What is a Cryptocurrency Exchange?
- Cryptocurrency trading exchanges emulate like stock market brokers, where the trader simply adds funds in their account by using fiat currencies such as CAD/USD or digital currency like Bitcoin, Ethereum. The traders can also trade one currency with another currency like Ethereum, EOS on the exchange.
- When the account is created on the exchange, you can fund it through your bank account. Some of the best cryptocurrency exchanges offer the traders the potential to directly buy several cryptocurrencies by using their credit cards or their preferred method of payment.
- Besides, a cryptocurrency exchange helps the investors to purchase, sell, or trade cryptocurrencies by using fiat currencies to cryptocurrencies or from crypto to crypto. The best exchange supports the top 20 cryptocurrencies by market cap. Further, people always look out for the safety and security of their crypto assets and the platform’s exchange rates. Hence traders would prefer crypto exchanges that offer user-friendly, secure and fully functional platforms.
- When you purchase cryptocurrency on an exchange, you might want it to transfer to a secure wallet that you can control. If you hold your digital currency on the trading platform, then the trader can start immediately with cryptocurrency trading. Before proceeding with cryptocurrency trading, the trader needs to check whether they offer competitive trading fees, easy-of-use trading platforms similar to Bitcoin Boom, high trading volumes, and top-class customer support to help the customers.
Why do you need an Exchange?
- There are different ways to buy cryptocurrencies which include, P2P (peer-to-peer) trading and through ATMs. But the exchange is the best way to trade fiat currencies to buy cryptocurrencies, or they can simply buy cryptocurrencies from the comfort of their home by using the exchange. The trader needs not to meet up with anybody to buy cryptocurrencies, and typically the prices are very much lower than Bitcoin ATMs.
- If you want to select a top platform, it depends on what purpose you want. If you are looking to exchange Bitcoin for USD or CAD, the trader might need a cryptocurrency platform that offers to transfer fiat currencies at a very competitive rate to the trader’s bank account.
- If you are planning to invest money through cryptocurrency trading or interested in diversifying the portfolio with different digital currencies, then they need to research and analyze the best in terms of transaction fees, trading fees, and volumes.
- The trader needs to study several reviews on picking up the top cryptocurrency exchanges that allow, the customers to purchase and sell cryptocurrencies by using fiat currencies like GBP, USD, EUR, or CAD.
- Every platform will provide different fees for offering deposits and withdrawal methods. We highly recommend the traders to find out what their deposit and withdrawal fees are and how to fund the account, and they should have a clear view about whether they are going to hold or trade their digital currency. Once you have concluded, you can search for a good platform that will benefit you.
Bitcoin Trading Process
Generally, the Bitcoin trading process includes:
- Comparing exchanges for finalizing the best one.
- Registering for an account on the platform that requires providing any personal details and proof of ID.
- Navigating your way to the “Buy” screen.
- Selecting Bitcoins as the cryptocurrency you want to buy.
- Selecting your payment currency.
- Selecting your payment method like credit card debit card or bank transfer.
- Entering your payment details, including your account and routing number if sending a bank account transfer or your card number and CVV if paying by debit card.
- Proceeding by clicking on “Buy BTC.”
Once the transaction is processed, the BTC will be deposited into your wallet.
For depositing funds on your cryptocurrency exchange
To get started, you can choose from various deposit methods like a credit card, debit card, PayPal, cash deposits, bank account transfers, wire transfers, cryptocurrency transfers, prepaid cards, and several more.
How should you use a cryptocurrency exchange?
Below given are the few factors stating that how you should use Cryptocurrency Exchange –
- To buy cryptocurrency with fiat currency
- To buy cryptocurrency with another digital currency
- To Sell cryptocurrency and withdrawing your funds
1. To buy cryptocurrency with fiat currency
- In case if you want to buy bitcoin by using fiat currency, then you should compare various platforms to find out which one offers the best service for you.
- The first step would be to register an account on the platform by providing personal details such as name, email id, phone number, and proof of id as requested by the company.
- The second step would be to navigate and select Bitcoin as the cryptocurrency you want to purchase. Then you need to select the payment currency in USD or your preferred currency and specify the amount you want to spend.
- The third step would be to select the payment method like bank transfer or credit card payment. You need to enter the payment details such as routing and account number if you are opting for a bank transfer or the card number if you are paying by credit or debit card.
