The 9 Best Cryptocurrency Exchanges (November 2023)
Updated November 21, 2023
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- A list of the Top Cryptocurrency Exchanges for November 2023:
- Description of the Best Cryptocurrency Exchanges for November 2023
- What Is a Cryptocurrency Exchange?
- Centralized and Decentralized Exchanges
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- Why Should You Use a Cryptocurrency Exchange?
- How to Choose a Good Exchange in 2023
- Frequently Asked Questions
- Final Thoughts
A list of the Top Cryptocurrency Exchanges for November 2023:
Description of the Best Cryptocurrency Exchanges for November 2023
1. Coinbase
Pros
- Stellar customer service
- Many different funding methods
- Diverse and ever-changing choice of coin
- High security system
- Easy to trade in the US
- Good for beginners
Cons
- Not available in all countries
- Some lesser-known currencies are not supported
- Lower number of cryptocurrencies accepted than other platforms
- Higher fees
Coinbase was founded in 2012 in San Francisco and is one of the most well-known cryptocurrency exchanges.
It is fully licensed in the US and offers high liquidity and a fast buying process.
Coinbase also offers insured custodial wallets; therefore, you can store your chosen cryptocurrency safely.
Coinbase offers $5 in BTC after your first trade.
- Countries – Available in all US states and territories, and Europe and Asia
- Fees – Depends on the amount purchased, between $0.99–$2.99, 0.50% spread; debit card deposits have a 3.99% fee.
- Number of currencies – 30+ and fiat currency
- Security – 2FA (SMS and Google Authenticator) and identity verification; never been hacked.
- Ease of use – Simple to use, suitable for beginners
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2. IG
IG invented spread betting in 1974 and today is the world’s leading online trading provider with more traders trusting them with their money than anyone else
IG is authorised and regulated by the FCA and provides traders access to over 18,000 markets. IG offers more 24-hour indices than any other provider, and extended hours on over 70 key US stocks
For those who prefer to own the underlying asset, IG offers access to over 13,000 global shares and ETFs, or a wealth portfolio managed by one of their experts.
Benefits:
- Advanced platform and charting – L2 dealer, ProRealTime and MT4
- Demo account
- Extended trading hours
- Extensive range of products
- Daily expert analysis & educational resources
- Round-the-clock customer service
- Negative balance protection for retail clients
Based on revenue (published financial statements, October 2022). 24/7 excludes the hours from 10 pm Friday to 8 am Saturday (UK time), and 20 minutes just before the weekday market opens on Sunday night.
3. Bitpanda
Pros
- Low minimum investment from €1
- User-friendly platform
- Useful educational resources for beginners through to experts
- Range of deposit and withdrawal options
- Choice of digital assets available
- Available via web and mobile app
Cons
- Fiat deposit and withdrawal fees may apply depending on method
- Crypto deposit fees below certain thresholds
- Crypto withdrawal fees
- Not available to US clients
Bitpanda was founded in Vienna in 2014 with a vision to build a digital platform that allows simple and user-friendly access to the markets for everyone.
Now one of the fastest-growing fintechs in Europe, Bitpanda has reimagined investing with simple and easy-to-use financial products that allow for trading everything with as little as one Euro.
Through Bitpanda you can trade more than 100 digital assets, such as cryptocurrency, stocks, ETFs and precious metals, with several base currencies available and more deposit options than other trading platforms thanks to the inclusion of electronic wallets like Skrill and Neteller.
Fees for buying and selling crypto are about 1.49% and there are deposit fees, depending on currency and payment methods. For verified accounts, there are no trading limits on Bitpanda.
There are two types of accounts available on Bitpanda – a normal trading account, and a business account.
4. Uphold
Pros
- Available via web, desktop and mobile app
- No withdrawal or deposit fees
- No trading commissions
- Trade between asset classes
- Accepts a range of payment methods
Cons
- Poor customer support
- Withdrawals can be difficult
- Lacks advanced charting tools
- Spread fees can be high on lower-volume trades
Uphold was launched in 2015, and since then it has handled more than $4 billion in transactions, trading in 184+ countries with more than 30 currencies.
Uphold allows clients to trade directly between different asset classes in one transaction – so you can trade anything to anything.
With Uphold, you can trade 58 digital currencies, precious metals like gold, silver, platinum and palladium, as well as fractional equities in shares of US companies like Amazon, Tesla and Apple.
Uphold also focuses on Socially Responsible Investing (SRI) by providing an opportunity to trade on carbon tokens for more than just a financial return.
