Investing in cryptocurrencies is an easy process when using a premium crypto exchange. Cryptocurrency exchanges offer the tools to make informed decisions when buying coins like Ethereum, Bitcoin, and Litecoin. The best crypto exchanges have low fees, coin variety, and a straightforward trading interface. If you're unsure which coin to buy, check out our guide on the best coins to invest in.

Today we’ll showcase our top picks for the best cryptocurrency exchanges in 2023. Also, we’ll discuss their best key features, how to get started, along with their pros and cons.

Best Exchanges to Buy Cryptocurrencies in 2023

Choosing a crypto platform that’s a perfect fit can be a long and tedious task. We’ve compiled a list of top, beginner-friendly platforms to help you get started easily.

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eToro8.7Visitetoro.com

Don’t invest unless you’re prepared to lose all the money you invest.

Plus500 CFD Broker9.8Visitplus500.com

82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

Pepperstone9.0Visitpepperstone.com

Between 74-89 % of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Eightcap8.8Visiteightcap.com
Webull8.3Visitwebull.com
Coinbase8.4Visitcoinbase.com
Changelly7.4VisitChangelly.com
Trading 2128.4Visittrading212.com

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 83% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Best Cryptocurrency Exchanges Compared

1. eToro - Best Crypto Exchange Overall

🌎 Is eToro Available in the US?Yes (except Hawaii, Minnesota, Nevada, and New York)
💰 Deposit Fee$0
💰 Trading Fee1%
💸 Minimum Deposit$10
#️⃣ Number of Cryptocurrencies80+
👮‍♂️ RegulatorsFCA, CySEC, ASIC

With over 20 million users across 140 countries, eToro is an Israel-based global platform for trading in stocks, forex, commodities, and crypto assets. In the US, investors could only trade in crypto on eToro until 2022 but have access to stocks and ETFs now. The platform is still unavailable in a few states.

eToro’s greatest claim to fame is social trading, which allows users to share ideas and learn from the collective wisdom of others. You can even replicate the actions of successful traders with the unique CopyTrader feature. Plus, every user gets a $100,000 virtual trading account to practice trading without spending actual money.

To open an account, you must provide basic personal details, answer some questions meant to gauge risk appetite and trading experience, and undergo KYC verification. The process takes a few days.

Once verified, you can deposit funds from a bank account or debit card to begin trading. The primary platform has a simple interface for buying and selling. Margin and leverage trading are not offered in the US. Crypto-to-crypto trading isn’t allowed either, but some coins can be converted to others. eToroX, meant for experienced and institutional traders, is accessible through the same account.

eToro charges a 1% fee for crypto purchases or sales. There are no deposit or currency conversion fees for US customers. There are, however, charges for transferring crypto to the eToro Money wallet and leaving your account inactive for a year. eToroX has a 5bps transaction fee.

The security features are top-notch, with most user funds stored offline. The exchange has a long and strong record of keeping investor funds safe. Customer service is only through support tickets, but the most active traders get personal account managers.

Key Features

  • eToro offers a unique copy trading tool.

  • The platform provides indemnity insurance up to $1 million if the client lives in Europe, the United Kingdom, or Australia.

  • Access traditional financial markets as well as crypto.

  • eToro features a user-friendly interface
  • Excellent customer support
  • Strong reputation and regulation

2. Coinbase - Best For Beginners

🌎 Is Coinbase Available in the US?Yes (except Hawaii)
💰 Deposit FeeACH: Free; Wire: $10; PayPal: 2.5%
💰 Trading Fee0% to 0.6% (Advanced Trade)
💸 Minimum Deposit$50
#️⃣ Number of Cryptocurrencies250+
👮‍♂️ RegulatorsFCA, BaFin, CBI, 43 US states

Founded in 2012, Coinbase is the largest US-based cryptocurrency exchange, offering 250+ currencies and more than 500 trading pairs. The centralized exchange has nearly 100 million users in over 100 countries and more than $130 billion in assets on its platform.

Coinbase provides a relatively simple interface that is excellent for beginners. It’s easy to open an account and deposit USD or link your bank account or card. The system is accessible on the web and through iOS and Android apps. With a clean design, Coinbase ensures even first-timers can quickly start trading.

