When one is looking to get the answer for “what is the best crypto exchange?” the confusion starts because several cryptocurrency exchanges are available. More than 4000 different cryptocurrencies are available with a daily trade volume and a market cap of $100 million and $600 billion. These numbers indicate that the growth of cryptocurrencies will further improve in the next few years. The rapid rise in cryptocurrency traders and investors in the past decade suggests the rising demand for cryptocurrencies.
Cryptocurrencies are stored in cryptocurrency wallets and can be exchanged or traded for other cryptos through a crypto exchange. Some of the cryptocurrencies can be acquired via mining, as in the case of Bitcoin. However, when mining is not an option, one can purchase it from a cryptocurrency exchange.
Best Crypto Exchange Platforms 2022
| Exchanges | Best for |
|---|---|
| Coinbase | Best for All and Most Secure Cryptocurrency Exchange |
| Binance | Best for Trading Altcoins |
| eToro | Best Multi-Asset Exchange With Social Networking Features |
| Gemini | Most Secured Exchange & Best for US Traders |
| Coinmama | Best for Quick Transaction & Bitcoin Brokerage Service |
| Kraken | Best High Security |
As a cryptocurrency investor or someone looking to start cryptocurrency trading, understanding the importance of the best crypto exchange is crucial. And, in this article, we have listed some of the best US crypto exchange platforms. Our objective is to help you narrow down the crypto exchange that matches your requirements. Some of the topics covered in the content include salient features or special characteristics of the exchange, its pros and cons, etc. Now, Let’s get started with detailed information.
What Is a Cryptocurrency Exchange?
Cryptocurrency exchanges or crypto exchanges, also known as Digital Currency Exchanges (DCE) or cryptocurrency brokers, enable users to exchange or trade cryptocurrencies (where to buy cryptocurrency and sell) for other digital currencies, fiat currency, and other assets.
In other words, a cryptocurrency exchange is also defined as a digital marketplace where one can buy/sell cryptocurrencies using other cryptocurrencies and fiat currency. Simply put, a crypto exchange is a trading platform that connects cryptocurrency buyers and sellers. Cryptocurrency loan is one of the unique features of the exchange platform and it allows crypto investors to loan their cryptocurrency tokens for a specific rate of interest.
As stated earlier, a cryptocurrency exchange is an integral aspect of the crypto world. We have researched what we consider some of the best exchanges. Our best crypto exchange list includes top cryptocurrency exchange websites that are believed to be best for beginners as well as advanced traders. That said, let’s get started with the different types of crypto exchanges.
Types of Crypto Exchanges
- Centralized Exchanges: Centralized exchanges, as the name indicates, are governed by a central authority as opposed to most of the cryptocurrencies like Bitcoin & Ether which are decentralized in nature. Coinbase, Binance, Kraken, Gemini, among others, are some of the cryptocurrency exchanges falling into the centralized exchange category. Typically, a centralized exchange is a private company that supports one or many crypto trading platforms that support fiat-to-crypto, and vice versa, and or crypto-to-crypto trading. As they are centralized in nature, users must complete the registration, identification, and verification processes for opening a crypto trading account.
Apart from the above-mentioned, some of the other salient features of a centralized exchange include high liquidity, active trading, and high trading volumes. While these are certainly some of the benefits, account safety is a major concern as the trading platforms require the user’s information for creating a trading account.
To overcome the drawback stated above, most of the top cryptocurrency exchanges in this category offer some kind of insurance to the users during instances when the exchanges fail. However, insurance protection does not apply when the user’s computer or user account is compromised. Nevertheless, users can overcome this issue by regularly withdrawing large sums accumulated in their accounts. - Decentralized Exchanges: Decentralized exchanges are also referred to as P2P (peer-to-peer) crypto trading platforms. Some examples of a best decentralized crypto exchange include Bisq, IDEX, Bancor, Binance DEX, among others.
