Best Bitcoin & Cryptocurrency Exchange Reviews

There is no one size fits all for exchanges. Each user has unique needs when buying cryptocurrency.

Our Bitcoin and cryptocurrency exchange reviews detail each exchange's supported countries, payment methods accepted, fees, privacy, limits, liquidity, reputation, speed (delivery of coins), customer support, and any past issues.

Quick Info: Popular Bitcoin & Crypto Exchanges

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Privacy

How much personal information does the exchange require? Do you need to upload a picture of your ID?

Limits

How much can you buy? If you plan on buying a large amount, does the exchange support order that large?

Additionally, there are sometimes crypto and fiat withdrawal limits on exchanges that limit how much you can withdraw at once. This can be annoying if you deal with large amounts you will have to withdraw small amounts over a few days.

OTC markets are available for buying large amounts of Bitcoin, but these markets are yet to appear for other coins for now.

Fees

How much does the exchange charge for converting your money? And how does this fee compare to other similar exchanges?

The average fee for credit card buys are about 4%. Bank transfer buying fees are usually 1-1.5%. Compare the rates of any exchange to other similar exchanges.

Cash fees are usually 1%, although there is often a 5-10% premium. This is especially true at ATMs, where there is always a premium.

Speed

How fast will your coins be delivered? Note that most problems with speed are due to the legacy banking system and not with cryptocurrency.

Credit card buys are often instant. Bank transfer buys can take days to clear. Cash buys are instant but you have to physically move and can’t do it online.

Reputation

How long has the exchange been around? Is it regulated? Many exchanges have been scams in the past, so research any exchange before you deposit money with them.

What Type of Exchange do YOU Need?

There are two types of cryptocurrency exchanges: fiat-to-crypto and crypto-to-crypto

Fiat-to-Crypto exchanges

The first type is called a "fiat-to-crypto exchange".

Fiat-to-crypto exchanges allow you to buy cryptocurrency with fiat money (dollars, euros, pounds, etc.).

Coinbase and Coinbase Pro allow you to buy crypto with fiat.

A fiat crypto exchange lets you buy cryptocurrency using traditional payment methods, such as:

• credit cards
• bank accounts
• cash

Fiat exchanges are how most people make their entry into cryptocurrency exchanges. If you're new, you'll definitely need to use a fiat-to-crypto exchange first, so keep following along.

Crypto-to-Crypto Exchanges

The second type of exchange is called a "crypto-to-crypto exchange". These exchanges don't deal with traditional payment methods like credit cards and banks.

Bittrex does not accept fiat purchases.

Instead, these exchanges require that you deposit cryptocurrency FIRST (almost always Bitcoin) and then you can trade the cryptocurrency you deposited for altcoins (any coin other than Bitcoin).

What is the point of having these exchange types?

To explain the difference and why you need both, let's look at a coin called Cardano (ADA).

As of July 2020, Cardano is the seventh largest cryptocurrency by market cap.

Most Americans who are new to crypto use a platform called Coinbase to buy cryptocurrency, but Coinbase doesn't sell Cardano.

So how do you get Cardano then?

You must first use Coinbase--a fiat-to-crypto exchange--to buy BTC with your bank or credit card. Once you've purchased bitcoin, you need to send it to a crypto-to-crypto exchange, like Bittrex, and buy Cardano with it.

The reason crypto-to-crypto exchanges don't accept fiat is because it is harder to start fiat-to-crypto exchanges due to regulations and compliance with the law. Also, if a crypto-to-crypto exchange has a lot of volume for the different trading pairs, it can be cheaper to get the altcoins you want because you aren't converting multiple times.

crypto-to-crypto trading pairs on HitBTC

So there is a use for both kinds of exchanges. Think of fiat-to-crypto exchanges as on-ramps to the crypto world, and crypto-to-crypto exchanges as a palce for avid traders who like to speculate on the markets.

