Crypto exchange review pros and cons

Disclaimer: Information on this page is not financial advice or an endorsement of cryptocurrency or other digital assets, or any specific provider, service or offering. Digital assets are highly volatile, and high risk and past performance is no guarantee of future results. Digital assets, platforms and providers are novel and uncertain, and potential new regulations or policies can affect their availability and services provided. Make sure the one you're interested in is available and talk with a financial professional before making a decision.

Finder or the author may own cryptocurrency discussed on this page. Launched in , Crypto. Starting as a crypto-only exchange, Crypto. To be at the forefront of mainstream adoption, the platform has invested millions in marketing, including negotiating deals with globally recognized sporting organizations and celebrities. The exchange is headquartered in Hong Kong but is accessible all around the world.

It caters to those who are looking for a platform that supports a wide range of cryptocurrencies and features. The exchange or app may be overwhelming initially, but the user interface is easy to use, and many features are available globally and at an affordable price. The fees for trading are competitive, though can be high when withdrawing to an external wallet from the exchange. There is a detailed knowledge base available on how features work, and there is Crypto.

The company has prioritized security, marketing and design, but there is evidence to suggest that the customer service experience is lacking. The Crypto. The app offers access to all of the basic features required by new investors, while the exchange provides additional functionality for those looking to trade short-term price movements or put their cryptocurrency assets to work with staking or decentralized finance DeFi farming.

Users can purchase cryptocurrencies directly using either a bank transfer or credit card. In addition, for any user that acquires a Crypto. Any cryptocurrencies held within the app can then be transferred to the exchange at no cost, and vice versa. These trading features are for those looking to take full advantage of their cryptocurrency assets and short-term cryptocurrency market movements.

Through the exchange, users are able to access both margin and derivative products, including futures and perpetual contracts. Alternatively, if users wish to put their digital assets to work, DeFi and staking products are available. These offer a range of interest-earning opportunities. Finally, if investors are nervous about leaving cryptocurrency assets in the custody of the app or exchange, Crypto.

The most recent addition to the Crypto. Built on the crypto. By utilizing a proof-of-stake PoS consensus mechanism, the blockchain remains scalable and secure. Alongside the main Crypto. The sidechain was built using Ethermint and offers smart contract functionality.

It was developed so that decentralized applications could be transferred across from other blockchains into the Crypto. Most users will not need to look elsewhere with the variety of features on offer, and rates are extremely competitive. Due to the numerous payment and earning options provided, Crypto.

It is worth noting that the company has received quite a few negative reviews regarding customer support, though the 2 most common rankings are 1 out of 5 and 5 out of 5. Be sure to read the reviews rather than just looking at the rating for any exchange reviews to find out if the issues may affect you.

Below, Finder has listed 20 cryptocurrencies that can be deposited into the Crypto. There is support added for new coins and tokens constantly so check out the full list on the Crypto. Transferring fiat and cryptocurrency into and within Crypto.

The exchange offers multiple deposit methods for over 20 different fiat currencies. Any money stored within the Crypto. Fiat deposits and withdrawals can take business days. It is also very easy to transfer funds between the app and exchange. While the Crypto.

The transfer of cryptocurrencies to and from external wallet addresses can take hours. For cryptocurrency purchases, Crypto. When converting funds from the Crypto. Makers are rewarded with slightly lower fees. Takers fill already open orders the ones made by makers , removing liquidity. Both maker and taker fees start at 0. Most fees within the Crypto. If a user stakes a certain amount of CRO tokens, it can increase the interest offered by Crypto Earn, improve the benefits associated with the Crypto.

There are no fees for transferring cryptocurrencies between the exchange and app, but there are withdrawal fees for withdrawing to an external wallet that vary. The details for all fiat currencies can be found within the Crypto. Only associated network fees will be applied when withdrawing through the app.

When withdrawing through the exchange the fees vary and can be quite high. It is clear the design team has taken time to ensure the user interface is clean, user friendly and easily navigated. The homepage of the Crypto. The interface of the mobile app is user friendly. Cryptocurrency charts on Crypto. Prices are updated in real time. Users can check balances and top up their card from the app. How to buy cryptocurrency on Crypto. While crypto wallet and fiat wallet purchases are completed at true cost, credit card purchases are charged extra fees.

