10 best cryptocurrency exchanges – Reviews and comparison
Exchange: | Review: | Assets: | Leverage: | Advantages: | Open account: |
|---|---|---|---|---|---|
1. Etoro  | Supports 120+ markets | 1:1, 1:2 | + Easy to use + Social Trading + Fiat deposits + Regulated broker + Crypto portfolios + Personal support | Live-account from $ 20079% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. | |
2. Binance  | 1,000+ markets | Maximum 1:50 | + For beginners + For professionals + Fast fiat withdrawals + All kind of products + Futures + Fees 0.0 – 0.1% | Live-account from $ 0(Risk Warning: Your capital can be at risk) | |
3. Bitfinex  | 500+ markets | Maximum 1:10 | + For beginners + For professionals + Fast fiat withdrawals + All kind of products + Lending possible + Fees 0.0 – 0.2% | Live-account from $ 0(Risk Warning: Your capital can be at risk) | |
4. Coinbase  | 4,000+ markets | Maximum 1:3 | + For beginners + For professionals + Fast account opening + All kind of products + Fast withdrawals + Fees ca. 0.5% | Live-account from $ 0(Risk Warning: Your capital can be at risk) | |
5. Bybit  | 10+ markets | Maximum 1:100 | + High leverage + For professionals + Free bonus + Futures + Fees -0.025 – 0.750% | Live-account from $ 0(Risk Warning: Your capital can be at risk) | |
6. Bitstamp  | 20+ markets | Maximum 1:1 | + For beginners + High security + Free bonus + Futures + Fees 0.0 – 0.5% | Live-account from $ 0(Risk Warning: Your capital can be at risk) | |
7. BitMEX  | 20+ markets | Maximum 1:100 | + For professionals + High leverage + Secure + Perpetual contracts + Fees 0.0000 – 0.0750% | Live-account from $ 0(Risk Warning: Your capital can be at risk) | |
8. Kraken  | 200+ markets | Maximum 1:5 | + For beginners + For professionals + Fast account opening + Futures + Fees 0.00 – 0.26% | Live-account from $ 0(Risk Warning: Your capital can be at risk) | |
9. Crypto.com  | 100+ markets | Maximum 1:50 | + For beginners + For professionals + Credit cards + Best app + Fees 0.04 – 0.16% | Live-account from $ 0(Risk Warning: Your capital can be at risk) | |
10. Coinmama  | 10+ markets | Maximum 1:1 | + For beginners + P2P platform + High limits + Fast account opening + Fees 5.5% | Live-account from $ 0(Risk Warning: Your capital can be at risk) |
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(4 / 5) The history of cryptocurrencies is littered with scams and stories of people blowing up their accounts. It can therefore be a little intimidating, to begin with, but that is now changing rapidly.
Cryptocurrencies are now mainstream and subject to much greater scrutiny than was previously the case not so long ago. It’s now eminently possible to find a trustworthy and reliable cryptocurrency exchange. Scams and lurid headlines come and go, but it is much easier now to safely trade and invest in cryptocurrency like never before.
Which one is the best cryptocurrency exchange?
Naturally, safety and security are foremost in our minds when trading in Bitcoin and the other cryptos that have grown in stature. It’s against this backdrop that we have narrowed down the field significantly for you. In this cryptocurrency exchange review article, we showcase the 10 best.
To give the broadest possible overview, we highlight exchanges aimed squarely at beginners and exchanges that are better suited for more experienced crypto traders. So no matter your trading goals or your experience level, we have found a cryptocurrency exchange that will prove to be the perfect fit. Whether you plan to invest long term, trade frequently wants an intuitive trading platform, or place a priority on privacy and anonymity, we have you covered.
Top 10 best cryptocurrency exchanges
- Etoro – The bullish cryptocurrency platform
- Binance – Numero Uno for Altcoins
- Bitfinex – Best for serious traders
- Coinbase – The best all-rounder
- ByBit – For high volume trading
- Bitstamp – It accepts fiat deposits
- BitMEX – One for advanced high-volume traders
- Kraken – Great learning materials
- Crypto.com – Great bonuses and incentives
- Coinmama – Oldie but goldie
See the list and details here:
1. Etoro
Etoro cryptocurrency exchange
The bull bedecked Etoro has pretty much led the charge in helping new traders cut their teeth. While maybe better known for forex, Etoro is a major player in cryptocurrency as well.
It brings the same new wave appeal to cryptocurrency and should most definitely be on your cryptocurrency exchange shortlist. We have little hesitation in giving Etoro the nod, particularly if you want an exchange platform that is easy to use, intuitive, and backed with solid financial credentials.
