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Gemini review 2024 – Trading Experience and All Features

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crypto exchange review

Gemini: Beginner-Friendly Crypto Exchange

Gemini is one of the best user-friendly crypto exchanges. It is suitable for new crypto investors who want to manage their crypto assets. Professional traders take benefit of its Active Trader, an advanced trading platform. Gemini supports over 100 crypto assets and multiple derivatives products for trading. Specifically for large-volume traders, it offers Over-The-Counter (OTC) trading service.

This US-based crypto exchange is regulated by New York State Department of Financial Services (NYSDFS). This crypto exchange is a very secure and reliable platform for normal and institutional investors.

Pros and Cons

ProsCons
Beginner-friendly interfaceHigh trading fees
Derivatives products also availableSmall range of tradable assets compared to other crypto exchanges
Users can stake crypto 
Crypto credit card 
  
  

Trading Fees

Gemini offers different fee structure for simple platform and Active Trader. Simple platform has relatively higher fees compared to Active Trader and the fees amount vary depending on the order size.

WEB ORDER AMOUNT – USDTRANSACTION FEE¹ – USD
≤ $10.00$0.99
> $10.00 but ≤ $25.00$1.49
> $25.00 but ≤ $50.00$1.99
> $50.00 but ≤ $200.00$2.99
> $200.001.49% of your Web Order value

And the fee structure for Active Trader is based on monthly trade volume rather than individual order size.

30-DAY TRADING VOLUME IN (USD NOTIONAL)TAKER FEEMAKER FEE
00.40%0.20%
≥ $10,0000.30%0.10%
≥ $50,0000.25%0.10%
≥ $100,0000.20%0.08%
≥ $1,000,0000.15%0.05%
≥ $5,000,0000.10%0.03%
≥ $10,000,0000.08%0.02%
≥ $50,000,0000.05%0.00%
≥ $100,000,0000.04%0.00%
≥ $500,000,0000.03%0.00%

Trading Experience

The Gemini exchange which is tailored for beginners has a simple interface and allows them to easily execute trades. They can also set recurring buys and view their portfolio. The only disadvantage of using this simple platform is the high fees. On the other hand, Active Trader is tailored for professional traders who want to execute custom trades like stop-limit orders. It provides advanced charting, technical indicators, and order book visibility. Unlike other crypto exchanges, Active Trader has fewer order types including limit, stop-limit and market.

Gemini’s spot trading services are available in the US, but derivatives trading is not available in US, UK or EU. Users from other countries can trade perpetual contracts with up to 100x leverage and enjoy fast trade execution speed.

Gemini Active Trader

Other Features

Gemini provides many other features including staking service, credit card, and a NFT marketplace all of which allow users to earn crypto. One of the downsides of staking on Gemini is that it provides only 3 assets for staking. Also, stablecoins are not available for staking. The credit card is one of the top features of Gemini that provides cashback rewards whenever you spend your crypto. Users do not have to pay any annual fee and can take benefit of world-class security of Gemini. And lastly, NiftyGateway is Gemini’s NFT marketplace where users can trade NFTs or digital art.

Customer Service & Satisfaction

Gemini does not provide multiple channels for customer support like live chat, email, and phone support. Customers can use the request form to submit a complaint if they have any issue. Gemini offers good amount of educational material specifically for the queries of customers.

On G2, Gemini got 17 reviews and overall rating of 3.7 out of 5. Customers seem to admire the user-friendly interface, high liquidity, credit card feature, and security of the platform. On the other hand, some customers complain about poor customer support, and restriction of services in some regions.

Company Overview

Gemini Trust Company was founded by two American investors, Cameron and Tyler Winklevoss in 2014. The crypto exchange is available in all states of the US. This crypto exchange is considered one of the most regulated crypto exchanges because of its adherence to highest level of capital reserve requirements and banking compliance standards. Gemini is also registered with FinCEN as money services business and complies with AML regulations. The industry-leading security of Gemini has also helped it earn SOC 1 Type 2 and SOC 2 Type 2 certifications. That’s why, Gemini is a very reliable crypto exchange for spot trading and other crypto-related services.

Top 5 crypto wallets in 2024

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crypto wallets review

Overview of Self-Custody Wallets

DeFi wallets make decentralization of funds possible which means funds are not controlled by central authority. Users have full control over their private keys and manage their funds. Unlike custodial wallet which is integrated into crypto exchange and do not give access to private keys, self-custody wallet is not integrated into any trading platform. You can use such wallet on any DeFi platform like NFT marketplaces, and DEXs.

In the recent years, multi-chain functionality has also become popular feature of crypto wallets. Multi-chain wallets allow users to manage cryptocurrencies from different blockchains in a single interface. In this review, we explore features and reliability of top 5 multi-chain wallets.

Choosing the Best Wallet

The DeFi wallets are web-based wallets connected to internet. Without robust security measures, they can be hacked. That’s why researching about security measures like encryption technologies, multi-signature support and network security of wallet providers is necessary to ensure you choose a reliable wallet. The supported crypto assets, multi-chain functionality, user-friendliness, DeFi integration and reputation are other important factors to consider when choosing a crypto wallet. Here are the top 5 multi-chain wallets:

  1. Trust Wallet

Trust wallet is one of the most popular crypto wallets with multi-chain access. Mobile app is also available so users can manage their assets from their smartphone. The reason we consider this as the top wallet is its vast blockchain support. Trust wallet supports 250,000 cryptocurrencies across 65 blockchains. Its user-friendly interface makes it easy to use for beginners. Users can manage their assets through a single interface.

