As per the Blockspot website, there are over 1,500 crypto exchanges worldwide. While you may think it’s a good number. After all, we have more options to choose from. But wait! Not all crypto exchanges are safe to trust your money. Before registering on a crypto exchange, you should check the platform’s security protocols, features, and other tools. But who has time to check every exchange until you find the most suitable one? That is why you should trust the tier 1 crypto exchanges. But What exactly is a tier 1 crypto exchange? What platforms are ranking in the Top Tier 1 list in 2023?Why should you choose a tier 1 cryptocurrency exchange? What are its advantages?Let’s explore answers to all these in the blog below.
What is a Tier 1 Cryptocurrency Exchange?
2023 Best Crypto Exchange Platform: Top Tier 1
Founded in 2017, Binance has more than 120 million registered users. It has the highest trading volume and site visitors among other crypto exchange platforms. This platform supports over 1300 cryptocurrencies, making it a perfect choice for crypto traders.
KuCoin is widely known as the ‘people exchange’ platform. It serves more than 20 million users in over 200 countries around the world. It supports over 700 cryptocurrencies with negligible trading fees.
For European crypto traders, it’s among the most popular crypto trading platforms. This platform has a unique feature in that it allows users to earn passive income.
Coinbase is another popular crypto exchange platform in the US. It was among the first publicly listed US crypto exchanges that are regulated under US laws.
ByBit is popular because of derivatives trading. It allows trading up to 100x leverage. ByBit has its own crypto coin, known as BItDAO. Holders of this coin get free trading offers.
So, how are tier 1 crypto exchanges different from others?
Tier 1 crypto exchange differs from others on the following factors:
- Large number of cryptocurrencies listed
- User-centric services
- More trading pairs
Advantages Of Trading On Tier 1 Crypto Exchanges
There is a reason people choose tier-1 crypto exchanges over others.
Popular crypto exchanges like Binance, Coinbase, and others have one thing in common.
A blockchain development company plays a pivotal role in achieving a seamless and secure trading experience. This is made possible through the implementation of customized blockchain software development, which encompasses features like user-friendly wallets, diverse trading pairs, low transaction fees, and an intuitive user interface.
Let’s look at some of the prominent advantages of trading on a tier 1 crypto exchange.
One of the main advantages of trading on a tier 1 crypto exchange is its security standards.
Here is how a tier 1 crypto exchange retains its security.
- Highly secure with zero or fewer instances of cyber attacks and thefts.
- Offer secure storage via the offline cloud and cold wallets.
- Real time monitoring system in place
- Analyzes every withdrawal attempt, password reset, two-factor authentication reset and email address change
- Integrated with advanced security measures like multi signature and TSS
- Advanced data encryption and security through KYC and AML verification
- Safe sign in options with 2FA, OTP, email authentication and biometric verification
- Offers security alerts and other account updates through emails and sms
Tier 1 crypto exchanges have high trading volumes. This means that the platform has high liquidity. This in turn makes it easier for you to enter and exit the crypto market.
The benefits of high liquidity are:
- Users can enter and exit the crypto market as they wish
- Protects crypto investors from price swings
- Makes the crypto market stable for crypto users and traders
- Difficult for a group of dishonest traders to manipulate the prices
- Encourages market participation
- Help traders analyze the market data, and make trading strategies
Wide range of trading pairs
As crypto traders, we often overlook the importance of having a large number of trading pairs.
Consider a situation where your exchange does not support USDT/BTC trading pair. It only supports ETH/BTC trading pairs. But you have USDT in your wallet. So, now you have to first buy ETH using USDT and then trade ETH for BTC.
What happens here is that you are paying double transaction fees and platform fees.
Today most of the top exchanges even offer fiat trading pairs. It is for the ease of the users to buy crypto from their credit or debit card.
A wide range of trading pairs offer the following benefits:
- Large number of listed crypto allows you to diversify your portfolio
- Saves you from the hassle of swapping cryptos to buy a specific cryptocurrency
- Makes it easier for users to instantly buy and sell crypto
- Saves you from paying unnecessary platform charges and swapping fees
Better Trading Experience
One of the core strengths of a tier 1 crypto exchange is its trading experience. These platforms offer a seamless and hassle-free crypto trading experience.
Further, their websites and apps make it easy for users to easily navigate. Even a beginner can find the tools to connect a wallet and buy and sell crypto.
Tier 1 crypto exchange has:
- Beginner-friendly user interface
- Includes advanced trading features
- Latest features & tools to simplify crypto trading
- In-built crypto wallet
- Fiat support
- Crypto price charts
- Easily accessible through the app
- Advance order types
- Margin trading
- Trading APIs
Reputation & Credibility
Tier 1 cryptocurrency exchanges are reliable platforms. Its reputation comes from its user-centric services and the security it offers.
Further, its credibility is due to its large user base, social media community, and good record.
Here is what makes a tier 1 crypto exchange reliable:
- Robust security measures
- Advance trading tools
- Large user base
- Regulatory compliance
- Insurance protection
Which crypto exchange platforms are ranking at the top in 2023?
I am the CEO and founder of Blocktech Brew, a team of blockchain and Web 3.0 experts who are helping businesses adopt, implement and integrate blockchain solutions to achieve business excellence. Having successfully delivered 1000+ projects to clients across 150+ countries, our team is dedicated to designing and developing smart solutions to scale your business growth. We are focused on harnessing the power of Web 3.0 technologies to offer world-class blockchain, NFT, Metaverse, Defi, and Crypto development services to businesses to help them achieve their goals.