10 Best Crypto Exchanges for 2023 – Features, Fees & Security

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Review overview

BINANCE
9.4
KRAKEN
9.0
GEMINI
8.5
CRYPTO.COM
8.3
KUCOIN
8.5
COINBASE
8.9
BITMEX
8.8
BYBIT
8.8
BISQ
8.5
GATE.IO
8.0

The crypto industry has lived up to its reputation of being highly volatile. It’s not just the crypto prices that are volatile but also the wider market scene of leading companies and exchanges. After recent development, the crypto exchange industry has seen massive changes, especially after top trading platforms like FTX have fallen.

We have brought you this updated guide on the top cryptocurrency exchanges so you know which trading platforms are best to use today. We’ve evaluated the best trading platforms in the crypto world for a wide range of factors including but not limited to trading volume, features, number of coins, transparency, and security.

10 Best Crypto Exchanges on the Market

  • Binance – Largest Crypto Exchange & Best Overall
  • Kraken – Best for Transparency
  • Gemini – Best for Security 
  • Crypto.com – Best Mobile App
  • KuCoin – Best for a Variety of Cryptocurrencies
  • Coinbase – Best for Beginners
  • BitMEX – Best for Derivative Trading
  • Bybit – Best for Transaction Speed
  • Bisq – Best Decentralized Exchange
  • Gate.io – Best for Altcoins

Which cryptocurrency exchanges you use may depend on many factors. However, where you live and what you seek to do with your cryptocurrency are two of the most important determining factors.

We have considered a variety of factors to come up with this list of the best crypto exchanges. Our ranking methodology includes trading volume, trading features, transparency, and security as the most important components of a good crypto exchange. We also looked at additional features such as the number of coins listed, compatibility with crypto trading signals, transaction speed, and extra offerings.

Read the Ranking Methodology section below to find out more about how we chose the top cryptocurrency exchanges.

Best Cryptocurrency Exchanges: Which is the Best?

Below we take you through the best crypto exchanges. From there you can see which is the ideal fit for you now and in the future. This guide will help you if you want to learn how you can make a portfolio, or update your portfolio strategies and make sure your crypto exchange has the coins and trading volume.

Not just that, quality crypto exchanges also offer a resource center for your learning. We have the list of best crypto exchanges for your crypto trading signals needs as well. Basically, we cover all aspects here.

1. Binance – Largest Crypto Exchange

Binance Logo - Best Crypto Exchange

Binance is one of the largest trading platforms and is considered one of the best exchanges for crypto. There are hundreds of cryptocurrencies that are offered by Binance globally. When it comes to the US, Binance.us is the available platform for US citizens to use. However, it’s available in 44 states only and tends to be limited when it comes to cryptocurrency listing and features.

Binance offers all of the major cryptocurrencies, such as Bitcoin (BTC), Binance Coin (BNB), Ethereum (ETH), Litecoin (LTC), Dash (DASH), Dogecoin (DOGE), and many others. The official wallet for Binance users is the Trust Wallet, which is a free app users can find on the App Store and Google Play. But, traders can use any reliable crypto wallet, if they like.

When it comes to customer service, users can choose from three basic options: using the chat option, submitting a ticket, or contacting them through Twitter.

Binance also offers numerous educational resources through Binance Academy, such as articles, webinars, courses, and so much more. Read our Binance review for a more in-depth look at the crypto exchange.

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Trading Features

Users can trade through Binance’s website, mobile app, or desktop app. There are numerous trading tools and real-time charting tools available for all Binance traders. Some other features available include:

  • Ability to access the trade history and portfolios
  • Viewing price charts and the order book
  • Margin trading
  • Different order types, like stop-market order, limit order, stop order, trailing stop order, and stop-limit order

Trading Fees

As compared to other leading platforms, Binance offers the lowest trading fees. Although the trading fees of US-based Binance users are slightly high, it’s still lower than other trading platforms.

Transparency 

In the past, Binance didn’t have a lot of transparency when it came to their reserves. However, in 2022, Binance’s wallet addresses are public and it issues monthly reserves reports on the BUSD stablecoin. Also, the CEO of Binance, Changpeng Zhao, promised to show their Proof of Reserves reports on a regular basis.

