Before taking the bold step to purchase or sell crypto assets, you must ascertain if the exchange is safe and legit. The anonymous feature of cryptocurrencies has its advantages, and some individuals and bodies are leveraging its disadvantages.
No doubt, exchanges are a very integral part of cryptocurrency transactions, as they provide platforms to go about buying and selling assets. If you have confirmed that a platform is safe and secure as a cryptocurrency exchange, you can trade your assets.
However, finding the safest place to trade your assets might seem too much of a task. As a result, this article will show you the safest places to buy and sell cryptocurrencies from any part of the world. Although many traders around the world trust these platforms, you still need to exercise caution.
So what are the safest exchanges to buy and sell cryptocurrency?
There are over 500 crypto exchanges around the world, with the figure growing by the day. These exchanges offer varied funding methods, trading pairs, and fee structures. However, these aren’t enough if the platform does not offer adequate security.
The cryptocurrency industry has matured, and security has even improved, making it difficult for unsafe exchanges to thrive. If you are concerned about your assets and want to know the safest exchanges to trade them, you are in the right place.
Below are our top picks for the safest exchanges to buy and sell digital and crypto assets. They include;
1. SnappyExchange
SnappyExchange is one of the safest places to buy cryptocurrency. SnappyExchange is the Leading E-currency Exchanger in Nigeria. It is owned and operated by mysuredeal online store, a company incorporated and Registered in Nigeria.
You can buy cryptocurrency on SnappyExchange by downloading the SnappyExchange App or visiting the website at SnappyExchange.com.
SnappyExchange is popularly known for its good customer experience. In 2021, SnappyExchange emerged as the most reliable exchanger.
How to Buy Cryptocurrency on SnappyExchange
Download the SnappyExchange App: If you don’t have the SnappyExchange App on your Android or iOS, you can download the app from Google PlayStore.
Sign Up: After installing the app, register your details and create an account.
Verify your Email: After signing up, you will be required to verify your email. Open your Gmail app and click the “verify” icon.
Click the Cryptocurrency Icon: Click on the cryptocurrency icon on the homepage, select any coin of your choice and choose the buy option.
Click “Complete KYC”: Without completing your KYC, you won’t be able to buy cryptocurrency. To complete your KYC you will be asked questions about your identity.
You’d need your means of identification like a driver’s license, voter’s card, international passport, or national ID. You will also be required to make a selfie video of yourself saying a script.
2. Coinbase
Coinbase is one of the most popular crypto exchanges. It has a daily trading volume of over $950,000,000, which is the second-highest in the world after Binance. Even with being a centralized exchange, Coinbase is trusted by so many users, and the reviews about it are pretty positive too.
This platform is easy for amateur and experienced crypto traders with a great interface. Coinbase supports the trading of over 40 crypto assets, with each of them available at any time. The exchange also offers relatively low trading charges over time, especially with Coinbase Pro.
For security, Coinbase stores users’ funds in cold storage. In addition, there is a 256-bit AES encryption for improved safety and security, restricting several forms of cyber attacks.
Users can turn on the two-factor authentication alongside Google authenticator while using the exchange. In case of a breach, FDIC insurance covers up to $250,000 of lost assets.
3. Binance
Binance is also one of the most popular and safest places to buy cryptocurrency. Many crypto traders around the world are introduced to Binance first before any other crypto exchanges. Binance has a daily trading volume of over $7,500,000,000 and is believed to be the largest crypto exchange in the world.
Aside from its number of users and popularity, Binance is one of the few crypto exchanges with the lowest fees. The exchange is known to support over 150 crypto assets and has recently begun crypto lending services. It also offers Binance DEX, a decentralized exchange for its users.
Just like Coinbase, Binance introduces various options to maintain the safety and security of user data and funds. Users can activate the two-factor authentication protection to safeguard their accounts. There is also ever-active support to attend to the requests and complaints of customers.
4. Kraken
Kraken is also known as one of the best and safest places to buy cryptocurrencies in terms of low trading fees. The exchange supports over 40 crypto assets, hence a lower adoption than other exchanges. Kraken has a daily trading volume of over $420,000,000.