However, the basic platform’s fee structure is opaque and complex. There are charges based on the spread for sales and purchases, the selected payment method, order size, market conditions, and costs of executing transactions on external blockchain networks. The resultant expense often ends up being higher than other top exchanges.

More experienced traders can use the Advanced Trade feature, which has a more straightforward fee structure and allows crypto-to-crypto transactions and more trade types, such as limit and stop orders. Another service in the beta phase is Coinbase One, which gets you fee-less trades for a monthly fee. Plus, Coinbase also has a self-hosted Web3 crypto wallet service.

Coinbase boasts industry-leading security features, with more than 98% of customers’ assets stored in cold vaults. Unusually for a crypto platform, Coinbase also insures the other 2% of crypto against crime. However, it’s important to mention that there have been cases of customers’ Coinbase accounts being compromised.

The exchange has had poor reviews for its lackluster customer service, but there have been recent improvements, including the addition of 24/7 live phone support. Coinbase provides a vast collection of learning resources and tutorials, as well as the opportunity to earn free crypto in the Learning Rewards section.

Key Features

  • Advanced Trade

  • Learning Rewards

  • Web3 wallet

  • NFT platform

  • Very easy to use
  • Excellent security
  • Learning Rewards lets users receive free tokens

3. Binance - Best for Low-Cost Trading

🌎 Is Binance Available in the US?Only as Binance.US
💰 Deposit FeeWire transfer, ACH, Etana: Free; Debit card: 1.8-4.5%
💰 Trading FeeUp to 0.1%
💸 Minimum Deposit$10
#️⃣ Number of Cryptocurrencies350+ (150+ on Binance.US)
👮‍♂️ RegulatorsAMF, AUSTRAC, VARA, FINTRAC (FinCEN for Binance.US)

Binance is regarded as one of the best Bitcoin exchanges in Europe and many other countries for its extensive set of features and coins.

The platform is popular with traders for its low fees of 0.1% or less when trading the 350+ coins available. You can even get a 25% discount on fees when you pay with BNB, and there are zero trading fees on major BTC trading pairs.

The simple purchase and convert features mean inexperienced investors can still use the platform, albeit with higher fees. If you’re able to navigate the spot trading interface, though, you’ll benefit from customizable charts, indicators, and multiple order types. Customers is some jurisdictions can also use margin and trade derivatives.

There are plenty of features to help you make more out of your crypto, from staking and lending to swap farming, liquidity farming, and DeFi staking. You can even spend your crypto with the Binance debit card. Other popular features include the Launchpad where you can discover new projects and Binance NFT where you can trade NFTs and even create your own.

Binance has a history of regulatory issues and some banks have even blocked payments to Binance. The customer service also leaves a lot to be desired, and the crypto lending platform has suffered a couple of hacks, though it did reimburse customers with its emergency fund.

It’s worth noting that while Binance.com is available in most countries, Americans can only access the US subsidiary Binance.US. This has the same trading tools and low fees, but only supports 150+ coins and has much more limited features. There is no margin or derivatives trading on Binance.US, and the only additional features are staking and Binance Pay. In fact, Binance along with Coinbase are two prominent cryptocurrency exchanges that often spark debates within the crypto community, with enthusiasts frequently discussing the merits of each platform in the ongoing Binance vs Coinbase comparison.

Key Features

  • Comprehensive staking service

  • NFT marketplace (for non-US users)

  • Wide coin selection and advanced trading tools

  • Binance provides multiple staking options
  • Holding the BNB token reduces fees by 25%
  • Lower fees than competitors

4. Kraken - Best For Customer Support

🌎 Is Kraken Available in the US?Yes (except New York and Washington state)
💰 Deposit FeeCredit card: 3.75% + €0.25; ACH: 1.5%
💰 Trading Fee0.00%–0.26%. Varies based on 30-day trading volume and maker/taker type order
💸 Minimum Deposit$10
#️⃣ Number of Cryptocurrencies200+
👮‍♂️ RegulatorsFinCEN

Founded in 2011, Kraken is a San Francisco-based centralized exchange known for a wide selection of assets (200+ coins and about 600 trading pairs) and low fees for advanced trading. However, for beginners, the system can prove complex and expensive. Plus, its staking and futures trading services are unavailable in the US. For margin trading, Kraken requires US residents to meet certain specifications.

