The survey besides asked participants for their perspectives on “ digital wallet ” platforms and investment apps. ( See all the Best In Fintech coverage. )
seventy-two percentage of the sketch participants said they had n’t used any cryptocurrency rally over the past year. Of those that had, Coinbase, Crypto.com and Binance were the most practice .

Best Crypto Exchange: Binance

overall, Binance ended up with the surveil ‘s highest overall score, earning it the Best In Fintech eminence among crypto exchanges. Binance received an overall rate of 70.7. It besides came in first for all five categories .

Best Crypto Exchange : Binance

How customers surveyed by IBD and TechnoMetrica rated Binance among three crypto exchanges.
Rank Service Component Rating
1 Customer service 73.9
1 Ease of converting funds 65.0
1 Ease of use 80.0
1 Low fees 56.1
1 Security/privacy 78.7
1 Overall Customer Experience 70.7

The review, while focused on a U.S. consultation, did not make a differentiation between Binance or the version of the platform geared to the U.S., called Binance.US .
But Binance ‘s interface, either in the U.S. or around the global, can feel like a control condition tower. The interface offers a panorama of price metrics, candlestick chart indicators and elementary and sophisticated trading tools .

Customer Service
Rank Company Rating
1 Binance 73.9
2 Crypto.com 52.5
3 Coinbase 51.8

Launched in 2017, Binance made its introduction in China. It does n’t have a single specific headquarter. In 2019, after two years of rapid expansion and stretching boundaries on the ways users could access and trade on cryptocurrency exchanges, the company halted services for U.S. users .
late that year, Binance launched Binance.US, amid efforts to stay within U.S. regulative limits. To do so, it partnered with BAM Trading Services, based in San Francisco. hush, even within the U.S., Binance.US is unavailable in several states. And some U.S. users have tried to find ways onto the larger ball-shaped Binance change .
Binance.US charges a 0.1 % fee on touch trades on its standard interface. But for users looking to buy or sell in one click — on its easier-to-use interface — there ‘s a 0.5 % transaction fee. Users get discounts if they pay for trade fees with BNB, a cryptocurrency created by the ball-shaped version of Binance. Binance.US fees decrease with higher trade volumes. Its larger counterpart offers similar low fees and discounts .

Binance Coins, Platform Features

Newcomers to cryptocurrency exchanges probably will gravitate toward Binance.US ‘ “ Buy Crypto ” section. That part, viewed on a background or laptop, contains a simple interface that is heavy on white space. Its menu offers “ Buy, ” “ Sell ” and “ Convert ” options. Users enter how much they want to trade into a prompt that displays the amount in boastfully baptismal font. That page besides shows the price graph and a brief description of the selected cryptocurrency .

Ease Of Converting Funds
Rank Company Rating
1 Binance 65.0
2 Coinbase 58.7
3 Crypto.com 49.4

For more advance traders, Binance.US besides offers tools that provide visibility into technical indicators and a watch of its order book. It besides allows specify orders and stop-limits.

As of March 2, Binance.US allowed trade of 74 cryptocurrencies. A Binance.US spokesperson said more listings are expected this year and the platform has “ millions of U.S. users, ” without providing a specific figure. Binance.US saw $ 278 billion in trade volume last year, according to CryptoCompare .
By comparison, the global Binance service offers hundreds of cryptocurrencies, with roughly $ 9.9 trillion in trade volume last year. Binance ‘s headman executive said in 2020 that it had users in more than 180 nations .
“ There are a fortune of people who like Binance because it has more coins, ” Kline said. “ It normally comes first with raw things like pairings, stablecoin differentials, those types of things. ”
The menu of trade options on Binance ‘s main international site is far longer and, at times, more avant-garde. Those options include futures, options, leverage tokens and competitions to predict price direction. Users can besides use that platform ‘s ecosystem to buy or sell the crypto artwork known as NFTs, or non-fungible tokens, which have singular, stand-alone digital properties. The company did not respond to a request for an interview .