- When it is done, you need to review your details about the transaction, which includes fees that will apply, and the amount of Bitcoin you would be buying. If you are ok with the details, then on the buy screen, click buy BTC.
- After verifying the details and the transaction being processed, Bitcoin will be deposited in the trader’s wallet. However, one should note that the brokers will automatically send the Bitcoin, which is purchased to the external wallet address if you have nominated them.
2. To buy cryptocurrency with another digital currency
- In case you have bitcoin, and you want to exchange it for other cryptocurrencies, like Ethereum, below given are the steps that you need to do if you are placing a trade on a centralized cryptocurrency exchange.
- The first step would be to compare cryptocurrency trading platforms to find the right one that offers great service for you. The next step would be to register an account on the platform by offering personal details and proof of ID.
- After registering an account, you need to log in to your account and find the Bitcoin wallet address needed. You can use this address for transferring the bitcoin you want to trade by using an external wallet.
- The next step would be to navigate to the exchange or trading page. You need to search for the currency pair you want to trade and start.
- The next step would be to choose the type of order you want to place in the buy field, indicating whether it limits order or market order. You need to enter the details of the transaction like the amount of Bitcoin you want to spend. If you are placing a limit order, then you need to add your requested Ethereum price.
- The final step would be to review the transaction, which includes checking the rate and the trading fees which might apply. Then you need to click on buy ETH. When the transaction has been processed, the Ethereum you have purchased would be deposited on the exchange wallet specified by the trader.
- In case if you are using a decentralized cryptocurrency exchange, the process might differ. You need to link the wallet to your bank account, and you will be able to trade directly from wallet to wallet, and there will be no requirement about depositing funds on the cryptocurrency exchange.
3. To Sell cryptocurrency and withdrawing your funds
- If a customer wants to sell cryptocurrency on the cryptocurrency exchange, they need to follow the below-given steps –
- The first step would be to log into their account and find the Bitcoin wallet address. By using this address, they can transfer the Bitcoin they want to trade from an external wallet.
- The next step would be to navigate the trading or exchange page. You need to search for the currency pairs which you want to trade, for example, BTC/ETH or BTC/USD.
- By adding the details in the Sell field, you need to add the details of the transaction depending upon the platform you are using. You might be able to sell at a market rate or you can place a limit order for the price you desire.
- The next step would be to review the transaction which includes checking the exchange rate, and the fees that might apply, then click on sell BTC.
- When the transaction has been processed, the purchased currency will be deposited into your exchange wallet. You can withdraw those funds from your exchange account, but the process you need to follow will be based on whether you have purchased fiat for a cryptocurrency.
- In case if you have purchased the fiat currency, you can use the withdraw USD option from your trading account dashboard, then you need to select your payment method. In case if you prefer bank transfer or Paypal transaction, you need to provide all the required account details so that the payment can be processed.
- If you want to purchase another cryptocurrency, you need to set up a secure wallet where your coins can be stored. You can copy the address of the wallet, and log in to the account, choose the currency you want to transfer. Finally, you need to double-check whether you are sending the funds to the wallet before proceeding with the transaction.
How to pay for the cryptocurrency you have Purchased
To pay for the cryptocurrency you have purchased, you need to deposit funds on the cryptocurrency exchange. Moreover, the payment methods accepted by the exchange will differ; you need to check and ensure the platform supports your preferred payment method before signing up. Few of them accept all types of deposit methods which includes the following –
- Bank transfers
- Credit and debit cards
- PayPal, Neteller, Skrill
- Cryptocurrency transfers
- Cash deposits
- Prepaid cards
- Wire transfers
- Other online payment services
Classification of Cryptocurrency Exchanges
Cryptocurrency exchanges are classified into several categories. One of the best ways of classifying a cryptocurrency exchange is based on tradable currency. Based on this, an exchange can be crypto to crypto or can be a fiat exchange. If the chosen one is a fiat exchange, it will allow the government-backed currencies with the cryptocurrencies. On the other hand, crypto to crypto exchange can be used for exchanging both fiat and cryptocurrencies. The most widely traded cryptocurrency pairs are Bitcoin and Ethereum.
Further, cryptocurrency exchanges can also be classified as,
A traditional crypto exchange is the type of exchange that operates just like traditional exchanges, where the traders buy, sell, and trade in cryptocurrencies based on the current market price. The role of traditional exchanges is that of a middle man who facilitates the transaction.
