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Opening an account with a cryptocurrency exchange is a wonderful place to start if you want to purchase or sell cryptocurrencies. Similar to online brokerage services, cryptocurrency exchanges give you the means to purchase and sell digital currencies and tokens like Bitcoin, Ethereum, and Dogecoin.
It’s vital to consider variables like supported assets, fees, payment options, and security before selecting a cryptocurrency exchange. We took into account these aspects when compiling this list of the top cryptocurrency exchanges in order to assist you in choosing the best exchange.
2022’s top cryptocurrency exchanges
- Crypto.com is the top mobile app.
- Security: Gemini is best
- BitMart is best for altcoins.
- Best for Experienced Traders and Low Fees: Kraken
- Cash App is the best for Bitcoin
- Bisq is the best decentralised exchange
Cryptocurrency exchanges are not part of the Securities Investor Protection Corp., in contrast to conventional brokerage businesses (SIPC). Investors who have bitcoin assets mixed together on a custodial cryptocurrency exchange run the risk of becoming unsecured creditors unless user conditions specifically state otherwise.
The markets may be quite unpredictable, and investing in cryptocurrencies, Decentralized Finance (DeFi), and other Initial Coin Offerings (ICOs) is exceedingly dangerous and speculative. Before making any financial decisions, seek the advice of a trained specialist. The accuracy or timeliness of the information in this article cannot be guaranteed, nor does Investopedia or the author recommend that readers invest in cryptocurrencies.
Crypto.com is the top mobile app.
Crypto.com
- No. 250+ currencies are available for trading.
- Fees for transactions: 0.04% to 0.4%
- Minimum Purchase or Deposit: $1
Why We Selected It
Because it offers a comprehensive digital asset trading and investing ecosystem that is accessible easily from your smartphone, Crypto.com was selected as the top mobile crypto exchange app.
Cons and Benefits
Pros
- includes more than 250 cryptocurrencies
- a variety of bitcoin items is offered
Cons
- Surprisingly high fees
- mediocre client service
Overview
Since its launch in 2016, Crypto.com has made a name for itself as one of the top cryptocurrency exchanges worldwide. It now supports more than 250 cryptocurrencies and is accessible in 90 different countries globally.
A vast digital asset ecosystem made up of Crypto.com’s own blockchain, Crypto.org Chain, a native token called CRO, a crypto visa card, yield-generating crypto products, and more is offered in addition to the great number of supported assets it offers.
The Crypto.com mobile app, however, is what really jumps out. Crypto.com focused heavily on developing an app that offers a wide range of products and features so customers may take use of this exchange’s ecosystem while on the go, in contrast to many crypto exchange mobile apps that offer a watered-down version of the exchange’s web-based platform. Users of mobile apps can pay with cryptocurrency as well as purchase, sell, trade, and earn interest on their cryptocurrency.
Although Crypto.com has a big selection of products and features, TrustPilot reports from unhappy past and present customers indicate that there is a lack of customer care. You will also end up paying relatively hefty trading fees of up to 0.40% unless you trade at bigger volumes.
Due to its variety of goods and features, as well as the sheer volume of supported assets, Crypto.com is undoubtedly your best bet if you’re searching for a top-notch mobile crypto trading experience.
Security: Gemini is best
Gemini
- No. Exchangeable Currencies: More than 75
- Transaction Fees: 1.49% on sales above $200, $0.99 to $2.99 for smaller purchases
- Minimum Purchase or Deposit: Dependent upon the Asset
Why We Selected It
Due to its strong security mechanisms, user fund insurance, and SOC 2-certification, Gemini has been chosen as the cryptocurrency exchange with the finest security.
Cons and Benefits
Pros
- Users in all 50 U.S. states can access it
- exchange that is quite liquid
- protects the money in a hot wallet
- dependable security measures
Cons
- high transaction costs
- less coins are supported than several competing exchanges
Overview
Gemini, a company founded in 2014 by Tyler and Cameron Winklevoss, distinguishes out for placing a priority on security and compliance. In the event of a security compromise, the New York-based exchange’s hot wallet insurance will ensure that customer assets are kept secure. In order to lower the risk of fraud, users must also go through an identity verification process.
