The Best Crypto Exchanges – Features, Fees & Security

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The crypto industry has lived up to its reputation of being highly volatile. This is due to volatile crypto prices and the broader market scene of leading companies and exchanges. After recent developments, the crypto exchange industry has seen massive changes, especially after 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 today. We’ve evaluated the best trading platforms in the crypto world for a wide range of factors, including but not limited to exchange by trading volume, features, number of trading pairs, transparency, and security.

TABLE OF CONTENT (click to expand)

• The 12 Best Crypto Exchanges on the Market
• Best Cryptocurrency Exchanges: Which is the Best?
  • 1. Binance – Largest Crypto Exchange
  • 2. Bybit – Best for Transaction Speed
  • 3. BitMEX – Best for Derivative Trading
  • 4. Kraken – Best for Transparency
  • 5. Gemini – Best for Security
  • 6. Bitvavo: The European Crypto Exchanges
  • 7. Crypto.com – Best Mobile App
  • 8. OKX – Best Newcomer
  • 9. KuCoin – Best for a Variety of Cryptocurrencies
  • 10. Coinbase – Best for Beginners
  • 11. Bisq – Best Decentralized Exchange
  • 12. Gate.io – Best for Altcoins
• Bonus Exchange PrimeXBT
• Ranking Methodology for the Best Cryptocurrency Exchanges
• What is a Cryptocurrency Exchange?
• What are the Different Types of Crypto Exchanges
  • Centralized Exchanges (CEX)
  • Decentralized Exchanges (DEX)
• What Fees Do Crypto Exchanges Charge?
  • Trading Fees
  • Withdrawal Fees
  • Additional Fees
• Best Crypto Exchanges – Conclusion

The 12 Best Crypto Exchanges on the Market

1. Binance – Best Overall
2. Bybit – Best for Crypto Transaction Speed
3. BitMEX – Best for Derivative Trading
4. Kraken – Best for Transparency
5. Gemini – Best for Security 
6. Bitvavo – Best European Exchange
7. Crypto.com – Best Mobile App
8. OKX – Best Newcomer
9. KuCoin – Best for a Variety of Cryptocurrencies
10. Coinbase – Best for Beginners
11. Bisq – Best Decentralized Exchange
12. Gate.io – Best for Altcoins

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

We have considered various factors to develop this list of the best crypto exchanges. Our ranking methodology includes trading volume, trading features, transparency, and security as the most critical components of a good crypto exchange. We also examined the number of coins listed, compatibility with crypto trading signals, transaction speed, and extra offerings.

Read the Ranking Methodology section below to learn 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 determine 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 also have the list of best crypto exchanges for your crypto trading signals needs. We cover all aspects here.

1. Binance – Largest Crypto Exchange

Binance is the largest cryptocurrency exchange and offers hundreds of cryptocurrencies globally. In the US, Binance.us is available in some states.

Binance offers all of the major cryptocurrencies, such as Bitcoin (BTC), Binance Coin (BNB), Ethereum (ETH), Litecoin (LTC), AVAX, Dogecoin (DOGE), and 400 others, and 11 fiat currencies. The official wallet for Binance users is the Trust Wallet, a free app users can find on the App Store and Google Play. However, traders can use any reliable crypto wallet if they like.

Regarding 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.

Trading Features

Users can trade through Binance’s website, mobile app, or desktop app. Numerous trading tools and real-time charting tools are 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 and advanced trading features
• Different order types, like stop-market orders, limit orders, stop orders, trailing stop orders, and stop-limit orders

Trading Fees

Compared to other leading platforms, Binance offers the lowest trading fees. Although the trading fees of US-based Binance users are slightly high, they’re still lower than those of other trading platforms.

Transparency 

In the past, Binance was not very transparent about its reserves. However, in 2022, Binance’s wallet addresses will be public, and monthly reserves reports will be issued on the BUSD stablecoin. Also, Binance’s CEO, Changpeng Zhao, promised to show their Proof of Reserves reports regularly.

