Exchanges

spot

  • spot
  • derivative

1d

  • 1d
  • 1w
  • 1m
#
Name
Impact score
volume
24H volume # Coins Pairs Volume graph Fiat currencies
1 OKX logo

OKX

1

10

$70.07B

+1.09 %

318 467

RON, EUR, ERN +2

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BRL, TRY

2 Bybit logo

Bybit

2

10

$80.65B

+1.29 %

419 477

MNT, EUR, BOB +1

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SOS

3 Coinbase Exchange logo

Coinbase Exchange

3

10

$60.71B

+1.19 %

243 396

USD, EUR, GBP +1

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ERN

4 HTX logo

HTX

4

10

$41.43B

+1.11 %

672 743

MNT, TOP, LBP +9

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INR, STPT, ERN, BRL, TRY, RUB, UAH, GBP, BOB

5 Gate.io logo

Gate.io

5

10

$39.70B

+1.04 %

1,891 2,895

RON, MNT, GEL +10

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ISK, ERN, SOS, DOP, BYN, STPT, LKR, MGA, CUP, TRY

6 KuCoin logo

KuCoin

6

10

$32.11B

+1.17 %

764 1,155

BOB, EUR, LBP +4

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BRL, GBP, MNT, ERN

7 Kraken logo

Kraken

7

10

$20.50B

+1.29 %

244 666

USD, EUR, GBP +4

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CAD, CHF, AUD, JPY

8 Bitfinex logo

Bitfinex

8

10

$4.43B

+1.78 %

171 344

USD, EUR, GBP +1

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JPY

9 HashKey Exchange logo

HashKey Exchange

9

10

$3.47B

+2.04 %

20 25

USD, HKD

10 Binance US logo

Binance US

10

10

$334.73M

+1.23 %

158 173

USD

11 Binance logo

Binance

11

9

$432.34B

+1.12 %

387 1,164

TRY, EUR, ARS +7

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NGN, STPT, PLN, ERN, BRL, ZAR, UAH

12 Bitget logo

Bitget

12

9

$33.24B

+1.18 %

686 751

EUR, RON, BRL +2

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STPT, LVL

13 BingX logo

BingX

13

9

$28.07B

+1.21 %

685 694

MNT, RON, BOB +3

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STPT, ERN, SOS

What Are Cryptocurrency Exchanges and How Do They Work?

Cryptocurrency exchanges are digital marketplaces where users can buy and sell crypto and various digital assets, such as non-fungible tokens (NFTs).

Before crypto exchanges came to be, the only way to obtain crypto was via mining or transactions organized online. Unlike stock exchanges, they’re strictly digital and accessible via mobile apps or desktop software.

These exchanges aren’t regulated by the U.S. Securities and Exchange Commission (SEC), but they must comply with the Bank Secrecy Act, which requires registration, reporting, and the collection of customer data.

Trading via crypto exchanges is rather simple, as all users have to do is:

  1. Find a trustworthy crypto exchange and create an account
  2. Fund account or crypto wallet with their preferred digital currency
  3. Select the type and amount of cryptocurrency they want to buy
  4. Follow the steps provided by the exchange and check their account to make sure the transaction was successful

Main Types of Cryptocurrency Exchanges Explained

There are three main types of cryptocurrency exchanges, including:

  • Centralized exchanges (CEX). These exchanges are regulated by a single authority that makes sure every transaction goes smoothly. They work like a conventional equity stock exchange and usually handle transactions faster.
  • Decentralized exchanges (DEX). Contrary to centralized exchanges, decentralized exchanges run on the basis of distributed ledger infrastructure and allow crypto trading without the presence of any authority. They are fully autonomous and give users full control over their keys and digital assets.
  • Hybrid exchanges (HEX). As a mix of CEX and DEX, hybrid exchanges combine the best of both worlds. They offer the convenience and swiftness of centralized exchanges but also the privacy and security of decentralized exchanges.

Cryptocurrency Exchange Fees Breakdown

Cryptocurrency exchanges charge for various transactions, such as:

  • Selling, buying, and loaning crypto
  • Withdrawing and liquidating assets
  • Depositing crypto to online storage spaces (e.g., digital wallets)

Typically, crypto exchanges take between 0% and 1.5% per trade, depending on whether a user is selling or buying. This means that if they want to invest $1,000 in a certain coin/token, they’ll have to pay a fee that can average anywhere between $0 and $15.