Security 

Binance’s security comes with two-factor authentication through text message or the Google Authenticator app. It also offers device management, address whitelisting, and the ability to not allow device access. Despite all of these protocols, Binance’s security offerings are considered to be average.

Start trading on Binance today!

2. Kraken – Best for Transparency

Best Crypto Exchange - Kraken Logo

Kraken is one of the oldest crypto exchanges and it’s best known for its transparency. It has been the ultimate go-to exchange for reliable and safe trading. It’s available in the majority of countries, including the US.

Moreover, Kraken supports more than 110 cryptocurrencies, such as Bitcoin, Cardano, Ethereum, Dogecoin, Ripple Polkadot, and many others. This includes stablecoins as well, such as the USD Coin, Dai, and Tether. Users can also convert US dollars into other currencies like Japanese Yen, Canadian Dollars, and Swiss Francs, to name a few.

24/7 customer support is available through phone, email, and live chat. Plus, Kraken offers different educational resources to its users, like videos and articles. Read the Kraken review for a more detailed analysis of the exchange. Binance and Kraken often come head-to-head, so here’s also a Binance vs Kraken comparison to help you choose.

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Trading Features

Traders can choose from Kraken or Kraken Pro, based on their trading experience. The main Kraken platform is great for beginners when it comes to purchasing cryptocurrency, linking their bank accounts, converting currencies, and so on. 

Kraken Pro works through a smartphone or web browser. The interface might be a bit complicated for beginners, but it’s worth learning. It offers active charts and other detailed information.

Trading Fees

The fees and prices depend on certain factors, like the trade, the platform, spread fees, and so on. When it comes to the prices, Kraken’s fee is 1.5% for the majority of the cryptocurrencies, including 0.9% for stablecoins. 

On the other hand, Kraken Pro comes with lower pricing, mostly based on the total trading volume of the last 30 days. This includes a 0.16% maker fee and a 0.26% taker fee. 

Transparency 

Back in 2014, Kraken developed the use of regular asset audits. Plus, they hired a well-known accounting firm, Armanino LLP. This helped them produce different Proof of Reserve audits over the past few years. Kraken is the first-ever exchange to perform these cryptographic audits regularly.

Security 

Kraken offers two-factor authentication for signing in, trades, and account withdrawals. Users also have the option to lock their accounts if they are suspicious of any fraudulent activity. A couple of users claimed their accounts to be hacked, while the majority of them were satisfied with Kraken’s security protocols.

Start trading with Kraken

3. Gemini – Best for Security

Gemini Logo

Gemini is the best crypto exchange when it comes to security and it’s a beginner-friendly platform. This crypto exchange is available in over 60 countries, including the US. This also includes New York, which is often omitted from crypto exchanges.

When it comes to cryptocurrencies, Gemini doesn’t offer as many except the major ones. This includes Bitcoin, Dogecoin, Ethereum, Gemini Dollar, Cardano, Solana, and USD Coin, to name a few. 

Moreover, Gemini provides a Hot wallet for its users. It also offers numerous educational resources for traders of all levels. 

Trading Features

Users can trade through Gemini’s mobile app and website. The platform has a beginner-friendly platform where traders can easily purchase and sell cryptocurrencies. For more experienced traders, there’s the ActiveTrader platform that comes with multiple order types, advanced charting tools, and easy and quick trade execution. 

Trading Fees

Gemini’s trading fees depend on the platform being used and the trading amount. For instance, there’s a desktop fee schedule and a mobile fee schedule on Gemini. Its fee structure is different as compared to other exchanges that often come with a maker or taker fee model. 

For trades over $50 but under $200, the fee is up to $2.99. For trades over $200, the fee is 1.49%

Transparency 

The Gemini Dollar is audited monthly, by BPM, which is a private accounting firm. It makes sure that there’s parity between the amount of Gemini Dollar in circulation and the amount of USD that’s in reserve. 

Also, anyone can see Gemini Dollar’s transaction history, including the current market cap, price, and other information, on different Ethereum network block explorers like EtherScan.