You can send, receive, swap and stake wide range of coins and tokens. Another interesting feature is the ability to view and manage NFTs. Initially, this wallet was developed by Trust Wallet B.V but later acquired by Binance. Company utilizes strong encryption, security audits, monitoring systems, and bug bounty program to maintain the wallet security. Overall, it is a very good option for new and experienced traders.

  • MetaMask

It is a popular multi-chain wallet used to manage crypto assets. It mainly supports EVM-compatible blockchains like Ethereum, Binance Smart Chain and other networks. It is available as browser extension and mobile app. It provides access to wide range of Ethereum-based tokens and staking service. Its user-interface is more technical than beginner-friendly.

Metamask has also publicly revealed the security audit reports by security experts which proves its dedication to the security of platform. Moreover, it can also be integrated with hardware wallets which can further enhance security. Metamask is a good option for those who want to manage Ethereum-based tokens.

  • Coinbase wallet

It is a reliable crypto wallet developed by Coinbase company. It supports wide range of cryptocurrencies and provides access to decentralized applications. Its user-friendly interface makes it a good option for beginners. Its industry-leading security also makes it a reliable wallet. The prominent feature is its integration with Coinbase exchange which allows users to transfer funds to the exchange for trading. Beginners can also use the educational material provided by the Coinbase specifically about the wallet’s functionality.

For transactions, users pay the network fees which can vary depending on network congestion. Moreover, despite being self-custodial wallet allowing users the full control over their private keys, its still managed by centralized company which may be subject to regulatory compliance.

  • Crypto.com wallet

It is another popular wallet developed by crypto.com. Users who trade crypto on crypto.com can use this wallet for storing and transferring assets. This wallet also provides access to many decentralized applications and support NFTs. It supports 36 blockchains and 700 tokens. It can be considered one of the top wallets with diverse blockchain support. Being integrated with crypto.com exchange, users can easily transfer funds between exchange and wallet allowing them to benefit from centralized services of the exchange.

When using this wallet, you have the option to choose preferred network fee and confirmation speed. If you are a crypto.com trader, this wallet would be a good option.

  • Gemini wallet

It is a beginner-friendly crypto wallet that enables users to manage their assets. Users can store, withdraw and swap coins easily. This wallet was developed by Gemini which also operates crypto exchange. It supports over 100 cryptocurrencies and provides staking service. Users can stake coins to earn rewards while also having the ability to manage these assets. This wallet supports 8 blockchains and is considered very secure. Gemini traders can use this wallet for trading crypto while also taking advantage of high-security standards of Gemini. The intuitive user interface makes it very easy to use which is its top feature.

Kraken review 2024 – Trading Experience and All Features

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crypto exchange reviews

Kraken: User-friendly Crypto Exchange

Kraken is a reliable crypto exchange with user-friendly interface. It is also among the top crypto exchanges in terms of trade volume. Both the mobile app and desktop platform are easy to use allowing access to over 200 tradable cryptocurrencies. Kraken allows access to spot, margin and futures trading. The security infrastructure that Kraken implemented has helped it meet highest financial security standards, putting it among the list of most secure crypto exchanges.

This platform is good for crypto portfolio development and suited for both beginners and professional traders. Beside trading, it also offers products to earn passive income with crypto.

Pros and Cons

ProsCons
Access to over 200 tradable assetsHigh fees
Margin and futures tradingAccepts few fiat currencies
User-friendly interface 
Extensive educational resources 
Crypto staking also available 
  

Trade Fees

Kraken Pro charge less fees compared to the normal platform. The fees are based on monthly trade volume. For large-volume traders who do not trade frequently, Kraken suggests the OTC service which is a cost-effective option. Here’s the Kraken Pro fee structure:

30-Day Volume (USD)MakerTaker
$0 – $10,0000.25%0.40%
$10,001 – $50,0000.20%0.35%
$50,001 – $100,0000.14%0.24%
$100,001 – $250,0000.12%0.22%
$250,001 – $500,0000.10%0.20%
$500,001 – $1,000,0000.08%0.18%
$1,000,001 – $2,500,0000.06%0.16%
$2,500,001 – $5,000,0000.04%0.14%
$5,000,001 – $10,000,0000.02%0.12%
$10,000,000+0.00%0.10%

Trading Experience

While beginners can use the simple platform to buy or sell crypto, Kraken Pro is for experienced traders who can use various order types. Kraken Pro has user-friendly interface that provides access to various trading tools like charts and order book system. Users can manage their portfolio and can also view trading data. Kraken gives access to diverse range of order types including limit, market, stop loss, stop loss limit, take profit, take profit limit, trailing stop and iceberg which facilitate traders in specific trade strategies. For example, stop loss order is used to specify a low price at which crypto asset must be sold to prevent further losses in case of a price downfall.

Kraken Trade Interface

Other Features

An interesting feature is Kraken wallet which is a self-custody wallet. It means, you control the private keys and have complete control over your funds. The multi-chain functionality, access to DeFi apps, and world-class security, make this wallet a great option.

Kraken has also launched its NFT marketplace where users can trade NFTs. There is wide collection of NFTs in various categories. You can also buy decentraland metaverse NFTs from the marketplace. Another great feature is staking service. You can stake various coins to earn interest. Wide range of coins including ETH, DOT, SOL, stablecoins and many more are available. Tether coin has very good APR rate currently on kraken.

