The cryptocurrency ecosystem is an entirely distinct industry with its own set of rules and players. Among the most prominent players in the digital assets arena are, without a doubt, cryptocurrency exchanges. These specialised platforms allow users to buy, sell, and trade digital assets. They are a necessary stop for anyone planning to invest in or trade cryptocurrencies.
However, even at the very first step, there can be several challenges. Beginners often feel overwhelmed when choosing between the largest crypto exchanges and are unsure which key factors deserve their special attention. A good crypto exchange should meet regulatory requirements and have a strong security level. At the same time, a decent exchange boasts high trading volume, a wide range of supported cryptocurrencies, and low fees. The best cryptocurrency exchange combines all these characteristics and more into one package.
In this new comprehensive guide, the itez team has gathered all the latest information to help both beginners and experienced crypto market participants select the best crypto exchange for their needs.
Factors to Consider When Choosing a Crypto Exchange
Security
In the world of cryptocurrencies, security is the top priority. Unfortunately, the industry still attracts a significant number of fraudsters, scammers, hackers, and other cybercriminals constantly targeting users' funds.
Crypto trading platforms have their own defences against these bad actors. For example, many exchanges actively use two-factor authentication (2FA), cold storage of assets, and data encryption. These measures enhance the protection of both users' assets and personal information.
The fewer of these protective measures an exchange employs, the more vulnerable it becomes to threats. In the event of a security breach, an exchange may not withstand a hacker attack, leading to the loss of funds. For instance, in May this year, hackers attacked the DMM Bitcoin platform, stealing over $305 million. Experts called it the largest hack of 2024, caused by insufficient security and decentralisation.
Trading Volume
Trading volume essentially represents the number of transactions users complete on an exchange over a given period. It’s a key indicator for assessing liquidity — but let’s break that down.
Liquidity, in simple terms, is the ability to quickly and advantageously (i.e., at a fair market price) conduct transactions on the platform. With sufficient liquidity, you also don’t have to worry about sudden and unexpected price swings, a phenomenon known as volatility.
So, the higher the platform's liquidity, the better and more convenient it is for users. Why? Because these factors make trading smoother. On a crypto exchange with low liquidity, a trader might face difficulties like being unable to execute an order quickly or at a fair price. Sometimes, liquidity can be so low that it's impossible even to place the order.
Supported Cryptocurrencies
Another important step is checking the list of digital assets available for trading on the specific exchange. As of today, there are nearly 10,000 different cryptocurrencies globally, and even on the best cryptocurrency exchanges, you won’t find all of them.
Before starting on a platform, it’s crucial to ensure it supports the coins or tokens you're interested in.
Number of cryptocurrencies worldwide from 2013 to September 2024. Source: Statista
Exchanges with a broad selection of coins offer more opportunities for portfolio diversification. However, those offering a limited range of assets may restrict your access to promising coins. Wide cryptocurrency support also allows you to respond more flexibly to market changes.
Fees
A crucial aspect for any player in the crypto market is fees. The largest crypto exchanges charge users several types of fees. Among them:
- Trading fees. This is the commission charged for every trade, whether you're buying or selling cryptocurrency. Typically, it’s calculated as a percentage of the transaction amount. Fees can be of two types: maker fee (for those who create orders) or taker fee (for those who fulfil existing orders).
- Withdrawal fees. This fee is charged when you withdraw your assets from the exchange to an external wallet or bank account. It’s usually fixed and depends on the cryptocurrency being withdrawn.
- Deposit fees. A deposit fee is applied when you fund your account on the exchange. This generally applies to fiat currencies when you transfer money from a bank account or use a card.
As you can see, there are quite a few expenses that can reduce your potential trading profits. Choosing exchanges with competitive fee structures can help minimise these costs. It’s a good idea to study the fee structure of a specific exchange in advance to avoid unpleasant surprises.
Ease of Use
This is one factor that’s fairly straightforward and obvious. Not just in the context of cryptocurrencies but in general — users highly value simple and intuitive interfaces, as they make interaction with applications much more comfortable.
For crypto exchanges, ease of use is critically important. A confusing interface can at best slow down a user’s workflow, and at worst, lead to mistakes. In the world of digital assets, mistakes can often be costly.