Etoro manages a tricky balancing act, making their platform powerful and comprehensive, yet easy to use. Most critics agree that they pull this off, with a touch of flair.
The user-friendly platform they have created lets you trade all the leading cryptos like Bitcoin, XRP, Ethereum, and more besides. You follow each crypto coin closely to see trends using Etoro’s advanced analysis and charting tools.
And if you are fresh to crypto trading or wish to take a less active role due to time constraints, you will want to look into Etoro’s CopyTrader tool. This lets you find the top-performing cryptocurrency traders and automatically shadow all their market moves.
Benefits of Etoro:
- Connect with over 15 million traders worldwide
- Regulated broker
- Free deposits
- Multiple payment methods
- Demo accounts
- Cryptocurrency exchange and CFD trading
- Long and short trades are possible
- Social trading
- Portfolio investments
- Risk management tools
- Easy to use
79% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
2. Binance
Binance cryptocurrency exchange
Not the prettiest of interfaces to work with, but it has a great personality that more than makes up for its design shortcomings.
You can join Binance and be off and running with cryptocurrency in a matter of minutes. That said, a download is involved, either the desktop client for Windows, Mac, or Linux, an API to integrate your favorite trading application or their mobile app for Android and iOS. So, on balance, unless you are tech-savvy to some extent, you may prefer to steer clear.
However, if you do so, you would be missing out on what one of the world’s biggest crypto exchanges has to offer. Arguably, Binance is the top pick if you were asked to choose only one trading platform. This is justified thanks to the enormous numbers of cryptos you can trade.
Binance supports both basic and advanced crypto trading and features like margin trading and BNB exchange coin, plus lots of other interesting options.
Much emphasis is placed on giving Binance a community feel, providing institution-grade analysis and news, and building the blockchain ecosystem through investment and fundraising.
Benefits of Binance
- Super-fast exchange
- Integrated e-wallet
- 24/7 support
- Binance news and updates blog
- BNB is the native asset
- Fiat deposits and withdrawals
- Competitive fees
- Leveraged trading
- Supports a lot of cryptocurrencies
- For beginners and professionals
(Risk Warning: Your capital can be at risk)
3. Bitfinex
Bitfinex cryptocurrency exchange
This company likes to promote itself as the ‘go-to exchange.’ Easy to say, for sure, but they may actually have a point, which is why they make it onto our top 10 cryptocurrency exchange guide.
Bitfinex is based in Hong Kong, registered in the British Virgin Islands, and has been around since 2012. Its longevity is due primarily to its acknowledgment that it must continually innovate to survive in an increasingly competitive digital currency landscape. And, to be fair, the highly experienced Bitfinex team has been snapping at the forefront of fintech for years now.
However, Bitfinex’s past has been somewhat colorful, having been hacked, lost client money, and run into problems with their banking and financial partners.
Currently, they are accused of various shenanigans involving their digital currency, Tether. New York’s Attorney General is bringing the parent company to trial over allegations that Bitfinex tried to disguise an $850 million loss of customer funds by taking out illegal loans from Tether, which shares the same executive leadership.
Legal woes aside, Bitfinex has emerged all the stronger for it. Today, Bitfinex is one of the largest and most advanced crypto trading platforms in the world.
Benefits of Bitfinex
- Best for experienced traders
- Advanced features
- High USD liquidity
- No ID verification required for cryptocurrency deposits
- Competitive fee structure
- Huge variety of coins
- Fast deposits and withdrawals
- High security
- Leveraged trading possible
(Risk Warning: Your capital can be at risk)
4. Coinbase
Coinbase cryptocurrency exchange
The first thing you notice about Coinbase is the Captcha challenge to get on the site. However, this is a relatively minor irritation. It is well worth pressing on through the hoops to get to the landing page.
Based in San Francisco, Coinbase goes into its ninth year in excellent shape with over 43 million verified customers on the books in over 100 countries. As a trusted platform for trading Bitcoin and other cryptos, Coinbase has handled over $455 billion in trades since its inception.
In short, Coinbase is a solid choice for both novices traders and those with long experience in the digital currency sphere.
Over the years, Coinbase has mainly been scandal-free; quite an achievement in the fraught and volatile world that is cryptocurrency trading.
Full marks are due to Coinbase for how they have crafted such an easy-to-use and intuitive trading platform. While offering all the tools and features a seasoned crypto trader has come to expect, Coinbase has managed to do so in a way that won’t frighten off newbies.