Customer Service & Satisfaction

Kraken offers 24/7 customer support through channels including live chat and email. If customers have any issue, they can send message to customer support representative. Additionally, educational material provided by Kraken are also helpful to customers. Many customers have posted reviews about this crypto exchange on G2 which makes Kraken’s overall rating as 4.1 out of 5. Many customers admire availability of diverse range of coins, and also security of the platform. Some customers complain about poor responsiveness on mobile app, and unsatisfactory customer support.

Company Overview

Kraken is one of the earliest crypto exchanges. It is based in US and was founded in 2011 by Jesse Powell, a tech entrepreneur. Kraken specializes in providing spot trading and futures trading services. The company also gained popularity for its robust security measures like cold storage, and security audits. It also diversified to other services like margin trading, staking and NFT trading. Now, Kraken is among the top crypto exchanges in terms of trade volume and user base.

OKX Review 2024 – Trading Experience and All Features

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crypto exchange review

OKX: Professional Crypto Exchange

OKX is a good rival of Binance, that provides tools and services specifically for advanced traders. Availability of large number of tradable assets and low fees makes this platform ideal for crypto investors. Features like bot trading allow professional traders to earn good profits using specific trade strategies.

OKX is suitable for professional traders who can use advanced order types. Both manual trading and automated trading options are available. You can also use this platform for margin and derivatives trading.

Pros and Cons

ProsCons
More than 300 tradable cryptoDifficult for beginners
Low fees for spot tradingLimited payment options
Bot trading and copy trading 
Crypto staking feature 
Very secure platform 
  

Trading Fees

OKX takes low transaction fees. You can get further discount by becoming VIP user and by holding specific OKB coins. Here’s the fee structure for regular users.

TierTotal OKB HoldingAssets (USD) or 30-day Trading Volume (USD)Maker FeeTaker Fee24h Crypto Withdrawal Limit (USD)
Lvl 1< 100< 100,000    / < 5,000,0000.080%0.100%10,000,000
Lvl 2≥ 100< 100,000    / < 5,000,0000.075%0.090%10,000,000
Lvl 3≥ 200< 100,000    / < 5,000,0000.070%0.080%10,000,000
Lvl 4≥ 500< 100,000    / < 5,000,0000.065%0.070%10,000,000
Lvl 5≥ 1,000< 100,000    / < 5,000,0000.060%0.060%10,000,000

Here’s the fee structure for VIP users.

TierAssets (USD) or 30-day Trading Volume (USD)Maker FeeTaker Fee24h Crypto Withdrawal Limit (USD)
VIP 1≥ 100,000 / ≥ 5,000,0000.045%0.050%12,000,000
VIP 2≥ 500,000 / ≥ 10,000,0000.040%0.045%16,000,000
VIP 3≥ 2,000,000 / ≥ 20,000,0000.030%0.040%20,000,000
VIP 4≥ 5,000,000 / ≥ 100,000,0000.020%0.035%24,000,000
VIP 5≥ 10,000,000 / ≥ 200,000,0000.000%0.030%30,000,000
VIP 6— / ≥ 500,000,000-0.002%0.025%36,000,000
VIP 7— / ≥ 1,000,000,000-0.005%0.020%40,000,000
VIP 8— / ≥ 5,000,000,000-0.005%0.015%40,000,000

Trading Experience

The trading interface is well-structured and user-friendly though beginners still need to familiarize themselves with order book system and various order types. Three types of charts are available including original OKX’s chart, TradingView and Depth chart. There are multiple customizable technical indicators for studying the price movements. Users have the option to choose from multiple order types including limit, market, and advanced types like TP/SL, trailing stop, trigger, advanced limit, iceberg and TWAP. These are suitable for algorithmic and institutional traders who execute large orders using optimized strategy.

Furthermore, OKX provides trading data of various markets and arbitrage data too. These can be very useful for analysing the market sentiment and for managing the risk. The unique thing is that OKX offers wide range of trading bots such as DCA, grid, and arbitrage bots. The platform is mostly tailored to  advanced traders while beginners can use the copy trading feature if they don’t have experience in automated trading.

OKX Trade Interface

Other Features

OKX’s Simple Earn feature is a great way to earn rewards. It uses blockchain staking and other strategies to generate rewards for users based on specific APR rate. The APR offered by this platform are significantly higher than that offered by other staking platforms. On-chain staking is another option for staking crypto.

Dual-investment products are another great tool to earn money. These products offer very high APR rate. In the process, you buy specific asset at low price and sell at high and earn extra interest. OKX offers comprehensive tools to earn passive income with crypto.

Customer Service & Satisfaction

OKX provides multiple channels for customer support including live chat and email. The platform provides extensive FAQ section and educational resources if users have any queries. 50 reviews have been posted on G2 about OKX which makes its overall rating at 4.7 out of 5. Many customers admire the user-friendliness, fast trade execution, low trading fees and overall reliability of platform. Some of the customers have also raised concerns about slow-speed P2P trading. Interestingly, almost all reviews are very positive, unlike reviews of other crypto exchanges.

Company Overview

OKX was founded by Star Xu in 2017 and is based in Seychelles. Star Xu whose full name is Xu Mingxing, founded the OK group which also includes OKX company. The group has expanded to provide multiple financial services. The OK group has played an important role in bringing technological advancements in blockchain ecosystem which helped to build advanced crypto trading services. Another significant achievement is building security infrastructure which implements multi-layered security protocols, and advanced encryption, all of which earned the OKX, SOC 2 Type II Certification. The advanced trading features like margin, derivatives and bot trading has helped the platform gain popularity. Now, there are around 50 million users worldwide.

