Best Crypto Exchanges – Navigating the Top Platforms in 2023

The crypto industry is reaching new highs as many governments and financial institutions accept it as a currency. Old and new investors are rushing to get a hold of these volatile and liquid digital assets to make quick profits. For the process of buying and selling coins, you need to open an account with an exchange. 

The market’s current offerings allow vast competition between the brokers in factors including fees, security, education, number of instruments, etc. With so many different options, it can be really confusing to choose amongst the top crypto exchanges. To help you make the right decisions, we have handpicked quality brokerages that ensure you get the best trading experience.

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Top 10 Best Crypto Exchanges 2023

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Bitstamp – Best Crypto Exchange Overall

Bitstamp bills itself as the ‘original crypto exchange,’ and rightfully so. The brand is one of the oldest in its field, established in 2011 when Mt. Gox was the most dominant. 

The exchange was initially founded in Slovenia before establishing offices in London, Luxembourg, New York, and Singapore over time.

According to the latest CoinMarketCap data, Bitstamp is one the best crypto exchanges overall. This is, in part, thanks to using a matching engine built by Nasdaq to provide optimal trading speed, reliable order execution, and consistent uptime.

Bitstamp also prides itself on ease of trading, proven reliability, and institutional-grade security. With Bitstamp, you can trade 54 of the most popular digital assets through their proprietary platform, with charts provided by TradingView. 

The exchange also has an affordable starting balance of about $10, depending on the pair. Aside from using a supported cryptocurrency, you can fund your account via bank wire or Visa/Mastercard/Maestro debit/credit card. 

ACH is also available for US customers, Faster Payments for UK users, SEPA for EU clients. Currently, you can also stake Ethereum and Algorand through ‘Bitstamp Earn’ and earn 4.94% and 5% APY, respectively.

Overall, Bitstamp offers a competitive yet straightforward list of products for ordinary and institutional clients to trade the most popular digital currencies efficiently.

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FTX – Wide Selection of Crypto Assets, Pro Trading Platform

Despite being less than three years old, FTX is presently the largest crypto exchange by trading volume regularly averaging a few billion dollars daily. FTX is well-known for the platform’s co-founder, Sam Bankman-Fried, regarded as a philanthropic billionaire.

FTX specializes in trading cryptocurrencies through a host of market derivatives like futures, options, leveraged tokens, volatility tokens, and even prediction markets. This exchange provides numerous advantages.

For starters, the trading fees across the board are reasonable and competitive. FTX doesn’t levy any deposit/withdrawal fees for most of the crypto assets they provide. Another distinct benefit of FTX is the platform supports eight different fiat currencies clients can use with the bank wire method.

Following in the footsteps of its closest competitor, Binance, FTX also offers one of the most traded exchange-based utility tokens – FTT. By holding FTT, customers receive significant discounts in trading fees, staking rewards, referral rates, ‘swag NFTs,’ airdrop rewards, free ERC20 withdrawals, etc.

FTX has been headquartered in the Bahamas since September 2021 and serves the vast majority of the planet. In May 2020, the US version of FTX, FTX.US, was launched specifically to serve American residents.

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OKX – Worldwide Recognized Crypto Exchange with Low Fees

OKX, previously known as OKEx, is an innovative crypto exchange formed in 2017. In a span of five years, the financial service provider regularly processes several billion daily in the trading volume of digital currencies.

Users can trade an extensive range of 344 cryptocurrencies, consisting of popular payment-based, meme, GameFi, DeFi, storage, blockchain, and other interesting coins.

You can use basic spot trading or employ more advanced trading like margin, perpetual swaps, futures, and options. Regular users pay a maximum of 0.08% maker and 0.10% taker fees, rates which are below the industry average. 

Deposits and withdrawals can be made using a VISA/Mastercard credit or debit card, Apple Pay, bank wire, or a supported cryptocurrency. What’s more, the exchange supports over 30 fiat currencies.

OKX also has its own utility token, OKB, offering discounts on trading fees, rewards, and access to governance. Furthermore, OKX has a feature-filled DeFi platform where you can borrow and earn attractive yields through saving, staking, and other advanced products.

OKX also has another product linked to its exchange called MetaX. This is a platform offering a wallet and an amazing gateway into the world of NFTs and DeFi. All in all, OKX is a one-stop cryptocurrency platform offering many more services than a regular exchange.

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Coinbase – Best Crypto Exchange for Beginners

Coinbase is an easy-to-use cryptocurrency trading platform established in 2012, standing at a whopping revenue of 2 billion dollars as of 2019. The broker has to comply with consumer protection laws and comes under the New York State Department of Financial Services regulation that ensures no trader gets double-crossed. The fee structure of buying/selling cryptocurrencies starts with a spread of 0.5% and varies based on the transaction amount. 

