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    Best Cryptocurrency Exchanges For 2022

    Updated: Sep 25th, 2022
    Kevin Groves
    Kevin Groves
    Best Cryptocurrency Exchanges For 2022

    Are you looking to find a suitable cryptocurrency exchange to buy or sell digital assets? It can be a difficult task for beginners to find an exchange that's the right fit. We have reviewed, compared and rated 100+ crypto exchanges, brokers and platforms to find the top-rated and best crypto exchanges with the best selection of coins, markets to trade, lowest fees and safe to use. The methodology we used to find the best cryptocurrency exchanges and platforms included creating an account, depositing crypto and trading on the website and mobile app to experience the full features on offer.

    The Best Cryptocurrency Exchanges 2022

    Based on our reviews, these are the best exchanges to buy and sell crypto:

    1. Binance (best overall crypto exchange with low fees)
    2. Coinbase (best crypto exchange for beginners)
    3. FTX (best crypto exchange for advanced traders)
    4. Bybit (best for crypto margin and futures trading)
    5. eToro (best for social and copy-trading)
    6. Kraken (best for USA exchange for crypto traders) 
    7. KuCoin (best crypto exchange with grid trading bots)
    8. Crypto.com (best for mobile app)

    This post contains affiliate links with our partners who may compensate us. Read our disclaimer for further information.

    Top Crypto Exchanges: 2022 Reviews

    1. Binance - Overall Best Crypto Exchange With Low Fees

    Binance is one of the most reputable crypto exchanges in the industry that provides a platform for trading cryptocurrencies. The exchange has seen a meteoric rise since being founded in 2017 and is one of the most well-known and reputable crypto exchanges in the world. It is also the biggest exchange in the world in terms of trading volume and liquidity across its spot and derivatives markets according to Coinmarketcap. This is one of the major reasons Binance is an attractive marketplace for buying, trading and selling cryptocurrencies. More so, there is a $50 free welcome bonus for new users that create an account using our Binance referral code.

    HedgewithCrypto Score
    HedgewithCrypto Score
    4.8/5Our ratings take into account the ease of use, fees, deposit methods along with the exchange's reputation. All ratings are determined solely by our editorial team.
    StarStarStarStarEmpty Star
    Trading Fees:0.1%
    Country:Global (USA allowed)
    Currency:AUD, USD, EUR, GBP, SGD & UGX
    Promotion:Up to $100 welcome bonus
    Ease of useStarStarStarStarEmpty Star
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    Binance is a centralized crypto exchange that is packed with features that will suit a broad range of investors and traders alike. For beginners and serious crypto traders, the offering of products and services on Binance is second to none. From earning interest on cryptocurrencies, staking and liquidity farming, Binance has become an all-in-one digital exchange for all things crypto. The available markets for traders include spot, margin, derivatives, leveraged tokens and peer-to-peer markets. In total, there are more than 1,664 trading pairs across 391 supported coins that can be bought and sold on the exchange. The abundance of markets combined with deep liquidity separates Binance from its competitors.

    Moreover, Binance Futures supports cryptocurrency leverage trading on 198 trading pairs. With a staggering 40 billion in trading volume at the time of writing, nearly double its closest competitor. With the expansive list of markets and trading pairs, Binance users will not have any trouble finding trading opportunities. Combined with the deep liquidity across the trading pairs, Binance is one of the best exchanges for crypto day trading.

    Binance trading feesBinance trading feesBinance trading fees.

    The fees between 0% and 0.1% are one of the cheapest rates for buying and selling crypto compared to other crypto exchanges. Binance also offers a wide range of financial services and advanced features that include buying crypto using USD, and multiple payment methods. The fees between 0% and 0.1% are one of the cheapest rates for buying and selling crypto compared to alternate crypto exchanges. There is even a further discount of 25% for staking BNB tokens or increasing trading volume.

    Related: Where to buy Binance Coins.