Security 

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

2. Bybit – Best for Transaction Speed

Bybit is the best crypto exchange in terms of transaction speed. It offers a variety of advanced crypto services. This crypto derivative exchange has a speed of over 100 secure transactions 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). These cryptocurrencies can be stored in the Bybit Wallet, which is its official wallet. In total, Bybit offers over 500 other different cryptocurrencies and six fiat currencies.

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

Trading Features

Bybit offers three contract options for its trade derivatives products: USDT Perpetual, Inverse Perpetual, and Inverse futures trading with a great user interface. Plus, Bybit provides access to different trading features, such as isolated and cross-margin trading/futures trading. 

It also offers various data analysis tools for accessing different data types, like moving average indicators, price moving averages, monthly price ranges, etc. Using Bybit crypto signals with the Bybit exchange’s copy trading feature is also convenient.

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. Most of its funds, including users’ funds, are stored in cold storage. Plus, Bybit is working towards offering a fully transparent Proof of Reserves solution to show that its clients can depend on it with their funds.

Security

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

3. BitMEX – Best for Derivative Trading

BitMEX is known as the best crypto exchange for derivatives. It lets investors and traders purchase perpetual and future swap contracts through cryptocurrencies. The business is available worldwide except in the US, Iran, North Korea, Syria, Cuba, Sudan, Crimea, and Sevastopol.

The BitMEX exchange supports 30+ cryptocurrencies, such as Bitcoin (XBT), Bitcoin Cash (BCH), Ethereum (ETH), Dogecoin (DOGE), Binance Coin (BNB), and so on. Users can store their digital assets in a cold multi-signature wallet, while other assets are held 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.

Trading Features

Some of BitMEX’s advanced features include trading Bitcoin with total leverage, innovative crypto trading, pricing APIs, low-latency trade execution, low-latency market data, etc. 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 pretty low. It doesn’t charge deposit or withdrawal fees when it comes to Bitcoin. BitMEX doesn’t trust the deposit fee for Tether USD either. Plus, price takers only pay a 0.05% commission, and the price-makers get a 0.01% rebate on every trade.

Transparency 

The BitMEX platform is said to be among the safest for margin trading. Traders can also use the BitMEX app to invest in crypto and fiat currency.

However, BitMEX recently came under fire for allegedly violating US trading rules. This greatly impacted its reputation when it came to adhering 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 protects the platform from attackers trying to steal funds. In 10 years, since its beginning, no customer has had their funds lost or hacked.

4. Kraken – Best for Transparency

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

Moreover, Kraken supports over 215 cryptocurrencies, such as Bitcoin, Cardano, Ethereum, Dogecoin, Ripple Polkadot, and many others. This also includes stablecoins like the USD Coin, Dai, and Tether. Users can also convert US dollars into Japanese Yen, Canadian Dollars, and Swiss Francs.

24/7 customer support is available through phone, email, and live chat. Kraken also offers its users different educational resources, such as videos and articles. Read the Kraken review for a more detailed analysis of the Exchange. Binance and Kraken often compete, so here’s a comparison between Binance and Kraken to help you choose.

Trading Features

Traders can choose from Kraken or Kraken Pro based on their trading experience. The central Kraken platform is excellent for beginners who want to purchase cryptocurrency, link their bank accounts, convert currencies, etc. 

Kraken Pro works through a smartphone or web browser. The interface might be 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, etc. When it comes to the costs, 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, primarily 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 regular asset audits. They also hired a well-known accounting firm, Armanino LLP, which helped them produce different Proof of Reserve audits over the past few years. Kraken is the first-ever Exchange that performs these cryptographic audits regularly.

Security 

Kraken offers two-factor authentication for signing in, trading, and account withdrawals. Users also have the option to lock their accounts if they suspect fraudulent activity. Some users claimed their accounts were hacked, while most were satisfied with Kraken’s security protocols.

5. Gemini – Best for Security

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.

Regarding 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 and numerous educational resources for traders of all levels. 

Trading Features

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

Trading Fees

Gemini’s trading fees depend on the platform used and the trading amount. For instance, Gemini has desktop and mobile fee schedules. Its fee structure differs from other exchanges with a maker or taker fee model. 