Before registering on a new exchange and making your first trade, it’s a good idea to explore the platform’s interface carefully. This ensures you’re confident in your actions and fully understand the exchange’s functionality.
Regulation
To conclude this section, we’ll address another critical key factor for the digital assets industry: regulation. Unfortunately, the legal framework for cryptocurrencies is still far from being fully developed. Because of this, exchanges in various countries occasionally face pressure from authorities and law enforcement. Sometimes, minor adjustments to their operating model are enough, while other times, they may need to relocate.
The undeniable advantage of regulated exchanges is that they offer security, transparency, and accountability. These factors significantly reduce the risk of fraud and financial loss. On the contrary, using unregulated exchanges can expose your assets to risks due to the lack of oversight and guarantees. Choosing a regulated exchange helps protect your investments.
Top Contenders in the Crypto Exchange Landscape
To narrow down your search, the itez team has compiled a ranking of ten best exchange crypto platforms where you can easily, safely, and legally acquire a variety of digital assets: coins, tokens, stablecoins, and non-fungible tokens (NFTs).
Below, you can find the main features of these trading platforms.
itez
Type: Cryptocurrency exchange
Year launched: 2020
Supported cryptocurrencies: Over 30
Advanced trading features: The platform offers cryptocurrency sales, fiat balances, deposits, and loans.
Itez official website
On the official itez website, you can buy crypto directly using a Visa or Mastercard, Google Pay, or through the SEPA payment system via a widget. A total of 31 fiat currencies are accepted, including the US Dollar (USD), Euro (EUR), and many others.
Through the ITEZ widget, users gain access to 47 different digital assets, including market leaders like Bitcoin (BTC) and Ethereum (ETH), as well as popular altcoins such as Toncoin (TON) and Fantom (FTM), along with stablecoins Tether USD (TUSD) and USD Coin (USDC).
The itez widget application provides access to all essential features at once: you can buy and sell digital assets, as well as store, spend, and manage them.
In the future, the application will introduce even more advanced features, including:
- Fiat balances. This feature will allow users to store and manage both digital and fiat assets.
- Selling crypto. Users will be able to exchange coins and tokens and withdraw funds directly to their bank card or account.
- Deposits. itez clients will be able to securely make deposits in digital assets.
- Loans. This feature will enable users to borrow cryptocurrencies safely and hassle-free.
All of this makes the itez widget a convenient, user-friendly, and secure place to store and manage your savings in digital assets.
Binance
Type: Centralised exchange (CEX)
Year launched: 2017
Supported cryptocurrencies: Over 350
Advanced trading features: The platform offers several tools for technical analysis and trading.
Binance official website
Binance is a globally renowned cryptocurrency exchange that has been operating in the industry since 2017 and has a solid reputation within the community. The platform offers a wide range of features, including both basic and advanced options, suitable for newcomers to the market as well as experienced traders and investors.
On Binance, you can purchase over 350 digital assets with relatively low fees. Additionally, the platform is known for its high trading volume and liquidity levels.
Despite its long history and robust reputation, the exchange is currently unavailable to users from certain countries (such as France, Canada, Japan, and many more) due to regulatory restrictions. Furthermore, the platform regularly removes some altcoins from its listings that do not meet its internal criteria, which significantly limits users' options.
OKX
Type: Centralised exchange (CEX)
Year launched: 2014
Supported cryptocurrencies: Over 400
Tools: Spot and futures trading, staking, lending, DeFi products, NFT marketplace.
OKX official website
OKX offers a wide range of tools for trading cryptocurrencies, including spot and futures trading, as well as staking services. The platform supports DeFi products and provides access to an NFT marketplace.
Users appreciate the exchange for its low fees and high liquidity, allowing for successful order execution at any time.
However, the services of the exchange are also unavailable in certain countries (US, France, Malta, and many more).
Coinbase
Type: Centralised exchange (CEX)
Year launched: 2012
Supported cryptocurrencies: Over 150
Tools: Digital wallets, NFTs, loans, staking, DeFi investments.
