Reviewing Cryptocurrency Exchanges

The world's first cryptocurrency exchange was created by programmer Jed McCaleb.

Then, in 2010, few people heard about bitcoin, only blockchain enthusiasts were involved in digital gold mining. This trading platform was called Mt. Gox.

On the first day, 20 BTC were sold, and after 3 months the daily turnover exceeded 150,000 coins. The bidding went well, but a year after the launch, the founder sold the finished project, losing interest in development. Under new ownership, Mt. Gox posted even higher growth rates, with 31,200 registered members in May 2011. Then other cryptocurrency exchange platforms arose, and Mt. Gox ceased to exist after a successful hacker attack in 2014.

Then 744,000 BTC were stolen from the service's deposits. I must say that this was far from the first case of loss of money, nevertheless, the exchange continued to function, due to the complete absence of competitors. Now the situation has changed, there are even too many Internet sites and it is very difficult for an inexperienced user to determine the best cryptocurrency exchanges. In this article, we will tell you about popular services, and will try to explain which aspects you should first pay attention to when choosing a site for the exchange of virtual assets.

Top cryptocurrency exchanges by reliability rating

Place in the rating	Name	Number of trading pairs	Year of foundation
1	Binance	674	2017
2	Okex	536	2017
3	Huobi Global	658	2013
4	KuCoin	525	2017
5	Kraken	630	2011

Binance

The TOP cryptocurrency exchanges are opened by the young and very dynamically developing platform Binance. Since the days of the legendary Mt. Gox, no project has achieved such overwhelming success in such a short period.

Binance is a prime example of what real-life cryptocurrency exchanges should be like. Initially, the resource did not work with fiat funds at all. Later, taking into account the numerous wishes of customers, an adjacent platform Binance Jersey was opened to exchange cryptocurrency for traditional currency.

The daily turnover of the Binance crypto exchange averaged one billion US dollars, and at the peak of trading it reached four billion.

Identity verification is required. A PC app is available, as well as a mobile app for Android and iOS. Leveraged spot and futures trading, P2P exchange, crypto loans, deposits, staking and other financial products are supported. There is a mining pool for BTC and Ethereum.

740 different crypto and fiat pairs, including own token BNB.
Binance offers competitive trading fees (commissions): 0.1% on each side of the trade, or 0.075% if you are using your Binance tokens (BNB).
Trust Wallet mobile application.
Bank transfer, debit/credit cards, various P2P payment channels.
The exchange launched CryptoSafe Alliance (CSA). This initiative will bring together exchanges, blockchain protocols, cybersecurity experts, and regulatory compliance companies. It is the first comprehensive threat monitoring and protection tool in a decentralized data exchange environment.
A free app is available in Google Play Store or the App Store.

Okex

OKEx is one of the safest crypto exchanges with a wide range of trading tools and a user-friendly interface. The service is constantly expanding the scope of services, providing traders with additional opportunities for earning.

Identity verification is still optional. A demo account is provided for beginners. You can trade on margin on the spot and futures markets, earn passive income on crypto loans and work on a pool. In the Exchange Cloud section, anyone can try to create their own crypto exchanger from scratch, customize branding for different web platforms and applications.

250+ different crypto and fiat pairs.
The mobile application is fully compatible with devices running on major operating systems, i.e., you can download the application on Android in ARC format or in IPA format. A free app is available in Google Play Store or the App Store.
Leverage.
Market types: spot, futures, perpetual swaps, options, cryptocurrency listing, indices, spreads.
Deposit / withdrawal methods: Credit card, crypto wallet.

Huobi

Huobi Global is a resource with a wide range of trading tools and a unique hacking protection system. Supports leveraged spot and futures trading, as well as staking, including ETH 2.0, a free trading bot, and OTC trades.

7 digital assets can be mined on the mining pool. You can exchange crypto for fiat in the "Quick Buy / Sell" tab or on the P2P market. In the "Training" section there are many useful articles for beginners, but you will have to translate them into Russian yourself.

Provides traders with the opportunity to work with more than 200 cryptocurrency pairs, divided into 3 main markets: BTC, ETH and USDT.
Functionality: clients can build a variety of charts, select time intervals, use a rich set of options to customize charts.
Exchange interface translated into 12 languages.
When working with dollars, the commission will be 0.1%.

Coinmama

Coinmama Bitcoin exchanger is located in Israel. The platform was first launched in 2013, and their website says it provides the ability to quickly and securely purchase cryptocurrency from anywhere in the world. In fact, it works in almost every country in the world.

