Compare the best crypto exchanges in 2022

Our crypto experts have used and reviewed the biggest and best cryptocurrency exchanges to help you choose one. Use this guide to pick the perfect exchange for your needs.
By:
Reviewed by Richard Stutely
Updated: Sep 9, 2022

We asked our experts to help you find the best crypto exchange platform. To do this, they have tested every leading cryptocurrency exchange and rated it based on how easy it is to sign up, the range of digital currencies on offer, and the cost of trading.

Read on to find the final results from our panel’s deliberations. Learn which exchange came out on top and get some great expert info on how to choose the right platform for you.

The best cryptocurrency exchanges 2022

  • Binance – best crypto exchange overall and best for low fees
  • Coinbase – best crypto exchange for beginners
  • FTX – best crypto exchange for buying and selling altcoins
  • BitFlyer – best Bitcoin exchange platform
  • Nexo – best exchange for earning interest on your crypto

Compare the best crypto exchange platforms

The platforms below are the best all-round crypto exchanges for beginners and experienced traders alike. You can get started in a few minutes by depositing some fiat currency, all you need to do is click on one of the links in the table.

1
Min. Deposit
-
Promotion
User Score
8.0
No Hidden Fees
Instant Trading
Secure & Transparent
Start Trading
Payment Methods:
Full Regulations:
2
Min. Deposit
$ 10
Promotion
User Score
10
Accepts customers from the USA
Deposit $100 and get a $10 bonus!* Build a diversified portfolio with crypto, stocks, and ETFs — all in one place
Trade on the world's leading social trading and investing platform
Start Trading
Payment Methods:
Bank Transfer, Wire Transfer
Full Regulations:
CySEC, FCA
3
Min. Deposit
$ 1
Promotion
User Score
9.8
0% deposit fees, 0% withdrawal fees, 0% trading commissions
Set up automated trades and up to 50 limit orders with ease
Buy and sell 90+ cryptos and utility tokens, precious metals and national currencies with as little as $1
Start Trading
Payment Methods:
Full Regulations:

Top crypto exchanges

1. Binance: Best crypto exchange overall and best for low fees

Binance is the largest crypto exchange in the world and it is the best place to buy cryptocurrency. The fees are among the lowest of any trading platform and there are further discounts available if you pay them in BNB, Binance’s native cryptocurrency.

The popularity of the platform means that there is always enough liquidity to make trades and there are lots of crypto trading options available. You can buy or sell cryptocurrency with fiat currencies, trade Bitcoin futures, or swap between hundreds of different digital currencies. The only challenge to overcome is that the interface isn’t all that intuitive the first time you use it.

Pros

  • Low trading fees
  • Discount on trading fees if you pay in BNB
  • Lots of crypto trading options

Cons

2. Coinbase: Best trading platform for beginners

Coinbase is a super simple platform to get started with. It has one of the cleanest interfaces around and a huge variety of payment methods to make your first deposit with. Coinbase is a big name brand now and its status as a public company makes it a trustworthy platform for crypto newbies.

The only downside to Coinbase is its relatively high fee structure. If you’re willing to pay a bit more for the privilege then everything else about the platform is excellent. Beginners can find everything they need on the vanilla platform, but the Pro version offers a more advanced trading interface for experienced users.

Pros

  • Buy Bitcoin with your debit or credit card
  • Coinbase is also a great option for advanced traders
  • Extremely simple crypto exchange interface

Cons

3. FTX: Best crypto exchange for buying and selling altcoins

FTX has everything that advanced users and experienced crypto traders need to make the most of their money. The trading interface is packed with information, so it can be intimidating to new users but is excellent for people who need the extra details to trade.

FTX is a relative newcomer in the space but has quickly established itself as a market leader. There are some limits to the crypto trading experience in certain countries (for example, derivative trading in the UK is limited by law) but the range of options available is enormous. FTX offers markets that are not available on most other trading platforms and plenty of advanced trading tools.

Pros

  • Highly liquid market so plenty of trading opportunities
  • The more you trade, the lower the commissions
  • Can deposit Bitcoin into your account

Cons

4. bitFlyer: Best Bitcoin exchange

bitFlyer is an excellent platform for Bitcoin maximalists. It offers a simple and quality crypto trading experience for Bitcoin and a handful of other cryptocurrencies. The fees are low and the most active traders can unlock better commissions based on 30-day trading volume.

The platform was created by two ex-Goldman Sachs employees, so plenty of know-how has gone into setting up the trading view. If you plan on trading lots of different altcoins as well as Bitcoin, then this isn’t the best option, but for purely Bitcoin-focused traders it’s at the very top of the range.

