What is an Altcoin exchange?
Altcoin exchange is a platform that provides the opportunity to trade alternative coins (any cryptocurrency other than Bitcoin). On this type of platform, you can swap one altcoin for another.
And while almost all exchanges offer Bitcoin and altcoin trading, your choice can influence your investing experience.
So large crypto platforms provide higher liquidity, many training pairs, and a reliable set of available coins to trade. At the same time, smaller ones are preferred for a wider list of tokens, the absence of KYC verification (depending on the amount you are operating with and the company per se), and other functionality.
That’s why the choice of a decent trading website is so crucial nowadays. Let’s get acquainted with the 5 best altcoin exchanges in 2023 according to our research!
5 Best Altcoin Exchanges in 2023
Since its launch in 2013, the Chinese cryptocurrency exchange Huobi has become popular all over the world. It offered a number of unique features for margin trading and OTC trades.
According to Coingecko, Huobi’s reliability score has reached 10/10. This altcoin exchange supports fiat currencies. It is possible to trade through the API tool.
In total, over 640 cryptocurrencies and stablecoins are represented here.
Additional features of the Huobi
- Referral program for earning on affiliate links
- Branded application for iOS, and Android platforms
- Crypto loans
- Training courses for beginner traders
Why we chose Huobi as best altcoin exchange 👍
- Increased security: a specialized distributed system of protection against hacker attacks.
- Optional verification when depositing and withdrawing cryptocurrencies.
- A wide range of ways to buy and sell cryptocurrencies: p2p, spot, derivatives, swaps.
- Margin trading with leverage up to x75.
- Multi-platform access: mobile applications for all platforms (iOS, Android, Windows, and Mac).
Bybit exchange is a reliable platform that demonstrates large intraday trading volumes. The resource offers users the latest technology. The developers have done their best – the platform has not failed since its entry into the market in the spring of 2018.
This altcoin exchange is also convenient because there is no need to confirm your identity to conduct transactions. Technical support responds quickly, which is also important. Among other things, the site allows you to work with trading bots.
More than one and a half million people are registered on the Bybit exchange. In particular, it attracts the attention of professional traders, because it supports margin trading. Funds are replenished and withdrawn fairly quickly. And security is ensured by two-factor authentication and an SSL connection. The eye-pleasing interface is convenient for use not only on a PC but also on mobile devices.
The Bybit exchange provides the opportunity to trade altcoins and derivatives. It gives welcome bonuses so that the first steps on the platform become even smoother. There are many training materials for beginners and a demo account.
Commissions on the Bybit crypto exchange are below the average market level (recently they switched all spot trading to zero fees), and there is an insurance fund to protect users’ savings in case of a hacker attack. Much attention is paid to comprehensive security – from hedging risks to preventing manipulation using the double price mechanism.
Customer verification on Bybit is optional, but without verification, the daily withdrawal amount is limited to 2 BTC. Upon verification of identity, the daily withdrawal limit is increased to 50 BTC.
Why we chose Bybit as best altcoin exchange 👍
- One of the most popular and liquid altcoin exchanges
- Zero spot trading fees
- Verification is not required
- Low commission fees
- Convenient interface
- Welcome bonuses
- Mobile app
Bitget has established itself as one of the best cryptocurrency exchanges on the market, offering users “Better Trading, Better Life”. Bitget’s biggest selling point is the variety of services it offers: copy trades, spot and futures trading, Launchpad, and more.
This altcoin exchange was founded in July 2018 in Singapore. The trading platform has become popular thanks to the Copy Trade product, which allows a trader to copy the trades of another trader (with their consent).
The deposit top-up and withdrawal of funds are possible without verification. However, identity verification allows you to increase the daily withdrawal limit to 200 BTC, as well as conduct fiat transactions.
Why we chose Bitget as best altcoin exchange 👍
- No.1 altcoin exchange for copy trading
- Algorithmic trading
- High trust rating
- A large number of supported trading pairs and contracts
- Lots of opportunities for bonuses and rewards.
Binance is one of the most popular altcoin exchanges in the world. Binance started offering its services in July 2017. Since then, it has become the biggest platform for crypto activities.
Binance uses Binance Coin (BNB) as its own native cryptocurrency, which is often used to incentivize users to pay transaction fees in this currency.