Binance Review 2024 – Trading Experience and All Features

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crypto exchange

Binance: The Largest Crypto Exchange

Binance is a reliable crypto exchange with diverse user base. At the time of writing this, it has 210 million users across the globe. A major reason for such growth is the comprehensive product offering. Binance provides wide range of tools and services tailored to needs of crypto traders and institutional investors. There is wide range of tradable cryptocurrencies.

You can do spot, derivatives and margin trading using this platform. Moreover, trade bots are also available if you want to automate trade strategies. Interestingly, copy trading is also available for both spot and futures assets.

Pros and Cons

ProsCons
Up to 500 tradable coinsDifficult for beginners
Wide range of derivatives productsKYC process can be time-consuming
Bot trading and copy trading 
Crypto staking and dual-investment products 
Extensive educational resources which cover all aspects of crypto and blockchain 
Very secure platform 

Trade Fees

Spot and margin fees are higher for normal users. Both maker or taker pay 0.1% if their monthly trade volume is less than 1 million USD or they hold 0 BNB tokens. You can become a VIP user to reduce the fee. For that purpose you have to meet specific eligibility criteria which includes monthly trade volume of more than 1 million USD and minimum BNB holding of 25.

LevelMonthly Trade VolumeAnd/orBNB BalanceTaker/Maker
Regular User< 1,000,000 USDor≥ 0 BNB0.1000% / 0.1000%
VIP 1≥ 1,000,000 USDand≥ 25 BNB0.0900% / 0.1000%
VIP 2≥ 5,000,000 USDand≥ 100 BNB0.0800% / 0.1000%
VIP 3≥ 20,000,000 USDand≥ 250 BNB0.0420% / 0.0600%
VIP 4≥ 100,000,000 USDand≥ 500 BNB0.0420% / 0.0540%
VIP 5≥ 150,000,000 USDand≥ 1,000 BNB0.0360% / 0.0480%
VIP 6≥ 400,000,000 USDand≥ 1,750 BNB0.0300% / 0.0420%
VIP 7≥ 800,000,000 USDand≥ 3,000 BNB0.0240% / 0.0360%
VIP 8≥ 2,000,000,000 USDand≥ 4,500 BNB0.0180% / 0.0300%
VIP 9≥ 4,000,000,000 USDand≥ 5,500 BNB0.0120% / 0.0240%

Trading Experience

The trading interface offers wide range of tools that can be utilized to execute a specific trade strategy. There are advanced charting tools and indicators which you can use to analyse the crypto price movements. Money flow data, and cryptocurrency-related information are also available all in a single interface. Moreover, you can also set trade bot or execute manual trade under single interface. This comprehensive approach makes trading very convenient though it can be overwhelming for beginners.

Binance offers various order types including limit, market, stop-limit, trailing stop and OCO. Binance Square, a community-driven platform integrated into trading platform offers news related to current crypto market. Overall, Binance provides a professional trading experience. Beginners can use the educational resources to familiarize themselves with specific trading strategies.

Binance trade interface

Other Features

Apart from crypto trading, Binance also provides other financial services including staking products. These products are available under the “Simple Earn” feature. Unlike DeFi staking, the rewards generated by Simple Earn come from blockchain validation, crypto loans, and other operational purposes used by Business units inside Binance. You can deposit your crypto in these products to start earning rewards depending on the APR rate which is specific to each cryptocurrency. Usually, dual-investment products offer more APR than Simple Earn.

Other unique features include cloud mining service which allows miners to securely earn rewards, crypto loans with no transaction fees and Binance launchpool which allows users to do investment in new crypto projects.

Customer Service & Satisfaction

Binance provides a customer support page including FAQ section. Users can also chat with customer support representatives if they have any issues. Hundreds of users have posted reviews about this crypto exchange on G2 which concludes Binance overall rating of 3.9 out of 5. Many users express the satisfaction with Binance’s secure platform, user-friendly interface, and overall trading features, while some others also complain about account-related problems and extensive security procedures.

Company Overview

A Chinese software developer, Chanpeng Zhao (or CZ) founded the Binance company in 2017. With prior experience in trading software development and entrepreneurship, he developed a professional crypto exchange. The platform gained popularity and became the world’s largest crypto exchange in terms of trading volume. Company has expanded to a blockchain ecosystem which encompasses, Binance exchange, Labs, Binance Smart Chain, Trust wallet, Binance Academy, Research, Binance charity, Binance DEX, and many more areas. The company was initially based in China, but it is now headquartered in George Town, Malta.

Altcoins performance Mid-2024

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altcoin

In the past week, many altcoins and also BTC have been performing bad except some of the top stablecoins. There was decrease in prices observed across the market. BTC dominance has been increasing in long-term since 2023 and currently stands at 53.31%. This means, Bitcoin has been performing relatively better than altcoins in long-term from start of 2023 to mid-2024. This is possible due to more capital flowing to BTC rather than altcoins or altcoin prices performing relatively worse which causes an increase in BTC share of crypto market. Evaluating the price trends and performance of altcoins in absolute terms also provides broader perspective of how they are performing against BTC.

