Founded in 2011, Kraken is a US crypto exchange and one of the first Bitcoin exchanges listed on Bloomberg Terminal. Reportedly valued at US$10.8 billion, Kraken is packed with 200+ cryptocurrencies. Members can start trading in minutes with only $10 and expect industry-leading security and 24/7 customer service.

Why we like it: Kraken is a user-friendly platform with a strong focus on security and transparency. The tools are perfect for beginners and busy professionals alike.

Pros and Cons

As the biggest US-based exchange, Coinbase offers a smorgasbord for both beginners and advanced traders. Trading is easy, and your digital assets are securely stored offline. Considering its size, it’s no surprise that you can find all the popular digital currencies on this platform and plenty of trading options and strategies.

Why we like it: Coinbase is one of the best places to buy crypto. The user interface is simple, and you can trade on several platforms and purchase crypto with other digital currencies and US dollars.

Pros and Cons

Robinhood is a crypto exchange (USA based) that’s a good choice for novice investors. The platform is commission-free and doesn’t charge for withdrawals or inactive accounts. Beginners can enjoy easy mobile and web trading platforms and seamless account openings. Purchases can start with as little as $1.

Why we like it: Besides offering a positive experience for beginners, this crypto exchange also gives insurance against cyber breaches and theft. 

Pros and Cons

Founded in 2017, Binance is a global powerhouse. This cryptocurrency infrastructure provider and blockchain boast the largest crypto exchange footprint in terms of daily trading of digital assets. Users can utilize over 350 cryptocurrencies, enjoy strict security, and earn daily rewards on idle tokens.

Why we like it: Binance offers low fees, lots of crypto trading pairs, and a mobile app that allows you to trade on the go.

Pros and Cons

Launched in 2017, KuCoin is a cryptocurrency exchange based in Seychelles. It’s one of the biggest global exchanges with over 700 coins, 20 million users, and a presence in 200 countries. Members can perform basic to advanced trading on the platform and get lower trading fees compared to most other competitor sites.

Why we like it: We love the variety of trading and investment options you can buy and sell for as little as $1. KuCoin also offers the opportunity to test strategies and grow your skills without worrying about entry costs.

Pros and Cons

Gemini is a highly-regulated US-based cryptocurrency exchange and custodian. Founded in 2014, it also runs out of Canada, the UK, Hong Kong, Singapore, and South Korea. Gemini focuses on innovative security solutions to protect users’ assets and allows members to sell, buy, and store digital assets on the platform. 

Why we like it: Gemini is a user-friendly platform for both beginners and experienced traders. With potent security features, an in-house hot wallet, and extensive customer support, Gemini is definitely up there with the best.

Pros and Cons

Crypto.com was founded in 2016 in Singapore. Touted as the “world’s leading cryptocurrency platform,” it provides 80 million users with proof of regulatory compliance, security certifications, and the industry’s best insurance coverage. It’s great for users who prefer mobile trading, decentralized finance, and fiat transactions.

Why we like it: Crypto.com has over 275 cryptocurrencies and low to zero fees when you use cash-funded transactions to trade on the platform. 

Pros and Cons

eToro was founded in 2007 in Israel. The company expanded exponentially and now also has registered offices in the US, UK, Australia, and Cyprus. As a multi-asset investment company, eToro offers financial services and 3,479 tradeable symbols to its 25 million members in 140 countries.

Why We like it: It’s one of the most user-friendly copy-trading platforms for novices and also offers a comprehensive ecosystem for experienced traders. You can also test your skills with a $100,000 demo account.

Pros and Cons

Bybit is a highly-recommended cryptocurrency exchange that was founded in 2018 in Dubai, United Arab Emirates. Among the most promising crypto platforms today, its services and tools suite keeps expanding to provide 1.6 million users with a variety of trading options. Bybit is also a good choice for investors who want an intuitive mobile app.

Why We like it: It’s fast, it’s secure, and the trading system is transparent. Bybit is also very customer-focused and constantly evolves to provide the best user experience. Its goal is to remain safe and fair, and next-gen blockchain technology also makes this platform worth keeping an eye on.

Pros and Cons

Additional Info to know about crypto exchanges

The Main Types of Crypto Exchanges

Centralized Exchanges

A Centralized cryptocurrency exchange (CEX) functions like a normal stock trading platform. You put in an order to “sell,” and the exchange finds a user looking to buy and handles the transaction. 

CEX is easy to use, and some provide insurance against funds stolen from the exchange. Most CEX platforms also offer fiat-to-crypto exchanges, liquidity of funds, and customer support. The downside includes transaction fees and vulnerability to cyber threats.

Decentralized Exchanges

A decentralized cryptocurrency exchange (DEX) isn’t controlled by anyone. Instead, trades are executed automatically on the blockchain via smart contracts. DEX platforms don’t act as a middleman, making them more attractive to traders who prefer person-to-person trades.

DEX exchanges tend to have lower fees than CEX platforms–as well as better security and privacy. However, it can be difficult for beginners to navigate, there’s less liquidity than CEX, fiat-to-crypto exchanges aren’t accepted, and customer support is lacking.

Hybrid Crypto Exchanges

A hybrid crypto exchange (HEX) combines the best of CEX and DEX. In most instances, users can look forward to the anonymity and security of DEX and the customer services and regulation of CEX.

The benefits of HEX exchanges include fiat-to-crypto exchanges, better customer support, and user’s control their own funds. On the flip side, hybrid crypto exchanges often have fewer features and choices compared to CEXs and DEXs, and most are not beginner-friendly. 

Common Crypto Exchange Fees To Understand

Trading fees

Cryptocurrency exchanges need to make money, and most accomplish this by taking a percentage from common transactions like trading, deposits, loans, and liquidations. Charges can range between 0% and 1.5% per trade.

Withdrawal fees

Most big exchanges will charge a fee when you withdraw crypto. The amount depends on the platform and the type of crypto you’re withdrawing. Some less valuable coins are free to withdraw, even on sites that charge withdrawal fees. You can also consider zero-fee exchanges like Gemini, Kraken, and FTX. 

Gas fees 

Gas fees are primarily native to the Ethereum blockchain. There are a lot of Ethereum-related cryptos and services, so most investors incur gas fees sooner or later. But what is it? Think of how gas makes a car run. Similarly, users pay gas fees to support Ethereum’s blockchain, which requires massive computing power and energy to keep going.