As the name suggests, they are decentralized in nature, meaning they are not controlled by a single authority, unlike a centralized exchange. A decentralized exchange is based on blockchain technology, while some are also supported by Ethereum’s smart contract.
Decentralized exchanges offer users anonymity as they are not required to share their information for creating their accounts. Such an exchange is generally not subject to crashing as the network is not controlled by a single server individual but by multiple servers. Thus, even when a single server crashes, the user account will remain active and safe. However, decentralized exchanges offer low liquidity and low trade sizes. - Hybrid Cryptocurrency Exchanges: Hybrid cryptocurrency exchanges bring in the best aspects of both centralized and decentralized exchanges. For instance, they offer high liquidity and trade sizes of the centralized exchanges and the safety and security measures of a decentralized exchange via blockchain technology and smart contracts. Eidoo, Stoxum, Qurrex, Binance DEX, etc., are some examples of hybrid exchanges.
Top 11 Best Cryptocurrency Exchanges
Below are the best crypto exchanges as per our research. Readers are advised to note that we have also reviewed these exchanges. Thus, one can consider this article as a compilation of crypto exchange reviews. Let’s get started with the review of the global digital asset exchange.
1. Coinbase
Coinbase is believed to be the best crypto exchange due to its massive user database. Most crypto exchange reviews claim Coinbase is quite popular among new and experienced traders due to its ease of use. It also features Coinbase Pro for advanced traders and market makers.
Coinbase Exchange
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What makes Coinbase one of the best Bitcoin exchanges is its vast number of users. As per the data collected, Coinbase has over 30 million users worldwide. Coinbase supports more than 40 cryptocurrencies and has a better reputation when compared to many Bitcoin exchanges that offer many crypto tokens. Some of the cryptos supported include Bitcoin, Ripple, Litecoin, Algorand, Augur, Ren, Orchid, Civic, etc.; and fiat currencies supported include USD, EUR, GBP, etc for fiat currency trading (for buy/sell).
Features
For more advanced traders, Coinbase offers an insurance-backed trading platform known as Coinbase Pro. Another important aspect is that trading charges are considerably lower when trading with Coinbase Pro.
Modes of Payment
Coinbase and Coinbase Pro support all bank cards, bank transfer, payment gateways like PayPal, etc.
Fees and Other Charges
Coinbase holds a stellar reputation for safety and user experience, so accordingly, the fee structure. It approximately charges 0.50% as a spread fee and a flat fee of $0.99 for transaction value equalling and below $10. This may go up to $2.99 for transaction values between $50 to $200. Apart from this, an additional 1.49% and 3.99% apply for US bank accounts and debit card purchases, respectively.
Safety and Security
Most of the users’ cryptocurrency funds are stored in cold storage. Coinbase also has 256-bit AES encryption for added safety. Two-factor authentication alongside Google authenticator, and FDIC insurance cover for up to $250,000 are some of the other safety features.
Support Services
Coinbase offers support via email, Twitter, and phone. Readers are advised to note that phone support is for users who wish to disable their Coinbase account.
Pros and Cons
| Pros | Cons |
| Good reputation | High transaction charges |
| Easy to use trading features | |
| User-friendly and intuitive user interface | |
| High trading limit of $25,000 per day | |
| Biometric authentication | |
| The Financial Conduct Authority regulation makes it legal under all EU governments. | |
| Investor funds are stored securely in Tier-1 banks only. | |
| It provides maximum leverage of 500:1 |
Our Verdict: As per our data, Coinbase bags the highest score as the most popular crypto platform.
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2. Binance
We have Binance in our list of the best crypto exchange platforms as it is believed to be the world’s largest cryptocurrency exchange in terms of the trading volume also crypto exchange with lowest fees. Binance was founded by Changpeng Zhao, who is a notable person associated with cryptocurrencies. Initially, Binance was headquartered in Hong Kong but later moved to Malta.
