Investors seeking to engage in the dynamic world of digital assets, such as Bitcoin and Dogecoin, must navigate the complex landscape of cryptocurrency exchanges. These platforms vary in terms of regulatory compliance, supported cryptocurrencies, fee structures, and additional features. To aid traders in making informed decisions, we present an in-depth analysis of the top 10 cryptocurrency trading platforms in 2023, focusing on their key metrics which answers the question: Which Cryptocurrency exchange is best?
1. eToro
Topping the list of premier cryptocurrency exchanges is eToro, a platform that has garnered immense popularity among traders. eToro supports an extensive array of contemporary cryptocurrencies, including Shiba Inu, Dash, Dogecoin, Cardano, and Decentraland. With a minimum investment of just $10, eToro is an ideal choice for individuals with limited resources seeking to diversify their portfolios.
One of eToro’s most notable features is its competitive commission fees, which stand at a mere 1% of the total traded amount. This is significantly lower than the industry average of 3-5% for fiat currency deposits on other cryptocurrency exchanges. eToro accepts various payment methods, including debit/credit cards, e-wallets, and wire transfers, all of which can be used to make free deposits in USD.
Established in 2007, eToro has built a solid reputation for security and reliability, with oversight from regulatory bodies such as FINRA, FCA, CySEC, and ASIC. The platform boasts an integrated wallet service that strikes the perfect balance between safety and utility, making it a trusted choice for over 30 million traders worldwide.
eToro also offers dedicated wallet applications for iOS and Android devices, which have received GFSC approval. These apps enable businesses to seamlessly send and receive tokens, further enhancing the platform’s appeal. For passive investors, eToro’s copy trading tool allows traders to replicate the orders of more experienced investors, ensuring that each transaction mirrors the preceding one.
Another innovative offering from eToro is the smart wallet, an ETF-like portfolio managed by the eToro team. Each smart wallet contains a diverse range of cryptocurrencies and follows a unique investment strategy. For example, the Napoleon Smart Portfolio tracks five major cryptocurrencies: Litecoin, Cardano, Ethereum, BNB, and Bitcoin. The “Crypto Equal” smart combination offers even greater diversity, supporting 20 cryptocurrencies with varying weights.
eToro provides a wealth of resources to help traders identify the most promising cryptocurrencies. The platform displays the top gainers and losers from the previous trading day, as well as a range of insightful data for each listed cryptocurrency. This includes a 52-week range, historical performance, market capitalization, and investor sentiment, all complemented by live charts featuring technical indicators.
Key Features:
- Supports over 90 cryptocurrencies
- No fees for fiat currency deposits
- Proprietary wallet
- Strict regulatory compliance
- Web and mobile wallet accessibility
- Free USD deposits via debit/credit cards
- Supports stocks, ETFs, and other assets
Pros:
- Ideal for beginners entering the cryptocurrency trading space
- Supports 90 leading altcoins in addition to Bitcoin
- Allows free USD payments via debit/credit cards and e-wallets
- Low minimum deposit of $10
- Regulated by FINRA, CySEC, ASIC, and FCA
- Offers tools for intelligent portfolio management and copy trading
- Provides mobile and web wallets
Cons:
- 0.5% deposit fee for non-USD payments
2. OKX
OKX is a reliable cryptocurrency exchange offering a wide range of trading services. The platform boasts some of the lowest transaction fees in the industry, with a mere 0.1% commission required for each buy or sell order on its cryptocurrency spot trading platform. Users who achieve a specific trading volume threshold within 30 days become eligible for even lower commissions.
The OKX exchange supports over 370 markets, including some of the most significant long-term cryptocurrencies. Additionally, the decentralized exchange OKX DEX provides access to tens of thousands of tokens, including top small-cap cryptocurrencies. OKX also supports more complex cryptocurrency trading products such as longs, futures, and options. Leveraged and short-term sales orders are available for these products, with derivative transaction fees starting at a competitive 0.05% per slide.
As one of the top cryptocurrency staking platforms, OKX offers staking options with minimum durations ranging from 0 days to 3 months. The platform also provides a non-custodial cryptocurrency wallet app, allowing users to maintain ownership of their private keys. Traders seeking advanced analytical tools will find OKX’s offerings appealing, with chart times ranging from one second to three months and integration of drawing tools and TradingView. OKX’s compatibility with smartphones enables trading cryptocurrencies anytime, anywhere. Furthermore, the platform is well-known for its prompt payouts on cryptocurrency withdrawals.
