Crypto Guides

The Best Cryptocurrency Exchanges

January 3, 2024

Cryptocurrency exchanges are online platforms that allow the buying, selling, or exchanging of cryptocurrencies for another traditional or digital currency like US dollars or Euros.

People who want to get involved in professional trading and have access to the trading tools will probably need to make a trade, confirming their IDs to open an account.

However, certain platforms do not require an account to make an exchange, but those are just used to make the occasional, straightforward trade.

Types of crypto exchanges

Trading Platforms – The sites that associate buyers and sellers and take a fee for every exchange.

Direct Trading – These platforms allow people from countries to make direct exchanges from their bank accounts. There is no fixed market price for indirect trading. Instead, each seller gets to set their own exchange rates.

Brokers – These are sites where the broker sets cryptocurrency prices, and anyone can visit these sites to buy them (cryptocurrency brokers are considered similar to foreign exchange dealers).

Read Also:

What to look out for before joining crypto exchanges?

There are certain things that one should keep in mind before jumping into this business of trading. Go through the list of things mentioned below properly so that you don’t make any mistakes.

Reputation – Before making an exchange, it is always better to check its reviews either from those who have used it or famous industry websites. Bitcoin Talk and Reddit are some of the other forums that can help you with your queries.
Trading Fees – Some exchanges charge a fee every time you trade, and you can easily find this information available on their website. It is important to have a clear understanding of deposit, transaction, and withdrawal fees. Also, the fees differ according to the exchange you choose.
Payment Methods – The number of payment methods available for an exchange makes it easier for an individual to choose what type of cryptocurrency they want to purchase. Some of the payment methods include credit card, debit card, PayPal, wire transfer through your bank account, and USD EUR trading.

An exchange with limited payment methods might not be the best option for you. One important point to keep in mind while purchasing an exchange with a credit card is that it requires identity verification and can involve the risk of fraud with higher transaction and processing fees. The option of wire transfer can be a long one compared to other payment methods as the bank takes time to process the transaction.

Verification Requirements – Most of the Bitcoin trading exchanges require Identity verification in both countries, the US and the UK. Some exchanges do not require Identity verification. The verification process can take up a few days, but once it is done, it will protect your exchanges from all kinds of fraud and money laundering.
Geographical Restrictions – There are some functions offered by exchanges that can only be accessed from some countries. Therefore, before you make an exchange, do not forget to check if all the functions are available in your country or not.
Exchange Rates – The exchange rates fluctuate from 10% to even higher as different exchanges have different rates. However, you can save a lot if you shop around properly before choosing the correct cryptocurrency.

Which crypto exchanges are best to buy bitcoin?

You will find a host of platforms to choose the best crypto exchange, but some of them are not made equally. Here is a list of some of the best crypto exchanges and their pros and cons based on user reviews and a host of other criteria such as user-friendliness, accessibility, fees, and security.

Bitbuy.ca –

Bitbuy.ca is Canada’s quickest growing buy/sell digital currency platforms. This company is concerned with providing its customers an easy, dependable, and safe access to bitcoin and digital currencies.

Its customer service, easy access, and fast turnaround times for withdrawal and deposits are known for its customer service. They not only provide their services to experienced traders but also beginners.

Users looking to buy and hold crypto or users looking for a reliable on-ramp to turn their fiat into crypto quickly and easily can really use this platform.

Pros :

Great customer service
Quick registration and verification
Fast processing of CAD deposits and withdrawals
Low fees

Cons :

Only offers BTC, ETH, LTC, BCH.
Only available to Canadians

ChangeNOW –

ChangeNOW has been serving its customers for more than a year now and has gained quite a reputation in the market. This is one of the instant cryptocurrency exchange platforms that provides limitless crypto conversions without charging any registration fee.

ChangeNOW believes in complete transparency and does not demand account creation, processing fast transactions for more than 170 cryptos, or even fiat-to-crypto purchases. The processing time is also less and usually takes just 2 minutes to complete a transaction.

Pros :

Free registration; no account needed
Limitless; No maximum exchange amount
Quick and easy purchases with credit cards
24/7 support
Mobile application

Cons :

No leveraged trading on cryptocurrencies

Xcoins –

Xcoins.com is another well-reputed cryptocurrency exchange platform with the quickest transaction processes. This European based platform has successfully served over 250,000 customers since 2016.