    A strength of Binance is the mobile trading app for iOS and Android devices which is highly intuitive, easy to use, runs smoothly and performs all the basic functions expected of a trading app. The app includes live Bitcoin and crypto prices, the ability to execute orders, manage each digital asset, view P&L and search trade history.

    The only limitation is that the full version of Binance is not available in the USA. There is Binance.US which is licensed for the US market but is quite limited in the number of coins and does not have margin trading.

    2. Coinbase - Best Cryptocurrency Exchange For Beginners

    Coinbase is widely known as a safe and reputable crypto exchange that is trusted by thousands of customers worldwide. Coinbase is also the second-largest cryptocurrency exchange in the world in terms of reported traffic, trading volume and liquidity behind Binance. Coinbase has revolutionized the digital currency environment by providing a simple, reliable and easy-to-use crypto exchange account. Individuals and institutions in the USA can buy, trade, store and sell digital assets such as Bitcoin, Ethereum XRP, Litecoin, Bitcoin Cash and many others.

    A major drawcard for Coinbase is the entry-level exchange for crypto that has been designed for beginners with its simple user experience and app. The overall experience is quick and easy to monitor a crypto portfolio or track live prices. The onboarding process is simple and is undoubtedly one of the best ways to buy Bitcoin and 176 other cryptocurrencies. There is a variety of payment methods for different fiat currencies such as USD, GBP, EUR and AUD. Funds can be allocated to a trading account using a credit and debit card but the fees are quite expensive at 3.99% for most regions. A major benefit of using Coinbase is that funds stored online are covered by an insurance policy.

    coinbase websitecoinbase website

    The centralized crypto exchange offers an advanced and professional trading platform called Coinbase Pro, which is ideal for retail investors and cryptocurrency traders. There are 170 cryptocurrencies that can be traded against several fiat currencies. The availability of crypto pairs is quite limited compared to other crypto exchanges in this list. However, Coinbase has deep liquidity on its major pairs such as BTC/USD and ETH/USD and is second only to Binance. This makes Coinbase a great option for beginners and also advanced traders.

    A negative with Coinbase is the fees which start from 0.5% per transaction and gradually reduce with higher trading volumes. There are additional payment fees such as USD 10 and USD 25 for deposits and withdrawals using a wire transfer. Moreover, the fees on Coinbase Pro are 0.6% for makers and 0.4% for makers. The fees on Coinbase are reasonable for higher amounts, however, for smaller investors and first-time crypto buyers, Coinbase is not the cheapest crypto exchange.

    3. FTX - Best Crypto Exchange For Serious Traders

    FTX is an innovative and cutting-edge trading platform that is best suited for experienced investors and day traders. Owned by Sam Bankman-Fried, the CEO and co-founder of Alameda Research, FTX is a popular exchange that is currently ranked in the top 6 for crypto trading volume on its spot and derivatives crypto exchange. Combined with its seamless mobile app, FTX offers several advantages and benefits for crypto traders that we will outline in this section.

    HedgewithCrypto Score
    HedgewithCrypto Score
    4.7/5Our ratings take into account the ease of use, fees, deposit methods along with the exchange's reputation. All ratings are determined solely by our editorial team.
    StarStarStarStarEmpty Star
    Trading Fees:0.02% / 0.07%
    Country:Global (USA allowed via FTX.US)
    Currency:Crypto & 13 fiat currencies
    Promotion:5% off trading fees
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    FeesStarStarStarStarEmpty Star
    Visit FTXRead our full FTX Review

    One of the best aspects of FTX is the wide variety of markets to buy, trade and sell crypto. While aimed toward experienced users, the different markets are ideal to hedge a portfolio against different conditions. The available markets include

    • Spot exchange. Buy and sell 325 cryptocurrencies that follow the underlining price without margin or collateral.
    • Futures market. Trade futures on BTC, ETH, EOS, XRP, and USDT. Each coin has three futures contracts: a contract that expires in the current quarter, a contract that expires next quarter and a perpetual future.
    • Leveraged tokens. Tokens that can be bought and sold with up to 3X leverage and without any margin requirements.
    • Volatility index. Futures contracts represent the absolute value of the amount the price of a coin moves over a day, week, month or quarter.
    • Options. Contracts that give the holder the right but not the obligation to buy or sell at a future strike price. This market gives day traders the ability to hedge their open positions against price volatility.
    Screenshot of the FTX charting and trading platformScreenshot of the FTX charting and trading platformScreenshot of the FTX charting and trading platform.

