Crypto is one of the buzzwords nowadays. As the size of the crypto market expands, you have more options than ever before. You have plenty of crypto brokers and exchanges to choose from. So, in this guide, we’ll tell you what the best crypto exchanges are.
How crypto exchange works
Before I tell you the juicy stuff, I want to explain something. I know some of you are here for the first time. So, I want you to have a relaxing experience reading this.
First, let’s talk about what a crypto exchange is. Crypto exchanges allow traders to buy, sell, and convert various cryptocurrencies. They are required for cryptocurrencies to be traded at the current scale.
Some exchanges give the most competitive pricing. In comparison, others specialize in native platforms. Now you may be wondering why these specific exchanges provide crypto trading. Many brokers or financial organizations don’t offer crypto trading. Why?
Because of the crypto market’s decentralized nature. So, here comes the exchanges. They are the most important part of the crypto world. Without exchanges, you’d have to find another individual ready to trade cryptocurrency.
And you agree on an exchange rate. The coins would then have to be sent directly to each other’s wallets. Hearing this may have made your head spin, as this is a complex process. So, we have crypto exchanges that help us make crypto trading easier.
Now that you know what a crypto exchange is, here’s another important question:
“How does a crypto exchange work”? There aren’t any complex readings in this. So, bear with me:
The platform determines how cryptocurrency exchanges operate. Most crypto trading platforms are centralized exchanges that operate as brokers.
They function as middlemen between buyers and sellers. You can deposit funds into exchanges to buy cryptocurrencies. Or, you can deposit another cryptocurrency to trade.
It’s a practice known as crypto-to-crypto spot trading. You can expect to pay a charge when converting one cryptocurrency to another. Think of when you exchange one currency for another.
Here’s another question many new traders search for: “How to choose a crypto exchange”? Thankfully, we have covered it (but more on that later).
You need to remember some factors. The primary factors to consider are functionality and security measures. Your preferred exchange should contain the majority, if not all, of the services you want.
Whether you can trade fiat-to-crypto trading
Liquidity
Particular coins you wish to trade (I wanted to trade ApeCoin, but couldn’t).
It should also provide extra layers of security against hackers, such as two-factor authentication.
Another thing to consider is the ease of use.
It is especially important for novice traders who struggle to get familiar with the platform.
It is also necessary to consider geography; not all exchanges will be available in your country.
With important questions answered, let’s move to the juicy part. I’m sure you must be waiting for it.
But I had to explain to some of the new audiences. So without further ado, let’s cut to the chase.
For a good reason, Binance is one of the most popular cryptocurrency exchanges globally. Its low costs and diverse selection of cryptocurrencies appeal to traders of all stripes.
Binance trading platform
Low costs, access to hundreds of coins, and complex features for experienced investors distinguish the world’s foremost cryptocurrency exchanges.
Spot trading fee 0.1 percent 0.5 percent for instant buy/sell of more than 50 cryptocurrencies.
Binance offers the lowest trading costs. Payment options are bank transfer, debit card, and peer-to-peer.
Binance trades more than its competitors, Coinbase and FTX. However, It faces regulatory and legal difficulties in the US, the EU, and China.
People new to cryptocurrencies will enjoy how simple it is to buy cryptocurrencies with Coinbase. However, beginners may consider the cost of such ease.
Coinbase platform
Coinbase allows traders to purchase, trade, and exchange over 100 tradable cryptocurrencies, including Bitcoin, Ethereum, and Dogecoin.
The firm operates two platforms: Coinbase and Coinbase Pro. Each lets you buy, sell, and exchange cryptocurrencies, but each has its own features.
Kraken, founded in 2011 and debuted in 2013, is one of the world’s largest and oldest crypto exchanges. It is also one of the few US crypto exchanges that offer advanced trading features like margin.
Kraken trading platform
Kraken is an excellent all-around exchange since it’s easy to use for novices and supports over 65 cryptocurrencies. Kraken accepts more than 120 currencies, including Bitcoin, Ethereum, Cardano, Solana, and Dogecoin.
Kraken provides customers with margin accounts and futures trading, riskier products beneficial for particular trading techniques, and buying and selling bitcoin at market prices.
Crypto.com, founded in 2016, is one of the best crypto exchanges out there that provides traders to buy and sell cryptocurrencies.
