When it comes to Bitcoin, there are a few who point to its volatile metrics and accuse the cryptocurrency of being a bubble, and many others look to the future of Bitcoin investment. Be that as it may, cryptocurrencies are on everyone’s lips today.
Looking at their technical and functional analysis, virtual money has historically been a volatile investment in itself and linked to sharp spikes in arbitrage, but having the right platform can make your job easier.
In this analysis and comparison we bring you the best cryptocurrency exchanges on the market.
What is a cryptocurrency exchange?
An exchange is a platform through which cryptocurrencies are exchanged: it is a free market where this type of asset is offered and demanded in exchange for fiat money.
Most crypto trading platforms are usually centralised, and are based on an operation similar to that followed by the stock exchange, such as Wall Street.
In addition, cryptocurrency exchanges have safeguards and regulatory schemes, so as with any other asset, choosing the best time to buy or sell can be the key to success.
How does a cryptocurrency exchange work?
Each cryptocurrency platform is different and, although each is inspired by its own modus operandi, they all follow the same dynamic.
As soon as you register as a user and start trading with virtual money, the next step is to deposit the money into your protected account on the exchange.
In this case, this can be done by bank transfer, credit card or online payment services such as Paypal.
Once the deposit has been made, the user programmes the operation on the cryptocurrency exchange they have chosen and in what amounts of money they want to do it, something that will be registered in their profile.
For example, if we want to sell our Bitcoin portfolio, we can do so at the current market value in dollars, or we can exchange it for shares or other currencies.
Depending on the cryptocurrency broker that we are using, we can use leverage: a loan that the platform itself makes to us so that we can open the position with more money than we have at the time of the operation.
The money that the platform lends you for the operation does not cease to belong to the platform at any time, as it is a loan that you must return when you recover the investment.
You take big risks if you decide to open a position with leverage.
Types of cryptocurrency exchanges
There are so many types of virtual currencies that it is inevitable to classify them according to the exchange through which they can be traded. The most common are the following:
Centralised Exchange
Also known by its acronym CEX. It is probably the most popular as, in addition to buying and selling cryptos, it also offers the possibility of trading different assets and, therefore, at market prices.
See the best brokers to invest
It is up to each trading platform to set its own conditions, although most brokers offer the option of trading with or without leverage.
Its easy access to the cryptocurrency market and its convenience have made the centralised exchange one of the favourite trading wallets for many users.
Decentralised exchange
Also known by the name DEX, it is fundamentally characterised by the fact that there is no intermediary, i.e. the platform itself serves as an encrypted wallet from which the user can operate anonymously.
It is considered by many to be the safest exchange, as its operations are completely transparent.
Cryptocurrency broker
We stop talking about exchanges to focus more specifically on brokers, and here we begin to find some changes in terms of regulation.
A cryptocurrency broker expects the investor to buy or sell directly from the platform. The fee is somewhat higher than at an exchange, as it is the broker’s commission for services rendered.
It is a very valuable option if we want to have the whole buying and selling process taken care of. In some cases, the fees may not compensate for the price of convenience.
1. Coinbase
Coinbase is a cryptocurrency exchange based in San Francisco (United States), although its service is available in some 32 countries.
Moreover, Coinbase is not only a cryptocurrency exchange: it is also known for its wallet functions, with crypto storage and management services in 190 countries.
Coinbase features
Coinbase falls into the category of centralised cryptocurrency platforms: The money and transactions made by its users are regulated by US law.
In addition, it has two types of versions, pro and normal. The normal version was useful for me at the beginning, as I was inexperienced, and the pro version for when I progressed and gained confidence, as the commissions are lower.
The platform itself allows you to see the instant quote for each type of cryptocurrency.
It has a website and an iOS and Android app that are extremely intuitive and accessible.
Another noteworthy point is that it has insurance, so that transactions can be carried out with complete confidence.
Coinbase also includes a wallet for its users, so that by simply registering and logging on to the platform you can start trading with your cryptos, with hardly any technical knowledge.
Opinion of Coinbase, is it safe?
