The best cryptocurrency exchanges are those focus on the requirements of traders and investors. In order to purchase, sell, trade, and stake cryptocurrency assets, users can deposit through local bank transfers, debit cards, credit cards, and other payment methods on these platforms, guaranteeing a secure and user-friendly experience.
We’ve examined the top 5 trading platforms to provide you with the most reputable options if you’re starting your crypto adventure there:
Binance – Best Exchange Overall
Bybit – Best Alternative Crypto Exchange OKX – Best Crypto Staking Exchange
Coinbase – Best-based Crypto Exchange
MEXC – Best Exchange for Altcoins
1. Binance
The largest cryptocurrency exchange in the world, Binance, has over 120 million unique users and has been allowed to conduct business in many different countries.
Founded by Changpeng Zhao (CZ) in 2017, Binance Exchange is a centralized virtual currency exchange. Within three months of its launch, Binance outperformed all rivals to become a significant virtual currency exchange globally, and it has held that position ever since.
Advantages
- Quick order matching and high liquidity
- The largest cryptocurrency exchange in the world in terms of trade volume
- Trading fees on Binance are among the world’s lowest cryptocurrency exchanges.
- Prestige has undergone many FUDs, but Binance can operate generally without much impact.
- There are many different kinds of investment products available.
- Bitcoin Transactions for No Fee
Disadvantages
- Does not support depositing into Binance exchange in some countries
- Binance is facing regulatory issues in several countries. In the US, Binance is currently being investigated by US authorities for allegations of money laundering and tax violations. The platform has also been banned in some countries.
- The platform offers so many functions that it will be difficult to understand for newbies.
2. Bybit
Bybit is a Peer to Peer (P2P) exchange founded by Ben Zhou in March 2018.
Bybit exchange is one of the most active cryptocurrency exchanges i. The exchange offers trading services such Spot Trading, Margin Trading, Future Trading, P2P Trading, etc. Despite being relatively new, the exchange has developed into one of the electronic exchanges with more over 5 million members registered (per May 2022 figures).
Advantages
- Bybit Exchange is easy to use, from the user interface to the sign-up process.
- Provide full API services for those who want to use third-party applications for transactions.
- , there are many ongoing trading competitions to support traders
- there is an Affiliate program for individuals who desire to earn commission.
- Trading on the exchange is not subject to KYC requirements.
- Low transaction fees. The maker fee is 0.0250%, while the taker fee is 0.0750%.
- Bybit Exchange already offers a user-friendly mobile app for both iOS and Android.
- Many international awards.
- 24/7 support when there is a problem to solve
Disadvantages
- Trading products is not diversified.
- Doesn’t have a representative office in many countries so may cause some difficulty if local users need any help..
3. OKX
One of the biggest cryptocurrency exchanges available is called OKX. Currently, according to CoinMarketCap statistics, OKX ranks 2nd in terms of 24-hour trading volume, just behind the giant Binance.
The cryptocurrency exchange OKEx changed its name to OKX in January 2022, dropping the “E” from “Exchange” and adding the phrase “more than just an exchange.” The CEO of OKX stated that his company will “maintain the core principles of cryptocurrency, namely decentralization and autonomy,” but added that “we are moving beyond the traditional centralized exchange model to bring customers the best crypto experience.”
The purpose of this rebranding partly reflects OKX’s ambition to dominate hot markets such as DeFi, NFT, Web 3.0, and Metaverse.
Advantages
- High liquidity: When it comes to 24-hour trading volume among cryptocurrency exchanges, OKX consistently ranks at the top.
- Powerful trading platform: High transaction speed; almost every order placed is processed instantly.
- The platform offers comprehensive support and is appropriate for a variety of trading scenarios on online platforms, desktop computers, and mobile apps.
- Pretty good security: Customers’ assets are safely protected thanks to a modern hot and cold wallet system.
- Diverse trading services: Spot trading, futures contracts, perpetual contracts, options… In particular, OKX offers margin trading to maximize earnings for clients.
- The high liquidity of the exchange’s OKB currency is utilized to cut transaction costs and generate revenue.