Custodial vs Non-Custodial Exchanges

The is another way to separate one exchange from another and that is how they handle custody and deposits.

In a custodial exchange, users deposit fiat or crypto into their account and use these deposits to make trades. Once they make the trade, the exchange holds onto the coins or dollars until the user makes a withdrawal request.

In a non-custodial exchange, users provide the exchange with a crypto address before making any buys or sells. After the user makes a transaction, he sends fiat or crypto to the exchange, and once the funds reach the exchange, the transaction is completed and the new funds are immedietely transferred to the receiving address provided by the user before the transaction.

River Financial is a non-custodial exchange/broker.

With a custodial exchange, you are at much bigger risk of losing money than if you use a nun-custodial exchange like Changelly, since the exchange is holding onto your money for long periods of time.

The main benefit to using a non-custodial exchange is that if the exchange scammed someone, it would be announced immedietely and all deposits would stop. Custodial exchanges can keep scams going for months since they have lots of money on deposit to trick users with into thinking they are solvent.

Because of this, non-custodial exchanges are less regulated since there is less risk of them stealing you money. Generally speaking, it is better to use non-custodial exchanges when possible, but keep in mind that fees are often higher.

We hope that clears things up, and now we can start digging in to some exchanges.

Best Cryptocurrency Exchange for Beginners

The best fiat-to-crypto exchange for beginners is probably Coinbase.

Coinbase is a great exchange for newbies

I say this for a few reasons:

• It has the best user interface and is very easy to use
• The verification process is fast so you can buy almost instantly
• It has excellent mobile apps for iPhone and Android
• It's a regulated exchange and its cash holdings are FDIC insured

The best crypto-to-crypto exchange for beginners is probably Binance.

The Ledger Nano X, Our favorite hardware wallet

The main reasons are:

• Binance's mobile apps make it easy to use for beginners
• Binance's web interface is quite simple to use as well
• You can start trading instantly on Binance with just an email address
• Binance is the world's largest exchange according to CoinMarketCap

Best Cryptocurrency Exchange for Day Trading

I realize I've mentioned Binance a bunch already, but it's also likely the best exchange for day trading for a few reasons.

1. Lowest Fees

Day traders make a lot of trades. Binance has the lowest fees among all exchanges (like Bittrex, Poloniex, etc.).

2. Liquidity

Binance has the most liquidity of any exchange. You can get in and out of digital currency fast at good prices.

Not Your Keys. Not Your Coins.

As mentioned earlier, NEVER STORE YOUR COINS ON AN EXCHANGE! If you do not have the private keys to your coins, they are not yours. Simple as that.

Make sure you get a secure crypto wallet and use that to store your coins. Hardware wallets cost money but if you are serious about secure storage of your coins, they are simply a must have. We hate to see people lose money in crypto! Take responsibility.

The Ledger Nano X, Our favorite hardware wallet

Avoiding Scams with Cryptocurrency Exchanges and Websites

There’s an important difference between Bitcoin/cryptocurrency transactions and other means of money transmission, such as credit cards, bank transfers or PayPal. That is, Bitcoin/crypto payments are irreversible.

If you’re cheated, there’s no central authority to refund or reverse your payment. It’s also highly unlikely that authorities will be able to assist, as it’s extremely difficult to establish ownership of a Bitcoin address.

You bear full responsibility for managing your coins.

Fortunately, a little common sense and knowledge will go a long way to avoiding scams.

Research Exchanges

A good maxim to keep in mind when considering any proposition is:

If it sounds too good to be true, it probably is. Browsing cryptocurrency-related forums, sites or social media, you’ll encounter many enticing offers of high investment returns.

Often times these are not exchanges. But, if a scheme or exchange is presented as highly-profitable and low-risk, ask yourself why such a great opportunity is being shared with the public.

Remember, you’re most susceptible to being scammed when you allow desire for easy money to override your logic and caution. Discipline yourself to make decisions only after calm reflection and beware of anyone rushing you or using FoMO tactics to manipulate your emotions.

