The growing liquidity, market cap, and beautiful volatility in the crypto sector are catching the eyes of billionaires and financial institutions globally. Traders are rushing to buy and sell these instruments to get in the marathon. With developments in digital assets and blockchain technology, many new brokers have started including cryptocurrencies in their portfolios. The tough competition between the exchanges induces differences amongst various features, including tight fees, availability, number of instruments, facilities in the trading platform, regulation, and customer support.
Choosing the best crypto exchange will undoubtedly give you a definite edge over other traders. The chances of losing decreases as regulated brokers make sure to provide their customers with a quality experience. Our article will cover the top cryptocurrency brokerages that you can choose, saving you from the hassle of searching on your own.
1. Bitstamp
| Cryptocurrencies | BTC, ETH, USDT, and 50+ more |
| Funding options | Credit Card, Bank/Wire Transfer, ACH, Crypto Wallet |
| Countries | USA, UK, Canada, and 70+ more |
| Commissions | Low |
Bitstamp is one of the oldest crypto exchanges (founded in 2011) and among the first to provide Bitcoin trading along with Mt. Gox in the early to mid-2010s. This dominance hasn’t subsided since the exchange serves millions of clients worldwide.
The brand was founded by Nejc Kodrič and Damijan Merlak in Slovenia. Bitstamp is a stripped-down exchange for trading a fairly sizable of the most popular cryptocurrencies (54) like Bitcoin, Ether, Tether, USD Coin, and XRP with competitive trading fees (max of 0.5% per trade) and Nasdaq-backed order processing technology.
Aside from catering towards casual crypto users, Bitstamp provides several bespoke services to institutional clients, from brokers to prop traders. Interface-wise, you can use Tradeview, its proprietary trading software, combined with the familiar TradingView.
Moreover, you can stake Ethereum and Algorand and earn 4.94% and 5% yearly interest, respectively. All in all, Bitstamp offers just about enough for the average user without being as feature-filled as other major exchanges.
Pros
- Established in 2011
- Simple product structure
- Staking provided
- 24/7 phone and email customer support
- Supports USD, EUR, and GBP markets
- Mobile app available
Cons
- No human chat support service
- Low number of staking products
2. OKX
| Cryptocurrencies | BTC, ETH, USDT, and 340+ more |
| Funding options | Credit Card, Bank/Wire Transfer, Crypto Wallet |
| Countries | UK, Canada, Australia, and 100+ more |
| Commissions | Low |
OKX was established in 2017 in Seychelles and describes itself as a place for anyone to discover crypto ‘on top of the world’s most powerful exchange.’ The numbers don’t lie, as CoinMarketCap presently ranks the exchange sixth for processing the most trading volume globally.
One of the most impressive features about OKX is the number of tradable coins, which is 344, along with close to 700 markets. You can do simple spot trading or go for more advanced options with margin, perpetual swaps, options, and futures.
It is also remarkable how low the exchange’s trading fees are. OKX charges a max of 0.08% maker and 0.10% taker fee, which are highly competitive rates. With MetaX, users have access to an in-built wallet, allowing them to explore the world of DeFi and NFTs.
Overall, OKX is not a run-of-the-mill exchange. Instead, the brand aims to be an expansive ecosystem where you can trade, earn, lend, and explore other novel crypto and decentralized finance products.
Pros
- Comprehensive choice of tradable coins and markets
- Has a utility token (OKB)
- Provides basic and advanced trading
- Mobile app available
- Competitively low trading fees
- Offers several DeFi, GameFi, and NFT services
Cons
- More suitable for advanced traders
- Complicated multi-tiered fee structure
3. FTX
| Cryptocurrencies | BTC, ETH, USDT, and 300+ more |
| Funding options | Credit Card, Bank/Wire Transfer, Crypto Wallet |
| Countries | USA, UK, Canada, and 100+ more |
| Commissions | Low |
FTX is one of the most popular regulated crypto exchanges globally, partly because of the association to its co-founder, the young American entrepreneur billionaire Sam Bankman-Fried.
At its core, FTX provides everything advanced traders need in derivatives, from futures, options, perpetual contracts to even prediction markets and tokenized equity markets. The exchange was only established in May 2019, yet is now processing several billion daily in trading volume. The variety of available coins on FTX makes Coinbase and Binance feel sorry about themselves.
FTX has reasonable trading fees overall, with no deposit or withdrawal fees for many of the digital assets they provide. The unique advantage of FTX is the ability to trade tokenized stocks. It is possible to buy and sell Amazon, Tesla, Moderna, Google, and other recognized companies’ shares.
For US residents who are particular about using appropriately regulated exchanges, FTX.US is available exclusively for this demographic, albeit a more stripped-down version of the original FTX.
