The best cryptocurrency exchanges in 2023
After earning the crypto, for example via Cloud mining, you might get interested in exchanging your assets. But how to choose the best crypto exchange in order to get started?
First let’s determine what online cryptocurrency exchanges actually are. Cryptocurrency exchanges are online platforms that provide tools for buying and selling digital currencies and tokens of different types.
Understanding the definition we can have a closer look at the list of all cryptocurrency exchanges we consider to be the best in the current year.
List of the best cryptocurrency exchanges in 2023
Tor.io
Trading fees: 0.2% (Maker/Taker fee)
Tradable coins: 1400+
Overview:
Introduced in 2013, Tor.io is an unregulated crypto exchange based in the Cayman Islands. It is a crypto-to-crypto exchange that supports over 1,400 digital assets and 2,500 trading pairs.
Tor.io provides spot trading and also supports margin, futures, options and derivatives trading. You can also get interest on your crypto balance by lending your holdings.
Pros:
- Incredibly large selection of cryptocurrencies
- Many trading pairs
- Reasonable fees
- Trading in derivatives
Cons:
- The main platform is not available for customers in the USA
- The website is difficult to navigate and may be buggy
- Customer service is slow
- It can be difficult to withdraw assets
KuCoin
Trading fees: 0.1% (Maker/Taker fee)
Tradable coins: 700+
Overview:
KuCoin is an unregulated global exchange that was founded in 2017 and is based in the Seychelles. The platform offers over 700 crypto assets and various markets for margin trading, derivatives and futures. Users can also access a peer-to-peer exchange market on the platform and take advantage of leverage trading.
You can deposit cryptocurrencies into your account. Deposit KuCoin account or buy digital assets with your debit or credit card. The exchange does not support bank transfer and other fiat deposit methods.
Pros:
- Over 700 Crypto assets
- Access to derivatives, margin trading and futures markets
- High liquidity
- Mobile app
Cons:
- US customers cannot access most features
- Complex interface
- Customer service can be problematic
- Fiat deposit options are limited to credit and debit card purchases
Gemini
Trading fees: 0.2% (Maker fee), 0.4% (Taker fee)
Tradable coins: 120+
Overview:
Gemini, founded in 2015, is a regulated exchange based in the United States, available in 60 countries, including Canada, the United Kingdom and Australia. It also provides safe cryptocurrency exchange and has insurance for the funds in your wallet. The exchange is regularly audited by security experts.
The platform offers a beginner-friendly interface and a crypto library for educational purposes, where beginners can easily learn how the crypto ecosystem works by browsing the topics. More experienced traders can take advantage of the Gemini ActiveTrader platform to place multiple orders and execute different trading strategies.
Pros:
- Available in all US states
- Funds are insured against hacker attacks
- High security
Cons:
- Only 120 digital assets on the stock exchange
- Trading fees are high if you are not using the Active Trader platform
Bitsamp
Trading fees: 0.3% (Maker fee), 0.4% (Taker fee)
Tradable coins: 78
Overview:
Bitstamp is a regulated Slovenian exchange that was founded in 2011. It is one of the oldest European stock exchanges and has earned a good reputation over the years. The platform has offices in the UK, Luxembourg, Singapore and the United States and is available in over 100 countries. The company is checked regularly, and there is insurance coverage in case of theft or hacker attack which makes it almost the most secure cryptocurrency exchange.
You can deposit USD, EUR and GBP to the platform using various payment methods. Beginners can quickly buy and sell cryptocurrencies on the Bitstamp online platform, while experienced traders may prefer the active trading platform.
Pros:
- A reputable and regulated exchange
- Beginner-friendly
- Competitive fees
Cons:
- A limited number of supported cryptocurrencies
- No margin trading or other crypto derivatives
Binance
Trading fees: 0.1% (Maker/Taker fee)
Tradable coins: 350+
Overview:
The world’s largest and top exchanges crypto by trading volume Binance was launched in 2017. It offers numerous trading markets and an entire crypto ecosystem, including its own wallet, an NFT market, crypto research and an academy.
Overall, the platform offers pretty much everything one could wish for, but it is also quite complicated. Another disadvantage is the turbulent relationship with state authorities. Binance is banned in several countries, but if you are based in the US, you can use Binance US for crypto trading instead.
Pros:
- Large selection of cryptocurrencies
- Trading on margin, futures and options
- Very competitive fee schedule
- Mobile App
Cons:
- The global platform is not available for customers in the USA
- Complex user interface
- Litigation with state authorities
- No telephone support of the customer service
What to consider when choosing the most reliable crypto exchange?
Answering the question of what is the best crypto exchange and how to choose one we have chosen 7 criteria for the rating. We recommend you to always estimate these factors before making up your mind and check current indexes at Ultramining:
Type of crypto exchange
First, decide whether you prefer centralized, decentralized, or hybrid exchanges.
So-called centralized crypto exchanges (CEX) are managed by an organization and feature high liquidity and functionality but often privacy and security are questionable here.
Decentralized crypto exchanges (DEX) on the other hand are less user-friendly but aim at security and privacy.
The hybrid type aims at combining the best features of the CEX and DEX exchanges.
Trust and security
The second but most important for evaluation is the security and the matter if those are trusted cryptocurrency exchanges. The evaluation takes into account the history of the company, the regulation in different countries and customer reviews.
Fee structure
Even though the return potential in the crypto market has been significantly higher than in the classic financial market in the past, you should take a look at the fees. This includes both deposit and withdrawal costs as well as trading fees, combined it reveals a cheap cryptocurrency exchange.
User-friendliness
As part of the user-friendliness, evaluate how easy, fast and intuitive trading with cryptocurrencies is. Factors used for evaluation and which make the most popular crypto exchanges are, among other things, the availability of a mobile application or the quality of the user interface.
Offer and features
Here evaluate how many cryptocurrencies can actually be bought and saved. Even if a large offer is generally to be welcomed, a solid entry into the crypto market can be realized even with a few cryptocurrencies, especially for beginners. In addition to the offer, look at additional features, such as credit cards or the savings plans.
