What Is The Best Crypto Exchange

What Is The Best Crypto Exchange? 10 You Should Try

Reading Time: 6 minutes

Last Updated on September 28, 2021 by Calvin C.

A cryptocurrency exchange is where you buy and sell bitcoins or altcoins. There are many cryptocurrency exchanges around the world and in all the noise, what is the best crypto exchange? In this article, I cover that by looking at 20 best exchanges so that you can easily transact without fear of getting scammed.

Beware of fake exchanges where criminals lure unsuspecting users with attractive market prices. On these exchanges, you get false price charts and the most common complaint is failure to withdraw realized profits.

At the end of the day, you lose your money on these shady exchanges due to their unethical practice. That doesn’t happen if you use a trusted exchange where you also get these benefits:

  • Low fees
  • More supported currencies
  • Excellent support
  • Security of your funds

Before I dive into the list, you need to know that even some of the well-established crypto exchanges deliberately inflate their trade volumes so as to instill confidence in traders.

Once people see a high trading volume, they are more likely to spend more on the exchange because it shows that more people trust it. It’s not rocket science, but simple human psychology.

Fortunately, there are resources like Coinmarketcap, where these various exchanges are ranked based on these factors:

  • Web traffic
  • Average liquidity
  • Volume
  • Confidence in the reported volume

With those parameters, an exchange score is calculated and assigned to each exchange so that you can easily work with the safest platform.

Safety of your crypto assets also starts with the way you store your keys, so don’t forget to read about the best hardware wallets at the moment.

Note: The exchange scores are dynamic and this is a snapshot of the rankings at the time of updating the article.

1. Binance

  • Exchange Score: 9.9
  • Fiat supported: AED, ARS, AUS, USD & 42 more
  • RECOMMENDED Cryptocurrency Exchange

Description

This is the world’s largest cryptocurrency exchange founded in 2017 and is registered in Cayman Islands.

On the platform, you are able to trade more than 100 cryptocurrency pairs, in addition to cryptocurrency-fiat pairs.

It has the biggest trading volume compared to other cryptocurrency exchanges. You can trade on Binance from anywhere around the world, with many methods available to fund your trading account.

There is a strong support for altcoins on the exchange and advanced features are available.

Pros

  • Low fees
  • Wide variety of cryptocurrencies
  • Advanced charting features
  • High volume

Cons

  • Charting system not newbie-friendly
  • Account verification can be a challenge
  • Corporate structure is not clear

2. Coinbase

  • Exchange Score: 9.0
  • Fiat supported: USD, EUR, GBP

Description

This is American exchange was founded in 2012 and has avoided fake coins on its platform.

It is easy for a newbie to create an account and transact on the platform.

You can opt for an insured account to protect your funds from hackers but the private keys are controlled by Coinbase.

In addition, there is a Coinbase Pro account with lower fees and more features.

Pros

  • High liquidity
  • Simple user interface
  • Wide variety of cryptocurrencies
  • Easy registration
  • Zero deposit fees for ACH, SEPA and crypto
  • Secure

Cons

  • High trading and withdrawal fees
  • You don’t control wallet keys
  • Not all coins are available
  • Poor customer support

3. FTX

  • Exchange Score: 8.8
  • Fiat supported: USD, EUR, GBP & 7 more
  • Discount code: 45989646

Description

This is a cryptocurrency derivatives exchange that was founded in 2017 and has headquarters in the Bahamas.

The platform caters for a wide range of traders, from retail investors, crypto-native investors, sophisticated day traders to institutional traders.

You also get to access to over 100 trading pairs e.g. BTC/USDT, ETH/USDT and more.

If you are a basketball fan, I’m sure you know about Steve Curry. Yes, he went into partnership with FTX and is also a global brand ambassador for the company.

Pros

  • Low fees
  • Safe and secure
  • Plenty of advanced features
  • No spam or breaches
  • Many cryptocurrencies to trade

Cons

  • Not newbie-friendly
  • The US version has limited features

4. Huobi Global

  • Exchange Score: 8.6
  • Fiat supported: USD, ALL, AUD & 47 more

Description

Huobi Global is one of the leading cryptocurrency exchanges that has headquarters in Seychelles and offices in many countries including the U.S.

The company was founded in China, but due to strict regulations in the country, it changed its strategy to expand into other parts of the world.

This is one of the best platforms where you can trade Bitcoin or Ethereum, with a reserve of 20,000 Bitcoin reserve in case of incidence and breaches.

It is publicly listed in Hong Kong and caters for users in over 195 countries all over the world.

Pros

  • More than 230 crypto assets to trade
  • Leverage and margin trading available
  • User-friendly platform
  • Plenty of features
  • Regulatory licenses available

Cons

  • Registration is lengthy
  • Fiat deposits and withdrawals not supported
  • For trading cryptocurrency only
  • No stocks, forex or commodities trading

5. KuCoin

  • Exchange Score: 8.4
  • Fiat supported: USD

Description

Kucoin is originally from China, but moved to Hong Kong in pursuit of a favorable regulatory condition.