Coinmama hit the market in 2013. From the very beginning, the uniqueness of the company was the ability to buy cryptocurrency using a credit / debit card. Coinmama was the first to offer this option, which attracted many interested buyers and thus quickly became one of the most popular exchanges in the segment.

Coinmama is a good choice for anyone looking to buy Bitcoin or Ether quickly and securely using bank transfer or credit card. The site does not store the purchased cryptocurrency in internal wallets, but immediately transfers the coins to your personal one, which is very good and makes you independent of any sudden troubles.

The website sells Bitcoin, Ethereum. Litecoin, Bitcoin Cash, Qtum, Ripple, Ethereum Classic, Cardano, Tezos and EOS.
The use of credit or debit cards implies a service charge of 5%. Besides, the charges 3.90% for buying coins and 0.9% for selling these.
No Wallet.
Credit/debit cards and bank transfers; It supports SEPA and SWIFT payments.
Coinmama is a reputable company with a secure site using Trust Guard and Comodo technologies. Both services have confirmed that 256-bit SSL encryption is actively used on pages containing personal information.
Mobile app.

Localbitcoins

LocalBitcoins is a P2P exchange for buying bitcoin for fiat money offline, electronic money online and some altcoins. It is considered a reliable platform for direct, decentralized exchange between parties to a transaction. It allows you to purchase bitcoin quickly using a variety of convenient methods.

Localbitcoins is not like other exchanges. No centralized exchange rate is used on this platform. Sellers and buyers decide for themselves at what price they want to sell or buy Bitcoin, and choose the exchange methods.

Exchange operations using Localbitcoins can be carried out both on the Internet and in person with the seller. The second option may turn out to be unsafe, since the platform in this case does not control the course of the transaction. Therefore, offline buying of digital currency is not always the most profitable option.

Since citizens of more than 200 countries work with the exchange, it is one of the biggest cryptocurrency exchanges for buying cryptocurrency for fiat money.

The service does not charge a commission from the buyer. For sellers, there is a set commission of 1% on each sale.
Bank transfers, banking cards, electronic systems.
The security of the transaction is ensured by the escrow method, which has proven to be highly effective; User accounts are protected by two-factor authentication.

KuCoin

A simple and convenient exchange for cryptocurrency trading and staking. If you are satisfied with the daily withdrawal limit of 5 BTC, then you can trade anonymously. For verified clients, the withdrawal limit is increased to 200 BTC, and the leverage when trading futures is up to 100x. It is possible to buy digital currency using a credit card and P2P section.

200+ coins and 450+ trading pairs.
All deposits are free on the site, and there is a fixed fee for withdrawals; KuCoin offers a flat commission of 0.10%, which is less than the industry average.
Inner site crypto wallet.
A variety of payment methods supported by P2P fiat services.
The exchange offers you the option to set up two-factor authentication by Google Authenticator.
Mobile application.

Poloniex

The Polonix cryptocurrency exchange is distinguished by strict security rules and the presence of margin trading. You can take out a loan for trading or lend a crypt at interest to other users. The platform has a good selection of exchange pairs and a mobile app.

100+ currency pairs.
All deposits are allowed without any additional charges; The withdrawal fee is fixed, and it depends on the type of the currency; commissions are from 0 to 0.25%. Maker commission is from 0% to 0.15%; taker commission is from 0.1% to 0.25%. The higher is the volume of completed transactions in one month, the lower is the commission for all subsequently completed transactions.
Own Wallet.
Replenishment of an account with a bank card or withdrawal to a card are not available for users of some countries.
The administration highly recommends adding two-factor authentication to your account.
Mobile application.

Bitfinex

Cryptolatform Bitfinex supports exchange and margin trading, works with traditional money, and imposes minimum fees on traders with high turnover. The exchange has a good reputation among users. The Bitfinex website has been translated into several languages.

Over 140 coins and 300 trading pairs.
No additional payments for deposits and withdrawals in digital coins. When you deposit USD, you will have to pay a commission of 0.1%, but not less than $ 20;Minimum fee for withdrawing fiat money is $ 60; With the minimum currency turnover per month, the trading fee is 0.1% for the maker and 0.2% for the taker.
Users are offered three wallets to choose from - Exchange Wallet, Margin Wallet, and Financing Wallet.
In addition to digital currencies, bank transfers and card withdrawals are available to users.
Only 0.5% of crypto assets are kept online to support daily transactions. The rest of the coins are kept in cold wallets out of the reach of hackers. For these wallets to become available, manual authorization of several members of the management team is required.

Bittrex

The Bitrix platform stores most of the digital assets in cold wallets.

