Crypto exchanges are where traders tin can buy, sell and convert different cryptocurrencies and NFTs (not-fungible tokens). They are necessary for digital assets to be traded at the scale they are today. Some exchanges offer the most competitive prices or speeds, whereas others provide specialized fiscal products.
Read on to learn about the best cryptocurrency exchanges, how they work, and which one y'all should pick.
What happened with FTX Crypto Exchange
On November 11, 2022, FTX — previously one of the largest crypto exchanges in the globe — put out a statement on its Twitter page that it was filing for Chapter eleven bankruptcy and its CEO Sam Bankman-Fried was resigning. This was a huge stupor to the entire crypto ecosystem and has greatly affected the way people perceive the industry.
Suffice it to say, 2022 has not been a good year for crypto. Nevertheless, the exchanges included in our superlative picks list have transparent financial bankroll and a strong cybersecurity infrastructure.
If you lot’re looking for the absolute safest way to manage your crypto, consider buying a cold wallet (you can detect our choice for the best hardware wallet in our list of best crypto wallets).
Our Acme Picks for the Best Crypto Exchanges of December 2022
- Coinbase - Best for Beginners
- Binance.The states - Best for Low Fees
- Crypto.com - Best for Security
- Bisq - Best Decentralized Exchange
Best Crypto Exchanges Reviews
- Intuitive, convenient interface and easy buy process
- Broad array of educational fabric
- Broad option of cryptocurrencies
- Higher fees
- Complex fee structure
Why we chose it:
We chose Coinbase as the best crypto substitution for beginners considering of its like shooting fish in a barrel-to-utilise interface, extensive educational material on everything from blockchain to volatility, and robust security features.
If you lot’re familiar with crypto, chances are you’ve already heard of Coinbase. The substitution is one of the largest and almost well-known in the U.Southward., and its debut on the public market concluding year was seen by many as a legitimization of the crypto market.
The Coinbase platform does a smashing task of lowering the bulwark to entry for investing in crypto, with a straightforward onboarding process that eases users into trading. At the aforementioned time, its interface makes navigating the platform and managing crypto a seamless experience.
Coinbase also features a comprehensive and attainable diverseness of learning materials. Users are encouraged to use these resources through the Coinbase Earn plan, which teaches how to trade specific cryptocurrencies and rewards users with free crypto.
Lastly, the exchange’south security features are worth mentioning: Coinbase uses 2-gene hallmark on all versions of its platform, stores 98% of customers’ crypto offline, and has an insurance policy to protect custodial accounts of upwards to $250,000 (in line with per-depositor FDIC coverage limits). Such robust measures are why Coinbase is ultimately worth information technology, despite the college fees.
Users who bask Coinbase but would like more advanced trading and charting features may want to look at the company’s other exchange platform, Coinbase Pro.
- Outstanding cybersecurity infrastructure
- Low fees if your business relationship is funded with cash transfers
- Advanced trading charts and information graphs
- Credit carte du jour purchases currently unavailable
- Some services are non bachelor in select U.S. states
Why we chose it:
We chose Binance.United states as the best crypto exchange for low fees because it features i of the nigh generous fee structures across all the trading platforms we considered.
Binance is the world’s largest cryptocurrency exchange by trading book, and its U.s. partner, Binance.United states of america, offers many of the former's advantages. I of its greatest assets is a competitive maker/taker fee construction that tops out at 0.1%. This fee starts low and keeps getting lower as your trading book increases.
Binance.US likewise offers discounts for using Build and Build (BNB), ane of the globe'south virtually pop utility tokens, to buy and sell other coins.
The exchange features more than 140 cryptocurrencies, all of which are purchasable with USD, saving money in conversion fees for those who want to buy crypto directly. This variety of discounts and purchase options benefits advanced users who may also relish the platform’southward comprehensive marketplace dashboards, margin trading, and diverseness of lodge types, including limit orders, marketplace orders, and stop limit orders.
Binance.U.s. is not available in Hawaii, New York, Texas and Vermont.
- Outstanding cybersecurity infrastructure
- Low fees if your account is funded with cash transfers
- Big option of crypto avails
- Expensive credit and debit purchases
- Some services are not available in the U.S.
- No crypto-to-crypto trading options
Why we chose it:
Nosotros chose Crypto.com as the best crypto exchange for security because of its multiple layers of protection against crypto fraud and cyberattacks.
Nigh reputable crypto exchanges characteristic a solid cybersecurity infrastructure, simply this is where Crypto.com really stands out. The exchange is ranked offset in the Cybersecurity Ranking and CERtification Platform’s top 100 exchanges by cybersecurity rating.
