Table of Contents

Crypto Exchanges — The Definitive Guide

Interested in Bitcoin, Dogecoin, or other cryptocurrencies?

We don’t blame you — investors all over the world are putting their money into these lucrative opportunities. 

If you want to join the millions of investors trading coins, you’ll need to choose a crypto exchange. 

Here’s a definitive guide to help you get started. We cover exactly what a crypto exchange is, how it works, what the best platforms are, and more. 

Most popular Crypto Exchanges

Exchange
Rating
Summary
Benefits
Sign up
Rating
Summary
eToro is a multi-asset platform that offers social copy and cryptocurrency trading, founded in 2007 and has been growing exponentially ever since.
Benefits
  • 50€ minimum deposit
  • Perfect for amateurs
  • €100 000 in demo money
  • Free-stock trading
Sign up
Rating
Summary
Libertex is an award-winning online broker that offers CFD trading across more than 50 different cryptocurrencies.
Benefits
  • Low minimum deposit
  • iOS/Android app available
  • Tight spreads
Sign up
Rating
Summary
Webull is a commission-free online broker popular for its stock, options, and crypto trading abilities.
Benefits
  • No inactivity fees
  • Low minimum deposit
  • Free stock opportunities
  • A slick interface
Sign up
Rating
Summary
Coinjar is a top cryptocurrency exchange that allows investors to store, buy, sell, and make purchases with 24 digital currencies.
Benefits
  • Accessible crypto trading
  • Registered with ATRAC
  • Supports 24 digital currencies
  • Easy-to-use platform
Sign up
Rating
Summary
Coinmama is an online cryptocurrency exchange with over 2.4 million users, spread out over 190 countries.
Benefits
  • High-security levels
  • User-friendly interface
  • Accepts credit/debit payment
  • Amazing customer support
Sign up
Exchange
Rating
Summary
Exolix, an Estonian crypto exchange delivering a competent trading experience for beginners. Founded in 2018.
Benefits
  • No KYC
  • Easy to use
  • No limits
  • Good security
Sign up
Rating
Summary
Cex.io is a cryptocurrency exchange that offers more than 80 cryptocurrencies, which you can buy, sell, or trade using CFDs.
Benefits
  • Over 80 cryptocurrencies
  • 24/7 support available
  • Instant card deposits
  • Mobile app available
Sign up
Rating
Summary
PrimeXBT is an online broker that lets investors of all experience levels trade cryptocurrencies, forex currencies, commodities, and stock indices.
Benefits
  • 24/7 customer service
  • Copy others' strategies
  • Several trading instruments
  • Paper trading
Sign up
Rating
Summary
Binance is one of the most reputable cryptocurrency exchanges on the market. It has a high level of liquidity and many distinct cryptocurrencies to trade.
Benefits
  • High liquidity
  • Many fiat trading pairs
  • Decentralized and borderless
Sign up
Rating
Summary
Coinbase is an easy-to-use platform that lets users sell, buy, and store cryptocurrencies like Ethereum, Bitcoin, and more.
Benefits
  • Multiple altcoins available
  • High liquidity
  • Simple interface
  • Safe to use
Sign up

What Is a Crypto Exchange? 

Crypto exchanges can seem intimidating to the new investor, but you don’t need to be a financial guru to understand what they are. 

The concept is actually quite simple — a crypto exchange is a platform that facilitates transactions that involve cryptocurrency. Essentially, the platform serves as the middleman between buyers and sellers. 

With crypto exchanges, users can complete a variety of transactions. 

For instance, someone might use $500 to buy Bitcoin. They can choose to hold onto the Bitcoin and wait for it to increase in value. When it goes up, they can exchange it back to USD. They may also decide to use their $500 worth of Bitcoin to buy other assets (Ethereum, Litecoin, Dogecoin, etc.). 