When choosing a wallet for our cryptocurrencies, one of the essential points to which we must pay special attention is security. This is no different and we ask ourselves, is Coinbase secure?
A very outstanding aspect of the platform is being able to deposit funds by transfer without limit, and above all the remarkable fact of knowing that it is regulated by the tax authorities, so I feel safe being within the law.
For the more amateur cryptomaniacs, the training courses offered by the platform are a particularly positive aspect, and they also reward cryptocurrencies in exchange.
This is something that has helped me in my origins to get to know it better and become more familiar with the crypto world, in addition to obtaining some virtual coins.
It is difficult to scratch the disadvantages of Coinbase, because it does not exactly have many. To name a few, the customer service, for the moment, is only in English, something that needs to be improved; the commissions are perhaps a little higher than average.
Details
- Why it’s for you: Ideal for those looking to invest in cryptocurrencies and NFT.
- Broker with presence in over 100 countries, supervised by FinCEN.
- Minimum deposit of €25.
- Commission of 1.49% per trade (higher than average).
- Wide range of cryptocurrencies and NFTs available.
| Pros | Cons |
| One of the easiest and most reliable crypto platforms to use.It has a very good level of liquidity.Offers a wide variety of trading tools. | The commissions are higher than in other exchanges.Support not available in English. |
2. Binance
The cryptocurrency platform Binance is based in Malta, and has more than 100 digital assets in its catalogue.
As of last 2018, it is considered by many to be the best exchange, as it has the highest trading density in the world.
Binance features
If we talk about Binance, it may be the exchange that has grown the most and the fastest since this sector hatched: it was founded in 2017 and today it is one of the most chosen Bitcoin wallet by users around the world.
It has an enviable reputation among its competitors and around the world. In fact, renowned crypto experts recommend Binance as their wallet of choice.
Binance is the platform with the most transactions in the world and in fact has its own cryptocurrency: the Binance Coin.
Binance has perfectly recreated in a single platform options that were historically opposed, managing to combine both worlds for the simplicity and convenience of both: trading and the crypto world.
Trades can be exercised up to the very moment before the expiry date of the offer. It is also possible to settle assets for cash.
Binance’s opinion
It is no coincidence that traders and experts in the crypto world recommend Binance as a reliable wallet, as it has proven to be a very intuitive and secure exchange.
You can sign up in just a few minutes, so quickly that it’s hard to believe you’ve finished the process. Best of all, you can start trading instantly.
In addition, its regulations and protection measures are undoubtedly the main reason why users choose Binance, as it is one of the most reliable wallets in this respect.
As for Binance’s fees, I was very pleasantly surprised that they were so low. So from my own mobile phone, as it has an app, I can make low-cost transactions.
Among other things, it offers rewards and is quite smooth in its operational use, and this is an essential aspect when looking for a wallet for our cryptocurrencies.
But it also has disadvantages, although I would also point out that they are rather few. For example, I would say that it can seem a bit technical at first for beginners, and also the customer service is usually a bit slow as it is solved via email.
Details
- Why is it for you? Recommended for advanced traders looking to save on commissions by investing in cryptocurrencies.
- Regulated by the UK FCA.
- No minimum deposit.
- Commissions between 0.1% and 0.5% for regular trading.
- Allows trading in NFTs and other cryptocurrencies and derivatives.
| Pros | Cons |
| One of the easiest crypto platforms to use.It has a good level of liquidity.Offers a wide variety of trading tools. | Commissions are not always clear.Outside forex and cryptocurrencies, it has a very limited asset diversification.Support not available in English. |
3. Crypto.com
Who doesn’t remember Matt Damon’s famous advert as an astronaut, in which he reminded you that the best place to invest in cryptocurrencies was Crypto.com? This exchange is undoubtedly a great option for investing as it has hundreds of cryptocurrencies available to anyone.
In addition, registration is very simple and it has plans that offer cashback at multiple merchants.
Features of Crypto.com
This well-known American exchange, launched in 2016, has more than 10M users worldwide, and the possibility of investing in more than 80 different cryptocurrencies.
