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Best Centralized Crypto Exchanges 2023
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Sinead Burgess
As you are probably aware, cryptocurrency exchanges are the best marketplaces for crypto assets, which is why we have witnessed an increased interest in these platforms over the last ten years. Regardless of their number, they all fall into one of these two main categories: centralized exchanges (CCEs or CEXs) and decentralized exchanges (DEXs).
The primary distinction between the two is based on how they are controlled — either via a central authority or peer-to-peer. While there is no question that centralized exchanges are more prevalent than decentralized exchanges, in this article, we will explain why by pointing out the fundamental advantages of CEXs over DEXs. We’ll also review the ten best crypto exchanges with a central authority in charge.
What’s a Centralized Cryptocurrency Exchange?
Centralized exchange platforms operate as a third party between a buyer and a seller. Because they are owned and run by a company, these platforms are safer and more trustworthy. The vast majority of individuals prefer to trade on a centralized crypto exchange instead of managing transactions on their own, as they would on a decentralized exchange.
Furthermore, centralized cryptocurrency exchanges are more user-friendly and offer an extra degree of security to transactions and trading. These platforms provide more comfort by channelling the transaction via a well-designed, controlled exchange.
The operating structure of CEXs is similar to that of central banks and other forms of outsourced money providers. To access their services and customer support, you must first register with the exchange, verify your identity (KYC verification), and, preferably, enable 2FA (two-factor authentication). Simply said, their strategy is user-friendly, which is why consumers feel safe trusting on a centralized crypto platform for a pleasant cryptocurrency experience.
Best Centralized Crypto Exchanges for 2023
COUNTRY: Global
Fees: 0.1%
Supported Cryptocurrencies: 400+
Even if you haven’t purchased your first cryptocurrency, you’ve probably heard about Binance. The Malta-based cryptocurrency exchange is frequently considered as one of the top platforms in terms of daily trading volumes, not least since customers have access to over 540 individual crypto-to-crypto trading pairs.
Changpeng (CZ) Zhao established Binance in 2017. The term is derived from the words “Binary” and “Finance.” Binance was headquartered in Hong Kong, China but due to the country’s strict cryptocurrency regulatory processes, the exchange relocated to more crypto-friendly countries like Japan and then Malta.
Binance has introduced several new trading features in the short time it has been in operation, and it still has a vibrant and engaged trading community. Binance is always looking for new ways to offer value to its consumers, from supporting fiat currencies to launching its own Binance Chain and Binance Coin.
Binance’s team of people is one of the keys to their success, as they have one of the most talented, ambitious, and enthusiastic teams worldwide.
Binance has a significant advantage over its competitors when it comes to trading fees because it always tries to reduce them for its customers. The platform charges only 0.1% per trade and 1.98% for credit card purchases. Additionally, if you use the Binance native cryptocurrency, BNB, the system will automatically estimate a 25% discount.
Lastly, Binance has a well-structured design that responds to the demands of all types of users. As a result, even before you begin trading on Binance, you may select among advanced and basic settings. While the former is designed for beginners who want to make their initial purchase, the latter offers a wide range of options like margin trading, P2P services, OTC, and futures.
RATING : 5/5
COUNTRY: US
Fees: Varies
Supported Cryptocurrencies: 70+
Coinbase has developed itself as the most popular crypto exchange in the United States, making it simple to buy and sell cryptocurrencies through an easy to use interface. Brian Armstrong and Fred Ehrsam founded the exchange in 2012. Although it began with the intention of just offering Bitcoin to US investors, the firm has now expanded its activities to cover more than 100 countries and over 50 cryptos.
The major reason for its long-term popularity is the existence of two platforms: Coinbase and Coinbase Pro. The first is a beginner-friendly brokerage service for instant purchases, while Coinbase Pro features a more professional design, lower fees, and advanced trading options.
