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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. Crypto exchanges work in the same way as online trading platforms do, by giving you the tools you need to buy and sell digital currencies and tokens such as Bitcoin, Ethereum, and Dogecoin.
When selecting a cryptocurrency exchange, consider variables such as supported assets, fees, payment methods, and security. We examined these elements while compiling this list of the top cryptocurrency exchanges to assist you in finding the correct exchange.
Best Crypto Exchanges of 2022
- Best Mobile App: Crypto.com
- Best for Security: Gemini
- Best for Altcoins: BitMart
- Kraken is the best for low fees and experienced traders.
- Best for Bitcoin: Cash App
- Bisq is the best decentralized exchange.
Cryptocurrency exchanges, unlike conventional brokerage companies, are not members of the Securities Investor Protection Corp. (SIPC).As a result, unless the user agreement states otherwise, investors with cryptocurrency assets commingled on a custodial cryptocurrency exchange may lose their money as unsecured creditors.
Investing in cryptocurrencies, Decentralized Finance (DeFi), and other Initial Coin Offerings (ICOs) is highly speculative and dangerous, and markets may be quite volatile. Before making any financial choices, get the advice of a trained specialist. Investopedia or the author make no suggestion to invest in cryptocurrencies, nor can the accuracy or timeliness of the material be guaranteed.
Best Mobile App : Crypto.com
- No. 250+ currencies are available for trade.
- Transaction fees range from 0.04% to 0.4%.
- $1 is the minimum deposit or purchase amount.
Why We Chose It
We picked Crypto.com as the best mobile crypto exchange app because it offers a comprehensive digital asset trading and investment environment that is conveniently accessible from your smartphone.
Pros and Cons
Supports over 250 cryptocurrencies
Provides a range of cryptocurrency products
Relatively high fees
Poor customer support
Crypto.com, which was founded in 2016, has positioned itself as one of the world’s biggest cryptocurrency exchanges. It is presently accessible in 90 countries and accepts over 250 coins.
In addition to a huge variety of supported assets, Crypto.com offers a massive digital asset ecosystem that includes its own blockchain, Crypto.org Chain; a native token called CRO; a crypto visa card; yield-generating crypto goods, and more.
The Crypto.com mobile app, on the other hand, stands out. While many crypto exchange mobile applications provide a watered-down version of the exchange’s web-based platform, Crypto.com placed a great emphasis on developing an app that offers a diverse variety of goods and services, allowing customers to benefit from the exchange’s ecosystem while on the move. Users of the mobile app may purchase, sell, trade, and earn interest on their cryptocurrency, as well as pay with it.
While Crypto.com has a large number of items and services, customer service is weak, according to TrustPilot comments from past and current consumers who give negative ratings. Furthermore, unless you trade in large quantities, you will wind up paying rather hefty trading costs of up to 0.40%.
Because of its wide selection of goods and services, as well as its vast number of supported assets, Crypto.com is perhaps the finest choice for an exceptional mobile crypto trading experience.
Best for Security : Gemini
- 75+ currencies are available for trade.
- Transaction fees range from $0.99 to $2.99 for modest transactions and 1.49% for orders over $200.
- The minimum deposit or purchase amount varies depending on the asset.
Why We Chose It
We chose Gemini as the most secure cryptocurrency exchange because it has strong security mechanisms, guarantees customer cash, and is SOC 2-certified.
Pros and Cons
Available to users in all 50 U.S. states
Highly liquid exchange
Insures funds held in hot wallet
Strong security framework
High fees on many trades
Fewer coins are supported than on many competing exchanges.
Gemini, founded in 2014 by Tyler and Cameron Winklevoss, distinguishes apart for emphasizing security and compliance. The New York-based exchange offers hot wallet insurance to ensure that customer assets are protected in the event of a security compromise. It also requires users to go through an identity verification procedure to decrease the possibility of fraud.
