So, you own some major cryptocurrencies like Bitcoin and Ethereum, but now you want to see what the wider world of cryptocurrency has to offer. You want to buy altcoins.
An altcoin is any cryptocurrency that isn’t Bitcoin. That means there are thousands of altcoins waiting for discovery.
Want to check them out? Here are the six best altcoin exchanges.
You were expecting an obscure cryptocurrency exchange, perhaps? No, the best altcoin exchanges are often the most well-known. In that, Binance offers over 500-coin pairs at the time of writing, making it one of the most populous altcoin exchanges of all. Importantly for users, Binance has a high trading volume and very strong security history.
Binance also has a strong history of introducing new altcoins. The Binance Launchpad helps filter the best new altcoin projects (known as Initial Exchange Offerings), giving them to grow, and exposing them to a huge audience on the main trading site.
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HitBTC is another major exchange with a large trading volume. It regularly achieves $500 million in 24-hours. It also offers a massive number of trading pairs: over 750 at the time of writing.
The number of pairs puts HitBTC amongst the largest altcoin exchanges, anywhere. The YoBit exchange is probably number one (with over 4,000-coin pairings) but it has a very negative reputation.
But we digress. The vast number of pairings means that anyone who wants to buy altcoins has a good chance of finding what they want.
Like any cryptocurrency exchange, HitBTC has its fair share of negative reviews. We advise trading small volumes on HitBTC, just to be safe.
IDEX is a decentralized Ethereum asset exchange and another great exchange to buy altcoins.
The exchange focuses on peer-to-peer ERC-20 token trading, regularly racking up over $500 million in 24-hour trading volume. IDEX offers over 500 trading pairs at the time of writing, focusing exclusively on Ethereum-based tokens.
IDEX is popular for a host of reasons. It is decentralized, for one, providing additional security for users through its peer-to-peer transactions. Indeed, IDEX features on our list of the best decentralized exchanges.
Furthermore, it has very low GAS costs, keeping transaction fees to a minimum, as well as featuring a bunch of market analysis and charting tools.
I used Bittrex for a very long time until switching to Binance to take advantage of Binance’s Launchpad and Initial Exchange Offerings.
But Bittrex remains a popular exchange, even if its overall trading volume has decreased in recent times. One positive for Bittrex, however, is the number of trading pairs available to users, over 350 at the time of writing.
Like Binance, Bittrex also features a cryptocurrency launchpad. Bittrex’s initial exchange offerings started poorly, and in truth, don’t carry the best reputation. But the site itself is still one of the safest around and is thus one of the best altcoin exchanges.
Understandably, a great security record is one of the things to look out for when choosing a crypto exchange.
OKEx is a Malta-based altcoin exchange featuring over 400 coin pairings at the time of writing.
It regularly features in lists of the best cryptocurrency exchanges, and it is easy to see why. A friendly user interface, minimal fuss regarding cashing out or exchanging, and a solid history of security keep OKEx toward the top of the altcoin exchange rankings.
OKEx regularly sees $500 million of 24-hour trading volume, a major plus for altcoin traders who need liquidity.
But it isn’t just altcoins that keep OKEx in the cryptocurrency news. The exchange is also attempting to create a globalized standard that all cryptocurrency exchanges must adhere too, similar to the World Federation of Stock Exchanges.
“Cryptocurrencies are global and decentralized, and the industry remains nascent, thus regulations by jurisdiction are not enough. The only way for exchanges to grow and deliver impact is by joining together to develop practices and policies that will set a global standard and adapt to regional regulatory frameworks.”Andy Cheung, Head of Operations for OKEx
Our list culminates with the world’s fastest-growing altcoin exchange, p2pb2b.
Like most of the other altcoin exchanges on this list, p2pb2b regularly has a 24-hour trading volume over $500 million. It lists over 450 coin pairings.
It also receives solid user reviews from a variety of sources, and regularly lists new altcoins for its users.
p2pb2b also has a handy mobile app that allows you to browse altcoins on the go (as well as keep on top of your altcoin bags!).
Although p2pb2b has a high volume and a large number of coin pairings, it also a relatively new altcoin exchange. As such, we would advise caution before depositing a large amount of cryptocurrency.
What’s the Best Altcoin Exchange?
For us, the best altcoin exchange is anyone that takes your security seriously.
First and foremost, you need to know that your cryptocurrency is secure. Remember, until you move the cryptocurrency from the exchange into your private wallet, you’re not 100 percent secure.
Secondly, it really depends on the altcoin you want to buy. Some altcoin exchanges only list a small number of tokens, so you might not find the altcoin you want.
Nonetheless, the best practice is to stick to those with a solid reputation. Don’t diverge to a random exchange with minuscule trade volume—you might not see your investment ever again.
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