10 Best Crypto Exchanges
Choosing the best cryptocurrency exchange may not be a straightforward task. There are many competing crypto exchanges in the market. Which one will be best for you? What should you pay special attention to before investing? Is it 100% safe? This article will help you make the right decision. However, remember to do your research before making a final decision.
The Best Crypto Exchanges in 2022. Brief Review
Binance – A great asset choice and top Bitcoin exchange.
Coinbase – reliable crypto exchange offering a free wallet.
FTX – beneficial for leverage trading or staking.
Kraken – the best choice for staking.
KuCoin – guarantees increased service security as assets are not stored on the site.
Huobi – a platform with one of the highest liquidities in the market.
HitBTC – supports a significant number of cryptocurrency pairs.
Gate.io – one of the largest cryptocurrency exchanges with a great variety of features.
Crypto.com – offers top level security.
Bybit – one of the most transparent and user-friendly crypto exchanges.
Webull – the best option for casual investors with the cheapest crypto exchange rates.
eToro – is considered to be a leading copy-trading platform that is super-easy to use.
Cryptocurrency Exchanges – Facts And Statistic
According to CoinMarketCap, there are approximately 17 thousands cryptocurrencies on the market. Choosing the best crypto exchange can be overwhelming - after all, there are over 400 of them. They differ in many factors, including commissions, number of cryptocurrencies supported, liquidity, user interface, KYC verification requirement, and more.
The Most Popular Cryptocurrencies
Although there are several thousand cryptocurrencies on the market, only the two most popular ones account for more than half of the market capitalization. Of course, the undisputed king of the entire market is Bitcoin. It was the very first cryptocurrency. Another vital link is Ethereum, which currently boasts the second largest market share. Ethereum is a much more versatile currency, and is constantly being improved and worked on. If you want to buy either of these two currencies, we have good news for you: almost every cryptocurrency exchange will do!
Factors to Consider When Choosing the Best Cryptocurrency Exchange
Choosing the best cryptocurrency exchange is very personal, but a few universal factors will be helpful to everyone:
- Reviews. Nowadays, when we want to know something about some product or service, we usually rely on the opinions we find on the Internet. If we read that the exchange makes withdrawals difficult, blocks user accounts, or that technical problems occur daily, we should take a deeper look into it. You can also ask questions on the forums of the exchanges to increase your knowledge about how it works.
- Payment methods. The purchase of cryptocurrency by credit card always requires identity verification, increasing the transaction price. There is also a higher risk of fraud, higher processing/transaction fees, and transfers take more time to arrive. PayPal that solves these problems is usually an expensive option. Many exchanges do not allow you to buy cryptocurrencies for fiat currencies but only exchange one for another.
- Liquidity. A liquid exchange is one that customers use most often, has excellent support, which improves the operation and the high level of technical efficiency. A larger number of users gives a better chance to buy or sell the currency at the rate you are interested in. If an exchange has too few users willing to exchange cryptocurrencies, it will be difficult for you to sell or buy cryptocurrency (your order may be stuck in the orderbook for weeks). We can join affiliate programs on many large exchanges or earn money on referrals. Large exchanges also often have better infrastructures, fewer failures, and better technical facilities.
- Age. Many exchanges have not stood the test of time and have collapsed. The remaining ones stand out with something and continue to innovate (if an exchange hasn't been hacked in the last ten years, there is a greater chance that it won't be hacked in the future). Therefore, choosing a proven exchange that the test of time has verified is crucial.
- Maker and Taker commissions. Maker and Taker commission is a fee charged on each transaction executed, both for the person requesting the transfer (Maker) and the transfer recipient (Taker). The revenue from these fees allows the exchanges to maintain liquidity in their operations and secure their liquidity. The lower the commissions, the better for you.
- Available cryptocurrencies. The cryptocurrency you are interested in must be available on a cryptocurrency exchange. It can become vital with new cryptocurrencies just entering the market. And these are usually the ones with the most potential for value gains (but also for drops). Sometimes no exchange supports all the cryptocurrencies you are interested in; thus, you will be forced to use multiple crypto exchanges.
