Market News

BY  Vardah Gill

In this article we will take a look at the 15 best cryptocurrency trading platforms in 2021. You can skip our detailed analysis of the crypto industry’s outlook for 2021 and go directly to 5 Best Cryptocurrency Trading Platforms in 2021.

It now seems more than evident that cryptocurrencies have a bright future as banks, institutional investors, hedge funds and broader markets continue to turn bullish on the digital currency which was once looked at with skepticism. As of 2021, there are around 4,000 existing cryptocurrencies in the digital infrastructure, a drastic increase in the number from a smattering of digital coins in 2013. Despite many fears and uncertainty regarding cryptocurrencies initially, it has become a global sensation, attracting many traders worldwide. In the U.S, the percentage of crypto owners has reached 10%, whereas, in Britain, 13.5% of people own cryptocurrencies. Moreover, the crypto market cap tops $2 trillion, out of which Bitcoin accounts for 50% and remains the powerhouse of the cryptocurrency market. The numbers tell us that the future of cryptocurrencies is bright and holds a lot of potential for further growth. Even during the pandemic in 2020, the value of Bitcoin surged because of unexpected prospects of the job industry. People started investing in cryptocurrencies by focusing on their future value.

The Dramatic Rise of Bitcoin

The rise in the price and demand of cryptocurrencies today can be attributed to institutional support. Many publicly traded companies are now holding crypto, especially Bitcoin, to enhance business opportunities. MicroStrategy Incorporated (NASDAQ:MSTR) owns approximately 90,859 acquired for $2.19 billion. Also, Square, Inc. (NYSE:SQ) has recently invested $170 million in Bitcoin and now owns around 8,027 Bitcoins worth $400 million. Tesla, Inc. (NASDAQ:TSLA) customers can buy their cars using bitcoins. The announcement was made when the company chief, Elon Musk, announced the whopping purchase of $1.5 billion worth of Bitcoin. Square (NYSE:SQ) is one of the many companies that knew the importance of cryptocurrencies ever since their inception. Its mobile payment service, Cash App, facilitates the users to buy and sell bitcoin from available Cash App balance. Moreover, Paypal Holdings, Inc. (NASDAQ:PYPL) has recently announced that customers in the U.S. can pay with Bitcoin, Litecoin, and Ethereum. The new option, ‘Checkout With Crypto,’ allows converting cryptocurrencies to U.S. dollars without any transactional fee. PayPal (NASDAQ:PYPL) already enables users to buy and sell cryptocurrencies from their accounts. Other than these, Galaxy Digital Holdings Ltd. (TSE:GLXY) has about 16,400 bitcoins worth $569 million.

With this trend, the need emerged for crypto trading platforms, which basically carry out the trading of digital currencies and are responsible for cryptocurrency sales’ value and price. These cryptocurrencies can be traded for other assets like digital and fiat money. The trading platforms make money through transaction fees and are intermediaries between the buyer and the seller. The trading platforms are divided into centralized and decentralized exchanges. Centralized exchanges (CEX) involve the third party which controls the account to carry out a trade. In contrast, decentralized exchanges (DEX) do not require any central authority, and they enable peer-to-peer trade, bringing buyers and sellers together. In a recent phenomenon, decentralized finance (DeFi) has grown because of greater transparency, security, and accessibility. Moreover, they also offer lower transaction fees to the traders.

With this context and industry outlook in mind, let’s start our list of the 15 best cryptocurrency trading platforms in 2021. The is based on the number of supported coins, security, fee structure, and payment methods.