    Like the crypto exchanges mentioned above, FTX has deep liquidity throughout the spot trading pairs. This means users can buy crypto with minimal slippage on larger orders. The main difference with FTX is the advanced trading terminal. While not ideal for beginners to buy Bitcoin, Ethereum, XRP, Dogecoin or Solana using fiat currency, the advanced charting and order system is superior for technical analysis.

    Where FTX shines is the low crypto exchange fees that start from 0.02% to 0.07% for makers and takers on its futures and spot markets. The fees can be further reduced with higher trading volumes over a 30-day period. Moreover, holding the crypto exchange's native FTT token can provide an additional fee discount of up to 30%.

    There are limitations though. FTX is not strictly available in the U.S. There is a sister crypto exchange FTX.US that has a licensed derivatives crypto exchange, although the supported trading pairs are limited to Bitcoin and Ethereum contracts only. In addition, the mobile app can be clunky at times and the navigation could be improved to make it easier for beginners. Overall, FTX is a top crypto exchange for investing or trading.

    4. Bybit - Best Crypto Exchange For Margin Traders

    Bybit is a derivatives platform that is designed to offer a seamless experience to buy and trade digital coins like Bitcoin, Ethereum, EOS and XRP trading pairs with up to 100x leverage. Established in March 2018, Bybit has become one of the best crypto margin exchanges with more than 3 million users worldwide. Smart, intuitive and advanced crypto platform, fast trade speed and reliable exchange are a few of the many reasons Bybit is a contender for the best trading platform.

    Bybit allows users to buy and sell 221 cryptocurrencies using Bitcoin or USDT as the base currency. There is a fiat-to-crypto onramp that supports direct payments in USD, EUR, GBP, AUD, CAD and AED, however, the payment methods and supported currencies are limited. Therefore, Bybit is best for existing crypto holders to swap for crypto-to-crypto or trade with high leverage.

    Bybit fees for spot trading start at 0.1% and decrease with higher trading volumes for the month which is similar to Binance. For perpetual and futures trading, the transaction incurs 0.01% and 0.06% for maker and taker fees. In short, the fees are very competitive and offer good value for money for crypto investors.

    Overall, Bybit has an easy-to-use platform for spot and leverage day trading with low fees and excellent liquidity. The charting platform on desktop and app is superior when compared to rival crypto exchanges.

    5. eToro - Best Crypto Platform For Copy-Traders

    eToro is a global financial brokerage that was established in 2007 to provide financial trading and investing platform. It caters to several markets including Crypto, ETFs, Stocks, Indices, Commodities and Forex. The platform is available in over 100 countries worldwide and has become a trusted and reliable financial services provider. eToro is licensed and regulated by the Cyprus Securities and Exchange Commission (CySEC), Australian Securities and Investments Commission (ASIC) and the Financial Conduct Authority (FCA) of the United Kingdom.

    HedgewithCrypto Score
    HedgewithCrypto Score
    4.6/5Our ratings take into account the ease of use, fees, deposit methods along with the exchange's reputation. All ratings are determined solely by our editorial team.
    StarStarStarStarEmpty Star
    Trading Fees:1%
    Country:Global (USA allowed)
    Currency:USD, GBP, EUR, AUD
    Promotion:None available at this time
    Ease of useStarStarStarStarEmpty Star
    ReputationStarStarStarStarEmpty Star
    Deposit methodsStarStarStarStarEmpty Star
    FeesStarStarStarStarEmpty Star
    Visit eToro

    eToro USA LLC; Investments are subject to market risk, including the possible loss of principal. Archived, "Virtual currencies are highly volatile. Your capital is at risk."

