Cryptocurrency exchanges comparison

Which are the best crypto exchanges?
To better understand which cryptocurrency exchanges are the most reliable, functional and offer the lowest fees we tested and cherrypicked for you today’s bests.

Which are the best cryptocurrency exchanges: here are our favourites after extensive testing

When it comes to financial investments, we place a lot of importance on a good understanding before choosing a particular provider. After testing several cryptocurrency exchanges through our personal experience with cryptocurrencies since 2017, we came up with the following finalists.

eToro maintains its position as the best choice in the industry. It is characterised by a high level of security, a huge number of trusted users and the largest community in the world.

On the other hand, Binance offers a large number of cryptocurrencies and the possibility to invest in start-up projects directly through the app with two clicks. Commissions are favourable while with the Binance card you can spend cryptocurrencies in shops (at an excellent rate), earning up to 8% cash back.

We recommend Bybit only to experienced traders with a serious approach to high risk, as the leverage here reaches 100:1.

Founded in 2011, Bitstamp is an established cryptocurrency trading platform with just over 30 cryptocurrencies available. The simplified fee structure makes it an easier (albeit slightly more expensive) entry point for beginners. However, more experienced users may want access to more coins or lower transaction fees.

Find out which exchanges on our list are in the top three and which one is right for you, based on your expectations.

Our top 3 best cryptocurrency exchanges

  1. eToro: The best choice for beginners and intermediates
  2. Binance: Ideal for advanced users
  3. Bybit: The best for leveraged trading

1. The best exchange for beginners – eToro

eToro the right cryptocurrency exchange for:

  • Beginner cryptocurrency investors and traders
  • You want to enter the world of cryptocurrencies in the easiest and safest way
  • Trading euros with cryptocurrencies and vice versa

eToro is successful thanks to its easy-to-use CopyTrading platform, where traders can copy the trades of experienced traders or obtain exclusive rights to share their trading strategies.

With over 3,000 trading symbols, including CFDs, forex and exchange-traded securities, eToro offers a complete trading and investment experience.

eToro was founded in 2007 and is regulated in two jurisdictions, making it a safe (low-risk) trading broker.
eToro is excellent for copy trading and cryptocurrency trading and is our top choice for both categories in 2022.

It is easy to use thanks to eToro’s web platform and mobile application, which is particularly useful for novice traders.
It offers liability insurance of up to EUR 1 million per customer in the EU, UK and Australia.
VIP privileges are available for club members and popular investors who achieve higher status.

eToro offers the widest variety of payment methods:

VISA MasterCard maestro PayPalSkrill Neteller

The eToroX wallet offers users a secure digital place to store cryptocurrencies.

Using the eToro wallet includes:

  • Transferring from eToro trading platform to the eToroX wallet
  • Conversion from one cryptocurrency to another
  • eToro’s wallet supports more than 120 cryptocurrencies and has an in-app conversion function that can support more than 500 different cryptocurrency pairs.

If you have chosen eToro as a place to trade and invest in cryptocurrencies, you can skip to the step-by-step guide on how to get started.

See also our full review of eToro – fees, features, functioning of the platform.

2. The best advanced cryptocurrency exchange

Binance is the right cryptocurrency exchange for:

  • Advanced traders who already have some experience with cryptocurrencies
  • Active traders
  • A wide selection of cryptocurrencies

Binance is a cryptocurrency exchange founded in 2017 in Hong Kong. It quickly became the largest cryptocurrency exchange in the world in terms of trading volume. Today, Binance is a well-established exchange, offering more than 40 fiat currencies and more than 600 cryptocurrencies to customers around the world. The maximum transaction fees are 0.1 per cent.
Binance is the world’s leading cryptocurrency exchange with a huge and growing ecosystem. Over the years, it has expanded its influence worldwide, constantly expanding into new countries. It is also considered one of the safest and easiest exchanges to use, with different account types for different investors. Binance offers low fees, supports transactions in fiat and cryptocurrencies and has no maximum withdrawal limits for verified users.

3. The best cryptocurrency exchange for leveraged trading – Bybit

On Bybit you can trade cryptocurrencies with up to 100x leverage. This means that you can trade a $10,000 position by investing $100. Experienced traders can make high profits from trading with leverage, as this increases the potential profits of the trade. Consequently, the risk also increases proportionally.
Users can take long or short positions on the 15 available currencies (betting on rising or falling prices respectively). Bybit offers a number of advanced trading options.

Technology and tools

Bybit claims to be able to process 100,000 transactions per second, much faster than its competitors. It does everything it can to avoid server downtime, a problem many exchanges face when market changes cause many people to start trading at the same time.
Chart analysis tools are popular with traders because they have many additional functions and capabilities. It is also possible to download data in different formats.

See the complete list of cryptocurrency exchanges to learn about other exchanges offering this service.
For more details on the exchange -> Bybit review.

How to choose the best cryptocurrency exchange?

Cryptocurrencies are a very interesting topic for investors. However, digital currencies cannot simply be purchased from a classic bank, but you need a cryptocurrency exchange to do so. To make it easier for you to enter the world of cryptocurrencies, we have prepared an excellent comparison of cryptocurrency exchanges.

Long-term investors, in particular, should take a closer look at cryptocurrency exchanges.

Here’s what to look out for when choosing the right cryptocurrency exchange and how to invest safely in cryptocurrencies.

What is a cryptocurrency exchange?

A cryptocurrency or bitcoin exchange is a platform for trading cryptocurrencies.

