Crypto exchanges are where traders can buy, sell, and convert cryptocurrencies. They are necessary for cryptocurrencies to be traded at the scale they are today. Some exchanges offer the most competitive prices or speeds, whereas others provide specialized financial products.
Read on to learn about the best cryptocurrency exchanges, how they work, and which one you should pick.
Our Top Picks for Best Crypto Exchanges
• Coinbase – Best for Beginners
• Binance.US – Best for Low Fees
• Crypto.com – Best for Security
• BlockFi – Best for Earning Interest
• Bisq – Best Decentralized Exchange
Why we chose it: We chose Coinbase as the best crypto exchange for beginners because of its easy-to-use interface, extensive educational material on everything from blockchain to volatility, and robust security features.
Why we chose it: We chose Binance.US as the best crypto exchange for low fees because it features one of the most generous fee structures across all the trading platforms we considered.
Why we chose it: We chose Crypto.com as the best crypto exchange for security because of its multiple layers of protection against crypto fraud and cyberattacks.
Why we chose it: We chose BlockFi as the best crypto exchange for earning interest because it allows users to earn interest on their crypto and borrow money using Bitcoin as collateral.
Why we chose it: We chose Bisq as the best decentralized exchange because it follows the ethos of Bitcoin best by maintaining an open-source platform that is completely decentralized without limiting currency support.
Best Crypto Exchanges Guide
What is a crypto exchange?
Crypto exchanges are platforms where users can trade digital currencies for other assets, including cryptocurrencies like Bitcoin, Ethereum, Litecoin, and regular currencies, like the U.S. Dollar and the Euro.
Exchanges are an essential part of the crypto ecosystem because most traditional investment firms do not offer cryptocurrencies in their portfolios. Without exchanges, you would have to find another person willing to trade crypto and agree at an exchange rate. Then, you would have to send the coins directly to each other’s cryptocurrency wallets — a somewhat convoluted process.