Digital assets have become a critical part of our daily lives and the financial industry in the 21st century. They have transformed the way we think about money, wealth and investments. Digital assets have allowed people to have more control over their financial future and access to new opportunities. For example, cryptocurrency has allowed people to send and receive money anywhere in the world without any restrictions. Digital assets have also made it easier to invest in new startups and innovative projects. They have given people new ways to manage their money and create wealth. These digital assets need to be stored. They can be stored in electronic wallets. In the digital world, they are called crypto exchanges.
Simply put, a cryptocurrency exchange is a platform where different types of cryptocurrency are traded. Individuals, investors or traders can trade. It operates as a digital platform where participants can buy and sell cryptocurrencies with other participants or with the exchange itself, using fiat currency, other cryptocurrencies, or a combination of both. To use a cryptocurrency exchange, a person must first create an account and then deposit the funds they want to use to trade. The exchange then allows the person to buy and sell cryptocurrencies at current market prices.
Cryptocurrency exchanges are crucial in providing liquidity to the cryptocurrency market. By connecting buyers and sellers, they allow digital assets to be traded, thereby increasing the value and stability of the market.Another factor contributing to the success of cryptocurrency exchanges is their convenience and accessibility. Many of these exchanges have mobile apps that allow users to easily buy and sell cryptocurrencies from their phones, making it easier for people to participate in the market. These platforms will thrive in the future and attract more investment as the demand for cryptocurrencies continues to grow. Currently, there are 10,000 cryptocurrencies in the world and there are about 400 exchanges. They are likely to remain the most important part of the cryptocurrency ecosystem in the coming years. So, we have gathered for you the Top 10 cryptocurrency exchanges that will be relevant in 2023. All exchanges in the list are selected based on trading volume and prominence.
1. Binance
On the ranking the main favorite. Quite a famous crypto exchange. According to the state of trade, the income is $10,939,850,403 in 24 hours. There are 384 coins on the platform, in addition, fiat currencies such as EUR, GBP, BRL, AUD, UAH, RUB, TRY, ZAR are supported. Originally registered in Hong Kong, the exchange eventually began to obtain licenses in other countries. At the moment they include countries of the European Union, UAE, New Zealand, Canada, South Africa. At the same time, the platform has a high level of security and reliability. For several years since its founding in 2017, Binance has firmly established itself as a market leader in terms of trading volume (over $75 billion). And also, low trading commissions: from 0.015% to 0.1%.
2. Coinbase Exchange
An American cryptocurrency trading and investor platform founded in 2012. The 24-hour trading volume is $2,208,773,222. The trading platform includes 239 coins and supports fiat currencies such as EUR, GBP, USD. The platform is quite clear and easy to use for inexperienced traders due to the support of basic trades. The platform has a training program especially for beginners. In addition to being completely free of charge, the training will also allow you to make money in the financial markets. Related to this Coinbase gives you various tokens for completing certain training courses.These tokens you can use them for trading and investing and also cash out the profits made with them. Thirty jurisdictions have been added to the system in 2021. Trading fees: 0.00% – 0.40% (for creators), 0.05% – 0.60% (for acceptors).
3. Kraken
American cryptocurrency exchange, founded in 2011, but launched only in 2013. On the platform, users can buy, sell and trade various assets with relatively low commissions. Users also have the opportunity to earn by stacking cryptocurrencies. This exchange allows its users to trade more than 100 crypto-assets and 7 fiat currencies, including USD, CAD, EUR, JPY, CHF and AUD, on its web platform and in its apps for mobile devices. There are 120 cryptocurrencies available on the exchange, and it serves 200 countries. The 24-hour trading volume is $524,270,333. The trading commission ranges from 0.9% stabelcoin for the underlying service and 1.5% for crypto-assets. Maker commission ranges from 0.00% to 0.16% and taker commission ranges from 0.10% to 0.26%.
4. KutCoin
Hong Kong cryptocurrency exchange founded in 2014. This exchange is among the favorite cryptocurrency exchanges. The market capitalization is $778.548368 in 24 hours. The exchange guarantees reliability, confirmed reserves of cryptocurrencies, and availability of 1186 trading pairs. The platform has no mandatory verification, as well as translation into different languages – these advantages attract traders and investors to the exchange. With a total trading volume of $1.2 trillion, the exchange provides services to such countries as Turkey, India, Japan, Canada, UK, Singapore, etc. The project does not have a license to operate in the U.S., but traders and crypto-investors have the opportunity to register their accounts. Trading commission: from: 0.005% to 0.1%
5. Gate.IO
A Centralized Cryptocurrency Exchange, where customers are subject to mandatory KYC verification in order to withdraw or deposit cryptocurrency. It was founded in 2013 in China. The exchange offers more than 1,400 cryptocurrencies and 2,436 trading pairs. The fiat currencies are KRW, EUR. Market capitalization is $598,019,281 in 24 hours. Trading commission: from 0.055% / -0.01% (when paying GT); up to 0.2% / 0.15% (when paying GT) for the maker; from 0.065% / 0.025% (when paying GT) to 0.2% / 0.15% (when paying GT) for the taker.