There are more than 400 crypto assets and new coins are constantly added to the platform.

The platform processes deposits and withdrawals fast, with low transaction fees.

Customer support is available 24/7 and there is a dedicated hotline.

Pros

  • No verification required, so you trade anonymously
  • Wide range of cryptocurrencies
  • Secure platform
  • Low trading fees
  • Low deposit and withdrawal
  • Advanced trading features

Cons

  • Low trading volume
  • Not licenced in the U.S.

6. Kraken

  • Exchange Score: 8.4
  • Fiat supported: USD, EUR, GBP & 4 more

Description

Kraken is a U.S.-based cryptocurrency exchange located in San Francisco. It supports traders in over 190 countries and has over 90 crypto assets.

You get an opportunity to trade cryptocurrencies and fiat currencies on this platform.

This is a very small exchange compared to Coinbase or Binance.

Pros

  • Low fees
  • Wide range of products
  • Advanced features
  • High security
  • Wide range of crypto pairs to trade

Cons

  • Very high instant buy fees
  • Selection of educational material not excellent
  • High minimum withdrawal fees
  • Not newbie-friendly
  • No credit or debit card deposits
  • No 24/7 customer support

7. Bitfinex

  • Exchange Score: 8.2
  • Fiat supported: USD, EUR, GBP & 1 more
  • Discount code : CyePDx7cj

Description

Bitfinex was founded in 2012 and is based in Hong Kong.

This platform has been haunted by several unfortunate events, from lost funds to price manipulation.

In response, the platform has increased security features, allowing you to whitelist addresses, enable 2FA and use alternative emails.

Like in all exchanges, you should not store your coins in the exchange as there is always a risk of hacking.

Pros

  • You can trade anonymously
  • No withdrawal limits
  • Trusted
  • Multiple payment options
  • Extensive knowledgebase

Cons

  • Hacked in 2016 and more than $70 million worth of Bitcoin was stolen
  • Verification process
  • Cannot be used in the U.S, Bangladesh, Bolivia, Ecuador and Kyrgyzstan

8. Gate.io

  • Exchange Score: 8.1
  • Fiat supported: KRW, EUR

Description

This cryptocurrency exchange has been operating in China since 2013 and is probably the oldest exchange.

It is nolonger associated with China and is now based in the U.S. The platform supports more than 180 cryptocurrencies and more than 400 markets.

Gate.io is a good exchange, although there is a history of being hacked. The interface is more suitable for professional users.

Pros

  • Low fees
  • Wide selection of cryptocurrencies
  • Secure platform
  • Trading styles
  • Excellent mobile app
  • Margin trading available

Cons

  • Not newbie-friendly
  • No fiat deposits
  • Not licenced
  • Trust is an issue

9. Bithumb

  • Exchange Score: 8.0
  • Fiat supported: KRW

Description

Bithumb was founded in 2013 and is headquatered in South Korea.

It has a huge user-base and this has allowed Bithumb to offer a lot of features to users.

In addition to a web platform, Bithumb also has an iOS and an Android app.

This is one exchange that takes security seriously, so don’t expect to open an account in one click.

Pros

  • Excellent customer support
  • Newbie-friendly
  • Wide selection of cryptocurrencies
  • Low fees
  • Plenty of advanced features
  • Large trading volume

Cons

  • Mainly focused on South Koreans, so fiat currency that is available is South Korean won
  • Language translation issues occur here and there
  • May not be adequate for top-level traders because not all coins are available
  • Slow verification process

10. Bitstamp

  • Exchange Score: 7.5
  • Fiat supported: USD, EUR, GBP

Description

This exchange was founded in 2011 and has over 30 cryptocurrencies.

It mainly focuses on basic services which is adequate for most new and intermediate users.

2FA is available to add an extra layer of security to users.

In 2015, Bitstamp was hacked and 19,000 Bitcoins valued at around $5.2 million, were stolen.

Fortunately, users were reimbursed for any losses and this gave Bitstamp an opportunity to make the platform more secure.

Pros

  • Plenty of advanced features
  • Many ways to fund the account
  • Large volume
  • Low fees
  • Debit & credit card transactions supported
  • USD and EUR pairs available for all pairs

Cons

  • Not regulated
  • Not available on Metatrader platform
  • The exchange is only for cryptocurrencies
  • No live chat support
  • Limited number of coins

Conclusion

Remember, don’t keep your coins in the exchange. Instead use a hard wallet and you can find the best hard wallets at the moment here.

To facilitate anonymous Bitcoin transactions, you must use a VPN to hide your internet traffic.

Hackers cannot see what you are doing online once the VPN is connected. There are many VPNs and finding the right one may be overwhelming.

You can save time and choose from one of these best VPNs we have reviewed on this site.

Even better, you can simply use NordVPN, the overall best VPN.

Which exchange are you using? Leave coments below and share the article with your friends on social media.

Tech writer and VPN expert. DIY enthusiast and loves anything to do with space science.

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