We regularly review 40+ leading cryptocurrency exchanges to find the best in the business. Find & compare the best crypto trading platforms here.
An exchange is a crypto trading platform where you can buy and sell cryptocurrency. Exchanges offer a wide range of digital assets and lots of ways to swap between them.
Our expert panel rates and reviews 40+ of the top crypto exchanges throughout the year to create a list of the best platforms out there today. To do this, we created a list of variables then scored each exchange based on those variables.
The five main ranking factors are:
- The cost of trading
- Exchange security
- Ease of use and accessibility for beginners
- Number of cryptocurrencies and crypto pairs available
- Number of different payment methods accepted
The scores are weighted, so that security and cost have a significant influence over the final ranking. Security in particular is a hot-button issue at the moment, so our recommendations reflect that.
The final results and rankings are below, along with our advice on how to choose the best crypto exchange for you. To learn more about our methodology and reviewing panel, read our review process.
The best cryptocurrency exchanges with lowest fees, February 2023
- Oanda
- Binance: Best crypto platform for trading altcoins
- Coinbase: Best secure trading platform for all types of trader
- KuCoin: Best social trading altcoin exchange
- Bitstamp: Best for professionals & trading with APIs
- Nexo: Best for earning interest & rewards
- Admirals
- FP Markets: Best for low spread & 0-pip trading
Expert picks: top 3 crypto trading platforms
These three crypto exchanges came out at the top of our rankings. They are crypto trading platforms we recommend to anyone who wants to dive in and sign up to an exchange you can trust.
Top crypto exchanges for your needs
What is the best crypto exchange for beginners?
eToro. You can practice crypto trading on a demo account to start with. It’s easy to sign up, the trading fees are low, and it’s trusted by millions of users around the world. Here are some other beginner crypto exchanges:
| CRYPTO EXCHANGE | FEES | NO. OF ASSETS |
|---|---|---|
| eToro | 1% | 73+ |
| Coinbase | 1% | 200+ |
| Binance | From 0% | 600+ |
What is the crypto exchange with lowest fees?
eToro is the cheapest crypto exchange. It adds a flat 1% fee added to the market price of each digital asset. The fee is part of the spread, so there’s no surprises. Here is a breakdown of the lowest fee crypto exchanges:
| CRYPTO EXCHANGE | FEES | NO. OF ASSETS |
|---|---|---|
| eToro | 1% | 73+ |
| Uphold | From 0.65% | 220+ |
| Coinmama | From 0.99% | 15+ |
What is the safest crypto exchange?
Coinbase is the most secure crypto exchange. Coinbase is a large, public company that has to be transparent in order to comply with stock market regulations. Here are the crypto trading platforms that came out with our top security score:
| CRYPTO EXCHANGE | REGULATED BY |
|---|---|
| Coinbase | FinCEN, FCA |
| eToro | FCA, CySEC |
| Admirals | FCA, PRA |
What is the best crypto exchange for day trading?
Bitstamp has the best tools for fast intraday trading. It boasts industry-leading uptime and a professional account where you can access high liquidity and instant order execution. Here are some other top day-trading crypto platforms:
| CRYPTO TRADING PLATFORM | TRADING FEES | NO. OF ASSETS |
|---|---|---|
| Bitstamp | From 0% | 80+ |
| OKX | From 0.6% | 340+ |
| eToro | 1% | 73+ |
What is the best fiat-to-crypto exchange?
Binance is designed for convenience, so it makes it easy to swap between fiat and crypto currency. Large, popular crypto exchanges that target casual traders are ideal for fiat-crypto conversions. Here are some other top fiat-to-crypto exchanges:
| CRYPTO EXCHANGE | FIAT TRADING PAIRS | NO. OF ASSETS |
|---|---|---|
| Binance | USD, GBP, EUR, AUD | 600+ |
| Coinbase | USD, GBP, EUR | 200+ |
| Uphold | USD, GBP, EUR | 220+ |
What is the best PayPal Bitcoin exchange?
eToro, thanks to a combination of low trading fees, simplicity, and a top quality mobile app. It lets you deposit for free via a variety of payment methods, including PayPal. Here are more of the best crypto exchanges that accept PayPal:
| BITCOIN EXCHANGE | PAYPAL ACCEPTED? |
|---|---|
| eToro | Yes – Deposits & withdrawals |
| Bitstamp | Yes – Deposits & withdrawals |
| Binance | Yes – Deposits & withdrawals |
What is the best no-fee crypto exchange?