250+ trading pairs are available.
Topping up your euro account is available via SEPA credit transfer, international bank transfer, bank card. Fiat funds withdrawal is possible to a bank account using an international bank transfer, and for euros, a SEPA credit transfer is supported. The withdrawal commission depends on the chosen currency: in bitcoin, it is 0.0005 BTC, in Ethereum - 0.00600000 ETH. The site has a fixed trading fee of 0.25% of the total value of the order.
No crypto wallet.
Bank transfers, credit/debit cards.
Two-factor authentication (2FA), IP check, which requires an email confirmation of entry from a new IP-address, IP whitelists, Cold storage for 80%-90% assets.
There are two apps for Android and iOS respectively: Bittrex Global and Bittrex.

BitMex

BitMEX, short for Bitcoin Mercantile Exchange, is an advanced trading platform and cryptocurrency exchange. Unlike many crypto exchanges that exchange one cryptocurrency for another, BitMEX is focused on derivatives trading: perpetual contracts, as well as daily and weekly futures.

Cryptocurrency futures contracts are an agreement to buy or sell an underlying asset (cryptocurrency) at a predetermined price for a specific date in the future.

Perpetual Contracts - Similar to Futures, except that they have no expiration or maturity.

BitMEX is a trusted cryptocurrency exchange for advanced users interested in margin trading crypto derivatives. The company is constantly improving, adding new features and expanding the list of available assets. There is no need to undergo verification to work. Bitmex uses multi-signature and cold wallets to store client funds. All withdrawals are processed manually at the appointed time once a day.

55 trading pairs.
BitMEX does not charge any fees for deposits or withdrawals. When withdrawing BTC, a minimum Bitcoin Network commission is applied; commissions for takers are 0.075% of the total order value, while makers are paid an additional 0.025% for each trade.
Crypto BitMEX wallet.
Beyond virtual currencies, BitMEX does not accept any other deposits.
Funds are stored in cold wallets; Two-factor authentication; Registration via SMS notifications; Multi-signature wallets for transactions; Email communications are encrypted using PGP encryption.
BitMEX Mobile launched in September 2020.

Kraken

The Kraken exchange is one of the old-timers of the cryptocurrency market. The service is distinguished by a high degree of reliability and an impeccable reputation. Kraken is one of the first exchanges to pass a cryptographic audit. Here you can exchange bitcoins for fiat, including the Canadian dollar, and there are no “junk” coins among the virtual assets. The flexible verification system consists of four levels and is required for all accounts.

8 tokens are available for.
Transactions under 50,000 units of a particular currency are subject to a commission of 0.16% for the seller and 0.26% for the buyer. For sums over 50,000 units, commissions are reduced to 0.14% and 0.24% respectively.
No crypto wallet is offered on the site.
Crypto wallets and money transfers via bank transfer. Deposit/withdrawal via bank cards is not available.
The exchange offers users two-factor authentication, PGP encryption, and global settings lock, which prevents any account changes within a certain period of time.
Kraken Pro and Kraken Futures applications.

HitBTC

The HitBTC service has been operating in the cryptoindustry market for 6 years. It features well-thought-out functionality, a wide selection of trading instruments and exchange pairs. Identity verification is required only for traders working with fiat currencies.

800 currency pairs.
No commissions for deposits and a fixed commission for withdrawals depending on the coin; HitBTC uses a multi-level trading fee calculation system. The more a user trades, the lower his commission will be.
No crypto wallet.
The HitBTC exchange can be replenished exclusively with digital currency.
The platform provides 2-factor authentication, high-end encryption technology and cold storage of funds.
No application.

Bitpanda

Currently, the presented crypto exchange is considered one of the most reliable in the world and is aimed at traders from European countries. US citizens, for example, cannot work on it. Before the start of the auction, you need to provide data about yourself and confirm them. Bitpanda verification is divided into 3 levels: bronze, silver and gold. The limits on the withdrawal of funds depend on these levels.

The presented platform has plenty of advantages, and it was they that ensured its high popularity. Firstly, a huge plus is the support of the euro, because absolutely everyone is used to using fiat money. Secondly, the fees charged by the service remain small, which attracts traders. Thirdly, an affiliate program was launched not so long ago. Thanks to her, you can make money by attracting new users. Fourthly, a clear plus is quick registration. Fifth, the site has an intuitive interface and works stably.

Bitcoin, Ethereum and 30+ digital assets.
The trading commission of the service depends on the type of currency and the nature of the transaction. When buying bitcoins, you pay 1.49%, when selling - 1.29%.
Commission for replenishment and withdrawal is fixed for each coin and is debited from the account.
Bitpanda crypto wallet.
You can make a deposit either by bank transfer, credit cards or electronic payment systems.
Bitpanda refers to systems that independently manage user wallet keys. Besides, the following security measures are offered: fund cold storage session control. Every login attempt from a new device requires two-factor authentication confirmation, authentication and validation via email.