All active cryptocurrency exchanges

Crypto ExchangeNo. of CryptosTaker FeeMaker FeeWithdrawal FeeEstablished
0x Protocol Exchange102n/an/a0.001957 WETH2017
1nvity.io1810.50%0.50%02020
365Cash70.50%0.50%02015
50x.com380.20%0.20%0.000212018
Aave Exchange24n/a0.09% For Flash Loans02017
AAX250.10%0.06%0.00042019
ABCC520.10%0.10%0.00082018
ACDX Exchange80.05%0.02%0.00062020
ACE Exchange160.10%0.00%0.00052018
AgoraDesk20.00%1.00%0.000212019
AidosMarket20.20%0.18%0.0012018
Alfacash295.00%0.00%0.000212012
AltcoinSwap1922.83%2.83%0.000212021
Altmarkets100.02%0.02%0.000212018
Anycoin Direct22n/an/a0.000212013
AOFEX320.20%0.20%n/a2019
Artis Turba100.25%0.25%0.00052018
AscendEX950.20%0.20%0.00052021
ATAIX250.30%0.00%0.00082018
Azbit170.10%0.10%0.00052019
B2BX140.15%0.12%0.00052018
BakerySwap210.30%0.30%0.0019572020
Balancer Exchange91n/an/a0.00035 WBTC2020
Bamboo Relay380.20%0.10%02017
Bancor Network780.00%0.00%02016
BankCEX270.01%0.01%0.00052017
BaseFEX100.06%0.02%0.000212018
BEPSwap44n/an/a0.0019572019
Bex50060.05%0.05%0.000212018
Bexplus50.08%0.08%0.00052017
Bgogo280.10%0.10%0.00052018
BHEX180.10%0.10%0.00062018
Biconomy220.20%0.20%n/a2019
Bidesk320.10%0.10%0.000212019
BigoMex180.10%0.00%0.00042020
BigONE700.20%0.20%0.00052017
Binance2510.10%0.10%0.00052017
Binance JEX320.10%0.10%0.000212018
Bingbon130.05%0.02%0.00052018
BiONE1200.20%0.20%0.00052018
Birake12n/an/an/a2018
Bit-Z950.20%0.20%0.00052016
Bit.com Exchange40.07%0.02%0.00052020
Bit2C31.00%1.00%0.00152013
Bitay400.28%0.20%n/a2018
BitBay240.10%0.00%0.00052014
Bitblinx120.50%0.02%0.000212019
Bitbuy60.10%0.10%0.00052013
Bitci190.20%0.20%0.0012018
BitClude20.30%0.00%0.00052019
Bitcoiva190.25%0.25%0.00072020
Biteeu530.10%0.08%0.0006252019
Bitex.com50.20%0.20%0.00052018
BITEXBOOK190.25%0.00%0.00052017
Bitexen150.25%0.15%0.00052018
Bitfinex1360.20%0.10%0.00042014
BitFlyer100.20%0.20%0.00042014
BitForex950.10%0.10%0.00052018
Bitfront70.20%0.20%0.0012018
Bithesap30.40%0.25%0.00052017
Bithoven2410.20%0.20%0.00092019
Bitinfi110.10%0.10%0.0012018
BitMart1100.25%0.25%0.00052018
BitMEX10.05%-0.01%0.000212014
Bitni.com1641.00%1.00%0.000212020
BitOffer110.0005 BTC0.0005 BTC0.00052019
Bitop720.10%0.10%5 USDT2018
Bitpanda161.49% (buyer)1.29% (seller)0.000212014
Bitpanda Pro60.15%0.10%0.000212020
BitPrime872.90%2.90%02017
Bitribe54n/an/a3 USDT2019
Bitrue590.10%0.10%0.00052018
Bitso60.10%0.08%0.000049852014
Bitstamp280.50%0.50%0.00052011
Bitsten120.30%0.00%0.00052017
Bittrex2550.75%0.75%0.00052014
BitUBU290.10%0.09%0.00052019
Bitvavo570.25%0.15%0.00022019
BitWell140.10%0.10%n/a2020
Bitwells60.08%0.08%0.00052021
Bitzlato100.00%0.50%0.000152016
Blocto Swap60.30%0.30%n/a2019
Bololex Exchange180.20%0.02%0.00082020
BQT15n/an/an/a2019
Braziliex150.50%0.50%0.001029612017
Brokereo140.10%0.10%0 USD2013
BTC Direct53.00%2.00%n/a2013
BTC Trade UA140.10%0.10%0.00062014
BTCC (USD)40.06%0.06%0.00152011
BTCsquare100.10%0.10%0.0002771682018