Binance Exchange
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Binance is known to support the exchange of more than 150 cryptocurrencies like Bitcoin, Ethereum, Litecoin, Dash, Bitcoin cash to name a few.
Binance DEX is a decentralized cryptocurrency exchange that has an API to integrate trading applications. The online platform offers all the benefits of a decentralized network like transparency, safety, anonymity, among others.
Features
Some of the features for advanced users include detailed statistics of different crypto pairs’ price movements for trading along with the market price. These are typically more advanced graphs suitable for fundamental analysis to determine the best time to exchange different trading pairs like Bitcoin, Ethereum (BTC/ETH), and other Altcoins for profits, also Binance is considered as best crypto exchange for altcoins. The candlestick bars on the advanced graphs also indicate the lowest, highest, opening, and closing prices of crypto pairs.
Users can access Binance on various devices like PCs, both Android and iOS mobile phones, tablets, laptops, etc. It is an ideal and best cryptocurrency trading platform for both beginners and advanced traders as it features both basic and advanced exchange interfaces. Binance is also known for its large trading volume at an average of 1.2 billion. The platform facilitates over 1,400,000 transactions per second, making Binance one of the fastest Bitcoin exchanges. The site supports spot trading, derivatives, futures, and margin trading.
Binance Exchange – Spot Trading
Modes of Payment
Binance supports crypto trades with all bank cards, P2P, and bank transfer with other options. In other words, one can purchase cryptos using the cash balance option or through their bank account.
Fees and Other Charges
When compared to other cryptocurrency exchanges, Binance has a low trading fee at 0.1% per trade. The platform does not charge any additional charges deposit fees. However, standard withdrawal charges apply.
Safety and Security
Binance offers 2FA or two-factor authentication protection to safeguard user accounts.
Support Services
Binance provides 24/7 support that includes both email and live chat for their customers. The support team takes up to 2 to 3 business days to resolve users’ concerns.
Pros and Cons
| Pros | Cons |
| Good reputation | No telephone support |
| User-friendly website | |
| Supports the exchange of 150+ cryptocurrencies | |
| One of the largest crypto exchanges in the world | |
| Low fees and transaction charges | |
| Support fiat-to-crypto exchange and vice versa |
Our Verdict: Binance bags the highest score for its reputation according to our compiled research data.
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3. Coinmama
Coinmama is an Israel-based crypto exchange, which was launched in 2013. Thus, it is one of the oldest crypto exchanges like CEX.io, considering the inception of the first cryptocurrency, Bitcoin, in 2009.
Coinmama Exchange
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It is one of the few crypto exchanges that allow users to buy and sell cryptos using fiat currencies which is also called fiat currency trading. However, Coinmama supports only the following cryptocurrencies; Bitcoin, Bitcoin Cash, ETH, ETC, ADA, LTC, QTUM, XRP, and XTZ. Nevertheless, Coinmama is popular as it supports most of the fiat money.
Coinmama has an easy to use mobile interface, making it easy to navigate. The options are quite clear, with an easy-to-use currency converter app to estimate the value of cryptos that can be purchased for particular denominations. Thus, though there is no dedicated app, users find it convenient to access the site via a mobile browser.
Features
Unlike other top crypto exchanges, Coinmama does not allow users to exchange cryptos with other traders. In other words, Coinmama is an ideal site for purchasing the above-mentioned cryptos using fiat or traditional currencies for buy/sell. Nevertheless, the platform allows users to sell Bitcoin to Coinmama directly but not to other Coinmama users.
Users can buy bitcoin or other currencies worth $100,000, for which they have to contact the support desk after filling out a specific online form. For purchasing currencies worth $50,000, users must provide a valid utility bill. For purchases worth $15,000, users must provide their valid ID issued by the government.
Coinmama – Sell Bitcoin
Modes of Payment
Coinmama offers options including debit or credit card, bank transfer, bank wire, Fedwire, SEPA, Apple Pay, etc.