Although several methods are available, there are many negative reviews regarding these services. Poor reviews state it being hard to get fast customer support and that answers are unhelpful. The Crypto Earn module also offers up to Rates vary depending on the amount of native CRO tokens held. Alternatively, users can access DeFi staking, swapping and yield farming protocols though the DeFi Wallet offered by Crypto. Benefits vary depending on the amount of native CRO tokens staked in the Crypto.

The first is called Crypto Credit. This gives users access to instant loans with no deadlines and no credit checks. All loans are overcollateralized in case repayments cannot be made. The platform also offers users the ability to borrow funds when trading with margin or via the derivatives exchange. Margin trading can be accessed with up to 10x leverage. Derivatives, which include futures and perpetuals, can be traded with up to 50x leverage.

The Syndicate is a project fundraising platform that allows investors to get into cryptocurrency projects early. Blockchain or application developers can list cryptocurrency tokens that are related to an upcoming project after they have been vetted by the Crypto. Users can deposit CRO tokens in the pool for a limited period the charging period and earn popular crypto coins and tokens as a payout during the reward period. The rating is given based on multiple factors. There have been multiple security audits performed by both internal and external audit teams.

Alongside implementing standard security features such as 2-factor authentication 2FA and the cold storage of all digital assets, the exchange has also listed a bug bounty program on HackerOne. This provides rewards to those who spot gaps in the security of the platform. The company has also completed thorough audits of modules within the Crypto. For example, the DeFi Swap module is a fork of the Uniswap decentralized exchange, which was originally audited by dApp.

However, before launch, DeFi Swap was also audited by Crypto. The exchange also makes sure that all protocols listed within the DeFi Swap feature have been fully audited and clear certain guidelines. Head over to the official Crypto. Sign up through the app using an email address. During the registration process, you will need to provide your full legal name, photo of a government-issued ID and a selfie.

These can all be uploaded within the app. Verification should be completed within 3 business days. The easiest piece of ID to use is a passport. Once registered, it is a good idea to enable 2FA, which will help to prevent unauthorized access to your account. Enabling this requires you to enter a time-sensitive 6-digit code generated from a third-party app, such as Google Authenticator. Head over to the security tab to enable this feature. Click here to cancel reply. Optional, only if you want us to follow up with you.

Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve. While we are independent, the offers that appear on this site are from companies from which finder. Any time you invest money, you are putting it at risk. Bitcoin trading is in many ways like trading a currency or a stock. You are trying to buy at a lower price than you eventually sell at. Stocks have intrinsic value and dividends that they can give you, and U.

They can be good as either a short-term investment or a long-term one, in the right hands. Cryptocurrencies are volatile. It is hard to explain how volatile they are. Most of this discussion that sent Dogecoin prices on a roller coaster took place on Twitter in a series of tweets over the course of a week. Making real money is entirely possible in a volatile trading environment, but it also means you can lose a lot with just one small mistake.

As with any investment, diversification is your best bet. Putting everything into a single coin or trying to win big in an initial coin offering ICO can make you a lot of money, or you could lose your shirt. Everything in cryptocurrency is high-risk, and you should behave accordingly. Even the most legitimate seeming company in the cryptocurrency space is more volatile and at risk than those in other industries.

And there are still many who hope to scam the unwary. American technology company Ripple Labs Inc. Ripple offered what it claimed was a secure system of cross-border transactions. XRP joined the host of cryptocurrencies being traded on various cryptocurrency exchanges such as Coinbase. The Securities and Exchange Commission SEC disagreed and filed suit against Ripple , claiming the company had violated securities regulations.

Even the best cryptocurrency exchanges do not hold a candle to the liquidity that is tied to any stock market. Institutional investors in more established markets create price walls by putting a lot of orders into the system at prices surrounding the current range of trading prices. This means a single big order tends to move the price less, as a lot of other automated trading happens around each big move.