Check Ratings

Another gem and the reason trust ratings exist:

The best indicator of future behavior is past behavior. If someone making an offer has a history of shady dealings (as reflected by their trust rating on BitcoinTalk, LocalBitcoins, the WoT etc.) then be on your guard.

The famed bitcointalk forums

Exercise equal caution when dealing with a newbie with no history, as busted scammers often simply create new accounts and start over. The same goes for exchanges with no history.

It’s also possible that an exchange with a great history may be planning a “long con,” in which they build up a good reputation by behaving honourably – until a large sum is up for grabs. Always balance the value of their good reputation against the money at stake.

And remember, reputational feedback is only as valuable as your knowledge and trust of the provider. Positive ratings from numerous newly-registered accounts may signal a Sybil Attack, whereby a scammer games the rating system by creating shell accounts for the sole purpose of raising their trust profile.

Use Escrow if Possible

Of course, not all payments can be escrowed. Bitcoin exchange deposits are a good example.

Mt. Gox is the most infamous case of a fraudulent exchange, in which 650,000 bitcoins were lost. There were many warning signs before Gox failed and it’s worthwhile to research the entire saga to learn what they were.

The more you learn about previous scams, the easier it becomes to recognize the signs.

Unless you’re an active trader, a good rule of thumb is to never leave your bitcoins or fiat money on an exchange. Bitcoins outside your personal wallet are bitcoins you don’t own.

Bitcoin Investments and Ponzi Schemes

Before jumping aboard any scheme promising regular payments, learn to recognize the tell-tale signs of a Ponzi scheme, in which payments from new entrants go towards funding older members, at least until the whole rotten swindle collapses.

Carlos Matos, at a Bitconnect conference - one of the largest crypto ponzi schemes in history

Pirateat40 was the biggest of the Bitcoin Ponzi schemers to date, and reading through his thread will provide insight into the ways of scammers, shills and their victims. Sadly, victims are often the fiercest defenders of such scams, at least until they lose their shirts.

Modern cryptocurrency Ponzi schemes are often disguised as cloud mining plans. This thread offers excellent advice on spotting these scams and indeed, Josh Garza’s GAWminers, which was mentioned as highly suspect at the time, turned out to be the biggest and most audacious cloud mining scheme to date.

We hope the above advice will save your bitcoins from scammers. When in doubt:

Research more, exercise patience and caution, use escrow if possible and discuss things with those you know and trust.

Gemini is a Bitcoin exchange run by the Winklevoss twins.

It's a licensed Bitcoin exchange and operates in 42 US states and many other countries (check here for full list of supported districts):

Once you create an account on the exchange you will need to setup 2-factor authentication, verify your bank account, and verify your identity. Once you do all of that you can get started with the exchange.

Gemini's interface can be confusing for first time buyers, which is why we usually recommend Coinbase to new buyers. Have a look at the trading interface below:

If you can get past understanding how to use Gemini it is a unique exchange. Some of its great features include:

Instant Deposit for ACH Transfers

At most exchanges, when you deposit via bank transfer you have to wait 1-7 days for the bank transfer to complete. Gemini understands this is frustrating and time consuming.

Luckily for US users, you can make instant ACH deposits to Gemini. This means you can buy bitcoins super fast. You will have the bitcoins you bought locked into your account until your ACH deposit clears, but at least this way you were able to buy bitcoin fast and lock in the price you wanted!

Bitstamp is one of the longer running Bitcoin exchanges. It has been around since 2011 and is a licensed exchange with the Luxembourg's Ministry of Finance

It is a good option for traders and those buying large amounts of bitcoins.

Verification

Bitstamp requires extensive verification including the following information:

• Full name
• Date of birth
• Country of residence
• Phone number
• Address verification
• ID number and scan of photo ID document

Fees

Because Bitstamp is geared towards traders, it also has confusing fees if you use the exchange. The fees you pay depend on your total volume. Unless you trade high volumes, you will likely pay 0.25% per buy.