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

Transparency 

The Gemini Dollar is audited monthly by BPM, a private accounting firm. It ensures parity between the amount of Gemini Dollar in circulation and the amount of USD 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 offers two-factor authentication, the option to check and approve the different devices used to log in, and a wallet address safe listing. Moreover, users must undergo a KYC (Know Your Client) verification process to use Gemini’s trading features.

6. Bitvavo: The European Crypto Exchanges

Best European Exchange: Bitvavo stands out, establishing itself as the top-pick exchange for beginners among European traders. Since its launch in Amsterdam in 2018, it’s quickly become the go-to for those seeking a seamless blend of traditional fiat and crypto.

Trading Features

With a user-friendly interface that welcomes beginners and expert traders, Bitvavo supports over 200 cryptocurrencies for euro pairings. It’s a true crypto supermarket minus the direct crypto-to-crypto swaps. The platform’s real gem with advanced trading tools is its mobile app, which is sleek, speedy, and smart, complete with a dark mode and advanced trading features.

Trading Fees

Bitvavo offers fair trading fees, starting at 0.25% and potentially dropping to zero based on your trading volume. This transparent, competitive structure helped it snag the title of budget-friendly titan in the European market. There are no hidden fees here, just clear costs and potential discounts for the high rollers.

Transparency

Bitvavo doesn’t play hide-and-seek with its operations, unlike some companies in the cryptocurrency industry. Fully registered under the Dutch Central Bank since the 2020 regulatory makeover, it has all the cards on the table regarding compliance, trading volumes, and user security. This level of openness earns it high marks for trust and reliability in the cryptocurrency industry.

Security

Regarding security, Bitvavo is as secure as a vault, with features like cold storage, two-factor authentication, and a dedicated Stichting Bitvavo Payments to keep your funds safe and separate from the company’s digital assets. Plus, its innovative Account Guarantee adds an extra layer of confidence for its users, for which we wrote an extended Bitvavo review and more in-depth secrets you need to know.

7. Crypto.com – Best Mobile App

This cryptocurrency exchange includes trading, staking, investing, NFTs, and wallets. Its crypto-related products benefit users who want to utilize cryptocurrency properly.

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 native token, CRO.

The DeFi Wallet is a non-custodial wallet that Crypto.com uses. 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 reported receiving slow responses, and their issues remained unsolved.

Crypto.com launched its university, the ultimate learning place for crypto knowledge seekers. Users can access various articles on the app, try different quizzes, and earn other rewards whenever they pass a course. Here’s a comparison between Crypto.com and Binance to help you choose between the two.

Trading Features

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

Although the chart tools don’t offer much information, they are simple enough to use. However, a summary and links on each currency’s page give the user more details. 

Trading Fees

Generally, Crypto.com’s trading fees are low, but not the lowest among its competitors. New Crypto.com users without CRO staking must pay a 0.4% fee on trades with less than $25,000 of total trading volume per month.

Higher-volume traders without CRO staking 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 more significant the stake, the lower the rates.

Transparency

Crypto.com has shared its cold wallet addresses for a couple of the most significant crypto 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 multi-factor authentication and safelists, including various other security measures to keep their customers’ accounts safe. Also, they store their customers’ deposits offline and within cold storage to prevent losses.

Of course, it’s also essential to use a strong password and personal online security practices to help protect your account. Cryptocurrency secure transactions can’t be reversed, so you will unlikely recover any lost crypto if your account is breached.

8. OKX – Best Newcomer

OKX is quickly becoming a favorite in the crypto world thanks to its top-notch safety features and wide range of cryptocurrencies. Their recent success in getting a license from Dubai shows they are a reliable choice for buying and selling crypto and futures trading.

Trading Features

OKX is an exchange for beginners and experienced traders. It offers various cryptocurrencies, from well-known ones like Bitcoin to lesser-known crypto assets, making it great for different trading styles.

Trading Fees

Low fees are a hallmark of OKX, attracting traders seeking cost-effective transactions. While they are making moves to get approved in Europe, it’s notable that they don’t have an American license yet.

Transparency

OKX is open about keeping users’ money safe and assuring them of their holdings’ security and transparency, setting a high standard in the crypto exchange landscape.