Security 

Gemini comes with two-factor authentication, the option to check and approve the different devices used to log in, and wallet address whitelisting. Moreover, users have to go through a KYC (Know Your Client) verification process in order to use Gemini’s trading features.

4. Crypto.com – Best Mobile App

Crypto.com Logo

This cryptocurrency exchange comes with trading, staking, investing, NFTs, and wallets. Users who want to properly utilize their cryptocurrency will really benefit from this exchange’s crypto-related products.

Crypto.com is available in 90 countries, including the US (except New York). But, some of its currencies aren’t available everywhere. When it comes to cryptocurrencies, Crypto.com supports all of the major ones, like Bitcoin, Ethereum, Dogecoin, Cardano, Polkadot, and so on. Crypto.com also has its own native token, CRO.

The DeFi Wallet is known as a non-custodial wallet that’s used by Crypto.com. Users get full access to all DeFi services through this. Crypto.com’s customer support is available through live chat, email, and a help page. Some users did report receiving slow responses and their issues remained unsolved.

Crypto.com launched its own university, which is the ultimate learning place for people looking for crypto knowledge. Users can access all sorts of articles on the app, try different quizzes, and get different rewards whenever they pass a course. Here’s a Crypto.com vs Binance comparison to help you choose between the two.

Trading Features

The Crypto.com app allows users to access popular assets and quickly go to their portfolios. Crypto.com is one of the best crypto exchanges with a great mobile app that comes with everything a user needs to make payments through crypto, trade currencies, apply for a Crypto.com credit card, and so much more.

Although the chart tools don’t offer much information, they are simple enough to use. But, there’s a brief summary and links on each currency’s page that provide the user with more information. 

Trading Fees

Generally, Crypto.com’s trading fees are low, but not the lowest ones among its competitors. Crypto.com users that are new and don’t have any CRO staking are required to pay a 0.4% fee on trades with less than $25,000 of total trading volume per month.

When it comes to higher-volume traders without CRO staking, they qualify for a 0.1% fee as a taker and a 0.04% fee as a maker. Users can get discounted trading fees if they have a minimum of 5,000 CRO in their wallet. The larger the stake, the lower the rates will be.

Transparency

Crypto.com has shared its cold wallet addresses for a couple of its biggest assets on its platform. They are still working on sharing their Proof of Reserves and getting help from a reputable auditor.

Security

Crypto.com comes with MFA (multi-factor authentication) and whitelisting, including various other security measures to keep their customers’ accounts safe. Also, they store their customers’ deposits offline and within cold storage in order to prevent any losses.

Crypto.com uses various security measures, including multi-factor authentication (MFA) and whitelisting, to help keep customer accounts safe. Of course, it’s also important to use a strong password and personal online security practices to help protect your account. Cryptocurrency transactions can’t be reversed, so it’s unlikely you’ll recover any lost crypto if your account is breached.

5. KuCoin – Best for a Variety of Cryptocurrencies

KuCoin Logo

KuCoin is available in over 200 countries and it’s the best crypto exchange when it comes to different cryptocurrencies. Also, despite some of the features, this crypto exchange has received poor reviews. 

This cryptocurrency exchange operates in over 200 countries. While experienced traders might appreciate some of this exchange’s features, KuCoin isn’t licensed in the U.S. and has received poor reviews from users.

There are over 600 cryptocurrencies available at KuCoin, including some of the major ones like Bitcoin, XRP, Ethereum, Dogecoin, and so on. All of these cryptocurrencies can be stored in the KuCoin Wallet, which is a self-custody wallet and users have complete control over their assets.

When it comes to customer support, KuCoin has a live chat option and users can submit a request to get some assistance. There’s also a support page available for additional help.

KuCoin does not offer any educational resources, but there is a blog section on its website where users can get all types of crypto-related information. 

Trading Features

KuCoin can be accessed through its mobile app and desktop website, and it comes with numerous tools and features. Users are able to purchase crypto, view markets, lend crypto, trade, and do so much more through the mobile app or desktop site. 