If you buy bitcoins on Bitstamp with your credit card then the fees will be 8% for purchases up to $500 or €500. There are other exchanges that offer lower fees for buying bitcoins with a credit card or debit card.

Bitfinex is a popular exchange because in terms of USD trading volume it has the most liquidity. It currently owns about a 10% share of the USD trading market.

Because of its confusing interface, it's probably only a good choice for traders who really know what they are doing. Here is what the main trading interface looks like:

Despite getting hacked and losing $70 million or more in customer funds, Bitfinex remains a popular option for serious traders. Still, the hack is scaring some people away.

In the chart below, the orange portion of the bars represent Bitfinex's share of USD volume:

Verification

One thing that has made Bitfinex popular is that if you only make a deposit with cryptocurrency no verification is required. If you want to deposit dollars or euro then you WILL have to verify your ID.

Fees

Bitfinex offers very low fees even for low volume buyers, at 0.1% per buy for market makers and 0.2% per buy for market takers.

How Does Wall of Coins Work?

Wall of Coins helps its customers buy and sell bitcoins for cash.

Its unique SMS system walks you through the entire process of buying, making it a good choice for first time buyers who want to purchase bitcoins with cash.

Payment Methods Accepted

Sellers are free to accept any payment method through Wall of Coins. Buyers will have to check the orderbook to see what payment methods are available. The most common payment method is cash deposit.

A cash deposit is when the buyer of bitcoins goes to a physical bank branch and deposits cash into the account of the Bitcoin seller

Wall of Coins vs Other Cash Exchanges

Cash is the most popular payment method on Wall of Coins. This table compares it so some other cash exchanges.

	Exchange	Fees	ID Required	Countries
	LocalBitcoins	1%	Sometimes	Global
	BitQuick	2%	Yes	USA
	Wall of Coins	~1%	No	12 Countries
	LibertyX	1.5-8%	Yes	USA

Supported Countries

Wall of Coins is currently available in:

• United States
• United Kingdom
• Argentina
• Australia
• Brazil
• Canada
• Germany
• Latvia
• Mexico
• Poland
• Philippines
• Romania

limits and liquidity: How Much Are You Buying?

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There are no official buying limits on wall of coins. The maximum amount you can buy is determined by the available offers by sellers.

Pros

• No official buying limits set by Wall of Coins
• Can buy as little as $5 worth of bitcoins

Cons

• Most sellers are not willing to sell large amounts of bitcoins

privacy

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A phone number is the only personal information required to buy bitcoins on Wall of Coins.

Wall of Coins will ask you for location, but only to find bank branches near you. If you choose you can just enter your zip code manually.

speed: When Are Your Coins Delivered?

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Purchases made with cash deposit will in most cases have bitcoins delivered in under an hour.

Pros

• Coins are generally delivered within 15 minutes after confirmation of payment by buyer

Cons

• Speed of delivery is entirely dependent on seller confirming payment, so at times it can take a while (although it is generally within 15 minutes)

reputation and regulation: Can You Trust Wall of Coins?

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Wall of Coins’ owners are public and contact information is available on the exchange’s website.

You can also visit its about page.

fees: Are You Paying Too Much?

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Pros

• Fees are generally pretty low, about 1-2%

Cons

• Fees are not displayed publically but instead just included in the buy price

Customer Support

Wall of Coins offers live support on its website. A toll free number is available for support via phone: (866 841 COIN).

You’ll also receive directions on how to buy bitcoins via SMS after signing up.

Pros

• Wall of Coins has a live chat box on their site ready to help with any problems that may occur during the buying process

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Payment Methods Accepted

Changelly accepts payments in nearly any cryptocurrency and you can receive payout in any other cryptocurrency.

They also allow you to buy coins with credit card or debit card, but we do not recommend this since the rates for cards are very high.