Ultimately, if you’re looking to trade the most advanced crypto trading products, then FTX is a viable option.
Pros
- One of the largest exchanges by trading volume
- Broad selection of tradable coins
- Offers utility token with numerous perks
- Supports eight fiat currencies
- Tokenized stocks and microcap tokens
Cons
- Not beginner-friendly
- No live chat or phone support
4. Binance
| Cryptocurrencies | BTC, BUSD, USDT, and 150 + more |
| Funding options | Credit Card, Wire Transfer, P2P trading |
| Countries | USA, UK, Canada, and 100 + more |
| Commissions | Low |
With its formation in July 2017, Binance quickly rose to become one of the leaders in crypto trading due to its efficient platform, low fees, availability, and best infrastructure. The headquarters are located in Malta and come under local authorities’ regulation where it provides its services. To start trading, you have to verify your email, phone, and credential due to the KYC policies. There are tons of deposit and withdrawal methods at your disposal in your selected currency via P2P with no commissions whatsoever.
Convert, classic, advanced, and margin options are available at the platform to cater to different traders’ needs. A ton of information at the Binance academy helps those who come to the crypto industry with bare minimum knowledge.
With its formation in July 2017, Binance quickly rose to become one of the leaders in crypto trading due to its efficient platform, low fees, availability, and best infrastructure. The headquarters are located in Malta and come under local authorities’ regulation where it provides its services. To start trading, you have to verify your email, phone, and credential due to the KYC policies. There are tons of deposit and withdrawal methods at your disposal in your selected currency via P2P with no commissions whatsoever.
Pros
- There are tons of different deposit and withdrawal methods. You can take out your cash within seconds through P2P options.
- The security level is high at Binance. Each login is subjected to approval through captcha and mobile code.
- Low with only 0.02% on maker trades.
- User friendly web and mobile trading apps.
Cons
- The customer support can take hours on their end to connect. The waiting list is long.
5. Coinbase
| Cryptocurrencies | BTC, BCH, BCV, and 49 more |
| Funding options | Credit Card, Bank/Wire Transfer, Paypal |
| Countries | USA, UK, Canada, Europe |
| Commissions | Medium |
Coinbase has its headquarters in California, United States, and is one of the best user-friendly platforms for crypto trading established in 2012. The crypto broker must comply with the New York State Department of Financial Services’ strict regulation, which ensures traders’ safety. Coinbase Pro, previously known as DGAX, offers the best experience in terms of availability, mobile activity, lower costs, and an easy-to-use interface.
The company has introduced its wallet service for customers to store their coins and digital assets in 2018. Coinbase offers you to visit their learning section to understand the concept of trading, including all the essential information on trading cryptos. Customer support is available via phone and email only.
Pros
- Over 50 cryptos are available.
- Excellent user interface and trading facilities at their new Coinbase Pro platform.
- A high amount of liquidity to ensure all your orders get filled without any hiccups.
- More than 30 million customers use Coinbase as their first choice for trading cryptos.
Cons
- The company is famous for closing accounts if they fear anything out of practice.
- High fees.
6. Gemini
| Cryptocurrencies | BTC, ETH, FIL, and 40 more |
| Funding options | Credit Card, Bank/Wire Transfer, Wallet |
| Countries | USA, UK, Europe, and 50 more |
| Commissions | High |
New York State Department of Financial Services’ regulates Gemini, a New York trust company and a crypto broker. The broker pays special attention to security and therefore induces SOC certifications, hardware security keys, and insurance coverage in their portfolio. Signing up is easy with the possibility to open an account and trade within three minutes. Gemini active platform features advanced charting, multiple order types, auctions, and block trading along with limit order books and dynamic maker-taker fee schedule.
Gemini custody offers you institutional-grade crypto storage custom built by technical experts and $200 million in insurance coverage.
Pros
- Gemini payment app to purchase products from local stores with coins.
- The straightforward sign-up and trading process.
- Quality service checks ensuring the best services.
- Institutional accounts with added benefits such as increased liquidity, wealth, and asset managers.
Cons
- The convenience fee is 0.5% above the market rate. You also have to pay the transaction costs.
7. Bisq
| Cryptocurrencies | BTC, ETH, and 9 more |
| Funding options | Cash Deposit, Money Gram, Face to Face, and 10+ more |
| Countries | USA, UK, Canada, Europe, and 100 more |
| Commissions | Medium |
Bisq uses decentralized exchange for trading purposes which does not require any KYC verifications from the user’s end. To get started, you have to download the app or the source code, add a currency account, follow or take an offer and keep note of the user interface to place the final trade. A global P2P network of crypto traders supports trading on the platform. 2-of-2 Multisig wallet holds all your funds for better safety, and your data is stored safely on a local disk never sent to the local servers.
