If you’re looking for crypto exchange reviews, we have you covered. BeInCrypto has been testing and writing about cryptocurrencies and their associated platforms for many years, making our expert team well-placed to help you find platforms that meet your needs. In this guide, we’ll dive into our reviews of top exchanges, focusing on key aspects of each review such as security, trading fees, and regulatory compliance.
Methodology
This guide selects the best crypto exchange reviews. Platforms were chosen based on several strict criteria, and the selection followed six months of testing by BeInCrypto’s product testing teams. Here’s why each platform was chosen.
Coinbase:
Renowned for its intuitive design, it is exceptionally accessible for beginners entering cryptocurrency. It offers high-level security features, including two-factor authentication, biometric fingerprint logins, and insurance in case of a platform breach, providing users with peace of mind. Provides a comprehensive array of educational materials through Coinbase Learn, helping users understand crypto trading and investment. Users can earn cryptocurrency by learning about new and emerging crypto projects, which educate and reward users. It is one of the most heavily regulated exchanges in the U.S., adhering strictly to legal guidelines and reinforcing its reliability and safety for users.
YouHodler:
This is a unique service that allows users to take out loans secured by their cryptocurrency holdings. It offers competitive interest rates on crypto savings, attracting users looking for passive income.
Tools that enable users to multiply their investments through automated risk-managed plans. Implements industry-standard security measures, including multi-factor authentication and cold storage. Designed for ease of use, making complex financial products accessible to beginners.
Binance:
It supports a wide array of cryptocurrencies and tokens, including rare coins. It also offers features like futures, options, and margin trading, appealing to experienced traders. It has a strong track record in security, enhanced by SAFU (Secure Asset Fund for Users) for user protection. It ensures high trading volumes, providing users with the ability to execute large trades without significant price slippage. It supports multiple languages and has a massive international user base, making it a global leader.
Uphold:
It allows trading across cryptocurrencies, precious metals, equities, and fiat currencies. Users can directly trade any supported asset for another, simplifying the trading process. It attracts users with its fee transparency and cost-effectiveness. It also commits to carbon neutrality, appealing to environmentally conscious investors. Adheres strictly to regulations, providing a secure and trustworthy platform.
OKX:
It offers a broad spectrum of financial products, including spot, futures, options, and perpetual swaps. It features a high-performance engine that supports massive transaction volumes with minimal latency. It also provides options for decentralized trading, catering to users seeking privacy and control. It includes savings, staking, and DeFi services that empower users to manage and grow their investments. It also includes cold storage, SSL encryption, and multi-factor authentication to ensure user safety.
Bybit:
It offers up to 100x leverage on futures and perpetual contracts, attracting advanced traders. It promises no server downtime, which is crucial during market volatility, ensuring continuous trading. It supports a range of order types, providing traders with flexibility in strategizing their trades. Round-the-clock support helps address issues immediately, enhancing user satisfaction. Maintains competitive liquidity, which allows for better price discovery and order execution.
Wirex:
Offers a card that allows users to spend their cryptocurrency at traditional retailers. Features instantaneous conversion from crypto to fiat, enabling easy everyday use. Provides cashback in cryptocurrencies on card purchases. Licensed by the U.K.’s Financial Conduct Authority (FCA), ensuring high standards of operation. It focuses on providing a seamless user experience, making it ideal for crypto newcomers.
eToro:
Pioneers in social trading, allowing users to follow and copy trades of successful investors. Provides access to stocks, cryptocurrencies, ETFs, and more on the same platform.
Designed for ease of use, which is particularly attractive to beginners. Heavily regulated by top financial bodies, ensuring a secure trading environment. Offers unique tools like a social feed, where traders can discuss trading ideas.
MEXC:
It supports a large number of trading pairs, providing users with vast choices. It frequently updates its platform with the latest tokens and crypto projects. This ensures fast and reliable trading, which is essential for effective execution. It also offers benefits for frequent traders and token holders, enhancing user engagement. Serves a global audience with multi-language support and diverse financial services.