New traders will like the transparent pricing – there are no commission or account fees, and no withdrawal or deposit costs, but the trading fees are built into the spread. Uphold will present a complete price for each trade that includes fees, so you will know exactly what the trade will cost.
Uphold has a quite simple trading platform that is available on the web, as a desktop application and on mobile.
Uphold also offers a debit card option, where you can pay for goods and services using any asset in your portfolio – and earn cashback as well as crypto on your purchases.
Uphold is a fast exchange for trading cryptocurrencies and other assets, and it is simple to use.
There are no commissions charged for any transaction, and there are no account fees – but the costs are built into the spread.
For high liquidity cryptocurrencies, the spread is between 0.8–1.2%, although higher for low liquidity assets.
5. Binance
Pros
- Low trading fees
- Large range of cryptocurrencies and altcoins
- Comprehensive user interface
- The maximum trading amount is unlimited
- Low trading fees at 0.1%
- Easy sign-up process
Cons
- High withdrawal fees
- No built-in wallet feature
- Medium levels of security
Binance is a cryptocurrency exchange for more experienced users that want to trade mostly cryptocurrency pairs.
It operates an exchange based around its native currency (BNB) and offers high liquidity, supporting 1.4 million transactions per second.
There is limited availability of the platform in the US, and the interface is not as straightforward as other offerings.
It does have a good education section; more confident beginners can start here.
- Countries – Widely available in Europe and Asia, but has limited availability in the US
- Fees – Maker/Taker: 0.05%–0.1% depending on volume
- Number of currencies – 100+
- Security – 2FA (SMS and Google Authenticator), YubiKey (Universal 2nd Factor)
- Ease of use – Savvy beginners will be okay, but it is more for the experienced trader
6. Kraken
Pros
- Low minimum deposit
- Available on web and mobile app
- Useful educational resources for beginners
- Wide range of cryptocurrencies
- Low fees with Kraken Pro
Cons
- Fees can be high without Kraken Pro
- Poorly rated customer service
- Funding an account can be slow
Kraken was founded in 2011 in San Francisco. It is one of the largest centralized exchanges and a partner in the first cryptocurrency bank.
Kraken deals with a large array of altcoins, as well as offering deposits in fiat currency, such as US dollars, euros, pounds and Canadian dollars.
Kraken is beginner-friendly, with a great selection of educational resources available.
- Countries – US/Japan/Canada/Europe
- Fees – 0%–2.6% depending on volume; $0 withdrawal fee; 3.75% + $0.25 card deposit fee
- Number of currencies – 50+ as well as fiat currency
- Security – 2FA (SMS and Google Authenticator, Masterkey and Global Settings Lock; never been hacked
- Ease of use – Interface is simple and user-friendly, but there isn’t much real-time customer support. Guides and education offers are great
7. CoinMama
Pros
- Range of payment options
- Quick account verification
- User-friendly platform
- Good customer support
Cons
- High commission fees
- Fairly limited cryptocurrency selection compared to some competitors
- Does not provide a crypto wallet
- Additional fee with some payment methods
CoinMama was founded in 2013 and supports 2.4 million customers in 188 countries.
The CoinMama exchange operates slightly differently as all users are buying and selling cryptocurrency from the CoinMama reserves. Making the exchange the other side of the transaction.
It is good for beginners who want to trade fiat currency for cryptocurrency (or the other way round) and also trade between crypto types without the need for other users.
The flexible payment options even include Apple Pay.
- Countries – Not available in New York or Hawaii, but other states are allowed; available globally (may need third party access depending on local regulations)
- Fees – Taker up to 3.9%, Maker up to 0.90%; 5% charge for deposits made by credit or debit card
- Number of currencies – 10
- Security – Website and transactions are fully encrypted, and although CoinMama was the victim of a hack in 2019, little was lost; CoinMama does not offer any custody or storage service for cryptocurrency
- Ease of use – Straightforward and easy to use; great for beginners or those who are looking for simple currency exchange.
8. Bitcoin IRA
Pros
- Offers tax-deferred investing opportunity
- Wide range of cryptocurrencies available
- Available on web and mobile app
- Can earn interest on account
- Digital assets securely stored offline
Cons
- High fees
- Bitcoin IRA Earn requires $10,000 minimum investment
Founded in 2015 by Alternative IRA Services, a Bitcoin IRA is an all-in-one platform for trading BTC from your IRA.