Btcswe14.50%4.50%02018
BtcTurk PRO190.09%0.05%02020
BTCX25.25%5.25%0.000212012
BTSE Exchange390.12%0.10%0.00052018
Buda50.80%0.40%0.000212015
BurgerSwap19n/an/a0.0019572020
Bybit150.08%-0.03%0.00052018
C-Trade70.08%-0.03%0.000212019
CBX170.20%0.10%0.0022018
CEX.IO800.25%0.16%0.00052013
CEX.IO Broker340.05%0.05%0.000212019
ChangeHero580.70%0,70%02017
Changelly900.86%0.86%0.00012015
Changelly Pro1270.10%0.10%0.00042020
Chiliz Exchange80.20% (buyers)0.20% (sellers)n/a2020
Coinbase502.00%2.00%n/a2012
CoinBene1170.20%0.20%0.000212017
CoinCasso80.25%0.25%0.0012019
CoinCorner41.00%1.00%0.000212014
CoinDeal270.39%0.29%0.00082018
Coindirect70.50% (sellers)0.00% (buyers)0.000022017
CoinEx1090.20%0.20%0.000212017
CoinFalcon120.20%0.00%0.00052017
CoinField220.25%0.15%0.00152018
CoinFLEX150.10%0.05%02019
CoinFlip75.49%5.49%0.99 USD2016
Coinfloor60.30%0.30%0.00052013
Coingate178.00%0.00%0.000212014
Coingi20.20%0.20%0.0012014
Coinhako271.00%1.00%0.0022014
Coinhouse24.90%3.90%n/a2014
CoinJar310.00%0.04%0.000212013
CoinJar UK300.00%0.05%0.000212013
Coinmama105.50%5.50%02013
CoinMate50.35%0.30%0.000062014
CoinMetro190.10%0.00%0.15%2018
CoinSpot1220.10%0.10%0.000212013
Coinsquare90.20%0.10%0.00252014
Coinsuper470.20%0.14%0.00052017
CoinTiger720.15%0.08%0.00052017
CoinTree1520.25%0.25%0.000212013
Coinumm94.00%4.00%0.00062019
Coinut60.10%0.00%0.00042013
Coinzo70.20%0.10%0.00042018
ComethSwap290.50%0.50%0.00021 WBTC2021
COREDAX200.25%0.25%12020
Crex24920.20%0.20%0.00072017
CrossTower Exchange270.00%0.05%0.00042020
Cryptal Exchange100.25%0.25%0.00052020
Crypterum50.20%0.10%0.00032018
Cryptex80.50%0.50%0.0012017
Cryptex2436.50%6.50%n/a2014
Crypto.com Exchange410.40%0.40%0.00042019
Cryptofresh20.048 BTS0.00%0.87 BTS2018
Cryptology90.20%0.20%0.00052018
CryptoMarket (CryptoMkt)30.68%0.39%0.00052016
Cryptomate146.07%6.07%n/a2015
Cryptster100.00%0.25%0.0000732020
Currency.com100.20%0.20%0.00052019
Curve Finance Exchange8n/an/a0.000212020
Cybex DEX110.05%-0.03%0.00052017
Daybit210.25%0.25%5 USD2018
Dcoin Exchange880.20%0.20%0.0012018
DDEX910.10%0.10%02017
Decoin Exchange350.15%0.15%0.00052017
Deepcoin Exchange240.10%0.09%n/a2018
Deex.Exchange190.20%0.20%0.000212019
Delta Exchange200.10%0.10%0.00052018
Demex100.20%0.00%0.0019572020
Deribit10.05%0.00%0.000212016
Dfyn Network21n/an/a0.001957 WETH2020
Dgtmarket20.35%0.35%0.000452015
digitalexchange.id24n/an/a0.00052019
DODO Exchange76n/an/a0.0019572020
Dsdaq470.10%0.10%0.00052019
Easy Crypto Brazil1021.00%1.00%02020
Easybit440.20%0.20%0.000212018
Eclipcoin115.00%15.00%0.000212020
ECXX90.10%0.10%0.00042018
eINTRO258.00%0.00%0.000212014
elegro41.50%0.00%02018
EQONEX70.09%0.08%0.000212020
EtherMium970.20%0.00%0.0072018
eToro160.75%0.75%5 USD2007
EXIR Exchange7n/an/an/a2017
ExMarkets140.12%0.12%0.000212018
Exmo480.30%0.30%0.00052013
EXNCE60.10%0.10%0.0092019
Exnomy110.05%0.00%0.00052020
Exolix1491.93%1.93%0.000212018