There aren’t many genuinely free crypto exchanges. More often, only parts of the service are free, such as Bitcoin or stablecoin trading. Here are the best crypto exchanges that offer some form of free trading:
| CRYPTO EXCHANGE | FEES | NO. OF ASSETS |
|---|---|---|
| Kucoin | From 0%* | 750+ |
| Binance | From 0%* | 600+ |
| Bitstamp | From 0%* | 80+ |
*0% on certain assets only
What is the best no KYC crypto exchange?
You can either use a decentralised platform like Uniswap or accept limitations on your account. It’s very difficult to use a leading crypto exchange without KYC.
Rather than a completely anonymous crypto exchange, you can find platforms that offer a compromise, such as lower withdrawal limits if you don’t verify your ID. Here are some leading no KYC cryptocurrency exchanges:
| CRYPTO EXCHANGE | FEES | NO. OF ASSETS |
|---|---|---|
| Uniswap | 0.3% | 900+ |
| Kucoin | From 0% | 750+ |
| Bybit | From 0% | 100+ |
What is the best P2P cryptocurrency exchange?
Binance offers the largest P2P crypto exchange in the world. Binance P2P gives you more control over your trading along with the peace of mind that comes from being part of a larger, traditional exchange. Here are some other leading peer to peer crypto exchanges.
| CRYPTO EXCHANGE | FEES | NO. OF ASSETS |
|---|---|---|
| Binance P2P | From 0% | 600+ |
| LocalBitcoins | Free | N/A |
| Paxful | Free | N/A |
Which crypto exchange has the most coins?
Binance has the largest selection of cryptocurrencies. You can buy almost any altcoin you want and, just as importantly, swap between different cryptos. Here are other crypto trading platforms that offer plenty of altcoins:
| CRYPTO TRADING PLATFORM | NO. OF ASSETS | NO. OF CRYPTO PAIRS |
|---|---|---|
| Kucoin | 750+ | 1300+ |
| Binance | 600+ | 1300+ |
| OKX | 340+ | 650+ |
What is the best crypto exchange app?
eToro is the best mobile crypto exchange. It’s reliable, easy to use, and offers all the features you can access through the main website. Here are some other top mobile cryptocurrency exchanges:
| CRYPTO APP | OPERATING SYSTEM |
|---|---|
| eToro | iOS, Android, and tablet |
| OKX | iOS, Android, and tablet |
| Coinbase | iOS, Android, and tablet |
What is the best crypto derivatives exchange?
Binance offers the best range of derivative markets. It’s a futures exchange, and options exchange, and the best exchange to short crypto, all rolled into one. Here are other crypto trading platforms where you can access derivatives:
| CRYPTO EXCHANGE | FEES | NO. OF ASSETS |
|---|---|---|
| Binance | From 0% | 600+ |
| KuCoin | From 0% | 750+ |
| OKX | From 0.6% | 340+ |
What is the largest cryptocurrency exchange?
Binance is the exchange with the highest 24 hour trading volume. It’s the most liquid crypto exchange, so there’s normally someone to take the other side of your trade. Here are the top three crypto exchanges by trading volume:
| CRYPTO EXCHANGE | TRADING VOLUME (24HR) |
|---|---|
| Binance | $18,500,000,000+ |
| Coinbase | $1,160,000,000+ |
| OKX | $1,000,000,000+ |
*24 hour trading volume, as of February 2023
What is the best Ethereum exchange?
eToro is the best Ethereum crypto exchange. All ETH trades are subject to a 1% flat fee, which is competitive, and you can take advantage of features like CopyTrader, which is a great way for beginners to learn. Here are more top Ethereum exchanges:
| ETH EXCHANGE | TRADING FEES | NO. OF ASSETS |
|---|---|---|
| eToro | 1% | 73+ |
| Bitstamp | From 0% | 80+ |
| Binance | From 0% | 600+ |
What is the best Dogecoin exchange?
eToro rates as our top Dogecoin crypto exchange. It’s a beginner-friendly crypto trading platform that’s price competitive and which offers beginner-friendly features, like a social trading feed. Here are more of the best Dogecoin exchanges:
| DOGE EXCHANGE | TRADING FEES | NO. OF ASSETS |
|---|---|---|
| eToro | 1% | 73+ |
| Bitstamp | From 0% | 80+ |
| Binance | From 0% | 600+ |
What is the best NFT marketplace?