You can move your Roth, SEP or Traditional IRA into the Bitcoin IRA, as well as your current 401k (as long as you are 59.5+ years old or no longer with the employer that funds it).
The minimum deposit for a standard account is $3,000; however, you can open a Saver IRA with $100.
- Countries – 50+ supported
- Fees – 1.50%–12.50% platform fees, 1% maker, 5% taker; annual custodial fee $240, withdrawal fee $75
- Number of cryptocurrencies – 60+
- Security – BitGo Trust (the largest processor of chain bitcoin transactions); all assets insured up to $100 million; crypto stored offline in 100% cold storage
- Ease of use – Full-service product, everything is taken care of including trades, etc; simple and effective alternative retirement fund
What Is a Cryptocurrency Exchange?
A cryptocurrency exchange is a website or platform that can be used to buy, sell and exchange cryptocurrency with traditional currencies, such as the US dollar, and with other digital currencies.
Essentially, they are trading platforms that connect buyers and sellers of cryptocurrency.
There are more than 4,000 digital currencies available, and exchanges exist to meet the need for infrastructure to allow for their trade.
Most cryptocurrency exchanges operate like a traditional broker, allowing users to buy digital currency using their credit card or bank account.
Some exchanges act as middlemen connecting the buyers and sellers, whereas others allow for direct peer-to-peer buying and selling.
Some act as the seller and buyer. Therefore, users deal directly with the exchange to purchase.
Exchanges are used by beginner investors who are looking to create a digital currency portfolio, as well as professional traders.
The exchanges themselves differ in what they offer to their customers, as well as their level of support. Some make it quite simple to trade in cryptocurrency, while others are more suited to traders who know what they are doing.
Centralized and Decentralized Exchanges
Cryptocurrency, like bitcoin, is a decentralized currency.
Therefore, there is no central bank or location that holds the funds. It is created and stored on numerous computer networks.
The value of an altcoin (another term for digital currency) changes according to the market and is not tied to a commodity or a government, unlike most fiat (traditional) currency.
There are two types of exchanges available for trading in cryptocurrency:
- Centralized exchanges
- Decentralized exchanges
Centralized Exchanges
Centralized exchanges are managed by private companies and usually offer more active trading, with higher trading volume and better liquidities.
They are usually more regulated, and users must have their identities verified to trade thanks to Know Your Customer legislation.
Centralized servers are more vulnerable to hackers, leading to downtime and possible loss of personal information.
Coinbase and Kraken are all examples of a centralized exchange.
Decentralized Exchanges
Decentralized exchanges, however, do not allow for much regulation, making them arguably safer from hacking attempts.
Users do not have to identify themselves to make trades, and they often do not allow deposits of fiat currency.
Similar to the digital currency itself, decentralized exchanges operate through a network of computers. Therefore, it cannot be attacked directly despite the possession of a company headquarters.
Bisq and BitMEX are good examples of a decentralized exchange.
Why Should You Use a Cryptocurrency Exchange?
If you are interested in investing in cryptocurrency, then the appropriate exchange will allow you to expand your portfolio.
Cryptocurrency exchanges allow users to convert fiat currency into altcoins (for a percentage fee) and connect buyers and sellers to trade.
Once you have bought your chosen cryptocurrency, you can invest it in other trading instruments on some exchanges, use it as a savings pot to gather interest or sell it back on the exchange to make more money.
Some exchanges allow purchases of products online directly from a digital wallet too.
How to Choose a Good Exchange in 2023
Bitcoin and other digital currencies have grown tremendously over the last few years.
A lack of regulation for the industry and education for those interested in investing can make it difficult to judge whether an exchange is legitimate.
There are a few things to look out for to help you decide which one to choose, whether as a novice investor or a full-time trader:
Step 1. Research the Fees
The exchange needs to make money to provide the service, so there are fees involved for both buyers and sellers of cryptocurrency.
These are usually built into the buy/sell price of the trade and presented as a percentage of the final price.
Transaction fees might be the same for both the buyer (known as the taker) and the seller (known as the maker); however, it is often cheaper to be a maker than a taker.
Currency conversion fees might also be charged by the exchange.
If the base fiat currency of the exchange is different from the one you are depositing, it will require converting. That will incur a charge, usually a percentage of the deposit amount.
In some cases, there might be a deposit fee, especially if you are depositing from a credit card where there is a risk of a charge reversal.
You might also have to pay a withdrawal fee.
If you are using your digital currency to trade on commodities or forex, etc., other fees may apply.