Likewise, one of the main features of Crypto.com is that it offers a series of cards with different benefits, such as cashback in shops and the possibility of paying in cryptocurrencies.
It also has its own token, known as ¨CRO¨, which allows users to enjoy additional benefits.
If we add to all the confidence they have shown their low commissions, we have a pretty good platform to buy cryptocurrencies safely.
Opinion of Crypto.com
In our opinion, Crypto.com offers a good platform to buy and sell cryptocurrencies. While it is not one of our favorite exchanges, we think it is a decent option and should be included in the list.
Details
- Regulated by CySEC Cyprus, UK FCA, French DASP
- No minimum deposit
- No commissions for deposits via wire transfers
- Allows trading of cryptocurrencies
| Pros | Cons |
| Free debit cardUp to 5% cashbackStaking and access to instant credits | No desktop versionNot many tutorials and support sourcesSomewhat slow customer support |
4. Kraken
In this ranking, Kraken is probably one of the oldest Bitcoin wallets, having been created in 2011 in the United States.
In 2020, the Kraken exchange expanded its demand to 48 states in its home country, with just a few states left to be available in all of them.
Kraken features
Kraken is a cryptocurrency exchange that has several essential features that are essential and have undoubtedly led it to be so highly valued today.
One of its strengths is its strong security framework, both in terms of cryptocurrency storage and the exchange platform.
In addition, Kraken allows you to buy assets in just a few steps, so it is very easy to trade and its fees are as low as 0%.
Account opening and customer service are very intuitive, so the user experience is quite simple even for those who are not so familiar with the crypto world.
Another great tentacle of Kraken is that it supports the vast majority of virtual currencies, and transfers can be made through it as well as fiat money.
Kraken review
Kraken’s conditions are one of the most transparent in the industry: not only in terms of security, but also its low costs give a great deal of confidence in this exchange.
Kraken’s focus is mainly on long-term investments, but it also offers competitive liquidity in the short term, although it is not the tightest on the market.
The least positive aspects of the platform are the few payment and withdrawal systems it offers, and that its support service is mainly in English.
Details
- Why is it for you? It may be for you if you are looking for a diversified investment between cryptocurrencies, forex and futures with or without margin.
- Regulated by FinCEN.
- No minimum deposit
- Trading commissions of up to 0.26%.
- Trades cryptocurrencies, forex, CFDs and indices.
| Pros | Cons |
| Wide range of crypto-assets.MT4 and MT5 platforms.Accommodates different levels of experience. | High commissions compared to competitors.App not available for android.Does not support bank card deposits. |
5. eToro Wallet
The eToro exchange is a broker, which is all the more reason for it to be one of our favourite options in the TOP.
eToro has offices in China, Cyprus, Israel and the UK.
eToro Wallet Features
As one of the most internationally known cryptocurrency exchanges, eToro trades financial instruments that not only include cash, but also allows you to invest in stocks and currencies.
It offers a special character in the way it trades: It posts the activities of its most experienced customers on the platform, so that newcomers can learn from them and gradually build up their trading skills.
Payments with eToro are secure, and can be made using a credit card or online tools such as PayPal for added convenience.
Also, it has a highly efficient technical support system, which solves users’ problems in real time.
User privacy is a value that eToro takes care of, as no personal information is shared, as well as security to protect funds.
eToro review – The best broker to buy Bitcoin
The reasons that have led us to place eToro in the TOP 1 of our ranking as the best broker to buy bitcoins are not few, but we start with the fact that it waives commissions if you invest in stocks.
A very significant option of this cryptocurrency broker is that you can create a completely free demo account, to operate without taking any risk and get familiar with the application.
This is very useful for less experienced traders.
In addition, you can follow the open positions of more experienced traders and the actions of those who have the longest track record in order to learn from them and their investment strategy.
Finally, it should be noted that its platform is intuitive and is ideal for new users to learn.
To comment on a disadvantage, it is true that the transfers carry associated commissions, and also say that there are many non-professional users, so you have to investigate well which user is followed and which is not.
Details
- Why is it for you? It’s for you if you are looking for an easy to use, intuitive and secure platform.