Fees and Other Charges
Coinmama has a high transaction fee of 5%. For purchases made using debit and credit cards, a standard 5.5% transaction fee applies. For purchase orders below $1000 for non-UK SWIFT bank transactions, an additional fee of £20 applies.
Safety and Security
As per most crypto exchange reviews, Coinmama is considered one of the safest Bitcoin exchanges as it is regulated by FinCen (Financial Crimes Enforcement Network). Readers are advised to note that Coinmama does not offer crypto wallet services to its users.
Support Services
Coinmama offers email support at [email protected] (for privacy related queries); [email protected] (for EU customers), and [email protected] (for general queries)
Pros and Cons
| Pros | Cons |
| Best crypto exchange for beginner | Not suitable for exchanging cryptos |
| Suitable to buy and sell Bitcoin | |
| Supports most of the fiat currencies | |
| Highly regulated | |
| Has a strong social media presence |
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4. Kraken
Kraken is one of the best crypto exchanges in terms of low trading fees. It was founded by Jesse Powell in 2013. Except for New York, Kraken has operations in the United States, Canada, Japan, and the European Union. Only a pre-verified account can avail of the services even in New York.
Kraken Exchange
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Features
Kraken supports over 40 cryptocurrencies like Bitcoin, Ripple, Dash, Tron, Waves, and Zcash, to name a few. The fiat money supported including EUR, USD, CAD, AUD, GBP, CHF, and JPY.
Kraken can be accessed from anywhere globally except for the following countries; Afghanistan, Congo, Cuba, Iran, Iraq, Libya, North Korea, Syria, and Tajikistan.
Modes of Payment
SEPA, SWIFT, wire transfer are some of the payment options available at Kraken.
Fees and Other Charges
Kraken charges a stop trading fee of 0 to 2.6%, dark pool fee ranging from 0.2 to 0.36%. The low maker/taker fee makes Kraken the best crypto exchange for USA.
Kraken Pro Fees – Maker & Taker Fees
Safety and Security
Google Authenticator and Yubikey, SSL encryption, and 2FA are some of the security features.
Support Services
Kraken offers 24/7 live chat support.
Pros and Cons
| Pros | Cons |
| Low trade fees | Not ideal for beginners or novice traders |
| Supports most of the popular fiat money | |
| Suitable for advanced traders |
Our Verdict: As per our compiled data, we award the highest score to Coinmama in terms of low trade fees.
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5. Gemini
Gemini has evolved as one of the best crypto exchanges with safety features of the highest standards, since its inception in 2014 by venture capitalists Winklevoss brothers. Gemini offers several services other than trading cryptos like storage, payment solutions, among others. It serves 50+countries including a country like USA, Canada, United Kingdom, India, South Korea, Australia, etc.
Gemini Exchange
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Gemini supports major cryptocurrencies and real or traditional currencies like AUD, CAD, GAB, USD, etc. Gemini is one of the few Bitcoin exchanges with a dedicated mobile app.
Features various crypto exchange reviews
The daily dollar deposit limit is $5,000, while the monthly dollar deposits limit $30,000. The daily withdrawal limit is $100,000, and the limit of debit card purchases is $500. believed to be ideal for an advanced trader rather than a beginner
Modes of Payment
Gemini supports local bank transfer (US Bank Account), all bank debit/credit card payments, etc.
Fees and Other Charges
Gemini charges a convenience fee of a flat 0.50%, while the transfer fees range between $0.99 to $2.99.
Safety and Security
Accounts are protected using SSL encryption, 2FA, etc. There is also the option of using hardware security keys. Also, the cold storage is further protected with HSMs (Hardware Security Modules).
Support Services
Gemini Exchange – Customer Support
Pros and Cons
| Pros | Cons |
| Highest security measures | Not suitable for beginners or novice traders |
| Offers cold storage | |
| Telephone support with a toll-free number | |
| Suitable for advanced traders |
Our Verdict: Gemini bags the highest score for its safety features.