As the project is open-source discussed freely on GitHub and Keybase, traders can modify it to their advantage if they know programming. The maker and taker fees for BTC stand at 0.1% and 0.7%, respectively.
Pros
- No verification is necessary for you to trade on Bisq.
- You can input your local currency and trade using that or altcoin.
- P2P trading offers you to deposit and withdraw quickly.
- There is less risk of a decentralized exchange being hacked as there is no need to transfer their assets to third parties.
Cons
- Low are the volumes of supply for coins.
- Some may consider the account protection as not worthy.
8. Changelly
| Cryptocurrencies | BTC, ETH, BCH, and 160 more |
| Funding options | Via 30+ Cryptocurrencies |
| Countries | USA, UK, Canada, Europe, and 150 more |
| Commissions | Low |
With headquarters in Prague, Czech republic Changelly was founded in 2013. Having over 2 million customers in its database, the broker has partnered with other top crypto exchanges such as Binance to increase its services quality. The pro version of Changelly has multi-currency wallets, an interactive terminal, 50+ markets, and the lowest withdrawal fees. The earning programs allow traders to earn through affiliate marketing, where the brokerage offers performance tracking, priority support, and various tools.
Changelly blog has a comprehensive learning section catering to the needs of traders at all levels. The transactions complete within 5-20 minutes, and customer support is available 24/7.
Pros
- Availability in all the countries globally.
- Easy and intuitive use.
- A high amount of liquidity and impressive limits for getting in and out of trades with ease.
- Competitive trading fees: up to 10% less in contrast with the industry average.
- Compatibility with popular wallets and exchanges.
Cons
- You can only buy crypto using crypto. There is no option for fiat to crypto conversions.
9. Bithumb
| Cryptocurrencies | BTC, ETH, XRP, and 100 more |
| Funding options | Cryptocurrencies |
| Countries | USA, UK, Canada, Europe, and 100 more |
| Commissions | Low |
The South Korean crypto exchange was established in 2014 and currently supports more than 8 million users with a transaction volume that exceeds over a trillion dollars. It has a flat trading fee of 0.15% and withdrawal charges standing at 0.001 BTC, all in line with the industry average. Before beginning to trade, it is necessary to provide all the verification documents due to conditions the South Korean government imposes.
2-factor authentication SSL encryption and 24/7 server monitoring meet the safety of the exchange. The company pays strong attention to money theft and anti-laundering and has recently imposed bands on several countries due to similar reasons.
Pros
- 24/7 multi-lingual support with a quick turnaround.
- A wide variety of cryptos available to trade.
- A user-friendly trading platform that even beginners can understand easily.
- Competitive fee structure.
Cons
- Bithumb does not support major fiat currencies.
- The previous hack on the exchange raises serious doubts about its security.
10. Kraken
| Cryptocurrencies | XBT, BCH, BAT, and 49 more |
| Funding options | Credit Card, Bank/WireTransfer, Cryptocurrencies |
| Countries | USA, UK, Canada, and 194 more |
| Commissions | Low |
Kraken has its headquarters in California, United States, and undergoes quality checks from regulatory authorities where it offers services. The fee structure is competitive, in which you’ll be charged 0.16% maker and 0.26% taker costs that reduce as the amount of money in your account grows. While learning from the previous attacks on its network, the company now stores the coins in cold offline storage under strict monitoring. Free education is at hand for all, including crypto guides, video lessons, and podcasts.
The broker is famous for providing a catchy 50:1 leverage for trading cryptos. Their trading platform allows you to look at the level two market data and use many technical tools to analyze markets efficiently. There is support via email or phone; however, you can contact them via live chat 24/7.
Pros
- A wide variety of assets are available, including crypto futures.
- Reasonable fees on your trades, deposits, and cashouts.
- A high amount of liquidity fills up your orders quickly.
- Three different mobile apps and the trading platform are extremely user-friendly.
Cons
- The company was hacked, which led to bankruptcy once. It raises questions about its security.
- Costly deposit and withdrawal methods.
11. BlockFi
| Cryptocurrencies | BTC, ETH, LTC, and 5 more |
| Funding options | Cryptocurrencies and Wire Transfer |
| Countries | USA, UK, Canada, and 150+ more |
| Commissions | Low |
BlockFi has its reputation for offering reasonable APY of up to 8.6%. With their online calculator, you can determine the amount of profit you’ll receive per year. There are also options to borrow cash and buy/sell cryptocurrencies. Loans are available at an APR as low as 4.5%. Bitcoin rewards credit card guarantees unlimited 1.5% back in BTC on every purchase. The company keeps a principal amount of digital assets under its name and includes appropriate risk management to provide top-tier protection of funds.
