What is an Altcoin exchange?
Altcoin Exchange refers to a platform where users can trade Cryptocurrencies other than Bitcoin. While there are plenty of Exchanges available that allow users to trade Altcoins but it is worth noting that your choice to trade on specific Altcoin Exchange can influence your investing experience. And while almost all exchanges offer Bitcoin and altcoin trading, your choice can influence your investing experience.
Altcoin Exchanges can be divided into two categories. Popular crypto platforms with high trading volumes generally offer higher liquidity, limited trading pairs, and a reliable set of available Altcoins to trade. While on the other hand, small Exchanges with a limited number of users and liquidity often feature more trading pairs, but you can face high fluctuation and order-filling issues due to low liquidity.
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
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
Why we chose Huobi as the 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, and 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 of its Mandatory KYC requirements to prevent fraud and other malicious activities on the platform. Technical support responds quickly, which is also important. Among other things, the site allows you to work with trading bots and copy the trade of professionals via CopyTrading services.
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 the 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 the 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 and independent blockchain
- Active development and adding new options
Founded in 2011, the Kraken exchange is one of the largest in terms of the 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 the best altcoin exchange 👍
- Low Trading Fees
- Has a Good reputation and is operational for more than a decade
- Available in the USA
- Has a high trading volume and offers high liquidity across the market
- Provide Quality Technical Support 24.7 via Chat and Phone 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, GBP and 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, GBP and 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.
- A 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 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 fulfil your order. The more coins you want to trade, the higher liquidity you need.