Crypto.com employs diverse techniques to go along users’ cryptos secure on its trading platform, including offline common cold storage for all crypto, a regulated custodian bank account for traditional currency, and regular software peer-review. It besides uses multi-factor identification with a password, biometric, email, phone, and authenticator verification.
In addition, its platform has successfully completed several penetration tests, which are faux cyberattacks performed to evaluate organisation security, and has shown proof of its funds over the years.
Security isn’t Crypto.com’s only attraction. The exchange offers the largest selection of currencies among all the companies on our list — over 250 coins.
Other noteworthy features are its non-custodial DeFi wallet — which allows users to send crypto at their preferred speed and earn involvement on coins —, margin trading, prepaid visa cards to spend crypto, and crypto loans.
- Supports trades with a broad selection of coins and traditional currencies
- Wide variety of payment methods
- Short verification process
- Mobile version only works for notifications
- Must trade with Bitcoin or BSQ only
Why we chose information technology:
Nosotros chose Bisq as the best decentralized exchange because it follows the ethos of Bitcoin all-time by maintaining an open-source platform that is completely decentralized without limiting currency support.
Formerly known as Bitsquare, Bisq brings the clean, easy-to-apply interface and vast coin support of centralized exchanges to a decentralized environment. The platform is built on open up-source software, meaning its design is publicly bachelor, and the projection is funded by personal savings and donations from its community of users.
Bisq doesn’t need a third party to carry cryptocurrency transactions, nor does it require users to submit personal information to trade on the platform. It’south an excellent alternative for Bitcoin fans looking for a wide variety of coins to trade with, including altcoins similar Cardano, XRP, and Dogecoin. In fact, it’s not typical for decentralized exchanges to back up and so many digital assets — and fiat currency.
Additionally, the platform’due south security features, such as multi-signature and a security deposit organization, enhance the inherent condom and privacy of decentralized exchanges by ensuring that both parties act honestly and have complete command of their funds during the trading procedure.
Other crypto exchanges we considered
The following trading platforms are all excellent options, especially for new traders. However, they didn’t make information technology to our top listing because they lack certain core features or are non dedicated crypto or bitcoin exchanges.
- Commission-free trading platform
- Partial stock investing available
- Volatility reminders on cryptocurrencies
- Social trading lets you see what others are buying and selling
- Lack of technical charts and research tools
- Long waiting time for withdrawals
Public is a beginner-friendly platform that tries to mix accessible, affordable investing with an approach that puts fiscal literacy beginning. Information technology does this past providing users with articles on a wide diverseness of investment topics, market updates and a daily live prove called Public Alive, where a panel of experts, analysts and journalists bring together to discuss market headlines.
Why it didn’t brand the cut:
Public is not a full-service cryptocurrency exchange — it focuses on stocks and ETFs — meaning it lacks certain tools and operates fundamentally different from an actual crypto commutation.
- No commissions and minimum account residuum
- Uncommonly easy to use and start trading
- Heavily regulated by the Securities and Commutation Commission
- No mutual fund and forex trading
- Lacks educational content and research tools
Robinhood is another commission-gratuitous investment platform that caters to beginners and casual investors. Users can trade seven cryptocurrencies in improver to stocks, ETFs, options and more.
Why it didn’t brand the cut:
Robinhood lacks the tools and features of a total-service cryptocurrency exchange. It has also been the target of numerous complaints from users and regulators regarding its dishonest business practices (just last year, the app was fined seventy million by FINRA for misleading consumers) and involvement in the GameStop/meme-stock mania of 2021.
- Recurring buys and dynamic price alerts
- Enable crypto withdrawals to get simply to canonical addresses
- Output transaction histories and downloadable account statements
- Higher trading fees than other exchanges
- Limited customer service options
Gemini is a well-funded crypto exchange with a reputation for being piece of cake to use. The platform supports more than than 100 crypto to purchase, sell and shop, has tools for high-performance traders and boasts industry-leading security.
Why it didn’t brand the cut:
Gemini’south fees are more expensive compared to other exchanges. And while the platform’s features brand for a good parcel overall, none of them were impressive enough to earn Gemini a peak spot with us.
- Merchandise across multiple exchanges using a single platform
- Crypto staking and margin trading
- Rigorous security standards
- Low fees and spreads
- Not available in all The states states
- Limited number of funding options (via fiat currencies)
Kraken has been around for a while at present, and is well known — and loved — by many crypto traders around the world. The platform is a jack-of-all-trades: it supports more 185 cryptocurrencies across a variety of crypto services, which includes regular trading, margin trading, staking and futures.
