With digital assets becoming more popular by the day, choosing the best crypto exchange is the first step to success as either a seasoned or a novice crypto investor. These exchanges provide you with all the tools you'll need to buy and sell cryptocurrencies like Bitcoin, Dogecoin, and many others securely.

With digital assets becoming more popular by the day, choosing the best crypto exchange is the first step to success as either a seasoned or a novice crypto investor. These exchanges provide you with all the tools you’ll need to buy and sell cryptocurrencies like Bitcoin, Dogecoin, and many others securely.

Therefore, investors can easily pick the exchange that best suits them by checking their security, financial options, fees, availability, offerings, mobile capabilities, and features like staking, digital asset custody, and lending.

What are Cryptocurrency Exchanges?

In a nutshell, cryptocurrency exchanges are online marketplaces or platforms that allow you to buy, sell, or trade various cryptocurrencies. Think of crypto exchanges as digital marketplaces where people can exchange one cryptocurrency for another or traditional fiat currencies like the US dollar or Euro. Crypto exchanges facilitate transactions by matching buyers and sellers by providing a platform for trading.

How Do You Choose a Cryptocurrency Exchange?

Choosing a crypto exchange can be challenging, especially now that we have many options. To make a perfect and informed decision, you have to consider some factors like security, transaction fees, cryptocurrencies available on the platform, and many others that we will look at.

1. Prioritize Security Measures

When choosing a crypto exchange, you need to ensure its security. This is paramount because crypto exchanges have become prime targets for hackers. You probably have heard that a particular exchange has been compromised or hacked, and billions of investments have disappeared in thin air. Don’t be a victim; ensure your funds are safe by choosing an exchange with robust security measures

2. Conduct Thorough Research

Before creating an account with any cryptocurrency exchange, it is essential to do thorough research to ensure your investment is safe. Evaluate the exchange’s reputation, considering user feedback (customer support) and official statements. Also, check past security incidents and assess the exchange’s response strategies.

3. User Interface and Experience

A user-friendly interface can make your trading experience great, especially if you are a beginner. Check whether the platform is easy to use, what it supports, payment methods, and currency pairs available.

Different Types of Crypto Exchanges

There are three types of crypto exchanges for you to choose from, and understanding what sets them apart can help you decide which one to use despite your crypto background. They are:

Centralized Exchange (CEX)

Centralized exchanges are the most common type of crypto exchange that we have out there. They operate as third-party platforms facilitating cryptocurrencies’ buying, selling, and trading. In a centralized exchange, users deposit their funds into accounts managed by the exchange, which acts as an intermediary in executing trades. Examples of CEX include Coinbase, Binance, and many others.

Decentralized Exchange (DEX)

Decentralized exchanges are platforms that operate without the need for a central authority. They enable peer-to-peer trading of cryptocurrencies directly between users without needing a trusted third party to hold funds. Decentralized Exchanges rely on smart contracts and blockchain technology to facilitate trades securely and transparently. Examples of Decentralized Exchanges include Pancakeswap in BSC, Uniswap in Ethereum, and many more.

Peer-to-Peer Exchange (P2P)

Peer-to-peer exchanges are online platforms allowing users to trade crypto assets directly and privately without intermediaries. The platform has an escrow that facilitates trust between buyers and sellers. They operate by connecting buyers and sellers directly through online platforms. Buyers can locate sellers offering the desired cryptocurrency and negotiate terms directly with the seller, including price and payment method. After the payment verification, the seller releases the cryptocurrency to the buyer. Examples of P2P exchanges include Binance, OKEx, Huobi, and many others.

How to Create a Cryptocurrency Exchange Account

When creating a cryptocurrency exchange account, it’s important to prioritize security by choosing a reputable exchange, enabling 2FA, and keeping your login credentials secure. It’s equally important to be aware of potential phishing scams.

Only access your exchange account through the official channel.

1. Sign up

Visit the official website of the platform and start the sign-up process. Enter your email and strong password (a combination of uppercase and lowercase letters, numbers, and special characters) to create an account. Creating a unique password you have never used elsewhere is important.