Key Features:
- DEX with support for thousands of tokens
- Access to over 370 spot markets
- Low transaction costs
- Supports trading of cryptocurrency derivatives
Pros:
- Trade with 0 points per slide across more than 370 local cryptocurrencies
- Earn significant returns through cryptocurrency staking
- Offers proprietary wallet with private key storage
- Trade cryptocurrency derivatives, such as futures and options
Cons:
- Fiat deposit fees are not disclosed until after the order is created
3. Binance
Binance is a renowned cryptocurrency exchange, consistently attracting the highest daily trading volume, often surpassing $10 billion within 24 hours. This ensures ample liquidity, even for newly launched cryptocurrencies with low market value. Binance offers low transaction costs, allowing users to trade Bitcoin, Ethereum, and BNB against USDT without paying a commission. Entry fees for all other supported markets are 0%, which can be reduced by 25% if users hold BNB tokens, Binance’s native cryptocurrency. Commissions are further reduced for traders who meet the required minimum monthly trading volume.
Like OKX, Binance provides a marketplace for cryptocurrency derivatives, including futures, options, and leveraged tokens. Maximum leverage ranges from 1.5x to 3x, depending on the chosen market, with higher values available for perpetual swaps. Investors seeking passive income will appreciate the Easy Money feature, offering savings accounts with various maturities and APRs. For example, USDT provides flexible withdrawal terms and a 2.49% APY, while Solana offers a three-month lock-in at 7.7%.
Additional lucrative options on the platform include staking, liquidity farming, and dual investments. Binance supports a wide range of fiat currencies and deposit options, with an average interest rate of 1.8% for deposits and payments made via credit card, depending on the user’s location. The platform also accepts payment processors such as Revolut, Skrill, Neteller, and Wise, as well as cryptocurrency deposits.
Key Features:
- Over 120 million registered users
- Largest cryptocurrency exchange in terms of trading volume and liquidity
- Supports over 350 cryptocurrencies
- Proprietary wallet
- Provides spot trading and derivatives markets, with trading commissions starting at 0% on selected currency pairs
- Passive income generation through APY tools and staking
Pros:
- Highest daily trading volume in cryptocurrencies
- Over 350 spot markets available for trading
- Options, futures, and leveraged tokens trading
- Low trading fees
Cons:
- Most supported products may not be suitable for beginners
4. Coinbase
Coinbase, founded in 2012, is a popular choice among over 100 million companies worldwide. This American-regulated exchange supports more than 250 cryptocurrencies, providing a secure platform for buying and selling digital assets. However, users should be aware of the relatively high transaction fees and payouts associated with the platform.
Typically, buy and sell orders incur a commission of 1.49%. For transactions under $200, flat fees may be less appealing. Deposits made through PayPal, debit/credit cards, or other payment methods are subject to a 3.99% fee. Despite these costs, the platform’s simplicity and industry-leading security features attract many traders. Coinbase employs two-factor authentication for account access and withdrawal requests and stores 98% of user-owned digital assets in cold storage facilities.
Coinbase offers mobile and web-based trading platforms, as well as opportunities to earn extra income through staking. Avalanche and Polkadot provide the most competitive rates, with APRs of 14% and 9.35%, respectively. However, US customers should note that staking is not permitted.
Key Features:
- Supports over 250 cryptocurrencies
- 3.99% deposit fee for PayPal and debit/credit card transactions
- Proprietary wallet
- Secure trading environment
- Accepts more than 250 cryptocurrencies without holding any in reserve
Pros:
- Wide range of cryptocurrencies available for purchase
- Convenient payment options, including PayPal and credit/debit cards
- Free domestic bank transfers
- Staking opportunities to earn interest on idle tokens
Cons:
- 3.99% deposit fee for debit/credit card transactions
5. Robinhood
Robinhood is a popular cryptocurrency exchange in the US, allowing traders to purchase digital assets for as little as $1, regardless of token price. This feature appeals to budget-conscious traders looking to diversify their portfolios. With no trading commissions, Robinhood ranks among the most affordable cryptocurrency exchanges.
The platform supports 18 cryptocurrencies, including Bitcoin, Tezos, USD Coin, Chainlink, Ethereum, and Dogecoin. All users must complete the KYC process for security reasons. Additionally, a significant portion of client-owned digital assets is stored in cold storage. Robinhood also offers protection against cryptocurrency-related crimes, such as hacking.
Recently, Robinhood introduced a Web3 cryptocurrency wallet for iOS users, enabling them to send and trade tokens without incurring network fees. Android wallet support is expected later this year. The company also provides 24/7 live chat and phone support.
