Best Crypto Exchanges of 2023
With a plethora of success stories about cryptocurrency traders who have been able to earn a significant amount of cash on their investments, it’s not hard to see why so many people want to get started in the niche. After all, WHO would not need to leap in and create a profit by finance within the digital currency of the future.
If you are interested in the world of cryptocurrencies, you will need to find a good cryptocurrency exchange. These platforms are a must for traders as they can allow you to buy and sell digital currencies.
It is important to note that everyone is different and because of this, it is vital that you find the right one for your unique needs. Whether you are interested in a variety of cryptocurrencies or low commission rates, there are simply so many options to choose from.
What are the best cryptocurrency exchanges?
With a wide variety of different cryptocurrency exchanges, it’s not always easy to choose the right one. Fortunately, with a little research into the options available, it can often be a much simpler process. To give you an idea of the platforms we will be looking at in this post, here is a quick look at the 7 exchanges we are reviewing:
List of the best crypto exchanges
Capital.com
Although it is quite young, having been founded in 2016, Earnings has continuously increased in popularity in recent years thanks to all that it has to offer.
With competitive spreads, 70 different crypto trading pairs, 24/7 customer support, and more, it shouldn’t be hard to see why Capital.com was a solid choice for us. One particular point worth mentioning is that capital is not just limited to cryptocurrencies. On this platform, you can trade over 4,000 different markets, giving you much more opportunities with your investments.
Apart from the fact that there are no fees or commissions associated with using the site, it is without a doubt one of the best options out there.
Well crypto
An independent team with an unbiased approach to each participant in the rating or review. They have a live account opened on each exchange featured on the site. https://wellcrypto.io has tested all platforms, testing them for hours to bring you the most comprehensive and unbiased information.
Huobi Exchange is one of the first platforms to offer cryptocurrency buying, selling and trading services. Founded in 2013 and has grown rapidly since. Huobi is among the top exchanges on https://wellcrypto.io/broker/kucoin/ in terms of trading volume, weekly exchange traffic, and a number of trading instruments. The total number of trading pairs is 1,014; It also supports 50 different fiat currencies which is one of the best in the industry.
Huobi was originally a Chinese exchange. However, the fight against cryptocurrencies began in the country, Huobi exchange was moved to other jurisdictions. Huobi Global is currently registered in Seychelles and also has offices in Singapore and Japan (licensed). In total, Huobi operates in 170 countries.
eToro
Founded in 2007, eToro is an exchange that has been in business for quite some time and over the years has built up a pretty good reputation. So much so, that many traders consider it to be the best cryptocurrency exchange out there.
There are quite a few reasons why this platform has become so prominent in the cryptocurrency market; from its FinCEN regulation to its unique social copy trading feature. Outside of this, there is also the advantage of their low trading fees, making it easy for anyone to get involved without having to worry about taking out a large chunk of their profits. This in particular is something that almost all traders can enjoy, so it is worth considering.
Overall, there is a wide range of things that make eToro one of the most popular trading platforms on the market, which is why it deserves a spot on this list.
Binance
Binance is often one of the best crypto exchanges for those who want to engage in active trading. By offering the ability to work with numerous pairs, it is much easier for users to profit from fluctuating values on a day-to-day basis, rather than buying and holding assets over a long period of time. However, it is generally a better option for those who are more experienced in crypto trading than beginners.
On the plus side, it has competitive fees and the opportunity to buy BNB, Binance’s own cryptocurrency.
Coinbase
As one of the most popular crypto exchanges on the market, we felt we had to include it in this list. With a large number of users, there will certainly be some things that have allowed Coinbase to rise to the top and maintain its position as one of the best platforms.
There are several cryptocurrency pairs, allowing you to invest in any of the major currencies; from Bitcoin to Ether. Plus, with the tightest security of any cryptocurrency exchange, you can trust Coinbase to keep your coins and data safe.
Gemini
With a mobile app and web platform, Gemini is a cryptocurrency exchange that makes cryptocurrency investing as simple as possible. It’s easy to buy digital currencies with debit cards or via bank transfer, and the software offers all the tools you need to make the most of every effort. It may not be ideal for beginners (it is more geared towards experienced traders), but it offers plenty of features and the opportunity to make the right investments.
Kraken
For many people, Kraken may be one of the best places to start. This platform is incredibly easy to use and allows you to buy digital currencies without having to worry too much about costs (thanks to its low fees).
