CRYPTOCURRENCY
EXCHANGES RATING
CRYPTO EXCHANGES
A cryptocurrency exchange is a platform where you can buy, sell, or exchange cryptocurrency. It is an online platform that allows you to track real-time cryptocurrency quotes online and profit from buying and selling digital assets.
The first cryptocurrency exchange was created back in 2009, where the first purchase of BTC for US dollars took place. At that time, it was an amateur project, as bitcoin was not yet that popular. Then, exchanges appeared in a more familiar sense to us, where it was already possible to exchange cryptocurrency at a fixed rate.
As the cryptocurrency market developed, the need for platforms where not only could one buy or sell digital coins but also earn money from it grew. Thus, modern cryptocurrency exchanges emerged - with trading platforms and tools for professional trading.
Types of Cryptocurrency Exchanges
Cryptocurrency exchanges are divided into 2 types:
The largest and most well-known exchanges are centralized, such as Coinbase or Binance. Their operating principle is largely similar to traditional stock exchanges: the client opens an account and deposits funds, from which they conduct transactions to buy and sell coins. These exchanges are used for "cryptocurrency - fiat" (and vice versa), "cryptocurrency - cryptocurrency" transactions.
Decentralized exchanges differ in that they do not have a single center of control. The client's funds are stored not on the company's accounts but on their own crypto wallet. They are built on the principle of peer-to-peer exchange: the service does not hold crypto assets, all transactions are carried out directly between users (buyer and seller) on smart contracts or atomic swaps.
Which exchange is better to choose?
Today, there are several hundred crypto exchanges, and it is not easy for traders, especially beginners, to decide which one to choose. Here are the top main criteria to pay attention to:
Reliability
Unfortunately, not all companies in the crypto market deserve trust. There are scammers, phishing sites, and poorly secured exchanges, often subject to hacker attacks. Before registering on a crypto platform, check its security systems to ensure the confidentiality of your finances and personal data. Pay attention to whether the platform has two-factor authentication when logging into an account (reliable exchanges do).
Regulated exchanges are considered the safest (although they have higher fees). If you want to find such a platform, visit the "Regulated Exchanges" section of the site.
Fees
Each crypto exchange charges a specific fee for depositing funds, withdrawing funds, trading, and other financial operations. However, there are exchanges where you can save on fees thanks to special offers for clients.
Margin trading
If your goal is not just to buy cryptocurrency or exchange it for regular money, but to make money on the difference in exchange rates, then you should choose exchanges with margin trading options. Margin, or leverage, allows you to use the exchange's borrowed capital in trading to increase the volume of your transactions and, consequently, get more profit.
Trading tools
If you are new to crypto trading, you will need exchanges with a demo account. If you have experience, you will probably prefer an exchange with a good arsenal of analytical tools. Also, find out if the exchange has the cryptocurrency you want to buy or sell.
Choosing an exchange on your own can take several weeks. But with Wellcrypto, you can do it in just a couple of hours! That's because our experts have already done the most difficult work for you: they have checked the platforms for reliability and compiled a detailed "resume" for each crypto exchange.
Choose any exchange in the rating and click "More" - you will see the main advantages of the platform. And if you click on the project name itself, you will go to a page with a detailed description, where the following are indicated:
- Pros and cons of the exchange
- Overall rating score and scores for each indicator (e.g., fees, customer support, regulation, etc.)
- Trading conditions, deposit methods, account types, etc.
Probably nowhere else will you find such comprehensive and objective information about popular cryptocurrency exchanges as in the reviews from Wellcrypto specialists. Use our work for profitable and comfortable trading!
How to Start Trading on a Cryptocurrency Exchange
Expert conclusion
You should approach the choice of a cryptocurrency exchange where you can quickly, reliably, and most profitably carry out transactions with cryptocurrencies responsibly. You need to take many factors into account (from checking the site for security to user reviews) to find the optimal option.
If you want to simplify the process and not make a mistake in choosing, which will largely determine the result of your trading, use our rating. And to find out which exchanges are the leaders in this year's rating? We recommend checking out the "Best Cryptocurrency Exchanges 2023" section.
Wellcrypto experts have collected the most useful information about the top exchanges, as well as placed quick links for direct secure access to cryptocurrency exchange websites. Choose, trade, and earn!
Latest reviews on cryptocurrency exchanges
Below you can familiarize yourself with the latest reviews on crypto exchanges, left by clients of trading platforms. We inform you that all reviews have been moderated by our experts, therefore they represent an objective assessment of the work of cryptocurrency exchanges presented in our rating.
Leave a review about your interaction with any exchange from our list, where you already have an account opened or have already traded, and thus you will help to form a more objective and realistic picture of the work of each crypto exchange.
Hannah Love
Do not underestimate the power of their market analysis tools. Take some time to understand how to use them effectively.
Nathan7z
Explore OKX's DeFi options. They have a very user-friendly interface for interacting with DeFi protocols.
VictoriaXS
If you're into derivatives, their perpetual contracts can be a game-changer. Just be very clear on how they work; they're not for the faint-hearted.
Mike Lee
The Binance Academy is your friend. Seriously, it's an invaluable resource for any trader, beginner or pro.
Samantha Kiss
Look into tokenized commodities and stocks. Currency.com has a unique offering in this aspect. But, make sure you understand the regulatory constraints in your country.
John4040
Make use of the "Earn" feature to stake your cryptocurrencies. It's a less risky way to generate a return on your investments.
Alexxx
Always check KuCoin's "Spotlight" for new token launches. You can often find hidden gems there. Just remember, high rewards come with high risks.
Rachel Rocket
Take advantage of Bitfinex's paper trading feature. It lets you simulate trading strategies without risking real assets.
Emily
If you're interested in CopyTrading, always check the past performance of the trader you're considering. Past performance isn't a guarantee, but it's a good indicator.
Chris
Keep an eye on their social media for announcements about new coin listings. Sometimes they have promotional events and lower fees for new listings.