Gemini also offers the choice to inspect and authorise devices used to connect onto the trading account and urges users to use two-factor authentication to secure their accounts. Gemini’s SOC 2-certification as a security leader indicates that independent auditors have confirmed the organization’s security and compliance frameworks.
Gemini, which was developed with sophisticated traders in mind, offers a trading dashboard of the highest calibre and supports more than 75 digital currencies and tokens. Users can purchase goods and services using cryptocurrency through Gemini, which also provides a cryptocurrency reward card.
The pricing structures for Gemini’s main platform and its active trader platform vary. Vyour volume grows, the principal platform charges set sums for smaller deals. These are also somewhat expensive. Paying the very hefty charge, nevertheless, might not be too expensive given Gemini’s extremely strong security.
Gemini will appeal to investors and traders who like to transact on a highly secure platform.
BitMart is best for altcoins.
Recipes simply by Alison Bickel.
BitMart
- No. Exchangeable Currencies: 1,000+
- 0.045% to 0.25% in transaction fees
- When purchasing from Bitmart, the Minimum deposit or purchase amount is $30; for spot trading, it is unknown.
Why We Selected It
Because it enables customers in more than 180 countries to purchase and sell more than 1,000 cryptocurrencies, BitMart is our top choice in the best for altcoins category.
Cons and Benefits
Pros
- has a fairly broad range of coins supported
- offers chances to earn cryptocurrency
- offers a straightforward bitcoin buy/sell feature.
Cons
- a large-scale hack occurred in 2021
- has gotten negative reviews from clients
Overview
BitMart is a worldwide cryptocurrency exchange that was established in 2017 and is accessible in more than 180 nations. More than 1,000 digital currencies and tokens can be purchased, sold, and stored by users.
BitMart, a Cayman Islands-incorporated company, has made a name for itself as a top trading platform for small- and medium-sized cryptocurrencies. Investors wishing to add recently launched or obscure crypto assets to their portfolios will probably find what they are looking for on this exchange because BitMart offers more assets and trading pairs than its market-leading peers.
Customers of BitMart can also use the Earn feature of the exchange to earn income on any cryptocurrency assets they hold there. Users that possess BMX, the exchange’s native cryptocurrency, are also eligible for reduced trading fees.
While BitMart has a lot to offer seasoned cryptocurrency traders, the exchange has over the years garnered some unfavourable client comments. For instance, a number of Trustpilot user complaints detailed problems with withdrawals, subpar customer service, and a lack of transparency. There are, however, at least a few favourable reviews as well.
In addition, BitMart experienced a security breach in December 2021 that cost users $196 million in funds.1 Although BitMart has committed to make up for the loss, the attack has severely damaged the exchange’s reputation.
Despite these shortcomings, BitMart will satisfy the needs of cryptocurrency traders interested in trading a variety of lesser-known cryptocurrencies.
Best for Experienced Traders and Low Fees: Kraken
Kraken
- No. Tradeable Currencies: More than 120
- Transaction charges range from 0% to 0.26%.
- Minimum Purchase or Deposit: $1, however may vary depending on the method.
Why We Selected It
Our choice for the best low-fee exchange is Kraken, whose professional-grade trading platform, Kraken Pro, has some of the lowest costs in the cryptocurrency exchange market. Due to its complex order types, support for leverage trading, and support for futures trading, it is also our top recommendation for seasoned traders.
Cons and Benefits
Pros
- large number of coins supported
- Cheap Kraken Pro fees
- exchange that is quite liquid
Cons
- Not accessible in all states of the USA
- fewer possibilities for funding accounts
Overview
One of the most reputable cryptocurrency exchanges in the world, Kraken was founded in 2011 and is accessible throughout much of the globe. The San Francisco-based exchange offers cheap costs on its professional-grade trading platform, Kraken Pro, which allows users to buy, sell, and store more than 120 cryptocurrencies.