2. Provide personal information

Fill the required personal information such as your full name, email address, and sometimes your phone number. Go through the exchange’s terms of service and privacy policy, and then accept them if you agree to abide by them.

3. Enable two-factor authentication (2FA)

Make sure you enable 2FA to enhance the security of your cryptocurrency exchange account. This process adds an extra layer of protection by requiring a second form of verification, like sending a verification code to your mobile device and your password when logging in.

4. Deposit money into your account

Once your account is set up and verified, you can deposit funds into your exchange account using various payment methods supported by the exchange and start trading.

Top Crypto Exchanges and Apps

1. Binance

Binance was founded in 2017 by Changpeng Zhao (CZ), a software developer, and now it stands as one of the largest cryptocurrency exchanges globally by trading volume. Known for its extensive selection of trading options and features, Binance offers its users a wide selection of cryptocurrencies to trade with low trading fees.

As a decentralized exchange, Binance aims to provide a robust trading experience for its users. Despite its popularity, Binance has encountered regulatory scrutiny and legal issues, with CZ stepping down as CEO after a money laundering settlement in 2023.

Despite the complexities and legal issues, CZ’s contributions to the crypto space have left a lasting impact.

Pros

• Wide selection of cryptocurrencies (over 600 for global traders).
• Low trading fees (0.10% spot-trading fees and 4.5% debit card purchases).
• Advanced trading features like spot trading, options trading, futures trading, and various order types catering to new and experienced traders.

Cons

• Regulatory issues in various countries.
• Its extensive features and trading options can be challenging for beginners.
• Limited features for U.S. users.
• Poor customer service. Some users report challenges in getting timely support and resolving issues.

Features

• Charting options.
• Margin trading (excluding U.S users).
• Mobile applications.
• Hundreds of cryptocurrencies.
• Advanced trading options like futures trading, spot trading and option trading.
• Multiple order types include market orders, limit orders, stop-limit orders, trailing stop orders, stop-market orders, and post-only orders.

Popular cryptocurrencies available on Binance

• BTC
• ETH
• ADA
• COMP
• LTC
• ATOM
• DASH

2. Crypto.com

Crypto.com is a cryptocurrency exchange platform founded in 2016 in Hong Kong. It boasts an extensive digital asset ecosystem, including its proprietary blockchain, Crypto.org Chain, and a native token called CRO.

One of its standout features is the Crypto.com mobile app, which provides users with a comprehensive range of functionalities such as buying, selling, trading, making payments with crypto, and earning interest on crypto. Crypto.com stands out as a top choice for those seeking a robust mobile crypto trading experience with various features and support assets.

Pros

• Offers a wide range of supported assets (over 250).
• Low fee (0.00% to 0.075%).
• Offers a comprehensive digital asset ecosystem (Crypto.org Chain and CRO).
• Global accessibility with availability in 90 countries worldwide.
• Yield-generating crypto products (users can earn interest).
• It prioritizes user experience through the mobile app.

Cons

• Challenges with customer support.

Features

• It has a Crypto Visa card.
• Mobile app designed for ease of use and accessibility on the go.
• Crypto.org Chain that supports various DeFi.

Popular cryptocurrencies available on Crypto.com

• BTC
• ETH
• USDT
• BNB
• SOL
• XRP
• USDC
• ADA
• DOGE
• AVAX

3. Coinbase

Coinbase is a prominent cryptocurrency exchange founded in 2012 to facilitate seamless buying, selling, and storing of Bitcoin and other cryptocurrencies. It serves over 100 countries and supports vast assets exceeding 5,500. Despite relatively high trading fees and mixed user feedback, Coinbase remains a popular choice for novice and experienced crypto investors.

Pros

• Has a user-friendly interface.
• Has a wide range of supported assets (over 5,500).
• It insures digital funds and stores U.S. dollar balances in FDIC-insured bank accounts.
• It offers options for both custodial and non-custodial storage of cryptocurrencies.
• Global availability (over 100 countries).
• Provides a wide range of payment methods like wire transfer and ACH transfer.