Cryptocurrency brokers like AnalystQ offers the most convenient and simplest way to buy and sell cryptocurrencies. If you want to buy bitcoin or any altcoin from a broker, it is just like purchasing from a shop that sells cryptocurrency. Further, the broker purchases digital coins or tokens at a wholesale price, adds their margin on top of it, and then sells the cryptocurrency.
Cryptocurrency trading platforms can be considered as more widely used platforms for purchasing and selling digital currencies. Moreover, they link a group of buyers and sellers and they charge a fee for facilitating every transaction. However, you can use these cryptocurrency trading platforms to exchange cryptocurrencies at market price or a specified limit. Some platforms also offer advanced features to the traders like stop-loss orders for their benefit.
Direct Trading Platform
Direct trading cryptocurrency platforms offer peer-to-peer trading among buyers and sellers without an exchange acting as an intermediary. It is best for traders looking for lower fees, buying and selling, a wide choice of currencies.
Some of the major advantages of peer to peer exchanges is that a trader can anonymously and quickly buy or sell coins with any kind of payment or trade they desire. One of the main disadvantages is that the trader needs to pay above-market prices and it is a risk when compared to other options.
Factors to Consider before registering in a Crypto exchange
Cryptocurrency exchanges play an important role among the cryptocurrency traders and it allows anyone to access cryptocurrencies anytime. Besides, the availability of a 24×7 cryptocurrency market is a unique feature when compared to the stock market and the foreign exchange market, which is open only at standard working hours. Below given are few features to consider before you register in a cryptocurrency exchange.
- Security and legitimacy are the two important features one should consider when you are choosing a cryptocurrency exchange. You should research and analyze all the details about the platform, read the reviews about the platform, and then go for it.
- One of the most important features is to check on an exchange is, what are all the cryptocurrencies it supports. As an investor, you need to choose a platform that permits trading in all coins and tokens.
- The next feature is to check about the commission and fees; if you are a high volume trader, then you might consider transaction charges, which might take away your profits.
- You need a check on the mode of payment offered by the cryptocurrency exchanges. Payment methods differ from exchange to exchange and include several options such as credit cards, cash payment through wire transfer, PayPal, Skrill, etc.
- It is always best to choose an exchange based on your geographic location or country of residence, as the policies and legislation that govern an exchange vary among countries.
- One of the major features of the platform is it should be easy to use. Also, the platform should be simple if you are using a highly complex financial instrument.
How to access Cryptocurrencies?
To access the vast amount of tokens and coins, the traders can use the below mentioned three methods –
Initial Coin Offerings (ICO)
Initial coin offerings (ICO) is similar to an initial public offering (IPO) that is represented for stocks etc. Further, initial coin offerings represent the first issuance of the coins by the project. Besides, investors should have the upfront capital, usually in the form of Bitcoin or Ethereum, to participate in an initial coin offering and receive the ICO coins. This is a form of fundraising which was popular in 2017 and 2018. Currently, it is not much used by the projects because of the participants’ regulatory complications and lack of interest.
Mining is a process where the individuals participate in validating blockchain transactions that require necessary bandwidth for storing the entire blockchain and the computing hardware that requires initial cost. In exchange for the work done by the miner for validating and securing the transactions by using the blockchain, they are compensated with new-minted coins.
Buying cryptocurrencies through an Exchange
Users can also register on a cryptocurrency platform, buy and sell a wide range of coins by using fiat currencies or cryptocurrencies. One of the easiest ways, if you want to own cryptocurrencies, is to buy through a cryptocurrency exchange, because mining is a complex and highly technical process and investing through ICO requires the investors to have the initial coins either in the form of Bitcoin or Ethereum. When you are selecting a cryptocurrency exchange, there are several ways to identify whether a cryptocurrency exchange is reputable or reliable or not.
How to choose a Reliable Cryptocurrency Exchange?
There are various types of tokens and coins that are available in the market, and there are also several exchanges in the market where you can buy cryptocurrency. Even though it is tough to decide which exchange would be beneficial for you, below given are the list of important factors which needs to be reviewed before you decide where to trade your cryptocurrencies –
Security is considered one of the most important factors in choosing an exchange because of the occurrence of cyber-attacks and hacks. The cryptocurrency exchanges need to implement efficient security mechanisms to safeguard the user funds and prevent the internal systems from being hacked. Some common security methods include storing the client funds in cold storage by using a multi-signature technology and securing the KYC process.
