The Most Popular Exchanges to Store Cryptocurrency in 2022

The number of people interested in cryptos and related staff is rising nowadays. This rise of interest exists both in professional financial institutions and regular self-made investors. To participate in the crypto industry, you will need to create a cryptocurrency exchange account to purchase and sell such currencies as Bitcoin, Dogecoin, and Ethereum.

Top-tier professionals at BitcoinBuster have made a great research of the most interesting and future-oriented platforms to identify the top crypto exchanges in the current year. It will help you to define the best exchange that suits your needs.

 

Defining Crypto Exchange

Exchange for virtual currencies is a special marketplace where users can buy and sell different digital currencies. Digital exchanges for cryptos operate similarly to other types of trading platforms. They provide individuals access to the accounts where users can make various operations, starting with trading and ending with usual selling and buying.

Some digital exchanges provide sophisticated trading options. It can be futures trading or even margin accounts. Others give an opportunity to earn money on cryptocurrency holdings through such processes as cryptocurrency lending or staking. Market leaders provide instructional resources to keep users informed about the current industry situation and the latest updates.

 

Storing Crypto in a Wallet 

The simplest way to store your crypto funds is to exchange them at the place of purchase. But digital currencies also can be kept in special virtual wallets, which are very similar to traditional physical wallets and credit cards. Access to crypto-assets is possible only for private key owners. That key is provided to users by the wallet operator during the signing up process. There is a great variety of digital wallets on the Web. But hardware wallets should be mentioned as the most popular. Hosted and non-custodial wallets will also be on the top of the users’ preferences. Defining the best wallet for personal needs is quite a challenge users can overcome using this guide.

 

Crypto Wallets and Their Features

Hosted wallets

A type of digital wallet well-known as the hosted wallet can be called the simplest one. And it is most recommended for those individuals who want to set up their first virtual wallet. When people use a hosted wallet, their crypto assets are immediately stored in it right after the purchase. Hosted cryptocurrency refers to non-fiat virtual assets that are kept for a user by some third party. It is very similar to bank processing. The biggest advantage of such a system is that you can’t drop a key to your wallet or lose a USB wallet.

Everyone can set up their own hosted wallet in just two steps. First things first, choose a crypto platform that is trustful and secure at your choice. Safet, usability, and fitting with governmental and financial rules and legislations should be one of the top priorities. Then create an account. Specify your personal information and manage a strong password. Utilizing 2SV can add some additional level of protection to your assets – it is strongly advised.

Now you have the ability to purchase or transfer different cryptos. Usually, purchasing cryptocurrencies can be done by credit cards or bank account transfers via crypto-oriented digital exchanges and platforms. Also, it should be mentioned that if you are already a proud owner of cryptocurrency, there is an option to move it to a brand new hosted wallet to keep it safe and secure.

 

Self-custody wallets

A major benefit of self-custody wallets is that they give users total control over their digital finds. Non-custodial wallets don’t entrust the safeguard of users’ virtual assets to a third party that also can be called a custodian. The software is still provided by the wallet operator but keeping it secure is a hundred percent user’s duty. The private key should be held as well as the seed phrase. In case of losing them, all crypto funds will be gone forever. Furthermore, in case a third party gets your private key, complete access to your digital assets will be in their hands.

Self-custody wallets also provide holders an access to more complex crypto-related processes starting with lending, staking  and  borrowing and ending with yield farming and other complicated operations.

To create a non-custodial wallet, the user needs to download an application and create an account. There is no need to share personal info. Users are even free of pointing and e-mail. The major thing here is a private key. Be sure that you remember it and that no one has access to it except you. Usually, a private key is a phrase of twelve words. After getting a private key, the user can start transferring digital assets to the wallet.

 

Hardware wallets

It’s not hard to guess that a hardware wallet is a physical device. Usually, it is about the size of the old-school USB memory stick. This thing stores private keys to virtual funds. Hardware wallets are rather expensive and not the most popular compared to others. But their undeniable advantage is that crypto assets will be secure even if your computer is hacked.