Performance of Top Altcoins

During the first quarter of 2024, prices of many coins started increasing and many investors had positive sentiment about crypto prices. By the start of second quarter and summer-2024, downward trend has started. According to a report by Binance, in June, crypto market cap decreased by 11.4% which was caused by various factors. Crypto assets were being sold in large quantities which sustained downward trend. Most prominently, US and German governments transferred substantial amounts of BTC to centralized exchanges which caused selling pressure among crypto investors.

The altcoins with declined prices includes Ether, BNB, SOL, and Dogecoin. ETH has sustained upward price trend in initial months of current year, fuelled by halving event, announcement of ETH ETF approvals, and overall positive sentiment. Since the start of June to 9th of July, ETH price experienced 18% decrease. Certain events along with reduced investor confidence contributed to this. The anticipated launch of spot Ethereum exchange-traded funds (ETFs) in the United States on July 2 was expected to fuel a price rise for ETH. SEC has delayed this process. Furthermore, SEC has also increased regulatory crackdown mainly affecting Ethereum-based DeFi platforms.

ETH may to june 2024
ETH price movements

BNB which has world’s 4th largest market cap achieved its ATH on 7th June reaching $710, but didn’t keep the upward trend and its price also has now decreased to $515. Regulatory crackdown on Binance by FCA is also behind this price decrease.

BNB ALT June 2024 1
BNB ATH

Solana’s network outage also caused SOL’s price to decrease. Currently, these major events contribute to negative market sentiment for the top altcoins. We also observe resilience in some cryptocurrencies like TON. Moreover, during the past week, ETH price also shown some resilience reaching $3079 after hitting $2832.

Interestingly, even Ether’s demand has decreased in recent month, its supply keeps increasing which may be due to Dencun upgrade. But this recent development in the blockchain reduced the transaction fees and is favourable for Ethereum-based DeFi procotols. The developments in the Ethereum blockchain empowers the DeFi ecosystem and can drive Ether’s price and adoption. This is also observed for SOL which is native coin of Solana blockchain. While blockchain upgrades boost coin’s adoption, the value of coin may still decrease due to regulatory crackdowns and fear among the investors which cause sell-offs.

Relative performance of Altcoins and BTC

Large-scale selling of specific cryptocurrency can shift investors’ interest to other cryptocurrencies. The halving of BTC which reduced miner reward from 6.25 to 3.125 BTC caused many miners to sell-off the coins in large quantities which reduced BTC price. While, large-scale selling also occurred for other coins, but cryptocurrencies like TON and SOL show better price performance than BTC in recent month. From June to July, TON’s price has gained back the upward trend after hitting lowest point of this month and had 2.6% increase. According to Binance’s report, BNB is top performer among exchange-related token. This is also because BNB reached its ATH in June. Binance’s events have sustained good demand for this coin.

Crypto market performance June 2024

Top 5 DeFi Platforms for Yield Farming

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Crypto yield farming

Earn with Decentralized Finance

DeFi has opened up many opportunities for passive income. Decentralized finance has enabled unique financial services in which the need of centralized authority is eliminated. Smart contracts actually perform the operations in DeFi applications and all transaction data is stored on blockchain which is also a decentralized network. Through DeFi platforms, users can lend or stake crypto, and provide liquidity to earn money. In yield farming, you basically deposit your assets in liquidity pools to provide liquidity. The rewards that are generated depends on how your assets are utilized in trades, and other activities like lending/borrowing. Some platforms also provide the ability to automatically re-invest rewards into other liquidity pools to earn even more rewards.

Furthermore, many DeFi platforms now offer yield farming bots which automatically deposit your assets in specific pools and re-invest the rewards into others to maximize your earnings. Just like centralized crypto services, decentralized finance also offers flexibility over many passive income and portfolio management methods.

Choosing the best platform

In this review, we compare factors such as user-friendliness, available liquidity pools, reward rates, safety and risks, for different platforms. Some platforms also offer unique strategies like yield bots and yield optimization. These may be suited for advanced investors. If you are a beginner, you can start with simpler yield products rather than moving to advanced strategies.

  1. Yearn.finance

Developed in 2020, by a software developer Andre Cronje, Yearn Finance has gained much popularity as the best yield farming platform. It acts as yield optimization platform that offers the best yields for users. Its core offering is vaults which are tools that search the best yield opportunities across various DeFi protocols and automatically deposit users’ assets in that. Beginners may struggle to use this platform, especially the vaults which requires prior knowledge of yield optimization strategies. But interestingly, Yearn Finance also gives the option to stake yCRV with boosted APR rates which depends on how long you stake. Moreover, you can also stake yETH and yPrisma coins to earn rewards. But the top product is v3 vaults which identifies the best yield opportunities across various DeFi protocols and may lend crypto, deposit the assets in liquidity pools or may perform other complex operations on the DEXs and lending platforms to generate rewards for user. Vaults work automatically so users do not have to manage their investments.

  • Curve Finance

Curve Finance is a decentralized exchange that was developed by Russian scientist in 2020. It’s unique approach to AMM system (Automated Market Maker) enables high liquidity and also reduces slippage for stablecoin trading. Wide range of pools are available especially stablecoin pools, where you can deposit crypto assets to start earning rewards. Curve finance can use the deposited assets to provide liquidity for its AMM system, or use the tokens to provide liquidity on other lending platform. So, the rewards that user earns are combination of trade fees, and interest generated by lending. Apart from yield farming, you can also borrow crypto or lend crypto assets. Overall, it is a good platform for yield farming.