In the early days of the cryptocurrency industry, this feature-rich crypto exchange established itself as the go-to platform for professional investors, and it has continued to uphold its image as a trustworthy and expert trading site.
Kraken offers two platforms: Kraken, which is used for trading, and Kraken Pro, which is used for professionals. The exchange’s Pro dashboard offers 13 different order types, fully customisable chart analysis tools, in-depth order book knowledge, and quick execution. Users of Kraken can trade cryptocurrencies on margin and employ derivatives contracts in addition to spot trading.
Kraken Pro charges very little in comparison to its regular platform, where quick buy costs can be rather substantial (up to 1.5%). High-volume traders can reduce trading costs with Kraken Pro’s tiered fee structure. Kraken Pro maker fees start at 0.16% and taker fees start at 0.26% for traders with 30-day volumes of less than $50,000. For traders with 30-day rolling volumes over $10 million, maker fees can decrease to 0%, while taker fees can decrease to 0.10%.
Furthermore, Kraken has a restricted range of funding alternatives, with wire transfers being the most popular way for users to pay. Transfers via ACH are not accepted.
Cash App is the best for Bitcoin
- No. Available Currencies for Trading: 1
- Various transaction fees
- Minimum Purchase or Deposit: $1
Why We Selected It
Since Cash App enables you to easily and securely buy, trade, and store Bitcoin from your smartphone, it is our top option among Bitcoin-only exchanges.
Cons and Benefits
Pros
- user-friendly interface
- Cash out to wallets
- the Bitcoin Lightning Network is supported
Cons
- Supports just Bitcoin
- possession wallet
- different restrictions on deposits, sales, etc.
Overview
Cash App was introduced in 2013 by Block, Inc. (formerly Square, Inc.), and enables users in the US and UK to send, spend, bank, and invest. It functions simply as a peer-to-peer payment app for mobile banking, but it also has an investment feature. Through the Cash App, users can invest in stocks, ETFs, and bitcoin. Cash App differs from its rivals, such as Robinhood and Venmo, in that it permits users to withdraw their Bitcoin to outside wallets.
Early in 2022, Cash App CEO Jack Dorsey declared that the business had begun to roll out support for the Bitcoin Lightning Network, which would allow for almost-free Bitcoin transfers.
The in-app wallet is custodial, meaning the corporation stores your virtual currency on your behalf, which is the biggest disadvantage of utilising Cash App to purchase and store Bitcoin. Despite their potential for convenience, custody wallets are seen to be less secure than non-custodial wallets. To move your cryptocurrency into a personal wallet where you control the private keys, you can withdraw your Bitcoin from Cash App.
The different Bitcoin trading fees charged by Cash App are only made clear after you confirm a purchase or sell transaction. Cash App uses the mid-price and includes a spread fee when you trade bitcoin.
Bisq is the best decentralised exchange.
- No. Exchangeable Currencies: More than 100
- Fees for transactions: 0.10% to 0.70%
- Minimum Purchase or Deposit: N/A
Why We Selected It
Because it enables users to purchase and sell bitcoins securely and discreetly from anywhere in the globe, Bisq is our choice for the finest decentralised exchange.
Cons and Benefits
Pros
- available everywhere
- provides a high level of anonymity and doesn’t demand ID verification
- 50+ alternative payment methods
Cons
- Transactions can move slowly.
- Low trading volume is possible.
- Not made for use in active trading
Overview
Bisq, a peer-to-peer cryptocurrency trading platform that was introduced in 2014, enables users from all over the world to trade a variety of digital currencies and tokens. At this time, it supports more than 100 digital items.
The trading programme is neither restricted to users in particular regions, nor are users of this decentralised exchange required to go through a Know Your Customer (KYC) identity verification process. Users of Bisq have access to a variety of payment options, including bank wire transfers, ACH transfers, and cash deposits, to buy and sell Bitcoin and other cryptocurrencies.
