10 Best Crypto Exchanges and Apps of 2023

Crypto exchanges function in a manner akin to other centralized exchanges, similar to conventional online brokerages. These platforms furnish you with a comprehensive suite of tools to engage in the trading and investment of cryptocurrencies such as Bitcoin, Ethereum, and Dogecoin. Beyond facilitating secure transactions for the purchase and sale of digital currencies and tokens, many crypto exchanges extend additional features for crypto investments, encompassing staking, lending, and the safekeeping of digital assets.

Our assessment encompassed a scrutiny of 28 cryptocurrency exchanges, evaluating them against a set of crucial criteria. These criteria include security (weighted at 16%), offerings (weighted at 8%), availability (weighted at 3.5%), fees (weighted at 45%), financial options (weighted at 5%), features (weighted at 11%), and mobile capabilities (weighted at 11.5%). The consideration of these factors played a pivotal role in curating this compilation of the foremost cryptocurrency exchanges.

Best Crypto Exchanges and Apps of 2023

• Best for Low Fees and Best for Experienced Traders: Kraken
• Best for Beginners: Coinbase
• Best Mobile App: Crypto.com
• Best For Security: Gemini
• Best for Altcoins: BitMart
• Best for Bitcoin: Cash App
• Best Decentralized Exchange: Bisq

1. Binance:
   • Binance is one of the largest and most popular cryptocurrency exchanges globally, offering a wide range of cryptocurrencies for trading.
   • It provides advanced trading features and has its native token, BNB, which users can use for trading fee discounts.
2. Coinbase:
   • Coinbase is known for its user-friendly interface and is a popular choice for beginners.
   • It supports a variety of cryptocurrencies and offers services such as buying, selling, and storing digital assets.
3. Kraken:
   • Kraken is a well-established exchange with a reputation for security and a wide range of supported cryptocurrencies.
   • It provides advanced trading features for experienced users.
4. Gemini:
   • Founded by the Winklevoss twins, Gemini is a regulated exchange that emphasizes security and compliance.
   • It offers a user-friendly platform and is a good option for both beginners and experienced traders.
5. eToro:
   • eToro is a social trading platform that allows users to trade cryptocurrencies, stocks, and other assets.
   • It features a unique “CopyTrader” function where users can replicate the trades of successful investors.
6. Robinhood:
   • Robinhood is a commission-free trading platform that expanded its services to include cryptocurrencies.
   • It is known for its easy-to-use interface and is a popular choice for mobile users.
7. KuCoin:
   • KuCoin is a global cryptocurrency exchange with a wide range of listed assets.
   • It offers various trading pairs and provides additional features such as staking.
8. Crypto.com:
   • Crypto.com is an all-in-one platform offering a crypto exchange, wallet, and crypto Visa card.
   • Users can also earn rewards through staking and cashback programs.
9. Bittrex:
   • Bittrex is a US-based exchange known for its security measures and a wide range of supported cryptocurrencies.
   • It caters to both retail and institutional traders.
10. Huobi:
    • Huobi is a global exchange that provides a variety of cryptocurrency-related services, including trading and staking.
    • It has a presence in multiple countries and regions.

Final Verdict

Choosing the right crypto exchange that meets your needs as an investor is an essential aspect of investing in crypto assets. Whether you require deep liquidity, low trading fees, a high number of tradable assets, or a user-friendly mobile trading experience, the good news is there is an exchange for you that will fit the bill.

If you are looking to trade on a highly secure, regulated crypto exchange that offers a large number of supported cryptocurrencies, Gemini is your go-to choice. If you are looking to trade a wide range of new and small-cap crypto tokens, BitMart is arguably the best choice. Conversely, if you are only interested in investing in Bitcoin, CashApp is probably the most convenient option. Experienced traders looking to deploy advancing crypto derivatives trading strategies will find a home with Kraken, while privacy-conscious crypto investors will enjoy the added layer of privacy that the decentralized exchange Bisq offers.

Guide for Choosing the Best Crypto Exchanges

Are Crypto Exchanges Worth It?

If you are looking to purchase cryptocurrencies, signing up for a crypto exchange can be your best option to get started.

While buying a few hundred dollars worth of Bitcoin from a local Bitcoin ATM may be convenient, it makes more sense to use an exchange if you are looking to invest a larger amount or you’re interested in buying a range of cryptocurrencies.

Crypto exchanges are the safest and most legal way to obtain cryptocurrency. But those aren’t the only reasons using an exchange is most suitable:

• Crypto exchanges let users buy and sell cryptocurrencies online or using a mobile app, making it easy to access the crypto markets from anywhere.
• Most cryptocurrency exchanges offer a range of digital currencies and tokens, providing numerous options for investors who want to build a diversified portfolio of digital assets.
• Leading crypto exchanges typically hold user funds in cold storage to ensure the safety of assets.
• Global crypto exchanges usually comply with Know Your Customer and Anti-Money Laundering (KYC/AML) rules as well as financial regulations. Therefore, users can be assured they’re not dealing with a fraudulent company or malicious market participants.

How to Choose the Best Crypto Exchange

When choosing a crypto exchange that meets your needs, there are several factors to consider. The most important things to look at are:

• Supported assets: If you are looking to buy cryptocurrencies other than Bitcoin, look at the list of supported assets before deciding on an exchange. Some only support a few cryptocurrencies, while others allow you to trade hundreds.
• Payment methods: Crypto exchanges typically offer a handful of ways to fund your account or purchase cryptocurrencies directly. While most exchanges support wire transfers, some platforms also allow you to buy crypto using credit cards, debit cards, and other digital payment methods.
• Fees: High fees can eat into your investment returns, which is why it is important to research crypto exchange fees before you open an account. Crypto exchanges typically charge trading fees and withdrawal fees, but other transaction fees can also pop up.
• Security: Unfortunately, crypto exchanges are a prime target for hackers looking to get their hands on cryptocurrency. Security breaches and cyber theft are common in the crypto exchange landscape, which is why it is essential to choose an exchange with strong security measures in place.
• Customer service: If you are new to cryptocurrency or investing, you may have questions or need help getting started. In that case, choosing an exchange with excellent customer support is probably the right move.
• Reputation: Before you sign up for an account on a crypto exchange, it’s a good idea to research that exchange’s reputation first. Read customer reviews, look into the exchange’s history, and look for any recent news stories that might provide some valuable insight

How to Sign Up for a Cryptocurrency Exchange Account

Opening an account on a cryptocurrency exchange works in a similar way to signing up for an online brokerage account.

You typically need to provide an email address and a password to initiate account creation. Next, you will receive an email asking you to confirm that you are the owner of the email address you provided.

Once you confirm your email address, you will usually be asked to complete an identity verification process. This generally involves providing personal information, proof of address, and uploading a copy of a government-issued photo ID. Most crypto exchanges ask for your full name, home address, and mobile number, as well as a utility bill or bank statement as proof of address and a digital copy of your passport or driver’s license.

Some exchanges may also require an extra step to prove the ID you’re uploading is actually yours. Generally, this involves taking a photo of yourself holding your ID with a webcam or phone and submitting the photo to the exchange.

User verification can take from a few minutes up to several days depending on the exchange and the level of verification required. Exchanges often offer tiered verification levels, with lower tiers requiring less information. Lower verification tiers, however, usually come with lower deposit and withdrawal limits.

After completing the verification process, you can fund your trading account using the available funding options and start to buy and sell cryptocurrencies.