Opening an account will require you to verify your email and clarify yourself as an individual or a business. KYC policies demand a drivers’ license, photo ID, or passport from your side. Coinbase accepts bank/wire transfer, debit card, and Paypal for US customers where the deposit will happen instantly or take a few days, depending on the method you choose. There is a standard network fee alongside 1% charges for converting and withdrawing your crypto in fiat withdrawals.

Coinbase Pro trading platform provides lower fees, insurance, multi-country availability, and mobile activity for pro traders. The software was previously termed GDAX and was remodeled completely to give investors the best experience in the crypto industry. 

The company has support for top cryptocurrencies, including Bitcoin, Ethereum, Litecoin, Ripple, and Bitcoin Cash, to name a few.  A dedicated learning section on the website helps novices grasp the industry’s basic concepts and see all the market updates. In 2018, Coinbase introduced its own wallet to store cryptocurrencies with multi-coin support and secure all your digital assets in a single place. Customer service is available via email and phone. It may take their representatives anywhere from 48-72  hours to respond to your emails.

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Binance – Best Crypto Exchange for Advanced Traders

The cryptocurrency exchange was established in July 2017 and quickly rose to fame within a short tenure of 3 years due to its quality trading services. Binance adheres to the local authorities’ regulations, which ensures that the facilities are available globally. Trading costs are generally low on the platform that varies based on the amount of crypto you are trading, where high-volume traders enjoy better interests and fees. To open an account with the crypto broker, you have to verify your email, phone, and identification, which is a part of the company’s KYC policies. The brokerage offers P2P trading with no commissions, including tons of deposit and withdrawal methods in specific currencies. You can use Binance’s online platform and utilize the convert, classic, advanced, and margin options depending on your trading style and risk appetite for trading purposes. 

There are nearly 400 coins, including Bitcoin, Ethereum, Litecoin, Ripple, Bitcoin Cash, etc., that one can choose and perform their executions. Blockchain and crypto education is covered by the Binance academy, which has knowledge catering to rookies and professionals’ needs. The broker has a Trust wallet that helps you receive, send, store, and exchange your crypto from the mobile platform. There are popular contests and promotions that give lucrative rewards ranging over a million dollars to attract market participants. Multilingual customer support is cherished by many; however, live chat and email services have substantial waiting times.

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KuCoin – Best Crypto Exchange for Altcoins

Based in Hong Kong, KuCoin was founded in 2017 and is available to the residents of nearly 100 countries, including the US and some other developed economies. In contrast with other exchanges with varying fees, KuCoin has a flat maker and taker fee of 0.1%. Using their native KCS token can get you a discount based on the volume. 

The company requires you to verify your account to increase your withdrawal limits and facilitate against criminals and anti-money laundering schemes. Previously funding options were only available via cryptocurrency that inhibited new investors from entering this sector. However, in 2019 the exchange started accepting fiat currency for purchasing Bitcoin and other cryptos. Withdrawals are subject to a fee of 0.0004 BTC. 

The web-based trading platform is user-friendly and powered by an API interface, where you can buy or sell assets in seconds via the advanced core trading engine. There is also the KuCoin app for trading on the go. Traders utilize the OTC trading desk, futures trading, margin trading, lending, and staking platform to diversify their trading portfolios and add profits to their accounts. You can also choose to invest in new crypto prospects that the company believes in. 

The company currently plans to offer more than 50 major currency pairs with the current important ones. KuCoin has partnered alongside the educational crypto platform, i.e., Newscrypt, to provide market participants with knowledge on blockchain-related education. The exchange allows you to deposit via SegWit wallet address which helps reduce costs and time. You can reach out to customer support through the KuCoin help center, FAQ, onsite chat, and mobile app. Communities are available on popular social media platforms such as Facebook, Telegram, Twitter, Reddit, and Youtube in different languages to communicate with other traders.

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ByBit – Best Crypto Exchange For Margin Trading

Established in March 2018, ByBit boasts over a million traders and is one of the fastest-growing crypto exchanges. The broker allows market participants of all levels from each corner of the world and does not require verification documents as it is not regulated (other than the British Virgin Islands). 

It is still safe enough to trade with ByBit as there are no hacking or security breach instances. The cryptocurrency brokerage also employs the maker-taker method for fees with incentives to those who contribute significantly to the market liquidity. Maker rebate on trading BTC/USD with a leverage of 100:1 is -0.025%, and the taker costs are 0.075%. As there are no KYC policies, you can open up an account and begin trading immediately. A demo portfolio is also at hand for testing out your strategies. 

