9 Best Crypto Exchanges in 2023

	Trade Now	Trade Now	Trade Now	Trade Now
Name	Binance	KuCoin	Kraken	Coinbase
Trading fees	0.1% for makers and takers	0.1% for makers and takers	0.16% for makers, 0.26% for takers	0.60% for takers and 0.40% for makers
Best Pick	Best exchange overall	Best for altcoin trading	Best for security	Best for beginners
Strengths	Best liquidity Expansive suite of features Competitive fee structure Debit card with crypto cashback	Lists more than 700 coins Competitive fee structure Lending and other yield products	Strong track record on safety Great customer support Fiat currency pairs	Good user experience for beginners Intuitive mobile app Strong track record on safety
Bonuses	Up to $100	Up to $500	Not available	Up to $25

Our Picks for Best Crypto Exchanges

If you want to buy or sell cryptocurrency, you’ll need to use a cryptocurrency exchange. However, there’s hundreds of different exchanges competing for customers, and it can be difficult to choose the best one for you. We’ll help you narrow down your search by highlighting the best cryptocurrency exchanges on the market today, and outlining the strengths and weaknesses of each.

We selected the best crypto exchanges based on various criteria, including trading fees, track record, security, the number of cryptocurrencies offered for trading, and variety of trading products. We’ll discuss each of these criteria in more detail a bit later. For now, let’s get going with our list of the best crypto exchanges.

Binance – The best crypto exchange overall

Binance has established itself as the biggest cryptocurrency exchange in the world, leading the market in terms of both trading volume and user count. 

Why did we choose Binance?

The reason why we’ve selected Binance as the best crypto exchange overall is due to its highly competitive fees, large selection of cryptocurrencies and its diverse offering of trading products and features, which makes it suitable for any type of cryptocurrency investor and trader.

On Binance, you can trade hundreds of different cryptocurrencies through spot trading, leveraged futures or simple swaps. The huge amount of cryptocurrencies that can be traded with leverage on Binance makes it one of the best crypto margin trading platforms on the market. The exchange also offers products like lending and staking, which allow users to earn yield on their idle crypto assets.

While Binance is arguably the best platform to invest in crypto, users should note that Binance is not open to customers from the United States. If you’re from the United States, you can check out Binance.US, but it doesn’t have as many features and lists fewer cryptocurrencies.

• Trading fees: Base fee is 0.1% for both makers and takers, BNB token holders benefit from lower fees
• Supported cryptocurrencies: More than 500 cryptocurrencies

KuCoin – Best for altcoin trading

KuCoin is a cryptocurrency exchange platform launched in 2017. The exchange is best known for listing many different cryptocurrencies, including low market cap coins that are difficult to find on other major exchanges. 

Why did we choose KuCoin?

The exchange offers more than 700 different cryptocurrencies for trading. However, KuCoin is more than just an exchange for trading low market cap altcoins. The exchange also offers crypto futures trading, crypto lending, margin trading, NFTs and other products. The exchange has recently introduced a “Beginner Zone”, which is meant to help onboard new users into crypto and provide crypto rewards along the way.

KuCoin has become one of the biggest cryptocurrency exchanges by trading volume, and is a solid option for users that want an all-around crypto exchange. However, users should keep in mind that KuCoin is not licensed to operate in the United States.

• Trading fees: Base fee is 0.1% for makers and takers, KCS holders benefit from reduced fees
• Supported cryptocurrencies: More than 700 cryptocurrencies

Kraken – Best for security

The Kraken cryptocurrency exchange is an industry pioneer, as it has been operating since 2013. 

Why did we choose Kraken?

What’s even more impressive is the fact that in its decade of operation, the exchange has maintained a great track record on security, as the exchange’s wallets have never been compromised. Kraken is likely one of the safest crypto exchanges today, and gives users access to security features including 2 factor authentication and other options.

Kraken also offers a solid selection of cryptocurrencies, although it doesn’t list quite as many coins as rivals like Binance and KuCoin. However, you’ll still likely be able to find the coins you want to buy on Kraken, as long as you’re not interested in cryptocurrencies with a very low market cap. 