Security

OKX’s security is similar to most exchanges. It integrates cold wallets and paper-based private keys, offering a nearly impenetrable asset safeguard. Their security-first approach, complemented by the option for offline crypto wallets, ensures users’ peace of mind. We wrote an extensive OKX review to understand the Exchange better.

9. KuCoin – Best for a Variety of Cryptocurrencies

KuCoin is available in over 200 countries and is the best crypto exchange for a wide range of cryptocurrencies. Also, despite some features, this crypto exchange has received poor reviews. 

Over 600 cryptocurrencies, including some of the major ones, such as Bitcoin, XRP, Ethereum, Dogecoin, etc., are available at KuCoin. These cryptocurrencies can be stored in the KuCoin Wallet, a self-custody wallet, and users have complete control over their crypto assets.

KuCoin offers customer support through a live chat option; users can submit requests for assistance, and a support page is available for additional help.

KuCoin does not offer educational resources, but its website has a blog section 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 can 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 simplify the trading process. Plus, the KuCoin platform offers four order types – limit, Market, stop-market, and stop-limit. P2P, margin and futures trading is available as well.

Trading Fees

At KuCoin, a tiered maker or taker fee model is available. Based on the user’s tier level, trading fees range from 0.0125% to 0.1%. The trading fees and transaction fees are low compared to 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 its hot and cold wallets online. The company believes in complete transparency and claims to always share the details of its Proof of Reserves. 

Security

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

KuCoin has since then added more security protocols, such as multi-factor authentication plus encryption. Users have a separate password for trading purposes, adding an extra protection layer. 

10. Coinbase – Best for Beginners

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 over 98 million users worldwide, excluding Singapore and other countries 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 can select a self-custody wallet or a hosted wallet. There’s also a Coinbase Wallet app that users can opt for, a non-custodial wallet.

Several users reported having issues with Coinbase’s customer support, as contacting a living person is hard. 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 educational resources. 

Trading Features

There are two platforms available: Coinbase and Coinbase Pro. Users can use both platforms to purchase, trade, and sell cryptocurrencies. However, they have 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 an online brokerage.

Professional traders will enjoy using Coinbase Pro and its unique features. Extra trade types, limits, and stop orders aren’t available on the standard Coinbase platform. Also, anyone with a Coinbase account can access the pro version, regardless of whether they are beginners.

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, users know what they are paying for before joining a business.

Trades over $200 incur a percentage-based fee, not a flat one. Additional fees might be charged for other services, such as withdrawal methods, funding, USD wallet, crypto conversion, etc.

Transparency

Coinbase’s stocks are available 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 protect its customers’ crypto assets and deposits. 98% of the digital 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. 

11. Bisq – Best Decentralized Exchange

Bisq is considered one of the best decentralized Exchanges because it allows users worldwide to purchase and sell cryptocurrencies securely. 

It doesn’t have to work with third-party platforms to sell bitcoins. It is available worldwide and supports significant cryptocurrencies like Ethereum, Bitcoin, Dogecoin, etc.

A dedicated crypto wallet lets traders store their security deposits and fees. Bisq has a strong customer service team, which users can contact via mail. There’s also a detailed FAQ section. Bisq doesn’t offer educational resources but has a blog section on its website.

Trading Features

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

Trading Fees

The makers and takers must pay 0.001 BTC to trade on the platform. Plus, there’s an extra 0.0003 BTC mining fee. This fee is charged three times: when a user deposits money from their external wallet, throughout the trade, and during funds withdrawal. Thus, the total mining fee is 0.0009 BTC.

The withdrawal fee is 0.0003 BTC, 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 immune to cyber-attacks. For instance, if one server gets hacked, this won’t affect the other servers. 

12. Gate.io – Best for Altcoins

Gate.io is considered one of the fastest-growing platforms. It offers a leading IEO (Initial Exchange Offering) platform, margin trading with leverage, many cryptocurrencies, and several other services, like margin borrowing. It’s the best crypto exchange for altcoin trading.

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.

Regarding customer service, Gate.io offers 24/7 live chat, an option to submit support tickets and a detailed FAQ section. The website also offers various educational resources through its Gate Learn section articles. 

