In This Article

  1. What is a Cryptocurrency Exchange?
  2. The 10 Best Cryptocurrency Exchanges
  3. Cryptocurrency Exchange FAQs
  4. The Bottom Line: Cryptocurrency Exchanges 

There are now more than 300 different cryptocurrencies in existence, and that number is increasing. With so many options available, it can be difficult to know where to start when looking for a place to trade.

What’s the best cryptocurrency exchange? 

Which cryptocurrency exchange has the lowest fees?

Which cryptocurrency exchange is the safest? 

In this article, we will explain the 10 best cryptocurrency exchanges to help you decide what’s best for you. Let’s get started! 

What is a Cryptocurrency Exchange?

Cryptocurrency exchanges are platforms where traders can buy and sell cryptocurrencies. 

They are like traditional stock exchanges, but instead of trading stocks, traders trade cryptocurrencies

Cryptocurrency exchanges can be divided into two categories: centralized and decentralized. 

Centralized exchanges are run by a single company or organization, while decentralized exchanges are run by a network of users.

So what determines the best crypto exchange?

The best cryptocurrency exchange is the one that best meets the needs of the individual trader. Some factors to consider include:

Fees

Most exchanges charge a fee for each trade that is made on their platform. 

The higher the volume of trades, the lower the fee will be. 

Some exchanges also offer discounts for high-volume traders.

Cryptocurrencies

Not all exchanges offer every cryptocurrency. 

Some exchanges only offer a limited number of cryptocurrencies, while others offer a much wider selection. 

It is important to check the list of cryptocurrencies offered by an exchange before signing up.

Trading Volume

The higher the trading volume, the more liquidity the exchange has. 

This means that it will be easier to buy and sell cryptocurrencies on the exchange.

User Interface

The user interface of an exchange is important for two reasons. 

Firstly, it needs to be simple and easy to use so that traders can easily place orders. 

Secondly, the design of the user interface should be visually appealing.

Security 

One of the most important factors when choosing a cryptocurrency exchange is the level of security that it offers. Security measures such as two-factor authentication and cold storage should be considered.

The 10 Best Cryptocurrency Exchanges

Here are the 10 best cryptocurrency exchanges for you to consider as you invest in cryptocurrency. 

Coinbase

  • Advantages: User-friendly interface, wide variety of cryptocurrencies available
  • Disadvantages: Limited countries supported, high fees
  • Unique features: user-friendly interface and is one of the most popular exchanges online.
  • Fees: Coinbase charges a fee of 0.25% for all trades.
  • Supported Countries: United States

OKEx

  • Advantages: High liquidity, wide variety of cryptocurrencies available, offers margin trading 
  • Disadvantages: Does not offer fiat-to-cryptocurrency trading 
  • Unique Features: OKEx offers margin trading, which allows traders to borrow money from the exchange to trade cryptocurrencies. This can increase profits but also increases risk. 
  • Fees: OKEx charges a fee of 0.15% for all trades. The fee decreases as the trade volume increases.
  • Supported Countries: Worldwide 
  • Cryptocurrencies Available: Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), Dash (DASH) and more. 

Huobi Pro 

  • Advantages: High liquidity, wide variety of cryptocurrencies available 
  • Disadvantages: Does not offer fiat-to-cryptocurrency trading 
  • Unique Features: Huobi Pro offers a variety of features that are not available on most other exchanges. These features include over-the-counter (OTC) trading, a fiat gateway, and a cryptocurrency debit card. 
  • Fees: Huobi Pro charges a fee of 0.20% for all trades. The fee decreases as the trade volume increases.
  • Supported Countries: Worldwide 
  • Cryptocurrencies Available: Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), Dash (DASH)

HitBTC $

  • Advantages: High liquidity, wide variety of cryptocurrencies available 
  • Disadvantages: Does not offer fiat-to-cryptocurrency trading, high fees 
  • Unique Features: HitBTC offers a variety of features that are not available on most other exchanges. These features include over-the-counter (OTC) trading, a fiat gateway, and a cryptocurrency debit card. 
  • Fees: HitBTC charges a fee of 0.25% for all trades. The fee decreases as the trade volume increases.
  • Supported Countries: Worldwide 
  • Cryptocurrencies Available: Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), Dash (DASH), and more. 

Bitfinex

  • Advantages: Low fees, allows margin trading
  • Disadvantages: Limited countries supported
  • Unique Features: offers margin trading, which allows traders to borrow money from the exchange to trade cryptocurrencies.
  • Fees: Bitfinex charges a fee of 0.0%-0.25% for all trades. The fee decreases as the trade volume increases.
  • Supported Countries: Worldwide except for United States, Cuba, Iran, North Korea, Syria
  • Cryptocurrencies Available: Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), IOTA (IOTA), Dash (DASH), Monero (XMR), NEO (NEO), Verge (XVG), Zcash (ZEC)
  • Margin Trading: Bitfinex offers margin trading with leverage up to 100:01.