Crypto.com platform
Crypto.com provides trading experience in more than 250 currency pairs, on-spot trading facilities, cryptocurrency, stocks, and metals. A wide range of crypto coins such as Ethereum (ETH), Bitcoin (BTC), and Cardano (ADA) are also available for trade on the platform. NFTs and ETFs are also traded on Crypto.com.
The maximum amount of up to 100X leverage is provided to the traders. The amount also depends on the total ground exposure to Crypto.com. The initial margin rate of Crypto.com starts at 1%, and the maintenance margin rate is 60%. 0.04% to 0.4% are the maker fees, and around 0.1% to 0.4% are the taker’s fee, plus a total of 2.99% is charged for the credit card purchases.
There is no fee and no limit for depositing any amount on Crypto.com. The withdrawal process on Crypto.com Exchange is based on the on-chain transaction of transferring crypto to an altogether external cryptocurrency address. A withdrawal fee is charged when doing a transaction using Crypto.com.
Crypto.com uses various security measures to ensure traders’ better and more secure systems. Multi-factor authentication systems and whitelisting mechanisms keep customer accounts safe. Crypto.com works with local US banks to provide about $250,000 in FDIZ insurance policies.
Cex.io was one of the first cryptocurrency exchanges to accept card payments and bank transfers.
Cex.io platform
Cex.io is a well-regulated cryptocurrency exchange online platform. It allows traders to trade in various assets, such as cryptocurrency coins, currency pairs, stocks, ETFs, tokens, on-spot trading, and digital trading platforms. Cex.io also provides a trading platform for Bitcoin (BTC), Litecoin (LTC), and Ethereum (ETH). It is available in 99% of the countries and 48 states of the United States.
Cex.io provide traders with leverage of 10X on Bitcoin (BTC), Litecoin (LTC), and Ethereum (ETH). A high trading fee of about 0.25% is charged on every transaction. Cex.io offers simple, instant buy options to traders. It charges about 7% of the total amount for the instant buy feature. Cex.io also charges a minimal commission fee of 1% to 2%.
Withdrawal and deposit fees are charged accordingly to the amount of trade. Around 3% plus $1.25 of the total amount if the trader uses a Visa debit or credit card for the transaction. A minimum of $20 is allowed for traders to deposit on the Cex.io platform.
Cex.io holds most of the trader’s funds in a cold wallet for a secure and regulated trader’s security, while some are in hot wallets. The exchange done on Cex.io is regulated and licensed in all the countries where it is operated. In the United States, it is regulated under FinCEN under Money Services Businesses (MSB).
Poloniex offers a wide selection of cryptocurrencies and some of the lowest trading costs of any exchange.
Poloniex platform
Over 350 coins and tokens like Bitcoin, Ethereum, Solana, Stellar, Dogecoin, Shiba Inu, and other notable currencies are supported by Poloniex. Traders can also trade volatile currencies such as Baby Dogecoin, Dogelon, and Dogs of Elon.
Poloniex accounts have a withdrawal cost of around 0.0005 BTC each BTC withdrawal, which is much less than the typical industry withdrawal fee.
Huobi Global is a cryptocurrency exchange that provides professional trading tools. It offers approximately 350 cryptocurrencies for trading.
Huobi platform
Huobi presently lists over 380 crypto assets and 200 currencies. Ethereum (ETH 2.0), 1 Inch (1INCH), Binance Coin (BNB), Ripple (XRP), Quant (QNT), HUSD (HUSD), eCash (XEC), NEM (XEM), Verge (XVG), and Symbol are among the coins featured (XYM).
There are low costs for trading cryptocurrency and higher fees for purchasing cryptocurrency via credit or debit card. Deposits in fiat currency are free, but users must pay trading fees. Perpetual swaps allow for 1x, 2x, 3x, and greater leverage, with the maximum leverage allowing for 200x.
It requires a minimum of $100 with an international wire transfer fee of 1% of your total deposit. The exchange restricts users who have not completed ID verification from withdrawing more than 0.06 BTC. The daily withdrawal limit has been doubled to 200 BTC for verified individuals.
Huobi is operating an unauthorized organization in Seychelles, which has resulted in a long list of nations where the exchange is prohibited from doing business.
Bybit provides a comprehensive set of advanced trading tools. It provides excellent security and a no-downtime guarantee.