Farhad Market90.20%0.10%0.000212019
FatBTC610.20%0.20%0.00072014
Felixo150.20%0.20%n/a2018
FinanceX250.30%0.30%0.00052018
FlowBTC70.50%0.25%0.00052015
Flybit Exchange800.10%0.10%0.000752017
FMFW.io1450.50%0.50%0.000212021
Foxbit40.50%0.25%0.00092014
FreiExchange180.00%0.00%0.50%2016
FTX520.07%0.00%0.000212019
FXCM60.11%0.11%0 USD2013
GDAC270.04%0.04%0.0012018
Gemini591.99%1.99%0.0012014
Giottus190.25% (buyers)0.15% (sellers)0.00062018
GokuMarket230.15%0.15%0.0012019
Guardarian2082.49 EUR2.49 EUR02017
HCoin Exchange260.20%0.10%n/a2018
Honeyswap370.25%0.25%0.001957 WETH2020
Hotcoin Global760.20%0.20%0.00052017
Huobi2100.20%0.20%0.00012013
Hydax120.20%0.20%0.000212019
IG Markets Crypto70.10%0.10%15 USD1974
Indacoin12717.99%17.99%0.00012013
Independent Reserve130.50%0.50%0.00032013
Indodax580.30%0.00%0.00052014
InstaSwap440.25%0.25%0.00052019
ItBit30.35%0.25%0.000212013
Itez.com15.26%5.16%0.000212019
Jubiter210%0%02018
JulSwap46n/an/a0.000212020
KickEx220.90%0.90%0.000212018
KKCoin310.10%0.10%0.0022017
KLAYswap Exchange15n/an/a0.00021 WBTC2020
Koinbazar190.25%0.25%0.00062020
Korbit230.20%0.08%0.00012013
Kraken740.26%0.16%0.00052011
KuCoin2540.10%0.10%0.00052017
KuCoin Futures20.06%0.02%0.00052019
Kuna260.25%0.25%0.00052016
Kyber Network730.10%0.10%0.0019572017
LATOKEN990.49%0.49%0.00052017
LCX Exchange250.30%0.30%0.00052018
LetsExchange2451.70%1.70%0.000212021
Linkkoin10n/a8.12%8.12%2017
Linkswap140.30%0.30%n/a2021
Liquid700.30%0.00%0.00072014
LocalBitcoins10.00%1.00%0.000212012
LocalCoinSwap80.00%1.00%0.000452017
LocalCryptos50.75%0.25%0.000212017
LocalMonero10.00%1.00%0.0000747875 XMR2017
LocalTrade90.20%0.20%0.10% + 0.0001 BTC2017
LOEx Global360.20%0.20%n/a2019
Loopring Exchange160.10%0.00%0.0022020
LuaSwap110.40%0.40%0.50%2020
Lucent Exchange70.10%0.05%0.00052018
Luno20.10%0.00%0.000212013
Lykke Exchange460.00%0.00%0.00052017
Margex60.06%0.02%0.00052020
MBAex140.10%0.10%0.0012015
MDEX170.30%0.30%0.0019572021
Mercatox970.25%0.25%0.00032015
Mexo Exchange280.10%0.08%0.000212020
Mooniswap41n/an/a0.0019572020
MoonXBT180.05%0.05%1 USDT2021
MOV Exchange90.05%0.05%0.000212021
MXC2540.20%0.20%0.00052018
MyCoinStory120.04%0.02%0.00052020
N.Exchange240.50%0.50%02016
Namebase20.10%0.00%0.000212020
Narkasa50.20%0.20%0.00032020
Nash Exchange90.25%0.00%0.000212019
NebliDex70.20%0.00%0.000212018
Newdex230.20%0.20%0.0072018
Newton Exchange390.70%0.70%0.000212019
NiceHash530.50%0.50%0.10%2019
Nominex200.10%0.10%0.00052019
NSBroker50.05%0.05%0.000212011
Oasis Exchange130.00%0.00%0.0019572019
OceanEx360.10%0.10%0.00052018
OKCoin220.20%0.10%02013
OKEx2250.10%0.08%0.00052013
OpenOcean Exchange60n/an/a0.000212019
OVEX230.50%0.50%0.00042019
P2PB2B1010.20%0.20%0.0012018
Pangolin Exchange1800.30%0.30%0.00021 WBTC2020
Panxora100.20%0.10%02014
Paritex60.15%0.15%0.00082019
Paxful161.00% (sellers)0.00% (buyers)0.00042015
Paybis81.50%1.50%0.000212014
PayBito120.20%0.10%0.00082018