How CryptoMarketCap Ranks Crypto Exchanges

To rank crypto exchanges, CryptoMarketCap takes into account factors such as trading volume, number of coins, market pairs, supported fiat currencies, etc. Based on these criteria, CMC gives each crypto exchange an impact score from 0 to 10.

The impact score is used to rank exchanges accordingly, so website visitors have a quick metric by which they can judge a certain exchange and decide whether it’s the right choice for them.

Benefits of Using a Crypto Exchange

Crypto exchanges come with various benefits, such as:

  • Ease of use. Instead of using crypto wallets and opting for peer-to-peer transactions, users can take advantage of centralized exchanges that offer a simple way of trading. To trade on CEXs, they can simply log into their account, check their balances, and make transactions by following the given prompts.
  • Reliability. Using crypto exchanges will provide users with an additional layer of security and reliability. This is especially true if they decide to use CEXs, as all transactions on these are made on a centralized platform with a governing authority.
  • Leverage. Some CEXs can lend users money so they can leverage their investments. This is called margin trading, and it allows them to reap higher returns. However, there’s still a risk of their losses getting amplified.
  • Custody. Decentralized exchanges do not transfer their assets to a third party when making a transaction. This means that the risk of users’ chosen DEXs getting hacked is greatly reduced and that they can trade worry-free.
  • Less censorship. DEXs don’t require users to fill out KYC forms, as they offer full anonymity, and they don’t exercise censorship.

How to Choose the Right Crypto Exchange

When deciding on the right crypto exchange, you should:

  • Be careful. As scams, frauds, and crypto hacks happen all the time, it’s always recommended to be on guard when choosing a crypto exchange. This means checking whether the exchange has a physical address associated with it because it’s a sign of transparency, which itself is a sign of legitimacy.
  • Do your research. Before creating an account on a crypto exchange, take your time to check whether the exchange you’ve chosen is reputable. See what others have to say about it, check whether there were any security issues with it in the past, read reviews, etc.
  • Check the security features. The more security features a crypto exchange has, the better. Look for exchanges that make it hard to create an account, as most exchanges with an easy account-creation process are generally not trustworthy. Still, no matter how secure an exchange might be, keeping your digital funds in an offline wallet is always recommended.
  • Consider the pairs and fees. The fees and the currency pair a crypto exchange offers are the two crucial factors that distinguish exchanges. These also determine how much money you’ll have to pay for each transaction. Think about whether you’ll actively be making transactions, how much fee an exchange takes, etc., as this will save you a lot of money in the long run.
  • Look for multiple withdrawal and deposit options. Although this isn’t a must, it’s certainly something that will make your trading easier and more convenient. Therefore, look for exchanges that accept bank transfers, credit and debit card payments, etc.

Cryptocurrency Exchanges FAQ

  • What is a crypto exchange?

    A crypto exchange is a business that allows you to trade cryptocurrencies and digital assets such as NFTs. They work like your typical online brokerage and provide you with various tools for trading cryptocurrencies such as Bitcoin, Tether, Ethereum, etc.
  • How does a cryptocurrency exchange work?

    CEXs function like a traditional stock exchange but for digital assets, while DEXs allow you to trade crypto without an intermediary or a third party.
  • Where can I buy crypto?

    The best place where you can buy crypto is a reputable exchange that you trust and that has multiple security features in place. Some of the top crypto exchanges include Coinbase Exchange, Huobi, Kraken, etc.
  • Where can I buy Bitcoin?

    If you’re looking to buy Bitcoin, you should check out the safest crypto exchanges like Binance, Bybit, KuCoin, Gemini, and others.
  • Where can I buy Ethereum?

    To buy Ethereum, you should visit crypto exchanges such as Bitfinex, Binance US, Bybit, etc.
  • What is the best crypto exchange?

    There is no definite answer to what the best crypto exchange is, as all of them are prone to changes. That’s why you should check out our ever-updating list of the best crypto exchanges.
  • Are crypto exchanges safe?

    Even though crypto exchanges claim they are safe, using them still carries some risks, as they often suffer hacker attacks. For this reason, it’s important to use verified exchange platforms and research your options before you pick one.
  • How many crypto exchanges are there?

    As of writing this article, there are over 500 crypto exchanges in the world.
  • What is crypto trading?

    Crypto trading is the process of buying and selling digital assets such as Bitcoin to make a profit.
  • What is spot trading in crypto?

    Spot trading in crypto is the process of buying a specific asset at the immediate market price instead of buying or selling it when it reaches a specific price.