Crypto-currencies : comparison of the best platforms to exchange them
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How to choose a platform to buy cryptocurrencies?
When preparing to buy cryptocurrencies, it is important to select a few criteria to choose a platform that will meet your expectations. Our ranking above can help you but we advise you to look for yourself. This is a non-exhaustive list:
- Create a test account with play money. This will allow you to take control of the platform, realize the costs and confirm your desire to really invest money.
- Platform fees. The fees can vary greatly depending on the platforms. They are also often quite obscure and it is important to understand them well.
- The language of the platform. Many platforms do not have a French version and unless you have a perfect command of Shakespeare’s language, we recommend that you use a platform that is available in French.
- The reliability of the platform. It may be useful to follow the news of the platform. Is the platform always available when there are many connections? (For example when the price of Bitcoin undergoes significant variations). Is the platform secure enough?
One element to take into account is the regulation of the platform in relation to the French and/or European authorities. For example, Binance is a reliable platform, which recently obtained its digital asset service provider license from the AMF. It is a guarantee of security.
How does our ranking work?
We want to promote trusted platforms. We therefore favored platforms on which we would place (where we placed) our money.
Several criteria can then be taken into account and are specific to each investor. Some will favor a French platform to simplify their life (no declaration of account abroad) like Coinhouse. Others will favor a fun and accessible platform like eToro or Coinbase. Still others will favor a platform with the least transfer fees to carry out many operations like Binance.
We have tried to allow each Internet user to find the platform that corresponds to him in our ranking. Be aware that there are hundreds of platforms and you have to be very careful.
What are the cryptocurrencies to buy in 2022?
2020 has been a very eventful year for cryptocurrencies. Bitcoin went from €6,500 to €35,000, Ethereum went from €125 to €2,800. In April 2021, Bitcoin rose to over €50,000 and Ethereum to almost €3,500 before experiencing significant adjustments in recent months and again returning to current highs. In November 2021, Bitcoin rose again to over €50,000 before falling back to €30,000 in January 2022 and again in May 2022.
These 2 crypto-currencies are the most traded and represent the highest capitalization. In this way, these large variations and this craze resembles the one that took place at the end of 2017 even if today many institutional players, like Tesla which bought $ 1.5 billion of Bitcoin, reinforce its credibility over time. It is nevertheless likely that many fluctuations will occur, the month of April 2021 is the perfect example with a drop in Bitcoin of almost 25% from its highest level.
Nevertheless, we advise you to direct your investments towards crypto-currencies that are established such as Bitcoin or Ethereum. We wrote an article on the 10 promising cryptocurrencies for 2022.
What are the fees for cryptocurrency platforms?
Fees are numerous and often complex on cryptocurrency platforms. We present a list of fees that you can find on most platforms:
- Fees on deposit. When you deposit money on a platform, it will often charge a commission. This commission will always be higher if you deposit money with your bank card rather than by payment.
- Transaction fees. Every time you go to arbitrate, for example if you want to sell Ethereum to buy Bitcoins.
- Spread. This is the difference between the buy price and the sell price for the platform. This is how, for example, eToro is remunerated.
- Fees on withdrawal. Platforms may charge a percentage when you withdraw your funds.
- Currency conversion fees. The euros you deposit will have to be converted into dollars, platforms will charge a commission.
What are the AMF recommendations on crypto-currencies?
The watchword of the AMF (Autorité des Marchés Financiers) with regard to crypto-currencies is caution. Be careful with many platforms that are scams, be careful with the volatility of these values. A caution that we also recommend that you have. Our comparison is there to help you choose a platform that we consider safe, but that hasn’t stopped some from being hacked.
How to declare your income from crypto-currencies?
If you make capital gains when selling crypto-currencies, you will be taxed on it under the Flat Tax, i.e. 30% of your capital gain. However, there is a solution to shift your taxation when leaving your money with stablecoins (which you have to be wary of because they are not necessarily always as stable as they should be). We explain everything to you in our article on taxation and crypto-currencies.