Although Bisq is well-liked among early cryptocurrency adopters because it upholds many of the principles upon which Bitcoin was founded, like decentralisation, privacy, and sovereignty, the exchange is not very user-friendly for newcomers. First-time users and active traders may be discouraged by peer-to-peer trading because of the escrow mechanism’s complexity and the relatively delayed trade execution. As trading volumes are lower than on centralised worldwide exchanges, the exchange is also more geared toward making smaller trades.
However, Bisq provides all the tools necessary to purchase and sell cryptocurrencies for experienced cryptocurrency investors who choose to trade on a decentralised, KYC-free platform.
Final Conclusion
Selecting the appropriate exchange for your unique needs is crucial if you want to start trading or investing in cryptocurrencies. There is a good alternative for you whether you want to trade a wide variety of digital assets, pay the least amount of fees, or have the finest mobile trading experience.
We discovered that Crypto.com is the greatest option for trading on mobile devices, which is becoming more and more popular. The best decentralised exchange is provided by Bisq, and the best security is provided by Gemini. Kraken is a good fit for seasoned traders and those seeking low fees. Cash App has everything Bitcoin-focused traders require, while Bitmart is our recommendation for anyone looking to trade a bigger selection of altcoins. Select the exchange that best meets your demands by taking into account your objectives and top priorities.
Choosing the Best Crypto Exchanges: A Guide
Do Crypto Exchanges Make Sense?
Joining a crypto exchange may be your best starting point if you’re trying to buy cryptocurrency.
While purchasing a few hundred dollars’ worth of Bitcoin from a nearby Bitcoin ATM may be practical, using an exchange makes more sense if you want to spend a bigger sum of money or if you want to purchase a variety of cryptocurrencies.
The most secure and legitimate way to acquire cryptocurrency is through exchanges. But that’s not the only benefit of using an exchange. Here are a few arguments in favour of cryptocurrency exchanges.
- Crypto exchanges make it simple to access the cryptocurrency markets from anywhere by allowing consumers to purchase and sell cryptocurrencies online or through a mobile app.
- The majority of cryptocurrency exchanges provide a variety of digital currencies and tokens, giving investors several possibilities to create a diversified portfolio of digital assets.
- To protect assets, reputable cryptocurrency exchanges often keep user cash in cold storage.
- Financial regulations as well as Know Your Customer and Anti-Money Laundering (KYC/AML) guidelines are typically followed by international crypto exchanges. Users can be confident they are not transacting with a dishonest business or malicious market participants as a result.
Platforms for Crypto Exchange Comparison
There are a number of things to take into account when selecting a cryptocurrency exchange that suits your needs. The following are the most crucial considerations:
- Supported assets: Before selecting an exchange, take a look at the list of supported assets if you’re trying to purchase cryptocurrencies other than Bitcoin. While some only support a select few, others let you swap hundreds.
- Payment options: Crypto exchanges often provide a few options for funding your account or making direct cryptocurrency purchases. While wire transfers are supported by the majority of exchanges, some websites also let you purchase cryptocurrency using credit cards, debit cards, and other electronic payment options.
- Fees: Before opening an account, you should research the crypto exchange fees because high fees can reduce your investment profits. There may be additional fees, but withdrawal and trading fees are normally charged by cryptocurrency exchanges.
- Security: Regrettably, bitcoin exchanges are a top target for hackers who want to steal cryptocurrency. It is crucial to select an exchange with robust security measures because security lapses and cyber theft are pervasive in the crypto exchange market.
- Customer support: You might have questions or need assistance getting started if you’re new to cryptocurrency or investing. In that scenario, selecting an exchange with top-notch customer service is usually the best course of action.
- Reputation: It’s a good idea to look into a cryptocurrency exchange’s reputation before opening an account there. Examine customer testimonials, the history of the transaction, and any recent news items that may offer some insightful commentary.