Gemini also encourages customers to use two-factor authentication to safeguard their accounts and gives them the opportunity to check and authorize the devices they use to access their trading accounts. Gemini also has SOC 2-certified security, which implies that third-party auditors have validated the company’s security and compliance processes.
Gemini, designed for expert traders, offers a professional-grade trading dashboard and supports over 75 digital currencies and tokens. Gemini also provides a bitcoin reward card and the ability to pay for products and services using cryptocurrency.
Fee structures change between Gemini’s main platform and active trader platform. The major platform charges fixed fees for modest transactions and a relatively high 1.49% fee for deals above $200. Maker-taker costs of up to 0.4% are charged by the active trading platform, with fees decreasing as your volume increases. These are also on the expensive side. However, the rather hefty cost may be a minor amount to pay given Gemini’s very strong security.
Gemini is ideal for traders and investors who like to trade on a highly secure platform.
Best for Altcoins : BitMart
- Currencies available for trade: over 1,000
- Transaction fees range from 0.045% to 0.25%.
- When purchasing from Bitmart, the minimum deposit or purchase is $30; for spot trading, the minimum deposit or purchase is unspecified.
Why We Chose It
BitMart is our top choice in the best for altcoins category since it lets customers in more than 180 countries to purchase and sell over 1,000 cryptocurrencies.
Pros and Cons
Supports a very large number of cryptocurrencies
Provides crypto earning opportunities
Offers a simple buy/sell cryptocurrency feature
Experienced a large-scale hack in 2021
Has received poor feedback from customers
BitMart, which was founded in 2017, is a worldwide cryptocurrency exchange that operates in over 180 countries. It enables users to purchase, sell, and store more than 1,000 digital currencies and tokens.
BitMart, which was founded in the Cayman Islands, has established itself as a major trading platform for small and mid-cap cryptocurrencies. BitMart has more assets and trading pairings than its market-leading counterparts, thus investors wishing to add freshly released or obscure crypto assets to their portfolios will most likely find it on this exchange.
Additionally, BitMart users may utilize the Earn function of the exchange to earn income on crypto assets kept with the exchange. When owning the exchange’s native cryptocurrency, BMX, users may also get trading fee savings.
While BitMart has a lot to offer experienced crypto traders, the exchange has gotten some negative comments from customers over the years. For example, some Trustpilot customers complained about withdrawal troubles, bad customer service, and a lack of transparency. However, there are some favorable comments as well.
Furthermore, in December 2021, BitMart had a security breach that resulted in the loss of $196 million in customer cash. While BitMart has offered to refund consumers, the attack has severely harmed the exchange’s image.
Despite these disadvantages, crypto aficionados seeking to trade a diverse choice of lesser-known coins may find what they need on BitMart.
Best for Low Fees and Best for Experienced Traders : Kraken
- No. of available currencies for trade: 120+
- Transaction fees range from 0.00% to 0.26%.
- The minimum deposit or purchase is $1, however this may vary depending on the method used.
Why We Chose It
Kraken Pro, Kraken’s professional-grade trading platform, is our selection for the best low-fee exchange since it has some of the lowest costs in the crypto exchange industry. It’s also our top pick for experienced traders, since it allows leverage and futures trading and enables complex order types.
Pros and Cons
Large number of supported cryptocurrencies
Low fees on Kraken Pro
Highly liquid exchange
Not available in all U.S. states
Limited account funding options
Kraken is one of the most respected cryptocurrency exchanges in the world, having been founded in 2011 and being accessible across the majority of the globe. On its professional-grade trading platform, Kraken Pro, the San Francisco-based exchange allows investors to buy, trade, and hold over 120 cryptocurrencies while incurring modest fees.
In the early days of the crypto industry, this feature-rich crypto exchange established itself as the go-to platform for experienced investors, and it has retained its image as a dependable and professional trading venue.
Kraken has two platforms: its primary trading platform and Kraken Pro, its professional platform. The Pro interface on the exchange offers highly customized chart analysis tools, deep visibility into order books, 13 order types, and high-speed execution. Kraken customers may trade cryptocurrencies on margin and conduct crypto derivatives trading methods in addition to spot trading.