Coinbase supports a wide range of payment methods, including bank transfers, credit cards, Visa debit cards, SEPA, and wire transfers. In addition, the exchange is completely integrated with PayPal and supports the following fiat currencies: US dollars (USD), Euro (EUR), and British pounds (GBP).
The platform is regulated by the New York State Department of Financial Services and follows AML and KYC policies. It provides strong security, including two-factor authentication (2FA) and FDIC insurance up to $250,000.
The scalable fee structure might be puzzling, especially to inexperienced users. To gain a sense of the overall picture, trading fees are approximately 0.50%, while debit card deposits are 3.99%.
RATING : 4.5/5
COUNTRY: US
Fees: 0.26%
Supported Cryptocurrencies: 50+
Kraken is one of the industry’s biggest and oldest Bitcoin exchanges. This San Francisco-based crypto exchange, founded in 2011, provides a sophisticated trading platform with margin trading and over-the-counter (OTC) options.
The exchange aims to promote cryptocurrency adoption by providing an easy-to-use platform that allows people all around the world to reach financial independence and inclusion. Apart from residents of New York and Washington, as well as those in Afghanistan, Cuba, Iran, Iraq, Japan, North Korea, and Tajikistan, this platform is open to all users.
It would be unimaginable for an exchange with Kraken’s reputation not to incur transaction fees or have some limitations. Kraken’s pricing is based on the volume traded and is weighted in favour of makers. If you are a trade maker, your fee share might be as little as 0% provided your volume is large enough.
The platform prides itself on its security features since it has never been hacked, which is quite remarkable given the number of other platforms that have been hacked. The user’s digital assets are kept offline, 95% of the time, and are air-gapped and regionally dispersed in cold storage.
You may even trade on the go by using its web platform or mobile apps. Experienced users may trade margin and futures, access Kraken’s dark pool and OTC desk, and place stop loss, take profit and limit orders.
RATING : 4/5
COUNTRY: US
Fees: 1%
Supported Cryptocurrencies: 5+
Gemini is another prominent US crypto exchange that was launched in 2015 as a Winklevoss twins investment project. Interestingly, Tyler and Cameron Winklevoss won a lawsuit against Mark Zuckerberg for stealing the concept for Facebook and were awarded a $60 million settlement.
Gemini cryptocurrency exchange functions similarly to other platforms. You may buy cryptocurrencies with either fiat currency or cryptocurrency. You may send cryptocurrency from your wallet to the platform or fund your account with a bank transfer or debit card payment. Furthermore, Gemini allows users to trade between cryptocurrency pairings, enabling you to exchange one cryptocurrency for another without first converting to fiat money.
Moreover, the exchange is well-known for its rigorous security, which includes insurance coverage for assets held in Gemini’s hot wallet service. This insurance protects your assets in the case of a security breach or a hacking incident.
Another advantage of the exchange is that Gemini provides various services like payment applications, insurance on user funds, and even has its stablecoin known as the Gemini Dollar or GUSD.
RATING : 3.5/5
COUNTRY: Liechtenstein
Fees: 0.75%
Supported Cryptocurrencies: 40+
Bittrex is a cryptocurrency exchange located in Seattle, Washington. Bill Shihara, Richie Lai, and Rami Kawach, three skilled cybersecurity experts, started the company in 2014. The team together has over five decades of development and security experience from organizations such as Amazon and Microsoft.
The exchange has slowly gained popularity as one of the industry’s trading platforms since its establishment. It supports a broad range of currencies and allows users quick and easy trading. The platform includes basic trading charting tools as well as automated trading capabilities such as instant purchases or sells and good ’til cancelled (GTC) orders.
The exchange places great importance on security by employing the most reliable and powerful technology available. To protect users’ offline funds, the exchange uses an “air-gapped” cold wallet and an online hot wallet, as well as two-factor authentication and IP address detection.
Regarding trading fees, each trade on Bittrex starts with a fixed fee of 0.25% for the maker and taker. This is significantly more than the typical trading charge. Nonetheless, it is ideal for new users since there is only one fee for every transaction, making it easy to monitor expenditure.
