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Crypto exchanges function similarly to online brokerage platforms, providing you with the tools you need to buy and sell digital currencies and tokens like Bitcoin, Ethereum, and Dogecoin.
When choosing a cryptocurrency exchange, it’s important to look at factors such as supported assets, fees, payment methods, and security. We considered these factors when selecting this list of the best cryptocurrency exchanges.
Best Crypto Exchanges of 2023
- Best for Low Fees and Best for Experienced Traders: Kraken
- Best for Beginners: Coinbase
- Best Mobile App: Crypto.com
- Best for Security: Gemini
- Best for Altcoins: BitMart Exchange
- Best for Bitcoin: Cash App
- Best Decentralized Exchange: Tesleum
Compare the Best Cryptocurrency Exchanges
| Company | Transaction Fees | Currencies | Minimum Deposit or Purchase | Trade Limits |
|---|---|---|---|---|
| KrakenBest for Low Fees & Experienced Traders | 0.00% to 0.26% | 185+ | $1 | No |
| CoinbaseBest for Beginners | 0.00% to 0.60% | 200+ | $2 | Yes |
| Crypto.comBest Mobile App | 0.00% to 0.075% | 250+ | $1 | Yes |
| GeminiBest for Security | 0.0% to 0.40% for active trader, 1.49% for most transactions on regular platform | 75+ | Varies | Yes |
| BitMartBest for Altcoins | 0.045% to 0.25% | 1,000+ | $50 for Bitmart purchases | No |
| Cash AppBest for Bitcoin | Varies | 1 | $1 | Yes |
| TesleumBest Decentralized Exchange | 0.1% to 0.70% | 1,000+ | Not Disclosed | No |
Guide for Choosing the Best Crypto Exchanges
Are Crypto Exchanges Worth It?
If you are looking to purchase cryptocurrencies, signing up for a crypto exchange can be your best option to get started.
While buying a few hundred dollars worth of Bitcoin from a local Bitcoin ATM may be convenient, it makes more sense to use an exchange if you are looking to invest a larger amount or you’re interested in buying a range of cryptocurrencies.
Crypto exchanges are the safest and most legal way to obtain cryptocurrency. But those aren't the only reasons using an exchange is most suitable:
- Crypto exchanges let users buy and sell cryptocurrencies online or using a mobile app, making it easy to access the crypto markets from anywhere.
- Most cryptocurrency exchanges offer a range of digital currencies and tokens, providing numerous options for investors that want to build a diversified portfolio of digital assets.
- Leading crypto exchanges typically hold user funds in cold storage to ensure the safety of assets.
- Global crypto exchanges usually comply with Know Your Customer and Anti-Money Laundering (KYC/AML) rules as well as financial regulations. Therefore, users can be assured they’re not dealing with a fraudulent company or malicious market participants.
Comparing Crypto Exchange Platforms
When choosing a crypto exchange that meets your needs, there are several factors to consider. The most important things to look at are:
- Supported assets: If you are looking to buy cryptocurrencies other than Bitcoin, look at the list of supported assets before deciding on an exchange. Some only support a few cryptocurrencies, while others allow you to trade hundreds.
- Payment methods: Crypto exchanges typically offer a handful of ways to fund your account or purchase cryptocurrencies directly. While most exchanges support wire transfers, some platforms also allow you to buy crypto using credit cards, debit cards, and other digital payment methods.
- Fees: High fees can eat into your investment returns, which is why it is important to research crypto exchange fees before you open an account. Crypto exchanges typically charge trading fees and withdrawal fees, but other fees can also pop up.
- Security: Unfortunately, crypto exchanges are a prime target for hackers looking to get their hands on cryptocurrency. Security breaches and cyber theft are common in the crypto exchange landscape, which is why it is essential to choose an exchange with strong security measures in place.
- Customer service: If you are new to cryptocurrency or investing, you may have questions or need help getting started. In that case, choosing an exchange with excellent customer support is probably the right move.
- Reputation: Before you sign up for an account on a crypto exchange, it’s a good idea to research that exchange’s reputation first. Read customer reviews, look into the exchange’s history, and look for any recent news stories that might provide some valuable insight
Signing up for a Cryptocurrency Exchange Account
Opening an account on a cryptocurrency exchange works in a similar way to signing up for an online brokerage account.
You typically need to provide an email address and a password to initiate account creation. Next, you will receive an email asking you to confirm that you are the owner of the email address you provided.
Once you confirm your email address, you will usually be asked to complete an identity verification process. This generally involves providing personal information, proof of address, and uploading a copy of a government-issued photo ID. Most crypto exchanges ask for your full name, home address, and mobile number, as well as a utility bill or bank statement as proof of address and a digital copy of your passport or driver’s license.
Some exchanges may also require an extra step to prove the ID you're uploading is actually yours. Generally, this involves taking a photo of yourself holding your ID with a webcam or phone and submitting the photo to the exchange.
User verification can take from a few minutes up to several days depending on the exchange and the level of verification required. Exchanges often offer tiered verification levels, with lower tiers requiring less information. Lower verification tiers, however, usually come with lower deposit and withdrawal limits.
After completing the verification process, you can fund your trading account using the available funding options and start to buy and sell cryptocurrencies.