    Read our full eToro Review

    There are 40+ markets to choose from that are paired with US Dollars. The broker is suited for beginners that want to invest in different cryptocurrencies using a powerful and user-friendly platform. Similar to Coinbase, the ease of use and visual portfolio manager separates eToro from its competitors and is geared towards crypto enthusiasts, beginners and serious investors alike. There is even a crypto demo platform that is ideal for newer traders to become familiar with the platform and markets.

    etoro websiteetoro websiteDisclaimer: eToro USA LLC. Investments are subject to market risk.

    Getting started with eToro is straightforward and can be funded using a bank transfer or wire transfer with as little as USD 10. The platform offers an intuitive trading interface that includes real-time crypto market research & news, advanced trading features and risk management tools and a social network feed.

    The most popular feature on eToro is the social community. eToro boasts the best social trading crypto platform where traders can join and connect with other traders to share ideas and strategies. There is even the option to mirror the trading performance of profitable traders which makes eToro a unique option in this best crypto exchange list. There is a minimum deposit amount of $200 to start copying other traders which is an inexpensive way to learn from the best crypto investors. To limit potential losses, there is the option to set a stop loss level.

    eToro copytradingeToro copytradingDisclaimer: Past performance is not an indication of future results. Trading history presented is less than 5 complete years and may not suffice as basis for investment decision.

    Beyond buying and selling crypto, eToro has a crypto staking service for individuals to get the most out of their crypto investments. Some of the most popular staking coins are supported for staking like Cardano (ADA), Tron (TRX) and Ethereum 2.0 (ETH2.0). Users can automatically earn up to 90% of the staking rewards depending on their account level and one of the best crypto staking platforms to choose from.

    As for the fees, eToro charges a flat 1% fee for buying and selling cryptocurrency. This fee is in addition to the spread which can vary for each of the supported crypto-assets. In comparison to other crypto exchanges, the eToro fee is a little higher compared to Binance and Coinbase but makes this list of the best crypto exchanges due to its ease of use and social trading.

    6. Kraken - Best Crypto Exchange For USA Traders

    Kraken is a cryptocurrency exchange that was founded in 2011 and is licensed within the United States. The exchange has over 9 million customers worldwide and is supported in 190 countries. Moreover, Kraken is a trusted crypto exchange that is registered with FinCEN, FinTRAC, AUSTRAC, Financial Conduct Authority (FCA) and FSA. This means Kraken is allowed to operate as a cryptocurrency exchange in several countries including the USA, Canada, Australia, UK and Japan.

    HedgewithCrypto Score
    HedgewithCrypto Score
    4.6/5Our ratings take into account the ease of use, fees, deposit methods along with the exchange's reputation. All ratings are determined solely by our editorial team.
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    Trading Fees:0.16% / 0.26%
    Country:Global (USA Allowed)
    Currency:USD, GBP, EUR, CAD, CHF, JPY & AUD
    Promotion:None available at this time
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    Kraken is a professional trading platform for astute investors to buy Ethereum, Bitcoin and other digital currencies. Touted as one of the most reliable crypto exchanges, Kraken makes investing easy with its secure mobile app. For serious crypto traders, Kraken has deep liquidity across its markets. There are over 160 crypto-assets that can be bought, traded and sold on the exchange, with new coins regularly added.

    There is a basic user interface for beginners to purchase crypto directly using fiat currencies such as USD, GBP, EUR and AUD. There are plenty of deposit methods for users in different countries to open an account for as little as $10. Examples of payment options include bank transfer, SEPA, wire transfer, SWIFT and debit cards.

    Buying and selling crypto on KrakenBuying and selling crypto on KrakenBuying and selling crypto on Kraken.