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6. eToro
eToro is a multifaceted platform offering cryptocurrency trading and storage services. Apart from cryptos, eToro is suitable for trading stocks, indices, traditional currencies, ETFs, commodities, etc. As one of the best Bitcoin exchanges, eToro supports over 15 cryptocurrencies like Bitcoin, Ethereum, Bitcoin Cash, Dash, Zcash, etc.
eToro Exchange
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Features
eToro is a suitable exchange for UK, European, as well as Asian residents. Unlike the other exchanges, the eToro platform has a varying first deposit limit based on the user’s location.
Professional traders prefer eToro for day trading while the platform offers multiple benefits like market analysis, crypto stalking eToro Club, etc. As a matter of fact, eToro enables copy trading as well. Availability of the eToro mobile app (which is considered to be the best crypto exchange app) and mobile wallet makes it one of the best crypto exchanges in 2022.
Modes of Payment
eToro has multiple options like transfer through bank accounts, debit/credit card payments, PayPal, etc.
Fees and Other Charges
eToro Crypto Fees
eToro Other Fees
Safety and Security
eToro requests bank account verification for withdrawals as a part of its safety standards. User accounts are also protected by 2Factor authentication and SSL encryption.
Support Services
eToro offers consumer support via email.
Pros and Cons
| Pros | Cons |
| Ideal for portfolio diversification | Slow customer support |
| Intuitive user interface for a better trading experience | |
| Multiple options for both deposits and withdrawals |
Our Verdict: eToro bags the high score as a multifaceted trading platform.
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7. Poloniex
Poloniex is a US-based company that was founded in 2014 by Tristan D’Agosta. Its major operations are located in Delaware, USA. Poloniex supports various cryptos like Bitcoin, Ripple, Steem, Monero and Bitcoin Cash, BlackCoin, Bela, Burst, etc.
What makes Poloniex one of the best cryptocurrency exchanges is that it has a very high daily trading volume of over $100 million.
Poloniex Exchange
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As per the data collected from various crypto exchange reviews, Poloniex is believed to be ideal for an advanced trader rather than a beginner. The reason for this is the detailed graphs and statistics that aid in fundamental analysis of the current market price.
Features
Earlier, the Poloniex trading system did not have the feature of purchasing cryptos using debit or credit cards. However, as of 2022, users can buy cryptos using fiat or traditional currency, all bank cards, etc.
Modes of Payment
Supports debit and credit card purchases only.
Fees and Other Charges
Poloniex Exchange – Trading Fee
Poloniex Exchange – Spot & Margin Trading Fees
Safety and Security
Poloniex offers 2FA password protection.
Support Services
Poloniex offers email support only.
Pros and Cons
| Pros | Cons |
| Ideal for the US traders | Only email customer support |
| Low trade fees | |
| Bank account verification for large trade sizes |
Our Verdict: It is one of the top cryptocurrency exchanges for US residents.
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8. Bittrex
Bittrex was launched in 2014, which makes it one of the early crypto exchange platforms. The team behind Bittrex has over 50 years of experience and have known to have worked with reputed firms like Microsoft, Qualys, Amazon, etc.
Bittrex Exchange
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Initially, Bittrex was a crypto-to-crypto exchange only. However, as of 2022, users can buy cryptos using traditional currencies. Nevertheless, to avail of this option, users must verify their bank’s savings account detail.
Features
Bittrex is one of the best crypto exchanges as it offers 250+ trading pairs. The crypto platform supports over 190 cryptocurrencies, including the popular and the lesser-known cryptos.
The registration process is quite simple, where one must enter their name, address, and date of birth. To complete the registration process, Bittrex verifies the user information using the Jumio service.
When compared to other Bitcoin exchanges, Bittrex is believed to be faster, best bitcoin trading platform ensuring real-time execution of trades.
Modes of Payment
SEPA, wire transfer, VISA cards are some of the payment options supported.