Pros

  • Start trading BTC with just $1
  • Lots of mainstream TradFi backers
  • Relatively low trading fees of 0.2%
  • Get better rates the more you trade
  • Offers a cold storage wallet to securely store coins

Cons

5. Nexo: Best cryptocurrency exchange for earning interest

nexo logo

Nexo is a popular cryptocurrency trading platform and is the best place for earning interest on your crypto and fiat currency savings. You can trade over 300 crypto pairs on the platform and earn interest on over 30 coins and 3 fiat currencies. You can make up to 17% annually on a range of the biggest coins like Bitcoin and Ethereum. 

Using the platform to earn interest is a quick and easy process and requires just a few clicks and payouts occur daily. While Nexo is best known for its interest payments, its trading platform has many features including leverage up to 1:300 and spreads as low as 0.20%. Another benefit Nexo has, is it offers instant crypto loans with very low interest repayments.

Pros

  • Over 300 crypto pairs to trade
  • Low spreads and zero trade commission
  • Interest on over 30 cryptocurrencies
  • Access to crypto loans

Cons

Top crypto exchanges for your needs

What is the safest exchange to buy and sell cryptocurrency?

Coinbase is one of the safest ways to trade BTC. Coinbase is a large, public company that has to be transparent in order to comply with stock market regulations and it offers top of the range security through the Coinbase Wallet. You can easily transfer money between the exchange and the wallet for maximum security.

What is the best exchange to buy and sell NFTs?

Coinbase has the best NFT offering of any regular crypto exchange. You can quite easily use its NFT marketplace to buy and sell digital tokens. However, if you plan to be an active NFT trader then it might be better to use a platform like OpenSea, which is a dedicated NFT platform where you can find an almost infinite number of NFTs.

What is the best exchange for staking coins?

Nexo is by far the best place to go if you want to stake, or earn interest on, your cryptocurrency. Many exchanges have some form of staking system now, but the likes of Nexo are more like interest paying bank accounts and come with fewer charges than regular crypto exchanges.

Read more: the best crypto staking platforms

What is the best exchange to buy altcoins?

FTX has the largest range of coins on offer and provides lots of different ways to swap between them. Altcoin trading, like FTX itself, is best for those that have some experience in cryptocurrency already. Once you get used to it, FTX offers by far the best place to buy and sell altcoins.

Read more: the best altcoin exchanges

What is the best platform to use to buy DeFi coins?

Binance offers all of the leading decentralised finance coins, which includes things like Avalanche, Chainlink, Aave, and Maker. If you also own the Binance coin, you can buy and sell these DeFi tokens with extremely low trading fees, which makes the Binance exchange the best value option around.

Read more: the best DeFi exchanges

What is the best decentralised exchange?

Uniswap is the best and most popular decentralised exchange, where you can swap a vast number of Ethereum-based coins. You need to own cryptocurrency in a crypto wallet first, though, so you may need to sign up to another crypto exchange and buy some coins before you use Uniswap.

Read more: the best decentralised exchanges

What are the top 10 crypto exchanges?

Based on their tests and cryptocurrency market expertise, our panel picked out these platforms to make up our top ten favourite exchanges. Here’s the list in full:

Crypto exchanges that didn’t make it into our recommendations

There are lots of cryptocurrency exchanges that offer a great service. Some just missed out on making our final list of the very best platforms, and here are some honourable mentions.

  • Crypto.com is a popular exchange that has spent a lot on marketing and getting the brand name out there. However, we found it lacked the guidance we want in a beginner-friendly platform and has rated poorly for customer support.
  • Changelly is a US-focused cryptocurrency exchange which can be a good option for users stateside, but its fee structure is high relative to the competition. 
  • Uniswap is a decentralised exchange (DEX) where you can swap coins that exist on the Ethereum blockchain for one another. DEXs are great for lesser known altcoins but are difficult for beginners to use.
  • PancakeSwap is another decentralised exchange, that lets you swap digital currencies based on the BNB chain (formerly known as the Binance Smart Chain). This is a popular place to find ‘meme’ coins, but is not very beginner-friendly.
  • Gemini is a secure crypto exchange that prides itself on its ability to resist hacking attempts, but it doesn’t offer as many cryptocurrencies as we like to see from a top exchange.
  • BitPanda is a European exchange that offers low fees for purchases made in fiat currency. However, it isn’t available in all countries and there are some hidden fees that we found off-putting.
  • XT.com is a simple to use exchange with an easy to understand layout but we have found some users have had a negative experience trying to withdraw digital assets from the platform.
  • LBank is a relatively new exchange that has become a leading option for crypto trading in Asia but its English speaking service is limited.
  • Gate.io offers a wide range of digital currencies and accepts deposits in more than 50 fiat currencies, but it has limited availability in the US and again struggles with some poor English at times.
  • Biconomy Exchange is another relatively new platform that has been growing in popularity but didn’t convince our experts that it offered a top service just yet.