Binance

  • Advantages: Low fees, wide variety of cryptocurrencies available
  • Disadvantages: Limited countries supported
  • Unique Features: offers a very large number of cryptocurrencies to trade.
  • Fees: Binance charges a fee of 0.05% for all trades.
  • Supported Countries: Worldwide except for United States, Algeria, Bahrain, Cuba, Iran, Iraq, Lebanon, Libya, North Korea, Oman, Qatar, Saudi Arabia, Syria, Trinidad and Tobago, Tunisia, United Arab Emirates
  • Cryptocurrencies Available: Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), IOTA (IOTA), Dash (DASH), Monero (XMR), NEO (NEO), Verge (XVG), Zcash (ZEC)

Bittrex

  • Advantages: Low fees, wide variety of cryptocurrencies available
  • Disadvantages: Limited countries supported
  • Unique Features: ability to short cryptocurrencies and the availability of many altcoins.
  • Fees: Bittrex charges a fee of 0.25% for all trades.
  • Supported Countries: Worldwide except for United States, North Korea, Iran, Syria
  • Cryptocurrencies Available: Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), IOTA (IOTA), Dash (DASH), Monero (XMR), NEO (NEO), Verge (XVG), Zcash (ZEC)

Poloniex

  • Advantages: Low fees, wide variety of cryptocurrencies available
  • Disadvantages: Limited countries supported
  • Unique Features: ability to short cryptocurrencies and the availability of many altcoins.
  • Fees: Poloniex charges a fee of 0.15% for all trades.
  • Supported Countries: Worldwide except for United States, Cuba, Iran, North Korea, Syria
  • Cryptocurrencies Available: Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), IOTA (IOTA), Dash (DASH), Monero (XMR), NEO (NEO), Verge (XVG), Zcash (ZEC)

bisq

  • Advantages: Decentralized exchange, wide variety of cryptocurrencies available
  • Disadvantages: Not as user friendly as other exchanges
  • Unique Features: allows users to trade cryptocurrencies without trusting a third party, offers more privacy and security than most exchanges
  • Fees: bisq does not charge fees for trades. However, each party to a trade will need to pay the network fee for sending and receiving Bitcoin.
  • Supported Countries: Worldwide
  • Cryptocurrencies Available: Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), Dash (DASH)

Kraken

  • Advantages: Low fees, wide variety of cryptocurrencies available
  • Disadvantages: Limited countries supported
  • Unique Features: Offers margin trading with leverage up to 50:01, and shorting
  • Fees: Kraken charges a fee of 0.16% for all trades. The fee decreases as the trade volume increases.
  • Supported Countries: Worldwide except for United States, North Korea, Iran, Syria
  • Cryptocurrencies Available: Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), IOTA (IOTA), Dash (DASH), Monero (XMR), NEO (NEO), Verge (XVG)
  • Fees: Kraken charges a fee of 0.16% for all trades. The fee decreases as the trade volume increases.
  • Supported Countries: Worldwide except for United States, North Korea, Iran, Syria
  • Cryptocurrencies Available: Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), IOTA (IOTA), Dash (DASH), Monero (XMR), NEO (NEO)
  • Margin Trading: Kraken offers margin trading with leverage up to 50:01.

Cryptocurrency Exchange FAQs

Next, we’ll take a look at the most commonly asked questions about cryptocurrency exchanges. 

Q. How do Cryptocurrency Exchanges Operate?

Cryptocurrency exchanges operate in a similar way to traditional stock exchanges

Traders can buy and sell cryptocurrencies by placing orders on the exchange. 

Orders are placed through a user interface, and the exchange will match buyers with sellers automatically. 

Most exchanges also offer margin trading, which allows traders to borrow money from the exchange to trade cryptocurrencies.

Q. How did Cryptocurrency Exchanges Come to Be?

Cryptocurrency exchanges first appeared in 2009 with the launch of Bitcoin Exchange, which was later renamed Coinbase. 

Coinbase is still one of the most popular cryptocurrency exchanges and allows users to buy and sell Bitcoin, Ethereum, and Litecoin. 

Q. How Many Cryptocurrency Exchanges are there today?

Currently, there are nearly 380 different cryptocurrency exchanges in existence. 

However, the top ten exchanges mentioned in this article account for most of the trading volume. 

The Bottom Line: Cryptocurrency Exchanges 

Cryptocurrency exchanges are a necessary part of the cryptocurrency ecosystem

They allow investors to buy and sell cryptocurrencies, as well as trade them for other assets. 

There are a large number of cryptocurrency exchanges available, but the best ones offer low fees, a wide variety of cryptocurrencies, unique features like margin trading and shorting capabilities, and support for many countries. 

Before choosing a cryptocurrency exchange, ensure that its advantages, disadvantages, and fees align with your cryptocurrency investing strategy