Recently, KuCoin launched a Trading Bot that helps in making the trading process easy. Plus, the KuCoin platform offers four order types – limit, market, stop-market, and stop-limit. P2P, futures, and margin trading is available as well.

Trading Fees

At KuCoin, a tiered maker or taker fee model is available, where trading fees range from 0.0125%-0.1%. This percentage is based on the user’s tier level. The trading fees are low as compared to the competitors. 

Moreover, users can get trading fee discounts according to their KCS (KuCoin Token) balance. KuCoin charges withdrawal fees but the deposits are free.

Transparency

KuCoin has shared the addresses of their hot and cold wallet online. The people over at KuCoin believe in complete transparency and claim to always share the details of their Proof of Reserves. 

Security

Despite the industry-standard security features and KYC verification, KuCoin got hacked in 2020 where millions of dollars were stolen from users’ crypto wallets. Thankfully, everything got covered through an insurance fund.

KuCoin has since then added more security protocols, such as multi-factor authentication plus encryption. There’s a separate password that users have for trading purposes, which adds an extra layer of protection. 

6. Coinbase – Best for Beginners

Coinbase Logo - Best Crypto Exchange

Coinbase is considered to be one of the best crypto exchanges for beginners. Users can purchase, trade, and sell more than 100 cryptocurrencies. Coinbase has more than 98 million users from all over the world, excluding Singapore and other countries that are restricted by OFAC (Office of Foreign Assets Control).

When it comes to cryptocurrencies, Coinbase supports more than 100 coins, such as Bitcoin, USD Coin, Ethereum, Solana, Cardano, and many others. Plus, Coinbase customers have the option of selecting a self-custody wallet or a hosted wallet. There’s also a Coinbase Wallet app that users can opt for, which is a non-custodial wallet.

Several users reported having issues with Coinbase’s customer support, as it’s hard to get in touch with a living person, therefore, Coinbase is considered a self-service. There’s a help page, an automated phone system, a chatbot, and emailed support tickets. 

Also, Coinbase has a “Resources” section on its website where visitors will find guides, case studies, tutorials, and other types of educational resources. 

Trading Features

There are two platforms available, Coinbase and Coinbase Pro. Users can opt for both platforms to purchase, trade, and sell cryptocurrencies. However, they come with different features.

Users with basic computer skills will find the beginner-friendly Coinbase easier to use. It can be used through the mobile app or on a desktop website. The experience is similar to trading stocks through a brokerage online.

Professional traders will enjoy using Coinbase Pro with all of its unique features. There are extra trade types, limit, and stop orders, which aren’t available on the standard Coinbase platform. Also, anyone with a Coinbase account is able to access the pro version, regardless of being a beginner or not.

Trading Fees

Coinbase removed its fee and pricing schedule from the online help section of its website. But, costs are visible on the trade screen when a user enters a trade, therefore, a user is aware of what they are paying for prior to entering a trade.

Trades over $200 come with a percentage-based fee and not a flat fee. Additional fees might be charged for some other services, like withdrawal methods, funding, USD wallet, crypto conversion, and so on.

Transparency

Coinbase’s stocks are available for viewing on Nasdaq’s stock market under COIN. It’s considered a secure crypto exchange with more than 56 million users spread out in over 100 countries.

Security

Coinbase installed industry-leading security protocols to keep their customers’ assets and deposits safe. 98% of the assets are kept safely offline within cold storage. The website installed bank-standard security and encryption. Plus, all users have to go through a two-factor authentication process. 

7. BitMEX – Best for Derivative Trading

BitMEX is known as the best crypto exchange in terms of derivatives, which allows investors and traders to purchase perpetual and future swap contracts through different cryptocurrencies. The exchange is available worldwide except in the US, Iran, North Korea, Syria, Cuba, Sudan, Crimea, and Sevastopol.

The BitMEX exchange supports 18 cryptocurrencies, such as Bitcoin (XBT), Bitcoin Cash (BCH), Ethereum (ETH), Dogecoin (DOGE), Binance Coin (BNB), and so on. Users can store their cryptocurrencies in a cold multi-signature wallet, while other assets are stored in Cold and Hot Wallets.

