Cryptocurrency trading has become increasingly popular over the past few years, and with it has come a flood of new exchanges. But which ones are the best for traders in 2024?
In this article, we will look in-depth at some of the top 10 crypto exchanges on the market today. We'll discuss their features, benefits, fees, security measures, liquidity levels, and pairings to give readers an idea of what each exchange offers. By understanding these aspects more clearly, you can better decide which one is best suited for your needs as a trader. Moreover, we'll also discuss the types of different crypto exchanges and how to choose the right one for you. Finally, we will also give you tips on how to choose the best crypto exchange for 2023.
In this regard, we review the number of crypto exchanges operating in the space right now and have narrowed them down to the 10 best. So without further ado, let's dive into our list of the 10 best crypto exchanges of 2023!
But first you must know about what is crypto trading and what is crypto trading exchange. You can also read our in-depth guide on what cryptocurrencies are and how they work.
What is Crypto trading and Crypto Trading Exchange?
Crypto trading is the process of buying and selling cryptographic assets in order to generate profit or hedge against risk. Crypto traders can use different strategies, such as market timing and technical analysis, to make informed decisions when trading.
A cryptocurrency exchange, a digital currency exchange or crypto trading exchange, is an online platform allowing users to buy and sell cryptocurrencies. Many of these exchanges offer features like margin trading, leverage trading, and derivatives like futures and options contracts.
How does it work?
When trading on a crypto exchange, you need to deposit funds into your account. You can then use these funds to buy and sell cryptocurrency pairs. Cryptocurrency pairs are simply different combinations of the two digital currencies being traded on the exchange.
The prices of these cryptocurrency pairs are determined by the forces of supply and demand in the market, much like any other asset or commodity. When you make a trade, your funds are transferred to another user's account through blockchain technology. In addition, certain fees are associated with using a crypto exchange, such as trading and withdrawal fees.
Now that you understand crypto trading and exchanges better let's look at the top 10 crypto exchanges of 2023.
Disclaimer. Not financial advice. Do your own research. Don't risk funds you can't afford to lose.
10 Best Crypto Exchanges of 2023
In 2023, there are of crypto exchanges operating around the world. We have compiled a list of the 10 best ones that offer features like low fees, high liquidity, and robust security measures.
10 Best Crypto Exchanges at One Glance
| Name | Fee | Supported Cryptos |
|---|---|---|
| Kraken | 0-0.26% | 200+ |
| Gemini | 0-0.4% | 100+ |
| Crypto.com | 0.04-0.4% | 250+ |
| Kucoin | 0.1-0.8% | 700+ |
| Coinbase | 0.4-0.6% | 200+ |
| Binance | 0.10% | 350+ |
| eToro | 1% | 20+ |
| Robinhood | 0% | N/A |
| BitMart | 0.25% | 1000+ |
| SoFi | 1.25% | 20+ |
Kraken
Kraken is one of the world’s oldest and largest cryptocurrency exchanges founded in 2011 by Jesse Powell and is based in San Francisco, California. It has a reputation for being a trusted and reliable platform for trading digital assets.
Kraken presents a wide range of cryptocurrencies for trading. Kraken also allows its users to trade cryptocurrency for fiat currencies, such as US dollars, Euros, and Canadian dollars.
Why we choose it:
- Security: The exchange uses two-factor authentication (2FA) and email verification for withdrawal to ensure security. Additionally, it uses customized granular API key permission systems to restrict access to user accounts.
- High Liquidity: Kraken has a high level of liquidity, which means it can handle large orders without causing significant price fluctuations. This makes it an attractive platform for institutional investors and high-volume traders.
- Competitive Fees: According to Kraken's fee structure, trades are charged between 0% and 0.26%, depending on the type of trade and volume. The exchange also offers discounts for high-volume traders and market makers.
- Mobile App: Users can keep an eye on their portfolios wherever they are with Kraken's mobile app for iOS and Android devices.
| Pros | Cons |
| Extensive range of cryptocurrencies and fiat pairs | Higher fees if not using Kraken Pro |
| Advanced features for experienced traders | Limited account funding options |
| Strong security protocols | The interface may be confusing for beginners |
Gemini
Founded in 2014 by Cameron and Tyler Winklevoss, Gemini is the world's largest cryptocurrency exchange. The New York State Department of Financial Services regulates the exchange based in New York.
