Best crypto exchange for:
Bybit: For non-U.S users looking to bet on a promising crypto exchange
Crypto.com: For those looking to expand their collection of NFTs
Public.com: For those looking to expand their investment portfolio
eToro: For those that believe in NFTs as the future of art
Binance: For those that want to trade NFTs on the most popular crypto exchange
Robinhood: For people learning about classic and crypto trading
Kraken: For those looking at purchasing NFTs across multiple chains
Play-to-Earn games are gaining popularity continuously within and outside of the cryptosphere. Now, many of the world’s most important crypto exchanges are working to keep up with the demand for blockchain game NFTs. In this article, we’ll try to show you how you can use these exchanges to expand your NFT collection.
What is a crypto exchange?
Crypto exchanges, primarily, facilitate the trade of cryptocurrencies. In recent years, some of these have extended their range of services to include derivatives trading, futures trading, NFTs etc. Indeed, many of the most popular crypto exchanges have announced plans to integrate dedicated NFT marketplaces that will capitalize on the public’s interest in digital assets.
Why do you need to use a crypto exchange for play-to-earn games?
Play-to-earn games (P2E) are distinctive from regular computer games. They run on a blockchain network and endorse a model through which its users earn rewards for their activity. It’s created a new type of gamer that owns what he collects. Crypto exchanges may be valuable for this new generation of gamers for a few reasons.
Chief of them all is the fact that these crypto exchanges can facilitate the trade of tokens that are connected to a P2E game. Furthermore, they may include an NFT marketplace that sells digital assets which are used in these games. In other words, numerous famed crypto exchanges trade items that modern gamers require.
How to use an exchange for play-to-earn games
While all of the exchanges that we will reference have unique features, the process of using them to boost your experience in play-to-earn games, is, generally the same.
- Log in to your account, or register for one
- Verify your account information if this is a requirement. Also, make sure to set up your security information.
- You will now need to visit the dedicated NFT marketplace of the exchange.
- If it does not contain this feature, head over to the Spot Trading section and check upon the gaming tokens that are featured there.
- Once you have made your choice of purchase, you will need to follow payment steps required.
- Verify that your NFT is stored securely in a specialized wallet.
- Move the NFT, or gaming token, towards the P2E game in which you will be using it.
Top crypto exchanges list for play-to-earn games
Bybit is a derivatives crypto exchange that was started in 2018 in Singapore. It is currently unavailable to U.S users. It’s been well-received due to the state-of-the-art technology it employs and its easy-to-maneuver interface. It has recently also opted to make room for an NFT marketplace. Many of the NFTs included are used in play-to-earn games.
- Users can sort for “Gaming NFTs”: The NFT marketplace includes several well-known collections, as well as up-and-coming projects. Gamers are able to utilize the Gaming filter that will show them NFTs and tokens from games such as Axie Infinity or Midgard Saga.
- GrabPic feature: This feature notifies users of soon-to-be-released and promising NFT collections. It can help users purchase these NFTs at lower prices.
- Mobile usage: The Bybit mobile app is easy to use and contains all of the features of the mobile version. While it is not explicitly geared for NFTs, this area is likely to be developed as well.
Pros and cons
Bybit is quickly gathering users, but we should look at both positive and negative aspects of their NFT marketplace to best understand their position.
- It helps shine a light on lesser-known NFT projects
- Numerous categories of NFTs are present in the marketplace
- Bybit includes a wide range of crypto services, together with a dazzling platform
- Bybit focuses on the trading of crypto derivatives, specifically
- Many collections are still working on developing their popularity
- The mobile app is not optimized for the NFT marketplace yet
Potential users who have recently learned of Byit’s existence will be interested to learn more about its security features. Here are some of the steps Bybit has taken to grow the trust of the crypto community:
- Users are encouraged to enable 2FA
- Text messages and Google authentication can also be added
- A bounty program for reporting bugs was introduced by the team
Crypto.com is one of the better-known crypto exchanges in the world at the moment. It features a wide range of crypto coins that are available for spot trading, and are know to have competitive industry fees. The Singapore exchange caters to a wide range of crypto users, offering, among other services, a marketplace for NFTs. It has even launched its very own collection titled CryptoCards. The assets that are on offer on the marketplace include trading cards, avatars, and even art related to various blockchain games.
- Vast collection of curated and non-curated NFTs: Crypto.com offers a sizable array of NFT collections. Users may choose to filter out the results based on their category (celebrities, music, gaming, etc.), as well as choose to view solely website curated picks. With a user base of over 10 million, it is understandable how Crypto.com would wish to appeal to as many people as possible.
- It supports NFTs that run on a number of blockchain networks: At the moment, this NFT marketplace can add digital assets created on five different blockchain networks, including Ethereum and Solana, highly popular choices for NFT minting.