Kraken can be accessed from different parts of the world except for countries like Congo, Afghanistan, Iran, Iraq, Cuba, North Korea, Libya, Tajikistan, and Syria. It is not as popular as Binance and Coinbase but boasts very tight security, one that can never be breached easily.
The safety and security options of Kraken include two-factor authentication, Yubikey, SSL protection, and Google authenticator. In addition, there is 24/7 live chat support for traders to relay their requests and complaints.
5. Gemini
Even though it was launched in 2014, Gemini has become one of the safest and most popular crypto exchanges worldwide. It has a daily trading volume of over $18,000,000 and features some of the best safety and security standards for its users and their assets.
Aside from buying and selling cryptocurrencies, Gemini also offers other financial services like payment solutions, storage, and many others. It can be accessed from over 50 countries, including the United States, United Kingdom, Canada, India, South Korea, and Australia, to mention a few.
Users’ accounts on Gemini are protected using two-factor authentication, SSL encryption, Google Authenticator, etc. There is an advanced security option that allows users to safeguard their accounts using hardware security keys. Also, the cold storage is further protected with HSMs (Hardware Security Modules).
6. eToro
eToro is quite unlike many crypto exchanges, as it offers various financial services, including crypto trading and storage services. Aside from crypto assets, eToro users can trade stocks, traditional currencies, indices, commodities, ETFs, and many more.
eToro is one of the safest exchanges to purchase and sell over 15 crypto assets, including Bitcoin, Ethereum, Dash, Bitcoin Dash, Zcash, etc. The exchange is accessible from the UK, Asian, and European countries. As part of security measures, eToro has a varying first deposit limit based on the user’s location.
eToro has one of the strictest safety measures amongst many crypto exchanges. For example, users are to present a bank account statement for verification before they can enable crypto withdrawals. Accounts of users are safeguarded by two-factor authentication and SSL encryption.
7. OKX
OKX was created in 2017 and is one of the latest crypto exchanges, but it has evolved to be among the best today. This exchange allows users to trade over 30 types of fiat or traditional currencies for cryptos. OKX has a daily trading volume of $500,000,000, with the figure increasing as it becomes more popular.
Also, the platform supports the exchange of over 400 crypto pairs allowing users to profit from their assets as they trade. Aside from buying and selling crypto assets, OKX supports futures, options, derivatives, and margin trade, making it an ideal network for traders of various trading styles.
8. KuCoin
KuCoin was only launched in May 2017 and has since amassed a user base of over 5 billion across 200 countries. It supports the trading of assets like Bitcoin, Ethereum, BNB, and many more. KuCoin has a great interface for both website and mobile and is easy to use for amateurs and experts alike.
Like any other centralized crypto exchange, KuCoin is backed by blockchain technology, which is impossible to hack. There are also additional safety features like two-factor authentication, Google Authenticator, etc.
Which is safer, Centralized or Decentralized Exchanges?
Crypto exchanges can either be centralized or decentralized. The platform’s safety depends on where it falls in the two, in most cases. By knowing which is safer in a centralized and decentralized exchange, it becomes easier to know where to trade your crypto assets.
In layman’s terms, centralized exchanges usually involve a mediator in buying and selling assets. These exchanges act as intermediaries between users and the market during trading. A decentralized exchange, on the other hand, involves peer-to-peer trading activities.
Centralized exchanges give their platforms more control over the users, while decentralized exchanges give users full control of their accounts. When it comes to safety, both exchanges are considered safe, but how safe they can be will depend on the user.
Decentralized exchanges are safe because users have control over their accounts, and there is no need for intermediaries. In contrast, centralized exchanges are safe because they offer features that ensure the safety and security of your funds and assets.
Final Verdict
A personal recommendation from us for the safest place to buy cryptocurrency is SnappyExchange.com. You can buy and sell your crypto assets on decentralized exchanges such as PancakeSwap, UniSwap, etc. and store your funds and assets on centralized exchanges like Coinbase, Binance, etc.
This way, you’ll give your financial assets the best protection available.