BYDFi:
It specializes in high-leverage options for derivatives and futures trading and provides advanced trading tools and charts to assist in detailed market analysis. Effective customer service enhances user trust and satisfaction, and its competitive and transparent fee structure attracts users. Prioritizes security with strong measures in place, giving users peace of mind while trading.
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10 best crypto exchange reviews
1. Coinbase
• Founded in 2012 and based in the U.S., Coinbase is one of the most established cryptocurrency exchanges in the world.
• It offers a wide range of cryptocurrencies for trading, a user-friendly interface, and additional features such as a learning hub where users can earn crypto.
• It is known for its intuitive design on the web and its mobile app, making it ideal for beginners.
• Employs top-tier security measures including 2FA, biometric fingerprint logins, and insurance in case of a breach.
• Heavily regulated and licensed to operate in over 40 U.S. states.
2. YouHodler
• Established in 2018, YouHodler is a European-based cryptocurrency exchange and financial services platform known for its unique range of crypto-fiat financial products.
• The platform is notable for offering crypto-backed loans, high-yield crypto savings accounts, and features like Multi HODL and Turbocharge for speculative trading.
• It features a clean, straightforward interface that simplifies the management of digital assets and fiat. The platform is accessible via web and mobile app, enhancing usability on the go.
• Implements industry-standard security protocols, including 2FA and cold digital asset storage to protect customer funds.
3. OKX
• Established in 2017, the OKX exchange, headquartered in Malta, serves as a comprehensive platform for trading various digital assets, including cryptocurrencies, derivatives, and DeFi products.
• OKX stands out for its wide range of trading options, including spot and derivative trading, supporting over 700 trading pairs. It also features a decentralized exchange (DEX), savings accounts, and loan services.
• The platform offers a sophisticated yet manageable user interface suitable for novice traders and experienced professionals.
• The availability of a mobile app ensures trading flexibility and accessibility.
4. Uphold
• Founded in 2015, Uphold is a versatile crypto platform offering a unique range of cryptocurrencies, precious metals, equities, and fiat currencies.
• Uphold allows you to trade across asset classes with automatic conversion.
• It supports direct bank account integration and enables users to withdraw funds to bank accounts and major card services.
• Its interface is user-friendly, catering to beginners with an intuitive and straightforward interface accessible via both the web and a responsive mobile app.
• Uphold prioritizes security with features such as two-factor authentication (2FA) and encryption to safeguard user information and funds.
• It also practices full reserve banking, holding 100% of customer funds in reserves.
5. BYDFi
• BYDFi, established in 2020 and based in Singapore, focuses on derivatives, futures trading, and spot market options.
• Notable for its futures trading platform, BYDFi offers up to 200x leverage on various cryptocurrency pairs. It supports both perpetual and futures contracts and offers spot trading and staking services to diversify its offerings.
• BYDFi’s interface is accessible to both beginners and experienced traders. The platform provides detailed analytical tools and a mobile app.
• It implements key security measures, including two-factor authentication (2FA), cold storage of the majority of funds, and regular security audits.
6. Binance
• Launched in 2017, Binance has quickly become one of the largest and most popular cryptocurrency exchanges globally, known for its extensive range of cryptocurrencies and trading options.
• The platform boasts a vast array of cryptocurrencies for trading, including rare altcoins, with features such as futures and options trading, staking, and an NFT marketplace.
• Additionally, the platform has a comprehensive yet complex interface suitable for beginners and advanced traders, complemented by a highly functional mobile app for trading on the go.
• It employs solid security measures, including two-factor authentication (2FA), device management, and cold storage for the majority of customer funds.
7. Bybit
• Founded in 2018, Bybit is a cryptocurrency derivatives exchange based in Singapore. It focuses primarily on trading perpetual and futures contracts with leverage options.
• Known for its strong emphasis on leverage trading, Bybit offers up to 200x leverage on certain contracts.
• The platform boasts an advanced yet user-friendly interface that caters to both seasoned traders and newcomers. It is facilitated by a comprehensive mobile app that allows trading on the move.