ByBit accepts BTC, ETH, XRYP, EOS, and USDT deposits. You can fund your account via brokers fiat gateway, online spot exchanges, and P2P trading, and there are no minimum requirements on the broker’s end. The withdrawal process is very similar; however, you will have to pay a fee of 0.0005 BTC on each request. 

You can customize the interface of the trading platform between dark and light options according to your taste. Advanced tools, time frames, and indicators are made available through the TradingView charting platform, perfect for a technical trader. 

Mobile trading apps are at hand on both Android and iOS for on-the-go executions and managing current positions. The exchange is renowned for offering a fair amount of leverage, i.e., a maximum of 100:1 on BTC/USD, to make quick gains. On other assets such as ETH/USD, EOS/USD, and XRP/USD, the maximum margin is 50:1. Traders can also utilize promotions, rewards, affiliate and referral programs for extra cash.

The brokerage has a comprehensive learning section on their website, including blockchain, crypto, altcoins, DeFi, and trading for novices and pro traders. Customer support can be accessed via email and 24/7 live chat that uses Zendesk. FAQ resources are also comprehensive, where you can search for your answer before proceeding to contact them directly. 

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Robinhood – Best Mobile App

With headquarters in California, United States, Robinhood stands as one of the best brokers for trading cryptos on the go. The broker provides stocks, options, ETFs, and cryptocurrencies with absolutely no fees and zero dollars to open an account which stands as one of the main reasons the exchange rose to fame. Currently available cryptocurrencies are Bitcoin, Bitcoin Cash, Bitcoin SV, Dogecoin, Ethereum, Ethereum Classic, and Litecoin. 

The broker only supports a single account per customer, which requires an application to open in the initial stages. You may also have to provide additional verification documents if the company demands. Robinhood gold is famous among traders who require margin trading, Morningstar professional research, and NASDAQ market data. 

There are no fees for deposit, and you can fund your account via bank transfers only. Currently, the brokerage doesn’t allow you to put your cash in or out through cryptos. You can withdraw up to $50,000 per day, and there are no charges on requests.

In contrast with other crypto exchanges, the trading platform’s number of tools and features is limited. Robinhood finds its strength in its simplicity which is catered more towards traders with zero experience. It also has the perfect mobile trading application, which is fast, simple, and user-friendly, to say at least. It includes customizable alerts, a news feed, candlestick charts, and streaming Bloomberg TV. You can access research reports from top investors by subscribing to Robinhood gold for as low as $5 a month.

On the other hand, the broker offers snacks, a 3-minute read on fresh financial news, and only requires you to provide your subscription email. A dedicated learning section on the website helps beginners in grabbing all the basic concepts with ease. Library of questions is a perfect read for any amateur trader looking for concrete answers to their inquiries. The Securities and Exchange Commission SEC and Financial Industry Regulatory Authority FINRA regulates Robinhood. 

Customer support is only available through email, which becomes accessible after going by a series of FAQs.

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Venus – Best Decentralized Crypto Exchange

Venus is a decentralized exchange that launched in 2020. It is built on the Binance smart chain. The significant benefit of the company not including itself in centralized brokers is no trading fees. As Venus belongs to a group of DEXs, there are no or minimal costs on cryptocurrency transactions. No transfer or withdrawal fees are present, and there is a small network fee that varies based on the pressure on the network. You have to own cryptos to fund your account as the exchange does not accept fiat currency. The DEX trading volume takes more than 90% of the market cap in contrast with other brokers. It also has no restrictions on individuals from any part of the world because Venus does not come under regulatory authorities. 

It is also essential to understand the concept of DEX here. A decentralized exchange or DEX does not require any personal information from your side, ensuring that you can make an account and trade within seconds. No third party is involved when you buy or sell your assets, and their services are present worldwide to mitigate any threat of server failure. 

There are also fewer chances for a hacker to get into your portfolio unless you hand out your credentials to someone. Users have access to take loans, earn interest, and synthetic Stablecoins as Venus. For tokenizing your assets, you can use the Binance smart chain, which will grant you vTokens. The decentralized exchange is licensed and open source under the MIT license. 

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Kraken – All-round Excellent Crypto Exchange

Founded in 2011, Kraken complies with all the legal authorities in the areas where they offer services. With headquarters in California, United States, the broker has a competitive fee structure that starts from as low as 0.16% maker and 0.26% for traders having a volume of $0-$50,000. A bigger account size will result in reduced costs and commissions. 