When it comes to their customer service, it doesn’t offer phone support, but you can contact them through email or support tickets. Also, BitMEX recently launched its BitMEX Academy, which is a multimedia crypto educational platform. Read our Bitmex guide for more details on this exchange.

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Trading Features

Some of BitMEX’s trading features include trading Bitcoin with full leverage, innovative crypto trading, pricing APIs, low-latency trade execution, low-latency market data, and so on. It’s one of the best crypto exchanges for auto-trading with crypto signals. Find out more about the best BitMEX crypto signals here. 

Trading Fees

BitMEX’s trading fees are quite low. It doesn’t charge deposit or withdrawal fees when it comes to Bitcoin. BitMEX doesn’t charge the deposit fee for Tether USD either. Plus, price takers get to pay a 0.05% commission only, and the price-makers get a 0.01% rebate on every trade.

Transparency 

The BitMEX platform is said to be among some of the safest ones for margin trading. Plus, traders can use the BitMEX app for both crypto investments and fiat currency investments.

However, recently, BitMEX came under fire for allegedly violating US trading rules. This greatly impacted its reputation when it came to sticking to bank regulations.

Security 

BitMEX installed an MPC (multi-part computation) system, which allows multiple parties to handle a function on encrypted data and not let any data leave the encrypted domain, besides the desired outcome. According to BitMEX, MPC keeps the platform safe from attackers who are trying to steal funds.

Get started with BitMEX today!

8. Bybit – Best for Transaction Speed

Bybit is the best crypto exchange in terms of transaction speed. It offers a variety of advanced trading tools. This crypto derivative exchange comes with a transaction speed of more than 100 Transaction Per Second (TPS). 

Bybit can be accessed globally except in the US, Singapore, Iran, Cuba, North Korea, Mainland China, Sudan, Canada (Quebec only), Crimea, and Sevastopol.

Bybit offers all major cryptocurrencies, such as Bitcoin (USD and USDT), Ethereum (USD), Ripple (USD), and EOS.io (USD). All of these cryptocurrencies can be stored in the Bybit Wallet, which is its official wallet.

Also, there’s 24/7 customer support available worldwide both through live chat or the phone. Bybit offers numerous educational resources as well, such as courses and guides for all levels of traders. If you’re torn between BitMEX vs Bybit, you might want to pick the latter for Bybit copy trading features. 

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Trading Features

Bybit offers three contract options for its trade derivatives products, which are USDT Perpetual, Inverse Perpetual, and Inverse Futures. Plus, Bybit offers complete access to different trading features, such as isolated and cross-margin trading. 

It also offers a variety of data analysis tools for accessing different types of data like moving average indicators, price moving averages, monthly price ranges, and so on. Plus, it’s also really convenient to use Bybit crypto signals with the exchange’s copy trading feature.

Trading Fees

Bybit gathered a net cost of 0.05%. Users will be charged a withdrawal fee. The withdrawal limits of Bybit are 10BTC, while daily withdrawal limits are 0.0005 BTC. Its funding fee is 0.02%/ -0.02%. Moreover, Bybit charges a 0.075% fee for Takers, while the maker fee (rebate) is 0.025%.

Transparency 

Bybit is considered to be an extremely safe cryptocurrency exchange. The majority of their funds are stored in cold storage, which also includes users’ funds. Plus, Bybit is working towards offering a fully transparent Proof of Reserves solution to show that their clients can depend on them with their funds.

Security

20% of Bybit’s annual budget goes to its platform’s security, as compared to the 15% that’s spent by other platforms. As mentioned above, it uses cold wallets for storage, which comes with strong security management. They also have an efficient two-factor authentication system. 

Start trading on Bybit

9. Bisq – Best Decentralized Exchange

Bisq is considered to be the best decentralized exchange due to its ability to allow users from all over the world to purchase and sell cryptocurrencies securely, making it one of the best crypto exchanges. 

It doesn’t have to work with 3rd-party platforms in order to sell bitcoins. Bisq is available worldwide and supports major cryptocurrencies, like Ethereum, Bitcoin, Dogecoin, and so on.