Coinbase official website
Coinbase provides its services in over 100 countries worldwide. With such global coverage, Coinbase boasts a high level of liquidity, with trading volume reaching $145 billion per quarter.
Users often highlight the benefits of the Coinbase Earn programme, where they can earn small amounts of crypto by completing educational tasks. The platform’s interface is intuitive and usually presents no difficulties even for novice traders.
Unfortunately, some users find the selection of trading pairs on the exchange rather limited.
Bitget
Type: Centralised exchange
Year launched: 2018
Supported cryptocurrencies: Over 800
Tools: Spot trading, derivatives, copy trading, staking, DeFi products.
Bitget official website
Bitget offers a diverse range of trading tools, including spot and futures trading, as well as copy trading, which allows users to replicate the trades of successful traders.
Users praise the exchange for its relatively low fees, convenient copy trading tools, and P2P platform. The selection of trading pairs available on Bitget is among the most extensive currently available.
However, some users note a lack of educational materials and that the customer support service may not be the fastest.
Kraken
Type: Centralised exchange (CEX)
Year launched: 2011
Supported cryptocurrencies: Over 200
Tools: User earning program, educational materials, two versions of the platform — standard and pro version.
Kraken official website
Kraken offers a fairly wide selection of cryptocurrency trading pairs. Additionally, the exchange boasts a high trading volume reaching almost $3 billion in August 2024.
Members of the crypto community appreciate Kraken for its sought-after features such as margin trading and futures trading. This makes the exchange a popular choice for both newcomers and more experienced market participants.
However, traders often mention that the account opening process on Kraken can be quite lengthy due to the time-consuming verification process. Furthermore, many novice crypto enthusiasts find the platform's interface to be overly complex.
Gemini
Type: Centralised exchange (CEX)
Year launched: 2014
Supported cryptocurrencies: Over 70
Tools: Proprietary credit card, NFT, crypto derivatives market.
Gemini official website
Gemini is one of the leading trading platforms in the USA. The main focus of the exchange's team is to comply with regulatory requirements and maintain high security standards. At the time of writing, the platform offers its services to users in over 70 countries.
Users are attracted by the simplicity and convenience of Gemini. The exchange provides access to all the most popular and in-demand digital assets, and the interface for buying, trading, and storing them is intuitive even for beginners. Moreover, the platform's responsible approach to regulatory compliance has ensured it a solid reputation and resilience in the market.
However, for more advanced traders, the platform often seems too simplistic. Indeed, the selection of assets available for trading on Gemini is limited compared to its competitors. The small number of advanced features is also a drawback for experienced players.
Bybit
Type: Centralised exchange (CEX)
Year launched: 2018
Supported cryptocurrencies: Over 860
Tools: Derivatives, spot trading, margin trading, lending, staking, Bybit Earn programme, copy trading features.
Bybit official website
Bybit is another cryptocurrency exchange that has earned respect among members of the crypto community for its wide range of tools, stable performance, and good security metrics.
The platform primarily focuses on trading and offers many interesting advanced features. For instance, it includes TradingGPT, which utilises artificial intelligence, as well as a Trading Bot that helps automate trading. Users appreciate Bybit for its reliability and fast order execution speeds.
However, the features mentioned above are mainly designed for experienced and skilled traders. Newcomers to the crypto market often find Bybit challenging and criticise it for lacking functionality tailored to beginners.
Crypto.com
Type: Centralised exchange (CEX)
Year launched: 2016
Supported cryptocurrencies: Over 350
Tools: Proprietary debit card, mobile wallet, DeFi products, OTC, derivatives.
Crypto.com official website
Crypto.com is a well-known and popular trading platform for cryptocurrencies, with over 100 million registered users worldwide at the time of writing. The exchange provides services in more than 90 countries.
Users highly appreciate Crypto.com’s proprietary products, such as the Visa debit card, which offers a cashback of 5% and has no maintenance fees. The wide selection of digital assets available for purchase and the platform's ease of use attract many users.
However, a significant blemish on Crypto.com’s reputation was the high-profile hack it suffered in 2020, during which attackers managed to steal $35 million. The exchange has experienced other security-related incidents in its history, which deters a number of users.