Opensea is the most popular NFT marketplace, with the highest trading volume & total number of traders. Here are some more top NFT marketplaces:
| NFT MARKETPLACE | TOTAL TRADERS | TRADING VOLUME* |
|---|---|---|
| Opensea | 345,000+ | $440m+ |
| Blur | 50,000+ | $350m+ |
| X2Y2 | 30,000+ | $80m+ |
*30 day trading volume, as of February 2023
What is the best crypto exchange for staking coins?
Nexo is the best place to go if you want to stake, or earn interest on, your cryptocurrency. Many exchanges have some form of staking system now, but the likes of Nexo are more like interest paying bank accounts and come with fewer charges than regular crypto exchanges. Here are more top staking platforms:
| CRYPTOCURRENCY EXCHANGE | NO. OF STAKABLE ASSETS |
|---|---|
| Nexo | 60+ |
| Kucoin | 750+ |
| Uphold | 220+ |
What is the best crypto exchange for altcoins?
Binance offers more than 500 cryptocurrencies, which makes it the best place to go to buy your favourite altcoin. With a minimum deposit starting from just $1, it’s the ideal place for beginners or casual traders to start trading altcoins. Here are more exchanges with lots of altcoin options:
| CRYPTO EXCHANGE | TRADING FEES | NO. OF ALTCOINS |
|---|---|---|
| Binance | From 0% | 600+ |
| Kucoin | From 0% | 750+ |
| OKX | From 0.6% | 340+ |
What is the best DeFi exchange?
Binance offers all of the leading decentralised finance coins, including Avalanche, Chainlink, Aave, and Maker. If you also own the Binance coin, you can buy and sell these DeFi tokens with extremely low trading fees. Here are more top Defi trading platforms:
| CRYPTOCURRENCY EXCHANGE | FEES | NO. OF ASSETS |
|---|---|---|
| OKX | From 0.6% | 340+ |
| Binance | From 0% | 600+ |
| Kucoin | From 0% | 750+ |
What is the best decentralized crypto exchange?
Uniswap is the best decentralised exchange, where you can swap a vast number of Ethereum-based coins. You need to own cryptocurrency in a crypto wallet first, though, so you may need to sign up to another crypto exchange and buy some coins before you use Uniswap. Here are the top three decentralized exchanges:
| DECENTRALIZED EXCHANGE | DEFAULT SLIPPAGE | NO. OF ASSETS |
|---|---|---|
| Uniswap | 0.5% | 900+ |
| PancakeSwap | 0.5-1% | 3000+ |
| DYDX | 0.5% | 22000+ |
What are the top 10 crypto trading platforms?
Based on their tests and cryptocurrency market expertise, our panel picked out these platforms to make up our top ten favourite exchanges. Here’s our top cryptocurrency exchange rankings in full:
- Oanda
- Binance: Best crypto platform for trading altcoins
- Coinbase: Best secure trading platform for all types of trader
- KuCoin: Best social trading altcoin exchange
- Bitstamp: Best for professionals & trading with APIs
- Nexo: Best for earning interest & rewards
- Admirals
- FP Markets: Best for low spread & 0-pip trading
- YouHodler: Best for staking & earning crypto
- Capitality: Best for trading like a pro
Crypto exchanges that didn’t make it into our recommendations
There are lots of cryptocurrency exchanges that offer a great service. Some just missed out on making our final list of the very best platforms, and here are some honourable mentions.
- Crypto.com is a popular exchange that has spent a lot on marketing and getting the brand name out there. However, we found it lacked the guidance we want in a beginner-friendly platform and has rated poorly for customer support.
- Changelly is a US-focused cryptocurrency exchange which can be a good option for users stateside, but its fee structure is high relative to the competition.
- Uniswap is a decentralised exchange (DEX) where you can swap coins that exist on the Ethereum blockchain for one another. DEXs are great for lesser known altcoins but are difficult for beginners to use.
- PancakeSwap is another decentralised exchange, that lets you swap digital currencies based on the BNB chain (formerly known as the Binance Smart Chain). This is a popular place to find ‘meme’ coins, but is not very beginner-friendly.
