Changelly
Fees
Exchange fee: 0.25%
Buy & Sell fee: 4%
Changelly.com is an established crypto exchange offering an immense range of assets at some of the lowest crypto trading fees. Users can buy, sell, and exchange over 580 cryptocurrencies on Changelly.
It is a security-first exchange that doesn’t collect personal information. Changelly doesn’t store users’ assets on its platform either. Your coins instantly go to your non-custodial crypto wallet, which is convenient for investors using Trust Wallet and MetaMask.
This way, you can also bypass withdrawal fees typically occurring on other exchanges. As a result, Changelly is a crypto exchange with the lowest fees for trading.
Additionally, this platform offers a DeFi exchange where users can buy & sell over 3,000 tokens. Lastly, the Changelly app and exchange don’t require KYC verification for trading, so it’s the best platform to trade crypto anonymously.
Pros:
- Some of the lowest exchange fees
- A vast range of cryptocurrencies
- DeFi exchange
- Instant transactions
- Responsive customer support
- Simple crypto management process
Cons:
- Exchange services are not available in the US
- Buy and sell transactions require payment processor KYC
Kraken
Fees
Trading fee: (Maker: 0.16% / Taker: 0.26%)
Crypto deposit fee: 0%
Buy crypto fee: 3.75% + €0.25
Withdrawal fee: Varies
Kraken.com is one of the oldest crypto exchanges and one of the top crypto exchanges by volume. It is the best platform to buy crypto with the lowest fees if you are a beginner or prefer traditional cryptocurrency trading. You can buy, sell, and exchange over 220 cryptocurrencies on Kraken.
You can trade over 600 cryptocurrency pairs at 0.16% – 0.26% of the transaction. Kraken supports many trading options, including spot, margin, futures, NFT trading, and cryptocurrency staking rewards of up to 25% APY. Experienced traders and crypto users will find the Kraken crypto exchange extremely helpful.
The Kraken app and web version have industry-leading security measures, including advanced data encryption, two-factor authentication, and KYC implementation.
Pros:
- Extensive cryptocurrency choice
- Advanced functionality for spot, margin, and futures trading
- Many educational materials
- Top-notch security
Cons:
- Not available in all US states
- Staking is not available for US users
- Mandatory KYC
CEX.IO
Fees
Trading fee: 0.25%
Buy & sell fee: 3.99%
Withdrawal fee: 3.99%
CEX.IO is a cryptocurrency exchange initially developed as a Bitcoin mining provider in 2013. You can buy, sell, and exchange over 200 cryptocurrencies. CEX.IO trading fees are 0.25% at maximum, but it charges up to 4% for buys, sells, and withdrawals.
This exchange features many crypto services, including deep liquidity trading, staking, crypto-backed loans, crypto wallet, and debit card. CEX.IO is a regulated exchange that prioritizes customer security. Users should complete ID verification upon registration.
Pros:
- Regulated and secure
- A vast range of crypto services
- User-friendly design
Cons:
- Frequent ID checks
- Several features are unavailable for US users
- High withdrawal fees
Coinbase
Fees
Trading fee: (Maker: 0% – 0.4% / Taker: 0.05% – 0.6%)
Deposit fee: 0% – 10 USD
Withdrawal fee: 0% – 25 USD
Coinbase is one of the top cryptocurrency exchanges for Americans. You can buy & sell over 10,000 cryptocurrencies and tokens at very modest fees. Coinbase offers a lot of services besides a traditional crypto exchange.
You can use an advanced trading platform and an NFT marketplace, store your cryptos in the Coinbase wallet app, get crypto loans, obtain a crypto debit card, and earn staking rewards.
Therefore, Coinbase might be your best pick if you aim for an all-in-one crypto service. It also applies leading security measures, like two-factor authentication, advanced data encryption protocols, and cold crypto storage.
Pros:
- Top-notch security
- Over 10,000 listed cryptocurrencies
- Many crypto services
Cons:
- High fees for card transactions and staking
- Customer service only for registered users
Binance
Fees
Trading fee: 0.01% – 0.075%
Cryptot deposit fee: 0%
Fiat deposit fee: 0.65% – 2%
Crypto withdrawal fee: 0% – varies
Fiat withdrawal fee: 0% – 1.9%
Binance is one of the top crypto exchanges in the world. It is the largest crypto exchange, with over $7 billion in trading volume and 128 million registered users.
Binance is known for some of the lowest trading fees on the market, especially for using its native BNB token. It is one of the best crypto exchanges for day trading. Binance offers many services, including P2P trading, trading bots, crypto staking, crypto loans, NFT trading, and asset management solutions.