    For advanced traders, the exchange is equipped with advanced tools and automated portfolio monitoring. While basic in appearance, Kraken's exchange is reliable, stable and has a good selection of conditional orders such as Market, Limit, Stop loss, Take profit, Stop loss limit and Take profit limit. The user interface is very basic and does not include a visually-appealing interface compared to other feature-rich crypto exchanges such as Coinbase, Gemini and eToro, however, for experienced crypto buyers and sellers, Kraken is a solid option.

    Kraken uses a taker and maker system with spot trading fees of 0.16% and 0.26% respectively. There are volume incentives based on trading activity in the past 30 days for all cryptocurrency pairs. Users are incentivized to engage with the market with lower trading fees to provide liquidity to the exchange by filling the order book by placing conditional and limit orders (i.e. maker fees). 

    Overall, the low trading fees on Kraken's spot exchange are well-suited for USA residents. The selection of assets is reasonable and has competitive fees, although Kraken is not really suited for beginners that are looking for a fast and simple exchange. Moreover, margin trading for USA customers is restricted to certain individuals only that meet certain criteria.

    7. KuCoin - Best Crypto Exchange For Bot Trading

    KuCoin is an established exchange for trading altcoins and is often referred to as The People's Exchange' due to its popularity with more than USD 800 billion in accumulated trading volume since its establishment in late 2017. KuCoin has surged to become a premium platform to exchange cryptocurrencies with over 10 million registered users from 200+ countries such as South Korea, Japan, Spain, Italy, Vietnam, Turkey, Russia and India.

    HedgewithCrypto Score
    HedgewithCrypto Score
    4.6/5Our ratings take into account the ease of use, fees, deposit methods along with the exchange's reputation. All ratings are determined solely by our editorial team.
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    Trading Fees:0.1%
    Country:Global (USA not allowed)
    Currency:USD, GBP, EUR, CNY & 46 others
    Promotion:Up to 500 USDT in bonuses
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    The exchange supports users from all over the world and accepts 46 fiat currencies such as USD, GBP, EUR and CNY. According to Coinmarketcap.com, KuCoin exchange is currently a top altcoin exchange based on traffic, liquidity and overall high volume traded on its spot market. A massive benefit of buying and trading crypto with KuCoin is the massive selection of markets and trading pairs available for altcoin traders. There are currently 864 supported coins and 1,255 trading pairs to speculate on across several markets that include spot, margin, derivatives and leveraged tokens to name a few.

    KuCoin grid trading and botsKuCoin grid trading and botsKuCoin grid trading and bots.

    In addition, KuCoin is one of the few centralized crypto exchanges that feature in-built automated trading strategies and bots. Users can select hundreds of trading robots that automate some of the best crypto trading bot strategies such as spot grid, smart rebalance, dollar-cost-averaging and infinity grid. The performance of actual accounts using the bots is shown across each trading pair.

    A negative with KuCoin is the crypto exchange is not supported in the United States. This means residents in the USA will not be able to access the products and services offered by KuCoin. For those in other regions, KuCoin is a great trading platform to speculate on altcoins across a variety of markets and using an advanced mobile app.

    8. Crypto.com - Best For Cryptocurrency Exchange App

    With over 10 million customers worldwide, Crypto.com is a premium cryptocurrency exchange and trading app which is supported in 49 states in the US. The crypto exchange provides a powerful alternative to traditional financial services, making it easier for everyone to start investing in crypto. Crypto.com is known for its mobile app that offers the ability to buy, sell, trade, store, earn, loan cash and spend crypto using a debit card. This makes Crypto.com one of the best crypto apps for monitoring trades or a portfolio 24/7.

    HedgewithCrypto Score
    HedgewithCrypto Score
    4.5/5Our ratings take into account the ease of use, fees, deposit methods along with the exchange's reputation. All ratings are determined solely by our editorial team.
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    Trading Fees:None (3.5% surcharge for credit card)
    Country:Global (USA Allowed)
    Currency:USD, EUR, GBP, AUD and 16 others
    Promotion:None available at this time
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    The Crypto.com App is one of the most popular crypto apps for buying and selling over 250 cryptos at true cost. That is trade crypto with zero fees. Moreover, the app can be used in over 100 countries worldwide using 20+ fiat currencies. There is a wide range of payment methods to fund an account which includes bank transfers and credit/debit cards which have 0% fees at the time of writing. The app is highly visual and easy to use which makes it suitable for all crypto investors to access, manage, and view funds at any time.