To get a hardware wallet, the user needs to find and buy the hardware. The most sought-after manufacturers that provide consumer hardware wallets are Ledger and Trezor brands. The second step is the installation of software. It is necessary to connect crypto wallet hardware. It also should be mentioned that each brand has its own unique software. The complete wallet creation instruction will be available right after the software download. 

 

Top Crypto Exchangesfor Storing Crypto

Coinbase exchange

Currencies 10,000 +
Fees miner fees controlled by user

wallet and exchange fees

Minimum Deposit $50
Transactions minimums $2
Payment Methods Bank Account, Instant Cashouts to bank accounts, Debit Card, Wire Transfer, PayPal, Apple Pay, Google Pay
Mobile Application yes

 

Coinbase is notable for its awesome, modern user-friendly interface. Such a great UI/UX approach to the matter makes all crypto investing processes much easier. That is the major reason why it is on the list of the best crypto exchanges in 2022. Alas. such a great convenience comes at a cost. Coinbase fee structure is rather complicated and takes time to puzzle it out unlike other crypto exchanges.

Pros Cons
Easy to navigate user-friendly interface Similar security issues and weak points as other hot storage alternatives
Multi-signature and 2-factor authentication support Only available on mobile and tablet devices (except for Chrome extension)
Backed by a reputable trading platform that is able to recoup lost or stolen assets

 

Binance exchange

Currencies 80+
Fees 0.5% fee for instant buy/sell
Minimum Deposit $10
Transactions minimums Depends on the currency
Payment Methods Credit Card, Bank Transfer
Mobile Application YES

 

Crypto exchange Binance is not available in Vermont, Louisiana, Hawaii, Texas, Idaho and New York. This platform provides its users with an easy-to-understand interface for crypto purchasing and selling. It also offers more advanced trading views than other platforms. Low fees and discounts while operating Binance Coin make Binance better than most other digital exchanges. And its educational content is one of the most informative and useful.

Pros Cons
Low fees in comparison with other digital exchanges. Lack of security information
25% trading fee discount if you pay fees using Binance Coin (BNB)
Educational Resources Limited customer service options
Tax statement portal that helps to prepare crypto taxes.

 

Crypto.com exchange

Currencies 100+
Fees 0.04% to 0.4% maker fees, 0.1% to 0.4% taker fees, 2.99% for credit card purchases
Minimum Deposit no limits
Transactions minimums $500
Payment Methods credit/debit card, Bank Account, Crypto.com Pay
Mobile Application YES

 

The Crypto.com wallet can be called the best choice for complete newcomers. Crypto.com also allows its users to swap cryptos on a 1-to-1 basis. The platform provides a great number of different tools for passive income earning, using an individual’s own crypto.

Pros Cons
Possibility to choose confirmation speed preferred trading fee. Funds are inaccessible in case of losing a private key and recovery phrase.
An option to earn interest on more than 35 tokens. There are several geo-restrictions for usage of built-in token swap.

 

Bittrex

Currencies 440+
Fees 0.2% commission fee on all trades
Minimum Deposit $10
Transactions minimums $3
Payment Methods Credit Card
Wire Transfer
SEPA Transfer
Mobile Application YES

 

Bittrex is definitely one of the industry leaders and one of the best possible choices among the great variety of cryptocurrency exchanges. This platform can boast hundreds of supported assets. And one of its biggest advantages is a focus on crypto-to-crypto trading pairs. Bittrex may be the safest crypto wallet on the list. Obviously, users also prefer Bittrex for its robust security features and mind-blowing ability to place advanced orders. 

Because of its complicated trading interface, Bittrex can be very hard to understand, especially for newbies. Also, it should be mentioned that Bittrex customer support is not exhaustive, and this also can become a problem for newcomers.

 

Pros Cons
High-grade Security Low Quality Customer Support
Excellent Crypto Selection 
Low Fees
Advanced Trading Tools Mostly for Advanced Users
Educational Content

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