Kraken is one of the best Bitcoin exchanges because it allows users to trade BTC and other cryptocurrencies directly against fiat currencies. This simplifies the process of investing in crypto and then cashing out when the time is right.

• Trading fees: Base fees are 0.16% for makers, 0.26% for takers. Traders with higher volumes benefit from lower fees.
• Supported cryptocurrencies: Over 200 cryptocurrencies

Coinbase – Best for beginners

Coinbase is one of the leading cryptocurrency exchanges, and has been operating successfully since its launch in 2012. 

Why did we choose Coinbase?

Coinbase has a very good track record on security, as the exchange’s wallets have never been hacked. Coinbase is a publicly-traded company in the United States, so there’s more transparency about its operations compared to privately held exchanges.

Coinbase is popular as a way for users to on-board onto crypto, as it makes it easy to deposit money from a bank account with a wire transfer or use a card to buy cryptocurrency. This makes Coinbase one of the best cryptocurrency exchanges for beginners. The exchange offers several fiat currency-denominated trading pairs, so you can trade digital assets directly against currencies like USD and EUR. 

An interesting feature of Coinbase is that users can earn small amounts of crypto through watching and reading educational materials about different cryptocurrencies. Overall, Coinbase is likely the best crypto exchange for USA users.  

• Trading fees: Base fees are 0.60% for takers and 0.40% for makers, users with higher trading volume benefit from lower fees.
• Supported cryptocurrencies: More than 200 cryptocurrencies

OKX – Best alternative to Binance

OKX is one of the biggest crypto trading platforms on the market, regularly ranking among the top 5 exchanges by trading volume.

Why did we choose OKX?

OKX provides a full suite of features for crypto investors and traders, and lists a very large number of different cryptocurrencies. 

OKX has built out their platform to cater to all types of crypto investors and traders. This includes newcomers, web3 enthusiasts and traders that require professional-grade trading features. Users can trade with crypto on OKX through spot markets, margin trading, crypto futures, crypto options and other products. The exchange also offers staking and lending products for users that want to earn yield on their crypto.

An interesting feature of OKX is that it features a dashboard and app that helps users interact with decentralized finance (DeFi) protocols on various blockchains. 

• Trading fees: Base fees are 0.08% for makers and 0.1% for takers, users with higher volume can access lower fees.
• Supported cryptocurrencies: More than 300 cryptocurrencies

Bybit – Best for crypto derivatives

Bybit is a cryptocurrency exchange that was launched in 2018 with a focus on offering cryptocurrency derivatives products such as futures. However, the exchange has expanded its offering in the following years, and is now an one of the top crypto exchanges for all kinds of investors and traders.

Why did we choose Bybit?

In addition to crypto futures contracts, Bybit also offers spot cryptocurrency trading, margin trading, leveraged tokens and other trading products. An interesting aspect of Bybit is the Bybit Launchpad, where users can buy tokens from up-and-coming crypto projects. The exchange also has copy trading features, allowing users to automatically copy the trades made by top-performing traders.

• Trading fees: Base fees are 0.10% for both makers and takers, users in the Bybit VIP loyalty program benefit from lower fees.
• Supported cryptocurrencies: More than 150 cryptocurrencies

The best decentralized crypto exchanges

Uniswap – Best DEX for token swaps

Uniswap set the standard for decentralized cryptocurrency exchanges, and continues to dominate the DeFi sector in terms of trading volume.

Why did we choose Uniswap?

The Uniswap protocol provides a simple, yet powerful way of swapping between different tokens directly on the blockchain without the need for any intermediaries. There’s no need to open an account or provide personal information, as Uniswap functions entirely through smart contracts on the blockchain. Uniswap facilitates token swaps through liquidity pools, where users can deposit tokens and earn a portion of the fees collected by the pool.

When making a token swap through Uniswap, you approve the transaction with your own wallet. There’s no need to deposit your tokens anywhere or trust anyone to take care of your tokens. Uniswap, which functions entirely through smart contracts, was initially launched on the Ethereum blockchain but is now also available on other platforms such as Optimism, Arbitrum and Polygon.