For many years, Kraken has been popular simply for being a safe and reliable platform, something that is essential in a market awash with scams and fraud. If you want to be able to easily and seamlessly buy and sell crypto, Kraken could be a great option.
Crypto.com
With excellent security and a number of different crypto investments on offer, it’s not hard to see why Crypto.com has been steadily increasing in popularity. However, there is much more that makes this particular platform worth checking out; from low cost to ease of use. These may be points that many of the best crypto exchanges have, but they are all necessary for a great platform, which is why they are so good to keep in mind.
You can also enjoy various cash back rewards, which only helps make it an even more attractive option compared to the rest of the market.
How to buy cryptocurrencies?
If you want to get started with crypto trading, you will need to buy some digital currencies. There are three simple steps to this; choosing your platform, depositing some cash, and then of course buying your digital assets. Here’s a quick look at these:
Choose a crypto broker
Before you go ahead and start buying your digital coins, you will need to find the best place to buy them. With the eight different platforms we looked at above, you should have an idea of what your options are, and this can be a great starting point if you do some research on them.
Once you’ve chosen one, you’ll need to set up your account. Fortunately, most of the best cryptocurrency exchanges will make it easy for you, so you can get on with your business without a hitch.
Fund your account / make a deposit
After registering an account with eToro and going through the verification process (which shouldn’t take long), you’ll need to connect it to your debit card. You can also make a deposit via PayPal, credit card or bank transfer if that is what you prefer. It’s a great feature that there are so many methods to make payments and that getting money into your account is easy, as some cryptocurrency exchanges can be quite limited.
When you link your card to your eToro account, you will be able to make a deposit without any hassle. The minimum amount is $200 which is pretty average for a cryptocurrency exchange and not bad for your investments either as it is a decent amount to start with.
Buy and trade crypto assets
Finally, with some money in your account, you should have no problem buying the crypto available on the site. With eToro, this is also an incredibly simple process, just click the button that allows you to buy Bitcoin (or any other crypto you’re interested in) and you should be good to go. You can even buy a fraction of Bitcoin on this platform, which is a nice bonus for those who cannot buy a whole one.
Once you have bought some digital coins, you will be able to sell them as well. Of course, it’s important to wait for the right time to make a profit, but you’ll usually find that it’s pretty easy to do.
What to consider and choose a platform to buy crypto
With a number of different cryptocurrency exchanges on the market, it is not always an easy task to choose the right one. After all, each of them will generally have its pros and cons, and many of them also share many positive attributes.
Unfortunately, many beginners do not get the best start with trading, all because they did not choose the right platform. From buggy sites to expensive transaction fees; there are too many potential problems to keep track of, especially for someone who is new to everything and doesn’t know exactly what to look for in trade.
Here are some of the things to keep in mind as you search for the ideal crypto exchange
The overall user experience
There are many factors that can influence this; from the website interface to the amount of information, you’ll need to provide about your identity to get started. In general, there are several things that determine the user experience and it is worth thinking about the different aspects of a platform and how they might affect you and your investments.
If you’re not sure, it might be a good idea to check out some reviews of the platform. By gaining insight into the experiences of others, you can often build a more realistic view of what to expect, which will certainly help you make the right decision.
Focus on security and privacy
Regardless of what the platform offers, it is essential that you ensure that it is properly protected. When examining the history of cryptocurrencies and different exchanges, you will find that there are too many stories of people who have lost their investments and whose data was stolen by a cyber attack that was only possible due to poor security measures.
On the plus side, many of the best sites strive to keep their merchants safe, but being so popular, some are still prime targets for hackers, so you should always be careful.
Expect full transparency
In any situation, when it comes to your investments, you need to find an exchange that is 100% transparent. With so many platforms that are untrustworthy, it is essential that you find an exchange that is undeniably trustworthy. How do you do this?
Well, there are several ways a platform like this can be transparent with its users; for example, being open about who owns it, its headquarters, team members, and any other information you need to know. Being iffy about fees and not being completely honest is generally a bad sign.
Trading options available
When trading cryptocurrencies, it is essential that you have the ability to invest in the right assets. However, not all exchanges will offer the ability to trade coins. In fact, have a small selection for their users to choose from.
Other factors to consider:
The web address of any crypto exchange must start with HTTPS. If it’s anything else, even HTTP, it might not be the best option
There are some exchanges that secure their users’ funds, which might be worth considering if you’re worried about losing your investments to a cyber attack.
The higher the liquidity (trading volume), the better. This can often contribute to advantages such as faster transactions and less severe price fluctuations.
