Best Crypto Exchanges

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.

Best Crypto Exchange Overall: Binance

Founded: 2017

Location: Washington

Deposit methods: Bank Wire and P2P trading, Relative to currency method
Commissions: 0.02% – 0.1%
Minimum Deposit: $0
Cryptocurrencies: 150+

US Clients:

Digital Wallet:

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 200 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.

Pros

  • A wide variety of deposit and withdrawal methods are available through P2P trading. You can select local transfers with the best exchange rates.
  • It is relatively easy to open an account with Binance. The whole process will only require a few minutes from your side.
  • The company places serious attention on account protection. Any logins are subjected to verification through mobile phone or email.
  • Web and mobile trading apps are user-friendly. New traders can quickly grasp the concept behind trading through the use of a demo account.
  • The broker’s transaction fees are extremely low—traders with big equity pay as low as 0.02% on maker trades.
  • Binance is one of the most trusted brokers in the crypto industry and is the top crypto traders’ first choice.

Cons

  • Customer support can take hours to connect. Even if you do come across a company representative, the chances that your problem will resolve are low.
  • There is no comprehensive daily market analysis.

Best Crypto Exchange For Beginners: Coinbase

Founded: 2012

Location: California

Deposit methods: Bank Wire, Debit Card, PayPal
Commissions: $0.99 – $2.99 / 0.5%
Minimum Deposit: $0
Cryptocurrencies: 50+

US Clients:

Digital Wallet:

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.

Pros

  • The exchange allows you to access more than 30 cryptocurrencies.  
  • The account opening process is simple. The company provides deep attention to the security of its customers’ funds.
  • The user interface is excellent. Any beginner can understand the platform easily. The company has a learning program that allows users to earn cryptos as they increase their knowledge of how the industry works.
  • As many traders opt for Coinbase as their central trading platform, the amount of liquidity available at the exchange is high.
  • The mobile trading app comes with all the functionalities of the desktop version.
  • Coinbase has a big name in the crypto market, where it is the primary choice of more than 30 million customers.

Cons

  • Due to extensive security practices and tight integrations, the company may close your account if it smells any malpractice or fraud. 
  • Customer support service lacks quality. Most of the time, the representative fails to dig deep into your problem.
  • Higher fees in contrast with other exchanges.

Best Crypto Exchange For Altcoins: KuCoin

Founded: 2017

Location: Singapore

Deposit methods: Crypto and fiat
Commissions: Minimum 0.10% maker and taker fee
Minimum Deposit: $0
Cryptocurrencies: 30+

US Clients:

Digital Wallet:

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.

Pros

  • An excellent trading platform for beginners to learn in the initial stages of their trading.
  • Kraken is best for traders looking for a wide variety of assets, including crypto futures.
  • The brokerage accepts a fair amount of currencies.
  • The fees are reasonable on trades and deposits, and withdrawals.
  • A good amount of educational material that anyone can access.
  • High liquidity is available – that ensures your orders get filled, and there is no slippage.
  • An easy-to-use trading platform with three mobile apps. A wide variety of orders and positions are at hand.
  • The crypto exchange welcomes all users with a low or a high capital.

Cons

  • The amount of leverage available to traders is low.
  • Deposits and withdrawals can sometimes cost a lot, depending on the method that you choose. 
  • The company was exposed to hackers, which led to bankruptcy once. It raises alarms on the security.

Best Crypto Exchange For Margin Trading: ByBit

Founded: 2018

Location: Singapore

Deposit methods: Fiat, online spot exchange, P2P trading
Commissions: 0.025% market and 0.075% taker
Minimum Deposit: $0
Cryptocurrencies: 9

US Clients:

Digital Wallet:

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. 