Supported Countries

Changelly works for residents of any country.

Limits & Liquidity

Changelly has very high limits and solid liquidity. You should be able to make a trade of any size.

Privacy

All that’s required to exchange coins is an email address.

Speed

Your exchange is usually processed and converted within 5-30 minutes.

Reputation

Changelly is a rather new company although there have been no incidents or issues.

Since Changelly only holds your money for a very short period, it’s likely that users would alert the community if Changelly were to be acting malicious.

Fees

Changelly charges 0.5% per trade.

Customer Support

Changelly offers support via email at [email protected]

Changelly vs Shapeshift

Both exchanges are very similar and work the same way. Changelly has slightly lower fees and higher limits. Shapeshift requires no information, while Changelly requires an email address for signup.

We do not see a huge difference between the two and suggest users try both Changelly and Shapeshift to see which they prefer.

This particular platform is cryptocurrency only, meaning that deposits and withdrawals via fiat wire transfers are not allowed – i.e. Bitcoin in-Bitcoin out only.

BitMEX offers margin trading, with leverage up to 100x on Bitcoin on the spot and futures markets. Leverage on altcoins varies and for now Bitcoin is the only cryptocurrency that offers the full 100x, with Ethereum offering up to 50x and Litecoin up to 33.3x (It is important to exercise caution with respect to current market volatility).

Crypto Asset Offerings

BitMEX has limited selection at present in comparison to other cryptocurrency exchange alternatives such as Poloniex, Bittrex and Cryptopia. While new projects are added occasionally the volume thus far has remained low on every offering except for Bitcoin.

• Bitcoin – Spot + Futures
• Bitcoin/Yen – Futures
• Binary – Futures
• Dash – Futures
• Ethereum – Futures
• Ethereum Classic – Futures
• Litecoin – Futures
• Qtum – Futures
• Monero – Futures
• Ripple – Futures
• Tezos – Futures
• Zcash – Futures

BitMEX Volume

As of July 28^th, 2020 BitMEX’s liquidity for both the Bitcoin spot and futures markets is respectable and has continued to grow since inception. What is lacking however is the volume on every other cryptocurrency traded on Bitmex. Slippage (degree of price movement when entering & exiting a position) is so drastic on some of the pairs as to render shorter term trades or large entry’s & exits as unfeasible.

The Bottom Line – For now BitMEX only has adequate liquidity on Bitcoin trading. If you want to actively trade altcoins with minimal slippage then for now this exchange is less than ideal.

Security

One of BitMEX’s strength is its focus on security. To date there have been no hacks or major security breaches and the withdrawals are processed by hand once a day for an added layer of security.

Additionally, the trading platform is written in kdb+, a database and toolset used frequently by major banks in high-frequency trading applications. The BitMEX engine has unprecedented speed and reliability, something that is a notable difference in comparison to some of the less polished platforms like Poloniex and Bittrex.

User Interface

Generally speaking, many cryptocurrency exchanges today have sub-par interfaces (think webpages circa 2005). Some examples of poor UI that stand out in the space are Poloniex and Bittrex, which both command extremely high levels of volume in the altcoin markets. For what BitMEX lacks in overall volume, it makes up for in UI.

The mobile implementation is full featured and the desktop page blends usability with simplicity. For those who have experience with trading there is an ‘advanced UI’ feature that can be activated to make use of all of the platforms features, including an aesthetically pleasing ‘night-mode’.

BitMEX is one of the few exchanges in the space to have built-in full featured TradingView charting. This offers a wide range of charting tools and is a vast improvement on the offerings by some of the current competitors.

Deposit & Withdrawals

Bitmex (for now) _ONLY accepts Bitcoin deposits and withdrawals. Deposits can be made 24/7 but withdrawals are processed by hand at a recurring time once per day. The hand processed withdrawals increases the security of your funds by providing extra time (and email notice) to cancel any fraudulent withdrawal requests, in addition to bypassing the use of automated systems & hot wallets which may be more prone to compromise.