Fees and Other Charges
Bittrex trading platform charges a standard 0.25% fee for every trade executed. When compared to the other exchange platforms, this may be considered to be high.
Bittrex Exchange – Withdrawal Fees
Safety and Security
Offers 2FA password protection for user account safety.
Support Services
Bittrex offers email support only.
Pros and Cons
| Pros | Cons |
| Flat trading charges | Response time for email support is slow |
| Faster transactions | |
| Supports 250+ trading pairs |
Our Verdict: Bittrex gets a high score for faster transactions.
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9. CEX.io
After analysing the CEX.io review – one can discover its best security features. It was founded in 2013 and is based in London, UK, and at that time, CEX.io cloud mining provider, which was owned by one of the largest mining pools, GHash. CEX.io became a crypto exchange in 2015 after the termination of its cloud mining services.
CEX.io Exchange
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CEX io provides cryptocurrency storage services as well. However, we recommend users to use a secure and trusted best crypto wallet for storing cryptos.
Features
One of the salient features of the cryptocurrency exchange is that it supports margin trade. Also, all user accounts are verified for enhanced safety. Another important feature is that one can find valuable information related to the top cryptos on the homepage.
CEX.io Exchange – Homepage
Modes of Payment
CEX io offers various deposit and withdrawal options, including bank transfer, PayPal, Skrill, SWIFT bank transfer, etc.
Fees and Other Charges
The fee structure is as follows:
CEX.io Exchange – Transaction Fees
CEX.io Exchange – Deposit/Withdrawal Fees
Safety and Security
CEX io protects user information via a level 2 DSS certificate. Hence, one can say it is a safe and secure crypto platform for exchanging cryptos.
Support Services
CEX.io offers one of the best consumer support, which is as follows:
CEX.io Exchange – Customer Support
Pros and Cons
| Pros | Cons |
| Supports a vast number of trading pairs | The lengthy documentation process for account verification |
| Easy to use, especially for a beginner | |
| Very good customer support |
Our Verdict: It receives the top score as an ideal platform for beginners.
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10. KuCoin
KuCoin was launched in May 2017, and since then, it has managed to acquire a user base of over 5 billion from 200+ different countries. KuCoin supports the trading of different cryptocurrencies like Bitcoin, Ethereum, etc.
KuCoin Exchange
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It is one of the few best crypto exchange platforms with an easy to use mobile app referred to as the KuCoin app. KuCoin is compatible with a myriad of devices like PCs, laptops, and iOS and Android smartphones.
KuCoin Exchange – Android & iOS Mobile Application
KuCoin supports spot and margin trade with 10x leverage. The site also has a dedicated section for trading futures, highlighting its ease of use.
KuCoin Exchange – Spot Trading
KuCoin Exchange – Margin Trading
Features
Like most of the best cryptocurrency exchange platforms, KuCoin has its currency, KCS or KuCoin Shares. And, on using this currency, users can claim a discount on the trading fees. Apart from the discount, users holding KCS coins can also earn a 50% share from the trading fee profit earned by KuCoin.
KuCoin supports the exchange of more than 100 different cryptocurrencies. KuCoin supports some of the popular cryptos like Bitcoin, Ethereum, and some new cryptos like Lympo, VeChain, etc.
Modes of Payment
PayPal, wire transfer, and Interac e-Transfer are the options at KuCoin. The maximum transfer limit for PayPal and Interac e-Transfer is $10,000 and $3000 respectively. There is no maximum transfer limit for wire transfers.
Fees and Other Charges
KuCoin is one of the best crypto exchange platforms with low fees at 0.1% for trading cryptos. Typically, users can deposit cryptocurrencies for free. However, standard transaction charges apply for initiating transfers. Readers are advised to note that crypto exchange reviews on KuCoin before 2022 indicate that KuCoin does not support fiat-to-crypto exchange or trading.
Safety and Security
KuCoin platform is backed by blockchain technology, it is quite transparent and safe.
