Binance is the world’s largest crypto exchange by trading volume, with $76 billion daily trading volume on Binance exchange as of August 2022, and 90 million customers worldwide. The platform has established itself as a trusted member of the crypto space, where users can buy, sell and store their digital assets, as well as access over 350 cryptocurrencies listed and thousands of trading pairs. The Binance ecosystem now comprises of Binance Exchange, Labs, Launchpad, Info, Academy, Research, Trust Wallet, Charity, NFT and more.

Pros

• Low trading and withdrawal fees
• High speed of order execution and high volume of transactions
• High security and storage of more than 90% of digital assets in cold wallets
• Offering various tools and products for derivatives
• Access to DeFi services and support for new cryptocurrency projects

Cons

• High complexity of the platform and unsuitability for beginners
• Facing regulatory issues in several countries and being inaccessible in the US
• High withdrawal fees to card (depends on the currency)
• Poor customer service and long response time

Bybit is a cryptocurrency centralized exchange (CEX) that offers a professional platform featuring an ultra-fast matching engine, quality customer service and multilingual community support for crypto traders of all levels. Established in March 2018, Bybit currently serves more than 10 million users and institutions offering access to over 100 assets and contracts across Spot and crypto derivatives like Futures and Options, launchpad projects, earn products, an NFT Marketplace and more. Bybit is a proud partner of Formula One racing team, Oracle Red Bull Racing, esports teams NAVI, Astralis, Alliance, Virtus.pro, Made in Brazil (MIBR), City Esports, and Oracle Red Bull Racing Esports, and association football (soccer) teams Borussia Dortmund and Avispa Fukuoka.

Pros

• Low trading and withdrawal fees
• High speed of order execution and high volume of transactions²
• High security and storage of more than 90% of digital assets in cold wallets
• Offering various tools and products for derivatives
• No KYC requirement and access to a risk-free test environment

Cons

• Not available in the US
• Crypto derivatives are extremely risky and not suitable for beginners
• Limited payment methods for fiat deposits
• May share your data with third parties for marketing
• Poor customer service and long response time

Coinbase Exchange is a US-based crypto trading and investment platform where users can easily buy, sell, exchange and store cryptocurrencies. The platform is intuitive and beginner-friendly with support for basic transactions, digital wallet, and PayPal withdrawals. For more advanced traders, Coinbase Pro offers more professional trade execution and lower fees. However, in June 2022, the company announced that Coinbase Pro will be phased out and all users will have access to the “Advanced Trade” feature on the main app.

Pros

•  Easy user interface for crypto and NFT beginners
• Access to more than 250 crypto assets
• Quick crypto withdrawals
• Insured deposits
• Well-documented API

Cons

• Relatively high transaction fees
• Users do not have control over their wallet keys
• Facing regulatory issues in some countries and being inaccessible in the US
• Poor customer service and long response time²

Kraken is a US-based cryptocurrency exchange where users can buy, sell and trade various assets with relatively low commissions. Clients can also earn rewards through coin staking. The exchange has a leading level euro volume and liquidity and allows users to trade over 100 crypto assets and 7 fiat currencies, including USD, CAD, EUR, GBP, JPY, CHF and AUD, on-the-go with a web platform and mobile apps.

Founded in 2011, it was one of the first few crypto exchanges offering spot trading, derivatives and index products. Today, the company offers numerous products and services, including but not limited to: spot trading, margin trading, futures, indices, stakings, OTC and an upcoming non-fungible token (NFT) marketplace. The exchange serves over 8 million traders and institutional clients, and is backed by Digital Currency Group, Blockchain Capital, Tribe Capital, Hummingbird Ventures and more.

Pros

• Supports more than 185 coins, including stablecoins, altcoins, and futures
• Charges low fees for non-instant trading and deposits
• Has a reputation as a market leader in the crypto industry and has proven its reserves
• Offers advanced features such as margin trading and futures contracts
• Has a low minimum trade of 0.0001 BTC

Cons

• Has high fees for instant purchases and SWIFT withdrawals
• Does not give users control over their wallet keys
• Faces regulatory issues in some countries and is not available in all US states
• Has poor customer service and long response time
• Has limited options for funding accounts and high withdrawal minimums¹²

KuCoin is a cryptocurrency exchange built with the mission to “facilitate the global free flow of digital value.” It claims to have an emphasis on intuitive design, simple registration process and high level of security. The platform supports futures trading, a built-in P2P exchange, the ability to purchase cryptocurrencies with a credit or debit card, and instant exchange services.

Also known as “people’s exchange”, the platform facilitated 1.2 trillion in lifetime trading volume and supports over 29 million users worldwide. The company claims to offer technology-driven trading products and the KuCoin ecosystem, which encompasses the KuCoin community and is built around the KuCoin token (KCS).

Pros

• Low trading and withdrawal fees
• Strong user base of over 10 million users
• Wide range of coins, including new and rare ones
• Earn interest on your crypto with staking and lending
• Advanced trading features such as derivatives, margin trading, futures contracts, automated trading bots, and mining pools

Cons

•  Not licensed or regulated in the US
• Limited payment methods for fiat deposits
• Not suitable for beginners due to the complex user interface
• Limited educational resources
• Users do not have control over their wallet keys

CoinEx is a global crypto exchange committed to making crypto trading easier. Available in 15 languages, the exchange offers a wide range of products and services, including spot trading, futures trading, margin trading, AMM, crypto finance, and strategic trading. CoinEx provides easy-to-use, secure, and reliable crypto trading services for more than 4 million users in over 200 countries and regions.

Pros

• Low and competitive fees. Deposits are free, while withdrawal fees vary depending on the coin. Trading fees are initially 0.2% for spot trading and 0.1% for margin trading, but can be reduced by holding CET tokens
• High security and never been hacked. It offers a multi-sig cold wallet storage and has a Bug Bounty program that rewards users who report bugs or issues on the exchange.
• Advanced trading features such as margin and perpetual contract trading¹²³.
• Huge selection of cryptocurrencies, including new and rare ones¹²³.
• No KYC requirement and access to a risk-free test environment²³.

Cons

•  Not licensed or regulated in the US. It stopped servicing US customers in April 2021.
• Crypto derivatives are extremely risky and not suitable for beginners.
• Limited payment methods for fiat deposits. It does not directly support fiat deposits but allows it via third-party providers.
• May share your data with third parties for marketing.
• Poor customer service and long response time¹⁴.