Notwithstanding recent setbacks, cryptocurrency has remained a wildly prevalent new asset class for investors. To buy or sell cryptocurrencies, you must start by opening an account with any crypto exchange. Choosing the best crypto exchanges for your precise needs is indispensable if you’re looking to start cryptocurrency trading or investing.
If you want to trade any digital assets, with the least possible transaction fees, or with the best mobile trading experience, read on to learn what crypto exchanges are, the top 10 crypto exchanges for trading, and the one suitable for your wants.
What Are Crypto Exchanges?
Crypto exchanges are platforms that enable users to trade digital currencies for other assets. A crypto exchange is an online market where users buy, sell, and trade cryptocurrency. Crypto exchanges work like online brokerages, as users can deposit fiat currency and use those funds to buy cryptocurrency. They can also trade their cryptocurrency for other cryptocurrencies, and some crypto exchanges allow consumers to gain interest on assets held within the exchange account.
When choosing a Crypto Exchange, it’s essential to look at factors such as supported assets, fees, payment methods, and security. We checked these factors to help you find a suitable exchange when selecting the top crypto exchanges in 2022.
Crypto.com has the best mobile crypto exchange app that provides an extensive digital asset trading and investing ecosystem that you can easily access from your smartphone.
- It supports over 250 cryptocurrencies.
- It provides a range of cryptocurrency products.
- The fees are relatively high.
- The customer support is poor.
Gemini, one of the top crypto exchanges, and it has a robust security framework.
- It is available to users in all 50 U.S. states.
- There is a highly liquid exchange.
- The funds are held in the hot wallet.
- There is a robust security framework.
- There are high fees on many trades.
- It supports fewer cryptocurrencies than many competitor exchanges.
BitMart is one of our top crypto exchanges because it is the best for the altcoins category, and it allows users in over 180 countries to buy and sell over 1,000 cryptocurrencies.
- It supports a massive number of cryptocurrencies.
- It provides crypto earning opportunities.
- It offers a simple buy/sell cryptocurrency feature.
- It experienced a large-scale hack in 2021
- It has received poor feedback from customers
Kraken’s professional-grade trading platform, Kraken Pro charges the most nominal fees in the crypto exchange scenery. It’s also suitable for experienced traders, offering advanced order types and supporting margin and futures trading.
- It has a vast number of supported cryptocurrencies.
- Kraken Pro has low fees.
- It has a highly liquid exchange.
- Kraken is not available in all U.S. states.
- It has limited account funding options.
5. Cash App
Cash App it allows you to effortlessly and securely buy, sell, and store Bitcoin from your smartphone.
- Cash App has an easy-to-use interface.
- You can withdraw to wallets.
- It supports the Bitcoin Lightning Network.
- It only supports Bitcoin.
- It operates a custodial wallet.
- There are various limits on deposits, sales, etc.
Bisq is one of our top crypto exchanges because it is the best-decentralized exchange that allows consumers to firmly and privately buy and sell cryptocurrencies.
- It is available globally.
- It gives a high level of privacy, with no ID verification required.
- It has over 50 different payment options.
- The transaction speed can be slow.
- The trading volumes can be low.
- It is not designed for active trading.
KuCoin provide access to a vast library of altcoins at low fees. Although U.S. users can access and use the trading platform, KuCoin is not licensed in the U.S.
- It has a more selection of tradable cryptocurrencies.
- Competitive trading fees.
- There are volume discounts on fees.
- It offers advanced features like margin trading and futures trading.
- It makes use of credit and debit cards.
- KuCoin is not certified in the U.S.
- The funds kept on the platform are not insured.
- It suffered a major hacking incident in 2020.
The Coinbase exchange rate is the best for bitcoin-oriented traders. Coinbase is one of the best crypto exchanges for beginners because of its easy-to-use interface, massive educational tool on everything from blockchain to volatility, and vigorous security features.
- It has a user-friendly interface and an easy purchase process.
- It has strong user reviews and security features.
- It allows users to stake Algorand, Cosmos, Ethereum, Tezos, Cardano, and Solana.
- It has high fees for convenience.
- It is not available in all 50 states. Hawaii is currently awaiting support, while New York residents are not eligible to stake ADA, ETH, XTM, or ATOM.
BitYard is one of the best crypto exchanges because it provides excellent fiat on-ramps for cryptocurrency investors and a user-friendly advanced trading platform for beginners and seasoned crypto traders.
- BitYard is available in all 50 states.
- The trading fees are low.
- It is an international platform that accepts more than 50 fiat currencies.
- It offers both an online wallet and cold storage.
- BitYard does not offer much in terms of advanced trading features.
- Staking and lending are not available.
- The funds are not insured.
BlockFi is one of the best crypto exchanges for earning interest. It is the best because it allows users to earn interest on their crypto and borrow money using Bitcoin as collateral. BlockFi created financial products that cater to conservative traders were most crypto exchanges offer bonuses and discounts for high-volume trading.
- It earns interest payments monthly on your cryptocurrencies.
- It is U.S. base and regulated.
- It does not allow monthly account fees.
- The available products differ widely from state to state.
- The interest accounts have limited free withdrawals.
Consumers should remember that decentralized finance products and services like BlockFi carry substantial risks associated with the software, technology, assets, and regulators’ agreements.
How do crypto exchanges work?
Crypto exchanges work depending on their type of platform. Most crypto trading platforms are centralized exchanges, which function as brokerage, acting as intermediaries between buyers and sellers. You can deposit money into exchanges to buy crypto or their crypto-to-crypto spot trading. Traders are supposed to pay a fee for converting one crypto to another.
In exchange for digital currencies, payments can be made through direct bank transfers, credit or debit card payments, money orders, and gift cards.
Some crypto and bitcoin exchanges will allow you to withdraw your crypto funds and transfer them to another wallet of your choice. For others, especially those that focus on other assets, like stocks, Robinhood only lets you buy the crypto but do not allow you to transfer it out of their web wallets.
Crypto.com is deemed the best crypto exchange in the increasingly popular mobile trading space. Bisq offers the best-decentralized crypto exchange, while Gemini offers the best security. Kraken is suitable for experienced traders and those looking for low fees. Traders focused on Bitcoin will find what they need in Cash App, but Bitmart suits anyone considering trading a more fabulous pool of altcoins. Consider your aims and priorities, and choose the exchange that best fits your needs.