  • SushiSwap

It is a popular decentralized exchange built on Ethereum blockchain. Sushiswap has gained popularity as one of the reliable decentralized exchanges with great community. It has a large number of pools some of which offer lucrative APR rate for liquidity providers. Users also have option to stake liquidity tokens to earn staking rewards alongside trade fees. Moreover, they can also stake SUSHI tokens.

SushiSwap also introduced smart pools which increase capital efficiency for liquidity providers. Through the smart pools, users can concentrate their liquidity in specific price ranges which includes upper and lower price boundary. This unique mechanism reduces price slippage and impermanent loss greatly and offers advantage to LPs. It’s also worthy to note that this mechanism is not available on all yield farming platforms.

  • Pancake Swap

Pancake Swap is also among the most popular decentralized exchanges. It uses AMM system to facilitate trading and achieve high liquidity. Pancake Swap’s liquidity pools, also known as farms provide very high APR rates compared to other yield farming platforms. It provides APR rate up to 985%, which is made possible by Pancake Swap’s liquidity farming mechanism. Liquidity providers have ability to stake their LP tokens. Pancake Swap allocates specific portion of CAKE token emissions as incentive rewards which alongside trade fees, and LP staking rewards are given to liquidity providers. This platform is suitable for both beginners and professional investors.

  • Uniswap

Being the world’s largest decentralized exchange, Uniswap has highest trading volume and very high liquidity. Due to a dedicated team of liquidity providers, this platform has sustained high levels of liquidity to facilitate trades between users. Uniswap offers wide range of liquidity pools with varying APR rates. Users also have the options to concentrate their liquidity in specific price range and select fee tiers. These features provide a great experience for liquidity providers. You can simply deposit specific amounts of tokens for a pair and start providing liquidity to earn rewards. You would not earn any rewards if market price moves outside the range you have determined, which is important thing to remember.

Top 5 decentralized crypto exchanges for trading

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decentralized exchange

Overview of Decentralized Exchange

Decentralized exchanges operate on unique trade system called Automated Market Maker (AMM) rather than relying on centralized order book system. Moreover, users store their funds on self-custodial wallets which may or may not be integrated with DEXs. This means users have control over their private keys for storing funds. These qualities make DEXs more decentralized which means they are not fully managed by a company. Trades on these platforms are executed by smart contracts which are deployed by developers.

Decentralized nature of these platforms provides advantages such as self-custody of funds, reduced fees, global accessibility without regulatory constraints, wide range of crypto and innovative financial services like yield farming. However, there are also some associated risks.

How Decentralized Exchanges Work

DEXs introduced the Automated Market Maker system to simplify the trading process. Users do not need to register an account and complete a KYC process on the DEX. Instead, they connect their wallet to the platform to start trading. The trades are executed directly between users through the AMM system.

AMM system relies on liquidity pools funded by liquidity providers. These providers deposit their tokens in the pool, which typically consist of token pair. When traders purchase crypto A, they sell crypto B keeping the product of pool’s token quantities constant. The price is determined by constant product formula x⋅y=k, and is adjusted after each trade. Larger trades relative to pool size may cause slippage or significant price change. Smart contracts handle trade execution, update the pool balances, and reward liquidity providers with a portion of the trading fees.

To choose a DEX, consider factors like pool size, number of available pools, specific tokens available for trading, trade history, and trade fees. For beginners, DEX analytics tools can provide essential data about DEXs.

  1. Uniswap

Uniswap launched in 2018 on Ethereum blockchain, has remained the world leading DeFi platform for decentralized trading and other financial services. It is world’s largest DEX with highest trade volume recently reaching $2 trillion. Uniswap also introduced innovative AMM system to simplify trade. You can trade wide range of ERC-20 tokens and participate as liquidity provider, benefitting from its user-friendly interface. The trade fees can be high during network congestion of Ethereum blockchain. Also, you should be aware of possibility of impermanent losses if you want to start liquidity farming on this platform.

In 2020, Uniswap developers introduced UNI token through community airdrop as native token of Uniswap platform. This token played crucial role in community-driven governance of Uniswap. UNI holders can propose improvements, and community vote on these proposals. Moreover, upgrades from V1 to V3 and introduction of layer 2 solutions have brought improvements such as increased capital efficiency, concentrated liquidity, and customizable fee tiers.

  • Pancake Swap

It is a popular decentralized exchange that was developed in 2020 by anonymous developers. Built on Binance Smart Chain, this platform offers low-cost trading. Just like most of the DEXs, it also uses AMM model to facilitate trades. Beyond trading, it also offers other financial services. You can also stake crypto, participate in liquidity farming and trade perpetuals, and NFTs. This comprehensive service offering has positioned Pancake Swap as leading DeFi platform and also boosted its popularity in recent years.

CAKE is the native token of Pancake Swap having versatile utility. This means, you can use this token for staking, yield farming, and for participating in governance. Moreover, lower fees, high liquidity and user-friendly interface are some of the features that makes this platform unique.

  • dydx

Dydx was founded by Antonio Juliano in 2017 and built on Ethereum blockchain. It focuses on spot trading and advanced financial services like margin trading, and perpetual trading. These features make this platform suitable for professional traders. Furthermore, dydx leverages the StarkEx network, a layer 2 scaling solution to enhance trading experience for users. This reduced gas fees and increased the trade execution speed.