The amount and type of fees charged by the exchanges can vary substantially. That should be one of the first things that you consider when looking at different cryptocurrency exchanges.
Step 2. Look at Security and Safety
Although there is a distinct lack of coherent regulation in cryptocurrency as a whole, exchanges need to ensure that all users are safe to trade. That means that their security measures protect the currency and the private information of the user.
For the decentralized exchanges, that is usually helped by not having a specific point of control; therefore, it is less vulnerable.
Look out for Amazon Web Services (AWS), Two-Factor Authorization (2FA) and complex captchas for logging into accounts, as well as robust identity verification.
Assess to the overall security of the exchange can be granted by considering its track record.
For example, has it suffered an attack or lost sensitive data in the past?
Reputation and popular opinion is another good way to assess the care your chosen exchange takes with customer data.
Step 3. Research the Range of Currencies Available
With so many altcoins available, a good exchange will allow you to buy, sell and trade with more than just bitcoin.
It might also be important that it deals in fiat currency, particularly if you want to withdraw in US dollars or euros.
Generally, the more currencies that are available, the more flexible your investments can be.
Step 4. Is it Legal in Your Location?
Digital currency is designed to be borderless; however, the lack of regulation does mean that it might not be legal to buy, sell or trade cryptocurrency in your location.
It is a volatile market and without proper licensing and certifications, not all states, territories and countries have exchanges available.
For example, New York has strict laws around blockchain and cryptocurrency. Therefore, there are very few exchanges available to residents there.
Step 5. Look at Ease of Use
The interface between you as the user and the exchange is important to look at when making your decision, especially if you are new to cryptocurrency.
In most cases, centralized exchanges tend to be the most user-friendly and offer the best customer support.
However, if you are a more seasoned crypto trader, you might not need an overly simple interface to get the most out of your investments.
Step 6. What Are the Payment Methods
Exchanges need you to deposit funds to begin trading, and there are various methods available for this.
Bank transfers and wire transfers are often the cheapest way to deposit, attracting fewer fees than the riskier credit card deposits.
However, you can also find exchanges that are willing to allow a deposit from PayPal and Apple Pay.
Some exchanges allow direct deposits of bitcoin (BTC) to open an account and will only allow withdrawals in BTC too.
The deposit methods will also have different hold periods and time frames for the funds to be available. A free deposit from a wire transfer might take five days to clear.
However, a credit card deposit will be immediate.
Coinbase and Coinbase Pro are the easiest ways to exchange cryptocurrency.
Once you purchase the cryptocurrency of your choice you are free to exchange it or send it to an encrypted wallet.
BitPanda is also another popular cryptocurrency exchange. With BitPanda, you can exchange over 100 digital assets and cryptocurrency is one of these assets.
Both recommendations do include small fees when you purchase and exchange cryptocurrency, so be aware of this when you looking to deal with crypto.
Beginners should look to familiarize themselves with cryptocurrency exchange before they spread their investments.
Bitcoin is the most well-known cryptocurrency and has been in the trade since 2009. It is a great coin to get used to buying, selling and getting used to exchanging cryptocurrency via an encrypted wallet.
Monero is also considered to be a very good coin for beginners to use because it is easy to purchase and is offered on most cryptocurrency exchanges.
Bitcoin is the most well-known cryptocurrency and it is available on most trading platforms that deal with cryptocurrency.
Coinbase, BitPanda, Cashapp and Binance all allow you to exchange bitcoin.
For other cryptocurrencies, Binance offers the greatest variety. Binance is more suitable for experienced cryptocurrency traders because of its advanced tools and acute focus on crypto exchange.
There are over 1,600 different types of cryptocurrencies. It is very possible to set up your cryptocurrency and put it into the trading market.
To find a good cryptocurrency exchange software development company you must understand what you are going to be using the cryptocurrency for and how much you expect it to value.
You must also understand how easy it is to mine and develop. Some cryptocurrencies are harder to mine than others, and this is a significant factor in the value of the cryptocurrency.
Another may factor to consider in how you find a software development company is how much it costs a blockchain developer to create a cryptocurrency.
Understanding these issues will help you find the best software development company to suit your requirements.
Using the Indian Rupee (INR) is popular when investing in crypto coins. The best cryptocurrency exchanges for this are WazirX and CoinDCX.
WazirX was founded in 2018 and is one of the largest exchange platforms in India. It has a beginner-friendly user interface and accepts INR deposits quickly, making altcoin investments simple.
