You’ll need to utilise a cryptocurrency exchange if you want to purchase or sell cryptocurrencies. These online services are comparable to stockbrokers in that they allow you to purchase and sell digital currencies such as bitcoin, ethereum, and dogecoin. With minimal fees and robust security features, the top crypto exchanges make it simple to purchase and sell the currencies you desire.

It’s critical to consider supported currencies, price, withdrawal choices, and security when selecting the best crypto exchange for your requirements, which is what we did while compiling our list of the best crypto exchanges. Continue reading to find out which cryptocurrency exchange is ideal for you.

Binance


  • Number of currencies: Hundreds
  • Transaction Fees: 0.012% to 0.1%
  • Wallet Included: Yes
Why We Chose It

Binance was chosen since it provides a wide range of currencies in addition to the most well-known digital currency.

Pros

  • Lower fees than other commonly used exchanges
  • Large variety of cryptocurrencies and trading pairs
  • More advanced charting

Cons

  • Geared for more advanced users
  • Binance US has fewer trading pairs than international version
  • Not all states supported

Overview

Binance is a cryptocurrency exchange that was established in 2017 with a heavy focus on altcoin trading. Binance has approximately 100 distinct trade pairings available between various cryptocurrencies. It also has a large number of fiat-crypto pairings.

Binance has dominated the worldwide exchange sector as of July 2021, accounting for a substantial percentage of daily crypto trading activity. The exchange only accepts U.S. Dollar deposits via SWIFT from international customers, but it does let you to buy a limited amount of cryptocurrencies directly using a credit or debit card. Deposits in 12 different fiat currencies, including the Euro, are permitted.

Binance is a good choice for those who want to trade or invest in less well-known cryptocurrencies. Binance is a fantastic choice for anybody who needs more advanced charting than most other exchanges. It provides more than 50 different cryptocurrencies to trade. The tools, graphing capabilities, and data that come with your account are very amazing, especially for their low costs.

Coinbase and Coinbase Pro


  • Number of Currencies: 64
  • Transaction Fees: $0.99 to $2.99 (Coinbase), Up to 0.50% (Coinbase Pro)
  • Wallet Included: Yes

Why We Chose It

Coinbase was chosen because it facilitates the purchase and sale of cryptocurrencies while also providing excellent security and clear pricing. In addition, Coinbase Pro has a reduced cost structure and much more charting and indicator capabilities.

Pros

  • Solid variety of altcoin choices
  • Extremely simple user interface
  • Very high liquidity

Cons

  • High fees when not using Coinbase Pro
  • User does not control wallet keys

Overview

Coinbase has generally avoided any scandal in the cryptocurrency sector, which has been plagued by fake currencies and unscrupulous exchanges. Coinbase provides an exceptionally user-friendly exchange, decreasing the barrier to entry for cryptocurrency investing, which is often perceived as complex and difficult.

Coinbase also provides investors and traders with guaranteed custodial wallets in which to store their funds. They offer data breach and hacking insurance, and your money is kept in FDIC-insured bank accounts, which is significant because customers have reported their accounts being hacked and monies being syphoned. Coinbase custodial accounts are incredibly handy for novice users just getting their feet wet, but Coinbase, not the investor, holds the private keys to the coins.

Coinbase also provides a free Coinbase Pro version, which has a different but less expensive fee structure and substantially more charting and indicator choices. Coinbase Pro is a great next step for individuals who have gotten their feet wet with Coinbase, and it helps complete out the whole offering by providing capabilities that a more sophisticated user would appreciate.

Bisq


  • Number of Currencies: 63
  • Transaction Fees: 0.05% to 0.70%
  • Wallet Included: Yes

Why We Chose It

Bisq was chosen because it is a decentralised, open-source exchange that does not require KYC.

Pros

  • Decentralized, non-KYC platform
  • More than 25 different payment options
  • Mobile app for both Android and iOS

Cons

  • Transaction speed can be slow
  • Trading volumes can be low
  • Not designed for active trading

Overview

The fundamental concept of Bitcoin is that it provides open and unrestricted access to a unit of account. Banking services, such as a checking or savings account, are only available if you have legally verifiable official identity. This isn’t essential with Bitcoin, as it may be accessed independently of nationality or location, and without requiring any identity.

While some argue that this accessibility allows for illegal conduct (the same could be said of utilising cash), it also provides citizens in nations with less established banking institutions with instant access to units of account. Millions of people across the world are unable to open bank accounts or trade because their governments lack the necessary financial infrastructure, or because they lack government-issued identity. In these situations, Bitcoin combined with a decentralised exchange like Bisq can be a good option.

Bisq is a peer-to-peer decentralised Bitcoin and cryptocurrency exchange that may be downloaded. This implies that, like Bitcoin, Bisq has no single point of failure and cannot be taken down. Bisq is non-custodial, which means that no one other than the user has access to or control over their money.

