Crypto exchanges are platforms that facilitate the exchange of cryptocurrencies for other assets or fiat money (USD, EUR, etc.) - in exchange for digital tokens based on blockchain technology. While transactions on crypto exchanges are usually safe and convenient, users still need to be careful as they can be easily tricked into sending money to the wrong addresses and lose their funds completely. So to make the trading process as smooth as possible, we have prepared a list of the best exchanges to work with.
But before we proceed, let us figure out what criteria need to be considered when choosing an exchange to trade crypto and digital assets.
Coinmarketcap.com ranks it as the largest cryptocurrency exchange in the world by total volume traded, with over $200 million in trades per day. Binance has a relatively fast trading platform and is one of the few exchanges that does not charge fees on deposits and withdrawals of crypto-to-crypto. The exchange also boasts low trading fees and far quicker block times than its competitors, making it a popular choice for many traders. Although Binance has taken steps to ensure the security of its platform, this coin exchange has had several technical issues. For example, in 2018, a security breach affected around 7% of all funds stored in the platform's hot wallet. One month later, another hack occurred in which the hackers were able to take around $40 million worth of Bitcoin from the Binance wallets.
📌 Good for beginners. They have a Binance Academy program where new users can learn how to trade.
Kraken was founded in 2011 and is based in San Francisco. It offers various services and technologies for experienced and beginner traders and has a high number of daily transactions of more than $3 billion. This exchange charges fees for deposits. Overall, it maintains very high-security standards, and its website has been rated highly for its user-friendliness and intuitive design. This exchange has also experienced security breaches; for example, in 2013, hackers gained access to customer details via a phishing scam.
Founded in 2012 in California, Coinbase is one of the most popular cryptocurrency platforms in the world due to its friendly user experience and straightforward interface. It operates across more than 100 countries and offers support to over 100 different cryptocurrencies, in addition to being a leader in creating a simple and secure digital wallet to store coins. It has consistently ranked as one of the top three exchanges for daily trading volumes. However, users are advised to be wary of the inherent risks associated with storing large amounts of cryptocurrency on the Coinbase platform. Several scandals involving hacking incidents have resulted in losses of millions of dollars worth of cryptocurrency from customers' accounts.
📌 Good for beginners
Founded in China in 2013 and now based in Singapore, Huobi is one of the largest exchanges in the world that lists thousands of coins and tokens for users. It is a market maker and provides services for both beginners and experienced traders, although its commission rates are typically higher than other exchanges. The strong security measures that are in place include the use of two-factor authentication and data encryption to protect the privacy of user information. It has a very user-friendly interface and a good reputation as a safe platform to trade on.
Founded in Hong Kong in 2017, KuCoin is one of the fastest-growing cryptocurrency trading platforms and currently has over 20 million registered users on its site. The site offers over 220 digital assets to trade, and users can follow the performance of their favorite crypto coins using the charts on the site. The platform is available in multiple languages, making it good for users globally. Users can withdraw funds using different methods, including bank transfers and electronic wallets. It is accessible using the web or using their app.
📌 It is a very good option for those who trade altcoins and want access to new coins before they get listed on other exchanges.
Gate.io was founded in 2013 by Lin Han. It is one of the world's most advanced and secure cryptocurrency exchanges. It ensures the safety of users' assets by using cold wallet storage technology and multi-level authentication systems to protect their digital information. It has over 10 million registered users. It has a powerful trading engine and is not a good place for beginners to start trading. It does not support fiat deposits, so users must deposit using the supported cryptocurrencies. It can be accessed using the web or their mobile app.
FTX was founded in 2019 by Sam Bankman-Fried Gary Wang. It is very young in the crypto space but has displayed exceptional results, hence gaining much traction lately. It has many features for advanced traders, including trading leverage, futures, staking, and volatility products. It also has a spot feature that beginners can use. It offers traders low fees and a wide range of crypto assets to choose from. FTX supports fiat deposits hence making it easier for traders to deposit using their Mastercard or Visa.
📌 Good for advanced crypto traders.
It was founded in 2018 by Ben Zhou as a crypto derivatives exchange. The exchange has grown to more than two million registered users. Bybit has one of the most active customer support compared to other exchanges. They have live support where you can contact them in case of any issues. Their platform also supports many languages, making it convenient for many users. Their services can be accessed using the web or using their mobile app.
📌 Best for leverage traders.