RATING : 3/5
COUNTRY: UK
Fees: VARIES
Supported Cryptocurrencies: 70+
This London-based cryptocurrency firm began as a mining pool in 2013 and has now evolved into a well-known centralized exchange outside of the UK. CEX.io takes pride in its capacity to deliver trouble-free service, which is supported by a trustworthy system and user account security, safe fund storage, financial viability, and extensive legal compliance. Since its establishment in 2013, it has been a stable and safe Bitcoin exchange, with no hacked accounts or stolen cash.
CEX.io is a famous platform for purchasing bitcoins instantly via its website or mobile app, both of which are accessible for iOS and Android. The exchange is regarded as one of the top crypto trading platforms due to its acceptance of a variety of payment methods such as bank transfers, credit cards, debit cards, Skrill and others.
It is perfect for both new and experienced crypto traders and it provides a comprehensive range of products and trading tools for the top cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Ripple (XRP), Stellar (XLM), Litecoin (LTC), Tron (TRX), and many more. Fees start at 0.16% for makers and 0.25% for takers and can be reduced if your trading volume grows over 30 days.
RATING : 3/5
COUNTRY: Luxembourg
Fees: 0.5%
Supported Cryptocurrencies: 25+
Bitstamp is likely the longest-running fiat-to-Bitcoin exchange in existence today, operating since 2011. Since then, it managed to persevere on the volatile and unpredictable crypto market, including a 5 million dollar hack (in BTC) in early 2015 and has gone on to be one of the most recognized fiat-crypto on/off-ramps today, with strong liquidity and high regard.
Bitstamp’s relocation to Luxembourg was the defining moment for the platform and its image in the crypto world. Bitstamp became the world’s first nationally registered crypto exchange after registering with the country’s financial authorities and adhering to its AML and KYC rules. Not only in Luxembourg but also in the rest of the EU.
The exchange sticks to the “quality over quantity” concept and accepts just the top five cryptos, which may be traded against one another or purchased using one of the three fiat currencies available: USD, EUR, or GBP. The user interface is sophisticated, but customers complain that it has too many dashboards, which makes navigating difficult at times.
RATING : 3/5
COUNTRY: Hong Kong
Fees: 0.2%
Supported Cryptocurrencies: 100+
Bitfinex is one of the world’s most advanced, liquid, and exclusive cryptocurrency exchanges. Raphael Nicolle, an IT professional from Hong Kong, launched the exchange in 2012. More than 200 cryptos are available on the platform, such as Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ethereum Classic (ETC), and Bitcoin Cash (BCH), among others. If you want to buy these coins using USD, EUR, JPY, or GBP, you must first verify your account.
The exchange took off to a flying start. Numerous traders from all over the world were drawn to the platform in its early years. Bitfinex ranks in the world’s most popular crypto exchanges due to its wide range of digital currencies, low fees, fiat gateways, and user-friendly layout.
Bitfinex is surprisingly user-friendly for a platform aimed at professional traders. It has a simple, convenient-to-use interface as well as a mobile app. Both the web-based platform and the app are highly customer-focused, allowing users to personalize their interface according to their needs, such as creating their layout, choosing among themes, and customizing notifications.
You can follow the exchange on social media platforms such as Facebook, Instagram, Reddit, LinkedIn where the exchange is extremely outspoken and keeps its fans up to date on its present and future developments. You may also contact Bitfinex through its official website and send an email support ticket. The only thing missing from this platform is a live chat box or phone support for more urgent inquiries.
RATING : 3/5
COUNTRY: IRELAND
Fees: VARIES
Supported Cryptocurrencies: 5+
Coinmama is an Israeli cryptocurrency exchange that was launched in 2013. Clients may use this exchange to purchase and sell coins using a variety of exchange methods such as bank transfers, Apple Pay, Google Pay, credit card, or wire transfers such as SWIFT and SEPA.