The company focuses on the security of funds and the speed of transactions, placing them as its top priorities. Commissions are set at 0.1% or lower for large trading volumes. You can deposit via crypto and fiat currency and withdrawals are just as easy. As enticing as these features are, many users are drawn to Binance because it provides a first-time user experience, it is an altcoin exchange suitable also for experienced crypto traders, and it has good customer service.
Also, Binance boasts of its top-notch P2P trading.
Why we chose Binance as best altcoin exchange 👍
- High liquidity;
- A large number of trading, and investment tools;
- Fiat gateways are connected;
- SAFU compensation fund;
- Availability in most countries of the world;
- Decentralized tools, own blockchain;
- Active development and adding new options.
Founded in 2011, the Kraken exchange is one of the largest in terms of trading volume. With Kraken, you can buy altcoins and exchange them for other cryptocurrencies, as well as fiat currencies such as the US dollar, Canadian dollar, euro, British pound, and Japanese yen.
More than 49 trading pairs and 15 cryptocurrencies are available on the altcoin exchange. For advanced users, Kraken offers margin trading and many other trading features.
The commissions of this altcoin exchange for buying and selling on this exchange vary depending on the trading volume and type of trading pairs, as well as who you are (for a market maker, the commission is lower).
Why we chose Kraken as best altcoin exchange 👍
- Loyal trading fees;
- Good reputation and long service life;
- US legislation;
- Although there are relatively few trading pairs compared to the market leaders, only proven coins are added;
- High liquidity and trading volumes;
- Good tech support.
The Best Altcoin Exchanges Compared
|Altcoin Exchange||Score||Trading volume(24h)||Average Liquidity||Weekly Visits||Coins||Fiat Supported|
|Huobi||5.8||$298,786,665||487||1,011,390||622||ALL, AUD, BRLand 47 more|
|Bybit||6.3||$354,578,273||587||3,620,694||330||USD, EUR, GBPand 3 more|
|Bitget||6.0||$544,215,275||574||1,430,973||397||USD, EUR, GBPand 12 more|
|Binance||9.3||$12,469,250,153||925||15,046,498||386||AED, ARS, AUDand 43 more|
|Kraken||7.6||$554,978,672||744||990,352||217||USD, EUR, GBPand 4 more|
How to Choose the Best Altcoin exchange?
There are hundreds of altcoin exchanges on the internet, so beginners can get confused with the choice of the most reliable one. The most optimal way to find the best altcoin exchange is to look at the ratings that list proven and trusted platforms. Experts do a lot of work analyzing sites, studying their capabilities and features, and then drawing conclusions about the place of the service in the list.
When compiling ratings, the following parameters are taken into account:
- Convenient interface. It should be simple and understandable for beginners. If it is complex, the trader may get confused and at some point, lose the earnings.
- Number of trading pairs. Altcoin exchange clients should be able to buy both popular and new cryptocurrencies. The more pairs available to trade, the better.
- Available tools. The altcoin exchange should allow the use of stop-loss and take-profit orders. Such features allow you to fix income or protect money in the event of a sharp price drawdown. A big plus is the availability of staking, which provides passive income when storing a certain amount. Tools such as landing, saving, and margin leverage will not hurt either.
- Registration conditions. Centralized crypto exchanges require the indication of truthful data and KYC/AML verification. In decentralized platforms, identity verification is not always carried out.
- Methods and conditions of deposit/withdrawal. Altcoin exchanges should work with major banks and all major payment systems. The best platforms offer more than ten ways to conduct transactions.
- Fees. If you want to trade, it is important to look for altcoin exchanges with low commission fees. But everything should be in moderation here because the lack of fees can lead to the bankruptcy of the platform.
When studying exchanges, it is essential to look at the reliability, security, and method of gaining access to the platform. An important point is a security against hackers. In this regard, centralized exchanges are more vulnerable. If the goal is to maintain privacy and protect money, it is better to give preference to DEXs.
What is an altcoin exchange?
An altcoin (alternative coin) exchange is a trading platform that allows you to buy and sell (in some cases stake) crypto other than Bitcoin.
What is the best altcoin exchange for traders?
The best option for traders is an altcoin exchange with either no or low trading fees, high liquidity, and many trading pairs.
What if I can’t/don’t want to pass KYC verification?
Many platforms restrict non-verified users, so you should either get used to the restrictions or find a decentralized altcoin exchange.
How does liquidity impact my trading experience?
Liquidity is nothing more than the ability of the market to fulfill your order. The more coins you want to trade, the higher liquidity you need.