- Withdrawal costs. While exchanges rarely charge a commission for depositing funds, they will require you to pay tens of dollars for a withdrawal in the majority of cases. Different cryptocurrencies have different withdrawal prices on the same exchange.
- Extra features. If you care about a particular feature, check if the exchange you choose has it. For example, if margin trading is crucial to you, on some cryptocurrency exchanges you can trade with a maximum leverage of 100x, on others 10x, and on others only on the spot market without leverage. For margin trading, commissions may also differ from the spot market. Other exciting options are staking funds and all kinds of cryptocurrency savings accounts. So if you're looking for the best crypto exchange for staking, stay tuned! It can be an exciting option, and the interest rates are usually much higher than ones with fiat currencies at traditional banks.
- Anonymity. Some exchanges allow you to remain more anonymous than others. KYC identity verification is required on many platforms, and an unverified account can be very limited or not usable until you confirm your identity with an ID. If you want to buy or sell cryptocurrencies anonymously, look for an exchange that does not require KYC verification. Complete the KYC procedure, if needed, before you trade, as verification of your documents at some platforms may take up to several days.
- Geographic restrictions. When comparing exchanges, check to know the ones that are not available in your region. Many companies have set up separate platforms exclusively for the US, and despite their similar names and user interfaces, they may differ in functionality.
- Minimum deposit. If you want to test an exchange and send small amounts of money to begin with, you may find that this is not always possible because of minimum deposit requirements. Sometimes it is one dollar and, in other cases, dozens. Check it out before you deposit funds.
- API access. Developers may be interested in accessing the Exchange API, making automating your trading more effortless. Use it to check your account balance or even automate placing new buy and sell orders. However, even if you have no programming experience, many ready-made trading bots are available (make sure to check their compatibility with your exchange).
- NFT support. Some cryptocurrency exchanges allow you to invest in NFT from within the platform at your convenience. It is a hot topic right now, with returns on investment reaching thousands of percent. Do your research as this is a high-risk market, and both potential gains and losses can be high.
How to Avoid Safety Issues
Exchanges are aware of the risks arising from the nature of their business, so each of them has its security system based on various tools. Security issues largely depend on the exchange; however, some security issues are entirely up to you. It is usually impossible to undo a transaction made with cryptocurrencies, so be extra careful. If you don't keep yourself safe, you risk losing your funds irretrievably. Be sure to follow some of the basic rules listed below:
- Make sure you end up on the right website - there have been situations where hackers have provided, in paid search results, a link to a fake website. The name of the exchange differed only in one letter and the appearance of the site was practically identical due to which the user unknowingly gave his/her data to the fraudster. It is easy to make a mistake because the names of the exchanges at the beginning are entirely unfamiliar to you.
- Use a secure password - the password must be unique to the one you use in other services. Use at least eight characters, lowercase letters, uppercase letters, numbers, and special characters. Usually, you will meet the requirements that a password must have at least 12 characters. It is best to save your password in a password manager, as it can create strong passwords and remember them for you. But even if you use a password manager, you must at least make and remember a strong password for your password manager.
- Don't save your username and password in your browser - when you first sign up, your browser will ask you if you want to keep your password - never agree. Passwords written in this form are easy to hack, which may result in someone hacking into your account.
- Use 2FA - remember that after creating an account, you should additionally secure it by using 2FA (Two-factor authentication). The exchange will often ask you to download the Google Authenticator application (though it may be another, e.g., Authy) and then scan the QR code. The use principle is straightforward - the application generates special codes that the exchange will ask you for. You will use them to log into your account and withdraw funds securely.
- Don't log in from public Wi-Fi networks. There's an increased risk that someone will try to take over your login and password to steal your funds.
- Make sure you remember your password - the worst thing that can happen is forgetting your password for the account where you store cryptocurrencies. If you haven't confirmed your identity beforehand, chances are the funds will be challenging to recover.