Coinmama.com boasts over one million clients and 30 employees, and it covers most regions (excluding sanctioned countries like North Korea and Syria), which makes it one of the more accessible worldwide crypto exchanges.
Coinmama is a self-explanatory exchange, unlike most of the other platforms that require an expert to assist traders in using the trading interface. By entering into the Coinmama website, one may readily grasp the exchange’s operating procedures. Every detail may be found there, and the registration process is very simple. Traders must first visit the Coinmama website and register by providing basic information such as their complete name, address, phone number, and email account.
The major drawback of Coinmama is its high fees compared to other exchanges, which discourage many users from using the service. Not only is there a 6% brokerage fee, but there are also credit card charges. You are paying far more than the market price for your cryptocurrency. Some see this as a convenience fee, but it can be extremely expensive for individuals who wish to acquire significant quantities of cryptocurrency regularly.
RATING : 3/5
COUNTRY: Hong Kong
Fees: 0.1%
Supported Cryptocurrencies: 150+
KuCoin is a Singapore-based exchange that was founded in Hong Kong in 2017 and describes itself as “the People’s Exchange.” Their goal was to provide individuals all around the globe with an easy and secure platform for buying and selling a variety of digital currencies. They have undoubtedly made an impression on the global crypto community, expanding their user base to over 8 million in only four years and servicing one in every four cryptocurrency holders globally.
The exchange also provides an app for iOS and Android smartphones, allowing you to trade crypto wherever you are. The UI is slick, and it even has a trading bot that isn’t available on the desktop site. KuCoin’s app has over 1 million downloads on Google Play, with a strong user review rating of 4.5 stars from 13,000 reviews.
KuCoin, being one of the major cryptocurrency exchanges, provides a wide range of crypto assets. Aside from the rewards and discounts, it also charges a 0.1% fee for each trade and even minor fees for futures trading. One of the disadvantages of KuCoin is that there is a 3% minimum charge for purchasing cryptocurrency with fiat, and you cannot withdraw fiat currency from the exchange.
RATING : 3/5
Centralized vs. Decentralized Cryptocurrency Exchanges
So, how do decentralized cryptocurrency exchanges work? These platforms usually include an order book with a variety of buying and selling options. Users set up an account (typically with just their email address) and search through the orders to discover the ideal match. They then call the other party and reach an agreement on a payment mechanism.
Some DEXs provide escrow services, indicating that the transaction is carried out using smart contracts. In the absence of third parties, these contracts enable the execution of trustworthy transactions.
While the above-mentioned characteristics may encourage you to feel that this is the best platform for you in terms of privacy, autonomy, and diversity, we’d like to highlight a few crucial points to keep in mind. Users of these services must remember their crypto wallet keys and passwords, or they will be lost forever and unable to be retrieved.
Changelly and LocalBitcoins are two of the most well-known decentralized exchanges.
frequently asked questions
Since Bitcoin is the most famous and sought-after crypto, all of the platforms on the list allow users to purchase, sell, and trade it. However, if you’re simply looking to buy Bitcoin, we prefer Coinbase. This American broker has large daily volumes on all of its assets and will surely provide you with the best price and security in the market.
Also, Coinbase provides a pleasant user experience and functionality by offering a straightforward interface that is simple to use by beginners. There is the option to subscribe to a more sophisticated version for more advanced traders – Coinbase Pro – if you want additional features for cryptocurrency trading.
In terms of user security, eToro takes considerable measures to keep consumers’ wallets and keys safe. Market-leading security techniques and multi-signature technologies such as phone-based two-tier authentication and SSL encryption are used to ensure that users’ financial assets do not fall into the wrong hands.
Liquidity is critical in all forms of trading since it determines how quickly you can trade cryptocurrencies for fiat and vice versa. Binance, our favourite altcoin trading platform, now boasts the highest cryptocurrency exchange score and the biggest daily trading volume (nearly $26 billion).