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The cryptocurrency industry has exploded in recent years, with thousands of tokens competing for investors’ attention. In this scenario, many crypto exchanges started to pop up and thrive in this industry. Thus, knowing the strengths and drawbacks of these platforms is the best way to pick the right crypto exchange for you. This is especially important after the recent FTX debacle.
With that in mind, we’ve decided to create an overview of the most popular providers when it comes to crypto exchanges and trading services. We took a variety of factors into consideration, including fees, restrictions, additional benefits, and security. After reading this article, you will be able to pick the best place to do transactions with your crypto according to your needs and goals.
It is important to state that, regardless of your preferred platform, crypto exchanges are not as safe as self-custody. If there is something the FTX scandal taught the community, is that even if a crypto exchange seems trustful, it is still a centralized organization. Thus, owning your own keys and using these platforms only for trading is the safest way to go.
A crypto exchange is a website or an app that allows its users to buy and sell a variety of cryptocurrencies. The offer of available currencies depends on the provider’s portfolio. It’s usually the first place that beginner blockchain enthusiasts visit when they want to buy their first coins, as most exchanges enable transactions between crypto and fiat currencies like US dollars and Euros. This means that investors can register on a crypto exchange, deposit their preferred amount of fiat currency, and buy the crypto they wish. Then, they can do other transactions with crypto to grow their assets. It happens similarly as in an ordinary stock market.
Knowing what distinguishes each crypto exchange means you can pick the one that meets your requirements. Each user has different expectations and investing goals. Some want to locate their assets short term, while others want to hold them long-term. There are people who are fans of leverage, want low trading fees, or simply want high security compared to other crypto exchanges. Not to mention that each coin has its community of enthusiasts, which means users looking for global crypto exchanges offering it. Since the criteria are different for each individual, there’s significant competition in the crypto exchange market.
To assist you with this wave of information and factors, here’s a list of trustworthy crypto exchanges we recommend for all our readers. This list offers options for everyone, from crypto investors starting their journey to advanced crypto traders looking to diversify their existing investments.
This list does not follow any specific order and the information provided is based on data from September 2023. With that in mind, let’s dive into the best crypto exchanges for 2023:
· Fees: <0.10%
· Available cryptocurrencies: 350+
· Available fiat currencies: Most of the available international currencies
· Platforms: Web, Android, iOS, Desktop (Windows, Mac, Linux), API
· Security: Secure storage, real-time monitoring, organizational security, advanced data encryption, safe sign-in, access control, security notifications, KYC, AML, and more.
Founded in 2017, Binance is one of the biggest and most popular cryptocurrency exchanges. The platform was launched with the intention of providing a more convenient and secure trading environment for its users. The company has grown rapidly since its inception and now has more than 90 million users around the world.
What's incredible about Binance is that it became much more than a crypto exchange. It is a hub of crypto-related products and services, including staking, NFTs, a card for crypto payments, loans, and more. Compared to other centralized exchanges, Binance is an excellent place for advanced players and newcomers who want to explore the exciting world of blockchain-based possibilities. Everyone will find something for themselves on Binance, which is why it is such a reference in the industry and is regarded as one of the best cryptocurrency exchanges.
· Fees: The lowest fee is 0.0500%, and it’s possible to get a 0% maker fee
· Available cryptocurrencies: 250+
· Available fiat currencies: 6
· Platforms: Web, Android, iOS
· Security: Cold storage, transactions monitoring, deposit check, access policies, 2FA, Secure Software Development Lifecycle, withdrawal protection, certifications, and more.
Crypto.com is a crypto exchange platform that supports the full spectrum of digital assets, including cryptocurrencies, tokens, and stablecoins. It was also the first company to integrate a decentralized marketplace directly into its native DeFi wallet app. The provider also has a plethora of products and services, including its own card, NFTs, and business-dedicated solutions.
Crypto.com was launched in 2016 as Monaco and changed its name in 2018. Their website says that their mission and vision concern making cryptocurrencies more accessible. They want to invest in the expansion of Web3 and help with the global transition towards a crypto-first environment.
· Fees: Depending on various factors, calculated in real-time
· Available cryptocurrencies: 150+
· Available fiat currencies: Most of the available international currencies
· Platforms: Web, Android, iOS
· Security: state-of-the-art encryption, multifaceted risk management programs, 2FA, multi-approval withdrawals, The Coinbase Vault, security notifications, and more.
Created in 2012 by a former Airbnb employee, Coinbase built a strong position in the market as the most secure crypto exchange today. It is regarded as the safest trading platform to buy and sell top-tier digital assets. The now publicly-traded platform offers a wallet, a card, loans, NFTs, and other tools. All that is insured by the provider to guarantee the highest possible safety of the assets and transactions.
With over 108+ million users from more than 100 countries worldwide, Coinbase is considered one of the biggest and best crypto exchanges in the industry. Their quarterly trading volume is $159 billion (as of November 2022), which means that the investors are actively trading, which is perfect for crypto enthusiasts who want to make regular transactions.
· Fees: Various, depending on the type of transaction
· Available cryptocurrencies: 125+
· Available fiat currencies: 8
· Platforms: Web, Android, iOS
· Security: 2FA, support for hardware security keys, private keys stored offsite, employee background check, legal compliance, Coordinated Disclosure Program, and more.
Launched in 2014, Gemini holds quite an unusual position for a cryptocurrency exchange. It is licensed under theNew York State Banking Law, with the New York State Department of Financial Services as its regulator. Gemini was the first blockchain platform to receive such legal approval ever. Thus, it is no surprise that it is known for its strict verification process. While this can be a hassle for some, this offers an extra layer of security for users.
· Fees: 0.9% for stablecoins, 1.5% fee for other pairs, possible to get 0% fee
· Available cryptocurrencies: 200+
· Available fiat currencies: 7
· Platforms: Web, Android, iOS
· Security: Internal security team, cold asset storage, 2FA, withdrawal confirmations, real-time monitoring, guarded servers, configurable account timeout, and more.
Kraken is a highly popular cryptocurrency exchange that has been on the market since 2011. It provides services to over 9 million users and is one of the oldest crypto trading platforms out there. It offers a wide range of services including margin trading, futures trading, NFTs, services for institutions, etc.
Kraken also strongly believes in industry education and offers a free, comprehensive learning platform for people interested in blockchain. The company provides an application for mobile devices, so users can access it anywhere at any time without hassle. The app is available for both Android and iOS.
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Please note that none of this is to be considered financial nor investment advice. We highly advise you to always do your own research (’DYOR’) before interacting with any of the projects or tools we write about. Crypto is a highly dynamic and fast paced environment with lots of moving parts that can quickly change.