The Best Crypto Exchanges in 2022
Below you can find reviews for all major swaps and exchanges in the world of cryptos!
Binance – Most trustworthy
Binance is a popular cryptocurrency exchange that started in China, moved to Japan, and now operates primarily out of Hong Kong. They have a global reach and offer resources for traders with any level of expertise.
Binance cryptocurrency exchange was founded by Changpeng Zhao in July 2017 but he moved the company from China to Japan as regulations tightened there. In March 2018, they made the move to Hong Kong as they felt that country had more favorable regulations for cryptocurrencies.
The number of cryptocurrencies and altcoins available on the Binance cryptocurrency exchange is over 350. Most of the cryptocurrencies available at Binance are well-known, which indicates that they are past their rocketing potential. However, these tokens still have the possibility of gaining value and more importantly already have value and trust from holders.
Binance is very strict in accepting currencies, hence the low availability of cryptocurrency assets. This of course is good for a cryptocurrency exchange in terms of avoiding scam tokens and user safety.
As for KYC Binance demands a government-issued ID and a selfie image for the account verification process.
Binance does not impose strict trade fees and limits, but it does have a progressive deposit and withdrawal limit scheme in place for US residents. Binance US users can deposit or withdraw up to $5,000 USD, with subsequent deposits or withdrawals increasing to $30,000 and higher.
As for fees for trading cryptocurrency, Binance charges 0.1% for spot trading fees and 0.5% for instant buy/sell. Trading fees are calculated based on 30-day trading volume, with higher volume traders benefiting from lower trading fees.
eToro – Best for beginners
As a cryptocurrency exchange eToro is one of the easiest exchanges for beginners. Some of the users may already be familiar with the platform from their well-known fiat currency stock exchange. For new users, eToro offers an extensive selection of educational resources on for example, how to trade cryptocurrency and a premium membership club.
eToro entered the crypto market in 2018 as a subsidiary of eToro, which has a reputation in the field of Fintech. Currently, eToro has over 10 million global users. eToro is one of the few regulated exchanges in the market that has secured a reputation for compliance and security.
When cryptocurrency selections are compared to other crypto exchanges eToro falls short. With only 78 different currencies, eToro does not have a large repertoire of altcoins and other currencies. On the other hand, this makes it easier for new users to decide which cryptocurrency to trade with, as there are not many options to choose from.
When you send funds from the eToro investment app to the eToro Money wallet, which is required to move coins off the eToro platform, you will pay a crypto transfer fee of approximately 0.50%, up to a maximum of $50. Based on eToro market rates, crypto-to-crypto conversion rates are 0.1%.
Other trading commissions or account management fees are not charged by eToro. There are no cash withdrawal trading fees, but the company requires a minimum withdrawal of $30.
For institutions, eToro has developed eToroX. Designed exclusively for the corporate and institutional-grade cryptocurrency trading community, the eToroX exchange aims to offer trusted and secure crypto trading solutions.
As a downside eToro crypto exchange does not work in some states in the US. For example, Hawaii, Minnesota, and Nevada.
For getting started with trading cryptocurrency on eToro, check out our guide on trading Bitcoin on eToro.
Bitmart – Largest crypto selection
Bitmart cryptocurrency exchange was founded in 2017 in Cayman Island and has remained there since. Bitmart is available in over 180 countries (including the US) and serves over 9 million clients.
Bitmart has over 1,000 different digital assets available. The exchange also provides different kinds of trading features and services such as futures trading and staking. With as large a selection as this, there are your typical currencies such as Bitcoin and Ethereum but as well sure to be a few gems in the crypto exchange. However, we advise the utilization of this platform for more advanced traders.
Bitmart also serves as an NFT trading platform.
BitMart has a tiered fee structure, with higher trading volumes (measured in BTC over a 30-day period) paying lower trading fees. Default fees for price makers and takers begin at 0.25%. For professionals, there are more advanced trading features.
Bitmart has an extensive selection of security features listed on its website. However, the exchange security was compromised in 2021 and $196 million was stolen by hackers. The company has stated that it would reimburse its users' losses with the funds they have raised. When looking at today's security features it appears that the company has learned from its mistakes.
MEXC – The best selection of trending tokens
MEXC is a cryptocurrency exchange founded in 2018. The platform has easy and efficient transactions and is one of the pioneers in the development of crypto exchanges.
As for availability, MEXC has some country restrictions such as Australia, Canada, and the US.
For deposit and withdrawal the MEXC accepts card payments, bank cards and transfers, Apple Pay, Google Pay, and cryptocurrency payments.
MEXC too has a very large selection of cryptocurrencies (over 1400) for an exchange, and is advised for more advanced crypto traders. Trading fees at MEXC are decent. 0.2% spot trading fees and for futures from 0.02% to 0.06%. Has also the option for maker/taker trading fees.
MEXC features spot trading, margin trading, futures trading, and ETF trading. Maximum leverages are up to 125x.
Gate.io – Best crypto exchange features
Formerly known as Bter.com, Gate.io rebranded itself due to the Chinese government banning fiat-to-crypto trading in 2017. With approximately 3500 BTC volume per day, Gate.io remains an unregulated crypto exchange in terms of volume and market liquidity as of today.