- Support a lot of tokens or coins: 348
- 46 varieties of fiat currencies, including the VND, are supported.
- Low transaction costs: OKX has some of the lowest transaction costs on the market.
Disadvantages
- Important individuals have left the company, like Chris Lee who switched to Huobi in May 2018 or Changpeng Zhao who left the OKX exchange to become CEO of Binance earlier. This is undoubtedly a huge loss, and it’s also the most regrettable for an established cryptocurrency exchange like OKX.
- Additionally, the exchange includes unusual and novel currencies from little-known initiatives. Investors now have doubts about the floor.
- Although the trading platform is robust, it isn’t all that unique, and the exchange also includes perplexing elements that are hard for customers to control.
- Users may find it challenging to understand the exchange’s transaction fee structure because of its complexity and excessive number of layers.
4. Coinbase
Coinbase is a cryptocurrency exchange, many blockchain projects want their tokens listed on this platform. San Francisco, California, USA serves as the exchange’s administrative hub. It facilitates the trading of several cryptocurrencies, including Tezos, Litecoin, Ethereum, Bitcoin Cash, and Ethereum Classic.
Since its establishment, Coinbase has supported fiat currencies in about 32 nations, enabling the storage and exchange of bitcoins in 190 different nations.
In 2012, Brian Armstrong and Fred Ehrsam established Coinbase. By trading volume, it is now the biggest cryptocurrency exchange in the country.
It boasts strong liquidity being one of the most well-known and established cryptocurrency exchanges worldwide.
Advantages
- The Coinbase UI is easy to use and suitable for beginners.
- Regarding the tools accessible on the exchange, Coinbase offers comprehensive documentation and detailed instructions.
- Users can freely exchange more than 150 coins on Coinbase.
- Strong security measures are in place on this exchange to protect users’ assets.
- Users may begin trading on Coinbase with just two dollars.
Disadvantages
- Comparatively speaking to some other exchanges, Coinbase’s transaction costs are rather hefty.
- There are a few options for payment.
- The customer’s information will be saved in Coinbase’s database, making it simple to follow the customer’s account.
- Successful transactions at Coinbase take longer to confirm than on Blockchain.
- Customer service is not really good.
- US users cannot pay by credit card.
5. MEXC
A cryptocurrency exchange called MEXC Exchange (MXC Exchange) was founded in Singapore in 2018. MEXC provides users with a diverse and full-featured trading platform, including features such as cryptocurrency trading, margin trading, spot trading, futures trading and other financial services. One of the exchanges with the most coins listed on the market for virtual money is this one.
MXC, which has formal operating licenses in four nations, including Canada, Switzerland, the United States, and Australia, is the forerunner to the MEXC exchange. MEXC has joined the top 10 list of the world’s top cryptocurrency exchanges after only 4 years of existence.
Advantages
- High security: MEXC uses the most advanced security measures, such as SSL encryption and two-factor authentication, to ensure the safety of user accounts.
- Easy-to-use interface: MEXC’s platform is designed with a user-friendly interface, allowing users to easily manipulate and find the necessary features.
- Number of coins supported: MEXC offers a variety of cryptocurrencies, including popular coins like Bitcoin and Ethereum and emerging coins like AAVE, SOL, POLS, and many more.
- Low Trading Fees: MEXC offers low trading fees compared to other crypto exchanges, especially for large trading users.
Disadvantages
- The interface is not optimized; it is a bit complicated for newbies and has a lot of redundant and unnecessary information.
- The website interface still has many errors from the system.
- The MEXC exchange sometimes encounters a freeze in the deposit/withdrawal feature.
Bottom Line
In conclusion, the world has a booming cryptocurrency market with top exchanges that are able to meet the unique requirements of traders and investors. These exchanges provide simple access to the world of digital assets by offering safe, user-friendly interfaces with a selection of trading choices and deposit methods.
To assist you in making wise decisions for your cryptocurrency adventure, BTAguru evaluated the top five platforms, including Binance, Bybit, OKX, Coinbase.com, and MEXC. The future is bright for developing the crypto ecosystem given the rising popularity of cryptocurrencies and continuous attempts to create a thorough legal framework.