The main Kraken platform works well for the simple buying and selling of Bitcoin. The verification is relatively quick; once done, you can link your bank account and start fiat-to-crypto or crypto-to-crypto transactions. The interface is easy to figure out, and you can also earn up to 23% interest through staking. In addtion, When comparing the various crypto platforms, the staking options offered by Kraken clearly stand out as an advantageous feature, particularly when you consider the debate of Kraken vs Gemini, where the latter offers a comparatively less expansive selection for staking.

Anyone with a Kraken account can access Kraken Pro, a more complex platform with advanced features such as charts and info on open orders. The greater advantage of Pro is the lower fee, beginning at 0.26% for takers and 0.16% for makers. The fees come down if you have high trading volumes over the previous 30 days.

Spot trading prices on the main platform begin at 1.5% for most currencies. Depending on the funding mode, there are additional charges from 0.5% to over 3.75%.

Kraken reports standard security measures, including 95% of deposits stored offline. It does not have a linked wallet, and assets held with it are ineligible for deposit insurance. Importantly, some user reviews mention the loss of assets due to hacking, with no recourse for recovery.

The mobile apps for both Kraken platforms are highly rated. The exchange also scores on customer service, with options for phone support (6 am to 6 pm ET), 24/7 web chat, and email. Frequent traders get a personal account representative.

Key Features

  • Staking services for 18+ coins

  • An NFT platform

  • The in-depth learning section lets complete beginners learn the fundamentals of crypto.

  • Kraken has an impressive user interface
  • Multiple layers of security
  • Good mobile app

5. KuCoin - Best For Altcoins

🌎 Is KuCoin Available in the US?With limited features on an unlicensed platform
💰 Deposit Fee1 GBP/EUR
💰 Trading FeeUp to 0.1%
💸 Minimum Deposit$5
#️⃣ Number of Cryptocurrencies700+
👮‍♂️ RegulatorsNone

KuCoin is known as “The People’s Exchange” due to its huge reach and support available in multiple languages. The crypto exchange is based in Singapore but has expanded to multiple nations worldwide. In fact, they claim 1 in 4 investors use their platform to buy coins. In addition, KuCoin has one of the best fee structures among exchanges, making it desirable for most investors. Like Binance, the native KuCoin Token (KCS) reduces trading fees by 25%.

Moreover, the platform features over 700 cryptocurrencies to buy, sell, and withdraw. So those looking for a wide selection of assets may appreciate the vast selection KuCoin provides. You’ll be able to find new tokens and obscure altcoins on KuCoin that you can’t access on other centralized exchanges.

The platform claims strong protection, and clients can improve their security by enabling 2-step authentication. However, as an unlicensed platform, not everyone is prepared to trust KuCoin with their money.

A variety of derivative products are available on the platform, and KuCoin stands out thanks to its free trading bot. There are also a variety of ways to earn more from your crypto in the Earn section.

Key Features

  • An active news feed

  • Web3 features such as a self-custody wallet and NFTs

  • Gamified futures trading with the Futures Brawl feature

  • More coins than other exchanges
  • Great fee structure
  • Holding the native KuCoin token reduces costs on the platform by 25%

6. Gemini - Best For Active Traders

🌎 Is Gemini Available in the US?Yes
💰 Deposit FeeDebit card: 3.49%; ACH, wire transfer, cryptocurrency: Free
💰 Trading Fee$0.99–$2.99 under $200 order value; 1.49% above $200. Varies based on order amount and device-type.
💸 Minimum DepositNone
#️⃣ Number of Cryptocurrencies90+
👮‍♂️ RegulatorsNYDFS

Gemini was founded in 2014 in New York by the Winklevoss brothers and is available in over 60 countries, including all US states. What sets the exchange apart is its emphasis on security and compliance—it is the world’s first crypto exchange to get an SOC-2 certification, an examination given by third-party auditors to assess a company’s security levels.