Bybit platform
About USD, you can trade perpetual crypto derivative contracts in Bitcoin, Ethereum, EOS, and Ripple.
OKEx is a cryptocurrency exchange that uses blockchain technology to provide superior financial services to traders worldwide.
Okex platform
Bitfinex is a well-known cryptocurrency exchange for experienced traders. The exchange has various innovative features, low costs, and supports around 250 supported coins.
Bitfinex platform
The Bitfinex trading platform charges a minimum standard trading fee of $0.10 to $0.20. It charges a wire fee of around 0.100% of the total wired amount (minimum of 60$). Bitfinex offers leverage of up to 100x. It charges the traders a minimum trading fee of 0.2% for each trade.
On Bitfinex, stable coin and crypto deposits are completely free. For withdrawal, Bitfinex charges a fee of 0.1% of the total amount.
Bitfinex is regulated by the CFTC’s firm regulatory body, which has the power to regulate all commodities in the United States. Bitfinex provides traders with a full back-end security confirmation, like DDoS protection and the real-time backup data option.
BitMEX is a trading platform built for experienced margin and leverage traders. The platform is used to create perpetual contracts based on margin trading.
Bitmex platform
Bitmex is a margin trading and leveraged trading platform. It is an advanced system for peer-to-peer lending. Other services include expanded perpetual swaps with improved trading system security.
KuCoin’s extensive features, lower fees, and a wide choice of coins can benefit experienced cryptocurrency traders the most.
KuCoin platform
KuCoin users can check the markets and buy and sell cryptos. Margins, futures, and peer-to-peer trading are also offered.
If you’re seeking a peer-to-peer crypto exchange, Paxful could be a good alternative.
Paxful platform
Paxful is available in around 190+ different countries. It provides traders with the trading facilities of cryptocurrencies, currency pairs, peer-to-peer trade facilities, ETFs, bonds, and stocks.
Compared to other cryptocurrency sites, Paxful has a low fee format. A 1% service fee is charged on the total amount for processing transactions. There is no transaction fee for buying or selling Bitcoin on Paxful. Most of the time, this fee varies between 0.1-5%.
A withdrawal fee of $5 is charged on each transaction. Traders are expected to pay a 1% (0.0005 BTC) fee of the total withdrawal amount. The deposit fee is dependent on the total amount deposited and varies from time to time.
The Paxful crypto website is provided by BitGo, which supports multi-signature wallets.
PrimeXBT is a one-stop trading platform that allows you to trade cryptocurrencies and the majority of major stock indices, commodities, and forex.
PrimeXBT platform
FTX is a rapidly expanding cryptocurrency exchange with advanced features like margin and futures trading.
FTX trading platform
FTX is a controlled worldwide cryptocurrency exchange that sets itself apart from the competition by delivering cutting-edge products like futures, options, and leveraged tokens. It supports over 300 different cryptocurrencies.
FTX charges cheap costs for cryptocurrency trading and offers a good array of digital assets. FTX can trade across cryptocurrencies and several national currencies.
TurboXBT is a cryptocurrency trading platform that allows you to exchange digital currencies.
TurboXBT trading platform
You can trade bitcoin stock indices, forex pairs, trading pairs, fiat currencies, crude oil, coins, precious metals, other commodities, and underlying assets.
TurboXBT provides access to the NASDAQ, S&P 500, and GER30’s most popular stocks. TurboXBT does not impose fees on trades.
EXMO is one of the most prominent cryptocurrency exchanges for buying, trading, and selling digital currencies. A spot market, an OTC desk, and cashback benefits are among the services offered by the exchange.
EXMO trading platform
You may buy and sell cryptocurrencies such as EXMO, Bitcoin, DASH, Ethereum, Litecoin, Dogecoin, Tether, Monero, EOS, etc.
Which is the best cryptocurrency exchange?
There is no single optimal exchange. However, the best cryptocurrency exchanges have excellent security mechanisms, cheap costs, several payment alternatives, an accessible platform, and availability on both mobile and desktop.
Which cryptocurrency exchange charges the lowest fees?
Which is the safest crypto exchange?
Is Binance or Coinbase better?
What is the best crypto exchange for day trading?
So there you go! I have explained everything in detail. Now you can easily select the crypto exchange.