While immediate purchase costs on Kraken’s standard platform might reach 1.5%, fees on Kraken Pro are very cheap. Kraken Pro has a tiered pricing structure, which lets high-volume traders to save money on trading expenses. Kraken Pro’s maker costs begin at 0.16% and taker fees begin at 0.26% for traders with 30-day volumes of less than $50,000. Maker fees, on the other hand, may be as low as 0% and taker costs as low as 0.10% (for traders with 30-day rolling volumes of more over $10 million).
Furthermore, Kraken’s financing choices are restricted, with wire transfers being the major payment method for Kraken users. ACH transactions are not accepted.
Best for Bitcoin : Cash App
- 1 currency is available for trade.
- Transaction Fees: Varies
- $1 is the minimum deposit or purchase amount.
Why We Chose It
We picked Cash App as our top selection among Bitcoin-only exchanges because it enables you to purchase, trade, and keep Bitcoin from your smartphone in a simple and safe manner.
Pros and Cons
Withdraw to wallets
Supports the Bitcoin Lightning Network
Only supports Bitcoin
Various limits on deposits, sales etc.
Cash App, launched in 2013 by Block, Inc. (previously Square, Inc.), enables people in the United States and the United Kingdom to transfer, spend, deposit, and invest money. It’s basically a mobile banking software focused on peer-to-peer payments, but it also has an investing component. Through the Cash App, users may invest in stocks, ETFs, and Bitcoin. Unlike its competitors, such as Robinhood and Venmo, Cash App allows users to withdraw Bitcoin to third-party wallets, which sets it apart from the competition.
Cash App CEO Jack Dorsey revealed in early 2022 that the firm has begun to roll out support for the Bitcoin Lightning Network, enabling near-instant Bitcoin transactions at nearly no cost.
The primary disadvantage of utilizing Cash App to purchase and keep Bitcoin is that the in-app wallet is custodial, which means that the firm maintains your virtual money on your behalf. Custodial wallets are more handy than non-custodial wallets, but they are also less secure. However, since you may withdraw your Bitcoin from Cash App, you can transfer it to a personal wallet in which you own the private keys.
The Bitcoin trading costs on Cash App fluctuate and are only shown when you are requested to complete your purchase or sell transaction. When you trade bitcoin using Cash App, the mid-price is used and a spread charge is added.
Best Decentralized Exchange : Bisq
- No. of available currencies for trade: 100+
- Transaction fees range from 0.10% to 0.70%.
- N/A for a minimum deposit or purchase.
Why We Chose It
Bisq is our choice for best decentralized exchange because it lets users to purchase and sell cryptocurrencies safely and confidentially from anywhere in the globe.
Pros and Cons
Offers a high degree of privacy, no ID verification required
50+ different payment options
Transaction speed can be slow
Trading volumes can be low
Not designed for active trading
Bisq, which was launched in 2014, is an open-source cryptocurrency trading platform that allows people all over the world to trade a variety of digital currencies and tokens on a peer-to-peer basis. Over 100 digital assets are now supported.
Customers are not required to undergo a Know Your Customer (KYC) identity verification procedure, and the trading program is not restricted to users in certain countries. Users may purchase and sell Bitcoin and other cryptocurrencies on Bisq using a variety of payment methods, such as bank wire transfers, ACH transfers, and cash deposits.
While Bisq is popular among early cryptocurrency users because it upholds many of the ideas on which Bitcoin was founded, such as decentralization, privacy, and sovereignty, the exchange is not for beginners. The escrow system employed in peer-to-peer trading may be difficult for new users, and the relatively delayed deal processing may hinder first-time users and active traders. Furthermore, since trading volumes are lower than on centralized worldwide exchanges, the exchange is more geared toward making smaller deals.