Benefits of Coinbase:
- Numerous altcoin options
- Simple interface
- High liquidity
- Great learning materials
- Fully regulated
- For professionals
- Leveraged trading possible
- Fiat deposits and withdrawals
- Competitive fees
(Risk Warning: Your capital is at risk)
5. ByBit
ByBit cryptocurrency exchange
Though a relative newcomer to the crypto scene, ByBit has made waves among traders. Clearly having listened to what crypto traders want, the ByBit platform has quickly embedded itself into the hearts of the crypto trading community.
Its meteoric trajectory is partly due to its affinity with crypto traders. And its innovative features hint that its success will be sustained in the long term.
As well as high volume trading in five major cryptocurrencies, this Singapore-headquartered exchange operates some rather tasty bonuses and promotions, including a referral scheme and a $50 deposit bonus.
At the moment, ByBit offers two contract types.
The first contract type is USDT perpetual, which uses Tether as the margin in a linear contract. This is the best option for new traders wanting to trade BTCUSDT.
The other contract type is Inverse perpetual. This contract means that if a trader wants to trade Bitcoin, Ethereum, XRP, or EOS contracts, the base cryptocurrency is the margin for trading the contract.
ByBit is better suited for new traders with some experience; it’s not suitable for complete beginners.
Benefits of ByBit:
- Competitive fee structure
- A popular choice for high volume traders
- No KYC interrogation
- Fast order execution
- Friendly interface and easy to use
- High leverage on cryptocurrencies
(Risk Warning: Your capital can be at risk)
6. Bitstamp
Bitstamp cryptocurrency exchange
Perhaps a surprising fixture on our top 10 list of crypto exchanges, but this Luxembourg outfit is worth a long hard look.
It is a Bitcoin exchange with a European focus and allows trading of fiat currency, Bitcoin, and other digital currencies.
The company was co-founded in 2011 by Nejc Kodrič, a leading light in the bitcoin community, and Damijan Merlak in Slovenia. Today it dubs itself as the original global bitcoin exchange. It, therefore, has a proven track record in cryptocurrency exchange and adopts a mature outlook.
In many ways, Bitstamp has set itself up to be beginner-friendly. Firstly, it accepts deposits in fiat currency, which means if you are venturing into crypto for the first time, you don’t need to go to another exchange to buy crypto. The fee structure, too, is low and transparent, which is another big plus point for beginners.
However, Bitstamp let down its strategy somewhat thanks to the platform. It’s probably too advanced for most beginners. If you are an utter novice, there are better platforms on offer. The Bitstamp effort will be too daunting a prospect for most.
Benefits of Bitstamp:
- Good customer service
- Accepts fiat deposits
- Reliable and secure
- Accepts credit cards and bank transfers
- Low fees
- High security
- For beginners and professionals
(Risk Warning: Your capital can be at risk)
7. BitMEX
BitMEX cryptocurrency exchange
This is an exchange that’s more suited to advanced and high-volume traders who know the ins and outs of cryptocurrency trading.
With high leverage levels up to 1:100 and trading without expiry dates, BitMEX is an attractive proposition for the season crypto trader. Throw in the world’s highest liquidity for the XBT/USD market, and it is not difficult to see why BitMEX is such a hit.
They have an extensive archive of FAQs and guides, but they assume a certain level of knowledge, another fact underlining that BitMEX isn’t the best starting point for novice crypto traders. Plus, you can only deposit in Bitcoin, which may deter not just beginners.
Like many of its peers, BitMEX, founded in 2014, claims to be the most advanced crypto trading platform. To an extent, this is true. Indeed, BitMEX is frequently cited as the benchmark for cryptocurrency exchanges. This is quite a feat considering the rapid pace of change in the industry. There are few signs at the present time that their prominence is going to change any time soon.
Benefits of BitMEX:
- Offers up 1:100 leverage
- Industry-leading security
- Excellent reputation within the industry
- Fast engine
- Pleasing and unfussy interface
- For high-volume-traders
(Risk Warning: Your capital can be at risk)
8. Kraken
Kraken cryptocurrency exchange
For reasons known only to itself, this crypto exchange is named after a mythological sea monster with a penchant for sinking ships.
No matter the reasoning behind the name, this USA-based exchange is rather good. It is undoubtedly one of the friendlier platforms around if you are new to crypto-trading and want to know more before getting your feet wet.
Hats off to Kraken; you can access all their extensive learning materials straight off the bat without even registering. Kraken has a comprehensive library of resources on cryptocurrencies and how to trade them. If you have never had exposure to crypto before, this is the place to start learning, with in-depth guides, training videos, and podcasts to get you up to speed.
Oddly, given their commitment to learning, Kraken does not offer test or demo accounts with virtual balances. However, as an alternative, you can sign up for a Kraken Futures demo instead. It’s not easy to find as it is buried away in their support section, but follow this link if you are interested.