In nearly all cryptocurrency markets, these price walls have not yet been established. A single large investor selling their crypto can cause a major swing in market prices as they go through filling the orders from the best price downward. This raises the volatility higher than it would be otherwise because sudden trades can lead to price shocks.

An area that needs to be watched is the changing laws around cryptocurrencies. In previous years, cryptocurrencies have been taxed at a relatively generous rate and governments have been largely hands-off. Together, these actions suggest regulators are skeptical of the industry and paying it greater attention. New regulations may require reporting from either individuals or exchanges or even by the creators of certain coins. This may drastically change the market.

Any market change can make or break fortunes in an evening. Although the Bitcoin network itself remains unhacked, a number of the surrounding software tools that interact with the network have been infiltrated and misused. If someone gets into your cryptocurrency wallet , they can steal your coins.

That has nothing to do with the security of the cryptocurrency as a whole. The same goes for if a trading exchange is hacked — you could lose out big through no fault of your own. If a hacker is able to send a directive to the exchange to conduct a transaction, they do not need to hack the cryptocurrency.

Instead, their fraudulent order will read as a legitimate transaction and will be accepted by the rest of the blockchain. This is famously what happened to Mt. Gox , a cryptocurrency exchange that operated from until , when a hacker was able to pose as an auditor for the site and authorize transactions.

Many companies hide or downplay the disclaimers around this. There are tens of thousands of dollars of real money locked in computers because the owners do not know how to recover them. Maybe they forgot a key password, or maybe they forgot that they have a couple of Bitcoin they once bought as a joke.

Once you take your cryptocurrency off a trading platform and into your own control, you are the sole person responsible for it. If you lose your private keys, the coins are gone for good. Likewise, if an unscrupulous seller cheats you in a cryptocurrency transaction — perhaps by demanding upfront payment for goods they never intend to send — you have no legal means to claw back your funds. Though some newer cryptocurrencies attempt to address this significant weakness, solutions remain incomplete and largely unproven.

By contrast, fiat currency users have plenty of protections, although none are totally foolproof. Banks have insurance that can protect your funds in case they fail. Stock markets have regulations that prevent a number of shady dealings from going on, and brokerages carry insurance in case they fail as well. Fiat currency processors and credit card networks such as Visa, Mastercard, and PayPal resolve buyer-seller disputes through chargeback policies that are specifically designed to prevent seller fraud.

Making serious money from mining requires a commitment of time and money. You will need to prepare a serious set of hardware, with many creating specialized computers or servers for the task. Even then, you need to pick a coin that you can make money from, instead of never realizing your investment.

Ars Technica identifies three possible short- to medium-term solutions:. Over the longer term, the best solution is to power cryptocurrency mines with low- or no-carbon energy sources, perhaps with attendant incentives to relocate mines to low-carbon states like Costa Rica and the Netherlands.

Blockchain technology is relatively new and hard to understand. As a result, it is often marketed as a modern-day snake oil that can cure all ills. Even well-intentioned people with big ideas for using the blockchain can get investors into trouble. Several companies and celebrities have announced plans to create their own coins or other products based on the blockchain, but the viability of any of these ventures remains to be seen.

Many small employers pay employees in Bitcoin and other cryptocurrencies to avoid liability for payroll taxes and help their workers avoid income tax liability, while online sellers often accept cryptocurrencies to avoid sales and income tax liability. According to the IRS , the U. Probably the biggest regulatory concern around cryptocurrency is its ability to facilitate illicit activity.

Many gray and black market online transactions are denominated in Bitcoin and other cryptocurrencies. For instance, the infamous dark web marketplace Silk Road used Bitcoin to facilitate illegal drug purchases and other illicit activities before being shut down in The same strengths that make cryptocurrencies difficult for governments to seize and track allow criminals to operate with relative ease — although, it should be noted, Silk Road founder Ross Ulbricht is now behind bars, thanks to a years-long DEA investigation.

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A proprietary application is also available for tablet users. After downloading the Pionex app and giving it a test run, we were pleasantly surprised with how easy the platform was to use. Though we were unable to locate a few features on the desktop platform for example, CopyTrader features , setting up and activating our bots was simple and straightforward. In addition, it has acquired MSB Money Services Business licensure from the Financial Crimes Enforcement Network , a bureau of the United States government that analyzes online financial transactions to limit fraud and money laundering.