Binance is one of the safest crypto exchanges. It applies 2FA, malware scanning, 256-bit encryption, and other robust security features. This platform requires KYC verification to exclude illegal activities and comply with global regulations.
Pros:
- Lowest fee crypto exchange
- Many passive income services
- Top-notch security and customer service
Cons:
- Binance US offers limited features
- Clunky interface
- Legal proceedings in several countries
eTORO
eToro is a social trading platform that doubles as a cryptocurrency exchange, founded in 2007 and headquartered in Central Israel. eToro is the best cryptocurrency trading platform for beginners. It offers copy trading, allowing you to mirror the top traders’ trading moves and watch their portfolios.
eToro provides many educational materials, including coin research analysis, virtual trading, and crypto trading courses.
This platform complies with industry-leading security standards, offering two-factor authentication, advanced data encryption, and other security options. eTORO users can unlock higher deposit limits and access advanced features by completing KYC verification.
Pros:
- Many educational tools for beginners
- Low buy & sell fee
- Friendly design
Cons:
- Unavailable in American Samoa, Guam, Hawaii, Minnesota, Nevada, New York, Puerto Rico, and US Virgin Islands
- Limited cryptocurrency choice
- Frequent customer support availability issues
Bybit
Fees
Spot trading fee: (Maker: 0.10% / Taker: 0.10%)
Derivatives trading fee: (Maker: 0.01% / Taker: 0.06%)
Fiat & crypto deposit fee: 0%
Withdrawal fee: starting at 3 USD
Bybit is a cryptocurrency derivatives exchange founded in 2018 and headquartered in Singapore. Bybit offers an impressive range of cryptocurrencies. You can buy, sell, and trade over 770 cryptos. It’s the best platform to buy cryptocurrency with a 0% fiat deposit fee. Bybit fees for withdrawals are also small, starting at 3 USD only.
Bybit is the best crypto trading platform for advanced traders who prefer high-leverage strategies. Bybit is well known for advanced crypto derivatives trading tools, such as perpetual contracts, USDC contracts, USDC options, inverse contracts, copy trading, and demo trading.
Bybit Exchange also offers a trading bot, leaderboard, and tools discovery system that learns from your trading experience and recommends tools based on your trading style.
Bybit is a security-by-design exchange that offers triple-level account access protection and stores user funds in cold wallets. It uses an encrypted connection and monitors its systems for cyber threats 24/7.
Pros:
- Many options for experienced traders
- Low fees
- Friendly design
- Risk-free demo trading environment
- Advanced trading tools
- Up to 100x leverage
Cons:
- Not available in the US
- Few classic trading options
BitMEX
Fees
Trading fee: (Maker: 0.025% / Taker: 0.075%)
BitMEX is a P2P deep liquidity crypto derivatives exchange for professional traders. BitMEX offers 50+ cryptocurrencies for trading.
BitMEX Exchange features favorable XBTUSD contracts with 100x leverage for individual and institutional investors. BitMEX applies leading data security features, using advanced encryption, storing user funds in cold wallets, and implementing KYC verification procedures.
BiMEX had a shady reputation in the past. These days, however, BitMEX aims to become the world’s leading crypto derivatives exchange with low fees and beneficial contracts.
Pros:
- Dedicated to professional derivatives trading
- Deel liquidity for BTC perpetual contracts
- Very high leverage and low fees
Cons:
- BitMEX USA is not available as the exchange is not regulated in the US
- Small choice of cryptocurrencies
- No fiat-crypto purchases
Gemini
Fees
Trading fee: ~ 0.99% – 1.49%
Fiat deposit fee: 0% – 3.49%
Fiat withdrawal fee: 0% – 25 USD
Crypto deposit fee: 0%
Crypto withdrawal fee: Varies
Gemini is one of the best exchanges for beginners, founded in 2014 and headquartered in New York. It offers a wide range of cryptos and services. You can buy & sell, exchange, and trade over 80 cryptos on the platform. Gemini features a very intuitive, beginner-friendly interface and easy navigation.
Gemini offers a secure wallet, cold crypto storage, cryptocurrency exchange, crypto derivatives exchange, and an advanced trading platform.
Gemini is a regulated exchange that requires KYC verification for security and crime prevention. It uses industry-leading security measures, like multi-factor authentication, 24/7 virus scanning, and cold storage.