Top Crypto Exchanges in 2022. Comparison
Binance is the largest cryptocurrency exchange in terms of the trading volume.
- 150+ cryptocurrencies.
- Low fees.
- Easy-to-use website interface.
- High level of security.
- Not available in 7 US states.
- Not ideal for beginners.
- Poor customer service.
Fees: 0.1% (maker and taker), please check the full table of commissions and discounts. You have the option to earn interest on your coins by staking them for a while and making a 0.5-10% interest rate.
You can purchase crypto using bank deposits, bank transfers, and credit/debit cards, so there are a lot of payment methods to choose from. However, a 4.5% fee is charged on debit card purchases.
Binance has an asset fund as insurance for security measures if user funds are stolen and a 2-Factor Authentication system (2FA), although reviews have reported glitches with the authentication system.
Coinbase is the second largest cryptocurrency exchange in the world by liquidity. KYC verification is required.
- An excellent user interface, ease of use.
- High level of security.
- Around 100 cryptocurrencies.
- Low minimum to fund account.
- Higher fees than other cryptocurrency exchanges.
- Customer service level.
Fees: The biggest drawback is relatively high transaction fees reaching as high as 0.5% (maker and taker). Please check the full table of commissions and discounts.
FTX is a popular cryptocurrency exchange that allows leverage trading or staking.
- Modern and clean interface.
- FTX Pro app on mobile devices
- Relatively low fees.
- Easy KYC process.
- Possibility to use Simplex gateway to purchase crypto with credit cards.
- A new cryptocurrency exchange.
- It is risky to invest leveraged tokens on FTX.
- FTX US (for US residents) has limited features (supports fewer currency pairs, allows trading on lower leverages, etc.).
Fees: the commissions for taker are 0.2% and maker - 0.7%, but you can lower them by storing FTT. Learn more.
Kraken is one of the oldest cryptocurrency exchanges, also has bank status
- Top-level security.
- Allows users from the US to use tools such as margin trading.
- Extensive choice of digital assets.
- Fees for advanced traders.
- Not available not for all US states.
- Sluggish customer support.
Fees: Transaction fees start at 0.16% Maker and 0.26% Taker fee in the basic variant, which makes them much lower than, for example, Coinbase. The more you trade, the lower the fees. Learn more.
KuCoin offers a large number of supported currency pairs; it is currently one of the largest in the world in terms of liquidity. KuCoin has such functions as margin trading, investing funds, and trading automation with the help of a trading bot. The withdrawal limit without KYC verification is as much as 5 BTC per day.
- Good customer care.
- Reasonable fees.
- 300+ cryptocurrencies.
- Mobile application for iOS and Android.
- Challenging navigation for beginners.
- Technical support is provided in English only.
Fees: The transaction fees are one of the lowest on the market - in the basic variant, they amount to 0.1% (maker and taker). You can get an additional 20% discount by paying them via KCS. Learn more.
Huobi is a platform with one of the best liquidity in the market. Users of this exchange have hundreds of currency pairs to choose from. KYC verification is not required if you do not withdraw over 0.06 BTC per day.
- A user-friendly mobile app in addition to the website.
- Possibility to purchase cryptocurrencies for fiat currencies.
- Advanced cybersecurity.
- Not beginner-friendly.
- No support for fiat deposits and withdrawals.
Fees: The base fee rate is 0.2%, but you can reduce fees by storing HT. Learn more.
HitBTC supports a significant number of cryptocurrency pairs. KYC verification is not required if you are not withdrawing over 1 BTC per day or 5 BTC per month.
- Massive range of cryptocurrencies supported.
- Strong security.
- Availability of multi-language chat.
- Low trading fees.
- Complicated verification process.
- No mobile application.
Fees: The transaction fees are one of the lowest on the market, only 0.09% (maker and taker) in the basic variant. You can reduce them by holding HIT. Learn more.
Gate.io one of the largest cryptocurrency exchanges with multiple features - copy trading, margin trading, NFT support, cloud mining, staking, and much more. Moreover, KYC verification is not required (although no strict limits are given).