There are many cryptocurrencies available for trading on Gemini, including Bitcoin, Ethereum, Litecoin, Bitcoin Cash, and Zcash. The exchange also allows users to trade cryptocurrency for fiat currencies, such as US dollars, Euros, and Canadian dollars.
Why we choose it:
- Security: The exchange uses two-factor authentication (2FA), and Support for hardware security keys, like Yubikey, to secure user accounts.
- Low Fees: In terms of fees, Gemini charges a range of 0% to 0.4% based on the type of trade and the volume of trades carried out by a user. The exchange also offers discounts for high-volume traders and market makers.
- Credit Card: You can earn rewards in 100+ crypto by using a Gemini credit card.
- Mobile App: Users can keep an eye on their portfolios wherever they are with Kraken's mobile app for iOS and Android devices.
| Pros | Cons |
| Offers a large selection of altcoins | Trading fees can be higher than some other platforms |
| Hot wallet insurance | Limited availability in some countries |
| Robust security measures | Limited payment and deposit methods |
Crypto.Com
The cryptocurrency exchange platform Crypto.com was founded in 2016 and provides financial services for cryptocurrency users. The exchange is based in Hong Kong and is regulated by the Malta Financial Services Authority.
There are numbers of cryptos to trade in crypto.com. The exchange also offers a range of financial services, including a cryptocurrency wallet, a prepaid Visa card, and an investment platform.
Why we choose it:
- Security: The exchange uses multi-factor authentication (MFA), Secure Software Development Lifecycle, which is a combination of dynamic and static source code analysis tools, and email verification for withdrawal.
- Low Fees: Crypto.com has a competitive fee structure, with fees ranging from 0.04% to 0.4% depending on the type of trade and the volume of trades that a user makes. The exchange also offers discounts for high-volume traders and market makers.
- Metal Visa Card: You can get back 5% on every spending by using its metal Visa card.
- Mobile App: Users can keep an eye on their portfolios wherever they are with Kraken's mobile app for iOS and Android devices.
| Pros | Cons |
| A broad selection of cryptocurrencies for trading | Poor customer support |
| Transparent and competitive fees with discounts | Complex fee structure |
| Additional features like staking and crypto-backed loans |
Kucoin
KuCoin was founded in 2017 and is one of the best crypto exchanges headquartered in Seychelles. Moreover, it provides 700+ cryptos for trading.
Why we choose it:
- Security: The exchange uses Multi-layer account security), advanced private key management, and Robust Risk Control System with API Protections.
- Low Fees: According to the level of trading, KuCoin charges 0.1% to 0.8% in fees. The exchange also offers discounts for users who hold its native token, KuCoin Shares (KCS).
- Multiple Trading Options: KuCoin provides various trading options, including margin trading, Spot trading, trading bot, and convert.
- Wallet: it supports Halo Wallet, a self-custody social wallet designed to secure digital assets.
- Native Token: KuCoin has its own native token called KuCoin Shares (KCS), which provides users with a range of benefits, including lower trading fees, exclusive promotions, and a share of the exchange's daily trading fees.
- High Liquidity: KuCoin has a high level of liquidity, which means that it is able to handle large orders without causing significant price fluctuations.
| Pros | Cons |
| Offers a wide range of altcoins | Not as strictly regulated as other platforms |
| Ability to earn interest on crypto | Negative users' reviews |
| Low fees | Not licensed in the U.S. |
Coinbase
Coinbase is a well-known digital currency trading platform that was established in 2012 and had its main office located in San Francisco, California. The exchange offers various services, including an online wallet and the ability to buy, sell, and trade cryptocurrencies.
Why we choose it:
- Security: The exchange uses a two-step verification and password management system by using the bcrypt algorithm. f you see any unauthorized activity on your account, you can use Lock My Account option to automatically lock your account to stop all kinds of activities
- Wallet: Coinbase's wallet service allows users to store their cryptocurrencies securely.
- Native Token: Coinbase has its own token named Coinbase Coin (COIN) that comes with advantages like reduced trading fees, unique offers, and a percentage of the exchange's daily trading fees.