What is a crypto exchange?

It’s an online marketplace where you can buy and sell cryptocurrency. Prices on an exchange are set by supply and demand from its users, and these platforms are often referred to as ‘peer-to-peer’; a place where users deal directly with each other, rather than through an intermediary.

How do crypto exchanges work?

They work by matching users who want to buy with users who want to sell cryptocurrency. Imagine an auction house where both buyers and sellers are submitting bids and asking prices simultaneously, and as soon as a pair agrees on a price the coins change hands.

In practice, this all takes place automatically through an ‘order book’. Every time a user submits a bid to buy, or places coins up for sale, it’s added to the order book. The exchange is the means through which the book is constantly matching bids together in order to make transactions.

How to use a cryptocurrency exchange

Whenever you want to buy a cryptocurrency, you can submit a bid for it on the exchange. You decide what you want to buy, how much, and how you want to pay for it. You then have the choice between placing a ‘market’ or a ‘limit’ order.

  • A market order places an order for your coins and asks for it to be executed as soon as possible. This means you will pay the current market rate. 
  • A limit order sets the price at which you’re willing to buy. This order is only executed when there is a seller willing to sell at that price.

You may get better value for money by using a limit order, but you may not get your coins if there is no seller. A market order means you will get the coins but it might cost you more to do so.

What should I look for in a crypto exchange?

An exchange should offer an easy and inexpensive way to invest. It should also offer other basic features, such as the ability to invest in any coin you want. Below is a list of the most important features to look out for when choosing the best cryptocurrency exchange for your needs.

Low trading fees

This is one of the most important factors in choosing an exchange, as it directly affects the amount you’ll be paying. Crypto exchange fees usually include maker and taker fees, and they vary from one exchange to another and the volume of your trades. The trading fee usually falls somewhere between 0.1% and 1.25%. Getting the most Bitcoin for your buck means finding an exchange with a low rate.

You may also find that some crypto exchanges offer a more competitive trading fee for high volume traders, or if you own some of their own cryptocurrency. Binance, for example, offers cheaper commissions if you own its native Binance coin or if you trade in excess of $1m a month. It is worth exploring the perks for any platform you’re interested in.

Low deposit or payment fees

Deposit and payment fees are different to trading fees. These fees vary from exchange to exchange as well, and will often depend on your payment method. Most sites will charge around 1% – 5% when you use a credit card and around 2% when you use a bank transfer. When choosing an exchange, make sure that your profits aren’t being too dented by the fees charged.

Simple design that’s easy to use

An important consideration when choosing a platform is how well designed the website is. For instance, Wirex comes with a user-friendly interface to help beginners invest in crypto, whereas other sites such as FTX are designed for more advanced users, displaying complicated graphs, cryptocurrency price & charts and allowing different trading tools. 

The best crypto exchanges let you focus on buying the coins, not figuring out how the site functions, so find an exchange you’re comfortable using.

Offers the coins you want to trade

Make sure that any crypto exchange you sign up to offers the crypto assets you want to buy. This information is usually easy to find on the exchange website but it is worth looking into, as not every cryptocurrency is available on every exchange.

A related feature to look out for is the pairs available for each coin. This shows you which coins or currencies you can swap for any particular crypto so if you see BTC/USD, that means you can swap your US Dollars for Bitcoin (and vice-versa). Some coins can only be bought with other cryptocurrencies and the options vary between platforms.

Available where you live

Access to some crypto exchanges is limited depending on where you live. For example, if you live in the United States you might not be able to access or set up accounts in other jurisdictions. Platforms such as Binance are available in almost every country, whilst Wirex is not available in the US. Check that the exchange you want to use is available where you are before creating an account. The rules might also vary by state, so it’s important to check the laws where you live.

Accepts deposits via your favourite payment method

Not every crypto exchange will accept the same forms of payments. Most of the best crypto exchanges accept credit cards and bank transfer, but some such as Binance and Bittrex will only allow you to trade with different cryptocurrencies. Make sure you use an exchange that lets you pay how you want to make it more convenient for you.

Offers any additional trading features you might need

If you want to use certain advanced trading methods, such as leverage and trading on margin, then you need to pick an exchange carefully. Leverage, spread betting, and futures or options trading are available on some exchanges in some parts of the world but are not universal.

The rules might also vary, particularly in terms of how much leverage you are allowed to use or how much margin must be provided. If you plan on using any of these features, take the time to check that an exchange offers them before signing up. Another volume you should look to is trading volume. The top crypto exchanges are well-known for having a significant trading volume across all major pairs, which makes them less prone to manipulation and speeds up the trading process.

Quick answers to key questions

Can I use a crypto exchange anonymously?

