10 Best Crypto Exchanges You Should Know (Updated)

Cryptocurrencies are becoming increasingly popular, and the hype surrounding them grows louder each day. Many people are jumping on board simply because they fear missing out (FOMO). Personally, I believe that cryptos could be the future of finance and might even replace the traditional forms of money we currently use.

Numerous other cryptocurrencies, often referred to as Alt Coins, are emerging in the hopes of riding the wave of the ever-growing popularity of Bitcoin and Ethereum. Platforms specifically designed to buy, sell, and trade cryptos are also booming. With hundreds of crypto exchanges available worldwide, how does one choose the right platform?

Crypto Exchanges in a Nutshell

Cryptocurrencies are built on various blockchains, which are not interconnected, thus complicating trades between them.

Crypto exchanges were created to address this issue, serving as bridges between different coins. These platforms allow users to buy, sell, and trade cryptocurrencies with ease.

Is Cryptocurrency Exchange Safe?

If you’re not actively trading cryptocurrencies for profit, it’s safer to store them in your own digital wallet or transfer them to a wallet that isn’t accessible to others or platforms.

If exchange servers are hacked, and cryptocurrencies like Bitcoin, Ethereum, and altcoins are stolen from customers’ wallets (exchange-issued wallets), your only chance of recovering your funds involves filing a lengthy, arduous lawsuit against the exchange and winning, or if the exchange is willing – or pressured by the government – to refund the losses. However, this process can take years, and sometimes, affected individuals never recover their lost money.

Consequently, it’s advisable to avoid storing large amounts of cryptocurrencies on an exchange unless you need to trade them immediately.

A well-structured and secure exchange typically provides customers with two authentication methods needed for withdrawing funds.

The first form of authentication usually involves an SMS (text) message sent to your mobile phone. This adds an extra layer of security for those who might be using their phones for money transfers or other banking activities.

The second type of verification can be through email or Google Authentication, which you’ll need to enter to access the account settings page on the exchange website. These methods make it harder for hackers to infiltrate your account as they require more than just your username and password.

It’s also crucial to know whether your chosen exchange stores its customers’ funds in a cold or hot wallet.

A cold wallet refers to wallets that are offline and can be stored in places like a third-party storage device or even printed on paper and kept secure. These wallets can’t be hacked as there’s no way to connect them to the internet, making it impossible to steal funds unless you entrust your private key to someone else.

In the context of cryptocurrency exchanges, if users have their money in hot wallets – wallets directly connected to the internet – they are at a greater risk of getting hacked or losing funds.

What’s in it for Them?

It’s predominantly about money, of course. Even though many exchange fees are merely around 0.05% per transaction, given the millions in volume traded daily, one can only imagine the influx of cash.

However, that’s not the entire story. Some exchanges were established on the principle that individuals should have control over their own money. They believe that people should have the opportunity to build wealth in a new way, away from the watchful gaze of the government. After all, this concept lies at the heart of cryptocurrencies.

How to Choose a Crypto Exchange?

There are several factors to consider when choosing the right crypto exchange. These include availability in your location, transaction fees, and advanced features that cater to both beginners and experienced investors, among others.

Choosing the most popular crypto exchanges might seem like the obvious choice, but it doesn’t necessarily mean they are the best option for everyone.

10 Crypto Exchanges You Should Know

Alright, shall we get started? In the list below, we will introduce you to exchanges that you might want to consider, based on their features, fees, crypto listings, and regional availability.

However, at the end of the day, it’s crucial to do your own research (DYOR) further before investing your money in any of the options listed below!

1. Pionex

Pionex is a highly reliable cryptocurrency exchange platform designed for everyone. Whether you’re just starting out or a veteran cryptocurrency investor, Pionex has the tools and functions that cater to all users of different experience levels.

It’s a user-friendly platform that provides useful tutorials for both experienced and inexperienced investors and traders, but the highlight of this platform is its crypto trading bots.

For the uninitiated, trading bots are programmed to perform trades on behalf of its users using different algorithms and parameters, and some also incorporate Machine Learning or Artificial Intelligence in their decision-making.

One such platform is Pionex, which supports over 120 different coins, with no deposit fees, and only charges 0.05% per trade. They also have a mobile app, so you can always be on the go, ready to check the market and perform trades. Good thing that people around the world can use Pionex, the only restriction is that US residents cannot trade leveraged tokens inside it.

PROS

CONS

2. Gate.io

Gate.io started operating in 2013, making it one of the oldest crypto exchange platforms. They were formerly known as Bter.com until they got rebranded in 2017. An unfortunate event happened in 2015 when their platform was hacked and 7,000 Bitcoins were stolen from cold wallets. Since then, they focused on their security and eventually became one of the top leading crypto exchanges today.

They have tons of features and functions, and with over 180 cryptocurrencies available on their platform, charging only 0.2% per trade. They are based in George Town, Cayman Islands, and are available in all the countries in the world except for New York, Washington, Cuba, Sudan, Syria, Iran, North Korea, Pakistan, Crimea, and Venezuela.

PROS

CONS

3. Coinbase

Coinbase was founded in 2012 for the main purpose of storing Bitcoin. Over the years, their company grew, supporting almost 100 cryptocurrencies, becoming a well-known platform where users trade and invest with their cryptocurrency. They eventually became one of the biggest and most established cryptocurrency exchanges in the world.