To get the best experience possible, it’s usually worth going to a tried and tested website. If you know that many other investors use it, that is usually a good sign.
How can you sell cryptocurrencies?
There are various ways that people can sell their digital currencies, which is certainly something that many investors can benefit from. One of the most common options is to do everything through an exchange, as this is usually the most convenient way to trade.
Often you will already have some cryptocurrency in your account as this is also likely to be where you get your coins from. If you plan to use an exchange, you can also sell your digital assets on one.
What options are there?
When it comes to your investments and making the right decisions, it can often be worth having an idea of all your options. Outside of exchanges, you can often trade cryptocurrencies through direct P2P transactions, or even at Bitcoin ATMs. While these may not offer the convenience that an exchange does, some will find that they have their own advantages worth considering.
For example, with a peer-to-peer transaction, you can do it in person or even online. This can open up different opportunities and maybe help you meet other crypto enthusiasts and ensure that the person on the other side is the real deal. It might also be worth it if you want to cut out the middleman.
However, for most beginners, we suggest sticking with an exchange. They are convenient and widely used, so they generally give you access to a variety of trading and investment opportunities. Of course, you can use any of the platforms mentioned above if you want to start selling your digital currencies.
How to store crypto
When you put your money into something like cryptocurrency, you’ll want to make sure it’s as secure as possible. You must remember that, unlike fiat money, there is not as much protection as you would receive from, say, a bank. With cryptocurrencies, it is your responsibility to store your money and if something goes wrong, there is not much you can do about it.
Because of this, there are quite a few companies that are dedicated to providing you with solutions to effectively safeguard your assets. Crypto wallets are usually the ideal storage option, but it is important that you choose a decent provider.
Online / web wallets
The option for most traders is to use an online crypto wallet. One of the main reasons for this is that they tend to be easy to use and quite convenient as they are easily accessible as long as you have an internet connection. There are even several free web wallets, which can be a boon for many investors.
However, the biggest drawback of this is the general lack of security. Even with the best encryption, there is still a risk that a hacker could gain access if he is able to bypass the security measures in place. Even if the risks are low, it may be important to consider the fact that these problems still exist.
There are many exchanges that offer online wallets as part of their platform, so you can usually store your digital currencies right there on the site without having to transfer and store them elsewhere.
While not all cryptocurrency exchanges have the safest online cryptocurrency wallets either, you can generally rely on the most popular ones to keep your assets safe for you. As mentioned above, some even offer funds insurance to further protect their users, which can always be a plus when available.
cold wallets
If you are worried about the chances of cyber attacks, you may want to store your assets in a cold wallet. These are usually pieces of hardware; some resemble flash drives, while others are more unique in their designs. While they may not offer as much convenience as an online wallet, they are generally the most secure storage option available, along with paper wallets.
Even with this, it’s worth considering that there are quite a few downsides these storage options can present to merchants. For one, there is the common problem of simply forgetting your password.
This may not seem like a big deal, but it is believed that a large number of Bitcoins are locked away in cold storage that owners simply cannot access due to a lost access code. It’s a common problem, so much so that many hardware wallet providers have other tools to help people keep their passwords safe and accessible, in case the worst happens.
There is also a risk that the device will be lost, stolen or damaged. From a fire in a house to being affected by water; It can really be frustrating to lose your digital coins due to an accident or event that is not your fault. These can also be much less profitable than online wallets, which could be another drawback, especially for many new traders.
That said, if you hope to avoid the risks of online storage and want to keep large amounts of crypto safe for the long term, they are generally the best option.
What you need to know about cryptocurrency trading
Just to give you a little more information before you get started with crypto investments, here are 3 things we think you should know:
know your options
With so many different digital currencies out there, it might be a great idea to learn more about the different currencies available and how much potential they offer. Similarly, it can always be worth doing your research on other factors, such as blockchain technology or trading strategies, to ensure you get the most out of your trades.
Don’t give in to the hype
A lot of people get into crypto because of the dream of making big profits, but it is vital that you keep a cool head if you want to get anywhere. Too many beginners suffer significant losses due to emotional trading and the all-too-common occurrence of FOMO (fear of missing out). This is not something exclusive to cryptocurrencies, but a warning for any type of investment, to be considerate of what you are doing.
Watch out for volatility
It is no secret that the value of digital currencies fluctuates. This is the main reason they can be so profitable, but it can also cause people to lose large amounts of cash. It is not the most stable investment and when making it, it is important to consider the risks and how you could balance or reduce them.