Payeer Exchange70.10%0.10%0.000652019
Paymium10.50%-0.10%02011
Perpetual Protocol180.10%0.10%0.000212020
Phemex220.08%-0.03%0.000572019
PlasmaSwap100.30%0.30%0.001957 WETH2021
Poloniex1250.16%0.15%0.00052014
PrimeBit40.05%0.02%0.00012019
PrimeXBT50.05%0.05%0.00052018
PrizmBit50.20%0.00%0.00052018
ProBit1140.20%0.20%0.00052018
qTrade70.50%0.00%0.00052018
QuickSwap Exchange370.30%0.30%0.00021 WBTC2020
RADAR RELAY850.00%0.00%0.0019572017
Raydium140.25%0.25%0.000212021
Rekeningku350.10%0.10%0.00052018
Remitano161.00%0.00%0.00052016
RuDEX130.05%0.05%0.00052017
SaBi1210.20%0.20%0.00052019
Safello17.00% (buyers)3.00% (sellers)0.000212018
SafeTrade180.10%0.10%0.00052018
SashimiSwap240.30%0.30%0.001957 WETH2020
Satang Pro130.20%0.20%0.00042017
SatoExchange380.20%0.20%0.00052018
Saturn Network580.25%0.00%0.0072017
SecondBTC190.10%0.10%0.00052018
Simex290.10%0.10%0.00052015
SimpleFX150.08%-0.03%0.000212014
SimpleSwap2361.00%1.00%0.000212018
Skilling Crypto230.20%0.20%0 USD2016
SouthXchange300.30%0.10%0.00012015
SpookySwap160.20%0.20%0.0019572021
StakeCube220.10%0.10%0.000212019
StellarTerm111.00%1.00%n/a2017
STEX.com890.20%0.20%0.00052018
StormGain490.25%0.25%0.10% + 0.0006 BTC2019
Swaplab161.00%1.00%0.000212019
Swapzone4250.00%0.00%0.000212019
Swipe Swap16n/an/a0.0019572021
Swirlwallet Exchange71.00%1.00%0.00052020
Switcheo Exchange240.20%0.00%0.002742018
Switchere113.60%3.60%0.00052019
Swyftx2610.60%0.60%0.00052018
Synthetix Exchange00.30%0.30%n/a2018
T1Markets180.30%0.30%0.000212020
Terraswap00.30%0.30%n/a2020
Tidebit80.30%0.30%0.0032017
Tidex610.10%0.00%0.00052019
TimeX50.50%0.25%n/a2019
Tokencan330.20%0.20%0.00052017
Tokenlon280.30%0.30%0.0019572019
Tokocrypto370.10%0.10%0.00052017
TOKOK560.20%0.20%0.00052018
Tokpie110.10%0.10%0.0092018
TomoDEX7n/an/a0.000212020
TradeOgre360.20%0.20%0.000346032018
Txbit160.20%0.20%0.00142019
Unicly Exchange2n/an/an/a2021
Uphold Exchange471.20%1.20%0.0003 BTC + USD 2.992013
Utorg310.00%10.00%0.000212019
VALR520.10%-0.01%0.000212019
Vaultoro20.05%-0.05%0.00052015
VDollar Exchange230.20%0.20%0.000212021
VELIC170.20%0.15%0.0022018
Venus Exchange23n/an/a0.0019572020
Virtuse Exchange90.15%0.15%0.15%2019
ViteX160.20%0.20%0.50%2019
WanSwap2n/an/an/a2020
Waves Exchange170.003 waves0.003 waves0.003 waves2017
WazirX1260.20%0.20%0.00062018
WBF Exchange700.20%0.20%n/a2019
WhiteBIT630.10%0.10%0.00042018
Wirex Exchange90.20%0.20%0.000212014
Wollito60.20%0.10%0.000522021
Wootrade Network350.00%0.00%02020
World Markets80.08%-0.03%0.000212003
WunderBit71.00%1.00%0.00052018
XBTCe60.25%0.15%0.0032015
XBTPro100.05%0.02%0.000212020
XBTS.io190.45468 BTS0.45468 BTS0.45468 BTS2018
Xcoins55.00%5.00%0.000212016
XT.com810.20%0.05%0.0012018
YoBit1410.20%0.20%0.00052014
ZB.com410.20%0.20%0.00052017
ZBG390.08%0.03%n/a2018
ZBX160.50%0.50%0.0012018
Zipmex150.20%0.20%0.00052018
ZT.com Exchange120.20%0.20%0.0005 BTC2018
Crypto exchanges