Cons

• High fees range from 0% to 0.60%, depending on trade volume.
• Poor customer support.
• Unexpected account closures.

Features

• Custodial and non-custodial options.
• Mobile app for both iOS and Android devices.
• Multiple payment methods.

Popular cryptocurrencies available on Coinbase

• BTC
• ETH
• USDT
• BNB
• SOL
• ADA
• DOGE

4. Kraken

Kraken was launched in 2011 in San Francisco. It is renowned for its professional-grade trading platform and wide range of supported cryptocurrencies.

It offers two leading platforms: its standard trading platform and Kraken Pro, which provides advanced chart analysis tools. While Kraken’s instant buy fees can be high, its Pro platform offers a tiered fee structure that benefits high-volume traders.

Kraken maintains its reputation as a reliable and professional trading venue in the cryptocurrency market.

Pros

• Has built its reputation for security and reliability over the years.
• Supports over 200 cryptocurrencies.
• Professional-grade platform. Kraken Pro offers customizable chart analysis tools.
• Low fees (Kraken Pro). Maker fees can drop to 0% and taker fees to 0.10% for traders with substantial trading volumes.

Cons

• Limited funding options. ACH transfers, commonly used in the US, are not supported.
• It’s not available in all US states.
• Instant Buy Fees on the central platform can go up to 1.5%

Features

• It has two platforms: its standard platform and Kraken Pro.
• Kraken Pro has customizable chart analysis tools.
• Supports margin trading.

Popular cryptocurrencies available on Kraken

• BTC
• ETH
• XRP
• LTC
• USDT
• ETH

5. Bybit

Bybit is a prominent cryptocurrency exchange platform renowned for its professional-grade services and diverse product offerings.

It was founded by CEO Ben Zhou in March 2018, is headquartered in Dubai, UAE, and is registered in the British Virgin Islands. Bybit serves over 10 million users and institutions globally. Bybit supports trading with leverage of up to 100X on derivatives products.

With its commitment to quality service and innovation, Bybit remains a leading choice for crypto traders of all levels.

Pros

• Leverage trading with up to 100X on derivative products.
• Multilingual customer support.
• Professional platform with ultra-fast matching engine.
• A wide array of cryptocurrency assets and contracts (over 100 tokens).

Cons

• Limited asset selection.
• Restricted to some countries.
• High risk with leverage.

Features

• Buy crypto options.
• Spot trading (0.10% for spot trading and 0.06% for perpetual and futures trading)
• NFT marketplace.
• Derivatives like futures and options.

Popular cryptocurrencies available on Bybit

• BTC
• ETH
• DOGE
• SOL
• LTC
• APE
• AVAX
• DOT
• MATIC

6. KuCoin

KuCoin is a prominent cryptocurrency exchange founded in 2017 and headquartered in Seychelles. With a global presence across over 200 countries and serving over 20 million users, KuCoin offers a wide array of features, including buying, selling, and trading cryptocurrencies.

Pros

• There is a low trading fee from 0.005% to 0.1% per trade and a 20% discount when using its native token (KCS).
• Wide selection of cryptocurrencies (over 700).
• Users can earn interest on crypto.

Cons

• Concerns over regulatory compliances and past security breaches.
• Limited feature access for U.S.-based users.
• Negative reviews on the withdrawal process and customer support.

Features

• Provides options for margin, P2P, and futures trading.
• Ability to stake or lend crypto to earn rewards.
• Discounts with KuCoin Token (KCS).

Popular cryptocurrencies available on KuCoin

• BTC
• ETH
• DOT
• DOGE
• XRP
• SHIB

7. Bitstamp

Bitstamp is one of the pioneering cryptocurrency exchanges. Launched in 2011, it is one of the earliest platforms for trading Bitcoin. With a focus on simplicity and Accessibility, Bitstamp offers a user-friendly interface for beginners and casual crypto investors.

Bitstamp boasts a long history of supporting crypto users and providing competitive trading fees, starting at 0.40%. It supports over 80 cryptocurrencies for spot trading and allows fiat deposits in USD, EUR, and GBP.