Trading Features

Gate.io wants its users to be comfortable. Thus, the platform interface is similar to that of other popular competitors in the crypto space, like Binance. Some features can be overwhelming initially, but going through other website sections is easy. Users can access different website areas through the main menu, such as margin trading, crypto markets, lending, financial services, and so on.

Despite all this, users find Gate.io’s overall user experience a bit complicated, with several activities going on simultaneously. Maybe this exchange is only for the most advanced traders.

Trading Fees

Gate.io charges competitive trading fees and transaction fees similar to other crypto-to-crypto exchanges. There’s no deposit fee, a small withdrawal fee, a 0.2% margin, and a spot trading fee. Regarding individual coins, like Ethereum, Gate.io tends to be cheaper. However, it charges much more for withdrawing BTC, XRP, and other related digital currency.

Transparency

Gate.io is committed to providing all of its Proof of Reserves. It works with Armanino LLP to offer its users all the relevant information. The second Proof of Reserves audit results are 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.  

Bonus Exchange PrimeXBT

We recently created a PrimeXBT review and think this platform has potential because of the cross-platform trading options. Prime XBT ranks among the top crypto exchanges, offering advanced trading tools, advanced trading options, and up to 100x leverage on various assets. It should only be used by traders who know what they’re doing. Other features include crypto, forex, and commodities. It features a user-friendly interface, low trading fees, and no KYC requirements for starting, making it accessible and appealing for traders globally. The platform ensures security with multi-signature wallets and a secure trading environment. PrimeXBT also provides educational resources, market analysis, and a responsive customer support team to assist users. The platform does have some restrictions and restricted counties, as we shared in our review.

Ranking Methodology for the Best Cryptocurrency Exchanges

We focused on the criteria mentioned below 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 sale 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, buy, and speculate within the crypto Market. 

Certain crypto exchanges offer advanced trading features, such as margin accounts, but these aren’t always available to US users. Other exchanges offer crypto loans and 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, which allow users to convert their fiat currency into crypto directly, are controlled by a single organization. Most of the crypto trading occurs on centralized exchanges. 

However, some crypto enthusiasts don’t believe in centralized exchanges, as they go against cryptocurrency’s decentralized characteristics. 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 join a DEX network can certify transactions, similar to how crypto blockchains operate. This increases accountability and transparency and ensures a crypto exchange continues to run.

However, decentralized exchanges are considered less user-friendly regarding different features, such as currency conversion. Users can’t deposit dollars, for example, to exchange them for cryptocurrency. This means a user should own crypto or utilize a centralized exchange.

What Fees Do Crypto Exchanges Charge?

When they purchase and sell crypto, users pay two types of fees, which are discussed in more detail below.

Trading Fees

A user might pay trading fees as a flat percentage for the amount of crypto they purchase and sell, or a crypto exchange might charge its makers and takers a different rate.

Makers add liquidity within an exchange, which means they don’t fulfill standing orders. On the other hand, Takers remove liquidity from a crypto exchange by fulfilling orders and waiting for a trade. Depending on the Exchange, taker fees are higher than maker fees. However, this is not always the case.

Withdrawal Fees

Withdrawal fees depend on the cryptocurrency. Some exchanges charge a certain fee when coins are being withdrawn. 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 move your crypto, look for exchanges with little to no withdrawal fee.

Additional Fees

Users participating in advanced trading strategies, such as margin trading, will be charged extra fees when borrowing money. Certain beginner-friendly exchanges offer quick buy features but have higher fees. Users can avoid these features by educating themselves on how to purchase and sell on a crypto exchange’s trading platform.

Moreover, when users buy with their debit or credit cards, their card issuer and the Exchange might charge them a premium. Therefore, experts recommend purchasing crypto using wire transfers or cash.

Best Crypto Exchanges – Conclusion

Regarding the best crypto exchanges, look for the one that meets your specific needs. We have a guide for beginners who are interested in crypto investing or trading and start there. 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. Remember your priorities and goals, and select the crypto exchange that best fits your requirements. Be careful when holding your funds on a crypto exchange. We have seen many times now with bad actors that this could end poorly or have customer assets stuck on the exchange for many years. I hope you like the article. Have fun and be safe, crypto traders!

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