The interface is user-friendly, with a simple buy and sell option and a detailed support section. For experienced traders, there’s the ActiveTrader platform, which has better charting tools, support for multiple order types, and quicker trade execution.

The mobile app is equally well-designed, with high ratings on the app stores and most of the functionality of the desktop site. For customer support, there’s no live system, but you get email and chat support, a virtual chatbot, and a comprehensive help center.

Gemini’s wallet is a useful service if you don’t already use one. It is a hot wallet, but asset losses resulting from a security breach are covered by insurance. Other services include the Gemini Clearing portal, a peer-to-peer trading platform, and Gemini Basic, a much simpler desktop platform for absolute beginners.

The fee structure is transparent but more complex than most exchanges. There are even different schedules for mobile and desktop trades. The fee varies depending on the amount you’re trading, with a higher value incurring a lower percentage fee.

In general, however, Gemini’s fees are on the higher side compared to most top-ranked exchanges. The other notable negative is that beyond Bitcoin, the range of crypto assets on the platform is comparatively less extensive.

Key Features

  • Derivatives trading

  • High performance tools for active traders

  • NFT marketplace

  • Strong security
  • Transparent fees
  • Highly rated

7. Crypto.com - Best Mobile App

🌎 Is Crypto.com Available in the US?Yes (except New York)
💰 Deposit FeeCredit/Debit card: up to 4%; other methods: free
💰 Trading Fee0.04%–0.4%. Varies based on 30-day trading volume and maker/taker order type.
💸 Minimum Deposit$1
#️⃣ Number of Cryptocurrencies250+
👮‍♂️ RegulatorsMFSA, FCA

Singapore-based Crypto.com offers US customers approximately 250 cryptocurrencies, a standalone crypto wallet, NFT purchases, staking, crypto credit cards, and a separate decentralized exchange. Holding the exchange coin CRO gets you lower fees, better staking rates, and credit card rewards.

On the other hand, it doesn’t allow crypto-to-crypto trading in the US. It’s also a mobile-first platform, so you can’t use it on your computer.

The mobile app (both iOS and Android) is highly rated and straightforward. Despite many services offered through it, you can easily view your portfolio and a list of popular assets and make trades. The charting and analysis tools are somewhere between the basic and advanced platforms seen in many other exchanges.

The entire sign-up process, including verification and bank account linking, takes just a few minutes. The trading fees are relatively low, beginning at 0.4% for users with monthly volumes under $25,000 and no CRO holding. For higher-volume traders, it can be as low as 0.04%. Credit and debit card funding incurs a 2.99% fee, while ACH transfer is free. There’s also a small fee for withdrawing crypto to an external wallet.

Crypto.com offers a few options to hold coins on the platform, including a DeFi Wallet. With this separate app, you can earn rewards for tokens used in decentralized finance applications.

Assets with the platform are protected through substantial measures. The company also reports a $750 million insurance fund to cover customers’ assets lost to cyberattacks. A major area of concern is customer service. You get support via a help page, live chat, and email, but customer reviews often mention slow response times.

Key Features

  • DeFi Wallet app

  • Metal crypto Visa cards

  • Multiple staking products

  • Various benefits for CRO holders
  • Easy access to Web3
  • Popular mobile app

What Is a Cryptocurrency Exchange?

Cryptocurrency exchanges are digital platforms that primarily allow customers to buy and sell coins like Bitcoin, Ethereum, and Dogecoin.

Like an e-commerce marketplace, the exchange allows you to buy cryptocurrency using fiat currencies such as the USD, EUR, and GBP. Other exchanges allow the purchase of crypto using other cryptocurrencies or stablecoins like Tether.

Since cryptocurrencies are virtual digital assets, a digital wallet is needed for storage. Most exchanges offer crypto wallets that are associated with your exchange account.

How to Get Started With Cryptocurrency Exchange?

On most crypto exchanges, the process of signing up and making a purchase is very quick and simple. These steps show the process for eToro, but it will be very similar on other platforms.

Sign up
Verify your identity
Deposit funds
Buy crypto

What to Consider When Choosing a Crypto Exchange?

From the many options available, how do you select the best crypto exchange for your needs? While the choice might differ based on your specific expectations, here are the key general aspects to consider in your selection process.