Pionex is a comprehensive cryptocurrency broker that will especially appeal to mobile investors. Meet Coinrule, the next generation in cryptocurrency trading. Coinrule lets you create customizable trading rules, access templates and take advantage of numerous moderately priced trading plans.

If you are a new crypto trader, you can do paper trading and backtesting to check your strategies. Different plans for all levels of traders include the Starter, Hobbyist, Trader and Pro. Each plan helps you build your skills and knowledge to become better at cryptocurrency trading.

The platform is one of the best for digital currency trading and learning how to be a consistently successful crypto trader. The online platform helps traders and investors alike to manage all of their crypto holdings on several exchanges via a single platform. You can log in one time and execute buy or sell orders effortlessly across a large magnitude of trading pairs and exchanges.

It is possible to either automatically or manually allocate changes in your holdings, denominated in percentages. These changes will be automatically executed by the platform itself. The process is easy and makes managing your cryptocurrencies more effective. Trality offers a trading bot creation platform suitable for both beginning and advanced cryptocurrency traders based on the Python application programming interface API.

The fully cloud-based Trality web app lets you build without the need for special equipment or downloads. Cryptohopper is an all-inclusive trading terminal that aims to make investing in the cryptocurrency market easier and more intuitive. Investors can automate their investing processes, copy professional traders, set signals and alerts through their mobile app and more directly through Cryptohopper.

This allows investors to stay on top of the market no matter which coins they trade, which exchanges they use and where they travel. Instead, it bills investors a flat monthly rate proportional to the number of tools they have access to. The broker is safe to use thanks to these features. It's a lot of fun to use. I play with a bunch of different bots at different times for different results.

Haven't tried them all yet. Customer service was great, helped me recover funds within days, not weeks. It seemed great. Then I had 3 bots error out while in unrealized losses that became realized. Pionex did nothing to compensate me for the losses caused by their tech. I moved it all to Kucoin, who has similar bots. Benzinga crafted a specific methodology to rank cryptocurrency exchanges and tools. We prioritized platforms based on offerings, pricing and promotions, customer service, mobile app, user experience and benefits, and security.

To see a comprehensive breakdown of our methodology, please visit see our Cryptocurrency Methodology page. This content should not be interpreted as investment advice. Cryptocurrency is a volatile market, do your independent research and only invest what you can afford to lose. Want to advertise with us? Send us a message. Pionex Review. Benzinga Money is a reader-supported publication. We may earn a commission when you click on links in this article.

Learn more. Sarah Horvath. Contributor, Benzinga. February 11, Best For High-volume investor looking for the lowest fees Mobile cryptocurrency investors Traders with limited time Those looking for a lower risk investment strategy. Pros 12 free-to-use trading bots Low fees on all transactions Well-designed mobile offering.

Cons Cannot fund account with fiat currency. Table of Contents [ Show ]. Pionex Product Selection. Pionex Pricing. Pionex Customer Service. You can check the entire list here. Users can access key features, manage their account, and trade on the go.

To deposit cryptocurrency to your Crypto. If you are not a Crypto. After the required number of confirmations has been processed, an email confirming the successful deposit of your crypto will be sent to the registered email.

Deposits and Withdrawals on the Exchange. To withdraw cryptocurrency from your Crypto. If you are withdrawing to an external address and not your Crypto. Select the withdrawal address in the drop-down list and review the amount you want to withdraw. Review Withdraw details. The amount you receive will be an amount after the withdrawal fee has been deducted, where applicable. Select Confirm Withdrawal. Withdrawals to external wallets can take up to 2 hours to process.

To trade cryptocurrency on the Crypto. Additionally, anyone can make use of its other crypto services like its Exchange, its Defi Swap and Wallet, its Staking, Earn, Pay, and Lending features. This makes Crypto. Overview Legal Name Crypto. How to Deposit on Crypto. How to withdraw on Crypto. How to Trade Cryptocurrencies on Crypto. Show More.

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