- Visa Debit Card: Coinbase also offers a Visa debit card, which allows users to make payments with their crypto holdings without any fee.
- Learn to Earn Rewards: Coinbase has a feature called Learn to Earn Rewards, which allows new users to earn rewards when they learn about cryptocurrency by watching videos and completing quizzes.
| Pros | Cons |
| The platform is regulated and has a strong security framework | No control over private keys in a wallet |
| High liquidity and buying limits | Higher fees compared to some competitors |
| Insurance coverage for digital assets stored on the platform | Poor customer support |
Binance
Binance is a famous and known cryptocurrency exchange founded in 2017 and headquartered in Malta. The exchange offers a range of services, including an online wallet and the ability to buy, sell, and trade cryptocurrencies. In addition, Binance has a mobile app for Android and iOS devices.
Why we choose it:
- Security: The exchange uses two-factor authentication (2FA), offline cold storage, multi-signature, and threshold signature schemes (TSS) to ensure the maximum security of its users' funds.
- Low Fees: Binance has no fee on deposit, while on trading, it charges a 0.1% fee per trade if you do not use BNB. The exchange also offers discounts for users who hold its native token, Binance Coin (BNB).
- Advanced Trading Tools: Binance also provides advanced trading tools for traders, such as finance convert, spot, margin, and strategy trading. The exchange also provides access to real-time market data and charting tools to help traders make informed decisions.
- Native Token: Binance has its own native token called Binance Coin (BNB), which provides users with a range of benefits, including lower trading fees, exclusive promotions, and a share of the exchange's daily trading fees.
- Binance Loan: Binance also offers a loan service, which allows users to borrow funds using their crypto holdings as collateral. This is a great way for traders to access additional liquidity without having to sell their crypto assets.
- Staking: Binance also provides staking services, which allow users to earn rewards in return for holding their crypto assets on the exchange.
| Pros | Cons |
| High liquidity, supports a wide range of cryptocurrencies | Has faced regulatory scrutiny in some countries |
| Advanced trading options like futures and margin trading | The UI is complex and may be confusing |
| Lower fees | No built-in digital wallet |
eToro
Etoro is a leading social trading platform that was established in 2007. The company has its main office located in Cyprus. The platform allows users to trade a variety of assets, including cryptocurrencies. It also provides an online wallet and trading tools like charting, copy-trading, and copy-portfolio.
Why we choose it:
- User-Friendly Interface: eToro has a user-friendly interface that makes it easy for beginners to buy, sell, and trade cryptocurrencies. The platform also offers a mobile app for iOS and Android devices, which allows users to trade on the go.
- Copy Trading: eToro allows users to copy the trades of successful traders, making it easier for beginners to get started in trading. The platform also has a social trading feature, which allows users to connect with other traders and discuss strategies.
- Security: The platform uses two-factor authentication (2FA), online and offline storage support, and one of the best monitoring tools to ensure security.
- Fee: The fees on eToro are quite low, 1% for buying and 1% for selling, making it one of the most cost-effective options.
- Wallet: eToro has its own wallet service, which allows users to store their cryptocurrencies securely.
- Learning Program: The platform also offers a range of educational resources for beginners, including tutorials and webinars.
| Pros | Cons |
| Allows users to copy trades from experienced traders | Crypto trading is not available in all countries |
| eToro Money cash management service | High withdrawal fee |
| Regulated by multiple financial authorities. | Lack of advanced trading tools |
Robinhood
Robinhood is a popular investment and trading app founded in 2013 and headquartered in the United States. In addition to offering traditional investment options, the platform allows users to trade various cryptocurrencies.
Why we choose it:
- Commission-Free Trading: Robinhood offers commission-free trading, which means that users can trade cryptocurrencies without incurring any fees. This makes it an attractive platform for users who want to make small trades without worrying about fees eating into their profits.
- Security: The platform uses two-factor authentication (2FA) and an industry-standard BCrypt hashing algorithm to save passwords in a scrambled format that no one can read.
- Crypto tracking: Robinhood allows users to track the prices of a range of cryptocurrencies and provides real-time market data and charting tools to help users make informed decisions.