    Buy crypto at true cost with Crypto.comBuy crypto at true cost with Crypto.comBuy crypto at true cost with Crypto.com App.

    Crypto.com is highly regarded as one of the best places to earn interest on crypto to grow a portfolio with minimal effort. The app offers up to 6% P.A on Bitcoin, Ethereum and 10% on stablecoins such as Tether and USD Coin. There are over 40 cryptocurrencies available on the app to earn crypto interest with rewards paid weekly directly into the user's wallet.

    There is also a professional exchange for traders to swap between crypto-coins or stake to earn rewards. Through its own native digital token coin (CRO), Crypto.com can provide deep liquidity and competitive trading fees for its users to enjoy on its dedicated exchange. The fees on Crypto.com Exchange are quite reasonable compared to other notable crypto exchanges. For example, individuals can buy Shiba Inu with transaction fees starting from 0.4% for market and limit orders.

    The fee can be reduced by staking the exchange's native CRO tokens between 5% and 60% off. While the Crypto.com Exchange is sophisticated and includes the best charting and software tools, the fees are a little higher compared to industry rates. Therefore, it is best to stick to the Crypto.com App to buy crypto directly with fiat, or use another trading platform such as Binance or FTX that has lower fees.

    Best Cryptocurrency Exchanges Compared

    This comparison guide provides an overview of the best cryptocurrency exchanges to buy, trade and sell Bitcoin and other altcoins. Our assessment is based on thorough research into the platform's features, trading pairs, payment options, supported currencies, trading fees, customer support and security methods.

    ExchangeCrypto AssetsTrading FeesRatingPromotionWebsiteReview
    Binance

    Binance

    600+0.1%
    RatingOur ratings take into account the ease of use, fees, deposit methods along with the exchange's reputation. All ratings are determined solely by our editorial team.
    4.8/5
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    Up to $100 welcome bonusVisit BinanceBinance Review
    Coinbase Logo

    Coinbase

    250+0.5%
    RatingOur ratings take into account the ease of use, fees, deposit methods along with the exchange's reputation. All ratings are determined solely by our editorial team.
    4.8/5
    StarStarStarStarEmpty Star
    $5 BTC bonus (USA only)Visit CoinbaseCoinbase Review
    FTX

    FTX

    3190.02% / 0.07%
    RatingOur ratings take into account the ease of use, fees, deposit methods along with the exchange's reputation. All ratings are determined solely by our editorial team.
    4.7/5
    StarStarStarStarEmpty Star
    5% off trading feesVisit FTXFTX Review
    Bybit LogoBybit Logo

    Bybit

    810.06% / 0.01% (leverage), 0.1% (spot)
    RatingOur ratings take into account the ease of use, fees, deposit methods along with the exchange's reputation. All ratings are determined solely by our editorial team.
    4.7/5
    StarStarStarStarEmpty Star
    Deposit bonus up to $3,000Visit BybitBybit Review
    eToro

    eToro

    70+1%
    RatingOur ratings take into account the ease of use, fees, deposit methods along with the exchange's reputation. All ratings are determined solely by our editorial team.
    4.6/5
    StarStarStarStarEmpty Star
    None available at this timeVisit eToro

    eToro USA LLC; Investments are subject to market risk, including the possible loss of principal. Archived, "Virtual currencies are highly volatile. Your capital is at risk."

    eToro Review
    Kraken

    Kraken

    1950.16% / 0.26%
    RatingOur ratings take into account the ease of use, fees, deposit methods along with the exchange's reputation. All ratings are determined solely by our editorial team.
    4.6/5
    StarStarStarStarEmpty Star
    None available at this timeVisit KrakenKraken Review
    KuCoin