Bitstamp is a popular choice for those seeking a secure and straightforward platform to buy, sell, and manage their crypto investments.

Pros

• Supports over 80 cryptocurrencies.
• Provides competitive trading fees starting at 0.40%.
• It is easy to use.
• Good reputation for supporting crypto users.

Cons

• Has a relatively short list of supported currencies for staking.
• Does not have lending features or margin trading.

Features

• Supports fiat currencies.
• Customer support (email, phone, and help section).
• User-friendly interface.

Popular cryptocurrencies available on Bitstamp

• BTC
• ETH
• LTC
• USDT
• USDC

8. OKX

OKX is a Seychelles-based cryptocurrency exchange and wallet platform launched as OKEX in 2017 and rebranded (OKX) in January 2022. Founded by Mingxing “Star” Xu and currently led by CEO Jay Hao, OKX serves millions globally.

It offers over 350 cryptocurrencies and 500 trading pairs, while OKX wallet supports over 30 networks and offers a decentralized exchange, NFT marketplace, and DApps. Leverage options include up to 10X for margin trading and up to 125X for futures and perpetual swaps.

OKX operates in over 200 countries but is not available to US residents.

Pros

• Low fees that start at 0.10%, decreasing with higher trading volumes.
• Offers over 350 cryptocurrencies and 500 trading pairs.
• OKX wallet supports over 30 networks.
• Leverage options include up to 10X for margin trading and up to 125X for futures and perpetual swaps.

Cons

• Not available to US residents.
• Security risks just like any other centralized exchange.
• Liquidity and market manipulation.

Features

• Spot and derivatives trading.
• A launchpad.
• Crypto loans.
• Trading bots.

Popular cryptocurrencies available on OKX

• BTC
• ETH
• SHIB
• AAVE
• DOGE
• DOT
• SOL
• MATIC
• XRP

9. Gemini

Gemini is a New York-based cryptocurrency exchange that prioritizes security and regulatory compliance. Founded by Tyler and Cameron Winklevoss, Gemini offers a user-friendly platform catering to novice and experienced traders.

It supports over 80 cryptocurrencies and 21 trading pairs and is accessible in over 60 countries, including the United States.

With a focus on investor protection, Gemini provides insurance coverage and has also achieved SOC 1 Type 2 and SOC 2 Type 2 certifications.

Pros

• Prioritizes security and regulatory compliance.
• Supports a wide array of cryptocurrencies (over 80 cryptocurrencies and 21 trading pairs).
• Offers margin trading with leverage of up to 100x.

Cons

• The fee structure depends on the product and usage level.
• Limited cryptocurrency selection compared to other exchanges.

Features

• Insurance cover.
• User-friendly interface.
• Products like Gemini ActiveTrader, Gemini Custody, and Gemini Derivatives.

Popular cryptocurrencies available on Gemini

• BTC
• ETH
• XRP
• AAVE
• ADA
• DAI
• LTC
• USDC
• LINK

10. eToro

eToro is a prominent online brokerage and social trading platform founded in 2007. Headquartered in Tel Aviv, it offers a wide range of financial instruments for trading, including Cryptocurrencies, stocks, indices, currencies, commodities, and exchange-traded funds (ETFs).

eToro stands out for its innovative social trading features, allowing users to copy the trades of experienced investors or share their trading strategies. eToro remains a leading player in the online trading space, continuously evolving to meet the needs of its diverse user base.

Pros

• Supports trading of over 80 cryptocurrencies.
• Offers a wide range of financial tools for trading.
• Uses measures like cold wallet and 2FA for enhanced security.
• It’s regulated in several jurisdictions.
• Allows users to copy trades of successful investors, which can benefit new investors.

Cons

• Margin trading is not available to U.S. users.
• Poor withdrawal processes.
• Lacks fee transparency (hidden fees).
• It’s pretty expensive; a 1% trading fee, a $5 fee for cash withdrawals (minimum withdrawal $30), a currency conversion fee, and a $10 inactivity fee.