It is accessible in more than 167 countries and provides services to experienced traders and beginners. Xcoins provides fast and fully secured services and is available 24/7 for their customers.

Pros :

24/7 live support
Low fees
Easy and safe registration and verification
Fast processing and transaction processes
Accessible worldwide

Cons :

Only offers BTC, ETH, LTC, XRP, BTC Cash

Coinbase –

Coinbase has successfully earned the tag of one of the world’s best crypto exchanges by serving millions of customers across the globe.

Coinbase provides the best services in buying bitcoin, Ether, and even Litecoin via a digital wallet, which is available on Android and iPhone. Customers can also purchase through trading with users of other company’s Global Digital Asset Exchange (GDAX) subsidiary.

The money is transferred directly into the bank accounts of customers if they sell their crypto. The countries which have allowed the use of GDAX are the United States, Europe, UK, Canada, Australia, and Singapore.

GDAX does not cut any fee upon moving funds from the Coinbase account and the GDAX account. Also, as for now, the selection of exchangeable currencies depends on the country you are in.

Pros :

High trading value with a good reputation
Reasonable fees
Security
Easy to use (for beginners too)
Allows fiat currency trading
Stored currency covered by Coinbase insurance

Cons :

Customer support
Limited payment method
Limited countries supported
The non-uniform rollout of services worldwide
GDAX suitable for technical traders only

Kraken –

Kraken is the world’s largest cryptocurrency exchange in euro volume & liquidity. It was founded in 2011 and is a partner in the first cryptocurrency bank. Kraken allows its users to buy and sell bitcoins and trade between bitcoins and euros, US Dollars, Canadian Dollars, British Pounds, and Japanese Yen.

It also allows the trading of other digital currencies like Ethereum, Monero, Ethereum Classic, Augur REP tokens, ICONOMI, Zcash, Litecoin, Dogecoin, Ripple, and Stellar/Lumens. Kraken is a good option for experienced traders as it offers margin trading and a host of other trading features.

In 2014, Kraken earned the title of “the number one exchange platform” worldwide in Euro trade volume. Kraken stands at the number one position in the Euro-to-crypto markets globally, even though the crypto exchange is based out of San Francisco, USA.

It is available to Canada, The United States, Japan, and various other European nations. Kraken has minimal payment methods as it does not accept deposits from credit cards, debit cards, PayPal, or similar services. Kraken is a strong but not very beginner-friendly crypto exchange platform.

Pros :

Good reputation with high trading value
Easy to use
Reasonable exchange rates
Low transaction fee and minimal deposit fee
Rich features
Secure and great user support
Supported worldwide

Cons :

Limited payment methods
Not beginner-friendly
Unintuitive user interface

Cex.io –

This cryptocurrency exchange is considered one of the best and comes with multiple payment options for using bitcoins and other cryptocurrencies.

It allows its users to easily trade fiat money with cryptocurrencies and vice versa, helping beginners. This platform provides personalized and user-friendly trading dashboards and margin trading for professional bitcoin traders.

Cex.io also offers a brokerage service that serves novice traders to buy bitcoin at market price. Cex.io is considered one of the most secure websites as it stores cryptocurrencies in safe cold storage.

Pros :

Good reputation and is supported worldwide.
Supports credit card
Good mobile product
Beginner-friendly
API solution for automated trading
Available in the US, Europe, Hong Kong, and certain countries in South America.
Allows crypto trading with multiple options, including debit cards, USD EUR.

Cons :

Strict verification rules
fees vary with the payment method

ShapeShift –

ShapeShift is one of the leading cryptocurrency exchange platforms that supports multiple varieties of cryptocurrencies such as Bitcoin, Ethereum, Monero, Zcash, Dash, Dogecoin, etc.

ShapeShift makes direct and quick exchanges without the need of opening an account or relying on a platform to hold their funds.

Users cannot buy cryptos with a credit card, debit card, or any other mode. It has a no fiat policy and only allows exchanges between bitcoin and other supported cryptocurrencies.

