Best Ethereum Exchange Review and Comparison
As Ethereum becomes more and more popular it seems like it’s getting harder to find the best exchange for buying some Ether (the Ethereum currency). In this article I’m going to go over the different Ethereum Exchanges available and list the various things you need to take into account before choosing an exchange.
Three types of Ethereum exchanges
Trading platforms – Connect buyers and sellers automatically through an online website. The buyer states the requested price and the platform finds a seller that meets the bid. No direct communication is done between the buyer and seller. Trading platforms are usually the cheapest option when it comes to fees but are also much more complicated than the other options.
Brokers – A website that sells you Bitcoin directly for a premium. Brokers are usually the easiest way to buy Ethereum but are also more expensive.
p2p platforms – Websites that connect buyers and seller directly so they can negotiate on a price. While this sites usually allow for a wider array of options (payment methods, supported countries, etc.) they also hold a large amount of risk since you’re buying from an anonymous individual.
List of Best Ethereum Exchanges
Here’s a list of the best Ethereum exchanges available today. When examining an exchange you should usually take into account several factors such as:
- Countries supported
- Payment methods accepted
- Exchange reputation
- Level of verification needed
- Reliable support
The Coinbase Etherum Exchange
Coinbase is the most popular method today for buying Ethereum. The exchange is one of the oldest around and has been active since 2012. Coinbase supports 32 different countries including the US, Canada, UK, and Australia.
Pros: Cheapest broker around, easy to use
Cons: Support slow to respond
CoinMama Brokerage Service
Coinmama has been around since 2013 and supplies a brokerage service to both Bitcoin and Ethereum. The exchange will buy or sell Ethereum directly at a premium. They also put an emphasis on quality customer support (at least better than Coinbase’s). Coinmama accepts credit and debit cards for Ethereum purchases.
Pros: Fast response time, good customer support
Cons: Relatively high exchange rate due to premium service
CEX.io Brokerage Service and Exchange
CEX.io is a Fincen registered Bitcoin and Ethereum exchange that supplies brokerage services as well. The exchange accepts credit cards, wire transfers and SEPA transfers if you live in the Eurozone. The site has a very easy to use and intuative interface that allows you to buy ETH relatively quick.
Pros: Easy to use, reputable company, multiple payment options
Cons: High fees, average response time of customer support
Bitpanda Ethereum Brokerage service
Bitpanda (formerly known as Coinimal) is a Bitcoin broker that specializes in buying and selling Ethereum within the Eurozone. The company was founded in late 2014 and since has grown to become one of the more popular options to purchase Bitcoins around Europe.
The company has many payment options and delivers the coins to your wallet in a fast and secure manner.
Pros: Wide variety of payment options, relatively low fees, beginner friendly
Cons: Not available worldwide, fees are “hidden” within the exchange rate
Changelly Ethereum Exchange
Changelly was established on 2016 and within a year has managed to attract over 100,000 users which is very impressive. The exchange allows you to trade one cryptocurrency for the other. So if you own Bitcoin you can almost instantly trade it for Ethereum.
From personal experience it takes around 30 minutes to get a coin traded from one type to another and the interface is very clean and intuitive. However don’t use the exchange to buy Ethereum with fiat currency since the fees are extremely high.
Pro: Fast transaction, low fees (if you use trade other cryptocurrencies), almost no verification required
Cons: Fiat transactions are very expensive
Bitfinex Ethereum Exchange
Bitfinex is the world’s biggest Bitcoin exchange by volume. The exchange offers over 50 currency pairs including ETH and is most suitable for advanced traders. Bitfixe is not available for US customers and unfortunately doesn’t allow deposit of fiat currency. This means you’ll need to buy Ethereum with another cryptocurrency if you use this exchange.
Pros: Great interface for experienced traders , High liquidity
Cons: No fiat support , Complex interface is confusing for newbies
Local Ethereum P2P Exchange
Similiar to LocalBitcoins, LocalEthereum is a P2P marketplace where buyers and sellers of ETH can meet online and trade. Althgouh this platform gives a wide variety of payment methods it’s important to remember that you’re dealing with individuals and not corporations.
This means that the chance a deal can go wrong is higher and it’s important to take that into account. As a general rule it’s best to keep this option for when all other options fail.
Pros: Variety of payment methods
Cons: Higher risk of fraud, usually higher rates