- Cash Card: Robinhood also offers a cash card, which allows users to earn reward points when they use the card.
| Pros | Cons |
| Simple, intuitive interface suitable for beginners | A limited selection of cryptocurrencies |
| Ability to trade fractional shares | Lacks advanced features and tools. |
| No trading fees or commissions |
BitMart
BitMart is a crypto exchange established in 2017 and based in the Cayman Islands. The platform offers trading services for more than 100+ cryptocurrencies and allows users to trade on the go using its mobile app.
Why we choose it:
- Trading Pairs: BitMart provides the opportunity to its traders for a large number of trading pairs. The exchange also offers trading pairs in a variety of fiat currencies, including USD, EUR, and JPY.
- Low Fees: In the crypto industry, BitMart charges some of the lowest trading fees, with fees as low as 0.25% for both taker and maker trades.
- Security: Bitmart’s security system is very mature and sophisticated. This includes an "advanced risk control system," operating a hybrid hot and cold wallet system, and deploying multi-signature technologies.
- BitMart Token (BMX): BitMart has its own native token, BMX, which can be used to pay trading fees on the platform. BMX can also be used to participate in various promotions and trading competitions on the exchange.
| Pros | Cons |
| Wide selection of cryptocurrencies for trading | Poor customer support |
| Competitive trading fees | Has experienced security issues in the past |
SoFi
SoFi is a financial technology company offering various financial services, including banking, investing, and lending. The company launched its own cryptocurrency exchange, SoFi Invest, in 2019.
Why we choose it:
- Low Fees: SoFi Invest charges very low fees for trading cryptocurrencies, with 1.25% on every trade.
- Range of Cryptocurrencies: SoFi Invest currently offers trading in 20+ cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.
- Security: SoFi Invest has implemented a number of security features to protect users' funds and personal information. This includes two-factor authentication (2FA), chip card technology, and suspicious activity monitoring service to prevent unauthorized access to user accounts.
- Referral system: SoFi Invest offers users the opportunity to earn bonus rewards through a referral system. Users can refer friends and family to use the platform and receive bonus rewards in the form of cryptocurrency when those referrals complete their first eligible transaction.
| Pros | Cons |
| Ability to trade fractional shares | Limited range of investment options |
| Automated investing, lending, cash management | No advanced trading options |
| Commission free trades |
Methodology
In order to determine the best crypto exchanges, we conducted research and considered a variety of factors. These included trading fees, security features, the range of cryptocurrencies offered, and the user-friendliness of the platform. We also looked at other features, such as referral programs and cash cards, that could be potentially beneficial to users.
After conducting our research, we compiled a list of 10 top crypto exchanges based on the above criteria. Our goal was to find secure and convenient platforms for users while also providing a wide range of cryptocurrencies and low fees.
We believe that the 10 crypto exchanges listed above offer users great features and should be considered when choosing an exchange. Each platform has its own strengths and weaknesses, so it's important to do your research and find out which one is right for you.
No matter which platform you choose; however, it's important to always practice safe crypto trading and investing habits. Be sure to secure your funds with strong passwords and two-factor authentication, use a reliable wallet for storage, and only trade on trustworthy exchanges with high liquidity and low fees. Doing so will help ensure that your trading and investing experience is successful.
According to our criteria, these are the 10 best crypto exchanges, but there are many other great options out there. We recommend doing your own research and finding the exchange that best suits your needs. Happy trading!
Different Types of Crypto Exchanges
Crypto exchanges come in a wide variety of shapes and sizes, so it's important to know the type of exchange you're using before trading. Here are the three main types:
Centralized Exchanges (CEX):
These exchanges allow users to buy and sell cryptocurrencies through traditional payment methods such as credit cards and bank transfers. These exchanges usually offer more currencies than decentralized exchanges, but they also come with fees and require users to register with their personal information.
Decentralized Exchanges (DEX):
These types of exchanges are built on blockchain technology, meaning that all transactions are conducted peer-to-peer without the need for a middleman. This makes them more secure, but it also means that the selection of currencies is usually limited.
Hybrid Exchanges:
As their name suggests, these exchanges combine features from both CEXs and DEXs to offer users the best of both worlds. These exchanges typically have higher fees than decentralized ones and don't offer as wide of a selection, but they are still popular due to their high liquidity and security measures.