Bisq, on the other hand, provides everything you need to purchase and sell bitcoin for experienced crypto investors who want to trade on a decentralized, KYC-free platform.
Choosing the right exchange for your unique requirements is critical if you want to get started with bitcoin trading or investment. There is a solid alternative for you whether you want a big number of digital assets to trade, the lowest feasible costs, or the greatest mobile trading experience.
We discovered that Crypto.com is the greatest option for participating in the growing mobile trading market. Bisq provides the finest decentralized exchange, whereas Gemini provides the best security. Kraken caters to both experienced traders and those searching for minimal costs. Cash App is ideal for Bitcoin-focused traders, while Bitmart is our recommendation for anybody wishing to trade a bigger pool of altcoins. Consider your objectives and priorities, and then choose the exchange that best meets your requirements.
Compare the Best Cryptocurrency Exchanges
|Company||Transaction Fees||Currencies||Minimum Deposit or Purchase||Trade Limits|
|Crypto.com Best Mobile App||0.04% to 0.4%||250+||$1||Yes|
|Bisq Best Decentralized Exchange||0.1% to 0.70%||100+||Not disclosed||No|
|BitMart Best for Altcoins||0.045% to 0.25%||1,000+||$30 for Bitmart purchases||No|
|Kraken Best for Low Fees & Experienced Traders||0.00% to 0.26%||120+||$1||No|
|Gemini Best for Security||0.0% to 0.40% for active trader, 1.49% for most transactions on regular platform||75+||Varies||Yes|
|Cash App Best for Bitcoin||Varies||1||$1||Yes|
Guide for Choosing the Best Crypto Exchanges
Are Crypto Exchanges Worth It?
If you want to buy cryptocurrencies, joining up for a crypto exchange may be the easiest way to get started.
While purchasing a few hundred dollars’ worth of Bitcoin from a local Bitcoin ATM is easy, it makes more sense to utilize an exchange if you want to invest a greater sum or acquire a variety of cryptocurrencies.
Crypto exchanges are the most secure and legal method to acquire bitcoin. However, it is not the only reason why an exchange is preferable. Here are some of the reasons why cryptocurrency exchanges are worthwhile.
- Crypto exchanges allow users to purchase and sell cryptocurrencies online or via a mobile app, making it simple to access the crypto markets from any location.
- Most cryptocurrency exchanges provide a variety of digital currencies and tokens, giving investors several alternatives for diversifying their digital asset portfolio.
- To safeguard the safety of assets, leading cryptocurrency exchanges often keep customer cash in cold storage.
- Know Your Customer and Anti-Money Laundering (KYC/AML) requirements, as well as banking regulations, are routinely followed by global crypto exchanges. Users may be certain that they are not dealing with a bogus firm or malevolent market players.
Comparing Crypto Exchange Platforms
There are various variables to consider while selecting a crypto exchange that matches your requirements. The most significant factors to consider are:
- Supported assets: Before settling on an exchange, check at the list of supported assets if you want to acquire cryptocurrencies other than Bitcoin. Some only accept a few coins, while others accept hundreds.
- Payment methods: Most cryptocurrency exchanges provide a few options for funding your account or purchasing coins directly. While most exchanges accept wire transfers, some platforms also accept credit cards, debit cards, and other means of digital payment.
- Costs: Because high fees may cut into your investment profits, it is critical to examine crypto exchange fees before opening an account. Trading and withdrawal fees are commonly charged by cryptocurrency exchanges, although additional costs may apply.
- Security: Unfortunately, bitcoin exchanges are a popular target for hackers attempting to get cryptocurrency. Security breaches and cyber theft are widespread in the cryptocurrency exchange scene, therefore it is critical to choose an exchange with solid security procedures in place.
- Customer support: If you are new to cryptocurrencies or investing, you may have questions or need assistance in getting started. In such scenario, selecting an exchange with good customer service is usually the best option.
- Reputation: Before opening an account on a crypto exchange, do some research about the exchange’s reputation. Read customer evaluations, research the exchange’s history, and look for any current news reports that may give some useful information.