One of the most important factors is the reputation of the exchange. In case if it had any bad reputation, it will prevent the investor from exploring the platform. Good testimonials or the reputation of the crypto exchange and absence of any news relating to the exchange in terms of cyberattacks for hacking or any adverse reviews offered by the users will have an impact.
Liquidity can be described as a method of buying and selling assets in the market. A good exchange should have required trading volume and a large number of users to trade tokens or coins for a better price and instantly close the trades. Cryptocurrency exchanges with high liquidity offer a more efficient price and allow their traders to enter and exit with ease. The best method to ascertain liquidity is to find the average daily volume for an exchange and order books that identify all buy and sell orders currently placed by the traders in the marketplace. Several exchanges provide extra liquidity information for the traders to access order book depth, bid/ask spread, slippages, etc.
Ease of Use
One of the most important features to consider is the user interface offered by the cryptocurrency exchange is it should be easy to use and intuitive, so that the user can have enhanced experience, especially for new traders. A good exchange makes sure that the trading platform is easy to navigate by offering the necessary functionalities and tools that are simple, accessible, and easily usable.
Trading Fees associated with Cryptocurrency Exchange
- One of the most important features to check out on an exchange is the trading fees. Fees are overlooked by the users, especially by short-term traders, which can take away their profits if they do not manage it well. Further, there are different types of fees associated with the cryptocurrency exchange. some of them are –
- Trading fees can be described as fees charged for every trade that is placed on the exchange. The fees are automatically deducted from the balance, which is very hard to check the actual amount because most of the trading happens on crypto to crypto pairs.
- Withdrawal fees are detected from the trader’s overall balance when the trader initiates the withdrawal process either through a user’s bank account or to an external cryptocurrency wallet. Both the process carries a different set of fees.
- Few exchanges like Binance, Huobi, Bitfinex, and several more offer discounts on the trading fees when the trader trades in their exchange native token. It is highly advisable to look at the fee structure of a crypto exchange before you plan to start trading.
Best Cryptocurrency Exchange
- Bitcoins and cryptocurrencies are spreading around the world while fetching the attention of many investors around the world. Surely, these currencies have gained popularity as they help people to overcome the government’s inflationary policies. They have proven to be safe for long-term as well as short-term investments.
- If you are looking for an investment in digital currency, these crypto exchanges will surely help you do the most lucrative trading in Cryptos with low fees. Safety is the most important thing to consider during cryptocurrency trading. Also, one should check that the best crypto exchange should offer fiat currencies trading, it is very significant to choose a safe trading platform.
- A popular and authentic crypto trading exchange offers a comprehensive verification process and various safety measures to enhance security and stop any kind of hacking attempts. You will also get extended customer service and on the fees offered by popular exchanges.
Let us discuss few Best crypto exchanges in detail –
Coinmama Crypto exchange based in Israel and founded in the year 2013. It is highly secured, and you can buy bitcoin, cryptocurrency with a credit card while the exchange has a secured verification process for a bigger purchase. Here, you can only trade Bitcoin and Ethereum. The service charge is 3.99%. This exchange is the perfect place to buy Bitcoin. It protects you from possible risks and has a good reputation, usability, user acceptance, security measures, and low fee rates. It is available across 188 countries. It allows trading through visa/master cards, credit card, debit cards, etc. The comprehensive verification process makes the platform safe for trading and avoids the chances of being hacked.
Coinbase: Coinbase Pro has become one of the famous digital currency exchanges that offer services in more than 30 countries due to its user-friendly interface. It has more than 28 million users and is able to offer great security. The advantages of Coinbase are many, including two secure wallets, insured deposits and buy, sell through debit/credit cards, using PayPal, etc. Coinbase Pro is a good option for beginners.
Kraken: It is the second-largest best crypto exchange that allows buying, selling, and margining 16 digital coins. Kraken is more suitable for professional traders. Here, the trading volumes are higher.
Cex.io: The company originated in the UK in 2013. This crypto exchange offers cloud mining services, digital exchange, and a complete trading platform. The exchange also offers services across 39 countries, which are based on safety, financial sustainability, and advanced algorithms. It allows trading through the website, mobile app, and API, and it offers great customer support. The fees vary from 0% to 0.2%.
