How to choose the best crypto exchanges: top list in 2023
Nowadays, where there are hundreds of cryptocurrency exchanges around the world, it might take a lot of work for a novice trader to choose a reliable company. However, there is a solution: in direct proportion to the number of exchanges, there is a whole bunch of constantly updated analytics from top experts.
For example, you can find the latest information at chainbroker.io/funds. These ratings will allow you to quickly and with minimal risk enter the world of crypto-economics and start earning now!
By what criteria do experts evaluate crypto exchanges?
When compiling the ratings, experts take into account a large number of characteristics of the trading platform:
- daily trading volumes;
- represented markets and supported assets;
- types of trades;
- the possibility of replenishing the account and withdrawing funds;
- commissions for financial transactions;
- terms of the user agreement;
- home jurisdiction;
- interface and localization quality;
- the features of the user’s personal account;
- additional functionality and other features.
When choosing a crypto exchange, it is essential to consider the key parameters that affect the convenience and security of trading. For advanced users, supported types of trades and currency pairs for which trading is available matter. Let’s take a closer look at some of the significant aspects for a better understanding.
Trading volumes
Trading volumes directly indicate the platform’s popularity and its traders’ activity. The best sites leading the rating of crypto exchanges in terms of trading volume demonstrate a daily turnover of more than $1 billion. The higher this indicator, the more trust the site deserves, the more opportunities its customers have, and the higher the level of reliability.
Markets and Assets
For trading, choosing an exchange that supports trading in many assets is vital. Leading exchanges support transactions with hundreds of currency pairs, including both digital assets and fiat currencies. Many pairs allow traders to find the most profitable quotes and make deals for profit.
In addition to currency trading, some exchanges support transactions with other valuable assets. Among them are company shares, energy resources, and other classic trading objects. Support for such trades is an advantage for clients who do not want to be limited to cryptocurrency transactions.
Types of trades
The convenience of the exchange directly depends on the types of trades available on it. For novice traders, the bare minimum is to support spot trades carried out at the expense of their own funds and options trading. More advanced clients are interested in having leveraged margin and futures trades. They should pay attention to the amount of leverage, which indicates how much currency can be borrowed. It depends on the exchange and the selected asset and varies from 1:2 (a loan twice the number of own assets) to 1:100 or more. The greater the leverage, the higher the risks, but the greater the potential profit from a successful transaction.
Depositing and withdrawing
An important specification of the exchange is the available methods for depositing and withdrawing. The best crypto exchanges allow you to deposit funds directly from cryptocurrency wallets and work with fiat payment instruments. The more deposit and withdrawal options the platform offers, the better for its customers. The choice of tools allows you to avoid unnecessary conversions when withdrawing funds, thereby increasing the net profit from trading.
Commissions
For using the services, cryptocurrency exchanges charge users commissions that make up their earnings. Platforms use various models of their accrual; for example, they impose such fees for exchange transactions but allow you to replenish your account and transfer assets for free, or vice versa.
The best exchanges actively use regressive rates: the higher the turnover of funds on the trader’s account, the lower the commission. When choosing a platform, you should pay attention to the number of fees for transactions with those assets that you plan to trade.
Interface
The convenience and friendliness of the interface are the parameters that are especially important for beginners. Good resources offer customers well-designed sites free from frills, high-quality translations into different languages, and a full-fledged help section. Exchanges with poor interface translation, no FAQ, and other technical flaws are less trustworthy.
Rating of the best crypto exchanges in 2023
We recommend checking all statistics on ChainBroker, as this media about cryptocurrencies has established itself as a reliable source with always up-to-date data. So, according to the site, the best crypto exchanges to invest in 2023 are:
- Binance
- Bitfinex
- ByBit
- Coinbase
- com
- FTX
- io
- Huobi
- Kraken
- KuCoin
- io
- whiteBit
It’s no surprise that Binance will always be on the list, as it’s a reliable platform with a vast selection of currency pairs and markets, the possibility of margin trading in different directions, significant leverage, referral programs, and other goodies.
However, you should expand beyond the most popular exchange. Any of the platforms mentioned above is the right place to invest, and each offers unique goodies to its clients. For example, ByBit’s trading engine, with speeds up to 100K TPS, ensures fast transactions with virtually zero chance of failure, and its dual price mechanism protects against unfair position liquidation.
Huobi attracts users with a simple verification procedure, the ability to perform some transactions without identity verification at all, a large selection of trading types and additional services, low commissions with a flexible accrual system, etc.
Coinbase provides guarantees to users who store cryptocurrencies in the system’s wallets, provides the ability to issue a physical debit card, and offers many cryptocurrencies for trading.
Bitfinex is interesting for interest-free intra-exchange transfers, the presence of margin trading, the ability to trade not only cryptocurrencies but also securities, derivatives, convenient tools for tracking the rate, and others.
In short, you have plenty to choose from. And now that you know what to look for and where to get reliable information, you will definitely find a perfect resource.