Signing Up for a Cryptocurrency Exchange Account
Signing up for a cryptocurrency exchange account is comparable to signing up for an online brokerage account.
To begin, you must normally give an email address and a password in order to create an account. Following that, you will get an email requesting confirmation that you are the owner of the email address you supplied.
You will normally be requested to undergo an identity verification procedure once you confirm your email address. Personal details, proof of residence, and a copy of a government-issued picture ID are often required. Most cryptocurrency exchanges need your complete name, home address, and cellphone number, as well as a utility bill or bank statement to prove your residence and a digital copy of your passport or driver’s license.
Some exchanges may additionally need an additional step to verify that the ID you are supplying is yours. In general, this entails snapping a picture of yourself with your ID using a camera or phone and uploading it to the exchange.
Depending on the exchange and the amount of verification necessary, user verification may take anything from a few minutes to several days. Exchanges often provide stages of authentication, with lower tiers needing less information. Lower verification categories, on the other hand, often have lower deposit and withdrawal restrictions.
After you have completed the verification procedure, you may fund your trading account with one of the various financing alternatives and begin buying and selling cryptocurrencies.
What Is a Cryptocurrency Exchange? How Does It Work?
A cryptocurrency exchange is a website where users may buy, sell, and trade cryptocurrency. Users may deposit fiat money (such as US dollars) and use those funds to acquire cryptocurrencies on cryptocurrency exchanges, which operate similarly to online brokerages. Users may also swap their cryptocurrency for other cryptocurrencies, and certain exchanges let them to earn interest on assets kept in their exchange account.
What Should You Look at When Choosing a Cryptocurrency Exchange?
There are various factors to consider when selecting a cryptocurrency exchange, including security, costs, and the cryptocurrencies available. It is also critical to understand how your bitcoin is held and if you may seize control of it by moving it to your own digital wallet.
There are both controlled and decentralized cryptocurrency exchanges. Centralized exchanges are tightly aligned with federal financial laws (such as the U.S. Securities and Exchange Commission).Many will guarantee deposits in US dollars and ask evidence of identification to utilize the site. Decentralized exchanges are uncontrolled internet exchanges hosted on user-owned distributed nodes with no centralized regulating body. While this may seem frightening, decentralized exchanges provide transparent transactions and fees, as well as direct peer-to-peer bitcoin trading.
How Do You Buy Cryptocurrency?
To acquire bitcoin, most centralized exchanges accept deposits from your bank account, credit card, or debit card. The money may then be exchanged for the cryptocurrency of your choice. While some exchanges only accept basic market orders, others enable you to establish more complicated order types, such as limit and stop orders.
When you buy cryptocurrency via an exchange, it is often held in a custodial wallet. The majority of exchanges hold assets in offline “cold storage” for safety. Most exchanges enable you to transfer cryptocurrency to your “hot” or “cold” wallet, along with the private keys for that cryptocurrency, if you wish to take custody of it yourself.
How Do You Open a Cryptocurrency Exchange Account?
Most cryptocurrency exchanges ask you to enter your name, email address, personal information, and proof of identification in order to establish an account (to follow KYC standards).This procedure may entail answering personal questions, using a third-party application to verify your identification, or giving a photo of your driver’s license.
After your account has been authorized, you may deposit money and begin buying cryptocurrencies.
How We Chose the Best Crypto Exchanges
Before picking our top picks, our team analyzed 28 bitcoin exchanges and gathered over 1000 data points using publicly accessible information. We weighted over 20 factors, giving more weight to those that have a greater influence on prospective consumers.
Trading costs (weighted 20%), withdrawal fees (15%), and if an exchange allows cold storage of crypto assets (weighted 10%) were used to choose the top options.
We also considered platform availability, the quantity of accessible cryptocurrencies, and customer support choices. Our whole methodology is accessible for anybody interested in learning more about our selection criteria and procedure.
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