5 best crypto exchange platforms going into 2023 (according to experts.)


best cryptocurrency exchange platforms


There are hundreds, if not thousands, of crypto exchanges worldwide. This is primarily due to the high demand for cryptocurrencies and their appeal for high investment returns. We've witnessed market caps for digital assets consistently setting new record highs almost every month. There is therefore a need to ensure that the assets traded are secure. Fortunately, when it comes to security, exchanges have largely improved with the maturity of the cryptocurrency industry.

For consideration of this list, we decided to test these exchanges on four key parameters.

o   Safety – We look at how these exchanges are actively providing and improving measures to protect assets and legitimize trading.

o   Ease of use – This is generally the user experience of traders and investors. Are these platforms easy to use? Are they tailored to both beginners and experts? Do they provide informational content that makes it easy to trade and invest on their platforms?

o   Customer support - How often are they available to provide customer support? This is especially important for novice traders.

o   Reach & Volume – The issue of the volume of assets and number of traders on a platform may seem vain but it is critical when it comes to crypto exchanges. It is important to know that the more the volume of assets being traded, the higher the risk and therefore the more likely that the platforms are secured. Also generally, investors put their assets in exchanges where they feel confident about security and return.

So, a crypto exchange is basically a platform that allows cryptocurrency traders to buy and sell digital assets. Crypto exchanges basically fall under two broad categories: centralized and decentralized. For a beginner, this is a little technical and it should not trouble you. Both more or less apply the same principles of trading with a few minor differences.

A centralized exchange (CeX) is owned and controlled by a central entity. The company in charge of this type of exchange is responsible for matching orders, providing liquidity, and ensuring secure storage of users’ funds. These exchanges are ideal for beginners as they allow buying cryptocurrencies with fiat money such as the US dollar or Euros. They also feature intuitive user interfaces.

Decentralized exchanges (DeXs), on the other hand, have a somewhat steep learning curve. They are designed for users who want to trade one crypto asset directly for another without going through a third party, as is the case with a centralized exchange. As the name suggests, decentralized exchanges are built on a decentralized network with no central entity governing the platform.

As I advised, don't let the jargon and technicalities put you off. This list provides a list of the most user-friendly crypto exchanges in the world. They have a manageable learning curve and a great customer support system that will make trading easy. This list is in no particular order.





1. Coinbase Exchange

Asset volume: Approximately 2.7 trillion dollars

Weekly visits: One million average weekly visits

Digital coins supported: 229 coins supported

Fiat (conventional) currency supported: USD, EURO, GBP

Funding method: Debit & Credit Bank, PayPal, ACH, Bank Transfer

Coinbase offers more than 200 tradable cryptocurrencies, which should satisfy most investors looking to break into the crypto space. The platform stands out for an easy-to-use interface that makes one-time or recurring crypto transactions a snap. Customers who are interested in features like in-depth technical analysis might consider paying for Coinbase’s Advanced Trade product, which will also be augmented with increased security.

 Pros

  • Extensive cryptocurrency selection
  • Simple and advanced trading
  • Earn free crypto
  • Educational content
  • Top-rated mobile app
  • Crypto rewards
  • Offers Coinbase debit card

Cons

  • Complex fee structure
  • High fees on certain transactions
  • Limited staking and interest opportunities

 

2. Gemini

Asset volume: About 94 million dollars

Weekly visits: 250,000 average weekly visits

Digital coins supported: 112 coins supported

Fiat (conventional) currency supported: USD, EURO, GBP

Funding method: Bank Account & Wire Transfer

Thanks to its simple, easy-to-use interface, we found Gemini to be the best crypto exchange for beginners. Note that the platform’s slightly higher fees are worth paying in exchange for convenience and ease of use. In addition, Gemini offers an extensive selection of educational materials in its Cryptopedia library. Users can read up on a whole host of crypto topics, from advanced crypto trading strategies to understanding the latest developments in decentralized finance (De-fi.)       