Your Cryptocurrency Trading Knowledge

Your current familiarity with crypto trading can significantly impact what you get out of different exchanges. Some exchanges offer enough features to ease beginners into crypto trading. Others are more complex and better suited for experienced traders.

Best Crypto Exchanges for Beginners

While ease of use and prompt support are desired by everyone, these are particularly critical for novice traders. Exchanges designed for beginners offer other features like training resources, practice accounts (to try trading without investing real money), and copy trading (to learn from experienced users).

ExchangeMinimum DepositGet Started
🥇Coinbase$50Sign up now
🥈eToro$10Sign up now
🥉Kraken$10Sign up now

eToro Disclaimer : This ad promotes virtual cryptocurrency investing within the EU (by eToro Europe Ltd. and eToro UK Ltd.) & USA (by eToro USA LLC); which is highly volatile, unregulated in most EU countries, no EU protections & not supervised by the EU regulatory framework. Investments are subject to market risk, including the loss of principal.

Best Crypto Exchanges for Advanced Traders

Traders with reasonable experience in crypto trading look for more complexity, including advanced order types, charting tools, and support for margin and futures trading. Such exchanges also offer a wider range of crypto assets, including new coins that traders can buy early.

ExchangeTop Advanced FeaturesGet Started
🥇KuCoinCharting tools, margin trading, crypto futures, low fees, and a trading robotSign up now
🥈GeminiCharting tools, technical indicators, derivatives, clearing, and multiple order typesSign up now
🥉BinanceCharting tools, real-time pricing, low fees, stop and limit ordersSign up now

Consider Your Needs: Hodling, Trading, or Staking?

Some individuals invest in crypto for the long term, hoping for value appreciation. Others buy and sell more frequently, depending on changing market conditions. The rewards and risks differ between these two strategies, as do the analysis tools and other features you would expect from the exchange.

Before we get into trading types, remember that you can buy crypto on any supported exchange and easily transfer it to another platform. This gives you greater freedom to select different service providers for different purposes.

Best Crypto Exchanges for Trading

Trading can be of different types, with differences in the corresponding tools you need to execute those trades smoothly. Thus, the exchange you select depends on your specific needs.

  • Best exchange to trade crypto ETFs: ETFs or exchange-traded funds hold certain assets and offer fractionalized shares of these holdings on exchanges. Bitcoin ETFs are ideal for investors who want exposure to Bitcoin but are wary of complexities like storing cryptocurrencies safely. In the US, Bitcoin ETFs are still not allowed to hold Bitcoin; instead, they are linked to Bitcoin futures.

  • Best crypto margin trading exchanges: Meant for experienced traders, margin trading involves borrowing money to make trades, making it a high-risk and high-gain strategy. The best exchange for crypto margin trading is Kraken.

  • Best crypto exchanges for day trading: Day trading refers to buying and selling an asset multiple times in a day to take advantage of short-term price changes. This is also advisable for experienced investors. Coinbase is our pick for crypto day trading.

  • Best crypto exchanges for arbitrage: Crypto arbitrage trading is a profit-generating strategy by simultaneously buying and selling the currency to exploit price differences between exchanges. The best exchange for crypto arbitrage is Pionex, which offers a built-in trading bot to quickly identify arbitrage opportunities.

  • Best exchanges to short crypto: If you believe that a coin’s price will fall sometime in the future, you can short it by borrowing coins and selling at a high price and buying back low. Several exchanges allow different investing options to short crypto, but the best of the lot is Coinbase.

  • Best exchanges for crypto futures trading: Like futures for other assets, crypto futures allow you to gain exposure to certain cryptocurrencies without purchasing them. KuCoin is on of the the best exchanges for crypto futures.

  • Best exchanges for staking crypto: With certain coins, you can increase the amount you own by subscribing to a staking product to earn interest. This is possible for Proof of Stake coins such as Ethereum, Algorand, and Cardano. The platform with the most staking options is Binance.

If you are interested in crypto trading, exchanges are not the only option available to you. You can opt for the more conventional but equally popular method of using a broker. We have a detailed article for you on the best Bitcoin brokers if you are interested in learning more.