Some reviews say the Kraken platform isn’t the best for newbies. We happen to disagree; it’s no monster.
Benefits of Kraken:
- Offers leverage
- You can take short positions
- Low fees
- Secure and reliable
- Two-factor authentication for withdrawals
(Risk Warning: Your capital can be at risk)
9. Crypto.com
Crypto.com cryptocurrency exchange
If the name Crypto.com seems unfamiliar, it may be because this exchange used to go under the name Monaco.
At that time, it was focused on creating a crypto-currency linked credit card to help put digital currency into the mainstream. In 2019 it added a cryptocurrency exchange to its offering.
Though it is relatively late to the party, Crypto.com does come with a proven track record in the cryptocurrency industry and a breadth and depth of knowledge you don’t often find elsewhere.
It offers a good selection of coins and tokens, including all the big hitters such as Bitcoin and Ethereum, etc. However, there are several other underrated assets to pique the interest as well. Plus, there’s a discount if you pay fees in the platform’s CRO token.
And just lately, they began offering a range of incentives for new users. These include a 2% deposit bonus, volume-based trading discounts, up to 10% interest on crypto balances, and a $50 sign-up bonus if you join via an existing user’s referral link.
Benefits of Crypto.com:
- Buy over 80 coin types fee-free
- Low fees
- Crypto credit cards available in selected countries
- Earn weekly interest on your crypto deposits
- Defi wallet to fully control your crypto assets
- Sign-up bonus
(Risk Warning: Your capital can be at risk)
10. Coinmama
Coinmama cryptocurrency exchange
The first thing to note about Coinmama is that it’s not a crypto exchange in the accepted sense of the word.
Instead, Coinmama is a platform to buy and sell cryptocurrencies, which is handy if you are entering the market or your platform doesn’t accept fiat deposits.
Founded in 2013, Coinmama was created to simplify the process of buying Bitcoin. In the intervening years, Coinmama has helped over two and a half million customers do just that.
Though focused initially on Bitcoin, Coinmama has inevitably expanded its portfolio over the years. It now offers seven other digital currencies, including Ethereum, Ripple, and Litecoin. Users in some countries are also able to sell Bitcoin.
To get started, you register, get verified, and set up a cryptocurrency wallet. Coinmama provides a link about setting up a wallet and all you should understand about how it works. Unlike some others in the segment, Coinmama accepts payment via credit and debit cards.
Coinmama makes its coin by charging a variable fee when you buy currency and marking up the market rate.
Benefits of Coinmama:
- Easy way to buy and sell crypto
- Customers in 190 countries
- Fast verification
- Regulated
- No spending limits
(Risk Warning: Your capital can be at risk)
Which are the best cryptocurrency exchanges?
It hinges on what you want from an exchange. The 10 we showcase here are a well-rounded selection with an appeal for beginners and experienced crypto traders alike. We recommend reading our full reviews about the exchanges to get a better overview:
How to open your trading account?
Nowadays, it is very easy to open an account with a cryptocurrency exchange. First of all, you only need your email address, a secure password, and sometimes your phone number. Some exchanges let you trade cryptocurrencies without any verification or KYC. But from our experiences, there are limits if you want to trade without verification.
We always recommend fully verify your trading account before trading in order to get access to all functions of the exchange. Every exchange in this comparison offers a fast and secure account opening. Often, in less than 10 minutes. For a full verification you will need your passport, and sometimes a utility bill. Some exchanges also offer you to use 2-factor authentications to be more secure.
Do I have to pay taxes when using cryptocurrency exchanges?
The cryptocurrency exchange will not charge you any taxes. It is not the job of the exchange to generate taxes from you and send them to the country where you live. You are responsible by yourself to pay the taxes according to the law of your country of residence. You have to inform yourself about the tax laws. Often a country will charge taxes on capital gains. For transparent documentation, you can download the trading history in the exchange menu.
Final conclusion on the best cryptocurrency exchanges:
Bitcoin and altcoins have been in the headlines a lot over the past year or so. Primarily, it has to be said, due to the volatility of the market, in both directions.
Interestingly, the naysayers and bubble-bursting prophets of doom have done little to curb the rampant enthusiasm for digital currency. In uncertain times and disillusionment with central government control of the banking system, people from every corner of the planet are looking for a new path.
And cryptocurrencies are undoubtedly the answer. Yes, there is risk involved. But so too does crossing the road. Or going into the kitchen, the number one hotspot for accidents in the home. We have strived to cut through the hyperbole and pin down the 10 crypto exchanges we believe are the best.
See the reviews of all cryptocurrency exchanges we have tested:
Last Updated on March 29, 2022 by Andre Witzel