- Gemini is a secure crypto exchange that prides itself on its ability to resist hacking attempts, but it doesn’t offer as many cryptocurrencies as we like to see from a top exchange.
- BitPanda is a European exchange that offers low trading fees for purchases made in fiat currency. However, it isn’t available in all countries and there are some hidden fees that we found off-putting.
- XT.com is a simple to use exchange with an easy to understand layout but we have found some users have had a negative experience trying to withdraw digital assets from the platform.
- LBank is a relatively new exchange that has become a leading option for crypto trading in Asia but its English speaking service is limited.
- Gate.io offers a wide range of digital currencies and accepts deposits in more than 50 fiat currencies, but it has limited availability in the US and again struggles with some poor English at times.
- Biconomy Exchange is another relatively new platform that has been growing in popularity but didn’t convince our experts that it offered a top service just yet.
What is a crypto exchange?
It’s an online marketplace where you can buy and sell cryptocurrency. You make a deposit in a fiat currency, such as dollars or pounds, and you can swap that money for digital assets like Bitcoin, Ethereum, or Dogecoin.
How do Bitcoin exchanges work?
By matching users who want to buy with users who want to sell cryptocurrency. Imagine an auction house where both buyers and sellers are submitting bids and asking prices simultaneously, and as soon as a pair agrees on a price the coins change hands.
In practice, this all takes place automatically through an ‘order book’. Every time a user submits a bid to buy, or places coins up for sale, it’s added to the order book. The exchange constantly matches the bids in the order book together in order to make transactions.
How to use a cryptocurrency exchange
Whenever you want to buy a cryptocurrency, you submit a bid for it on the exchange. You decide what you want to buy, how much, and how you want to pay for it. You then have the choice between placing a ‘market’ or a ‘limit’ order.
- A market order places an order for your coins and asks for it to be executed as soon as possible. This means you will pay the current market rate.
- A limit order sets the price at which you’re willing to buy. This order is only executed when there is a seller willing to sell at that price.
You may get better value for money by using a limit order, but you may not get your coins if there is no seller. A market order means you will get the coins but it might cost you more to do so.
What should I look for in a crypto exchange?
A crypto exchange account should offer an easy and inexpensive way to invest. It should also offer other basic features, such as the ability to invest in any coin you want.
Below is a list of the most important feature for crypto traders to look out for when choosing the best cryptocurrency exchange.
Low trading fees
Crypto exchange fees vary from one exchange to another and depend on how much you trade. The trading fee usually falls between 0.1% and 1.25% but you should shop around. Getting the most Bitcoin for your buck means finding a cryptocurrency exchange with a low rate.
Some crypto exchanges offer a more competitive trading fee for high volume traders, or if you own some of their own cryptocurrency.
Binance, for example, offers cheaper commissions if you own Binance coin or if you trade in excess of $1m a month. It’s worth exploring the perks for any platform you’re interested in.
Low deposit or payment fees
Deposit and payment fees are different to trading fees. These fees vary as well, and depend on your chosen payment method. Most sites will charge between1% – 5% when you use a credit card and around 2% when you use a bank transfer.
Using alternative payment methods, like PayPal, can be more expensive, if they are available at all.
Regulatory protection
Where a crypto exchange is based can greatly influence the level of protection you’re offered as a trader. A cryptocurrency exchange registered in the US, for example, must meet much stricter collateral requirements than those based elsewhere.
A good example of how this works in practice is the demise of the crypto exchange, FTX. Users on the FTX.US exchange were largely protected from the fallout, due to those stricter requirements in the United States.
For maximum protection, choose a crypto trading platform that is licensed to operate in a tier one financial jurisdiction, such as the US, UK, or the EU.
Simple design that’s easy to use
An important consideration when choosing a cryptocurrency trading platform is how well designed the website is. The best crypto exchanges let you focus on buying the coins, not figuring out how the site functions, so find an exchange you’re comfortable using.
Usability varies depending on who the main target market is. For instance, Wirex comes with a user-friendly interface to help beginners invest in crypto, whereas other sites are designed for advanced users, with detailed graphs, more complex markets, and professional-style trading tools.
