Reddit’s Opinion On The Top, Safest, Most Trusted Cryptocurrency Exchanges and Bitcoin Trading Platforms for Beginners
If you are new to trading Bitcoin, you may be aware of how confusing and time-consuming it can be to choose a valid crypto exchange platform.
Don't fret! We are here to help. For this post, I have assembled Reddit's most honest opinions in regards to the top crypto exchanges.
So get ready to hear some recommendations on the safest and most trusted Bitcoin trading options.
Best Bitcoin Exchange
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Best Crypto tools
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Best Customer Service
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MOST USED BY REDDITORS IN EUROPE
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Reddit's Cryptocurrency Exchange Benchmarks
In the rest of this post we'll review the best (and worst!) cryptocurrency exchanges. This is useful so you can evaluate what your priorities are when it comes to trading Bitcoin or Ethereum.
Here are some of the things Reddit users valued the most on Coinbase, Luno, Coinmama, Cex.io, and BitPanda:
Let's see how each crypto exchange measures up to the above benchmarks! Starting with reddit's top pick.
Best Bitcoin and Ethereum Exchange According to Reddit
There are four levels of verification on Luno:
- Level 0: Requires you to confirm your email address or sign in with a social media profile
- Level 1: Confirm your mobile phone number and share basic personal info
- Level 2: Submit photo/scan of your ID and a selfie in order to confirm your identity
- Level 3: Submit your proof of address.
In regards to Customer Service, Luno provides their users with decent support.
Luno is a low-cost Bitcoin exchange. The taker fee depends on a variety of factors such as the 30d volume and trading pair.
The fee is between 0.2% and 1%.
Luno is a trading platform that has its headquarters in London. It was launched in 2013, and today, it is definitely one of the best Bitcoin exchanges and wallet providers according to Reddit.
Its original name was Bitx, and in 2017 it was rebranded with the name Luno - which signifies ‘moon’.
Luno is considered one of the safest and cheapest Bitcoin/Ethereum exchanges. It has a user-friendly interface, and is supported in 43 countries.
In order to buy crypto on Luno, you first need to deposit money into your Luno Wallet. The platform is easy to use because you can buy and sell instantly on Luno exchange.
In the same way, it is easy to withdraw your money and you do not have to wait anxiously before you receive your transaction. In fact, as soon as you submit your request, you can rest assured that your Bitcoin/money is on its way into your wallet.
Luno is 100% legit and is definitely not a Scam.
One of the few downsides of Luno is the fact that it only supports Bitcoin and Ethereum. So if you like investing on less mainstream coins, this platform may not be ideal for you.
Quotes from Reddit About Luno.com
" I've been using Luno/BitX for almost a year now and they are awesome. Have had 0 issues with deposits, purchases, sending & withdrawals. As someone also pointed out below, don't use the instant buy feature, rather buy on the exchange at the current price "
Overall rating : 5 / 5
Top Cryptocurrency Exchange:
cex.io has four different types of accounts:
Basic: buy up to $1.000 of BTC per day, and a max. of $3.000 per month;
Verified: buy up to $200.000 of BTC per day, and a max. of $500.000 per month;
Verified Plus/Corporate: no limitations on the amount of BTC you can purchase.
Customer service is almost inexistant. If you are able to get hold of someone, good luck with getting more out of that interaction.
In fact, Reddit is full of horror stories concerning people that - having lost their money - were not able to get hold of anyone.
For Debit/Credit Card deposits, the fee is 2.99%.
Withdrawals cost up to 3% + $1.20. The commission fee reaches a max. of $3.80.
If you decide to buy Bitcoin with cex.io, expect one of the highest fees on the market (7%). Therefore, if you buy $5,000 worth of Bitcoin, expect to receive $4,650.
cex.io is a London based Ltd. It is one of the most popular choices for beginners and professional traders that wish to trade Bitcoin, Ethereum, or Ripple. In fact, it offers both simple and advanced tools to trade crypto.
They have more options then other sites like coinbase, and you can trade in different crypto currencies, using bitcoin as your basecamp.
- Bitcoin Gold
- Bitcoin Cash
It also trades several fiat currencies such as:
- British Pound
Although it is one of the most popular exchanges, it does not mean that it is also the most trustworthy and secure trading site. Reddit users have a lot of complaints in regards to cex.io's charges since it has extremely high exchange rates.
Quotes from Reddit About Cex.io
Overall rating : 2.5 / 5
Reddit's Other Choices:
Coinbase has somewhat of an invasive verification process.
You will need to upload your document by selecting the type of ID that you wish to employ.
In order to complete the uploading process you must enable Flash. Then, use your webcam to scan your ID and take a selfie.
It is important to keep in mind that Coinbase's clientele is growing exponentially and sometimes it is hard for them to keep up with the demand.
If you are able to get into contact with the Coinbase's Customer Support staff, they will avoid discussing issues over the phone due to security reasons.
Its lack of efficient customer service makes Coinbase a risky place to store your money.
Depending on the payment methods you use, Coinbase can be a costly option. Here is a list of their fees:
- 3.99% with Credit Card
- 1.49% through Bank Accounts
- 10$ through Wire Transfer
- 1% fee on each transaction
With over 13 million users, Coinbase was founded in San Francisco in 2012. Today, it is one of the top ten crypto exchanges.