Why it didn’t brand the cut:
Kraken didn’t brand our list due the lack of a standout feature. That said, we still fully recommend the exchange both for newcomers and experienced crypto investors due to its highly affordable fee structure and robust security framework.
- Active investment community, platonic for social trading
- Support crypto staking for some coins
- Wide pick of cryptocurrencies
- Disappointing withdrawal fees and spread fees
- Crypto trading not bachelor in all states
eToro is a multi-nugget investment platform that allows users to trade a variety of avails, including thirty pop cryptocurrencies. The platform’due south main highlight is its social trading features, which allows users to create a custom news feed and follow, copy and interact with their favorite traders.
Why it didn’t make the cut:
eToro did not make our top list because information technology’due south not a total-service crypto exchange. This means it lacks basic tools and services, such equally withdrawing your crypto, and directly depositing, trading or exchanging crypto on the platform.
- One of the easiest platforms to buy Bitcoin and get started with crypto
- Lock prices immediately and withdraw quickly
- Make and receive mobile payments
- No insurance coverage from the FDIC
- It cannot be used to brand payments internationally
- Tin only merchandise Bitcoin; no other crypto available
Greenbacks.app is a keen selection if you just want to exam the Bitcoin waters or just need another platform to exercise quick bitcoin transactions. Different with other not-dedicated cryptocurrency exchanges, Greenbacks.app lets yous go on custody of your coins. This alone makes information technology worth a try.
Why information technology didn’t make the cut:
Cash.app is non a dedicated crypto exchange and its bitcoin services are bare bones. While it may be an accessible entry point for those interested in crypto, we cannot recommend it as an commutation for trading in the long term.
Crypto Exchanges Guide
Despite having cleaved into the mainstream, crypto tin still be a confusing subject for investors of all levels. How exactly do they piece of work? What are the different types of commutation and how do they differ from crypto wallets? Read our guide to understand the ins and outs of cryptocurrency exchanges.
- What is a crypto exchange?
- How practice crypto exchanges work?
- What to look for when choosing a crypto exchange?
- Latest News on Crypto Exchanges
- How We Chose the Best Crypto Exchanges
What is a crypto exchange?
Crypto exchanges are platforms where users can trade digital currencies for other avails, including cryptocurrencies similar Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and regular currencies, similar U.S. Dollars and Euros.
Exchanges are an essential office of the crypto ecosystem because most traditional investment firms do non offer cryptocurrencies in their portfolios. Without exchanges, you would have to find some other person willing to trade crypto and agree at an commutation rate. Then, y'all would have to send the coins direct to each other’s cryptocurrency wallets — a somewhat convoluted process.
Crypto wallet vs commutation
Crypto wallets and exchanges are both essential tools used to manage cryptocurrencies. Wallets are meant to continue your crypto funds safe, whereas exchanges are trading hubs where users convert fiat currencies to digital ones and buy or sell crypto based on current market rates.
|Crypto exchanges||Crypto wallets|
|Facilitate trading between users||Hold the private keys that are necessary to admission cryptocurrency on the blockchain|
|Convert fiat currencies into digital currencies||Are offered by exchanges and independent developers.|
|Are available 24/7, unlike traditional investment firms||Can be an online-only platform, a physical storage device, or incorporate both aspects.|
Many crypto exchanges operate their own wallets, so users tin get-go trading crypto as soon as they open up their account without having to worry nigh getting a digital wallet of their own. These are known as web-hosted wallets, and their incorporated exchange is responsible for their security measures.
Serious traders are encouraged to keep an contained cryptocurrency wallet to deposit any coins they aren’t actively trading. This is considering you could lose all your digital assets if the substitution is hacked.
Although y'all’ll be responsible for securing, backing up, and managing your ain funds, independent digital wallets are a much safer alternative for safeguarding the bulk of your crypto.
How do crypto exchanges work
The way crypto exchanges piece of work depends on their type of platform. Most crypto trading platforms are known as centralized exchanges, which function equally a brokerage, interim as intermediaries between buyers and sellers.
Users can deposit coin into exchanges to buy cryptocurrency or deposit their own crypto to trade for other currencies, known as crypto-to-crypto spot trading. Traders can expect to pay a fee for converting 1 crypto to another, like when exchanging regular currencies at a bank (for example, converting USD to EUR).
In exchange for digital currencies, exchanges may have a broad variety of payments, including credit card payments, ACH transfers, credit or debit cards, money orders and fifty-fifty souvenir cards.
Dedicated crypto and bitcoin exchanges will allow you to withdraw your crypto funds and transfer them to some other wallet of your option. Others, especially those that focus on other assets, like stocks and ETFs — including Robinhood and eToro — only allow yous purchase the crypto but non transfer it out of their web wallets.
