You’ll need to utilize a cryptocurrency exchange to purchase or sell coins. You may purchase and sell digital currencies like Bitcoin, Ethereum, and Dogecoin via these online services, which are similar to stockbrokers. With cheap fees and solid security measures, the top cryptocurrency exchanges make it simple to purchase and sell the currencies you want.
Consider supported currencies, price, withdrawal choices, and security when selecting the best cryptocurrency exchange for your requirements, as we did when compiling our list of the top cryptocurrency exchanges. Keep reading to determine which cryptocurrency exchange is best for you.
Best Cryptocurrency Exchanges 2022
1. Coinbase and Coinbase Pro
Coinbase has largely eluded attention despite the fact that the cryptocurrency market has been plagued by counterfeit currencies and dodgy exchanges. Coinbase is a consumer cryptocurrency exchange that lowers the entry barrier to bitcoin investment, which is frequently seen as difficult and technical.
Coinbase also provides safe custodial wallets for investors and traders to keep their assets. Customers have stated that their accounts have been hacked and that monies have been taken. Your money is safe in FDIC-insured bank accounts, and they safeguard you from data breaches and hackers. Correctional facility accounts on Coinbase are very useful for new clients who are just getting started, however, the private keys to the coins are held by Coinbase, not the investor.
The Coinbase Pro edition, which has the same price structure but many additional chart and indicator settings, is now available. Coinbase Pro is an excellent next step for individuals who have mastered Coinbase’s basics, and it helps to fill out the overall offering by providing capabilities that a more sophisticated user would enjoy.
Pros
- There are a lot of different cryptocurrencies to choose from.
- The user interface is rather simple.
- Extremely high liquidity.
Cons
- The wallet keys are not in the user’s possession.
2. Cash App
Cash App is a peer-to-peer payment processing service similar to Venmo. Cash App may be used to divide meals, pay rent to a roommate, and even make online purchases at Cash App-accepting companies. Users of the Cash App may have their own debit cards and utilize the app in the same way as they would a bank account.
Users of the Cash App may now invest in equities, exchange-traded funds, and Bitcoin. The mobile-first design of this exchange makes it easy to comprehend and use, making it ideal for the first consumers.
Aside from its basic purpose of money transfers, it also provides a simple bitcoin investing option. We picked Square’s Cash App over Robinhood as the best alternative for novices wanting to acquire Bitcoin since it enables consumers to withdraw bitcoin deposits to their own wallets.
In the bitcoin sector, Being free to withdraw Bitcoin from an exchange is critical. You can use Ameritrade to invest in and trade cryptocurrency, but you can’t withdraw or spend them.
One disadvantage, similar to Coinbase, is that you continue to have no control over your private keys. Within the cryptocurrency community, it is often referred to as not your keys and not your coin. This implies you don’t own the money if you don’t have access to the wallet where it’s kept.
Pros
- Venmo and Zelle are two examples of peer-to-peer money transfer platforms.
- Being free to withdraw Bitcoin
- The user interface is really basic.
Cons
- Other coins are not supported; only Bitcoin is.
- There is a cost for using a credit card to send money.
- There are withdrawal limits on a daily and weekly basis.
3. Bisq
Bisq is a peer-to-peer decentralized Bitcoin and cryptocurrency exchange that runs on downloadable software. It, like Bitcoin, has no single point of failure and cannot be shut down. Bisq is non-custodial, which implies that only the user has access to and authority over his or her money.
It differs from centralized exchanges like Coinbase in that Coinbase holds the customer’s funds in a custodial account to which the user has no control. If Coinbase believes your account activity is suspicious, it has the authority to freeze your account, regardless of whether the action is illegal in your location.
Bisq is available to anyone with a laptop or phone since it requires no registration or KYC. As a consequence, it’s appropriate for anybody looking for privacy, dissidents living under oppressive regimes, or anyone without a government-issued ID.
Bisq lets you trade a wide range of fiat currencies, including the US dollar, Bitcoin, and a number of other cryptocurrencies. Low trade volumes and delayed transactions may be a consequence of its decentralized and peer-to-peer structure, but for some, this is well worth it.
Pros
- A decentralized platform that does not need KYC.
- There are about 15 different payment options to choose from.
- The program is available in Android and iOS versions.
Cons
- Transactions may take a long time to complete.
- It is feasible to trade in small amounts.
- It isn’t designed to be used for active trading.
4. Binance.US
Binance is a cryptocurrency exchange that debuted in 2017 and mostly trades altcoins. In 2019, Binance was outlawed in the United States, but the firm was split apart.
As of November 2021, Binance dominates the global exchange market, accounting for a significant portion of daily cryptocurrency trading activity.
Customers from all around the globe may only deposit dollars via the Society for Worldwide Interbank Financial Telecommunications while a small number of cryptocurrencies can be bought directly using a credit or debit card. The Euro is one of the fiat currencies that may be used to make deposits.
Binance is an excellent choice for anybody interested in trading or investing in lesser-known cryptocurrencies. Binance is an excellent alternative for individuals looking for more sophisticated charting than most other exchanges since it supports over 50 different cryptocurrencies. The tools, graphing capabilities, and data that come with your account are outstanding, particularly for the low pricing.
Pros
- Fees are less than those imposed by other commonly used exchangers.
- There is a diverse choice of cryptocurrencies and trading pairs accessible.
- More advanced charting
Cons
- Designed for more seasoned users.
- Binance.
