Meme coins are cryptocurrencies that originated, taking inspiration from internet memes or trends, and usually don’t have a real purpose. They are often termed meme tokens, and their volatile nature characterizes them.
The term meme coin trading is defined by the process that includes buying and selling crypto meme coins. Meme coins can be traded on a cryptocurrency platform. People buy meme coins at low prices with an anticipation of selling at higher prices later.
How To Choose The Right Exchange For Meme Coins
Certain points are to be noted while selecting an exchange platform, and they are discussed below:
- Consider a crypto exchange that has high liquidity since it makes trades smoother, and only minimum slippage will be there. Also, it is capable of reducing the risk of price fluctuations. Most of the top exchange platforms possess high liquidity.
- Meme coins have a highly volatile nature, so it is crucial to have a minimum transaction fee.
- You will find distinctive types of exchanges, including platforms that offer interactive features or incentives like staking or otherwise offering a space where the participants can discuss trends and share insights. If the exchange has a positive approach towards community interaction, it will help the traders to get informed about the market trends.
- Look for an exchange that has a transparent history and robust protocols. This is crucial for the safety and security of the participants.
- If you are a beginner, then one of the priorities must be a user-friendly exchange.
- The chosen exchange should support wallet integrations that work with meme coins.
How To Trade Meme Coins On Selected Exchanges
The first and foremost thing is to create an account and complete the verification process. Depending on the exchange chosen, you need to complete Know Your Customer (KYC) verification by uploading an ID and also completing the facial verification. After that, the applicant needs to deposit funds via bank transfer, credit card, or another cryptocurrency, followed by selecting the desired trading pair.
Analyze the current market condition, according to that investor needs to place a market or limit order. To stay away from potential losses, stay informed about the price fluctuations. The final step is to withdraw funds to the preferred cryptocurrency wallet after acquiring the desired earnings.
Top 7 Best Exchanges You Should Know
The top 7 best exchanges are listed. Each of the exchanges is well explained and also discusses the pros and cons.
1. Binance
- An exchange supports a broad range of meme coins, and it regularly adds new meme coins.
- Characterized by high liquidity and trading volume, the price slippage is minimal.
- Low transaction fees when compared to other competitive platforms.
- Access to futures and margin trading.
- Provides advanced tools such as technical analysis charts and live market data.
- User-friendly mobile app.
- Posses a secure DeFi wallet.
- Leverage up to 125x.
- Available in 140+ countries.
- Features two-factor authentication (2FA) and $1B in insurance funds.
| Pros | Cons |
| Supports a wide range of meme coins More than 600+ assets Low trading fees at 0.1%Launchpad to invest in ICOs High liquidity and trading volume Various referral programs to earn more income Available in 140+ countries | List meme coins on futures before the spot marketPossibility of risk |
2. KuCoin
- Over 700 cryptocurrencies are supported, and new coins are added often.
- As low trading fees as 0.1% fee per trade.
- Provision to trade directly via spot trading.
- Availability of trading bots*.
- Easy to use exchange.
- Features advanced tools such as technical indicators and charting tools.
- Currently, more than 30 million users are using this platform.
- High liquidity and trading volume help in avoiding price slippage.
*An automated trading decision-making and trade execution software program.
| Pros | Cons |
| Availability of trading bots Low trading fees High liquidity Futures trading for leveraged positions | Not available for U.S. traders Customer support options are limited |
3. Bybit
- Comparatively, it is a small list of meme coins; however, it contains popular meme coins and frequently adds new ones.
- Features a tiered fee structure so that the trading fee will be less if you trade more. 0.1% trading fee for spot trading.
- Features spot trading and derivatives trading*, which allows you to trade with 100x leverage.
- Clean and user-friendly interface.
- Features promotions, events, trading competitions, or giveaways.
*a structured financial contract that allows an investor to trade an asset at a specified future date.
| Pros | Cons |
| Competeitiuve trading fees Features spot and derivatives trading User-friendly platform Regular promotions and events | Not available in the U.S. Some newly launched meme coins are not available for trading |
4. Moonshot
- An exchange platform that allows users to create and trade meme coins on the Solana blockchain.
- Burned 150 – 200 million tokens resulted in reduced supply and increased token value.
- No pre-sales and insider allocations.
- All tokens are audited.
- 1% trading fee and 25% of that are distributed to users.
| Pros | Cons |
| Tokens are audited Tokens are burned to reduce supply and increase value Low token creation cost No pre-sales or insider allocations to ensure a fair launch | Supports meme coins on the Solana blockchainTrading fees might be a discourage for the traders |
5. Coinbase
- User-friendly interface and is highly recommended for beginners.
- Reduces the entrance barrier for investing in cryptocurrencies.
- Supports 150+ cryptocurrencies.
- Features Coinbase Pro upgrade option.
- Trading fees are a combination of spread and Coinbase fees.
- Account is easily accessible on desktop and mobile app.
- A minimum of $2 is required to trade.
| Pros | Cons |
| User-friendly interface150+ cryptocurrencies Requirement of minimum balance to maintain an account.Posses strong security measures | No control over the keys if the coins are stored in a personal accountImposes high trading fees |
6. bitFlyer
- An exchange that supports 11 distinct cryptocurrencies.
- Lower trading volume.
- Features two methods for trading cryptocurrencies: Lightning Network transactions and Quick buy/sell platforms.
- Utilizes the highest level of encryption technology.
- Stores more than 80% of its user’s crypto offline.
| Pros | Cons |
| Utilkzes platinum security features as per the Japan Blockchain AssociationVery low trading feesCrypto can be purchased in dollars and Yen | Supports only five cryptocurrencies High trading fees for instant trading Accessible from all 50 U.S. states |
7. Raydium
- A decentralized exchange that is built on the Solana blockchain.
- Offers both fast and low-cist meme coins.
- Supports SPL meme tokens.
- The trading fee is 0.25%, and 0.22% of this will go back to liquidity pools as rewards, and the remaining 0.03% will be distributed to the people who stake RAY tokens.
| Pros | Cons |
| Supports a broad spectrum of SPL and wrapped tokens0.25% trading fees per tradeFast and low-cost transactionFeatures yield farming and staking rewards | Requirement of SOL for network transaction fees Limited to Solana ecosystem and SPL tokens |
The Closing Note
A new cryptocurrency exchange is launched in the crypto market now and then. On this huge collection of exchanges, some established themselves as leaders. Each of the exchanges mentioned in this article exhibits unique strengths and caters to the varied interests of the investors.
Our top seven recommendations are Binance, KuCoin, Bybit, Moonshot, Coinbase, bitFlyer, and Raydium. These exchanges are selected based on several criteria, including trading fees, withdrawal fees, and more. All the exchanges are tantamount, so choose any of the cryptocurrency exchanges that perfectly align with your preferences.