Pros

  • Provides leverage of 100:1 on BTC/USD, making it one of the industry’s leading brokers with the best margins.
  • A good quality interface with TradingView charting support and hundreds of tools that are best for technical traders.
  • ByBit mutual insurance fund helps protect your equity when the positions move against you. Advance liquidation back-end insurance fund ensures that you don’t lose more money than your initial margin.
  • Customer support service is responsive to traders’ requests. 
  • A fair amount of security is available on all accounts.
  • There is no KYC requirement meaning you can open an account and deposit instantly to start trading. 
  • Requests for withdrawals are processed three times a day, making sure you get your money as soon as possible.

Cons

  • ByBit recently stopped its services for residents of the United Kingdom due to regulatory issues. US clients are also not allowed on the exchange. 
  • The company is relatively new in the financial industry.

Best Mobile App: Robinhood

Founded: 2013

Location: California

Deposit methods: Bank Transfer
Commissions: $0
Minimum Deposit: $0
Cryptocurrencies: 7

US Clients:

Digital Wallet:

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.

Pros

  • Robinhood provides a great mobile trading app that includes a news feed, technical charts, and other functionalities for helping traders.
  • There are no costs or commissions on trading cryptos.
  • The interface of the website and mobile trading is simple and easy to use.
  • The broker is best for investors who are just stepping into the crypto industry due to its streamlined interface, learning section, and easy navigation.
  • Other than cryptos, you can also perform executions on stocks, options, and ETFs.
  • You can have instant access to your deposited cash.
  • Requests for withdrawals are processed three times a day, making sure you get your money as soon as possible.

Cons

  • For a broker who has volume in billions of dollars, customer support is cheap and ineffective. You can only contact them via email.
  • It requires quite some time for you to open an account and start trading as the company has to approve your application. A request for identification may further extend the process.
  • The quotes offered by the exchange may lag by a margin of a few seconds.

Best Decentralized Crypto Exchange: Venus

Founded: 2020

Location: N/A

Deposit methods: Crypto Transfer
Commissions: $0
Minimum Deposit: $0
Cryptocurrencies: 17

US Clients:

Digital Wallet:

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. 

Pros

  • A benefit of using DEX is the ability to stay anonymous and avoid volume and price manipulation at the same time.
  • There are zero to little costs or commissions.
  • The transactions are fast and secure. 
  • You can earn interest in your assets.
  • vTokens are easy to move around in cold storage or transferring to other users.
  • You can borrow from Venus protocol easily and quickly with no fees and slippage.
  • DEX does not come under the supervision of regulators. Traders from all over the world can participate in these exchanges. 
  • No one can freeze your account or transfer data to third parties.

Cons

  • Margin trading is not available with DEX.
  • You can not perform transactions in fiat currencies. All the cash-ins must only take place through cryptocurrencies.

Best Crypto Exchange For Lowest Fees: Kraken

Founded: 2011

Location: California

Deposit methods: Crypto and fiat
Commissions: 0% – 0.26%
Minimum Deposit: $0
Cryptocurrencies: 50+

US Clients:

Digital Wallet:

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.

Pros

  • An excellent trading platform for beginners to learn in the initial stages of their trading.
  • Kraken is best for traders looking for a wide variety of assets, including crypto futures.
  • The brokerage accepts a fair amount of currencies.
  • The fees are reasonable on trades and deposits, and withdrawals.
  • A good amount of educational material that anyone can access.
  • High liquidity is available – that ensures your orders get filled, and there is no slippage.
  • An easy-to-use trading platform with three mobile apps. A wide variety of orders and positions are at hand.
  • The crypto exchange welcomes all users with a low or a high capital.

Cons

  • The amount of leverage available to traders is low.
  • Deposits and withdrawals can sometimes cost a lot, depending on the method that you choose. 
  • The company was exposed to hackers, which led to bankruptcy once. It raises alarms on the security.

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.

Our Methodology

The best crypto exchanges that we have included in our list are handpicked by top professionals who have tested their services over several months. We consider various factors such as security, location, commissions, trading platform, available cryptocurrencies, deposit/withdrawal options, market research, education, and customer support as measuring to determine the top choices. After careful analysis, we summarized everything into short paragraphs and tables to make your final decision with ease.