• Bybit takes security seriously, safeguarding user accounts and assets with multi-signature wallets, SSL encryption, and two-factor authentication (2FA).
• The platform also uses a real-time risk audit to manage leverage and exposure.
8. Wirex
• Established in 2014 and based in the United Kingdom, Wirex is a digital payment platform that bridges traditional finance with cryptocurrency, offering users the ability to exchange, spend, and manage both fiat and cryptocurrencies.
• It is notable for its multi-currency Wirex card, which allows users to spend their cryptocurrencies at traditional points of sale worldwide.
• The platform supports a wide range of cryptocurrencies and traditional currencies with seamless conversion capabilities.
• The user interface is designed for simplicity and ease of use, making it accessible for both beginners and experienced users.
• The mobile app enhances functionality, allowing users to manage their finances on-the-go.
• Security measures include cold-storage for digital assets, two-factor authentication (2FA), and biometric login features to ensure user safety and data protection.
9. eToro
• Founded in 2007, eToro has evolved from a forex trading platform to a multi-asset investment platform that includes cryptocurrencies, stocks, and commodities.
• eToro is renowned for its social trading features, which allow users to copy the trades of successful investors.
• The platform is designed with a user-friendly interface that caters to both beginners and experienced traders. Its web and mobile app platforms make it easy to manage investments and engage in social trading on the go.
• eToro emphasizes security with advanced measures such as SSL encryption, two-factor authentication (2FA), and stringent regulatory adherence to protect user data and funds.
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong.
Cryptocurrency is offered by eToro USA LLC (“the MSB”) (NMLS:1769299) and is not FDIC or SIPC insured. Investing involves risk
10. MEXC
• Founded in 2018 and headquartered in Singapore, MEXC (formerly known as MXC Exchange) is a global cryptocurrency platform that offers a wide range of digital assets, including spot, margin, futures, and ETF trading.
• MEXC stands out for its comprehensive offering of trading options and its support for over 2,600 trading pairs, which include a mix of popular and emerging cryptocurrencies.
• The exchange offers a sophisticated yet user-friendly interface that is accessible via a web interface and a mobile app that supports all trading functions.
• MEXC employs several advanced security measures such as SSL encryption, multi-signature wallets, and offline cold storage of assets to ensure the security of user funds.
• Regular external audits are conducted to reinforce platform integrity.
How to safely use crypto exchanges
Here are five steps to go through to ensure that you’re using the crypto exchanges safely.
Step 1: Choose a reputable platform
Start by selecting exchanges with a strong reputation for security features and customer service. Look for those with positive crypto exchange reviews and a good security history. Pay attention to the user reviews, and always check the one-star reviews, as they might reveal if a platform is seriously flawed.
Step 2: Use a strong password for your account
Create a unique and strong password for your exchange account. Avoid using simple or repeated passwords that you use on other sites. Always activate 2FA. Nowadays, most crypto exchanges ask you to turn on 2FA before depositing funds, which is a key safety measure. 2FA adds an extra layer of security by requiring your password and also a code from your phone to access your account.
Step 3: Stay alert for phishing attempts
Be cautious of emails or messages that ask for your account details. It’s not uncommon to receive emails imitating big crypto platforms asking you to sign in through the link provided in that email to take some immediate action. Most of the time, that’s a phishing attempt, and it’s not a real email. Always verify the authenticity of any communication by contacting the exchange directly through official channels.
Always ensure you are signing into the real platform, and check for the correct domain address in your browser. For mobile apps, make sure all your crypto exchange apps are up-to-date to protect against vulnerabilities. It’s also important to use a safe internet connection. Avoid using public Wi-Fi when trading. Instead, use a secure, private internet connection or a reliable VPN.
Step 4: Use a cold storage wallet for crypto storage
For added security, consider moving your cryptocurrencies into a hardware wallet like Ledger or Trezor. This is one of the safest ways to protect your crypto funds, regardless of the platform you’re using for buying or trading crypto. These devices store your private keys offline, making them inaccessible to online hackers. So, as long as you don’t hand them your keys, they can’t access it.