Binance Vs. Coinbase

Coinbase got an overall score of 55.1, putting it in second set but far behind Binance. Among the three cryptocurrency exchanges scored by the survey, it received the lowest rankings in customer service and first gear fees. Coinbase scored second in the other categories.
While Binance swept all five categories in the IBD/TechnoMetrica survey of customers, other product reviews have given Coinbase high marks for appliance and its appeal to novices and people trading from their phones .

Ease Of Use
Rank Company Rating
1 Binance 80.0
2 Coinbase 64.7
3 Crypto.com 61.0

inactive, Coinbase users might pay a bit more than Binance for the user-friendly trade experience. Coinbase fees can be influenced by things like order size, requital method and market conditions. Those fees are calculated at the prison term users place their orders .
The company, when reached, would not provide specific fee amounts. But according to early reports, Coinbase charges anywhere from 0.5 % to 4.5 % on transactions. The deal fees cost less on Coinbase Pro, its platform for more temper traders .
Coinbase went public in April 2021 on the Nasdaq. The exchange closed out that class with 89 million affirm users. Coinbase allowed trade of 139 different assets at the end of last year .
Coinbase has said it wants to be the “ Amazon ” of digital assets. CEO Brian Armstrong said in August that he wanted Coinbase to list every legal crypto-asset possible .
“ There ‘s thousands of them nowadays, ” he said. “ There ‘s finally going to be millions of them. ”
A Coinbase spokesperson said it would “ provide tools over fourth dimension to give customers ratings/reviews of assets, so they can make even more inform decisions. ”
Coinbase ‘s ambitions have besides moved beyond deal into the broader universe of Web3. Web3 envisions a more decentralize version of the internet, where apps and early services run on the blockchain .
“ We now have one in four households that own some class of crypto asset, ” Alesia Haas, Coinbase ‘s foreman fiscal military officer, said at a conference this calendar month. “ We have growth in utility program of crypto, which is ( why ) we ‘ve seen new growth in NFTs, in DeFi, which all gives us a lot of hope that we ‘ve moved beyond notional investing into the future generation of crypto, which is the utilization of these exciting assets and the practice cases. ”

Crypto.com And Other Crypto Exchanges

Low Fees
Rank Company Rating
1 Binance 56.1
2 Crypto.com 41.7
3 Coinbase 30.2

Crypto.com received an overall score of 53.7 in the IBD/TechnoMetrica sketch. bulk data from CryptoCompare was unavailable .
Crypto.com allows users to buy and sell more than 250 digital assets. deal fees on Crypto.com beginning at 0.4 % and go lower the more book a exploiter trades .
The other exchanges that did n’t qualify for the analysis based on the number of customers who completed the surveil were Avatrade, BitMEX, BlockFi, Cex.io and Circle .

Cryptocurrency Regulations, Security

Investors should keep in heed that crypto ‘s popularity has come with regulative and security issues. Customer ratings are not the merely thing that investors should consider when choosing a crypto exchange .

Security/Privacy
Rank Company Rating
1 Binance 78.7
2 Coinbase 70.0
3 Crypto.com 64

Coinbase, Crypto.com and Binance ‘s international substitute have been hacked in the past. All three cryptocurrency exchanges, to some degree, have been targeted by regulators. Nations like Italy, the U.K., Japan and Germany have besides narrowed their focus on Binance over the past year .
And according to reports from Bloomberg death year, Binance ‘s external site faced investigations from the Justice Department and IRS. Bloomberg said “ officials who probe money launder and tax offenses “ were seeking information about the exchange .
The release besides reported that the Commodity Futures Trading Commission was looking into possible insider trade and whether Binance allowed trades of crypto derivatives. Those trades are prohibited in the U.S. unless the businesses offering them register with CFTC, Bloomberg said .
Bloomberg noted that Binance has n’t been accused of wrongdoing. The claim telescope of the U.S. investigations, and whether they ‘re however active, is indecipherable. The Binance.US spokesperson said the company did not comment on potential regulative inquiries .
The CFTC and IRS did not respond to emailed questions. The Justice Department declined to comment .
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