Coinbase

The Coinbase online platform brings wallet, exchange and merchant tools in one simple interface. The main goal of its creators is to make Coinbase the leading global brand for helping people convert digital currency to local currency and vice versa.

The service attracts the attention of big business, and has been repeatedly noted by financial observers on the pages of Bloomberg, The New-York Times and other media.

23 types of coins.
The rates charged for all operations under $200 are as follows: $ 0.99 - $ 2.99 - for operations from $ 0 to $200; for over $200, a fixed interest rate comes into play. Its size depends on the payment method.
Free mobile and online wallet. The advantage of this wallet is that transactions can be made off-blockchain.
You can pay funds that can be deposited and withdrawn using a bank card, transfer and a range of payment systems. SEPA transfers are available for EU residents.
Two-factor authentication. All website traffic is encrypted using the SSL cryptographic protocol.
All wallets keys are protected by AES-256 encryption. Only 2% of her clients' cryptocurrency funds are stored online, and they are insured in case of loss.
Android and iOS app.

Paxful

Paxful's mission is to provide people with a simple and secure platform to buy and sell Bitcoin. The company is registered under the laws of the United States (Delaware) as a money transfer operator on the United States Department of the Treasury's Financial Crimes Network.

Paxful, like LocalBitcoins, is a peer-to-peer cryptocurrency platform where users transact among themselves. Like most similar platforms, Paxful does not hold funds and acts as an intermediary for users. Paxful helps connect buyers and sellers with support for over 300 different payment methods.

On Paxful, you can sell bitcoins by setting your price and choosing your payment method.

The platform supports its own mobile wallet (Paxful Wallet), which is available on iOS and Android, and makes it easy and simple to send, receive and store bitcoins, as well as track open transactions on Paxful.

Bitcoin and Tether as assets.
Commissions are applied for crypto selling:0.5% for bank transfers; 1% for bank cards and e-payments; 3-5% for gift cards; No commission is charged for buying cybercurrencies; Paxful will charge a transfer fee for sending funds to an external wallet. $ 0 - $ 9.99 = 0.0001 BTC$ 10 - $ 19.99 = 0.0002 BTC;More than $ 20 = 0.0005 BTC.
The Paxful Wallet App makes it easy to store and manage coins with your mobile wallet.
More than 300 ways to buy coins, including bank transfer, credit and debit cards, PayPal, Western Union, and even Amazon, iTunes or Steam gift cards.
The security of the system is ensured by two-factor authentication, depositing and the obligatory verification procedure when working with large amounts.
Paxful Wallet for Android and iOS.

The list of reliable and popular trading platforms could be continued. How do you choose the service that's right for you?

What to look for when choosing a trading platform?

First of all, you need to decide what kind of digital assets you will work with. Popular coins such as ETH, ETC, XRP are traded on most exchanges, and young projects on no more than two or three or, in general, on one service, and then the choice is already obvious. If you have several options, first of all pay attention to the following aspects:

Reviews from other users.
The price of the cryptocurrency you are interested in on a specific trading platform. Most of the coins are exchanged for Bitcoin, less often for Ethereum, Litecoin or other alts. The exchange cost is expressed in dollars and may differ slightly on different exchanges.
Fee also matters. You pay for the purchase and sale operation and for the withdrawal of cryptocurrency from the trading platform.
The minimum threshold for replenishment and withdrawal is also an important criterion for most users.
Identity verification. The vast majority of reputable crypto exchanges require, or at least strongly recommend, the client to verify their identity. Many sites limit the maximum withdrawal amount in 24 hours for users who have not passed verification, or simply refuse service and or freeze withdrawals. If you wish to work anonymously, carefully read the client agreement.
Support for fiat currencies and payment options. For those wishing to exchange virtual assets for US dollars or national currency, the choice of available platforms is sharply narrowed. Look also at the available methods of depositing and withdrawing traditional money.
Multilingual interface.

These recommendations apply to any user. Experienced traders pay attention to criteria such as:

User-friendly interface and options for technical and graphical analysis.
Selection of trading instruments. On some exchanges, you can buy or sell coins only at the current price. Other platforms provide an opportunity to create stop-limit and other types of orders, the price in which the user specifies.
Support for margin trading. The ability to get instant credit at the right time is important for professional traders. In addition, this option allows you to have passive income by providing loans to other clients of the exchange.

It is far from always possible to work on only one crypto platform. Most miners and traders have 2-3 accounts on different services, switching between them depending on the situation both in the market as a whole and on each of the trading platforms separately.