Crypto Exchange Fees
When choosing a crypto exchange, it's important to consider the fees associated with using that platform. Exchange fees can vary significantly from one platform to another, so it's important to shop around and compare rates before making your decision.
Generally, there are three types of fees to consider: trading, withdrawal, and other fees.
- Trading Fee: This is the fee you pay when you buy or sell cryptocurrency on an exchange. Most exchanges have a flat fee structure, but some may charge different fees depending on the currency being traded.
- Withdrawal Fee: This is the fee charged by many exchanges for withdrawing funds from your account. Some platforms offer free withdrawals, while others may charge as much as 3% of the amount being withdrawn.
- Other Fees: Some exchanges may also charge additional fees such as deposit and network transaction fees. It's important to read the fine print and understand all of the associated costs before signing up for an exchange.
Overall, while it's important to factor in the fees associated with a crypto exchange, it's also important to remember that cheaper isn't always better. It's essential to ensure you use a reliable and secure platform before trading.
How to Choose a Crypto Exchange
Choosing the right crypto exchange is an important decision, and there are several factors to consider, such as:
- Security: It's essential to make sure that the platform you're using is secure. Look for exchanges with strong security measures such as two-factor authentication, encryption, and cold storage options.
- Liquidity: The more liquid an exchange is, the easier it is to buy and sell cryptocurrencies. High liquidity ensures that you won't have to wait long for your orders to be filled.
- Pairings: Different exchanges offer different pairings, so choosing one that supports the currencies you are looking to trade is important.
- Fee structure: As mentioned earlier, different exchanges charge different fees, so comparing rates before signing up is important.
- Crypto storage: Some exchanges offer the option of storing your cryptocurrency on their platform, while others do not. This is an important factor to consider if you want access to your funds quickly and easily.
- Available coins: Different exchanges have different cryptocurrencies available, so it's important to ensure that the platform you choose supports the currencies you want to trade.
Bottom Line
With the rapid growth of cryptocurrency and blockchain technology, staying up-to-date on the best crypto exchanges is important. This article has provided a comprehensive look at the top 10 crypto exchanges of 2023 and outlined the features, benefits, and fees associated with each platform. Ultimately, the right exchange for you depends on your needs and preferences. Be sure to do your research before selecting an exchange so that you can make the best decision for your trading strategy.
Frequently Asked Questions
What Should You Look at When Choosing a Cryptocurrency Exchange?
When choosing a crypto exchange, it's important to consider the fees associated with using that platform, as well as the security measures in place, liquidity, pairings, and other factors such as storage options and the selection of coins available. Moreover, it's important to make sure that the exchange is reliable and legitimate, so read reviews before making your decision.
What Is the Safest Crypto Exchange?
Security is of utmost importance when it comes to trading digital assets, and the best exchanges take extra measures to keep your funds safe. When choosing an exchange, traders should consider the exchange's security measures, such as two-factor authentication or multi-factor authentication and cold storage. Popular exchanges such as Coinbase, Binance, and Kraken have implemented these measures to secure user accounts and funds. Additionally, many exchanges use advanced encryption technology to protect user information and funds well.
How Many Crypto Exchanges Are There?
There are currently hundreds of crypto exchanges, with new ones popping up daily. Although there is a wide selection of exchanges to choose from, it's important to do your research and select one that is secure and reliable. According to Forbes, there are around 500 crypto exchanges in operation.
How much money do you need to buy crypto?
The amount of money you need to buy cryptocurrency depends on the exchange and currency you are buying. Some exchanges require a minimum deposit, and others don't. Generally, you will need to have enough funds to cover the cost of your purchase plus any fees that the exchange charges. However, some exchanges allow you to buy cryptocurrency with a credit or debit card for a smaller amount of money. Additionally, many crypto exchanges offer discounts and incentives if you purchase a larger amount of cryptocurrency.
How do I open a crypto exchange account?
Opening a crypto exchange account is a relatively straightforward process. You will need to provide some personal information, such as your name, address, and email address. Additionally, you may also be asked to provide proof of identity, such as a government-issued ID or passport. Once you have provided your personal information and completed the verification process, you will be able to open a trading account and start buying, selling, and trading digital assets.
