If you want to buy or sell cryptocurrency, a crypto exchange is a great way to start. Cryptocurrency exchanges operate similarly to online brokerage platforms, providing you with the tools needed to buy and sell digital currencies and tokens.
However, there is a wide variety of top cryptocurrency exchanges. Some exchanges are perfect for beginners, while others are for active traders. Moreover, crypto exchanges support different coins, payment methods, and countries. And some even offer profitable options for passive income through staking and lending programs.
When choosing a cryptocurrency exchange, it's also important to consider factors such as supported assets, fees, payment methods, and security. If you need help, this list of the best crypto exchanges can point you in the right direction. Investing in cryptocurrency doesn't have to be high-risk, but it's important to choose an exchange that has the features you need for success.
Contents:
- Largest crypto exchange by trading volume: Binance
- Cryptocurrency exchange Bybit
- Best for advanced traders: Kraken
- Best crypto exchange for beginners: Coinbase
- Crypto exchange FTX
- Conclusion
Largest crypto exchange by trading volume: Binance
Binance is among the top five largest cryptocurrency exchanges for trading volumes and is a comprehensive exchange with low fees. It supports 150 cryptocurrencies and coins, including the most popular ones like Bitcoin, Ethereum, and its own coin BNB. Currently, it operates in the USA, Europe, Australia, and Africa.
The cryptocurrency exchange reported that it is used by more than 100 million people.
Features of Binance:
| Feature | Description |
|---|---|
| Spot, Margin, and P2P Trading | Provides users with trading options, including spot trading, margin trading, and peer-to-peer (P2P) transactions. |
| Staking and Farming | Allows users to stake and farm cryptocurrencies to earn rewards. |
| Participation in Launchpad | Users can participate in token launches and gain access to new projects. |
| Cryptocurrency Lending and Borrowing | Offers users the ability to lend and borrow cryptocurrencies. |
| NFT Marketplace | Provides a platform for buying and selling NFTs. |
| Multiple Payment Methods | Users can pay for and sell cryptocurrency using various payment methods, including banks, cryptocurrency, and credit cards. |
Trading fee: Fees vary from one VIP category to another. The maker fee varies from 0.0750% to 0.0525% for 30-day trading volumes of less than 50 BTC and equal to or greater than 1500 BTC. The taker fee varies from 0.075% to 0.0525% for 30-day trading volumes of less than 50 BTC and equal to or greater than 1500 BTC.
Cryptocurrency Exchange Bybit
Bybit is an advanced and user-friendly cryptocurrency trading platform. It simplifies functions for instant buying and selling of cryptocurrency. Bybit provides real-time market data and has multilingual support available 24×7. This platform is built on customer-centric values and features:
- Bybit offers best-in-class market liquidity, with each transaction executed with minimal slippage;
- A powerful API facilitates high-frequency trading along with lightning-fast market updates;
- Bybit is a platform with a modern pricing system, 100,000 TPS matching mechanism, HD cold wallet, and an intelligent trading system.
This platform provides earning tools with guaranteed interest from liquidity mining and staking. It is also a platform for artists, creators, and collectors, offering the ability to buy, sell, and trade NFTs in the Ethereum ERC-721 standard through a spot account on Bybit.
Expand your trading capabilities with options contracts backed by stablecoins and enjoy margin trading for even more profit.
Trading commissions: For spot trading, the maker fee is 0%, and the taker fee is 0.1% for all spot trading pairs.
Bybit's mission is to help crypto enthusiasts realize their dreams. An innovative, intuitive platform designed with best-in-class infrastructure, providing users with a secure, fast, fair, and transparent crypto exchange.
Best for Advanced Traders: Kraken
Kraken is based in the USA, has been operational since 2011, and is available in 48 states of the USA and 176 countries. This crypto exchange supports 40 cryptocurrencies, including popular ones like BTC.
This versatile cryptocurrency exchange has established itself as a platform for professional investors at the dawn of the cryptocurrency market and has maintained its reputation as a reliable and professional trading venue.
Kraken offers two platforms: its main trading platform and the professional platform Kraken Pro. The admin panel of Kraken Pro offers customizable chart analysis tools, a detailed order book overview, 13 types of orders, and high-speed execution. In addition to spot trading, Kraken users can also trade cryptocurrency using margin and implement crypto derivative trading strategies.
While the instant purchase commission on Kraken's main platform is quite high — up to 1.5% — the commission on Kraken Pro is very low. Kraken Pro features a multi-tiered fee structure that allows traders with large volumes to save on trading commissions. For traders with a 30-day volume of less than $50,000, the maker fee on Kraken Pro starts at 0.16%, and the taker fee starts at 0.26%. However, the maker fee can drop to 0%, and the taker fee to 0.10% (for traders with 30-day rolling volumes of more than $10 million).
Bank transfers are the primary payment method for Kraken users. ACH transfers are not supported.
Coinbase
Coinbase is one of the largest exchanges in the world and the most popular cryptocurrency exchange in the USA. Founded in 2012, it is fully regulated and licensed to operate in over 40 states in the USA.
The exchange is also very user-friendly, easy to use, and offers insured asset storage services, making it the best cryptocurrency exchange for beginner investors. With extensive coin support, you can buy popular cryptocurrencies like Bitcoin, Ethereum, as well as many altcoins.
Coinbase's trading fees are slightly higher than some other cryptocurrency exchanges. The basic version of the exchange also does not have many trading tools, so you need to learn to use the free Coinbase Pro interface if you need additional trading features.
Coinbase charges various fees depending on the order size and the cryptocurrency you trade. The fee can vary from 0.5% to 2% or higher. Using Coinbase Advanced Trade is a wise move, as the first trading tier has a maker fee of 0.40% and a taker fee of 0.60%.
Crypto Exchange FTX
If you want to trade futures, this is one of the best crypto exchanges you can use. Most exchanges do not offer options and futures at the same time, but FTX allows you to trade Bitcoin and Ethereum derivatives. You can also get up to 10x leverage for margin trading, which is higher than Kraken. However, you must have at least $100,000 or an equivalent amount of assets in your account to participate in margin trading.
Pros of using FTX:
- Low trading fees;
- Trading in crypto options, futures, and on margin;
- Free crypto bonuses.
Cons:
- Limited number of available cryptocurrencies;
- Not the most user-friendly exchange for beginners.
FTX supports no more than 100 cryptocurrencies, and the exchange lacks staking rewards or features that allow you to earn income from your cryptocurrency.
Trading fees start at 0.20% for takers and 0.10% for makers. Overall, FTX is one of the crypto exchanges with the lowest fees along with Binance.
Conclusion
Cryptocurrency exchanges are the safest and legal way to acquire cryptocurrency. When choosing a cryptocurrency exchange, consider factors such as security, fees, and the cryptocurrencies offered. It is also important to understand how your cryptocurrency is stored and whether you can take custody of it by transferring it to your own digital wallet.
When investing in cryptocurrency, consider the associated risks and costs — cryptocurrency is very volatile and not suitable for all investors. Any exchange on the list above can meet your crypto trading and investment goals, but always approach cryptocurrency with caution.