Whether you are a beginner or a professional BlockFi dedicated client service manager, ensure to address all of your questions professionally. Forbes, CNBC, Bloomberg, etc., are a few big websites to mention the brokerages’ names in their reviews.
Pros
- Offers the best interest rates in the market.
- No early withdrawal penalties so that you can cash out whenever you like. You can also extract funds free two times a month.
- There is no requirement for a minimum deposit to earn interest.
- Accessible performance analytics reports that show your holdings and the interest you’ve earned.
Cons
- The interest rates can change at any time on the company’s decision.
- Withdrawals with a lower value can take up to 30 days to process.
12. Crypto.com
| Cryptocurrencies | BTC, ETH, LTC, and 50 more |
| Funding options | Credit Card, Crypto, Bank Transfer |
| Countries | USA, UK, and 50+ more |
| Commissions | Low |
Founded in Hongkong in 2016, crypto.com is powered by CRO and offers deep liquidity, low fees, and the best execution prices. Staking coins at the exchange allows you to earn interest which you can withdraw biweekly. You will have to verify your account due to the KYC policies that can take up to three business days. The user-friendly app lets you deposit coins without any additional costs, buy/sell currencies and perform free crypto exchanges.
The trading arena supports various competitions with tons of different lucrative awards. You can borrow loans in coins including USDC, USDT, BTC, and ETH, with payback periods going up to 12 months.
Pros
- A comprehensive range of cryptocurrencies and pairs are offered to you to trade in.
- A variety of different tournaments can land you a big win.
- The mobile application is highly user-friendly.
- Lower fees in the industry.
Cons
- The exchange is present outside the US and does not have good privacy.
- You need the company’s coin to perform major functions.
What is a crypto exchange?
A cryptocurrency exchange is responsible for carrying out all of your buy/sell transactions by acting as an intermediary between the maker and taker. It works much like any other forex or stock broker where you can deposit money using fiat currency, bank/wire transfer, cryptos, etc. To undergo the trading coins phenomenon, you have to register yourself with the brokerage by verifying your credentials in most cases. Do not confuse the exchange services with a wallet as the latter is only the means for storing coins while the former allows you to trade cryptocurrencies.
There are two types of crypto exchanges:
- Centralized. That goes under strict measures, requires KYC, has high liquidity, controls users’ funds, and is prone to theft.
- Decentralized. The funds are at the hand of users; there is no KYC, trading activity occurs between users, has relatively low liquidity, and is not prone to theft.
How does a crypto exchange work?
The exchanges are not responsible for setting the price of coins which is the job of the markets. Cryptocurrencies exist as digital records and are stored inside the blockchain. A blockchain is a form of transaction history for coins that keep records of all the ownerships and mining. By allowing you to open an account and trade, the brokers earn money through listing fees, market making, and fund collection.
The exchange offers a trading platform to its clients to see the real-time quotes of a currency and perform their buy/sell executions. Unlike regular financial markets that are open for a set period, cryptos are available to trade 24/7.
What to look for while choosing the best crypto exchange?
Here are the following things that you must look at before selecting the best crypto exchange:
- Regulation. Local regulatory authorities must regulate the top coin brokerages. Having a regulation can ensure that you do not get double-crossed, and there is always someone to report in case of mischief. Brokers have to maintain strict checks and balance within their platform.
- Coins. The coin you choose to trade must be available on the platform. Some brokers offer only a few digital assets to trade, but you should always look out for those with multiple instruments offerings.
- Trading platform. A user-friendly trading platform will ensure that you get in and out of positions with ease and get the best possible charting tools or news analysis at your disposal. The mobile app can help you trade and manage trading positions on the go.
- Availability. Not all crypto exchanges can provide services in your country as the governments may impose restrictions on trading cryptos etc. Make sure that the broker has no restrictions before depositing your cash.
- Fees. Be wary of the maker and taker costs and any payment that may incur while depositing and withdrawing your crypto assets. Many brokers offer discounts for high-volume traders.
- Deposit and withdrawals. It should be easier to fund your account and cash out at the same time. Having P2P options can be an excellent way for traders to deposit or withdraw easily.
- Security. Do a thorough background check and see if the exchange was prone to hackers in his history. In 2018 alone, nearly a billion dollars were stolen from brokerages, and you do not want to be a victim of such malpractice.
- Customer service. Good customer support can ensure that all your questions and inquiries are dealt with professionally.
Conclusion
With bitcoins reaching new highs every incoming month, it can seem eye-catching to invest your all in the cryptos. Keep in mind that, unlike other financial markets, cryptocurrencies can be volatile. It is a whole different game. The crypto industry might seem scary, but keeping your money at the best crypto exchange can surely help you on the good side. The basic concepts of trading coins, i.e., risk, psychology, and strategy, are in line with other instruments, so make sure to use them efficiently.