This differs from centralised exchanges such as Coinbase, which holds the customer’s assets in a custodial account over which the user has no access. If Coinbase believes your account behaviour is suspect, it has the authority to take your funds, whether or not the conduct is prohibited in your region.

Because there is no registration procedure or KYC (Know Your Customer) regulation, Bisq is instantaneously available to anybody with a computer or smartphone. This makes it perfect for people seeking privacy, as well as dissidents living under harsh regimes or those who lack government-issued identity.

Bisq allows you to trade a variety of fiat currencies, such as the US dollar and Bitcoin, as well as a number of other cryptocurrencies. Low trade volumes and slower transactions are possible due to its decentralised and peer-to-peer qualities, yet for some, this is well worth it.

Cash App


  • Number of Currencies: 1
  • Transaction Fees: Varies
  • Wallet Included: Yes

Why We Chose It

Cash App is one of our favourites since it’s simple to use and offers a variety of withdrawal alternatives to other cryptocurrency wallets.

Pros

  • Peer-to-peer money transfer like Venmo or Zelle
  • Ability to withdraw Bitcoin
  • Extremely simple user interface

Cons

  • Only supports Bitcoin and no other cryptocurrencies
  • 3% charge when sending money via credit card
  • Daily and weekly withdrawal limits apply

Overview

Cash App, like Venmo, is a peer-to-peer money transfer service. Users may use Cash App to divide food, pay rent to a roommate, and even purchase online at stores that accept Cash App. Users can have their own Cash App debit cards and utilise Cash App like a bank account. This service is convenient enough on its own, but Cash App adds even more functionality.

Cash App allows users to invest in stocks, ETFs, and Bitcoin in the same manner as Robinhood does. The mobile-first design of this exchange makes it easy to comprehend and navigate for novice investors.

While its major function, similar to Venmo, is money transfers, it also offers a rudimentary crypto investing tool, similar to Robinhood. We picked Square’s Cash App over Robinhood as the best choice for novices wanting to acquire Bitcoin since it allows customers to withdraw bitcoin assets to their own wallets.

In the bitcoin world, being able to withdraw cryptocurrency from an exchange is critical. You can invest and trade cryptocurrencies with Robinhood, but you won’t be able to withdraw or spend it. One disadvantage of Cash App, similar to Coinbase, is that you do not have control of the private keys.

This notion is known as “not your keys, not your currency” by many in the crypto-community. This implies that if you don’t have access to the private keys to the wallet where the coins are kept, you don’t possess them.

If you want to start trading or investing in cryptocurrencies, it’s critical to select the appropriate exchange for your needs. There is a decent choice for you whether you want the most currencies, the lowest fees, or the simplest experience. All you need is a funded account to buy your first bitcoin, whether it’s through our overall winner Coinbase or a rival like Binance.

The Different Types of Crypto Exchanges

Centralised Exchange

The centralised exchange is the original and most prevalent form of exchange. Coinbase, Binance, Kraken, and Gemini are examples of popular exchanges in this category. These are private firms that provide bitcoin trading platforms. The Know Your Customer (or Know Your Client) regulation requires registration and identity for certain transactions.

All of the following exchanges feature active trading, large volumes, and liquidity. Centralized exchanges, on the other hand, are incompatible with the Bitcoin philosophy. They run on their own private servers, creating an attack vector. If the company’s servers are hacked, the entire system might be taken down for a period of time. Worse, sensitive information about its users may be made public.

Larger, more well-known centralised exchanges provide by far the simplest on-ramp for new users, and they even offer some degree of insurance in the event that their systems fail. While this is correct, when you buy bitcoin on these exchanges, it is held in their custodial wallets rather than in your own wallet, which you control.

Only if the exchange is at fault is insurance offered. If your computer and Coinbase account, for example, were to be hacked, you’d lose all of your money and be unable to file a claim. This is why significant quantities of money should be withdrawn and stored safely.

Decentralized Exchange

Decentralized exchanges function in the same way as Bitcoin. There is no central point of control in a decentralised exchange. Instead, think of it as a server, except that each computer on the server is distributed throughout the globe, and each computer that makes up one portion of the server is controlled by a single person. If one of these computers fails, the network will continue to function since there are enough additional computers to keep the network functioning.

This is not the same as having a single business control a server in a single place. It is far more difficult to attack anything that is dispersed and decentralised in this way, making such attempts impractical and likely ineffective.

Because of this decentralisation, these sorts of exchanges are not subject to the regulations of any regulatory agency, as the system is not controlled by a single person or organisation. Individuals who engage come and go, thus a government or regulatory agency can’t reasonably pursue any one person or group. This implies that people who trade on the site are not required to reveal their identities and are free to utilise the network in any way they see fit, whether legal or illegal.

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