You can trade wide range of coins and tokens on this platform. Moreover, you also have option to use dydx token if you want to participate in governance. Interestingly, dydx uses off-chain order book system to facilitate trades. This enables margin trading and derivatives trading. Compared to AMM, order book also offers less price slippage in case of execution of large orders. So, dydx mitigates slippage to some extent. Overall, it’s suitable for professional traders but can be difficult to use for beginners.

  • Curve Finance

It is another DeFi exchange built on Ethereum. It was founded in 2020 by Michael Egorov specifically to provide efficient trading services for DeFi traders. Curve Finance focuses on providing liquidity for stabelcoins, so users can trade these coins efficiently. Curve’s unique AMM algorithm reduces coin slippage and impermanent loss significantly. This enables stable prices and also incentivizes liquidity providers because the risk of impermanent loss is greatly reduced.

CRV being the native token of Curve, is used as governance token for various platform upgrades. Users can also stake this token on the platform to earn rewards.

  • 1inch

It is a decentralized exchange aggregator developed by Sergej Kunz and Anton Bukov in 2019. Built on Ethereum blockchain, this platform was designed to simplify trading by providing best rates and trade paths. Rather than acting as exchange itself, it executes trade on various DEXs on best possible rate and returns the desired crypto to trader. It is made possible with its Pathfinder algorithm which determines best possible trade path considering factors like fees and liquidity. Wide range of tokens and coins are available and can be traded without experiencing much slippage. Unique thing about this platform is that it also allows limit orders to specify desired price for traders. Through the aggregation feature, users can enjoy deep liquidity for trading.

Top 5 crypto exchanges for trading in 2024

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Crypto exchange

Overview of Crypto Exchange

Traders can use different mediums for crypto trading. Centralized crypto exchange is a popular medium used for that. Many people also utilize other trading platforms like decentralized exchanges and brokers. Over the years, centralized exchanges have gained more popularity and reputation due to the convenience and features they provide. We reviewed many crypto exchanges and listed the top 5 crypto exchanges that can be utilized for crypto trading, and other crypto-related services. Before choosing the right trading platform, you should consider variables like platform’s reliability, trading features, availability of coins and tokens, staking and other services, and customer support.

How Crypto Exchanges Work?

Centralized crypto exchanges are developed and fully managed by a company who is also responsible for securely storing the users’ funds. These exchanges are less decentralized compared to DeFi exchanges or decentralized exchanges because users don’t have control over their private keys for storing crypto. Also, trades on these platforms are executed using centralized order book model.

When a user opens an account in such exchange and stores funds, these are actually stored in custodial wallet integrated with the platform, and private key for those funds is held by the company. Crypto buyer places a buy order and seller places a sell order and the order book mechanism matches them to execute the trade. The transaction data is stored on blockchain.

Crypto exchanges usually secure the users funds through multiple layers of protection including account security measures like 2FA, and password policies, network security protocols like firewall and DDoS mitigation, data encryption, cold storage, and organizational safeguards like employee training and security audits. When choosing a crypto exchange, reviewing the platform’s claims of security infrastructure is important.

  1. Crypto.com

It is a convenient trading platform that offers wide range of cryptocurrencies for trading. For traders who want to do spot, margin or derivatives trading, crypto.com would be a good option. Crypto.com charges a taker and maker fees of around 0.075% from users with trade volume of less than $250,000. Moreover, it also provides unique features like staking service and crypto visa card. Being the most secure crypto exchange, trusted by millions of users, it is considered a reliable platform for crypto trading.

Crypto.com provides wide range of features for beginners and experienced traders. The simple buy and sell feature allow users to buy or sell crypto instantly at market price without engaging with complex order book. The Exchange feature which is for experienced traders, allow users to trade crypto with deep liquidity using different order types. You can also view your portfolio through an intuitive interface. Multiple types of charts, and indictors further facilitate in your trading strategy.

Another useful feature is staking service. You can stake various coins like ETH, DOT, and SOL and earn rewards based on specific APY rates. But it’s important to understand that the APY rate is determined by the blockchain protocol and not imposed by the crypto exchange itself.

The crypto.com operates vast network of services for crypto investors. It also has blockchain called Crypto.com Chain with native token CRO. This token can be used as utility token on the exchange platform. You get discount on trade fees and you can also stake CRO to earn rewards using the on-chain staking feature provided by the platform.

  • Binance

It is the world’s largest crypto exchange having the largest trade volume and also has greatest number of users around the globe. Having a robust security infrastructure, and comprehensive offering of services, it is another reliable crypto exchange that can be utilized for spot, margin and derivatives trading. Binance has over 500 tradable cryptocurrencies. Users can also instantly purchase or sell crypto using various payment methods. Binance charges a fee of around 0.1% for trading which is considered a good fee. Using the Binance platform, you can do spot trading in both ways; manual trading and automated trading.

Binance’s trading interface is user-friendly, offering wide range of tools, including charts, indicators and order types. Trading process can be simplified by using various trading bots suited for specific trade strategies. You can also customize the trade parameters in the bot. Overall, Binance provides great trading experience for professional traders.

You can also stake various coins using Binance’s Earn feature. Unlike other crypto exchanges, Binance also provides other services like Simple Earn which is a combination of staking and other techniques, and dual-investment products. Lastly, Binance’s educational resources are extensive and cover all aspects of crypto trading from which beginners can take benefit.