Getting started with the broker is simple, and you’ll be able to set up your account within a few minutes. The company has learned from the previous hacks and cyber-attacks and now stores its coins and tokens in offline cold storage inside cages monitored by armed security. 

It is possible to fund your account using supported cryptos with a minimum fee of $1. You can deposit as many coins as you need as KYC is only necessary for fiat deposits. Withdrawal charges vary based on your locations; however, it will only cost you $5 for a bank transfer if you are in America. For crypto cashouts, it costs 0.0005 BTC and 0.005 ETH. 

The trading platform is customizable to cater to the needs of traders at all levels. You can also peek at level 2 market data and utilize many indicators and technical analysis tools. Three different mobile trading apps vary in their complexity and services. Kraken offers more than 50 digital assets alongside futures contracts and margin trading for residents of 150+ countries. Catchy leverage of 50:1 can be utilized while performing transactions on crypto futures.  

Crypto guides, video lessons, and podcasts are available for everyone, and you do not need to be a member to access them. For any inquiries on their services, customer services are at hand 24 hours, 365 days a year, through live chat. There is no phone or email support.

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Quick-Start Guide To Crypto Exchanges

Before choosing the top exchange for trading cryptos, it is necessary to understand and answer the following questions.

What is a crypto exchange?

A crypto exchange is much like your regular forex or stockbroker that allows you to trade digital currencies such as Bitcoin, Dogecoin, Ripple, etc. By acting as an intermediary for traders to buy or sell cryptos, the brokerage makes money through transaction fees and commissions. 

You can deposit cash into your account using brokerages and convert the fiat currency to crypto assets. There is also an option to fund accounts by sending cryptocurrencies through other channels.

Traders can utilize crypto exchanges to capitalize on the volatility of coins. It is relatively simple and easy to open an account where the brokerage smoothes out the whole process. 

To facilitate participants, companies include the latest market research and education on top digital assets. They also try to regulate themselves in the area of service to avoid any fraud and money laundering activities and provide a safe environment for trading. 

With the growing interest in cryptocurrencies by the general community and billionaires such as Elon Musk, the crypto exchanges have become a popular choice among investors looking to test their mettle.

Types of exchanges

You can classify a crypto exchange into five different categories as shown below:

• A centralized exchange is the most common and largest type, including famous brokers such as Binance and Kraken. It has a central operator that is responsible for security, functionality, and maintaining all the transactions. These brokerages have the best liquidity and volume and support a large variety of cryptocurrencies. 
• Decentralized exchanges are the complete opposite of centralized ones. They have limited functionality and low liquidity but offer better security and are not liable to shut down from government pressure. There is no central authority that interferes in your direct peer-to-peer cryptocurrency trades.
• Crypto broker exchanges offer their services as an exchange platform, but at the same time can be considered a brokerage. It has to comply with the regulation and therefore has to comply with KYC and taxation policies. Coinbase is a famous example of such a type of exchange. 
• An instant exchange allows you to trade with the service instead of other traders. As the name indicates, your transactions are quick and straightforward, and you do not have to wait for your positions to get filled. The costs, however, are on the higher end, and the liquidity is low.
• Hybrid crypto exchanges are a combination of centralized and decentralized exchanges. It reduces security risks, the involvement of intermediaries and provides fast transaction speed and low latency. The amount of liquidity is sufficient for trading ranges under a million dollars.

How to choose a crypto exchange

You have to consider the following factors before you choose the best crypto exchange of your choice:

• Location. It is essential to not the place where the exchange has its presence. Choose the one located in your country as it will help you in deposits and withdrawals with minimal commission. Some brokers do not accept residents from certain countries due to regulations.
• Payment method. Some exchanges only accept funding through cryptos, while others offer you various methods such as P2P trading, bank transfer, and credit/debit card. 
• Fees. Take a note of the cost structure for trading. The critical factors to note are maker/taker, network, and conversion fees. Depending on the increased volume that you have, the broker may offer some rebates.
• Volume and liquidity. A good amount of trading volume ensures that your orders are filled at the best price with zero to no slippage. 
• Security. Many crypto exchanges are under attack by hackers, which results in millions of dollars in loss of cryptocurrencies. Centralized exchanges are a prime target for attackers. Make sure to check the exchange background to see if it has been robbed in the past. Look out for companies that have two-factor authentication, anonymous sign-ups, and complex captchas.
• Order book. Order book volume or level two data can give you an idea of the buy and sell executions and the amount of liquidity. 
• Reputation. Check out popular discussion forums and social media platforms to determine if the exchange is reputable or not. Ask your peers about their experience and any feedback that they can give.