HTX (Huobi)
Type: Centralised exchange (CEX)
Year launched: 2016
Supported cryptocurrencies: Over 700
Tools: Spot trading, derivatives, staking, lending, DeFi products.
HTX official website
HTX (formerly Huobi) is one of the largest cryptocurrency exchanges in the world. It was founded in China and, at the time of writing, serves clients in over 100 countries.
The platform offers extensive trading and investment opportunities, supporting various financial products, including staking and lending. Users praise Huobi for its high liquidity and a wide selection of trading pairs.
However, the platform has faced criticism for its high fees and complex interface. Huobi Global employs a multi-tiered fee structure, where trading fees depend on the monthly trading volume and user status.
Additional Considerations
So, we’ve now analysed and compared the 10 best crypto exchanges, which already provides a solid foundation for those looking to organise their thoughts when choosing a trading platform.
However, at itez team, we’ve identified a few more important aspects that might interest our readers.
Customer Support
Round-the-clock, well-trained customer support is crucial in certain situations. You may manage without it for months or even years, but an unexpected event (such as a technical failure, hacking attempt, or user error) could occur at any time.
This is when you'll need the exchange's support team to step in, helping to resolve the issue quickly and guide you through the next steps. Exchanges offering 24/7 support significantly reduce stress levels for their users, especially in emergencies.
On the contrary, poor customer service or its complete absence is a direct path to user dissatisfaction. It can not only spoil the trading experience but potentially impact your wallet as well. If you encounter transaction issues and there’s no help available, the risk of losing your funds increases.
Payment Methods
Many users also pay close attention to the payment methods accepted by a particular exchange. There’s no secret here: the more payment options available on a platform, the more customer needs it can accommodate.
For instance, some exchanges support bank transfers, credit cards, e-wallets, and even P2P transactions. This gives users confidence that, whatever the situation, they’ll still have access to the exchange.
On the other hand, limited payment options can become a headache. If, due to regional legal restrictions, a user can’t deposit funds using a card, they’ll either have to find workarounds every time or choose a different exchange altogether.
Advanced Features
If you start feeling that you’ve outgrown basic trading, the availability of advanced features becomes a key consideration. Some of the most popular options include:
- Margin trading. In margin trading, a trader borrows funds from the exchange or broker to execute a trade. To start, the trader must deposit part of their funds as collateral.
- Leverage trading. This is similar to margin trading, but it can be applied across different types of trading. Leverage is the ratio that shows how much more capital you can trade with compared to your initial margin. In essence, it’s a tool that amplifies your trading capital.
- Staking. This feature allows users to lock up some of their funds on the exchange for a certain period to earn rewards in return.
These options provide investors with additional earning opportunities, but they also come with added risks. For instance, in margin and leverage trading, losses can be several times higher than they would have been if you’d traded with just your own funds. In staking, users might not receive any rewards or could even lose their funds entirely if they fall victim to a scam or a hack.
Conclusion
Choosing a crypto exchange that suits your needs and offers a comfortable experience isn’t the simplest task, but it’s certainly one that can be tackled. The key for any user is to pay close attention to the details and analyse the crypto exchange that has caught their eye by answering at least these few questions:
- Is the platform’s security level reliable?
- Does the exchange meet the regulatory requirements of the country where it operates?
- Is the trading volume and liquidity on the exchange high enough?
- Are you satisfied with the structure and amount of fees charged by the platform?
- Is the interface of the chosen exchange’s app clear to you? Do you find it easy to use?
While there are many factors to consider when selecting a crypto exchange, security should always be the top priority. A strong track record and solid reputation within the crypto community are the biggest green flags to look out for.
Explore all the options available on the market, establish your own criteria based on your personal needs, compare best crypto trading platforms, and feel confident in your choice. After all, the principle of DYOR (do your own research) is the best piece of advice anyone in the crypto community can give or receive 💚
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This article is not investment advice or a recommendation to purchase any specific product or service. The financial transactions mentioned in the article are not a guide to action. It’s not intended to constitute a comprehensive statement of all possible risks. You should independently conduct an analysis on the basis of which it will be possible to draw conclusions and make decisions about making any operations with cryptocurrency.