If you live in the United States, your funds stored in your Coinbase USD Wallet are covered by FDIC insurance (up to $250,000).
If you are serious about investing in cryptocurrencies, then Coinbase is not one of the best platforms. However, it remains one of the easiest crypto exchanges and platforms for beginners.
Despite some shortcomings and some of the customers’ bad experiences, Coinbase remains one of the most secure and most trusted crypto trading platforms according to Reddit. It is in compliance with the US laws.
It is the world’s largest crypto broker and one of the most secure platforms. Each time you attempt to login with your username and password, you will be redirected to a new page that will ask you to enter a one-time code sent to your phone or email. You can opt-out of the 2-step verification process for 30 days.
Quotes from Reddit About Coinbase
" It appears that Coinbase is more in the business of attracting investors than servicing clients or wisely developing Bitcoin "
" I used Coinbase for 2-3 years without any trouble, until they decided to close my account and refused to give me any reason. Coinbase sucks."
Overall rating : 3 / 5
Reddit's Other Choices:
You do not need a verified account for small purchases. If you intend to buy crypto that exceeds $150, you are required to be verified.
There are three levels of verification:
Level 1: allows you to buy up to $10,000. Acceptable documents are:
- A non-US passport
- International ID
- Driver’s License
Level 2: Buy up to $50,000. Acceptable documents are:
- A utility bill
- A selfie holding your ID
Level 3: no limit on purchases. You are required to fill a short form. For more info about the form, please contact firstname.lastname@example.org
Coinmama charges somewhat high fees. In fact, their Bitcoin rate includes Coinmama’s fee of 5.90%. Moreover, if you pay with a credit/debit card, you will be charged an extra 5.00% fee, whereas a bank wire transfer will cost you 0.00% processing fee. On top of that, your bank could also charge you some extra fees.
No Withdrawal Fees: Coinmama does not have any withdrawal fees because it does not have a wallet in which you can store your coins.
Coinmama is one of the best known crypto exchanges. Its headquarters are in Israel and Slovakia: the platform is available in over 200 countries and only in 23 of the US states.
After purchasing Bitcoin or other cryptocurrencies you may experience some long delays whilst processing orders. One redditor in particular (u/cryptogalactic) stated that after having been charged on his credit card, he never received his Bitcoin. A couple of days and several emails went by - however, he never received his BTC. Luckily, he was able to have his money returned. However, this is certainly not a comfortable spot to be in.
Coinmama is not the safest place to store your crypto. In fact, it is worth remembering that on February 15, 2019, Coinmama suffered a security breach of 450,000 email addresses and passwords.
When it comes to coins, the selection of crypto that you can choose to buy is quite limited.
Coinmama currently supports:
- Bitcoin Cash
- Ethereum Classic.
Quotes from Reddit About Coinmama
" I've ordered from them 5 times and each time was very smooth and got my BTC in under 30 minutes. Their prices are high and the fee's are high, but if you have to order with a CC they work just fine. I dont know how their customer support is, because I've never had a problem. "
Overall rating : 3.5 / 5
Reddit's Most Popular Crypto Exchange:
The verification process is relatively fast. You will have to prove your identity through a video identification. You can choose to be identified either by IdenityTM or IDNow.
So before you get started, grab your ID, make sure you have good internet connection, check that you have proper lighting and that your camera is functioning well.
If you have an issue while using BitPanda, you should submit a ticket to the website’s help desk including your name and email.
Expect to receive a response to your queries within 24h.
If you do not receive an answer within a day just be a little more patient since they are known to never ignore their customers. Alternatively, check you spam folder.
When it comes to fees, Bitpanda charges a fee of 1.49% for the purchase of Bitcoin, and 1.29% to sell it.
Although Bitpanda gives us some information in regards to its fees on Bitcoin, it is worth knowing that the other fees are not displayed publicly and are simply included in the final price displayed on your screen. If you make large deposits, you will not incur in any extra fees.
BitPanda is a legit cryptocurrency broker formerly known as Coinmal. This is one of the best cryptocurrency trading platforms used in Europe.
BitPanda currently supports:
- Bitcoin Cash
Quotes from Reddit About BitPanda
" Bitpanda was one of the first exchanges I used. It is legit and fast. However other bigger exchanges like bitstamp have better rates and lower fees "
" I bought something there 3 days ago, and I was happily surprised with them, to the point where I don't know if I'll go back to Coinbase, even if they get their shit together. "
Overall rating : 3.5 / 5
Thanks for getting to the end of this article!
As it may be clear to you by now, the websites mentioned above have both their pros and cons. Finding the absolute best exchange site is an arduous task. So, depending on your priorities, you might need to use a number of different platforms.
For example, you can consider using Luno or Coinbase to buy Bitcoin and Ethereum, but you could use Cex.io or Coinmama for coins that are not as mainstream (e.g. Dash of Qtum).
We hope you've enjoyed Reddit's reviews on the top cryptocurrency exchanges. Comment below and let us know whether there are any other valuable crypto platforms that we haven't mentioned and what experiences you have had in the world of Bitcoin!