Compare Exchange Fees When Buying Crypto

Since the end goal of investing in cryptocurrencies is to earn returns, it’s understandable why the lowest net fee is a critical factor in your choice of platform. The fee structures of exchanges can vary a lot, with components such as deposit and withdrawal charges, network fees, trading fees, and interest fees (where margin trading is available). Plus, the trading fees can differ based on volume and whether you are a market maker or taker.

Here are some of the cheapest crypto exchanges and a comparison of their fees.

Trading FeeDeposit FeeWithdrawal Fee
Binance0 to 0.1%0 to 1.8%0 to 1.8%
Coinbase0 to 0.6%0 to 2.5%0 to 2.5%
KuCoin-0.005% to 0.1%1 GBP/EUR1 GBP/EUR
Kraken0 to 0.26%0 to 5 USD4 to 35 USD
eToro1%05 USD
Bybit0 to 0.1%0 to 1.22%0 to 2 GBP

Consider Crypto Exchange Reputation and Security

The first step is to confirm the exchange has a strong reputation. Reputable exchanges will have a proper website along with a strong presence in social media, the crypto community, research and news reports, and so on. Be wary of exchanges that promise very high returns, pressure you to make large upfront investments, or send many unsolicited messages. Always rely on exchanges that have been around for a while and offer a proven track record.

Checking for security features is more objective. Look for cybersecurity features such as two-factor authentication (2FA), registry locks, cold wallets, biometric authentication, multi-signature vaults, end-to-end encryption, and anti-DDoS modules. You can usually find a description of an exchange’s security features on its site and also verify them through research reports. We also recommend exchanges covered by the Securities Investor Protection Corporation (SIPC) or any other cybercrime insurance.

What are the safest Bitcoin exchanges?

As an example, here’s a summary of the key security features employed by some of the safest Bitcoin exchanges:

ExchangeTop Security FeaturesYear FoundedGet Started
🥇Coinbase2FA, password encryption, threat monitoring, automatic account locking, multi-signature vaults, end-to-end encryption2012Sign up to Coinbase
🥈Binance2FA, cold storage, real-time monitoring, multi-signature vaults, end-to-end encryption, advanced access control2017Sign up to Binance
🥉Gemini2FA, address allowlisting, cold storage, multi-signature vaults, WebAuthn hardware security keys, end-to-end encryption, anti-DDoS modules2014Sign up to Gemini

Where Do You Plan to Store Crypto?

Unlike money in your bank account or conventional assets bought through a broker, safe storage of cryptocurrency is your responsibility. This requires considering factors like security, convenience, and monetary costs. Some exchanges allow transferring currency to third-party wallets, while others don’t. Some exchanges offer cold wallets (offline storage), while some have only hot wallets (online storage).

Storing on an exchange means ready availability of currency for trading. Since exchanges typically charge a fee for every transfer out of the system, storing on the exchange is also more cost-effective if you are a high-frequency trader or have a small amount of crypto to transfer.

At the same time, exchanges are more vulnerable to hacking. On rare occasions, you may get locked out and lose access to your coins with an exchange wallet. These issues are minimized with a cold storage wallet that gives you greater control and flexibility.

We recommend keeping a small amount of currency on the exchange you trade on while storing the bulk investment in a third-party crypto wallet where you have the custody of your assets. The safest place to keep a large amount of crypto is a cold wallet such as Ledger.

However, your decision depends on your specific needs. Some exchanges that offer strong built-in wallet facilities include Coinbase, Binance.US, Gemini, and Crypto.com.

Which Deposit and Withdrawal Methods Are Available?

All exchanges do not support the same methods for depositing and withdrawing fiat currency, so check if your preferred methods can be used. Wire transfer is the most common, but many top-rated exchanges also support payments through digital wallets (e.g., PayPal, Skrill) and debit and credit cards.

Note that many businesses now accept cryptocurrencies directly through crypto payment gateways (such as Coingate and Bitpay). So, you don’t always need to deal in fiat currency; it depends on how you want to spend Bitcoin.

