With over a thousand cryptocurrency exchanges available worldwide, deciding which one is the best, affordable, and scam-free to exchange your Bitcoin with can be confusing.

Choosing an exchange isn’t an easy task. There are many factors to consider before using a particular exchange. You must first consider the following:

• Is it acceptable in your country?
• What’s the payment method?
• How much is the exchange rate?
• What are the verification requirements?
• What are the supported coins?

The Best Bitcoin Exchanges

1.    Binance

Binance is a global exchange founded in 2017 when there was a huge spike in Bitcoin. Binance is beginners friendly, supports over 200 crypto coins, offers various financial services, and approves of gambling with cryptocurrency on the platform.

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2.    Coinbase

Coinbase is the best exchange app for you if you’re an amateur in crypto. Coinbase provides a vast number of different cryptocurrencies with top-notch security. Also, it provides a developed, beginner-friendly trading platform, making it a great choice for newbies and experienced traders.

3.    Crypto.com

Crypto.com is one of the outstanding crypto exchanges worldwide. It operates in over 70 countries and supports over 200 cryptocurrencies.

Additionally, Crypto.com delivers many supported assets, which provides a substantial digital asset ecosystem comprising its blockchain. This includes Crypto.org Chain, a native token called CRO, a crypto visa card, yield-generating crypto products, etc.

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4.    Gemini

Gemini was set up in 2014 by Tyler and Cameron Winklevoss. This exchange platform depicts itself from others by solidifying its security and ensuring that your crypto wallet is safe and secured.

The exchange has hot wallet insurance to ensure user accounts remain protected in the case of a security violation. Moreover, it employs users to finalize an identity verification process to decrease the possibility of fraud.

Gemini was created by progressive and experienced crypto traders, which is why it delivers a proficient trading platform and supports over 70 virtual tokens and currencies. The platform also offers users a reward card to pay for goods and services with their crypto wallet.

Traders and investors who desire to trade on a highly secure outlet will acknowledge what Gemini offers.

5.    Kraken

Kraken was founded in 2011 and is active in most world countries. It’s one of the vastly reliable cryptocurrency exchanges in the world. You can buy, store, and trade over 100 cryptocurrencies with Kraken, and it also comes with low-fee trading benefits on Kraken Pro.

Kraken has established itself over the years as the go-to platform for experienced and beginner crypto enthusiasts and has retained its prestige as a credible and competent trading platform.

Kraken offers two platforms, its primary trading platform and Kraken Pro, which is ideal for experienced traders. The Kraken Pro provides highly intelligible market survey tools that provide insightful clarification of trades.

Photo by David McBee

The 2022 crypto winter seems to be one of the most severe bearish trends in cryptocurrency history. This saw the entire crypto market cut down by over 50% in value since the beginning of the year. Also, the situation in the crypto market got worse with the collapse of the Terra-LUNA ecosystem.

However, the crypto market is recovering slightly from its trauma in the year’s first half. Bitcoin price is suddenly picking up despite its week’s instability and swings.

According to the data from Glassnode, a blockchain analytics firm, the derivatives of the leading cryptocurrencies are making positive progress. Bitcoin and Ethereum derivatives are receiving increased attention from investors with more trading of BTC futures and higher ETH holders.

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The record from Glassnode indicates that the Bitcoin derivatives market has a slight directional bias. This means that investment in the market is coming with more caution from the investors. But on the side of Ethereum, there is evidence of optimism from the investors.

The network records more demands for ETH against little withdrawals from the wallets. These overall events for Ethereum could be due to the upcoming Merge.

As per Glassnode’s Future Open Interest (BTC) Metric, investors seem to have more confidence in the derivatives market. They are laying aside the events and fear that came with the collapse of Terra-LUNA tokens. Also, the effect of the May-June mining capitulation is wading off gradually.

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Glassnode noted the increasing stability in futures trading volume. It recalled that the past 12 months from the sell-off since May 2021 posed a structural dip in trade volume. However, it seems to be staging a come-back as it boasts $33 per day.

Also, the futures markets passed through a structural change within the past one and half years. This was at the beginning of 2021, as the Bitcoin price was in a bullish trend. The underlying spread was stable even as leverage was going up.

Surge In Open Interest For Ethereum Than Bitcoin

Currently, Ethereum derivatives are receiving more attention from investors than Bitcoin. This appears to be the first time in the history of cryptocurrency to experience such a twist between the two leading assets. While Ethereum derivatives record about $6.6 billion in ETH, those of Bitcoin are at $4.8 billion in BTC.

Additionally, the outplay depicts that ETH options Open Interest is almost at its ATH as of Nov 2021. This was when Ether hit $4,900.

A more acceptable explanation for the price increase is the influence of the upcoming Ethereum Merge. Most investors make bullish bets on prices between $2,200 and $5,000.