How Does the Technology Behind Cryptocurrency Exchanges Work? 

Because crypto exchanges are completely digital, they rely on advanced technology to facilitate safe, efficient transactions. Below, we try to keep things as simple as possible. 

Let’s use an example to illustrate how a transaction occurs. Say someone wants to buy $200 worth of Bitcoin. They make the purchase and wait for the platform to find a seller willing to sell their Bitcoin at this price. 

After connecting with a qualified seller, the exchange registers their bitcoin address as the “transaction input” on the blockchain. 

Then, it registers your bitcoin address as the “transaction output” to transfer ownership to you. 

When buying cryptocurrencies, users do not have to adhere to trading hours like they would when buying stocks or other assets. 

The technology crypto exchanges use is available 24/7. 

Cryptocurrency Exchanges Work

Decentralised vs. Centralised Crypto Exchanges

Crypto exchanges can either be centralised or decentralised. Let’s take a closer look at each type to determine which is right for you. 

Centralised Crypto Exchanges

Even though most cryptocurrencies are decentralised, most exchanges are centralised. 

These platforms act as an independent party between sellers and buyers. Examples of centralised exchanges include: 

Centralised crypto exchanges are the most popular option largely because of the hassle-free experience they provide. 

With a centralised platform, you can buy and sell at the click of a button. The platform facilitates sales and handles storage, meaning you don’t have to worry about the complexities of peer-to-peer transactions or wallets. 

Users also appreciate that centralised platforms adhere to strict regulations. 

Thanks to governing bodies, such as the Securities and Exchange Commission, users can trust the industry’s top platforms. These entities penalize and discredit sketchy exchanges, making it difficult for you to fall prey to phony centralised platforms. 

Best of all, because centralised platforms offer fiat to crypto exchange, you can buy bitcoin in your normal currency. This accessibility makes it easy for new investors to get started in the world of crypto. 

Decentralised Crypto Exchanges 

Decentralised exchanges are far less common. Examples include: 

  • Airswap
  • Blocknet
  • io
  • Barterdex

Some users prefer these platforms as they eliminate the need for a third party to get involved. 

Because they can complete peer-to-peer transactions, they pay fewer fees. Additionally, there’s a lower risk of hacking as these platforms don’t hold user data that thieves can target. Other perks include the ability to remain anonymous and mitigate market manipulation (fake trading, wash trading, etc.). 

While decentralised exchanges might seem more advantageous on the surface, there are a few reasons why everyone doesn’t use them. 

Most notably, these platforms can be intimidating for new investors. You must handle crypto wallets and remember your passwords and keys. If you forget this important information, you’ll lose your assets for good. 

Another downside of a peer-to-peer crypto exchange is the lack of fiat payments. If you don’t already own cryptocurrency, you’ll have a hard time buying new digital currencies via a decentralised crypto exchange. 

Decentralised vs. Centralised — Which Should You Choose? 

Overall, we recommend centralised exchanges for new investors and those who don’t want to mess with decentralised platforms. Only use the latter if you are familiar with the process and willing to learn how to conduct these transactions safely. 

The History of Crypto Exchanges

Wondering where it all began? Let’s take a look at the history of crypto exchanges. 

When the Bitcoin white paper was published in 2008, cryptocurrency wasn’t as accessible as it is today. 

The only way to get it was through mining. 

You could also complete purchases online through forums, but these transactions were very sketchy. They required you to trust that the other party would fulfil their end of the deal. 