What are the different types of crypto exchanges?
Crypto exchanges come in iii varieties: centralized, decentralized, and hybrid.
Centralized exchanges (CEX)
Centralized exchanges are the nigh common and traditional blazon of crypto exchange. These are endemic by individual companies and offering investors a platform to trade cryptocurrencies. This blazon of substitution tends to accept college merchandise volumes and liquidity and a greater number of trading pairs.
Centralized exchanges are oft considered a expert choice for new crypto traders considering of their amend onboarding and user interface, availability of client support, and insurance should the platform’s systems fail.
The main issue with this type of exchange is that users are inherently more than vulnerable to hacking attacks. Some users too feel uncomfortable sharing their private data in the KYC process.
Examples: Binance, Coinbase, Kraken, Gemini
Decentralized exchanges (DEX)
Decentralized exchanges follow in the spirit of Bitcoin by operating with no central betoken of command. Servers for this type of exchange are spread throughout computers located across the world, which ways if 1 estimator is attacked, the network keeps running. This lone entices many users who fear losing their crypto due to a security flaw in a company’s trading platform.
Where centralized exchanges operate as brokerages, decentralized exchanges are more than like marketplaces. They facilitate peer-to-peer trading and have a less rigid registration procedure. The main drawbacks of decentralized exchanges include lower trading book, small liquidity, by and large poor user interface, and a lack of customer support.
Examples: Bisq, Uniswap, PancakeSwap, Tokenlon, dYdX
Hybrid exchanges are part of a new generation of crypto trading platforms whose goal is to provide the all-time of both worlds. They aim to overcome the limitations of older exchanges by offering the greater functionality and liquidity of centralized exchanges together with the security advantages of decentralized exchanges.
Hybrid exchanges boast fast transaction speeds without compromising their users’ privacy simply are nonetheless a relatively new development in the crypto globe. Fourth dimension will tell if they volition be successful or struggle due to loftier costs, express scalability and limited avails.
Examples: Nash, Qurrex, Eidoo, Legolas
Understanding crypto substitution fees
Crypto exchanges charge several fees, and information technology’southward not always articulate what exactly y'all’ll exist charged for.
There are two master types of fees to wait out for: commutation fees and network fees.
are how crypto exchanges make money. In other words, they’re service fees that include:
- Trading fees, charged when making transactions and are also called “maker/taker” fees. Trading fees indicate whether a crypto order provides liquidity to the market or not. These too apply when converting currencies.
- Deposit fees, charged when users add money to their account, usually via debit card, credit card, or PayPal instead of through a wire transfer.
- Withdrawal fees, charged when withdrawing regular currency or cryptocurrencies from your account.
- Account fees, charged on a regular basis, usually monthly.
are paid to cryptocurrency miners, who process and secure crypto transactions on the blockchain. Many centralized crypto exchanges incur this price, though some may allow their users to pay more in miner fees to speed up transaction speeds. Users on decentralized exchanges generally accept to pay this themselves, since there is no third political party betwixt them and the crypto miners.
What to look for when choosing a crypto commutation
Your substitution of choice should have most, if not all, of the features you expect to use, be information technology fiat-to-currency trade pairings, liquidity aggregation, or specific altcoins and stablecoins you want to trade
Exchanges should provide additional lines of defense, such as two-factor authentication and Bitcoin locks, to help against hackers.
Ease of use.
This is especially of import for newer traders who may struggle to apply platforms with a less intuitive user interface. Nonetheless, advanced traders tin can also benefit from greater usability.
Non all exchanges are bachelor in the USA, some only operate in certain states.
How to exist sure a crypto substitution is legitimate and secure
When looking for a crypto exchange, it’southward essential to go along an eye out for fake websites and mobile apps. Even if the platform seems legitimate, make certain to cheque for whatever misspellings in the copy, inauthentic branding, and, in the case of a website, whether in that location’s a pocket-size lock icon indicating security near the URL bar.
Likewise, information technology’s important to remind yourself that scams bated, trading crypto tin can exist dangerous. Cryptocurrencies are highly volatile, meaning that they are subject to sudden increases and decreases in values that even the wisest investors cannot predict with certainty.
Financial advisors recommend that if you invest in cryptocurrency, practice caution and keep it below 5% of your total investments.
How to open a crypto exchange account
Every crypto commutation has its own registration and setup procedure. Some exchanges may let you open an account without verifying your identity or submitting sensitive data. Others volition require new users to undergo an extensive “Know your Customer” (KYC) process to comply with U.Due south. government regulations meant to prevent coin laundering and fraud.