    KuCoin

    700+0.1%
    RatingOur ratings take into account the ease of use, fees, deposit methods along with the exchange's reputation. All ratings are determined solely by our editorial team.
    4.6/5
    StarStarStarStarEmpty Star
    Up to 500 USDT in bonusesVisit KuCoinKuCoin Review
    Crypto.com

    Crypto.com

    250+None (3.5% surcharge for credit card)
    RatingOur ratings take into account the ease of use, fees, deposit methods along with the exchange's reputation. All ratings are determined solely by our editorial team.
    4.5/5
    StarStarStarStarEmpty Star
    None available at this timeVisit Crypto.comCrypto.com Review

    How To Pick A Crypto Exchange

    When looking for the best way to buy crypto, it is important to access the following criteria to help the decision-making process. Several factors that should be taken into account are:

    • Trusted and regulated. Crypto exchanges are not supported in certain countries due to regulations. Therefore the individuals should check the exchange to see which countries are accepted and whether they are licensed by the financial authorities within the country. For instance, the United States enforces one of the world's highest standards of financial laws and regulations that govern. Therefore, global crypto exchanges that are licenced in the USA are a good bet.
    • Ease of use. An important consideration for beginners that have limited experience using an exchange, broker or trading platform. New investors looking to convert fiat currency to cryptocurrencies are better suited to using a simple and quick user interface on desktop or a mobile app. Centralized exchanges typically are better-suited for first-time crypto investors compared to decentralized exchanges.
    • Supported crypto. Bitcoin is widely available on the vast majority of digital currency platforms. However, there are thousands of cryptocurrencies that have become popular for their use-case or speculative nature. Investors that are looking to diversify into altcoins should pick crypto exchanges with a large number of supported coins and trading pairs. Some of the best crypto exchanges with a large number of coins include Binance and KuCoin.
    • Funding methods. The availability of supported payment methods to fund an account should be at the forefront of new investors in the USA. Our rating checks the deposit methods available for residents in the USA using USD. For example, one of the quickest and most accessible deposit options is using a bank transfer via a US bank account. Alternative methods for US customers include buying crypto with a credit card and debit card.
    • Withdraw to a bank account. Not all cryptocurrency exchanges allow the withdrawal of USD to a bank account. This is an important feature for investors that will eventually cash out of their investment. Regulated crypto exchanges based in the USA will allow selling crypto to USD.
    • Fees. There are several different fee structures to be aware of when using crypto exchanges. There are fees to deposit USD, withdraw cash or crypto and trade between assets. Crypto exchanges also charge a spread fee which is often a 'hidden cost' and not fully disclosed. Moreover, there can be crypto withdrawal fees to transfer to a personal wallet.
    • Security. The risk of online scams, fraud and theft is a major concern in the blockchain community. Crypto exchanges should have common security measures including cold wallet storage, multi-signature withdrawal process and two-factor authentication (2FA).
    • Customer support. Check the website to find out what communication methods are available to support users that need troubleshooting advice or assistance on the exchange. Some crypto exchanges will provide comprehensive FAQ's and How-To-Guides which is useful for beginners. 24/7 customer service desk via live chat with a real person is the best form of support.

    Types of Cryptocurrency Exchanges

    There are different types of cryptocurrency exchanges to choose from. The best-suited exchange depends on the users level of experience investing and trading financial markets. We have outlined the basic types below for each category of investor:

    • Fiat-to-crypto exchange. First-time investors and beginners that are looking to make their first purchase in a digital coin will need to use a fiat-to-cryptocurrency exchange. These types of websites will accept multiple fiat currencies such as the USD, EUR, GBP, AUD and NZD in exchange for digital assets such as Bitcoin and Ethereum.
    • Crypto trading exchange. Once a purchase has been made, the crypto can be sent to a crypto-to-crypto exchange for trading cryptocurrencies. The most popular trading crypto exchanges in the US are Coinbase and Binance which are available around the world in several countries. These places offer charting features and tools such as technical indicators, drawing tools and chart patterns to analyze price action and identify trading opportunities.
    • Margin and derivatives crypto exchanges. There are also cryptocurrency exchanges that offer futures and derivatives trading. These crypto exchanges require a thorough understanding of leverage trading and sound risk management principles are required. Crypto assets can be traded with leverage up to 100x and are best suited for experienced investors only.
    • Crypto CFD and brokers. Online brokers provide an alternate way for investors to buy cryptocurrency and index funds. While CFD platforms do not offer the actual cryptocurrency assets to purchase, they allow traders to speculate on the direction of the price using margin in certain regions. This means investors can buy or short sell cryptocurrencies.
    • Decentralized crypto exchanges. Commonly referred to as crypto DEXs, these platforms enable the buying and selling of crypto assets directly between buyers and sellers. There is no middle man involved and allow trading at a lower price point, with more payment methods and earning methods. However, they are traditionally more complex to use and not ideal for beginners.

    Where To Store Cryptocurrency

    Storing cryptocurrency on a US cryptocurrency trading exchange can be risky. The security of the asset is left to the exchange and can be vulnerable to hacks and theft with multiple exchange hacks occurring each year.

    Hardware wallets provide an airlock between internet-connected devices and access to the asset. The private keys which give the right to access the cryptocurrency (send, transfer and receive) are stored in the wallet as opposed to a trading exchange. 

    This means it is not possible for hackers to steal Bitcoin unless they have access to private keys. Even if the cold storage wallet is damaged, lost or stolen, the funds can be accessed using a variety of backup options such as using a recovery phrase. For more information, read our article on the best crypto hardware wallets.

    Frequently Asked Questions

    The best crypto exchanges are those that have stood the test of time and are well-known for ease of use and high security. Examples of standout exchanges include Binance, Coinbase and Kraken which have been established for many years and trusted by millions of users around the world.

    There are still incidents of cryptocurrency exchanges being hacked resulted in the theft of funds. It is not 100% safe to store crypto assets on an exchange, regardless of the security measures in place. The largest cryptocurrency exchanges do have bank-like security features in place to keep the risk extremely low, however the best place to store Bitcoin and crypto is within your own custody using a cold storage wallet.

    Like most countries in the world, the USA Government does not consider Bitcoin or crypto illegal, meaning it can be bought and sold on exchanges if proper anti-fraud measures are adhered to. While the US Treasury Department's Financial Crimes Enforcement Network (FINCEN) have stated that is it legal to purchase Bitcoins, it's status as money or a commodity differs across states within the USA. Customers will need to check the legal status of crypto within their respective state before investing.

    The best way for individuals to get cryptocurrency in the United States is to use licensed crypto exchanges that are regulated in the U.S state of the customer's residence. Using an exchange that is regulated by local authorities reduces the risk of fraudulent activity as the platform must adhere to strict requirements imposed by the Government.

    Trading and holding Bitcoin and cryptocurrencies are taxable assets under the US Federal laws. Any sale of cryptocurrencies is considered a capital gains event and the profit or loss must be declared as part of an individual or company tax return. Taxable actions include digital assets bought, traded and sold on exchanges, mined, used to pay for things and earned through crypto interest savings accounts.

    Conclusion

    To conclude our article on the best crypto exchanges, it is recommended to stick with a well-established, reputable and trusted exchange. In particular, finding crypto exchange platforms with low fees, excellent security, a wide range of supported assets and responsive customer services are important considerations.

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    Kevin GrovesKevin GrovesKevin Groves

    Kevin started in the cryptocurrency space in 2016 and began investing in Bitcoin before exclusively trading digital currencies on various brokers, exchanges and trading platforms. In 2019, he started HedgewithCrypto to publish informative guides about Bitcoin and share his experiences with using a variety of crypto exchanges around the world.

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