How do I choose the best crypto exchange for beginners?
Several key aspects must be considered when selecting a cryptocurrency exchange platform for beginners to ensure a safe and user-friendly experience.
- User interface: Choose a platform with a straightforward user interface that’s easy to navigate, which is especially important for beginners. Additionally, check for the mobile app availability, which adds convenience to trading and managing your portfolio on the go.
- Security features: Ensure the platform has top-end security measures, such as two-factor authentication (2FA), encryption methods, and secure storage options, to protect your assets. Also, always pay attention to the exchange’s KYC procedures to ensure you’ve secured your account.
- Trading volume: Look at the trading volume. High volume can indicate a trusted platform with good liquidity, making it easier to buy and sell without affecting the price too much.
- User reviews: Check crypto exchange reviews and user feedback to gauge the platform’s reliability, ease of use, and overall user satisfaction.
- Fiat compatibility: For beginners, it’s useful if the exchange allows you to buy cryptocurrency with fiat money (like USD or EUR) directly, simplifying the process.
- Withdrawal limits and trading fees: Understand the withdrawal limits and how they may affect the amount of money you can transfer from your account. Also, compare the trading fees to ensure you are getting a fair rate.
- Regulatory compliance and KYC procedures: Opt for exchanges that comply with regulations, as this can offer an added layer of security. Such platforms will likely require you to complete Know Your Customer (KYC) procedures to verify your identity, enhancing security.
- Customer support: Effective customer support is crucial, particularly for those new to trading. Ensure the exchange offers comprehensive support through various email, chat, or phone channels.
Which crypto exchange is best?
Choosing the best crypto exchange depends more on your needs than the platform itself. When selecting a platform, consider several aspects. Read crypto exchange reviews and see how the experiences of others align with your expectations. Check to see whether reviews are sponsored or organic, as sponsored reviews may overlook negatives and focus on the more appealing aspects of a platform or exchange. Consider your trading goals and experience, the trading volume and liquidity on the exchange, fees such as deposit, withdrawal, and trading fees, and the security features offered.
Additionally, check the availability of the exchange for your geographic location and the quality of customer support, whether through calls or chat, and whether it is available 24/7 or limited to a working schedule. Considering these factors can help ensure that the exchange you choose meets your requirements and supports your trading strategies.
Frequently asked questions
A trustworthy crypto exchange has a strong reputation, as evidenced by user reviews and a history of secure operations. It adheres to international regulatory standards and undergoes regular audits. Transparency in fee structure and security protocols also enhances trust.
Fees can significantly affect the profitability of crypto trading, especially for those who trade frequently or in large volumes. High trading fees can eat into profits, whereas lower fees allow for more flexibility and frequent trading strategies. It’s essential to compare fee structures before choosing an exchange. Always pay attention to all platforms’ fees, which often may include deposit or withdrawal fees, overnight fees, inactivity fees, and more.
Key security features include two-factor authentication (2FA), encryption, cold storage of assets, and regular security audits. Additionally, look for exchanges that offer insurance against security breaches. These features help protect your assets from unauthorized access and cyber threats.
Good customer support is responsive, available 24/7, and accessible through multiple channels like email, chat, and phone. An extensive FAQ section and helpful user guides are signs of a solid support system. Quick issue resolution and transparent communication are crucial. Reliable exchanges always have good user reviews for their support.
Cryptocurrency exchanges can be safe if they implement security measures and comply with regulatory standards. However, the level of safety varies between exchanges, and users must also take personal precautions like using strong passwords and enabling 2FA. Staying informed about security best practices is essential. Remember that centralized exchanges (CEX) are always more vulnerable than decentralized exchanges (DEX), and you should always hold a small amount of funds on CEXs.
Coinbase is often regarded as one of the safest crypto exchanges in the U.S. due to its adherence to strict regulatory standards, comprehensive security measures, and a strong track record of reliability. It also offers insured wallets, adding an extra layer of security for user assets. However, other reliable exchanges exist in the U.S., such as Kraken, BYDFi, or Uphold.
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