- Support for new cryptocurrencies.
- Pretty low fees.
- Availability of mobile application.
- 24/7 support.
- High security level.
- Not beginner-friendly.
- Unregulated exchange.
- No fiat deposits support.
Fees: In the basic variant, fees are 0.2% (maker and taker). It's not the lowest rate on the market, but it's not bad either. You can reduce it to 0.15% by paying in GT. Learn more.
Crypto.com is a well-known cryptocurrency exchange aimed mainly at beginners allowing users to buy cryptocurrencies for the fiat currencies.
- Neat and intuitive interface.
- Massive range of cryptocurrencies supported.
- Low fees if one funds an account through cash transfers.
- Visa card with cashback rewards.
- Lack of educational materials.
- Poor customer support.
- Some services are not offered in the US.
Fees: the fees are pretty high - 0.4% (both maker and taker). You can reduce them by staking CRO. Learn more.
Besides the standard options (margin trading, staking), Bybit offers a testnet that allows users to practice trading without depositing real money or cryptocurrencies. KYC procedure is only required after you withdraw over 2 BTC per day.
- Great bonus system.
- High level of security.
- Educational database.
- Not available for US users.
- The small number of trading pairs.
Fees: Trading fees are 0.1% (both maker and taker). Learn more.
All exchanges have their advantages and disadvantages. When choosing, first check if the cryptocurrency you want to purchase is available on that particular exchange. These are our suggestions, but selecting the best crypto exchange is up to you. Test a few that look the most promising, and make an informed choice. We also encourage you to read user reviews of exchanges online, so maybe you'll pick up some essential factors not covered in this article. We hope this article and your own research will help you choose the best crypto exchange.
What Are Crypto Exchanges?
A cryptocurrency exchange is a website where users make offers to buy and sell cryptocurrencies, such as Bitcoin. Because of the risks involved in online transactions and the very operation of exchanges online, cryptocurrency exchanges have put in place several safeguards to protect users from loss of funds or identity theft. There have been known cases where exchanges have disappeared from the market because of a major hacking attack. A large portion of customers' funds was stolen. Although such cases are rare nowadays, it’s worth checking how long a particular exchange has been operating and what security measures it has put in place.
Which Crypto Exchanges Charge the Lowest Commissions?
Most exchanges offer various discounts for commissions, so it's hard to answer this question. HitBTC charges the lowest commissions among the most popular exchanges unless considering the extra discounts - only 0.09%. Check the commissions and fees table first and then make a choice.
What Are the Best Crypto Exchanges in the US?
Because of regulation, many exchanges have entirely given up doing business in the United States. Of those available, exchanges such as Kraken, Coinbase, and Binance US are top-rated. Also, we recommend paying attention to the Gemini crypto exchange that allows you to check areas of availability . Compare the options offered by each exchange, the fees and choose the one that best suits your needs. The choice of cryptocurrency exchanges in the United States is admittedly limited, but many exciting options are still to consider.
Best crypto exchanges for staking in 2022
Commonly, the most significant exchanges support the staking of numerous PoS-cryptocurrencies. Binance, for example, usually stakes one's coins for a certain period and then transfers them back (this is called "locked staking"). There are other options available for a limited amount of currencies (usually made available on Binance through third party services).
One can also stake on Coinbase by moving funds into the 'vault.' If a person wants to stake a coin, in the majority of cases, it will lead to locking it for a definite time. Though the staking fees are relatively high, Coinbase is reliable and intuitive.
Kraken makes 'off-chain' staking possible. Thus, one simulates the rewards from an actual 'on-chain' stake. Not all customers can use this option (whether restrictions are applied or not depends on geolocation). As one is not using the blockchain to stake, off-chain staking isn't just limited to PoS crypto.
There is also the possibility to stake Tron, Cardano, or Ethereum 2 on eToro (they also plan to add EOS, NEO, and Tezos). Coins need to be kept on this platform to stake it. Your level of membership will influence the APY. The 'Diamond' Club customers will keep 90% of the yield.