Payment MethodBrandLearn More
PayPalCoinbaseBuy crypto with PayPal
SkrilleToroBuy crypto with Skrill
NetellereToroBuy crypto with Neteller
Bank TransferCoinbaseBuy crypto with Bank Transfer
Debit CardCoinbaseBuy crypto with Debit Card
Credit CardCoinmamaBuy crypto with Credit Card
Prepaid CardBisqBuy crypto with Prepaid Card
Cash DepositBisqBuy crypto with Cash

Which Crypto Exchanges Are Available in Your Country?

Where you live could have a significant impact on which exchange you choose. Some platforms aren’t available in certain countries, some offer different services in different countries, and some may be accessible in countries where they aren’t licensed to operate. The safest option is to choose a platform that is regulated by a recognized authority in your country.

What are the best Bitcoin exchanges in the US?

The best exchanges for US customers are those that licensed in the states in which they operate and don’t offer any financial products that are illegal in the US. Some of the most popular options are detailed below.

Licensed?Get Started
🥇 eToroIn 46 US statesSign up to eToro
🥈 CoinbaseIn 43 US statesSign up to Coinbase
🥉 Binance.USIn 40 US statesSign up to Binance

eToro Disclaimer : This ad promotes virtual cryptocurrency investing within the EU (by eToro Europe Ltd. and eToro UK Ltd.) & USA (by eToro USA LLC); which is highly volatile, unregulated in most EU countries, no EU protections & not supervised by the EU regulatory framework. Investments are subject to market risk, including the loss of principal.

What are the best Bitcoin exchanges in Europe?

The best Bitcoin exchanges Europe has to offer are those that are licensed by reputable European regulators such as the FCA, BaFin and the AMF. Below are some of the best options.

Licensed?Get Started
🥇 eToroFCA, CySEC, DNB, AMF, OAM, MFSASign up to eToro
🥈 CoinbaseFCA, BaFin, CBI, DNBSign up to Coinbase
🥉 Crypto.comFCA, MFSASign up to Crypto.com

eToro Disclaimer : This ad promotes virtual cryptocurrency investing within the EU (by eToro Europe Ltd. and eToro UK Ltd.) & USA (by eToro USA LLC); which is highly volatile, unregulated in most EU countries, no EU protections & not supervised by the EU regulatory framework. Investments are subject to market risk, including the loss of principal.

Can You Buy Crypto on an Exchange Anonymously?

Due to concerns related to privacy or security, some crypto traders prefer to transact anonymously. In some cases, potential crypto investors just may not have the government-issued IDs required by most exchanges.

Best Crypto Exchanges Without Verification and Registration

You can choose to buy crypto without KYC or registration on certain platforms, but doing so has some obvious negatives, such as:

  • The pool of trustworthy exchanges available to you will get much smaller.

  • Even on exchanges that allow anonymous buying, you will often encounter limits on transaction value.

  • Transaction risks go up with anonymity, as it becomes difficult to locate the party if there’s a breach of contract.

  • Anonymous transactions encourage money laundering and ease of funding of other crimes, including terrorism.

You may still have valid reasons for purchasing Bitcoin anonymously, and here are some platforms where you can do it. Note that due to stringent crypto-trading regulations in the US, nearly all centralized exchanges require users to complete the KYC process. For this reason, it is best to use a decentralized exchange (DEX) like Uniswap, PancakeSwap, or any other DEX if you want to trade anonymously.

ExchangeRegistrationKYCGet Started
🥇 BinanceYesNo (for small size trade)Sign up now
🥈 BisqNoNoSign up now
🥉 dYdXNoNoSign up now

Other Things to Consider When Choosing a Bitcoin Exchange

Apart from the factors above, you must also take into account the following points in your selection process:

  • Does the exchange have trading pairs available for the cryptocurrencies of your interest? The coins with a high market cap would be available on most exchanges, but fewer platforms support more exotic or lesser-traded coins. You might also want to see if the exchange allows investing in other crypto-related assets, such as derivatives and ETFs.

  • How is the customer service provided by the exchange? Given the quick movements in the crypto market, you don’t want a support service that takes days to respond. Reviews from past and current customers are a great way to gather info in this regard.