One of the biggest benefits of Uniswap is that any ERC-20 token can be made available for token swaps. If you’re trying to get your hands on promising tokens before they are listed on centralized exchanges, you’ll likely find them on Uniswap.

• Fees: Uniswap has a fee of 0.05%, 0.30% or 1%, depending on the liquidity pool. Users also have to pay gas fees required by their blockchain network
• Supported cryptocurrencies: Any ERC-20 token can be listed on Uniswap

GMX – Best DEX for leveraged trading

GMX is a relatively unique platform, as it’s a decentralized exchange that specializes in derivatives and leverage trading. 

Why did we choose GMX?

When talking about decentralized exchanges, most people think of protocols like Uniswap, which facilitate simple token swaps. GMX takes things up a notch and allows users to go either long or short and access leverage of up to 50x.

GMX is deployed on Arbitrum, a layer 2 platform on top of the Ethereum blockchain. Because of this, users can benefit from much lower fees and faster transactions, compared to using decentralized exchanges on the Ethereum mainnet. GMX is also available on the Avalanche blockchain.

The main downside of GMX is that it only offers a limited number of cryptocurrencies for trading. However, it does offer a very smooth user experience which is a rarity when it comes to decentralized platforms for trading derivatives.

• Fees: 0.1% of the position size, users also have to pay gas fees on the blockchain they’re using
• Supported cryptocurrencies: Less than 10 supported cryptocurrencies

PancakeSwap – Best DEX for BNB Chain ecosystem

PancakeSwap is a DeFi platform built on the BNB Chain blockchain platform. The platform’s best known functionality is its AMM (automated market maker), which is the most popular and liquid decentralized exchange in the BNB Chain ecosystem.

Why did we choose PancakeSwap?

BNB Chain is one of the most active blockchain platforms on the market today thanks to its low fees and fast transaction times. It also has plenty of support from the Binance cryptocurrency exchange, which certainly doesn’t hurt its chances for success. PancakeSwap is an obvious choice for BNB Chain users that want to engage in DeFi — at the time of writing, the PancakeSwap AMM has a TVL of $1.039 billion, which makes it the 14th largest DeFi protocol overall. 

The PancakeSwap platform is powered by the CAKE token, which can be staked to earn free tokens in “Syrup Pools”. PancakeSwap users can also stake their liquidity provider tokens to earn CAKE. Holders of CAKE can also make proposals to improve the PancakeSwap ecosystem and vote on proposals created by other users.

PancakeSwap has also been expanding to other blockchains platforms, including a host of EVM-compatible blockchains, as well as Aptos. 

What did we look for when choosing the best crypto exchanges?

There’s many factors that need to be considered when evaluating a cryptocurrency exchange. Here’s what we paid attention to when choosing which platforms to feature as the best cryptocurrency exchanges.

• Longevity – We put a premium on exchanges that have been in business for an extended period of time. Please note that this is relative, since cryptocurrency has only been around since 2009. A crypto exchange that has been operating for 5 years or longer can be considered well established in the context of the crypto market.
• Trading fees – Exchanges with lower trading fees make it possible for users to keep more of their trading profits. In addition to trading fees, we also considered deposit and withdrawal fees.
• Trading features – Some exchanges only offer spot markets, while others also provide leveraged trading through margin trading, futures, options and other instruments. Exchanges with a diverse set of trading features were considered more favorably.
• Security – Security is a key factor when evaluating any cryptocurrency exchange. We considered each exchange’s track record on security. For exchanges who did suffer hacks in the past, we evaluated whether they compensated affected users in a timely manner. Another factor related to an exchange’s security is the level of transparency regarding its reserves.
• Documentation – High quality cryptocurrency exchanges have extensive documentation and other resources that explain their fee structure and products clearly. Users should be able to make an informed decision when putting any of their funds at risk in a trading or investment product.
• Additional products – Some exchanges stick to basic crypto trading functionality, while others also offer additional products like lending, staking and NFT marketplaces. 
• Availability – Most exchanges are only available in a limited number of jurisdictions. We evaluated exchanges with broad availability more favorably.
• User experience – Good cryptocurrency exchanges make the process of buying and selling cryptocurrency as simple as possible, while still giving advanced users access to more detailed options.

