2021 has been the best year for cryptocurrencies and other digital assets. The nascent ecosystem evolved at an unprecedented pace, gaining mainstream recognition and adoption. While every member of the crypto ecosystem contributed towards this growth in their own way, trading exchanges played a crucial role in bridging the gap between general users and the evolving technology.
Centralized exchanges (CEXs) took center stage in 2021, lowering the entry barriers for both institutional and retail investors. They spearheaded the efforts to raise awareness about the next-big financial revolution and paved the path for global acceptance of decentralized financial solutions.
But there’s a problem, especially for new users. Over the last couple of years, the number of trading exchanges has multiplied, making it extremely complicated for unaccustomed users. Since each exchange has different fee structures, products and services, the diverse choices overwhelm newcomers.
If you’re beginning your crypto journey this year or are seeking to switch to a different platform, here are some prominent and trusted crypto exchanges that you should definitely check out.
Binance
Binance is the leading crypto exchange by average trading volume. The platform offers a wide range of products and services and has a massive customer base spanning more than 100 countries. As an end-to-end exchange, Binance has something for everyone, be they institutional investors, retail investors, beginners or professional traders.
Among the products available, some of the highlights include P2P and spot trading, DEX, Binance Labs, Swap Farming, Strategy Trading, a wide range of futures and options trading, savings account, Binance Earn, staking, dual investment, liquidity farming, Binance Pool and much more. Binance also has the largest list of tokens compared to any other exchange. Best of all, Binance also offers the Binance NFT and the Binance Launchpad, granting users access to every primitive within the crypto ecosystem.
AAX
As the world’s first crypto exchange powered by the LSEG technology used by multiple stock exchanges like the London Stock Exchange, Oslo Stock Exchange, and Borsa Italiana, AAX ranks among the fastest-growing exchanges of 2021 with a wide range of crypto trading products and a plethora of features for beginners and advanced investors alike.
The platform experienced tremendous growth in 2021, with an average 24-hour trading volume of $1 billion and a sequential growth rate of 140% during the final three months of 2021. AAX is now known for its high-speed transactions, advanced trading features and low fees. The main products supported by the platform include spot and P2P trading, futures trading, crypto savings account with up to 20% APY and DeFi mining.
The platform also offers deep liquidity, a vast selection of assets and industrial-grade security for user data and assets. Additionally, AAX is also the first exchange to partner with a third-party service to monitor and prevent price manipulation on its exchange. To top it all, AAX is fully compliant with multiple jurisdictions’ financial, KYC and AML policies, positioning it as one of the comprehensively regulated exchanges globally.
FTX
Led by experienced professionals from Wall Street firms and leading tech companies, FTX is one of the most versatile trading platforms. Just like Binance and AAX, FTX also offers a diverse range of crypto investment solutions, including leveraged tokens, spot trading, OTC trading, options and futures trading, NFTs, prediction markets, staking and more.
Besides being one of the few exchanges available worldwide except for a few select regions, one of the standout features of the FTX platform is its trading fees, which rank among the lowest. Furthermore, FTX is the only platform that offers users the highest leverage of 101:1 while maintaining deep liquidity, making it a one-stop-shop for all types of investors.
Some Closing Thoughts
There are hundreds of exchanges, each with its own set of advantages and disadvantages. Investing in cryptocurrencies does not come without risks; accordingly, it pays off to research what type of crypto exchange you want to go with before picking one.
Before you begin your journey, spend some time to determine the type of exchange that would best meet your investing criteria, as some may focus more on the safety of funds in contrast to others that may be more intent on supporting high liquidity, and others that support a broader range of investment opportunities.