Support Services
KuCoin offers a technical support channel where users can contact the technical engineers via email to [email protected] for any trading related concerns.
Pros and Cons
| Pros | Cons |
| Easy and simple user interface | Low trading volumes and low liquidity |
| Ideal for beginners | |
| User-friendly site | |
| Low fees for trading and withdrawals |
Our Verdict: It bags a high score in terms of the mobile app.
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11. OKX
The last exchange to make it to the list of the best cryptocurrency exchanges is OKX. It is yet another crypto-to-crypto and fiat-to-crypto exchange where it enables users to exchange more than 30 types of fiat or traditional currencies for cryptos. While the OKX cryptocurrency exchange is headquartered in Malta, it has offices in Hong Kong, Beijing, and Malaysia.
OKX Exchange
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Features
OKX is known for attracting large trading volumes for most of the currency pairs. Also, OKX enables its users to hold their user or trading funds in cold storage. OKX supports the exchange of over 400 crypto pairs, making it one of the largest cryptocurrency exchanges. OKX also supports options, futures, derivatives, and margin trade. Thus, it is an ideal network for traders of various trading styles.
Apart from the above mentioned, one can also trade margins with OKX, while the site supports spot trading. The site also supports C2C loans or customer-to-customer financing. Simply put, it enables users to borrow money from other users or traders.
OKX has a native token, referred to as OKB, and using this crypto for trading qualifies the users to avail of a discount on the trading fees. The online platform has a strong social media presence.
Perpetual Swaps or Perpetual Futures is another salient feature of OKX where users can hold the trading positions for an indefinite time and close the trade whenever they seem fit.
Modes of Payment
OKX offer payment method like payment gateways like Simplex, Koinal; purchases using a credit card, bank transfer, futures.
Fees and Other Charges
OKX has normal and VIP users where they are further allocated into various tiers based on their OKB holdings. Readers are advised to note that the maker/taker fee is determined by the respected tiers.
Safety and Security
According to the trading volume, OKX has normal and VIP users where the former are further allocated into various tiers based on their OKB holdings. VIP users are divided based on the trading volume. Readers are advised to note that the maker/taker fee is determined by the respected tiers.
OKX uses semi-offline multi-signature technology for its hot wallet system. It also uses big data risk-management systems to safeguard the private keys. In fact, before broadcasting to the blockchain network for confirmation, both deposits and withdrawals are first verified by a myriad of risk-management mechanisms for added security measures.
Support Services
OKX offers consumer support via live chat, Telegram, email, etc. They also have a very strong social media presence.
OKX Exchange – Customer Support
Pros and Cons
| Pros | Cons |
| Supports derivatives, options, spot trading | KYC is mandatory for registration |
| It’s compliant with the VFAA (Virtual Financial Asset Act) | |
| It offers C2C loans | |
| Offers phone and Telegram customer support |
Our Verdict: It bags the highest score for its various trading options.
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Best Crypto Exchange: Factors to Consider While Choosing
Although the crypto exchange reviews help to a certain extent, it is vital to understand the factors that determine what makes them the best crypto exchanges. While the reputation of the exchange matters, there also reviews with a staff pick rating or verification for certain Bitcoin exchanges or rather their promotions. While staff pick rating and reference reputability standards can be used as markers, there are some basic pointers that one can consider to choose the best crypto exchange. Also, considering the skillset of the trader is important because, based on user experience, there are best crypto exchange for beginner and advanced trader, respectively. Below are some of the factors that can be used as markers for selecting the best crypto exchange that suits you better.
Currencies Supported: Based on your preferences, you can opt for a cryptocurrency exchange platform that supports the currencies you are interested in, whether cryptos or fiat currencies. Also, determine whether the cryptocurrency broker/exchange platform supports crypto-to-crypto, crypto-to-fiat, fiat-to-crypto transfers. Although some of the best crypto exchange sites support many cryptos, they may not support the crypto you are interested in. Hence, determining the types of cryptocurrencies and fiat or traditional currencies supported by the crypto exchange is of primary importance.