Choosing the crypto exchange that’s right for you

Ultimately, the cryptocurrency exchange that’s best for you will depend on your specific needs. 

Trading fees are especially important for active traders. If you plan to engage in crypto day trading, consider choosing exchanges that offer low trading fees. If you’re generating a lot of trading volume, fees can quickly pile up and eat into your profits, so you want to choose an exchange with a competitive fee structure. On the other hand, if you plan to just buy and hold cryptocurrency, you should probably give more weight to other factors such as dependability and security.

If you have low risk tolerance, you probably shouldn’t be trading with leverage. In this case, you can choose an exchange that doesn’t have advanced trading features like margin trading and futures, but excels in some other areas that are important to you.

If you plan to keep your cryptocurrency on the exchange for an extended period of time, the exchange’s track record on security is of the utmost importance. In this case, you might want to avoid exchanges that have suffered security breaches in the past. If you’re a long-term crypto investor, it’s worth considering withdrawing your crypto to a wallet that’s fully under your control, preferably a hardware wallet.

Another important factor to consider when choosing a crypto exchange is fiat currency support. For example, if you reside in the European Union, you will most likely want to choose an exchange that allows you to deposit money to your account via a SEPA transfer. Not all exchanges allow you to directly deposit or withdraw currencies like USD and EUR. Some crypto exchanges exclusively offer crypto-to-crypto trading.

When deciding which exchange to use, it’s helpful to ask yourself the following questions so that you can have a clear list of requirements for an exchange to meet:

• How am I going to fund my account? Will I use a credit card, bank deposit, or cryptocurrency?
• Am I only interested in Bitcoin, Ethereum and other big cryptocurrencies or do I also want to trade smaller cryptocurrencies?
• Am I going to buy and hold or am I going to trade actively?
• Do I just want to trade on spot markets or will I also be trading futures?
• Am I planning to use the exchange on a desktop, mobile device or both?

What is the difference between centralized and decentralized crypto exchanges?

While centralized exchanges are still the dominant force in the crypto markets, decentralized exchanges are beginning to make a strong case for themselves. 

A centralized cryptocurrency exchange is a business that offers cryptocurrency trading services to customers. Users have to deposit their crypto to a cryptocurrency wallet owned and managed by the exchange before they can start trading. The main benefits of centralized exchanges are convenience and low cost.

This is because all the trades are actually happening on the exchange’s own servers, and not directly on the blockchain. For example, when you sell your BTC on Binance, the BTC doesn’t actually change ownership on the blockchain. Binance simply deducts the BTC balance from your account and allocates it to another user. A transaction on the blockchain only happens when a user requests to withdraw their coins to their own wallet. Such a setup allows trades to happen very quickly and at a low cost.

Meanwhile, decentralized cryptocurrency exchanges work in a completely different way. They work through smart contracts on a blockchain such as Ethereum. Most decentralized exchanges are based on the automated market maker (AMM) model, but some of them implement an order book system that’s similar to how buy and sell orders are matched on centralized exchanges. All of the transactions facilitated by a decentralized exchange happen directly on the blockchain.

The bottom line – These are the best crypto exchanges in 2023

Whatever your goals with trading cryptocurrencies may be, there’s probably a crypto exchange that will satisfy your needs. Here’s our roundup of the best crypto exchanges for every type of user:

• Binance – The best crypto exchange overall, high liquidity and a large selection of features
• KuCoin – The best exchange for altcoin traders, lists more than 700 different coins
• Kraken – The best exchange for security, long track record of keeping customer assets safe
• Coinbase – The best exchange for beginners, also has a stellar track record on security
• OKX – The best alternative to Binance, impressive selection of features
• Bybit – The best exchange for crypto derivatives traders, expanding set of features
• Uniswap – The best DEX for token swaps, users can trade from their own wallet
• GMX – The best DEX for derivatives, offers high leverage

Now that you’ve hopefully found the cryptocurrency exchange that’s right for you, it’s time to decide which cryptocurrencies to buy. Our list of the best cryptocurrencies to buy in 2023 is a great point to start exploring the most promising cryptocurrencies at the moment.