Pros:
- The best crypto platform for US traders, available in all states
- Beginner-friendly design
- Wide selection of cryptocurrencies
Cons:
- Specific fees are comparatively high
Kucoin
Fees
Trading fee: (Maker: 0.02% / Taker: 0.06%)
Deposit fee: 0%
Withdrawal fee: Varies
Kucoin is an international exchange founded in 2017 and headquartered in Seychelles. Kucoin is a reputable exchange with over 1,500 trading pairs, appreciated by advanced traders worldwide. It is the best crypto trading app for rare assets. It lists many cryptos that you don’t find on other crypto exchanges.
Like other leading exchanges, Kucoin offers a multifaceted trading experience. Kucoin users benefit from margin, spot, and derivatives trading tools and passive income services like savings accounts, staking, and mining pools.
Kucoin requires KYC for unlimited trading experience and applies leading security measures. However, it is not licensed in the United States.
Pros:
- Low trading fees
- A wide array of cryptocurrencies
- Many passive income opportunities
- Up to 100x leverage on crypto derivatives
Cons:
- Not licensed in the US
- Some users experience withdrawal issues
What is a Cryptocurrency Exchange?
A cryptocurrency exchange is an online platform to buy, sell, or exchange cryptocurrencies like Bitcoin, Ethereum, Tether, or BNB.
Cryptocurrency exchange also works as a broker where you can trade cryptocurrencies. It allows you to place orders to buy, sell, and exchange crypto assets to benefit from volatile cryptocurrency prices.
Also, crypto exchanges provide passive income tools, including staking pools, savings accounts, and loans. You can do the following on cryptocurrency exchanges:
Buy, sell, exchange, and trade cryptocurrencies
Hold cryptocurrencies to earn passive income
Earn money with reward programs
Lend and borrow crypto assets
What are the Types of Cryptocurrency Exchanges?
There are centralized and decentralized cryptocurrency exchanges.
Centralized Cryptocurrency Exchange
A centralized cryptocurrency exchange is owned and controlled by a single entity, usually a finance company hence centralized. It is a middleman that helps users buy, sell, exchange, and trade cryptocurrencies.
A centralized exchange retains control of user funds on its platform and sets limitations on specific operations, such as deposits and withdrawals.
Since centralized exchanges manage user transactions, just like banks, they are subject to many regulations, including anti-money laundering laws. Therefore, all centralized exchanges require KYC verification for users. They are generally more secure, and users are protected by law.
Decentralized Cryptocurrency Exchange
A decentralized cryptocurrency exchange is also operated by the company. However, it does not have control of user funds and is hence decentralized.
In this type of exchange, users trade cryptocurrencies with each other directly (P2P trading) without a third party. On automated market markets (AMM) exchanges, like PancakeSwap, users don’t trade with each other but get tokens from liquidity pools.
Users execute transactions from their decentralized wallets directly due to smart contracts. Therefore, users have full control of their cryptocurrencies when using decentralized exchanges.
Decentralized exchanges don’t access user assets. Therefore, they are not subject to KYC and anti-money laundering laws, and users can retain anonymity.
How Does a Cryptocurrency Exchange Work?
Centralized and decentralized crypto exchanges work differently. Let’s first describe the process with centralized exchanges.
Centralized Exchange
A centralized exchange (CEX) works in the following way:
Decentralized Exchange
A decentralized exchange (DEX) works in the following way:
Cryptocurrency Exchange Fees
Cryptocurrency exchange fees apply when users deposit their accounts, withdraw earnings, trade cryptocurrencies, and complete other transactions.
Crypto exchanges have different fee structures. When using cryptocurrency exchanges, you may pay several fees.
| Crypto exchange fee |
Description |
Example |
| Trading fee |
Applies when a user trades cryptocurrencies |
Binance has 0.01% – 0.075% trading fees
- You pay $0.0 – $0.075 for $100 traded on Binance
|
| Deposit fee |
Applies when a user puts fiat currencies or cryptos into their exchange account |
Binance has a 0.65% fee for fiat deposits
- You pay $0.65 for a $100 deposit
|
| Withdrawal fee |
Applies when a user withdraws fiat currencies or cryptocurrencies from their exchange account |
CEX.IO has a 3.99% withdrawal fee
- You pay $3.99 for $100 withdrawn from CEX.IO
|
| Exchange fee |
Applies when a user exchanges cryptocurrencies, like BTC for ETH |
Changelly has a 0.25% exchange fee
- You pay $0.25 for $100 worth of crypto exchanged
|
| Buy & Sell fee |
Applies when a user buys or sells cryptocurrency |
Kraken has a 3.75% + €0.25 buy fee
- You pay ~ $4.02 for $100 worth of crypto purchased
|
How to Choose the Best Cryptocurrency Exchange?