CoinDCX offers exchanges on over 200 types of cryptocurrencies, making it a great option for altcoin exchanges. On top of this, CoinDCX charges low trading fees and has enough liquidity to support its crypto traders.
Coinbase is one of the most popular crypto exchanges available. It is also designed to be completely accessible for people who have no prior knowledge of trading cryptocurrency.
The user interface is incredibly easy to navigate, and there are good choices of altcoins to trade with.
A wallet is also included when you create a Coinbase account, meaning the cryptocurrencies you invest in will all be stored via Coinbase. You do not need to use an external wallet to purchase cryptocurrency from Coinbase.
Coinbase does offer strong alternatives to bitcoin and offers all the popular types of cryptocurrencies. Cashapp is great for anyone who wants to buy altcoins quickly. Pepperstone is also a great cryptocurrency exchange platform. It is regulated by financial authorities including ASIC, BaFin, CMA, CySEC, DFSA, FCA and SCB.
If you want to check a cryptocurrency exchange that has been operating for a long time, then Kraken is the place to go.
Kraken was founded in 2011 and it is one of the largest exchange platforms. It is also great for accessing educational resources for trading altcoins.
Finally, Binance is one of the best cryptocurrency exchanges to use. It has over 100 cryptocurrencies and has numerous advanced tools for experienced users.
First you must ensure that you have the correct licensing in place to set up your own exchange.
Once you have this in place and have an adequate amount of funding, you can partner with a payment processor so that any cryptocurrency transactions go through seamlessly.
Also ensure that you beta-test your cryptocurrency exchange before publicly launching, and make sure you have the right security software.
Once you are comfortable launching your exchange, market your platform to try and increase traffic.
As long as you have the legal protocols in place and sufficient customer support, you can make a success of your cryptocurrency exchange.
When you are trading in futures you are agreeing to buy or sell a commodity or security at a future date for a set price. This contract ensures that someone can get a return when a certain financial threshold is hit.
Kraken is considered to be one of the best exchange platforms to trade both futures and margins. It has been in operation since 2011 and you have access to over 50 types of currencies.
On top of this, it is a very secure service and has 2FA technology in place to protect any of your investments or assets.
Cryptocurrency has well and truly been popularized in the stock market and business. There are so many exchanges available today that it is difficult to choose one or two.
Coinbase is arguably the best-known cryptocurrency exchange platform, and it is very easy to sign up and start an account.
You will also have access to margin trading. It is available for desktop and can be downloaded on Android and Apple devices.
KuCoin was founded in 2017 and is one of the most secure cryptocurrency exchanges available. It has not been subject to any significant crashes and runs very well. There was a breach in 2020, but the response from KuCoin highlights how much it can be trusted. A total of $285 million was stolen and 84% of this total was recovered. The 2FA technology also ensures its users are safe. In the event of any hacks then users can be assured that KuCoin will do their absolute best to retrieve any stolen funds.
Coinbase, Kraken and even eToro have been operating for a long time. They are notable names and millions of users exchange cryptocurrency on these platforms daily.
Don’t invest in unless you’re prepared to lose all the money you invest.
However, new cryptocurrency exchanges are emerging that offer attractive new services.
ZenGo is a very exciting exchange that was launched in 2018. Since its creation, it has developed into one of the easiest platforms to use. It has an integrated keyless crypto wallet and accounts can be created in just 19 seconds.
You can also buy and sell a variety of cryptocurrencies across the global market. On top of all of this, the customer support is not automated, human-led, and is available 24/7.
Cryptoassets are highly volatile and unregulated in the UK. No consumer protection. Tax on profits may apply.
Final Thoughts
Cryptocurrency is a developing market, and you can choose the way you want to diversify your portfolio through investment in digital currencies.
Choosing the appropriate cryptocurrency exchange for you is a decision that should be made with consideration for the level you want to invest. Consider how much it will cost, what you can get from it and the simplicity of use.
For beginners, it is worth considering a platform that offers good customer service, secure access and a simple user interface when you are starting.
You can always scale up and graduate to the more in-depth and advanced exchanges as you develop and gain experience.
Any investment into cryptocurrency is a financial risk, like an investment into other trading instruments. Therefore, ensure you are choosing the appropriate exchange.
WikiJob does not provide tax, investment or financial services and advice. The information is being presented without consideration of the investment objectives, risk tolerance or financial circumstances of any specific investor and might not be suitable for all investors. Past performance is not indicative of future results. Investing involves risk including the possible loss of principal.
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more.
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