- Multiple payment methods are supported: Crypto.com offers a broader array of payment methods for NFT trading than many of its competitors. Furthermore, several crypto wallets are supported. All of this makes operating Crypto.com easy for novice crypto users.
Pros and cons
It makes perfect sense that an exchange of the size of Crypto.com would wish to invest in developing an NFT marketplace, but it is worth considering the bigger picture.
- Allows users to mint their own NFTs
- Credit card purchases are available
- The mobile app supports NFT purchases
- The relatively tricky minting process
- Users must apply to be a creator before adding NFTs to the marketplace
- Limited file formats accepted
- Has implemented additional auditing after a highly-publicized security issue in January 2022
- Has developed its own security program titled WAPP
- All transactions are monitored by a dedicated team
Public.com positions itself as one of the leading trading platforms, helping users transact stocks without the hassle that most similar services would involve. Recently, the platform has branched out to include crypto and has even included some interesting social settings. While Public.com has not yet created an NFT marketplace outright, it does help users purchase cryptocurrencies that are directly related to NFT projects. Moreover, the project’s official social media channels say that NFTs, art and collectibles are soon to be added to the platform.
- Ease of use for novice traders: Public.com aims to become a one-stop solution for novice traders interested in purchasing company stocks or crypto. For these purposes, its app is easy to use and intuitive. Furthermore, the blog section of the website is highly developed, offering a wealth of information, including topics related to the crypto world.
- Strong community-driven features: The app provides an opportunity for like-minded individuals to connect and interact. Furthermore, users are able to receive trade information from advisors or from the community. Insights and valuable educational materials can be shared with others who are using the app.
- Low fees: Public.com is mainly geared towards stocks and ETFs trading. Unlike some of its direct competitors, it charges no commission fees. Furthermore, crypto transactions are also commission-free.
Pros and cons
Public.com is a very popular app that greatly assists those looking to learn about trading stocks or crypto, but there are other elements that are worth considering.
- It includes cryptocurrencies related to several NFT-based projects (Decentraland, ApeCoin, Fantom)
- The app is easy to use
- The community features will help keep users engaged with the app
- It does not include a function for buying NFTs outright
- Its selection of featured cryptocurrencies is small
- It is not well-established among the crypto community
Public.com aims to make owning a portfolio of stock and crypto a seamless process. In order to achieve this, the platform’s developers say that numerous steps have been taken to ensure the users’ security
- Data is secured with Transport Layer Security
- It uses AES 128-bit encryption
- The company is regulated by SEC, and it is a member of SIPC
eToro is one of the largest investment companies in the world. It gives its traders access to over 2,000 financial assets, including more than 30 cryptocurrencies. The platform is seen as a good learning tool for beginners looking to learn the secrets of trading. While its users cannot purchase NFTs on the platform outright, they are able to buy crypto, such as Ethereum, that can be used to purchase these kinds of digital assets. Furthermore, in early 2022, the eToro.art platform was launched with the purpose of helping bolster sales of NFTs.
- Will host well-known NFT collections (CryptoPunks, Bored Ape Yacht Club etc.) purchased from third parties: eToro says that it plans to purchase blue chip NFTs, and to make them available to their base of over 27 million users. Given the reputation of the company, this could help grow the global market for Non-fungible tokens.
- Artists can join platform by filling out application form: The platform is not restricted to a handful of well-known collections. All artists are able to apply to the platform directly from the home page of the website.
- eToro invested $20 million in purchasing NFTs, and will finance artists with over $10 million: The eToro platform says that it has plans to create a strong, well-nurtured ecosystem. For these purposes, it plans to finance the project of several digital artists with over $10 million.
Pros and cons
The etoro.art platform is relatively new to the market, but to best understand it we must look at the positive and negative aspects of using it.
- Plans to financially support new artists
- Will widen the scope of NFT collections to the public
- Will include a number of community-based features
- The platform is in its early stages and still pretty buggy
- Unclear if this will function like a traditional NFT marketplace
- Restricted in certain geographic areas
The eToro platform is well-established, and while not much is known about etoro.art as of yet, it is expected that their security features will be just as rigorous as those of the main website.
- Uses advanced encryption
- Makes use of masking technologies
- Employs rate limiting on account operations
For a long time, Binance has been the most popular crypto exchange in the world, one reason being that it’s a one-stop solution for trading crypto. Binance also promotes a wide variety of services related to blockchain technology. The vast majority of well-publicized blockchain games have their tokens listed on Binance. Furthermore, the Binance NFTs platform was launched recently, to much fanfare.