There’s a dedicated crypto wallet where traders can store their security deposits and fees. Plus, Bisq has a strong customer service team, where users can contact them through the mail. There’s also a detailed FAQ section. Bisq doesn’t offer any educational resources but does have a blog section on its website.

Trading Features

Users are required to run a desktop application in order to trade on Bisq’s platform, rather than using a website. All a trader needs to do is install the application, add their bank account, choose a payment method, and they are all ready to start trading. Also, there’s no central server due to its P2P nature. 

Trading Fees

Both the makers and the takers have to pay 0.001 BTC in order to trade on the platform. Plus, there’s an extra 0.0003 BTC mining fee. This fee is charged three times: when a user is depositing money from their external wallet, throughout the trade, and during funds withdrawal. This makes the total mining fee to be 0.0009 BTC.

The withdrawal fee is 0.0003 BTC, which makes it less than the global industry average. 

Transparency

Since this crypto platform is a peer-to-peer exchange, this makes it more secure to use for trading purposes and keeps it safe from hackers. 

Security

This is a decentralized cryptocurrency exchange, which means that its servers are located all across the globe. Due to a decreased risk of server downtime, decentralized exchanges are pretty much immune to cyber attacks. For instance, if one server gets hacked, this won’t affect the other servers. 

10. Gate.io – Best for Altcoins

Gate.io is considered to be one of the fastest-growing platforms that come with a leading IEO (Initial Exchange Offering) platform, margin trading with leverage, a plethora of cryptocurrencies, and several other services, like margin borrowing. It’s the best crypto exchange in terms of altcoins.

Gate.io is available globally, except in the US and Canada, due to the recent regulatory environment in these countries. Plus, it supports over 1,400 cryptocurrencies, which include Bitcoin, Binance Coin, Ethereum, Dogecoin, and many others. Gate.io provides its account holders with free wallets to store cryptocurrencies. It also uses a hot wallet and cold storage.

When it comes to their customer service, there’s a 24/7 live chat, an option to submit support tickets, and a detailed FAQ section. Also, Gate.io offers various educational resources in the form of articles through their Gate Learn section on the website. 

Trading Features

Gate.io wants ease of use for their users, thus the platform interface is similar to other popular competitors, like Binance. Some of the features can get overwhelming initially, but it’s easy to go through other sections of the website. Through the main menu, users can go to different sections of the website, like margin trading, crypto markets, lending, financial services, and so on.

Despite all this, users view the overall appearance of Gate.io to be a bit complicated with several activities going on at the same time.

Trading Fees

Gate.io charges competitive trading fees, similar to other crypto-to-crypto exchanges. There’s no fee for the deposits. There’s a small withdrawal fee and a 0.2% margin and spot trading fee. When it comes to individual coins, like Ethereum, Gate.io tends to be cheaper. But, it charges a lot more for withdrawing BTC, XRP, and other related coins.

Transparency

Gate.io is committed to providing all of their Proof of Reserves. They work with Armanino LLP in order to offer their users all the relevant information. Their second Proof of Reserves audit results can be found on Armanino’s website.

Security 

Gate.io offers two-factor authentication to its users through Google Authenticator and text messaging (which is considered to be insecure). Users are required to verify before logging in. There’s an extra fund withdrawal password, blind IP logins, and an anti-phishing code.  

Ranking Methodology for the Best Cryptocurrency Exchanges

We focused on the criteria mentioned below in order to classify and choose the best crypto exchanges:

  • Trading Features: This includes the key metrics within the cryptocurrency platform
  • Trading Fees: This consists of the trading fees of each crypto exchange on a platform
  • Platform Accessibility: This shows the availability of each exchange to see where it’s banned and where it’s allowed
  • Customer Services: The efficiency of the crypto exchange’s customer support
  • Cryptocurrency Listing: This shows the number of coins listed on the exchange
  • Educational Resources: We checked to see if the crypto exchange offers any educational resources
  • Security: The efficiency of the security features
  • Transparency: This shows how reliable a crypto exchange is and if it has made its Proof of Reserves available to its users
  • Crypto Wallet Availability: If the crypto exchange has an in-built wallet or not 

What is a Cryptocurrency Exchange?