Not normally. Most exchanges require you to verify your identity when you register an account before you are even allowed to trade. LocalBitcoins is an example of an exchange that works through peer-to-peer transactions, allowing users to transact anonymously. You can choose your preferred seller and the method by which you’d like to pay for your coins (some even offer the option to meet them and pay in cash to keep your spending anonymous).

You will have to verify your account, normally by providing your address and a form of photo ID. Fraud prevention measures, such as Know Your Customer (KYC) regulations, have been introduced on more and more exchanges in recent years to protect you against malicious activity. The trade-off for using the best crypto exchanges is that you must verify your own identity in order to set up an account.

How fast are transactions processed on an exchange?

For the most part, transactions are instant. As soon as you make the payment, the cryptocurrency will be in your account immediately for trading. This is not necessarily the case when moving money between exchanges, which will take slightly longer as it has to be verified on the blockchain. Crypto exchanges such as Binance will credit your account after two blockchain confirmations, which can take a few minutes.

If you place a limit order then the transaction will only go through once the digital currency hits the value at which you have selected. At this point, though, the transaction speeds will be the same as with market orders.

What payment methods are available on a crypto exchange?

Payment options vary across platforms but most now let you deposit via a bank transfer or credit/debit card payment. Other payment options like PayPal, Skrill, or Payoneer, are also available on some platforms, although you should confirm this before signing up and be prepared to pay a slightly higher fee for each deposit.

Read more: the best exchanges that accept PayPal

Do I need a wallet to use an exchange?

No, wallets are optional but most crypto exchanges let you store your coins in your exchange account. It might be a good idea to sign up for your own wallet as an extra security measure, however, or if you intend to use your cryptocurrency to make purchases online.

How do exchanges determine the price of a cryptocurrency?

Crypto exchanges are a marketplace in which people agree to make trades at a set price. Crypto assets are like any other form of asset, in that the price fluctuates as people are willing to part with more or less fiat currency in exchange for the asset at any given time. In other words, the price of a cryptocurrency (such as Bitcoin) on exchanges is determined by simple supply and demand.

Can I use a crypto exchange on my mobile phone?

Yes, many have mobile apps available for iOS and Android. You can find the best crypto apps on the Google Play Store or Apple Store to invest in digital currencies on the go.

What is the difference between a broker and a crypto exchange?

In reality, there is a lot of crossover between the two. The main difference is that exchanges tend to be peer-to-peer, where you buy and sell crypto from other users through the exchange, while brokers set prices for each coin and take the other side of the trade themselves.

The best crypto brokers tend to be a bit easier to use for beginners, while exchanges offer far more options in terms of what you can buy. For instance, on an exchange you can swap one cryptocurrency for another, whereas with a broker the transactions all take place in fiat currency.

Where should I go now?

To get started, simply choose one of the options on this page and sign up to set up a crypto exchange account. You can use any of our cryptocurrency guides to learn more about how to buy individual coins or about the market as a whole, or head straight to our summary of the best coins and invest in the market leaders right away.

Methodology: How did we choose the best cryptocurrency exchanges?

Our crypto experts reviewed and ranked the best crypto exchanges on our comparison list above. A number of factors were considered during the review process and included: registering an account, depositing funds, how easy it was to trade crypto, and withdrawing money. Other features like technical indicators and crypto exchange fees were also evaluated. 

When comparing each platform we used a combination of online reviews and our own experience to determine rankings. While no crypto exchange influenced any of our decisions, we do on occasion receive an affiliate commission if you click on a link and register an account. You are able to view our full review process for more information. 

FAQs

Do I have to pay tax on crypto?
Are Bitcoin exchanges legal?
Are crypto exchanges regulated?
Are there trading limits on an exchange?
Are there deposit and withdrawal limits?
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Can I access my transaction history on an exchange?
Are there maximum or minimum deposit/withdrawal limits?
Are there maximum or minimum buying limits?
Do I have to pay tax on the coins I buy through an exchange?
What if I accidentally send my coins to the wrong address?
What happens if an exchange gets hacked or closes down?
Can I cancel a trade on an exchange?
What are the differences between exchanges and CFD brokers?
What is the difference between a crypto wallet and a cryptocurrency exchange?
Do crypto debit cards have built-in exchanges?

Sources & references
Risk disclaimer

Invezz is a place where people can find reliable, unbiased information about finance, trading, and investing – but we do not offer financial advice and users should always carry out their own research. The assets covered on this website, including stocks, cryptocurrencies, and commodities can be highly volatile and new investors often lose money. Success in the financial markets is not guaranteed, and users should never invest more than they can afford to lose. You should consider your own personal circumstances and take the time to explore all your options before making any investment. Read our risk disclaimer >

James Knight
Editor of Education
James is a lead content editor for Invezz. He's an avid trader and golfer, who spends an inordinate amount of time watching Leicester City and the… read more.