- You can buy shares without commissions
- Offers a completely free and unlimited demo account.
- Specialises in social trading.
| Pros | Cons |
| Wide range of assets.Unlimited free demo account.Allows trading with or without leverage. | Higher commissions than the competition.Euro accounts cannot be set up.5$ withdrawal fee. |
6. Bitpanda
Bitpanda is an ideal trading platform for beginners, as its many features include the ability to trade more than 50 cryptocurrency pairs both from the smartphone app and from TradingView, in our web browser.
Bitpanda features
For the purists, putting Bitpanda in this TOP may be unethical. But the truth is that this fintech deserved a recognised position not only for the possibilities it offers in crypto trading, but also for its functionalities as a whole.
One of Bitpanda’s clearly differentiating features is that, in addition to allowing us to buy and sell cryptocurrencies and all kinds of assets, we can open a current account without commissions to be used even as a main account.
Yes, just as you read it: Bitpanda is not simply an exhange. It is much more.
Its fees for cryptocurrency trading are 1.49%, and vary depending on the asset you trade, so if you are interested in investing with the platform I recommend you take a look at the full article where we analyse in detail how it works.
As for its security, we can say that it is undoubtedly one of the most valued aspects of Bitpanda, and a unique feature of the platform is that it has vaults in Switzerland in which it protects some of its assets.
Its special attention to security assurance is one of the main hallmarks of Bitpanda, which always displays its prices and the platform’s internal processes in a transparent manner.
But what really makes Bitpanda stand out as an exchange platform, beyond its reinforcement in terms of security and accessibility, is its free debit card: included when we open our account, we will have a card with which we can make debit payments linked to our asset wallet.
Yes, we will be able to pay at any cryptocurrency merchant (or any other currency, if we are investing in it) and we will also get 2% cashback. Bitpanda’s account has it all…
Bitpanda’s opinion, is it worth it?
Bitpanda is a young platform and at the same time, with more evolution in terms of security. It is worthwhile for both advanced traders and beginners: because of the multifunctionality of its application, its simplicity, its transparency and, of course, the great variety of virtual currencies it offers.
Honestly, the commissions are very low, almost zero, and on their website you can find out in real time and with total transparency what you are going to pay for each operation.
As a disadvantage, I would mention the commissions I find in other products not directly related to their exchange, such as the Bitpanda card and their savings deposit, but we have come here to buy cryptos, so… Nothing to complain about.
Details
- Why is it for you? It’s for you if you’re looking to invest in cryptocurrencies alongside other assets such as equities and ETFs.
- Regulated by the CNMV, FCA and BaFin.
- Minimum deposit of €25.
- Commission of 1.49% for buying and selling cryptocurrencies.
- Allows trading in cryptocurrencies, equities, ETFs and precious metals.
| Pros | Cons |
| Simple and intuitive interface.Operates 24 hours a day.Easy opening process. | Impossible to trade with leverage.Commissions are not entirely clear.Limited range of assets. |
7. Naga Trader
Naga was born in 2015 and it is only recently that it has begun to stand out and make a place for itself among the thousands of traders who have already chosen it as a trusted exchange and wallet to trade in its more than 11 cryptos available. Let’s see how it works.
Features of Naga Trader
This trader based in the European Union operates as a broker of different types of assets: both cryptos and fiat currencies and CFDs, adding up to more than 700 instruments available.
In terms of customer support, Naga has one of the most highly rated support services: available 24 hours a day to resolve any kind of queries.
Another point in Naga’s favour is its registration process, which is simple and quick, allowing you to open your account and start trading your cryptocurrencies in the blink of an eye.
Finally, Naga is a Social Trading platform, ideal even for those less experienced: you can copy the operations of the most experts: copy both their operations and their profits (and their losses).
Naga Trader’s opinion
One of the most outstanding aspects of Naga is the high quality of its support service and its commitment to the safety of its users. In a very short time, any doubts or problems were solved without any objection.
Also, the fact of being able to buy the main types of different cryptocurrencies, and even other types of instruments, to operate in different ways.