A crypto exchange is considered a marketplace where cryptocurrencies are purchased and sold. It’s similar to other trading platforms, where users can create order types to sell, purchase, and speculate within the crypto market. 

Certain crypto exchanges come with advanced trading features, such as margin accounts. However, these aren’t always available to users in the US. On the other hand, other exchanges come with crypto loans and other related features. The best crypto exchange also offers educational resources to all its users.

What are the Different Types of Crypto Exchanges

Crypto exchanges are divided into the following categories: centralized exchanges and decentralized exchanges.

Centralized Exchanges (CEX)

These exchanges are controlled by a single organization. It allows users to directly convert their fiat currency into crypto. Most of the crypto trading occurs on centralized exchanges. 

However, there are crypto enthusiasts who don’t believe in centralized exchanges as it goes against the decentralized characteristics of cryptocurrency. Another issue with this type of exchange is the high risk of hacking and losing assets when trades go through. Centralized crypto exchanges have strengthened their security due to this issue in the past few years.

Decentralized Exchanges (DEX)

This exchange divides the responsibility for accelerating and verifying cryptocurrency trades. Users looking to become a part of a DEX network will be able to certify transactions, similar to how crypto blockchains operate. This increases accountability, transparency, and makes sure a crypto exchange continues to run.

However, decentralized exchanges are considered to be less user-friendly, when it comes to different features, such as currency conversion. Users aren’t able to deposit dollars, for example, to exchange them for cryptocurrency. Meaning a user should own crypto already or utilize a centralized exchange.

What Fees Do Crypto Exchanges Charge?

Users pay two types of fees when they purchase and sell crypto. These fees are discussed in more detail below.

Trading Fees

A user might have to pay trading fees in the form of a flat percentage for the amount of crypto they purchase and sell. Or, a crypto exchange might charge its makers and takers a different percentage.

Makers add liquidity within an exchange, which means they don’t fulfill standing orders. On the other hand, Takers get rid of liquidity from a crypto exchange by fulfilling orders waiting for a trade. Taker fees tend to be higher than maker fees, based on the exchange. However, this is not always the case.

Withdrawal Fees

Withdrawal fees depend on the cryptocurrency. There are some exchanges that charge a certain amount of fee when withdrawing coins. This can be a problem for users who want to move their crypto to another exchange or within a secure third-party wallet.

If you’re going to move your crypto, then look for exchanges that charge little to no withdrawal fee.

Additional Fees

A user that’s participating in advanced trading strategies, such as margin trading, will get charged extra fees when it comes to borrowing money. Certain beginner-friendly exchanges offer quick buy features, but they come with higher fees. Users can avoid these features by educating themselves on how to purchase and sell on the trading platform of a crypto exchange.

Moreover, when a user buys through their debit card or credit card, they might get charged a premium by their card issuer and the exchange. Therefore, experts recommend purchasing crypto using wire transfers or cash.

Best Crypto Exchanges – Conclusion

When it comes to the best crypto exchanges, look for the one that meets your specific needs. This helps beginners who are interested in crypto investing or trading. There are numerous best crypto exchanges to choose from, whether you’re looking for the one with the lowest trading fees, the best mobile trading app, or a massive quantity of digital currency to trade.

Keep your priorities and goals in mind, and select the crypto exchange that best fits all of your requirements. 

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Ahad Waseem
Ahad Waseem
A linguistic engineer who writes to solve problems. Ahad is a cybersecurity, blockchain, and business writer who often takes on art, politics, and economics too. He’s written for various crypto publications and trades cryptocurrency too. When he’s not writing, he’s probably on horseback, caring for his houseplants, or training Bonsai trees.
The crypto industry has lived up to its reputation of being highly volatile. It’s not just the crypto prices that are volatile but also the wider market scene of leading companies and exchanges. After recent development, the crypto exchange industry has seen massive changes,...10 Best Crypto Exchanges for 2023 – Features, Fees & Security