Pros :

Good reputation with a variety of cryptos available for exchange
Fast and beginner-friendly
Reasonable price

Cons :

Limited payment modes and tools
No fiat policy
An average mobile app

Poloniex –

Poloniex falls under another world’s leading cryptocurrency exchange platform. It was founded in 2014 and is known for its secure trading environment. Poloniex holds more than 100 different Bitcoin cryptocurrency pairings, advanced tools, and data analysis for all the advanced traders.

With a much higher trading volume, users always get a chance to close a trading position. The fees differ according to the maker-taker fee schedule for all trades.

The fee ranges from 0 to 0.15%, depending upon the amount the maker traded for, and for the taker, it lies between 0.10 to 0.25%.

Poloniex does not charge any withdrawal fee but only on the transaction amount by the network. It has a chatbox to help the users with their queries, and they can take help from it at any time of the day.

Pros :

High trading volume
User friendly
Quick account setup
Rich features
BTC lending
Low trading fees
Open API

Cons :

No fiat support
Slow customer service

Bitstamp –

Founded in 2011, this exchange platform is the best bitcoin exchange based out of Europe. It is among the first generation bitcoin exchanges with a strong and loyal customer base.

Bitstamp has some advanced security features like two-step authentication, multisig technology for its wallet, and fully insured cold storage.

Hence, considered one of the safest trading platforms. It is easy to access and has a 24/7 multilingual user interface support system. Users can start trading immediately after opening a free account and making a deposit.

Pros :

Good reputation with high-level security
robust trading platform
high trading volume with worldwide availability
low transaction fees
good for large transactions

Cons :

Not beginner-friendly
limited payment methods
high deposit fees
user interface.

CoinMama –

A veteran crypto exchange platform to buy bitcoin or Ether through credit card or cash via MoneyGram. Anyone can visit and make purchases from this platform. It allows its customers to make direct and instant purchases of digital currencies via local currency.

CoinMama is widely available globally, but some countries face problems in having access to all the site functions. It is available in multiple languages such as English, German, French, Italian, and Russian.

CoinMama lacks an in-built BTC, ETH, LTC, BCH, ETC, XRP, QTUM, ADA wallet. In order to trade in the cryptocurrency exchange, the user must have their wallet for each of the available cryptocurrencies.

Despite asking users to make their wallets with more security, it is not considered a convenient option.

Pros :

Good reputation
beginner-friendly
great user interface
good range of payment options
available worldwide
fast transaction time

Cons :

High exchange rates
A premium fee for credit cards
No bitcoin sell function
Average user support

Bitsquare –

Bitsquare is a user-friendly platform that allows its users to buy and sell bitcoins in exchange for fiat currencies or cryptocurrencies. It is a truly decentralized and user-to-user exchange that is quick and easy to access.

Bitsquare does not require any registration or reliance on a central authority, and no one, but only the trading partners can share personal information.

It provides great security with multisig addresses, security deposits, and a purpose-built arbitrator system in trade disputes. Besides all this, it also allows the user to be anonymous in case the user desires so.

Pros :

Good reputation
Secure & private with a vast amount of cryptocurrencies available
No sign-up and decent fees
Open-source
Available worldwide
Good for advanced traders

Cons :

Limited payment options
Average customer support
Not beginner-friendly

LocalBitcoin –

A platform for bitcoin exchange where buyers and sellers from various countries come together. It links people living within the same area to trade via cash, Paypal, Skrill or Dwolla, or even cash deposit at a bank.

LocalBitcoins charge only 1% commission from the sellers having their own exchange rates. LocalBitcoins takes full care of its security, which is why it comes with many precautions. At first, the site rates each trader with a reputation rank and displays their past activities publicly.

After sending the request for a trade, the money is held on LocalBitcoins escrow service, and the funds are released once the trade is completed. LocalBitcoins has great support and a conflict resolution team to help customers with their issues.

LocalBitcoin has two-factor authentication to avoid accounts from getting hacked, which the user needs to activate. It stores information like the IP address of the device used to make an account and the browser, which is most often used for logging into the account.

In case a new IP address is found, then the identity is confirmed by sending a verification mail to the account holder. The transactions made between the parties use LBC as an escrow for storing the only released funds when the transactions have been completed and confirmed.