Key Features:
- Supports 18 cryptocurrencies
- No fees for fiat currency deposits
- 0% commission plus market spread for Bitcoin purchases
- Proprietary wallet (iOS only)
- Commission-free trading on FINRA-regulated cryptocurrencies with a $1 minimum purchase requirement
Pros:
- Invest in cryptocurrencies starting at $1
- Commission-free trading on stocks, ETFs, options, and cryptocurrencies
Cons:
- Limited selection of cryptocurrencies
- Minimal analytical tools
6. Webull
Webull, a US-based cryptocurrency exchange, is regulated by the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA). The platform supports over 40 cryptocurrencies, including popular options like Bitcoin Cash, Ethereum, Litecoin, Dogecoin, and Bitcoin, as well as DeFi tokens such as Aave, Compound, and Loopring.
Trading on Webull is commission-free, but users should be aware of the typical 1% market spread. The minimum transaction amount is $1, making the platform accessible to both novice and experienced traders. Webull offers real-time market data, various chart views, and support for multiple technical indicators, making it one of the best tools for trading cryptocurrencies. Additionally, the platform provides a free demo account with a $1 million balance for paper trading.
Webull employs cold storage and two-factor authentication to secure trading accounts.
Key Features:
- Supports over 40 cryptocurrencies
- No fees for legal documentation
- 1% market spread and 0% commission for Bitcoin purchases
- No proprietary wallet
- $1 minimum transaction amount with no commission
Pros:
- Commission-free trading for over 40 cryptocurrency pairs
- No deposit fees
- SEC and FINRA regulated
- Supports thousands of stocks and ETFs
Cons:
- Limited selection of penny cryptocurrencies
- No proprietary crypto wallets
7. Kraken
Established in 2013, Kraken is a reputable cryptocurrency exchange that supports over 200 digital assets, including prominent cryptocurrencies such as Polygon, Ripple, and Ethereum, as well as emerging players like Cosmos and Waves. The platform offers leveraged trading with up to 5x leverage across more than 100 markets, catering to experienced traders seeking higher transactional limits.
Kraken’s fee structure is competitive, though not the lowest among cryptocurrency exchanges. Market maker spot transaction fees start at 0.26%, with fees decreasing as trading volume increases. Margin trading entails an average maintenance fee of 0.02% every four hours. Deposits via debit or credit cards incur a 3.75% charge, while ACH and bank transfers are significantly more affordable. Notably, Kraken does not provide a dedicated cryptocurrency wallet.
Key Features:
- Founded in 2013
- Offers up to 5x leverage across over 100 markets
- Supports more than 200 cryptocurrencies
Pros:
- Reliable exchange for margin trading
- Supports over 200 cryptocurrency pairs
- Advanced trading tools for experienced investors
Cons:
- 3.75% surcharge for debit or credit card payments
- No dedicated cryptocurrency wallet
8. Crypto.com
Crypto.com stands out as a top cryptocurrency exchange for purchasing digital assets via ACH, offering immediate processing and zero fees for ACH deposits. To access the platform, users must download the free Crypto.com app, available for both iOS and Android devices. The app also accepts instant debit or credit card payments with a 2.99% fee. Crypto.com supports over 250 digital assets, providing ample diversification opportunities.
Transaction fees start at 0.75%, with lower fees available for higher trading volumes. Crypto.com is an attractive option for passive income, offering APY rates of up to 6.50% on stablecoins like Dai, USD Coin, and Tether. Bitcoin and Ethereum yield the highest APRs at 1% and 2%, respectively. Note that the blocking period and deposit amount affect the APR. Additional features include loans, decentralized wallets, and NFT markets.
Key Features:
- Supports over 250 cryptocurrencies
- Free ACH deposits; 2.99% fee for debit and credit card transactions
- Earn up to 6% on select deposits
Pros:
- Instant, fee-free ACH cryptocurrency purchases
- Over 250 cryptocurrency pairs
- Competitive APY for crypto savings accounts
- iOS and Android apps for non-custodial wallets
Cons:
- 2.99% fee for debit or credit card transactions
- Fiat deposits require the Crypto.com app
9. Bitstamp
Bitstamp is an ideal exchange for trading cryptocurrencies in small amounts, with no monthly fees for volumes under $1,000. Sellers exceeding $1,000 in monthly sales pay between 0% and 3% of their sales volume. Bitstamp offers free deposits via ACH, SEPA, and Faster Payments (Europe only). A 4% commission applies to debit or credit card transactions, as well as payments through PayPal, Apple Pay, and Google Pay.
Launched in 2011, Bitstamp has built a solid reputation as a trusted cryptocurrency exchange. The platform provides cold storage for 95% of its clients’ digital assets, ensuring enhanced security. With over 80 cryptocurrencies available, including Ripple, Polygon, Cardano, Solana, and Bitcoin, Bitstamp caters to a diverse range of traders. The exchange also offers two proprietary mobile apps tailored to both novice and experienced traders.
