Crypto exchanges function similarly to traditional online brokerages, offering all the necessary tools for investing and trading in cryptocurrencies such as Dogecoin, Bitcoin, and Ethereum. Providing a platform to sell and buy digital tokens and currencies securely, numerous crypto exchanges offer additional crypto investment features, like lending, staking, and digital asset custody.
This article will review the best crypto exchanges based on several criteria: offerings, security, fees, availability, mobile capabilities, features, and financial options.
What are Crypto Exchanges?
Crypto exchanges are platforms for trading cryptocurrency for traditional currencies and other assets. These tools offer anonymity for transparency and users of both trading parties. Companies can utilize these platforms to purchase or accept cryptocurrencies of their own, and these are the most common modes for companies to begin investing in cryptocurrencies. You can also use cryptocurrency exchanges as practical mediums for international trading to reduce transactional fees.
Crypto Exchanges to Use in 2023
We evaluate the features of the leading cryptocurrency exchange apps to assist you in finding the most suitable service based on your specific requirements. Every crypto exchange has advantages and disadvantages. Thus, you should carefully assess their primary concerns and priorities before reaching a decision to invest in cryptocurrency:
1- Kraken
Kraken is one of the most world’s reputable cryptocurrency exchanges, established in 2011. The San Francisco-based exchange allows investors to purchase, store, and securely sell more than 200 cryptocurrencies at competitive rates through its advanced trading platform. Having positioned itself as the preferred choice for professional investors during the initial stages of the crypto asset market, this feature-packed crypto exchange has consistently upheld its reputation as a proficient and trustworthy trading venue. It offers two distinct platforms, its primary trading platform and its specialized professional platform.
Pros:
- Low fees on Kraken Pro
- A large number of supported cryptocurrencies
- Positively liquid exchange
Cons:
- Fixed account funding choices
- Unrestricted in the U.S. States
Read Also: A Quick Guide on How to Purchase Bitcoin with Cash
2- Coinbase
Coinbase was launched in 2012, which allows people to buy, store, and sell Bitcoin seamlessly. Originally based in San Francisco publicly traded cryptocurrency exchange valued at over $13 billion with a presence in 100+ countries. This is renowned for catering to experienced traders with its advanced features, user-friendly interface, and top-notch security. With support for over 300 assets, it has become the preferred choice for many first-time crypto buyers due to its familiar online banking app-like interface, making crypto investing easy. Additionally, it confirms digital funds and stores U.S. dollar balances in FDIC-insured bank accounts to ensure user funds’ safety.
Pros:
- Trading pairs and a large number of cryptocurrencies
- Advanced trading platforms and offers both beginner-friendly
- Highly liquid exchange
Cons:
- Shortage of high-quality consumer service
- A custodial account
3- Crypto.com
Crypto.com has become a prominent global crypto exchange that launched in 2016. It supports 250+ cryptocurrencies and is available in 90 countries. This boasts an extensive digital asset ecosystem, like its personal blockchain (Crypto.org Chain), yield-generating crypto products, a native token (CRO) and a crypto visa card. The highlight is its feature-rich mobile app, offering users various functionalities and products. While the platform impresses with its offerings, customer support may be lacking, and trading fees can be significant for low-volume traders. Nevertheless, for those seeking outstanding mobile crypto trading experience with diverse features and supported assets, Crypto.com stands as a strong contender.
Pros:
- Offers multiple cryptocurrency products
- Sustains more than 250 cryptocurrencies
Cons:
- Lacking consumer support
4- Gemini
Gemini is renowned for its strong focus on compliance or security, founded in 2014 by Tyler and Cameron Winklevoss. The New York-based exchange provides hot wallet insurance to safeguard user funds, encouraging two-factor authentication for added account security and in case of security breaches. They also offer an approval option and device review for logins. It stands out further by being SOC 2-certified, ensuring third-party verification of its compliance and security frameworks. This offers a professional-grade trading dashboard for advanced traders and supports 80+ digital tokens and currencies. Furthermore, they provide a cryptocurrency reward card and enable crypto payments for services and goods.
Pros:
- Accessible in all 50 U.S. states
- Exchange boasts high liquidity
- Certifying funds are held in its hot wallet
- Maintains a robust security framework
Cons:
- Imposes high fees on numerous trades
- Supports a smaller selection of cryptocurrencies compared to its competitors
5- BitMart
BitMart is a global cryptocurrency exchange accessible in 180+ countries established in 2017. It supports over 1,500 digital tokens and currencies that have become a prominent platform for trading mid-cap and small cryptocurrencies. This stands out by offering extensive trading pairs and a selection of assets, which make it suitable for investors seeking newly launched or obscure crypto assets. Users can also earn interest on their crypto holdings through the exchange’s Earn feature. Experienced traders have access to over 100 cryptocurrencies for perpetual swaps with leverage of up to 100x. Holding BitMart’s native token, BMX offers trading fee discounts.
Pros:
- Extensive range of cryptocurrencies
- Allows users to earn crypto
- Provides a user-friendly sell or buy feature for cryptocurrencies
Cons:
- In 2021, the platform suffered a major hack
- Received negative feedback from its consumers
Read Also: What is Sustainable Crypto Mining?
6- Cash App
Cash App is a mobile banking app catering to individuals in the United States and the United Kingdom launched in 2013 by Block. It allows for peer-to-peer investing, payments or banking, including stocks, Bitcoin and ETFs. What sets it apart is the ability for users to withdraw their Bitcoin to external wallets, distinguishing it from competitors like Venmo and Robinhood. In early 2022, Cash App’s CEO, Jack Dorsey, revealed plans to support the Bitcoin Lightning Network for almost instant and low-cost Bitcoin transfers. One limitation is that Cash App’s in-app wallet is custodial, raising security concerns, though users can transfer their Bitcoin to personal non-custodial wallets.
Pros:
- Offers a user-friendly interface
- Allows withdrawals to wallets
- Supports the Bitcoin Lightning Network
Cons:
The platform exclusively supports Bitcoin
Provides a custodial wallet
Imposes different limits on deposits
Conclusion
Choosing the right crypto exchange is crucial for your crypto asset investments. Whether you prioritize liquidity, a user-friendly mobile experience, low fees, or a diverse range of assets, there’s an exchange that suits your needs. Gemini is an excellent choice for highly regulated and secure trading with a broad selection of cryptocurrencies. BitMart is ideal for trading small and new-cap tokens. If you focus solely on Bitcoin, CashApp provides convenience. Advanced traders can explore Kraken for crypto derivatives strategies, while privacy-conscious investors may prefer the decentralized exchange Bisq for added privacy.