6. Bybit
A centralized cryptocurrency exchange founded in 2018 in Singapore. It ranks among the leading cryptocurrency exchanges. The platform provides more than 100 cryptocurrency tokens and 325 spot trading pairs, of which the most popular are BTC, ETH, BIT, SOL, APE, DYDX, LTC, DOGE, AVAX, MATIC, DOT and others. Account verification is mandatory. Market capitalization is $468,280,651 in 24 hours. The platform is available to customers worldwide, except for countries with such states as the United States, Singapore, Cuba, Crimea, Sevastopol, Iran, Syria, North Korea, Sudan and the Chinese Islands. The exchange has a small percentage of commission. The amount of trade commission is: for the maker from 0% to 0.1%, for the sticker from 0.02% to 0.1%.
7. OKK
One of the well-known crypto exchanges, which is constantly in the top in terms of trading volume, Market capitalization to date is $997,604,903 in 24 hours. This centralized exchange, which was founded in 2013 in China, currently has a base in the Seychelles. The exchange engages in underlying trading, which includes spot and simple options, as well as derivatives, including margin. The platform offers 651 trading pairs, more than 350 cryptocurrencies available: Mandatory money laundering verification as KYC (country, name document id) to start trading. Trading commission size: from -0.006% to 0.1%.
8. Binance.US
Binance.US is a registered division of the largest cryptocurrency exchange Binance. The standalone exchange was launched in 2019. One of the important pluses of the platform is low commissions, unlike other exchanges. The interest for the sept commission is 0.1%. For instance, you have to pay a commission of 0.5%. The platform provides access to more than 120 cryptocurrencies such as: BTC, ETH, ADA, BCH, BNB, LINK, LYC. It also offers 306 trading pairs. Trading volume is $376,157,417 in 24 hours.
9. Bitfinex
One of the experienced cryptocurrency exchanges founded in 2012. The exchange is owned by Hong Kong company iFinex.Inc. Among the pluses: fiat pairs, proven cryptocurrencies, and a conveniently located terminal. Trading commissions range from 0% to 0.2%. The number of trading pairs is 370. Market capitalization is $166,778,597 in 24 hours. KYC verification is not required, but verified users have access to advanced functionality. Trading commission: 0.10% (maker): 0.20% (ticker): for crypto derivatives – 0.020% (master): 0.065% (ticker).
10. Bitstamp
Founded in 2011, Bistamp is a centralized cryptocurrency exchange with about 4 million customers in 100 countries. There are 78 digital assets on the platform, including: BTC, LTC, ETH, XRP, USDT, USDC. It is obligatory to pass the KYC verification on the platform, because without it you can’t continue working. There is a special education center for new traders which is open 24 hours a day. The commission for trading less than $1,000 is 0.00%. There are 162 trading pairs. 24 hour trading volume is $152,021,221.
Finally
The security of crypto-exchanges is an important aspect to consider. Some exchanges have been hacked in the past, resulting in the loss of funds for their users. Therefore, it is essential to do proper research and choose a reputable and secure exchange to trade in. It is important to note that the cryptocurrency market is highly volatile and fluctuations in the value of cryptocurrencies can occur frequently. It is always recommended to do thorough research and assess the risks before investing in any exchange or cryptocurrency. So what should be taken into account when choosing a stock exchange?
- Reputation. The exchange must have a reputation, for this you should collect anamnesis, that is, carefully read the reviews. This is to ensure the safety of your assets.
- The following should pay attention to the amount of commission. High commissions can eat up your profits and negatively affect your trading experience
- Payment options.
- A safety check. The more stringent the KYC/AML check, the better.
- Number of trading assets. It would be ideal if the crypto-asset you want to buy is on the exchange you want to work with.
- The work of the customer support service.
In conclusion, it should be noted that cryptocurrency exchanges play an extremely important role in the growth and development of the cryptocurrency industry. All crypto exchanges are completely different, as you can see. So initially you need to study the ratings, reviews, opportunities and risks. Choose those exchanges which you like, compare them with each other and study them in details. Analyze, so you will understand which exchanges you can trust your capital to.