Caveats/ Points of Caution

As with most exchanges in the cryptocurrency space, especially those that trade solely crypto assets and do not interact with USD (and thus do not fall under the same regulatory oversight) have their risks. Due diligence such as reading the terms of service is advised before signing up with any exchange. It is also important to remember to not trust unregulated and uninsured exchanges with large amounts of capital.

Conclusion

If you are looking to trade Bitcoin spot and futures markets with up to 100x margin, this might be the platform for you. Liquidity is high and the UI is laudable in comparison to most of the current competition. Management takes a security-centric focus which is a must in the crypto space.

Where is the best place to view exchange rates?

CoinMarketCap is the most popular way to check cryptocurrency exchange rates.

If you want to see charts, CryptoWatch has an excellent and easy to use interface for checking prices and charting.

If you just want to see how Bitcoin's market cap compares to other proof-of-work coins, then checkout the Bitcoin Dominance Index.

Which Cryptocurrency Exchange has the Lowest Fees?

Among pure crypto exchanges, Binance has the lowest fees.

For exchanges that deal with credit cards and bank transfers, Coinbase (broker), Coinbase Pro (exchange) and Bitpanda (broker) have the lowest fees.

Which Exchange has the Highest Volumes?

Trading volume is one of the most important criteria a user needs to look at while selecting a cryptocurrency exchange for a few basic reasons. For one, higher volumes will allow users to easily buy or sell the cryptocurrency of their choice without much difficulty because of the available liquidity. Next, higher volumes on a cryptocurrency exchange are an indication that it is widely trusted by a lot of users.

At the same time, the trading volumes will also help users get an idea about the buying and selling activity on a cryptocurrency and determine the direction in which the price could be heading. As such, a cryptocurrency exchange with high volumes brings many benefits to users looking to deal in digital currencies. Here are some of the exchanges with the highest volumes as of this writing:

1. Binance

As of this writing, Binance occupies the first place among all the cryptocurrency exchanges with a 24-hour trading volume of more than $1.3 billion, and that too by a fair distance. Its trading volumes are nearly 30% higher when compared to the next occupant on this list. Bitcoin accounts for the majority of the volumes at nearly 29%, followed by Ripple.

2. OKEx

OKEx follows Binance with a 24-hour trading volume of just over $1 billion. Like Binance, Bitcoin is the most widely traded digital currency on this exchange as well with almost 30% of the overall volumes. The next most traded platform on OKEx is EOS, opening up an opportunity for users looking to trade this coin.

3. Bitfinex

Bitfinex is the next name on the list with a 24-hour trading volume of nearly $800 million. Bitcoin enjoys a greater proportion of trading on this cryptocurrency exchange as it accounts for nearly 46% volumes, followed by Ethereum and Ripple.

Things to keep in mind

While a cryptocurrency exchange with high volumes definitely presents an advantage for the user, it is worth keeping in mind that it shouldn’t be the definitive criteria. Exchanges have been known to manipulate trading volumes with the help of bots. Additionally, high volumes aren’t a guarantee that a cryptocurrency exchange is entirely reliable.

For instance, Bitfinex, the third name on the list above, was hacked in August 2016 and $72 million in Bitcoin was stolen from this exchange. Just before the theft, Bitfinex was fined by the U.S. Commodity Futures Trading Commission for offering illegal commodity transactions. As such, users shouldn’t rely on volume alone while selecting a cryptocurrency exchange.

Moreover, certain new exchanges have been growing at a really impressive rate. Gemini, for instance, was witnessing 100% volume growth every two days back in 2015, and it is now looking to widen its horizons by bringing institutional investors into the cryptocurrency market. This should ensure further volume growth going forward, which also means that users shouldn’t restrict themselves to exchanges with only high volumes and consider other options as well that are fast coming up.