Top 5 Crypto Exchanges in 2023: Read This Before Choosing One

A review of the top 5 cryptocurrency exchanges dominating the markets

There are over 10,000 cryptocurrency assets prevailing in the markets right now that are traded across 300 exchanges and over 24,000 markets. With so many asset classes, markets, and exchanges to choose from, it gets a bit tougher to zero in on a specific exchange that can help you set your sails easily.

Tradedog has compiled a list of ten prominent exchanges based on their average trading volumes, geographical accessibility, liquidity, market depth, and more. Let us find you the best exchange so that you can relish safer trades, opportune trade windows, more liquidity, and the best of services.

So let’s get started and enlighten you about everything you really need to know.

First of all, we would like you to understand that there are primarily three types of exchanges.

Trading Platform

Digital currency exchanges or sometimes wallets are businesses on which a person can buy or choose to trade his preferred cryptocurrency for assets, such as fiat currencies and other cryptocurrencies. They charge a few bids as transaction commissions for the services they provide.

Broker

Firms that provide currency traders with access to a trading platform that allows them to buy and sell foreign currencies. A currency trading broker, also known as a retail forex broker, or forex broker, handles a very small portion of the volume of the overall foreign exchange market.

Marketplace

The marketplace is a hub where you can find all the currencies existing today. You can purchase and deal with any cryptocurrency you prefer. You can also sell and buy other cryptocurrencies at low trading fees and high trading volume without any restraints.

These exchanges further take more forms such as Peer-to-peer exchanges, fiat-crypto exchanges, crypto-crypto exchanges, instant, hybrid, centralized and decentralized exchanges, each providing unique services which we will talk about in another article of this thread.

 Crypto Exchange Guide: See the full Comparison Image 

The Top 10 Exchanges in 2023

1. Binance

Binance is a centralized crypto exchange based out of Malta. Founded in 2017 it has quickly escalated in ranking due to its phenomenal working mechanism. Binance has scaled the first rank due to its excellent team, robust security, and support for many virtual currencies, stablecoins, and crypto tokens.

Binance has 10 VIP levels which require traders to qualify for each of the ranks by staking BNB tokens and a specific BTC trade volume. The higher the ranking and the traded amount the lower the Maker and Taker fees. The traders can also qualify for a referral program wherein they will have to pay even less as opposed to others irrespective of their rankings.

Pros:

• Excellent reputation

• Safe & Secure
• Multiple Cryptocurrencies and pairs to trade
• Many Features
• Many payment options

Cons:

• Not for complete beginners

• No Phone Support

2. Coinbase

Coinbase is one of the first crypto exchanges and has become the most sought crypto platform due to its great reputation in the crypto markets. It has a strong team backed by prominent venture capitalists and proposes excellent security, services and ease of access to its users.

Pros:

• High liquidity and buying limits

• Easy for new users to buy bitcoin

Cons:

• Limited payment methods

• May track how its users spend bitcoin

3. Kraken

Kraken is a US-based cryptocurrency exchange. Founded in 2011 the exchange provides crypto to fiat trading and provides its price information to the Bloomberg Terminal. It is considered Europe’s best cryptocurrency exchange due to its worldwide presence, lower fees, and many withdrawal options.

Pros:

• High liquidity

• One of the most trusted crypto exchange

• Cheap/free deposits in EUR

• Cheap deposits for the USA (ACH, FedWire)

• Customizability and variety of order types and position options

• Potential low fees

Cons:

• Low leverage

• Deposits can be expensive for certain users

4. KuCoin

KuCoin is a rapidly growing crypto exchange known for its extensive range of listed cryptocurrencies. With its user-friendly interface and low trading fees, KuCoin appeals to both novice and experienced traders. It also offers a unique profit-sharing feature, allowing users to earn passive income by holding KuCoin’s native token.

Pros:

• Wide selection of cryptocurrencies

• User-friendly interface

• Low-trading fees

• Profit-sharing model

• Robust security mechanisms

Cons:

• Limited fiat options

• Liquidity issues for some cryptocurrencies

5. OKX

OKX is a Malta-based cryptocurrency exchange founded in 2017. It is a prominent cryptocurrency trading platform that provides a wide range of trading options and services. Launched in 2017, OKX has gained recognition in the crypto community for its advanced features and global user base.

Pros:

• Extensive range of cryptocurrencies

• Robust trading features

• Telephone support

Cons:

• Customers’ reviews are mixed about their customer service.

• High fees

Important things to consider for opening an account on an exchange

1. Bitcoin exchange rate or price: Make sure to match the prices from several other exchanges.

2. Payment method: If the exchange supports convenient methods like a credit card, PayPal, or bank transfer it is definitely a thumbs up.

3. Trading fees: The trading fees should not exceed .5%

4. Deposit and withdrawal fees: Exchanges and wallet providers may charge you some fees for withdrawals and deposits.

One should be aware of these things that really need consideration

1. You should check the location of the exchange and make sure that it’s based in your country. It normally doesn’t cause any troubles but choosing an exchange in your particular nation would eliminate hassles in payment processing and time delays.
2. You always have to make sure whether particular exchange deals in your preferred currency or not.
3. Be sure to be content with the legitimacy of the exchange, whether or not it is legit and safe to trade with.
4. Be smart in opting for your exchange in terms of fee, a minimal fee would be good if you are a beginner.
5. There are differences in the exchange rates, do opt for the minimal exchange rates.
6. Make sure that the cryptocurrency you choose pairs with your national currency.
7. Give a check on the liquidity of cryptocurrencies on exchanges.
8. Make sure that the currency which you are going to trade in is available and legal in your country.
9. Take a good look at the terms and conditions of the exchange and get to know whether that exchange provides adequate security for your cryptocurrency.
10. Most importantly watch out for HYIP or ‘High Yield Investment Program’ scams. This could be just another Ponzi scheme. They might someday collapse the trade and exchange and flee with your valuable assets.
11. If you are looking for a wallet provider, for your convenience you should always prefer finding a service that has a multi-crypto wallet facility. You can store multiple altcoins at the same time without needing any more wallets for other currencies.

Conclusion

All these exchanges are ultra-secure and it is perfectly fine to link your bank account to these platforms. All these exchanges are largely used all around the world and most of them are regulated and have licenses to operate at a certain location. All crypto exchanges have learned from past hackings and have reinforced their security measures and fortified their servers to prevent any uninvited bug or hacker looking for easy money. You can always vet their credibility and ease of access before initiating an account creation request.

In the next series of ‘Exchanges’, we will guide you through opening accounts and other important aspects such as their Withdrawal limits, supported payment methods, Fiat deposit time, limits and liquidity, and more. The following article to this thread will also talk about the founders behind these exchanges and some other unique features and statistics that might surprise you.

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