- The US has fewer trade partners than the rest of the globe.
- Not all states were in agreement.
5. Coinbase
Coinbase is another of the world’s largest cryptocurrency exchanges, second only to Binance in terms of the trading volume. Because customers may choose between the normal platform and ‘Coinbase Pro,’ this exchange may appeal to a wide range of traders. The basic platform is designed for inexperienced investors and provides minimal capabilities, while the advanced platform includes more complex features and a cheaper cost structure.
The maker/taker approach is used by Coinbase Pro, while the standard Coinbase platform charges a variable transaction fee and a spread. In any event, Coinbase’s automated program allows customers to invest in over 130 different crypto assets while also collecting staking rewards. Finally, all Coinbase customers get free access to the company’s self-custody crypto wallet software, which supports over 4000 assets and has industry-leading security.
Pros
- The layout is basic and intuitive, and the purchasing process is straightforward.
- A broad selection of educational resources is available.
- Cryptocurrencies come in a wide variety of shapes and sizes.
Cons
- Fees that are increased
- The fee system is complex.
6. BlockFi
BlockFi, unlike other cryptocurrency exchanges, has opted to provide financial solutions for cautious investors rather than rewarding high-volume traders with incentives and discounts.
The exchange’s flagship product is the BlockFi Interest Account, which pays up to 9.5 percent annual percentage yield to consumers who keep their crypto in the account. Users may also utilize current bitcoin as collateral for a loan on the site.
BlockFi, in addition to its innovative financial offerings, has a low-cost structure and a solid cybersecurity design. Although the exchange charges spread and withdrawal fees, there are no transaction costs when trading on its platform. BlockFi uses two-factor identity verification and other security features to protect the data. Allow listing assists users in avoiding theft by forbidding or restricting withdrawals to certain places.
Decentralized finance products and services, such as BlockFi, are fraught with hazards linked to the software’s technology, the assets involved, and regulatory compliance.
Pros
- Your bitcoin investments will pay you interest on a regular basis.
- controlled and institutionally supported in the United States
- There are no monthly account fees or commissions.
Cons
- The things provided vary a lot from one state to the next.
- Withdrawal effects from interest funds are subject to certain restrictions.
7. Crypto.com
Crypto.com, unlike other notable cryptocurrency exchanges, has a well-designed cybersecurity system. On the Cybersecurity Ranking and CERtification Platform, the exchange is ranked first among the top 100 exchanges in terms of cybersecurity rating.
Crypto.com implements a range of measures to keep consumers’ cryptos secure on its trading platform, including offline cold storage for all crypto, regulated custodian bank accounts for conventional currency, and periodic software peer-review. In multi-factor identification, password, biometric, email, phone, and authenticator verification are all used.
Furthermore, its technology has survived a number of penetration tests, which are simulated hacks designed to check system security and show evidence of money over time.
The attractiveness of Crypto.com is built on more than simply its security. With over 250 coins, the exchange boasts the most currency diversity of any company on our list.
It also offers margin trading, prepaid visa cards for spending bitcoin, crypto loans, and a non-custodial Defi wallet that allows users to send cryptocurrency at their own speed while collecting interest on their tokens.
Pros
- Infrastructure for cybersecurity that is excellent
- You will save money if you fund your account with cash transfers.
- There are many different types of crypto assets to choose from.
Cons
- Excessively costly credit and debit card transactions
- In the United States, several services are not available.
- There are no crypto-to-crypto exchange options.
FAQs
1. Cryptocurrency Exchanges: What Is One?
A cryptocurrency exchange is a website that allows users to buy, sell, and trade digital currencies. Customers may deposit fiat money and use those funds to acquire bitcoin on a cryptocurrency exchange, which works similarly to an online brokerage. Users may also trade their bitcoin for other cryptocurrencies, and some exchanges provide interest on cryptocurrency held in an account.
2. What Should You Take into Account When Choosing a Cryptocurrency Exchange?
When looking for a cryptocurrency exchange to use, security, pricing, and the types of cryptocurrencies accessible should all be taken into account. It’s also important to know where your bitcoin is stored and if you can take control of it by transferring it to your own digital wallet.
Cryptocurrency exchanges are offered in centralized and decentralized forms. Centralized exchanges abide by national financial standards and many will safeguard your cash deposits and require proof of identity before allowing you to use the platform. Uncontrolled internet exchanges based on user-owned distributed nodes with no centralized governing authority are known as decentralized exchanges. While this may seem to be a source of concern, decentralized exchanges provide transparent transactions and fees, as well as direct peer-to-peer bitcoin trading.
3. What Is the Best Way to Buy Cryptocurrency?
To get bitcoin, most centralized exchanges allow deposits through bank account, credit card, or debit card. After that, you may swap the money for the cryptocurrency of your choosing. While some exchanges only allow you to submit a simple Buy Now transaction that just places a market order, others allow you to put more complex order types including limit and stop orders.
When you acquire bitcoin, the exchange generally takes custody of it, and for security reasons, most exchanges keep Bitcoin in offline cold storage. If you want to take custody of your cryptocurrency, most exchanges allow you to move it to your hot or cold wallet, along with the private keys for that coin.
4. What Is the Process for Opening a Cryptocurrency Exchange Account?
Before you can open a bitcoin trading account, most exchanges need you to create an online account and provide proof of identity. This might include answering personal questions, submitting a picture of your driver’s license, or utilizing a third-party application to verify your identity.