They do, however, have higher fees compared to other crypto exchanges. And a confusing fee structure ranging from 0.5% to 4.5%, depending on the type of coin, platform, payment method, and amount of the transaction. Despite not having a physical headquarters, Coinbase supports almost all countries in the world except for Singapore, Australia, and New Zealand.

PROS

CONS

4. Kraken

Kraken is one of the oldest crypto exchanges, founded in 2011 in San Francisco. It supports 87 cryptocurrencies, and they have two platforms available for both beginners and experienced investors. Kraken’s basic or main platform is recommended for newbies, while the Kraken Pro is for those who have more experience and are looking for more tools and advanced features to operate on the market.

Kraken’s transaction fees would cost you 1.5% for instant purchases and 0.9% for stablecoins. Additional fees would apply as well, depending on the type of transaction or bank, while transaction fees for Kraken pro are much less, only costing 0.26% taker fee or 0.16% maker free. And fees are reduced even more for higher dollar amounts starting from $50,000 and above.

Kraken is based in San Francisco, supporting over 200 countries, making it a global cryptocurrency exchange.

PROS

CONS

5. eToro

eToro was founded in 2007 but was only opened to the US in 2018. It’s an award-winning crypto exchange because of its easy-to-use platform and many features available to its users. Investors have used eToro for trading gold and other stocks long before it became a crypto exchange platform.

As of today, it only supports more than 20 of the main cryptocurrencies such as BTC, ETH, ADA, SOL, and so on. A single account requires a minimum deposit of $50. Its transaction fees will vary around 0.7 to 5%, depending on the type of crypto.

eToro is based in the UK, supporting around 100 countries worldwide. However, some states in the US don’t have access to it, such as Delaware, Hawaii, Minnesota, Nevada, New Hampshire, New York, or Tennessee. And countries that don’t have access to it include Canada, Hong Kong, Iceland, Portugal, Taiwan, and Turkey.

PROS

CONS

6. FTX

FTX was built for both advanced and newbie investors, offering a wide range of tools and features to aid its user and supporting over 130 coins and 10 fiat currencies.

It has affordable fees of only 0.02% for makers and 0.07% for takers but comes with a higher withdrawal fee of $75 for withdrawals under $10,000. Though there will be discounts for trading high dollar amounts. They’ve recently released their mobile app for Android and iOS, making it a convenient option for its users.

They are based in Nassau, The Bahamas, and are available to almost all countries worldwide. However, FTX is not available for investors located in Cuba, Crimea, Sevastopol, Iran, Syria, North Korea, Antigua or Barbuda, and the US, but US residents can use a separate site called FTX.us

PROS

7. BlockFi

BlockFi is a US-based cryptocurrency exchange and a lending platform with low interest and non-existent transaction fees when trading. Though it only supports 6 coins, including Bitcoin, Ethereum, and four stable coins such as Link, Litecoin, Paxos standard, and PAX gold.

Your first withdrawal of the month will be free, and then you’ll have to pay some fees for the second withdrawal, and so on. Withdrawal fees will vary depending on the type of crypto you want to withdraw.

They are based in New Jersey, offering their platform worldwide except for sanctioned countries like Cuba, Iran, North Korea, Sudan, Syria, and others.

PROS

CONS

8. Bybit

Bybit was founded in 2018 and is one of the newest and fastest-growing crypto exchanges today. It utilizes spot and derivatives strategy for trading, and the platform currently supports 20 cryptocurrencies, including BTC, ETH, EOS, XRP, USDT, and DOT.

Bybit only charges 0.05% per transaction, making it a viable platform to use. They also have a mobile application available for both Android and iOS if you want to have easy access to your account anytime and anywhere.

Their headquarters is in Singapore, and they offer their service worldwide except for service-restricted countries like the US, Cuba, Crimea, North Korea, Syria, etc.

PROS

CONS

9. KuCoin

KuCoin is one of the largest cryptocurrency exchanges available today. Its advanced features and wide range of available cryptos and altcoins make it a suitable platform for highly-experienced investors. But its advanced features, though a good thing, might be a bit overwhelming for beginners.

It also supports fiat currencies and over 380 coins that you can choose from, with varying low fees of around 0.0005% to 0.1%, depending on the type of coin. Having that many options for coins are important, especially for those investors willing to bet on new and not-so-popular cryptos that could blow up, and having the access to that cryptocurrency first would have the upper hand.

KuCoin is based in Singapore and offers its services to all investors worldwide, and the fact that it also has a mobile app is a plus to its convenience.

PROS

CONS

10. Poloniex

Poloniex was established in 2014. They’ve dubbed the platform as “the legendary crypto exchange”. It’s one of the few platforms that offer a huge variety of coins to choose from. With over 250 coins, including the most popular cryptos and altcoins, and with low fees ranging from 0.05% to 0.25%, depending on the type of coin and volume of the transaction.

They are based in Wilmington, Delaware, and they extend their service to over 100 countries around the world. Sadly, prohibited or restricted countries include the US, Crimea, Cuba, North Korea, Sudan, Mainland China, Libya, and more.

PROS

CONS

To End

At the end of the day, cryptocurrency is highly volatile, it is not guaranteed no matter which platform or crypto exchange you use, but having certain features not accessible to others is a must-have advantage. Do note that this is not financial advice and never take what you see on the internet as advice without further research of your own.

And also, only trade and/or invest the money you are willing to lose. Don’t take out a loan or use your life savings! Trade responsibly!