Payment Methods: Determining the payment methods for both deposits and withdrawals is the next major step. Not all crypto exchanges allow users to purchase cryptos using fiat currencies or payment system you are interested in. Hence, make sure that the cryptocurrency exchange supports your preferred payment method like bank transfer, Bank cards, payment gateways, etc. For instance, if you are looking to buy Bitcoin using your credit card, choose an exchange platform or a cryptocurrency broker that supports the same.
Hidden Charges: It is a fact that even the best Bitcoin exchanges make money via the cryptocurrency exchange rates. Nevertheless, certain crypto exchange with lowest fees also charge additional fees like inactivity fees, deposit fees, withdrawal fees, etc. Some trading platforms also charge an additional fee for options and CFD trading. Thus, understanding the fee structure is important to ensure value for your money.
Safety and Security Protocols: Safety measures enforced are the key to determine whether it is the best crypto exchange or not. Some of the elements to consider including SSL encryption, 2 Factor Authentication process, user’s ID verification, insurance related to crypto-assets, etc.
Some crypto exchanges offer insurance on crypto assets when the fault lies with the exchanges, especially the centralized crypto exchanges. Hence, considering all the safety measures provided by the exchange platform is crucial.
Customer Support: Live chat and email support are the common means of customer support offered by most crypto exchanges. While this may be true, some also offer phone support. Hence, based on your comfort level, you can determine the exchange platform that suits you in terms of communication. We recommend readers to opt for an exchange platform with a strong social media presence, where one can post their queries and concerns.
Is your Exchange a Market Maker?: Most often, certain online platforms buy and sell securities to impact the crypto market. Understanding if the exchange is a market maker or otherwise will often benefit in the long run as one can profit on the bid-ask price.
Conclusion
A crypto exchange is an integral part of the crypto community, as crypto investors or traders choosing the right exchange matters. This article has covered content related to exchanges best suited for a broad spectrum of crypto investors and traders. We have also covered the important features of these exchange networks, like whether they support purchases of cryptos with debit cards, bank account transfer, currencies supported, etc.
FAQs
What is the difference between a crypto wallet and a crypto exchange?
Crypto wallets are digital storage services used for securely storing cryptocurrencies like bitcoin in the form of private keys. On the other hand, a cryptocurrency exchange acts like an intermediary that connects bitcoin buyers and sellers. Most of the exchanges also provide crypto wallets to the users. However, some exchanges may charge a certain fee for providing crypto wallets.
Which is the best crypto exchange?
When it comes to crypto/Bitcoin exchange, no one exchange fits them all. It is because no trader is alike as they have their preferences. Thus, depending on the type of cryptocurrency exchange, easy to use trading features, and trading tools, one can determine the best crypto exchange that caters to specific needs. Also, one can consider the crypto exchange’s reputation that determines its experience level in the crypto community. Some of the best crypto exchanges support various payment methods like bank transfer, PayPal, Skrill, etc. For more content concerning the individual crypto/Bitcoin exchange, readers are advised to read the various crypto exchange’s user reviews.
Is BitMEX cryptocurrency exchange banned?
Bitcoin Mercantile Exchange or BitMEX is known for high liquidity and leverage. Despite the many benefits, BitMEX is banned for the citizens of the United States. However, BitMEX is active and available for the remaining countries, except for the restricted countries. And, as BitMEX is banned in the US, residents of the United States can opt for US-specific cryptocurrency exchanges like Coinbase, Binance, Bisq, to name a few. Coinbase and Binance have a good reputation along with benefits that rival BitMEX. Readers are advised to note that the site is accessible only when an individual accesses it from an allowed IP address. If you are looking for a regulated US-based cryptocurrency exchange, we recommend GDAX or Global Digital Asset Exchange.
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