There's a lot of crypto exchanges out there and a lot of them either offer a terrible experience, have poor track records with user funds or worse. To help people get started on their crypto journey, here's a list of what are, in my experiences, the best cryptocurrency exchanges. I'll work on in-depth reviews for each of these and link them when available.
Best Overall: Binance
Binance is one of the top volume exchanges out there and one of the few that has only grown during the bear market. Withdrawals/deposits are generally quick, trading fees are some of the cheapest out there when using BNB and the selection of altcoins is pretty much unparalleled. Margin trading and futures have also rolled out recently meaning it offers something for everyone. However, the big issue with Binance is it is still lagging behind competitors when in comes to order types. They did recently add OCO orders which allows you to set a limit order and stop-loss at the same time, but it's only available on desktop and there are still no trailing orders. It also offers margin trading and future select pairs so there's something for everyone.
Pros
Best selection of cryptocurrencies
Spot, margin and futures markets
Established
User friendly
Cons
Does not offer the order types a leading exchange should
Lately has been subject to periods of unresponsiveness which is a concern
If you're not on Binance yet, make sure to register now.
Best For Margin Trading: Bybit
Bybit doesn't have the same track record as Bitmex and it doesn't have the variety of trading pairs either. But want to know what else it doesn't have? System overloads, scam wicks and ridiculous slippage. They're also constantly rolling out updates and have a fully functioning app.
Pros:
No overloads
Seamless, fast trading and order entry
USD-settled pairs
Low slippage
Simple UI
$90 in sign-up bonuses
Cons:
Limited trading pairs
No futures
Only USD-settled pairs
If you want to learn more about it, make sure to read my in-depth review here. Once you have, sign up to receive up to $90 in bonus trading credits, use this link to register!
Best for Margin Trading (Runner Up): Bitmex
Update: after using Bybit for the past several months, I have fully migrated to trading on that platform. Bitmex has been dethroned.
Let me start by saying Bitmex isn't perfect. It's not the prettiest interface and the system overload can be anywhere from frustrating to downright devastating if you're trying to get out of a trade at the wrong time. All that being said, it's one of the longest standing margin trading exchanges, liquidity is second to none, it hasn't been hacked and it offers a broad selection of cryptocurrencies to trade.
Want to try Bitmex? Use this link to save 10% on trading fees.
Best for up and coming altcoins: Kucoin & Qtrade
First, let's talk about Kucoin. It doesn't have the greatest reputation but it's one of the longer standing exchanges and in most cases it is the first cryptocurrency exchange to list a new coin before it hits larger exchanges. For that reason, it's invaluable. Many coins that are still very promising like FTM, TOMO and more are still really only traded on Kucoin with a handful of other smaller exchanges so it remains the best option. Don't have a Kucoin account yet? Register here.
Next, is Qtrade. Qtrade focuses on original dev coins, most of which aren't available on many other exchanges; some of my favorites include NYZO and BIS. There's not a ton of liquidity but the exchange is easy to use and has cryptocurrencies you can't buy elsewhere. Make sure to check them out and register here.
Best for USD & CAD trading pairs: Kraken
Yes, I'm omitting Coinbase. It's probably the largest and most well known but I've heard more horror stories than I care to share and the fees are pretty abysmal. Kraken has been around for ages, offers margin trading on some pairs, and has yet to have any major failures.
Best for AUD trading pairs: BTC Markets
There's not a lot of options in Australia, but BTC Markets has been around for a while and despite lower liquidity than some exchanges, has always been reliable. It's easy to deposit or withdraw funds, there's a fair number of cryptocurrencies available to trade and they finally added tradingview charts.
Best for buying with CAD: Shakepay
With Quadriga going off the grid, Canadians weren't left with a lot of great options. There's coinsquare and bitbuy, but fees are high, liquidity is limited and trading pairs are as well. Actually, that last point is true pretty much across the board for Canadian exchanges and Shakepay isn't any different, offering only Bitcoin and Ethereum. However, Shakepay isn't really positioned as an exchange, it's more like a broker or a fiat on-ramp. It makes it incredibly easy to deposit or withdraw funds and buy Bitcoin or Ethereum which can then be transferred to an exchange like Binance. You can read the full review on Shakepay here.
Pros
The easiest way to buy or sell BTC or ETH
Quick transactions
No fees
Instant transfers from any bank using Interact e-Transfer
Cons
Only offers BTC and ETH
Register for Shakepay with this link to get a free $10 on your first $100 purchase.
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