BitPanda: BitPanda is a famous trading platform in Austria that originated in 2014. It provides flexibility in trading through a wide range of payment methods, which allows trading with Eps, GiroPay, MasterCard, Visa, SEPA, Skrill, Sofort, and its own BitPanda. You can buy, sell a number of cryptocurrencies like Ethereum, Dash, Litecoin, Bitcoin Cash, Ripple, Komodo, and IOTA with EUR, CHF, GBP or USD. The platform is very simple, easy to use, understandable, and safe as it offers two-factor authentication, separate web and wallet servers, and complete verification.
LocalBitcoins: LocalBitcoins is a decentralized trading platform in Finland that was founded in 2012 and now operates in over 200 countries. The exchange allows its users to trade from different countries to exchange their local fiat currency for Bitcoins. It offers simple transactions and charges the seller by 1% for each successful deal and 0.5% for invoicing services.
Bitstamp: The platform is a successful and ever-growing platform that offers the simplicity of trading and complete customer support, along with the safety of trading. It is based out of London, U.K.
Gemini: The platform was founded in New York in 2014. The exchange primarily targets the American marketplace cryptocurrency. It also provides services across the UK, Singapore, Canada, South Korea, Puerto Rico, and Hong Kong. It offers an easy to use user interface, and the features are completely safe with two-factor authentication. It also offers low fees and Bitcoin offline wallet.
Binance: Binance is one of the most renowned coin exchanges for cryptocurrency with the highest market cap, that established its ICO on July 21, 2017, and raised 15,000,000 USD. Binance has evolved largely since its inception in July 2017 and is among the top 10 crypto exchanges in the world. It’s a centralized exchange that offers a good discount for day traders if they use BNB coins as they are the native currency of this platform. The standard trading fees is 0.1%, which is less than its competitors.
To get started, you can register your email ID to get started with Binance. This exchange offers a mobile app for iOS and Android. It is a simple exchange that offers ease of trading.
The Binance platform is becoming increasingly popular due to its exclusive features like multi-lingual support, good user interface, mobile apps for both iOS and Android users, Binance Angel Program and the Community Coin Per Month, etc.
KuCoin: KuCoin is a famous and top cryptocurrency exchange that offers hassle-free trading as it’s easy to operate and register here. KuCoin also deals with fiat currency, and it offers famous coins like Dragon Chain, $KCS, etc. KuCoin serves a fully-functional mobile app for Android and iOS. You can deposit any crypto of your choice to start trading with KuCoin. The exclusive features include margin trading, exchange coin, and its trading fees is flat 0.10%. And the ease of use and its operations are making KuCoin a fast-growing trading exchange.
BitMex: BitMex is one of the best cryptocurrency exchanges with high trading volume that is developed with great insight by expert economists, regular traders, and web developers. But you can also trade futures contracts for altcoins such as Bitcoin Cash, Ethereum, Cardano, Litecoin, and Ripple. It is a great alternative to Binance as they shut down doors for U.S. based users. BitMex is a fast-growing exchange, where you can register through your Email address, and it’s easy to register and operate.
Fee Structure at BitMex is as follows:
Bitcoin Cash (BCH)
Changelly is one of the popular trading exchanges that provide ease of trading in various currencies. It has a simple registration process. You need to log in with your email address to start exchanging!! It is an easy to operate exchange that supports around 35 cryptocurrencies along with fiat currencies pairs such as BTC/ETH, USD/EUR. By trading through Changelly, you can get the fairest prices. At Changelly, an exchange from crypto-to-crypto takes 5-30 minutes. The trading fees are 0.5%, which has minimum risk. The user will also have to pay a miner’s fee, which is drawn directly from their crypto balance. You can order at Changelly by a VISA/MasterCard (credit/debit card), and you require a wallet where you want to receive your new coins.
Huobi Pro: Huobi Pro is a famous international cryptocurrency exchange that has its origin in China and serves a large number of investors. It has emerged over the last five years and is now becoming increasingly popular. It has 244 crypto pairs. You are less likely to face any liquidity problems on this exchange. They also have mobile-friendly apps for both Android and iOS users who want to trade Cryptos. The registration at Huobi Exchange is simple and easy to use, while the exchange fees are also quite low.