Pros

  • Digital assets are insured
  • Offers crypto-to-crypto trading for certain coins
  • Wide variety of cryptocurrencies

Cons

  • Fees are relatively high
  • The fee structure is difficult to understand for beginners                          


3. Kraken 


Asset volume: Slightly over 811 billion dollars

Weekly visits: One million average weekly visits

Digital coins supported: 215 coins supported

Fiat (conventional) currency supported: USD, EURO, GBP

Funding method: Wire Transfer, ACH

Kraken is one of the oldest U.S. crypto exchanges, founded in 2011 during crypto’s Paleolithic era. This platform offers a solid range of coins with very competitive trading fees. It’s also one of the few exchanges in the U.S. to offer margin trading and a suite of other advanced trading tools like advanced order types and futures trading. This exchange offers two trading platforms: Kraken and Kraken Pro. The basic Kraken platform with “Instant Buy” doesn’t offer the cheapest fees, although advanced users can get volume discounts and lower their costs by trading on Kraken Pro. 

Pros

  • Convenient, intuitive terminal with one-click trading;
  • All major cryptocurrencies, as well as seven fiats;
  • Margin trading, as well as futures and indices trading ;
  • Large leverage (x5 for margin, x50 for futures trading);
  • An extensive database of information and training materials;
  • Large trading volumes on the exchange provide high liquidity;
  • Some of the lowest fees in the cryptocurrency market. 

Cons

  • No investment programs;
  • Call center service is not the easiest to find on the platform.

 

4. Crypto.com Exchange

Asset volume: Currently at 408 billion dollars

Weekly visits: A little under a million average weekly visits

Digital coins supported: Over 250 coins supported

Fiat (conventional) currency supported: No fiat currencies supported

Funding method: N/A

 

Beginners can benefit from the relative ease of buying and selling cryptocurrencies on Crypto.com, although it charges slightly steeper fees than some competitors. The Crypto.com DeFi wallet allows users to store their crypto and earn rewards on their assets. Crypto.com provides a very good selection of tradable cryptocurrencies, with more than 250 available. The Crypto.com Visa Card is available for users who want to optimize for coin-based rewards.

 Pros

  • Over 90 cryptocurrencies available
  • Visa card that allows you to spend your crypto and earn rewards
  • Ability to earn interest on crypto holdings at a higher rate than the best high-yield savings accounts

Cons

  • Higher trading fees for low-volume traders, especially those without holdings of Crypto.com’s native cryptocurrency, Cronos (CRO)
  • In-app live support can be slow
  • Cashback rewards and other perks are paid out in CRO, meaning you may experience fluctuations in your rewards’ value and may also need to cash it out to GBP

 

5. Binance

Asset volume: Currently at a little over 27 trillion dollars

Weekly visits: A little over 16 million average weekly visits

Digital coins supported: Over 391 coins supported

Fiat (conventional) currency supported: It supports the three major world currencies plus over 40 others.

Funding method: Bank Account & Wire Transfer

 This is the leading cryptocurrency exchange founded in 2017 in Hong Kong. It features a strong focus on altcoin trading. Binance offers crypto-to-crypto trading in more than 600 cryptocurrencies and virtual tokens, including Bitcoin (BTC), Ether (ETH), Litecoin (LTC), Dogecoin (DOGE), and its own token Binance Coin (BNB).

 Pros

  • Low fees compared to other exchanges
  • 25% trading fee discount if you pay fees using Binance Coin (BNB)
  • Educational resources available
  • Identity verification process
  • Tax statement portal to help prepare crypto taxes

Cons

  • $10 minimum trade
  • The site needs a steeper learning curve to use that the other platforms
  • Lack of information on security
  • History of regulatory scrutiny
Find the article interesting? Share with your friends. Do you like to keep up with the latest crypto news? This blog post may interest you. There is a lot more cryptocurrency content on our blog.

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