In English, such trading venues are also called exchanges. The first cryptocurrency exchanges were created with bitcoin, which is why many users also use the term bitcoin exchange.

list of cryptocurrency exchanges

In principle, the functioning of such an exchange can be quickly explained. Like any exchange, a cryptocurrency exchange is used to trade specific assets. Consequently, in cryptocurrency exchanges, these assets are cryptocurrencies. The market is self-regulating and finds a perfect balance between supply and demand.

The exchange connects supply and demand and provides liquidity to the market. The exchange charges a transaction fee, which is used to finance transactions.

Registration on most cryptocurrency exchanges is free and quick. Also our favourite sites, eToro and Binance, offer free registration. This is followed by a verification of user data to avoid potential abuse of the account.

What fees are charged on a cryptocurrency exchange?

A very interesting topic from an investor’s point of view is the fees that apply when investing in cryptocurrencies.

Registration for a particular currency exchange service is free of charge, but fees are charged when purchasing cryptocurrencies. This means that the operators of the trading system charge a commission once the cryptocurrency is purchased.

However, costs vary widely from platform to platform. However, it can be said that a commission of 0.1-2% is generally charged.

In addition, many exchanges charge one-off fees for redeeming assets. Experience shows that investors experience prices as low as 0.001 BTC on withdrawals. Although low fees are a good approach, individual investors should plan their exit scenario from the beginning, taking into account potential costs.

How safe are cryptocurrency exchanges?

An important question that newcomers should ask themselves is the security of currency exchange.

According to the principle ‘Not keys, not coins’. – only those in control of the private key can actually manage the coins. In the case of the exchange, users delegate this control to the platform operator.

The case of Mt. Gox illustrates what this approach can mean. In February 2014, the company filed for bankruptcy. Investigations by the Tokyo police revealed that 643,000 of the 650,000 BTC had been embezzled.

However, much has changed since then and cryptocurrency exchanges have improved considerably in terms of security. However, there are no regulations restricting the use of cryptocurrencies. Therefore, exchanges do not yet have to take special security measures to protect investors. Furthermore, intrusions that exploit various security vulnerabilities cannot be excluded.

May I hold my cryptocurrencies on an exchange?

Let us return to Mt.Gox as an example. This scenario could not have happened if investors had not kept their coins on exchange. In this case, the principle ‘Not the keys, not the coins’ applies more than ever.

For this reason, we can only recommend that beginners, as well as established investors, do not deposit their coins on cryptocurrency exchanges. If you want to invest in cryptocurrencies, it is advisable to store your coins and tokens safely. You can find the best wallets in our big comparison.

In general, we believe that a hardware wallet is a good choice to protect your coins from unauthorised access. Some software wallets also offer good protection. However, hackers can breach the system and steal resources. For this reason, it is recommended to use a hardware wallet. Always keep your seeds safe, e.g. in a safe deposit box or with other family members.

How to invest in cryptocurrencies on a cryptocurrency exchange?

If you want to invest in cryptocurrencies, all you have to do is follow these steps.

  • Step 1:
    Choose the right cryptocurrency exchange for you. Make sure you have good liquidity, low spreads and the right pairs to trade. Sometimes it can take more than one exchange to make an investment.
  • Step 2:
    Register with a cryptocurrency exchange. The process is quick and easy, but varies slightly from exchange to exchange. Then choose a secure password and remember that you are trading with your own money: this data should not be on an unsecured computer.
  • Step 3:
    Confirm the account. Some operators require a copy of your ID card and your last mobile phone bill to confirm your identity. If you do not do this, you will not be able to use the full range of features or invest fiat money.
  • Step 4:
    Make a deposit. In the next step, you can transfer the appropriate exchange currency to your bitcoin exchange wallet to start trading. Many exchanges support US dollars, but it is always advisable to have an appropriate currency to trade with BTC or ETH.
  • Step 5:
    Invest in cryptocurrencies. In the final step, you invest in the cryptocurrencies of your choice. All you have to do is enter a transaction with the appropriate pair and wait for it to be executed. Then make sure you transfer the cryptocurrency to your external wallet address.

Can one invest in other assets on a cryptocurrency exchange?

Some exchanges, such as eToro, also allow investing in other asset classes.

Investors can buy cryptocurrencies on eToro X and buy stocks, funds or commodities. However, this approach is rather an exception. As a rule, cryptocurrency exchanges have a very specific product range and investors can usually only invest in selected cryptocurrencies.

The problem for many investors is that some cryptocurrency exchanges do not support fiat currencies and require the use of cryptocurrencies.

We always recommend using trading systems that are as flexible as possible, so that you can react quickly if necessary. Spot prices are also important.

Which cryptocurrency exchange is the best?

In short, from our point of view, there is no best cryptocurrency exchange. All three exchanges we have presented are suitable for long-term investors.

However, our choice does not mean that the other exchanges are bad. Rather, choosing the right exchange depends on your own preferences. For example, if you do not only want to trade cryptocurrencies, but are also interested in other assets, you should take a look at eToro. On the other hand, Binance and Bybit are more suitable places to trade only cryptocurrencies.

Furthermore, eToro traders benefit from a large and active community. The popular community trading is also available here, which has contributed to the rapid growth in the number of users in recent years and months.

Binance is the ideal place for cryptocurrency investors. The advantages are low transaction fees, a good platform and excellent liquidity. Only the lack of regulation and limited deposit options take points away from Binance.

On the other hand, Binance convinces with a very professional platform and attractive pairs. Binance can be a bit confusing for newcomers, so we recommend this platform especially to experienced traders.

Cryptocurrency exchange applications

Cryptocurrency exchanges are a very attractive way to invest in cryptocurrencies.

Investors should also pay attention to one important issue: the appropriate form of storage. We strongly recommend using a secure hardware wallet. In this way, unwanted attacks on assets and possible large losses can be avoided.