Pros :

No ID required
beginner-friendly
usually free
instant transfers
available worldwide

Cons :

Hard to buy large amounts of bitcoin
high exchange rates

LinkCoin –

An Over-the-counter platform developed by Yesbit Ltd in collaboration with Bibox in Toronto, Canada. LinkCoin processes transactions via smart contracts autonomously. It also provides its users with the best services to fulfill their investment needs with a fully functional website and Android + iOs apps.

LinkCoin allows the purchase of 7 cryptocurrencies (BTC, ETH, BCH, ETC, LTC, LKN & BIX) and makes buying and selling cryptocurrencies easy and possible as some of the industries charge low transaction fees (zero buyer fees + 0.6% seller fees).

There are multiple payment options available to make it accessible for the users. It accepts Interac e-Transfer, Bank Wire, AliPay, WeChat Pay, or even CAD, USD, CNY, JPY, or HKD.

Pros :

No ID required
very cheap to sell
platform token
free to buy
high privacy and security
Multiple payment options

Cons :

Lack of altcoins
limited volume
not beginner-friendly

Binance – Binance is one of the most popular and best options to conduct crypto-to-crypto trading. It offers impressive offerings with much less trading fees. Despite being new into the market, Binance is rapidly growing and has a huge selection of altcoins with Bitcoin, Ethereum, and Tether pairings.

Binance has its own coin named BNB (Binance coin. It also provides decent discounts while conducting trade with their token as it is a centralized exchange. Binance charges only 0.1% as a standard trading fee, which is reduced when payment is made in BNB.

Pros :

Ubiquitous platform
platform token
very cheap to transact
available worldwide

Cons :

No fiat trading
limited payment options

Gemini –

Gemini, a US bitcoin and Ether licensed exchange platform Co-founded by Tyler and Cameron Winklevoss. It allows trading of only 3 currencies, i.e., US dollars, bitcoin, and ether. Gemini stores all the US dollar deposits at an FDIC-insured bank and most digital currencies in cold storage.

The exchanges are carried out through a maker-taker fee schedule with discounts only for high volume traders. The deposits and withdrawals are made free of cost. Gemini is only available to the United States, Canada, Hong Kong, Japan, Singapore, South Korea, and the UK.

Pros :

Security & Compliance
slick/minimalistic
high trading volume and user-friendly design
great analytics
high liquidity
Good reputation

Cons :

Limited currencies
small community
average customer support
limited worldwide availability
no margin trading

Huobi –

Huobi is among the best cryptocurrency exchanges globally, which is operated by HBUS Holdco, Inc. (“HBUS”), a U.S. company and strategic partner of Huobi Global.

It provides excessive token trading options (over 50 pairings) and 24/7 free customer support. It charges 0.1% for USD trades and 0.5% for all crypto to crypto trades.

Huobi is only made accessible to the residents of the USA and China except for some states like Alabama, Arizona, Connecticut, Georgia, Louisiana, New York, North Carolina, Hawaii, Vermont, Washington, and all U.S. Territories. Huobi offices are situated in Hong Kong, Korea, and Japan.

Huobi allows ICO tokens and the exchange of all major currencies like Bitcoin (BTC), Bitcoin Cash (BCH), Bitcoin Gold (BTG), Dash (DASH), EOS (EOS), Ethereum (ETH), Ethereum Classic (ETC), Lisk (LSK), ICON (ICX), Litecoin (LTC), NEO (NEO), NEM (XEM), Qtum (QTUM), Ripple (XRP), Tether (USDT), Zcash (ZEC), Tron (TRX), etc.

It provides 100 plus altcoin trading pairs and trades by BTC, ETH, and USDT. The Huobi. pro contains a list of more than 100 cryptocurrencies and tokens. While the new Huobi Autonomous Digital Asset Exchange (HADAX) has a wide array of small coins and tokens and permits the traders to vote for the token, they desire to see the platform using Huoni tokens.

Pros :

One of the best customer support
high-quality analytics
high liquidity
easy to use trading platform

Cons :

Only Available to Chinese and Some US Residents

Read Also:

Conclusion

We have tried to put across some of the best cryptocurrency exchange platforms to make it easier for you to choose according to your trading needs.

While making a decision, do not forget to check the fees, reputation, security, verification processes, and geographical services an exchange platform offers.

Also, there is no limitation on how many cryptocurrency exchanges a user can use. Happy trading!