People recognised the limitations of acquiring Bitcoin and sought to make it more accessible. 

Thus, the year 2010 saw the launch of the first-ever crypto exchange, bitcoinmarket.com. 

This exchange was revolutionary as it offered a much safer alternative to forums. However, it didn’t stick around because it lost credibility due to fraudulent trades. 

Additionally, its software couldn’t keep up with the increasing number of users. 

Another popular exchange, Mt. Gox, rose to prominence in 2010. From 2013 to 2014, it facilitated a majority of Bitcoin transactions. However, like bitcoinmarket.com, it ended up shutting down. 

Fortunately, successors learned from the shortcomings of bitcoinmarket.com and Mt. Gox. 

Coinbase, Webull, BDSwiss, and others have the security and technology to facilitate millions of transactions every day safely. 

Legal Aspects of Cryptocurrency Exchanges

While the legal aspects might not be the most exciting part of crypto exchanges, investors should familiarise themselves with this pertinent information. 

For instance, you should be aware that your cryptocurrency may be subject to tax depending on where you live. 

In the U.K., for instance, you will be subject to the capital gains tax rules when you hold cryptocurrency as a personal investment. This info is important to know when you use a GBP crypto exchange. 

Most crypto exchanges will not issue you a tax form, meaning you will be responsible for reporting any income you make. However, they have your transaction history available for download, which can be useful when it’s time to report. 

When using exchanges, you should also be aware of the decentralised status of digital currency. 

No government or other central authority backs its value as it would with fiat money. 

So, the value of cryptocurrency lies in the value that owners and investors assign to it. If you run into problems with ownership or transactions, you’ll be on your own.  

How Do Crypto Exchanges Make Money? 

As you might’ve guessed, crypto exchanges make money by charging fees for deposits, transactions, etc. 

See below for a complete breakdown of the general crypto exchange rates. 

Deposit Fees

Many platforms don’t charge deposit fees, but some do. Deposit fees may vary depending on how much you transfer to your account, what deposit method you use, and what currencies you’re working in. 

Trading Fees

To complete your transaction, you will need to pay trading fees. 

Some platforms implement flat rates, say, 0.1% of the total transaction value. In other cases, they will charge either a maker fee or a taker fee. 

You will pay a maker fee when your order doesn’t immediately execute. It sits in the order book and adds liquidity to the company, meaning you’ll pay a smaller fee.

Taker fees, on the other hand, are more expensive. They are applicable when your order immediately matches with another already on the order book. You’ll be taking liquidity away from the company, meaning it will charge you a higher fee. 

Withdrawal Fees

Some platforms charge withdrawal fees. 

The amount will depend on what withdrawal method you use, whether you’re funnelling the transaction into a bank account or wallet, and whether you need a fiat crypto exchange.

If you are withdrawing digital currency, the transaction is usually subject to a flat fee. Fiat withdrawals, on the other hand, may incur withdrawal fees that are either flat or percentage-based.  

As an investor, you should familiarise yourself with your platform’s fees. You’ll know how much your transactions cost and come to appreciate how fees contribute to the platform’s convenient services.  

List of Crypto Exchanges

This crypto exchange list reveals a few of the thousands of platforms available: 

Largest Crypto Exchanges

Want to learn more about the biggest crypto exchanges on the market? 

See below for a breakdown by country. Due to the track record of each of these platforms, you can rest knowing they are dependable options.  

Top Crypto Exchanges in the U.K.

Here are our top picks for UK crypto exchanges you can use (especially if you want a crypto exchange for GBP):

Coinbase

As one of the most popular platforms globally and one of the biggest crypto exchanges, Coinbase is an ideal crypto exchange in the U.K. 

The interface is as intuitive as it gets and allows British crypto users to earn rewards.  

LocalBitcoins.com

If you want a crypto exchange in GBP that is super efficient, LocalBitcoins.com is a dependable option. 

This popular, decentralised U.K. crypto exchange lets users post advertisements and connect with buyers.

BC Bitcoin

This U.K. crypto exchange deals with all major cryptocurrencies, including Bitcoin, Litecoin, Ethereum, etc. 

Users have the opportunity to make unique investments via mining packages. 

Top Crypto Exchanges in the U.S.

