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Best crypto exchanges in 2023
Finding the right exchange is important and we want to make sure you have the necessary tools and information to make the best decision for your needs.
Our reviews are based on user testing and extensive background research. During the review process, we cover end-user feedback and expert opinions to establish the real reputation and nature of any exchange.
Information is regularly fact-checked and we consult with crypto-security specialists to make sure the exchanges we recommend are in your best interests. There is no single best exchange but our reviews can help users find the exchange that suits their individual needs and situation. We’ve included abridged reviews of 6 popular centralized exchanges.
In addition to reading our reviews, try to seek out more information on exchanges. Check to see if they’ve been in the news, or have had any major promotions. Remember, just because an exchange hasn’t been compromised at the time of writing doesn’t mean that it never will be.
Coinbase
- Only crypto exchange listed in the stock exchange
- Strong security and insurance on deposits
- High liquidity
- Smooth user interface
Cons
- Higher fees when not using Coinbase Pro
- Limited access to altcoins
- Wallets are custodial
Overview
Coinbase is one of the first and certainly one of the best when it comes to the cryptocurrency space. It has a smooth and intuitive platform making it seamless for those new to the world of crypto trading. This simplicity comes at a high price however as the fees add up quickly, especially if you’re aiming to trade regularly. Coinbase can be used to convert one cryptocurrency to another or to send and receive cryptocurrency. Traders can view price movement, trends, portfolio summaries, and related industry news. More recently, Coinbase became the first crypto exchange platform to go public and list on the NASDAQ stock exchange with a total value of over $90 billion.
Best for
Anyone looking for an easy, smooth experience while buying Bitcoin.
Pros
- Intuitive, straightforward platform design that doesn’t require any hand-holding, so Grandma can buy her own BTC.
- Easy to set up an account and buy crypto
- Makes regulated crypto available to users in developing economies
Cons
- Luno is a custodial wallet – you don’t own your keys
- Difficult to access customer support
- Confusing fee structure
- Doesn’t operate in the US
- Only 6 coins are offered – BTC, ETH, USDC, BCH, LTC, and XRP
Overview
Luno’s strengths lie in its usability. It’s an easy-to-navigate, relatively straightforward crypto exchange that makes it easy for newcomers to jump right in and start investing. Founded in 2013 under the name BitX and rebranding to Luno in 2016, the company has grown to serve over 7 million customers with a team of 400+. Luno’s interface is clean and uncluttered. You can also withdraw your coins, and send them to other wallets. There is a week-long cool down period after enabling the send feature. This is presumably for security reasons, but it ends up being massively inconvenient for the user. Customer support on Luno is difficult to access and requires digging. Security on Luno complies with the industry standard. Fees on Luno depend on the user’s country and can differ wildly.
Best for
Crypto beginners who are looking for a functional, straightforward buying process.
Pros
- IEO Platform, for traders looking to invest in upcoming blockchain projects the minute they hit the market
- Extensive investment products
- No deposit fees
- Diverse selection of altcoins
Cons
- Terrible security track record and lack of transparency
- Cluttered platform
- No fiat deposits
Overview
Founded in the fall of 2013, Cayman Islands-based Gate.io (formerly known as BTER) currently ranks among the 20 largest exchanges. With 650+ cryptocurrencies, it also boasts one of the most diverse asset portfolios. While Gate.io has suffered several major security breaches, it remains a popular choice among traders for its huge stable of altcoins, sophisticated financial services, and robust rewards program. Gate.io also loses points for being a crypto-only exchange; users cannot deposit fiat. However, the sheer diversity of the coins on offer lessens the sting. Other than that, deposit and withdrawal are fairly easy, though enhanced security measures mean that it might take a little longer than usual.
Fees are slightly lower than the industry standard and start at 0.2%. While it is a standout for coin diversity, the excessive security breaches and cluttered interface mean that Gate.io is not beginner-friendly.
Best for
Experienced investors willing to compromise on security for access to a large variety of altcoins.
Pros
- Planning to become carbon negative by 2023
- Offers derivatives and margin trading
- Offers derivatives and margin trading
- Successful debit card service allows you to spend crypto on daily expenses
Cons
- Lackluster customer service
- Can be complex to use
Overview
With a dizzying array of features and slick interface, Crypto.com is an excellent choice for beginner to intermediate users looking to integrate crypto into their daily lives.
Founded in 2016, Crypto.com has made a name for itself by providing users the selling of cryptocurrencies at true cost. Their Visa card was launched in 2018, and is currently available in Canada, the US, Europe, and APAC. With perks that include up to 8% cash back and rebates on Spotify, Netflix, and Amazon Prime, it’s no wonder that the Crypto.com Visa Card is the largest program of its kind.
Best for
Intermediate to advanced users who enjoy earning rewards and want to start integrating crypto into their daily lives.
Pros
- User-friendly platform
- Large selection of crypto
- High trading volume delivers greater liquidity to Binance traders
Cons
- Customer support can be slow
- KYC compliance can take a long time
- Was hacked (big time) in 2019, causing doubts about security
Overview
Binance is a popular cryptocurrency exchange that was founded in 2017 by Changpeng Zhao (CZ). The platform provides trading opportunities for over 500+ cryptocurrencies, especially altcoins. It supports popular coins such as Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Dogecoin (DOGE), including its own blockchain-based token, Binance Coin (BNB).
The exchange has relatively low fees and an attractive user interface. Security isn’t great, as the exchange was hacked badly in 2019. On the plus side, Binance has recorded the largest trading volume of any exchange. Binance is constantly adding more options and financial services.
Best for
crypto enthusiasts at any level.
Wallet Encryption
It’s all well and good to go buy bitcoin, but the important question is how you’re going to store it. There are a few important pieces of wallet terminology to explain, followed by key principles. The important thing to remember is this: if you don’t control access to the private keys for your wallet, you are not in control of the bitcoins in the wallet.