- The Binance NFT marketplace features numerous types of digital assets: Unlike other up-and-coming NFT marketplaces, Binance’s version includes a wealth of digital assets that are organized based on various categories. The Gaming NFTs represent one of the categories that is most highly promoted on the interface. Also, users choose to purchase Mystery boxes that contain NFTs for various blockchain games (Return of Legends).
- Runs on the BSC blockchain: The entire Binance NFT marketplace utilizes its own blockchain, BSC. This means that users can trade on the traditional exchange and on the marketplace while using the same network.
- The Coming Soon feature provides alerts for promising, new projects: The marketplace provides alerts about up-and-coming projects that it directly supports. This could help give users an edge when it comes to investing in NFTs.
Pros and cons
Binance is the best-known crypto exchange in the world, but let’s see the pros and cons of its newly established NFT marketplace.
- Free to sign up and user friendly
- NFT minting fees are relatively small
- Integrates with the secure and well-established Binance ecosystem
- Users must be provided with minting permissions
- Provides low-level royalties to its creators
- Regular platform not available for U.S. citizens who must use Binance.us
Binance has faced a number of security issues in the past, therefore the NFT marketplace has needed to implement strong safety measures.
- Two-factor authentication can be implemented by users
- Address whitelisting, and the identity verification process is taken very seriously
- Device access can be restricted by Binance
In recent years, Robinhood has become known as one of the world’s premiere stock trading and investing apps. Its biggest selling point is its ability to offer commission-free trading to largely novice investors. Since May 2022, Robinhood has grown its foothold in the world of crypto trading to include NFTs which users can hold, buy and sell in a separate app.
- The non-custodial wallet will be available as a standalone app: While Robinhood is well-established in the U.S., and known throughout the world for the GameStop stock craze of 2021, their Web 3.0 wallet will function as a standalone app. Developers say that this will allow them to integrate a number of exciting features that will appeal to experienced crypto traders. After all, it will be their feedback and business that will determine the wallet’s success.
- It will allow users to store NFTs and connect to various marketplaces: Besides offering tremendous connectivity to the crypto sphere, Robinhood promises that users will be able to trade crypto at no additional network fees.
- Crypto lending and staking will be available: Robinhood will also turn the app into a portal within the DeFi ecosystem, with users being able to use various cryptocurrencies, including, we presume some of those related to gaming ecosystems, for lending and staking purposes. This could provide users with an additional opportunity to earn yield on their assets.
Pros and cons
While Robinhood’s NFT-compatible Web 3.0 wallet has not yet launched, we are still able to discuss some of its pros and cons based on the information provided through their preliminary communication.
- No network fees for crypto trades
- It will connect regular Robinhood users to the world of DeFi
- It will help give classic traders more power over their finances
- The app has yet to be released
- Robinhood’s earnings have been on a downward spiral
- Users of the platform must apply to be whitelisted
Robinhood’s NFT-compatible app has not yet launched, yet we can estimate some of its security features based on what we know of their current app.
- May employ two-factor authentication
- May employ biometric logins
- Will include a robust encryption mechanism
Kraken is another popular, and well-established cryptocurrency exchange that has introduced a dedicated NFT marketplace during the past months. Their over nine million strong user base will get to store, and trade NFTs that operate on various chains. As the platform is not yet launched, information is based on expectation set by their public communication.
Kraken’s NFT marketplace is still in its development stages. However, based on the official information shared by the platform, these are some of the main features of their new project as far as we are currently aware.
- Opportunity to collect NFTs across multiple platforms: It was only until recently that purchasing NFTs used to be difficult and restrictive. Kraken promises that on their platform, users will be able to delve into NFT collections that are hosted by several blockchain networks. This will make it easier for fans of these digital assets to get involved with their favorite projects.
- Zero gas fees for trading NFTs: Kraken also looks to encourage traders to engage with their platform by eliminating gas fees for trades. Furthermore, transfer speeds are promised to be nearly instantaneous. In this way, Kraken hopes to be able compete with the largest NFT marketplaces.
- Multiple methods of payment: Kraken says that they will make it easy for its users to own its promoted NFTs, allowing them to pay using cash or over 120 cryptocurrencies.
Pros and cons
While Kraken’s NFT marketplace cannot yet be fully reviewed, the information that we have received allows us to pick out certain advantages and disadvantages associated with the platform.
- Offers royalties to creators for resales of NFTs
- No trading fees
- Supports multiple chains
- If the platform is like the Kraken exchange, it may be difficult to use for beginners
- Users need to get whitelisted in order to enjoy the platform upon its launch
- Faces considerable competition
Kraken has shared some of the details regarding the security aspects related to its NFT marketplace.
- The marketplace will use Kraken’s tested infrastructure
- Servers maintained under heavy security
- Kraken says that it invests massively in research and testing