Best Cryptocurrency Exchange

Updated: 3 days ago

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.


UPDATE: After extensive testing, I'm now declaring FTX the best overall. Almost all of my trading these days is done there and Bybit.


*NEW* Best Overall Cryptocurrency Exchange: FTX


FTX is the new kid on the cryptocurrency exchange block and is a welcome addition. The exchange space has been in dire need of something fresh with new ideas and that's exactly what FTX is doing. They offer endless derivatives markets like MID-PERP, SHIT-PERP and even markets covering the U.S. election. It's not the most beginner friendly exchange out there but they've made a ton of progress in that space and it's definitely the most diverse and flexible derivatives exchange.


Pros:

  • Indexes and trading pairs that aren't offered anywhere else

  • Arguably one of the widest selections of leveraged pairs

  • Tons of USD-settled options

  • Non-Crypto markets

  • BTC Options

  • Reliable trading execution

  • Ability to trade all derivatives with a single margin wallet


Cons:

  • Not the cleanest interface

  • Not ideal for new traders - overwhelming options plus high leverage and slippage on volatile assets don't mix well

  • Without a sizable FTT balance, fees are a bit higher than other exchanges

You can read my full FTX review here. Sign up to FTX and receive 5% off trading fees.


Best Overall (Runner Up): 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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