  • Kraken

It is a popular crypto exchange that supports over 240 coins. Through this platform, users can do spot, futures and margin trading while benefitting from deep liquidity that Kraken provides. Kraken’s industry-leading security and deep liquidity are the features which puts it in the list of top crypto exchanges. Both these factors are crucial when judging an exchange’s reliability. For simple trading of crypto, you can use Kraken platform which takes high trade fees, but for advanced trading you can use Kraken Pro which takes less fees.

Kraken Pro provides a well-organized trade interface and offers multiple tools. You can also use Analytics and Portfolio platforms for more insights. Specifically for block traders, Kraken also offers Over-The-Counter premium trading service.

This platform also offers wide range of staking coins with various APR rates. Interestingly, it provides three stablecoins for staking at APR of 5.75%. Stablecoin staking is a great feature that you can utilize and earn rewards. Moreover, Kraken also provides a self-custody wallet with multi-chain access.

  • Coinbase

This is a beginner-friendly crypto exchange that supports wide range of tradable coins. Coinbase is also known for comprehensive service offering ranging from services for individual traders to services for businesses. Coinbase is also among the most secure crypto exchanges that offers state-of-art security features. Trusted by millions of users globally, Coinbase remains a reliable platform for trading.

Coinbase advanced trading platform is well suited for professional traders who want to perform spot, or derivatives trading. Currently over 400 spot trading pairs are available and over 250 tradable assets. The trade interface is well optimized for beginners so they can easily select various markets and place order using order book.

Other unique features include staking for earning rewards, and self-hosted wallet for managing crypto. Furthermore, Coinbase Prime is a premium brokerage platform for institutional investors for executing large trades.

  • Gemini

This is another beginner-friendly crypto exchange from which both beginners and professional traders can take benefit. This platform also has great customer support and security features. The user-interface is simple and easy to understand. Gemini offers over 70 tradable coins and multiple trading tools. For trading crypto, there are two platforms; Gemini Exchange and Active Trader. Gemini exchange is for beginners who use simple order types like buy or sell for trading crypto. While Active Trader provides advanced order types suited for specific trade strategies that professional traders deploy. Derivatives assets are also available for trading including perpetuals and futures.

Gemini offers very fewer staking products with decent APR rates. But the crypto credit card that Gemini provides offers great cashback rewards. For the Gemini card, you also don’t have to pay any annual fees.

How to set up crypto wallet?

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crypto wallet

Overview of Crypto Wallets

Hosted wallets or hot wallets are blockchain-based applications in which you store your crypto and you can transfer these assets to any other crypto application. These are user-friendly applications that utilize blockchain technology and can be used for various purposes. One unique feature is that they are versatile. If crypto investors want to participate in airdrops, trade NFTs or transfer crypto to any person, they can use dedicated wallets.

These wallets are connected to internet and their security relies on infrastructure and security measures taken by the wallet provider. That’s why, always choose reliable and reputed wallet provider. Though these wallets are not immune to hacks because they are connected to internet.

Top Reliable Crypto Wallets

In crypto exchanges, if you put crypto in your account, these crypto assets are actually stored in custodial wallets integrated into crypto exchange. Separate web3 wallets are better for storing crypto if you want to utilize crypto for multiple purposes rather than trading. For example, if you want to trade NFTs, or utilize crypto for other purposes, you need to set up a hosted wallet.

  1. MetaMask

It is one of the most reliable crypto wallets that supports ETH coin and tokens built on Ethereum blockchain. MetaMask was developed by ConsenSys, a blockchain software company. The interesting thing about this wallet is that, it supports wide range of ETH-based tokens. This wallet does not support staking. But if you want to trade NFTs, MetaMask would be a good option for you.

  • Coinbase wallet

It is a web3 wallet provided by Coinbase for storing crypto and NFTs. This wallet is considered a very secure and reliable wallet. It supports diverse range of coins and tokens not limited to ETH-based tokens. Most importantly, this wallet is a self-custodial wallet which means you have complete control over your private keys just like MetaMask.

  • Crypto.com Wallet

This is another self-custodial wallet provided by Crypto.com. Being a DeFi wallet, it supports wide range of coins and tokens. Despite the fact that it is self-custodial wallet, it is integrated with Crypto.com services. You can also deposit NFTs on it. It is one of the most reliable crypto wallets.

Complete Process to Set Up Wallet

With a crypto wallet, you can transfer crypto assets to anyone and also access various DeFi services. Being a blockchain-based application, this wallet directly interacts with blockchains. Which means you can transfer your assets to any other DeFi application using these wallets.

Once you have selected a reliable wallet provider, next step is to download the wallet for PC or android. Also ensure you download it from legitimate site of provider and not from a fake similar-looking website. Double-check the URL of the site from where you download it. Hackers often create fake wallets to access users’ funds.

In next step, create account by filling information like name, email, and password. Some wallets also require identity verification where you may need to submit picture of your government-issued ID card.

Finally, you can transfer crypto assets to your wallet. Though, you can also transfer fiat to it using bank payment or debit/credit card and then convert them into crypto. You can also transfer crypto from other platforms. Once, you have assets in your wallet, now you also have to keep your private key or seed phrase safe. This key is necessary to access your crypto.

Conclusion

Crypto wallets are blockchain-based applications built for storing crypto. They enable transfer of crypto to any DeFi application like staking platforms or decentralized exchanges. These wallets also enable trading of NFTs. Because these wallets are self-custodial, you have to take care of the private keys of the wallet to keep your funds safe. It is important to ensure, you always choose wallet from reliable providers so you can be rest-assured your assets are safe.