  • How substantial is the exchange’s order book volume? A high order book volume means more traders are active on the exchange. In turn, this offers you greater liquidity when you want to exit a cryptocurrency.

  • How convenient is the exchange’s system for tax calculation? In the US, all gains realized on crypto assets are taxable. Thus, legally, you cannot avoid taxes, but you can simplify the tax filing process by using an exchange that offers free exports of all your trading data.

  • Are there reward programs on the exchange? While this isn’t as critical a criterion as others, free money doesn’t hurt. Several exchanges offer referral bonuses or let you earn rewards for quizzes and other activities.

What Are the Other Platforms That I Can Use to Buy and Sell Cryptocurrency?

Apart from exchanges, you can use crypto brokers, Peer-to-peer marketplaces (P2P), and Contract for Differences (CFDs) trading platforms. Some alternative ways to buy cryptocurrency are:

Crypto ATMs:

  • This method is great for buying coins anonymously since no ID verification is required. They work like regular ATMs but provide exchanges for cryptocurrencies instead.

P2P Platforms:

  • These websites connect buyers and sellers. Sellers can posts ads for what their selling, their price, their order size limits, and their accepted payment methods. Buyers can then choose which ad suits them. P2P platforms tend to hold payments in escrow to provide some security. You shouldn’t release your payment from escrow until you receive your crypto, as these platforms can attract scam artists.

Brokers:

  • Using a broker to invest in cryptocurrencies is an excellent method for beginners since they have simple steps for acquiring coins. Brokers often offer derivative products like CFDs, options, and futures. They are also more likely to provide leverage, enabling you to trade with more money than you actually have.

Please note that some countries have banned derivative products. This is because they are highly speculative, and crypto's volatility makes it a risky venture. Examples of countries that have banned crypto derivatives include the US and the UK. Check your country’s regulations to check whether crypto derivatives are allowed.

What Is the Difference Between Cryptocurrency Exchanges and Brokers?

For front-end users, the services offered by crypto brokers and exchanges have become more and more similar in recent years, and the two terms are often used interchangeably. But there is a difference in the way they operate.

Exchanges are platforms that facilitate connections between buyers and sellers. If you place a buy order, it will go into the exchange’s order book where it will be matched with a corresponding sell order. The exchange charges a transparent trading fee for this.

Brokers are middlemen who act as intermediaries between a trader and the market. There isn’t an order book for users to see as the broker takes their order to the market and fills it on their behalf, for which they charge a commission and/or a spread. The spread is the difference between the price a broker charges you for an asset and its price on the market.

Brokers are more likely to offer derivatives such as CFDs or futures contracts. These are instruments that enable you to speculate on the price of an asset without actually owning it. However, a number of crypto exchanges have now started offering derivatives, and there are also brokers that offer actual cryptocurrencies.

What Is a Centralized and Decentralized Exchange?

Centralized Exchange:

  • Centralized exchanges (CEX) are owned by a singular entity that runs the platform. An authority regulates these platforms and issues a license to operate in specific jurisdictions. A centralized exchange works like a stock exchange, connecting investors to participate in various trading activities.

Decentralized Exchange:

  • Decentralized exchanges (DEX) are polar opposites to centralized platforms since no corporation owns them. However, this means they cannot be regulated and rely on the community to ensure their trustworthiness. DEXs require you to connect your crypto wallet to the exchange for trading. Also, decentralized exchanges are built on the blockchain and operated by smart contracts.

Should I Use a Cryptocurrency Exchange?

The best cryptocurrency exchanges provide their users with a great selection of coins, low fees, and multiple investment options. Some of the features that make exchanges good on-ramp platforms for crypto investments include:

  • Integration of different forms of payment

  • You own the underlying crypto asset

  • A variety of cryptocurrencies

  • You can transfer your digital assets to an external wallet

  • Security features such as 2FA

  • Customer support

Consider what aspects are essential for your investment strategy and select a crypto platform that offers the most features. Cryptocurrency exchanges provide a convenient way to buy and sell cryptocurrency. Leading crypto exchanges include eToro, Coinbase, and Binance.

eToro8.7Visitetoro.com

Don’t invest unless you’re prepared to lose all the money you invest.

FAQs

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