Among the disadvantages I have to mention that I would have liked to find more types of cryptos, as other platforms already offer. However, I think this is a disadvantage that is overcome by the many advantages offered by this exchange.
Details
- Why is it for you? Ideal for novice investors interested in CFDs.
- CySEC supervised broker.
- 250 minimum deposit.
- Commissions per trade between €0.99 and €2.50 or 0.1% depending on the asset.
- Greater variety of financial products than the competition: shares, ETFs, investment funds, CFDs, Forex, cryptocurrencies, commodities and indices.
| Pros | Cons |
| Allows trading of cryptocurrencies.You can create a demo account.Social trading features. | Less asset diversification compared to competitors.Impossible to change leverage on CFDs.Withdrawal fee applies. |
8. Poloniex
Poloniex is also in our TOP Best Exchanges. It was founded in 2014 and belongs to the US tech company Circle, which bought it in 2018 for $400 million.
Features of Poloniex
On this platform for exchanging cryptocurrencies there are a total of about 40 different classes. This makes it move on more than 100 markets around the world.
It is regulated by US legislation and commissions are 0.09% for both makers and takers.
Like others, it does not accept fiat money, so cryptocurrencies must be deposited directly to start trading.
It has a website and an app available for Android and iOS.
In terms of security, it has opted for cold storage to protect its users’ money from hackers.
The customer support seems to be quite operational, as by filling out a simple form, problems can be solved.
Poloniex review
One of the most important advantages of Poloniex is that I found it very successful for traders, as I was able to use very good trading tools, such as leveraged trading.
Also, I was able to buy and sell less common cryptocurrencies, which are harder to find on the competition.
The registration took very little time and went very smoothly and securely, so I was able to trade quickly.
Among the things that are not good are the aforementioned inability to enter fiat money and also that it has suffered major thefts, but it has managed to recover from them in a good way.
9. Cex.io
Cex.io was founded in 2013 in London (UK), and is considered another of the best exchanges for buying and selling cryptocurrencies due to its ability to make withdrawals to credit cards.
Features of Cex.io
The most prominent feature is the aforementioned, you can pay with credit cards such as Visa, Mastercard or by bank transfer, which streamlines everything.
The security is quite strong due to its cold storage and data encryption. In addition, the support is comprehensive, encompassing email, mobile phone and 24-hour chat.
Cex.io’s commissions are among the most competitive in the market. It has more than three million registrations, is in 99% of the countries and boasts that it has not lost any of its clients’ funds.
Opinion of Cex.io
What I liked the most was the ease of trading in different currencies, which are euros, dollars and Russian roubles. I was able to add my money directly from my credit card.
I was not charged any commission for the deposit and when it comes to withdrawals the commission is low, usually between 0.5% and 2%.
The platform is always online and in customer service I was treated well and all my doubts were solved.
On the downside, I could perhaps point out that cash withdrawals are not available and that when I have sold bitcoins the commissions are a bit high.
Conclusions, which is the safest exchange?
Do you want to know which broker is the best for you to invest in cryptocurrencies?
See the best brokers to invest in cryptocurrencies
It is clear that all the cryptocurrency exchanges in our TOP start from the same base, but each one has different characteristics that will adapt more or less to each investor.
If you are looking for a complete and focused trading experience, the best place to go is eToro, which specialises in offering the largest number of assets of all the exchanges on the list.
Perhaps you are looking to buy virtual money by paying directly with your currency, and not having to deposit cryptocurrencies directly.
If you are looking for a complete exchange, with very low commissions and high reliability, then we recommend Bitvavo.
But there are other very good options, because if you have just started in the crypto world and want to train while you gain experience, both Bit2Me and Coinbase can offer academies and training, something very useful to learn while you invest in cryptocurrencies.
Binance is another great option that cannot go unnoticed: an ideal platform for both experts and beginners, with a portfolio of multiple cryptocurrencies, as well as the possibility of staking or investing in cryptocurrency derivatives, something that few exchanges can offer.
At the end of the day, each and every one of the options in the ranking has great advantages against their few shortcomings, and that is why they have earned their well-deserved position in this ranking of Best Cryptocurrency Exchanges.