Opening an Account on a Cryptocurrency Exchange
The process of opening an account on a cryptocurrency exchange resembles that of opening an online brokerage account.
In order to start creating an account, you normally need to supply an email address and a password. After that, you’ll get an email asking you to verify that you indeed own the email address you gave.
You will typically be required to undergo an identity verification step after you confirm your email address. Typically, this entails giving personal information, a copy of an official photo ID, and evidence of address. The majority of cryptocurrency exchanges require a digital copy of your passport or driver’s licence in addition to your full name, home address, and mobile number as well as documentation of your address, such as a utility bill or bank statement.
In some exchanges, you might need to take an additional step to demonstrate the validity of the ID you’re uploading. Usually, to do this, you need to use a webcam or phone to take a picture of yourself holding your ID and send it to the exchange.
Depending on the exchange and the required level of verification, user verification might take anywhere from a few minutes to several days. Exchanges frequently provide different degrees of verification, with lower tiers requiring less data. However, lower verification tiers frequently have lower deposit and withdrawal thresholds.
You can fund your trading account using the available financing alternatives after completing the verification process and begin buying and selling cryptocurrencies.
How Do Cryptocurrency Exchanges Work? How Does It Function?
An online marketplace where users can buy, sell, and trade cryptocurrencies is known as a cryptocurrency exchange. Similar to online brokerages, cryptocurrency exchanges allow users to deposit fiat currency (like dollars) and buy cryptocurrencies with those funds. Additionally, customers have the option of exchanging their cryptocurrency for another one, and certain exchanges let users earn interest on assets kept in exchange accounts.
What Qualities Should a Cryptocurrency Exchange Have?
Security, fees, and the cryptocurrencies provided are a few factors to take into account while selecting a cryptocurrency exchange. Additionally, it’s critical to comprehend how your bitcoin is kept secure and whether you have the option of taking control of it by transferring it to your personal digital wallet.
Both controlled and decentralised cryptocurrency exchanges exist. Centralized exchanges adhere closely to governmental authorities’ financial restrictions (such as the U.S. Securities and Exchange Commission). Many will demand identity verification and insure deposits made in dollars. Decentralized exchanges lack a centralised regulating body and are unregulated online exchanges hosted on distributed nodes that are user-owned. Decentralized exchanges provide direct peer-to-peer cryptocurrency exchange in addition to transparent transactions and fees, despite the fact that this may sound frightening.
How Can I Purchase Cryptocurrency?
The majority of centralised exchanges let you buy cryptocurrencies by making a deposit using a bank account, credit card, or debit card. These funds can then be converted into the cryptocurrency of your choice. While some exchanges only provide basic market orders, others let you establish more complex order types including limit and stop orders.
When you buy cryptocurrency on an exchange, it’s usually kept there in a custodial wallet. The majority of exchanges keep their funds safe in offline “cold storage.” Most exchanges let you transfer the cryptocurrency and its private keys to your “hot” or “cold” wallet if you want to keep possession of it yourself.
How Can a Cryptocurrency Exchange Account Be Opened?
Most cryptocurrency exchanges want your name, email, personal information, and identification verification in order to open an account (to follow KYC standards). You could be required to complete personal questionnaires, use a third-party application to confirm your identification, or upload a photo of your driver’s licence during this procedure.
Once your application has been accepted, you can deposit money and start buying cryptocurrencies.
How We Selected the Best Cryptocurrency Exchanges
Before making our top picks, our team examined 28 cryptocurrency exchanges and gathered more than 1000 data points using publicly accessible information. We weighted more than 20 factors, giving those that had a bigger influence on potential customers more weight.
The top options were determined by weighing many criteria, including trading fees (20%), withdrawal fees (15%), and if an exchange provides cold storage for crypto assets (10%).
Along with platform accessibility, cryptocurrency availability, and customer support alternatives, we also considered. Our whole approach is available if you’d want more details regarding our selection criteria and procedure.