A large range of cryptocurrencies
Make sure that any crypto exchange you sign up to offers the crypto assets you want to buy. This information is usually easy to find on the exchange website but it is worth looking into, as not every cryptocurrency is available on every exchange.
A related feature to look out for is the pairs available for each coin. This shows you which coins or currencies you can swap for any particular crypto so if you see BTC/USD, that means you can swap your US Dollars for Bitcoin (and vice-versa). Some coins can only be bought with other cryptocurrencies and the options vary between platforms.
Available where you live
Access to some crypto exchanges is limited depending on where you live. For example, if you live in the United States you might not be able to access or set up accounts in other jurisdictions.
Platforms such as Binance are available in almost every country, whilst Wirex is not available in the US. Check that the exchange you want to use is available where you are before creating an account. The rules might also vary by state, so it’s important to check the laws where you live.
Accepts deposits via your favourite payment method
Not every crypto exchange will accept the same forms of payments. Most of the best crypto exchanges accept credit cards and bank transfer, for example, but not every platform accepts PayPal. Make sure you use an exchange that lets you pay how you want to make it more convenient for you.
Offers any additional trading features you might need
If you want to use certain advanced trading methods, such as leverage, then you need to pick a cryptocurrency trading platform carefully. Leverage, spread betting, and futures or options trading are available on some exchanges in some parts of the world but are not universal.
Quick answers to key questions
Can I use a crypto exchange anonymously?
Not normally. Most crypto exchanges require you to verify your identity when you register an account before you are even allowed to trade.
You have to verify your account by providing your address and a form of photo ID. These fraud prevention measures, such as Know Your Customer (KYC) regulations, have been introduced on more and more exchanges in recent years to protect you against malicious activity.
There are some cryptocurrency exchanges that still allow more anonymity, but they are not the best place to start if you’re new to crypto. A decentralized exchange, like Uniswap, or a peer-to-peer exchange, like LocalBitcoins, are alternative options if anonymity is important to you.
How fast are transactions processed on an exchange?
For popular cryptos, like Bitcoin or Ethereum, it normally only takes a few seconds. However, it depends on how long it takes for someone to take the other side of your trade.
During periods of high volatility, falling markets, or when purchasing less popular coins, it can take longer. Remember that on an exchange you’re trading with other users, so it relies on someone else wanting to trade with you.
If speed is important to you and you want to make sure your trades are executed instantly, consider using a crypto broker instead. Those services take the other side of the trade automatically (and charge you a fee for the convenience).
What payment methods are available on a crypto exchange?
Payment options vary across crypto trading platforms, but most let you deposit via a bank transfer or credit/debit card payment.
Other payment options like PayPal, Skrill, or Payoneer, are also available on some platforms, although you should confirm this before signing up and be prepared to pay a slightly higher fee for each deposit.
Do I need a wallet to use a Bitcoin exchange?
No, wallets are optional. Most crypto exchanges let you store your coins in your exchange account. It might be a good idea to sign up for your own wallet as an extra security measure, however, or if you intend to use your cryptocurrency to make purchases online.
How do cryptocurrency exchanges determine the price of a cryptocurrency?
Crypto exchanges are a marketplace in which people agree to make trades at a set price. Crypto assets are like any other form of asset, in that the price fluctuates as people are willing to part with more or less fiat currency in exchange for the asset at any given time.
In other words, the price of a cryptocurrency (such as Bitcoin) on exchanges is determined by simple supply and demand.
Can I use a Bitcoin exchange on my mobile phone?
Yes, there are many crypto exchange apps available for iOS and Android. You can find the best crypto apps on the Google Play Store or Apple Store to invest in digital currencies on the go.
Methodology: How did we choose the best cryptocurrency exchanges?
To create this list we reviewed 40+ top crypto exchanges and rated them based on five key criteria. The combined rating of each platform led to their final ranking position.
The research is carried out on a rolling basis by our expert review panel. The panel includes Jayson Derrick, Lead Editor of News, Dan Ashmore, CFA, Data Analyst, Prash Raval, Crypto Writer and trader, and Richard Stutely, Fact Checker and Economist.
The cost, security, and usability of each platform was given the largest weighting, as those are the most important considerations for any new user. The number of assets available and the payment options also fed into the final score. Learn more about how we test, rate, and review platforms.
Original source: https://invezz.com/cryptocurrency/exchanges/