Here are our top picks for US crypto exchanges you can use (especially if you want a crypto exchange for USD):

CEX.io

CEX.io is compatible with 70+ digital currencies and is always adding more. You’ll enjoy an easy-to-use, secure platform that’s available on a functional mobile app. Read our cex.io review here

Gemini

Gemini features an impressive commitment to security and protecting your investments. Thanks to its FDIC backing, it insures all USD accounts. 

Coinmama 

Coinmama is interesting as it is buy-only. While you can’t use the platform to sell or trade, it promises some of the most secure transactions available. 

Top Crypto Exchanges in Japan

Here are our top picks for Japanese crypto exchanges you can use (especially if you want a crypto exchange for JPY):

Paybis

Paybis has many advantages, including 24/7 live support and 5-minute ID certification. You’ll also appreciate the high limits and fast payouts. 

Coincheck

With Coincheck, transactions under $500 are completely private for Japanese citizens. This platform is the perfect way to maintain anonymity on smaller transactions. 

bitFlyer

When it comes to the number of users and cryptocurrency exchanges by volume, bitFlyer is the largest exchange in Japan. Users enjoy quick deposits and extremely low fees. 

Compare Crypto Exchanges

Choosing the right crypto exchange can be an intimidating process, especially if you’re a new investor.

Comparing platforms is essential to determine the best way to handle your investments. 

Here at Cryptoholics, we’ve done the hard work for you by thoroughly assessing the industry’s top contenders. Our detailed reviews will help you sort through tons of platforms and find the one that’s best for you. 

Start comparing today with the help of our crypto exchange reviews.

While you’re at it, consider bookmarking this guide. It will serve as the perfect reference on your journey to choosing the ideal exchange. 

Even more, this page and our site can offer you a compass when you’re navigating the crypto terrain to guarantee you’re getting the latest advice and news possible.

Final Thoughts

Crypto exchanges make the complexity of trading cryptocurrencies simple

All you have to do is register an account, make a deposit, and start buying/selling. As long as you’re aware of the legal aspects and fees involved, these powerful platforms can help you see big returns. 

Before you choose a platform at random, check out our expert-written crypto exchange reviews. Comparing different platforms will ensure you pick one that suits your investing needs. 

Crypto Exchanges FAQ

Have more questions? Check out these FAQs: 

What Is the Difference Between a Wallet and an Exchange? 

crypto-exchanges-[digital-wallets]

A digital wallet functions much like a regular wallet — it’s a place that stores your digital currencies. 

More specifically, it contains private keys that give you control over your assets and proves that you own them. 
Having a wallet is super important when you own Bitcoin or other assets as they enable you to send and receive cryptocurrencies. They also protect your investments against thieves and hackers. 
Wallets can be physical devices, though they can also be apps or online websites. 

Additionally, crypto exchanges offer wallets as part of their service. However, when you use exchange wallets, you don’t have as much control over your assets. 

To better protect their investments, many users transfer their cryptocurrency from their exchange wallet to a wallet they own. 

How Can I See the Transactions in a Blockchain Network? 

Seeing as a crypto exchange takes care of the technical stuff, you don’t have to worry about blockchain networks. 

But what if you want proof of a transaction?
 
To see transactions in a blockchain network, you will need to use a blockchain explorer. One example is etherscan.io, the most know blockchain explorer for Ethereum.  

These websites make all transactions public — anyone can view any transaction, no matter how old it is. Users can see the time the transaction occurred, the total volume, and the addresses of the sender and receiver. 

Note that the coin address conceals the identity of the parties involved, meaning you can’t access their private details.

Are Crypto Exchange Fees Tax Deductible? 

Yes, crypto exchange fees are tax-deductible. So, let’s say you sell $5,000 worth of Bitcoin and pay $200 in transaction fees. The $200 is deductible, so you would be able to report gains of $4,800 instead of $5,000.  

Why Do I Have to Provide My Personal Information to Register at Crypto Exchanges? 

Unless you use a decentralised platform, you will have to provide your personal information to register at crypto exchanges. 

Some people find it annoying that they have to relinquish sensitive data. However, you should recognise it as a security measure rather than a nuisance. 

Crypto exchanges require users’ information to reduce the risk of terrorists and other bad actors taking advantage of their platforms. Additionally, they use your data to cultivate a customer relationship and offer compatible investment options.