However, some parts of registration are shared beyond platforms. You will need the following information and documentation to open up an business relationship on most crypto commutation platforms:
- Your total name and date of birth
- Your telephone number and email address
- Your physical address
- Your Social Security number
- A authorities-issued ID (e.g., commuter’due south license, passport) and a picture of you holding it or a scan of the ID
The sign-up process more often than not starts by request for your personal data, followed by an electronic mail to confirm your accost. Some exchanges may also ask for a copy of a utility bill sent to your physical accost and inquire about your interest in trading crypto. And so, you lot’ll need to add together a payment method to deposit funds into the exchange and start to buy and sell cryptocurrency.
Latest News on Crypto Exchanges
The contempo FTX bankruptcy announcement has left experts and investors wondering how the market place volition react to the implosion of such a big proper noun in the crypto industry. Many are asking what will happen to FTX customers — in the states and away — and how the commutation got to this point in the get-go place. Coin prices have fluctuated aggressively in reaction to the plummet, equally accept people’due south perception of the crypto marketplace.
Interest in different crypto is on the rising: many investors now own multiple types of crypto, despite the market issues that digital assets are currently facing. The latest almanac Crypto Literacy Survey from the manufacture didactics initiative CryptoLiteracy.org shows that the variety of individual holdings increased past 30% in 2022. According to this same survey, which was conducted in October, most a tertiary of Americans now hold investments in crypto.
Crypto Exchanges FAQ
Why is crypto downward?
Cryptocurrencies are down considering they are field of study to the aforementioned factors that are currently impacting stocks and other fiscal assets. Growing inflation, higher interest rates — making information technology more expensive for businesses to borrow money — and events similar the war in Ukraine accept destabilized the global economic system. This has spilled over into the crypto market, which is already infamous for its high volatility.
What is the best crypto exchange?
There is no ane best exchange for every user. All the same, some of the features shared by the best cryptocurrency exchanges include solid security tools, low fees, several payment options, an accessible platform and availability on both mobile and desktop.
A large number of tradable cryptocurrencies that include various altcoins and trading pairs — for example, Bitcoin/Litecoin (BTC/LTC) and Ethereum/Bitcoin Greenbacks (ETH/BCH) — is too something to look for.
How many crypto exchanges are there?
Considering crypto exchanges exercise non register with whatever central dominance, it'due south hard to know how many crypto exchanges there are at any given point in time. Many exchanges may be ready and so closed after very piddling time, which makes tracking this number even harder.
Every bit of September 28, 2022, CoinMarketCap lists more than than 270 exchanges, the biggest of which are Binance, Coinbase, and FTX (by volume of trades).
Which crypto exchange has the lowest fees?
Crypto exchange fees are complicated and tin be the source of great frustration, specially when the cost of a merchandise of a sudden spikes up due to unexpected charges.
Based on our research, nosotros establish that the best crypto trading platform for low trading fees is Binance.United states. Its maker and taker fees start at a very generous .01% / .01%, and its discount programs let active traders to grab even lower rates.
What is the almost secure crypto exchange?
The nature of a crypto exchange'due south security depends on whether it is centralized or decentralized. The nigh secure crypto commutation should offer i or more methods of safeguarding your login and personal information. Based on our enquiry, Crypto.com is the most secure exchange amid all centralized exchanges.
How We Chose the Best Crypto Exchanges
We looked at over 20 crypto exchanges and evaluated them based on toll, security, and user experience. Other factors nosotros considered include cryptocurrency selection, payment options and trade volume.
We mainly focused on dedicated crypto exchanges and looked at trading platforms that permit y'all trade other securities.
The best cryptocurrency exchanges scored high in the following categories:
Users should experience that their crypto is secure on their merchandise platform, so security breach prevention measures and safety business relationship management methods are essential elements. We looked at each platform’s history of keeping their users’ funds and information condom and considered whether they offered insurance to users in case they lost their money due to a fault on their office.
Regardless of whether one is a novice or an skillful, an exchange that is piece of cake to use and navigate is ever a plus. We considered each crypto commutation’s mobile and desktop interface and favored those with more intuitive designs. We also looked at the educational content and research tools available for users.
Fees can exist a headache for users, especially those trading with smashing frequency. We favored crypto exchanges that offered lower fees or means of reducing said fees. We likewise valued transparency when it came to their fee structure.
Summary of Money’south Best Crypto Exchanges of December 2022
- Coinbase - Best for Beginners
- Binance.US - Best for Low Fees
- Crypto.com - Best for Security
- Bisq - Best Decentralized Commutation