Bittrex: Bittrex is one of the most popular US-based cryptocurrency exchanges; here, you can trade 190 cryptocurrencies at a time. It is a well-regulated and compliant platform with all of the current United States rules, so crypto users need not worry about their funds’ safety. It has one of the largest Bitcoin trading volume exchanges out of all crypto exchanges in the world.
- Bittrex charges a 0.25% service fee. It’s simple to register here, and you can log in through your Email ID. But to withdraw funds, you need to do a KYC and enable two-factor authentication for higher limits. The verification process is quite fast.
- Bittrex supports two types of accounts:
- Basic Account – withdrawal funds worth 3 Bitcoins/day.
- Advanced Account – withdrawal funds worth 100 bitcoins /day.
- Bittrex is a “crypto-only” exchange and doesn’t allow other currencies like EUR, USD, and GBP, etc. The platform is simple and also offers advanced trading tools like candlestick charts and crosshairs and several more.
Poloniex: Poloniex was founded in January 2014 and is one of the world’s biggest and best cryptocurrency exchanges. It offers users with a wide range of 100+ cryptocurrencies to trade. The platform offers a good user interface and a crypto exchange; it offers high trading volume for both BTC and ETH.
Poloniex also has zoomable candlestick charts for 5-minutes, 15-minutes, 30-minutes, 2-hours, 4-hours, and 1-day, along with a stop-limit feature for advanced crypto traders. It levies a fee of 0.15% to 0.25%. You can register with Poloniex using your email id; however, you should make sure to enable two-factor authentication for your safety.
- Bitfinex is also a popular and huge cryptocurrency exchange based in Hong Kong in 2014. The widespread platform allows trading of 13 cryptocurrencies in exchange for BTC, ETH, or USD.
- Bitcoin, Dash, Ethereum, Zcash, Monero, Litecoin, Ethereum Classic, OmiseGO, EOS, IOTA, Santiment, Ripple.
- The trade fees vary from 0.1% to 0.8%. Whether it is a withdrawal or deposition, you have to pay the trading fees. The advanced trading platform offers hi-tech trading tools for the users to trade with limit orders, stop orders, trailing stop, fill or kill, TWAP, etc.
Okex: It is a trustworthy and great exchange for cryptocurrency and offers more than 145 coins and its own token called OKB. It gives traders discounts and benefits like fiat currency trading for verified customers. It charges an additional 0.02% to 0.2% additional taker or maker fees and also allows margin trading and short selling for known customers. It is unable to serve the United States region but is expanding to Malta.
Choosing the best exchange depends mainly on your location and needs. Other considerable things are to understand if you have fiat currencies to purchase crypto coins or wish to do margin trading or short sell currencies. Cryptocurrency is an unregulated industry, so investment depends on the investor’s risk-taking capacity, though picking an authorized exchange, regulator compliance can be profitable. Using the above popular exchanges, you can trade with almost all types of Cryptos you want to. There are specialized exchanges also that will help you to trade particular coins which are found only there. Hacking can happen anytime so as a precaution, it is advisable to use a secured wallet, where you can store multiple cryptos and control your private keys. As we know, the cryptocurrency market is ever-growing. The competition is ever-increasing. We will be updating this list regularly to keep it up to date with the market.
1. What is the best Cryptocurrency exchange?
Ans. Cryptocurrency exchange can also be called as a digital currency exchange, where it enables the customers to trade cryptocurrencies or digital currencies. Crypto exchanges offer the traders to trade Bitcoins, Ripple, Ethereum, altcoins, and several more coins and tokens.
2. What are the different types of cryptocurrency exchanges?
Ans. Different types of cryptocurrency exchanges:- Brokers, Trading Platform, and Peer-to-Peer exchanges.
3. Which exchange has the lowest fees?
Ans. As per our review, when compared with several cryptocurrency exchanges, we found Binance offers the lowest fees. Many exchanges deal with credit or debit cards and Bank transfers, and others that offer discounts and lowest trading fees for its users.
4. How to find the best Cryptocurrency exchange?
Ans. Finding the best cryptocurrency exchange requires a lot of research and knowledge. You need to compare the pros and cons of various exchanges before finalizing it. You can consider features like Reputation, User-friendliness, advanced trading tools, flexible payment method, cryptocurrency selection, low fees, ease of use, limits, discounts, exchange rates, verification process, liquidity, security, and customer support.