Features

• User-friendly platform.
• Social trading.
• Crypto wallet where you have complete control of your crypto.
• CopyPortfolio (diversified investment portfolios).

Popular cryptocurrencies available on eToro

• BTC
• ETH
• LTC
• XRP
• ADA

11. BitMart

BitMart is a prominent centralized cryptocurrency exchange that serves over 9 million users worldwide. It was founded in 2017 by Sheldon Xia and made publicly available in March 2018.

BitMart offers extensive services, including crypto asset trading, investment opportunities such as staking and lending, derivative contracts, savings products, and expanded spot trading options.

BitMart’s Futures Trading function, introduced in 2020, enables traders to exchange assets with leverage options ranging from 5x to 100x.

Pros

• Prioritizes security.
• Offers real-time trading in over 180 countries.
• Supports over 1000 cryptocurrencies and offers over 700 trading pairs.
• Extensive range of services from assets trading to investment opportunities.

Cons

• Uses a tiered fee structure based on trading volume and BMX balance, which may be higher for some users. In trading fees, the marker and taker fees start at 0.25%, while in futures trading, the marker fee is 0.04%, and the taker fee is 0.06%.
• Has a withdrawal fee that varies from coin to coin.
• As a centralized exchange, BitMart may need more regulatory oversight.
• Restricted access in some countries.

Features

• User-friendly interface.
• Futures trading and margin trading.
• Spot trading options.

Popular cryptocurrencies available on BitMart

• BTC)
• ETH
• USDT
• BNB
• SOL
• XRP
• USDC
• ADA
• DOGE
• AVAX

FAQs

What is a crypto exchange?

In a nutshell, a cryptocurrency exchange is an online marketplace that allows users to buy, sell, or trade cryptocurrencies.

How much money do you need to buy crypto?

The money you need to buy cryptocurrencies varies depending on a few things.

First, the cryptocurrency you want to own because their prices differ widely.

Secondly, you’ll need to consider the fees charged on the exchange.

Thirdly, consider your investment amount, and remember that crypto markets are highly volatile, and prices might change, drop, or shoot to the moon.

Lastly, if you decide to store your crypto in a digital wallet, there might also be wallet fees to consider. It’s important to thoroughly research and understand the risks before diving into cryptocurrency investment.

How do I open a crypto exchange account?

Start by researching reputable exchanges that align with your preferences. Once you’ve chosen, visit the exchange’s official website and click on the “Sign-Up” or “Register” button to initiate the process.

Provide accurate personal information and create a strong password, ensuring it includes a mix of characters. Be prepared to undergo a Know Your Customer (KYC) verification process and enable Two-Factor Authentication (2FA) for added security.

Review and accept the exchange’s terms of service and privacy policy, then verify your email address through the link sent by the exchange.

Deposit funds using supported payment methods and begin trading in the exchange’s designated section.

Always exercise caution against potential phishing attempts and solely access your account through official channels provided by the exchange.

What is the most accessible crypto exchange?

Coinbase stands out because its interface is intuitive on desktop and mobile, ensuring a seamless experience. Coinbase offers many supported cryptocurrencies, advanced trading features, and robust security measures.

Which crypto exchange does not require KYC?

Kraken is one of the prominent crypto exchanges that does not require KYC when you select the Starter verification level, which only requires basic information like your email, phone number, name, date of birth, and physical address.

Is it OK to use multiple crypto exchanges?

Yes. Using multiple crypto exchanges is one of the best ways to diversify your crypto portfolio. It’s also an excellent way to reduce the risk of a single exchange failure that may affect all your assets.

Are crypto exchanges safe to use?

Crypto exchanges, like banks or online shopping platforms, vary in safety and security. Many exchanges work hard to keep users’ funds and data safe, but there have been instances of hacking and fraud in the crypto world. It’s advisable to get an expert to guide you.

Which crypto exchange is the safest to use?

Gemini is one of the safest crypto exchanges because of its robust security protocol and funds insurance, and it is SOC 2-certified.