Over 70 cryptocurrency exchanges operate in the market, and you may find it challenging to pick the best one for your needs. We suggest you consider several criteria while choosing your best cryptocurrency exchange.
Consider these criteria when choosing the best crypto exchange.
| Criteria |
Key highlights |
Examples |
| Listed coins |
Check whether an exchange supports your preferable cryptocurrencies
A vast choice of cryptocurrencies makes your trading experience more flexible
|
Coinbase supports 10,000+ tokens |
| Security |
Check whether the exchange was hacked in the past
Aim for security at all interaction points, from user authentication and trading to emails and withdrawals
|
- Two-factor authentication
- Cold storage
- Withdrawal wallet whitelists
- Anti-phishing code in emails
- Secured connection
- P2P trading escrow
- Regular malware scanning
- No hacks in the past
|
| Liquidity and trading volume |
Aim for high liquidity crypto exchanges to buy & sell cryptocurrencies anytime, at the most beneficial price
High trading volume equals high liquidity
|
Binance’s daily trading volume is $8.4 billion as of 07.07.2023
Kraken’s daily trading volume is $624 million as of 07.07.2023
|
| Fees |
Examine the exchange’s fee schedule and check for hidden fees
The cheapest crypto exchange saves your earnings with each transaction
|
Changelly has a 0.25% exchange fee and a 4% buy & sell fee
eToro has a 1% buy & sell fee
|
| Services |
Check whether the exchange has additional services, like staking, NFT marketplace, or interest accounts
The vast choice of services makes your trading experience more flexible
|
CEX.IO offers a crypto wallet, a debit card, crypto-backed loans, staking, and crypto university |
| Trading tools |
A vast choice of trading tools allows you to experiment with trading strategies, gain valuable experience, and maximize your profits |
- P2P trading
- Derivatives trading
- Copy trading
- Stop-loss and take-profit orders
- Trading APIs
|
| User satisfaction |
Check crypto exchange ratings on reliable review platforms, like SoftwareAdvice, Trustpilot, Sitejabber, Capterra, and G2
Top exchanges with high review counts and high scores are the most reliable
|
CEX.IO has 4.6 stars and 23,900+ reviews on Trustpilot
Changelly has 4.6 stars and 2,900+ reviews on Trustpilot
Binance has 4.7 stars and 100+ reviews on Capterra
|
| Regulatory compliance |
Check whether the exchange complies with international regulatory standards
Ensure the crypto operations and the chosen exchanges are legal in your country
Ensure your country is whitelisted on the crypto exchange
You are more likely to win a lawsuit against a regulated exchange that complies with know-your-customer anti-money-laundering laws
|
Kraken has approvals, licenses, and registrations in North America, Europe, APAC, and the Middle East
Binance Global is licensed in Europe, the Middle East, APAC, and Africa
Binance US is under regulatory scrutiny in the United States
|
| Customer service |
Ensure the exchange provides 24/7/365 customer support via multiple channels |
- 24/7/365 customer support
- Help Center
- Live chat, email, helpline
|
FAQ
✅On a centralized crypto exchange (CEX), all user transactions are managed by a single authority, the company that owns the exchange. Users store their assets in the exchange’s wallet.
✅On a decentralized crypto exchange, all user transactions are executed with smart contracts. Users retain full control of their crypto assets because they trade directly from their non-custodial wallets.
A cryptocurrency exchange works like a stock exchange. The difference is that users buy and trade cryptocurrencies rather than stocks. Users can buy, sell, swap, and trade crypto assets. You can also earn passive income by holding various tokens. To use a cryptocurrency exchange, you need to do the following:
- Create an account
- Complete an ID verification depending on the exchange’s rules
- Select cryptocurrencies to buy, sell, or swap.
- Complete the translation.
A completely fee-free exchange doesn’t exist because fees are the main income stream for cryptocurrency exchanges. But certain platforms have zero fees on specific operations, for instance:
- Binance has 0% fees for crypto deposits
- Bybit has 0% fees for all spot trading pairs
- BitMEX has 0% fees for BTC deposits and withdrawals
Crypto exchanges may suit different use cases and preferences. For instance:
✅Changelly – The best for anonymity and cryptocurrency selection
✅Binance –The best for low fees
✅eToro – The best for newbies and trading education
✅Bybit – The best for derivatives trading