Key Features:
- Over 80 cryptocurrencies supported
- Free ACH, SEPA, and Faster Payments deposits; 4% fee for e-wallets and debit/credit cards
- Two exclusive wallet apps; free bank transfers; no transaction fees for monthly volumes under $1,000
Pros:
- Wide range of supported cryptocurrencies
- No fees for ACH, SEPA, and Faster Payments deposits
- Two dedicated mobile apps for different trader profiles
Cons:
- 4% fee for e-wallet and debit/credit card transactions
- 0.4% commission for monthly volumes over $1,000
10. Kucoin
Kucoin, a leading cryptocurrency exchange, offers an extensive selection of over 700 alternative coins, making it an ideal choice for diversified portfolios. With a global user base of more than 20 million investors, Kucoin has established itself as a prominent platform in the crypto space. The exchange is particularly renowned for hosting trading competitions for newly launched coins, significantly boosting the visibility of these projects.
As the premier exchange for trading derivatives, Kucoin supports a wide array of financial instruments, including futures, USD margin contracts, and leveraged tokens. This versatility allows traders to capitalize on various market opportunities and enhance their investment strategies.
Moreover, Kucoin offers an array of passive income generation tools, enabling users to customize their loan terms, durations, and preferred interest rates. The platform’s commission fees start at a competitive 0% per slide, and traders can enjoy a 20% discount when paying fees using the native KCS tokens. This unique cryptographic token not only benefits the Kucoin marketplace but also incentivizes users to engage with the platform.
Kucoin supports instant deposits via e-wallets and debit/credit cards, streamlining the funding process for users. However, it is essential to note that deposit fees are only displayed on the order confirmation page. As such, traders must carefully review these charges before finalizing their transactions.
Key Features:
- Extensive selection of over 700 cryptocurrencies
- Transparent fee structure, with purchase fees for Bitcoin starting at 1%
- Exclusive wallet integration
- Regular addition of new cryptocurrencies
- Competitive trading commissions as low as 0.1%
Pros:
Premier platform for purchasing and trading new coins
Supports over 700 alternative coins
Revenue generation through trading derivatives
Web3 wallet compatibility with Google Chrome, iOS, and Android devices
Cons:
Fiat deposit fees are not displayed until the order confirmation stage, requiring careful review by traders
Conclusion
Before venturing into the world of cryptocurrencies, it is crucial to select the most suitable exchange for your investment needs. Investors should prioritize a cryptocurrency exchange that provides secure trading conditions and competitive trading fees.
In 2023, our top recommendation for the best cryptocurrency exchange is eToro. This regulated platform supports over 90 cryptocurrencies and requires a minimum trade amount of just $10. eToro accepts fee-free USD deposits through digital wallets, debit/credit cards, and its platform. The platform’s security is reinforced by licenses from the FCA, CySEC, ASIC, and FINRA.
FAQs
1. How do you use a cryptocurrency exchange?
A cryptocurrency exchange serves as an online marketplace for buying, selling, and trading digital assets. These platforms function similarly to online brokerages, allowing users to deposit fiat currency (e.g., USD) and use it to purchase cryptocurrencies. Users can also exchange one cryptocurrency for another, and some exchanges even offer interest-earning opportunities on account balances.
2. What features should a cryptocurrency exchange possess?
When choosing a cryptocurrency exchange, consider factors such as security, fees, and the range of available cryptocurrencies. It is essential to understand how your digital assets are protected and whether you can transfer them to your wallet. Additionally, decide whether you prefer a centralized exchange that adheres to government-imposed financial regulations or a decentralized exchange that facilitates direct peer-to-peer trading without a central authority.
3. What are the available methods for purchasing cryptocurrencies?
Most centralized exchanges enable users to deposit funds via bank accounts, credit cards, or debit cards. These funds can then be used to purchase the desired cryptocurrency. Some exchanges only support basic market orders, while others allow more advanced order types, such as limit and stop orders.
4. How are cryptocurrencies stored on an exchange?
After purchasing a cryptocurrency on an exchange, it is typically held in a custodial wallet on your behalf. For security reasons, most exchanges store assets in offline “cold storage.” However, many exchanges also allow users to transfer their cryptocurrencies and private keys to personal “hot” or “cold” wallets for long-term holding.
5. Which is the most secure cryptocurrency exchange?
eToro is among the most secure cryptocurrency exchanges, boasting licenses from FINRA (US), FCA (UK), CySEC (Cyprus), and ASIC (Australia).
6. How many cryptocurrency exchanges currently exist?
There are a multitude of cryptocurrency exchanges, each varying in size, traffic, and liquidity. CoinMarketCap, a platform that tracks cryptocurrency prices, estimates that approximately 570 exchanges exist, although it only monitors activity on 238 of them.