There are a few countries in which the exchange is not available. These countries include some US states such as Washington and New York, and also Middle-eastern countries.
Gate.io has enhanced security features that are recommended to utilize. These features are security protocols that include two-factor authentication via SMS and email. the crypto exchange has also a bug bounty program that rewards bug and vulnerability reporters.
Large selection of cryptocurrencies and altcoins. Gate.io has over 1,200 cryptocurrency trading options in its exchange including the most popular ones. This is recommended for more experienced crypto investors.
There are no deposit fees. However, a 0.2% spot and margin trading fee, and a small withdrawal fee that varies depending on the cryptocurrency being withdrawn. Gate.io spot trading fees use a maker-taker model.
Rating a crypto exchange
While curating Altcoin projects we stumble on a vast amount of different crypto exchanges here at altcoinreviews.org. As every exchange has its differences in processes, support, deposit methods and so on we decided to start rating also exchanges and providing our community with short summaries of them.
Our rating process is simple, where we look at:
- Local Jurisdiction
- Withdrawal / Deposit methods
- Available Tokens
- Cost of Transactions
- Legitimacy / Support
Based on the above we add exchanges to our website!
What are crypto exchanges?
In its simplicity crypto exchanges are markets for trading crypto assets. Different crypto exchanges serve different purposes by providing different sets of trading, currency, and investing options.
Let's Compare eToro and MEXC for example.
eToro is a crypto exchange with less than 100 cryptocurrencies available. The exchange makes sure that the tokens have credibility behind them before letting them into the exchange. Thus the tokens are thoroughly verified before letting them into the exchange market. Exchanges like eToro are good for beginners due to the safety of the volatile crypto environment.
MEXC has over 1,000 tokens in its repertoire. Here the token reliability is not so surveilled as in eToro but there is a better chance of finding crypto rockets that go to the moon. How MEXC work is that the tokens that sign up to the platform will stay there as long as they have high enough trading volumes. When the trading of the token stops, it will fade away from the exchange. Platforms like MEXC are a great exchange for more experienced crypto traders, but very risky for new crypto traders. On this website, we review such tokens and separate the credible ones from the unreliable scam tokens.
Choosing Crypto Exchange
So, you have identified yourself as a project you want to get onboard! GZ! The next part is to choose the crypto exchange you wish to purchase! (Please note, some of the altcoins are not yet listed on exchanges and due to that you might need to purchase them from swap i.e PancakeSwap, UniSwap…). It's also common that the token is available only in 1-2 different exchanges depending on how far the project is with its roadmap. Most of the time the highest growth potential tokens are yet not listed.
In any case, when choosing the exchange first thing to look into is their deposit/withdrawal methods. Depending on your preference, you might want to deposit fiat via credit card, PayPal or any other method and it's important that the exchange has the possibility you want. You can easily see the methods of every exchange from their review page. In cases, you wish not to use FIAT but rather transfer cryptos almost all exchanges support this by default. You can transfer BTC / USDT … to your exchange wallet and do the transaction.
The second thing to check when choosing the best exchange is to make sure the jurisdiction of the exchange is favorable to yours. The majority of exchanges are owned by Chinese companies and in many cases, they are registered in island countries that have favorable legislation towards cryptos.
After covering the above the third thing before signup is to check the legitimacy of the exchange. Many of us have heard horror stories of exchanges vanishing during the night (Mt. Gox) etc. The best practice is not to go with exchanges that have been established yesterday and also remember “Not your keys, not your crypto”, meaning storing large amounts of cryptos in exchanges is not advised!
Different crypto exchanges
Crypto exchanges work in a variety of ways and can be separated into two main categories: decentralized exchanges and centralized exchanges
Decentralized crypto exchanges (DEX) distribute responsibility for crypto trade facilitation and verification. Anyone who wants to join a DEX network can certify transactions, similar to how cryptocurrency blockchains operate. This may help to increase accountability and transparency while also ensuring that an exchange can continue to operate regardless of the state of the company that created it.
The problem is that decentralized exchanges are much less user-friendly, both in terms of interface and currency conversion. Users cannot always deposit dollars and exchange them for cryptocurrency on decentralized exchanges, for example. This means you must either already own cryptocurrency or use a centralized exchange to obtain cryptocurrency for use on a DEX.
You'll also be able to do direct peer-to-peer crypto trading. This means it may take longer to find someone interested in buying what you're selling, and if liquidity is low, you may have to accept price concessions to buy or sell a low-volume cryptocurrency quickly.
One organization manages centralized cryptocurrency exchanges (CEX). Centralized exchanges make it simple to begin trading cryptocurrency by allowing users to convert fiat currency, such as dollars, directly into crypto. The vast majority of cryptocurrency trading occurs on centralized exchanges.
Some cryptocurrency enthusiasts are opposed to centralized exchanges because they contradict cryptocurrency's decentralized ethos. Some cryptocurrency users think that the Know Your Customer (KYC) rules are not suitable for crypto trading. To combat money laundering and fraud, these require each user to reveal their identity, much like when applying for a bank account.
How do I buy Cryptocurrencies?
Almost all exchanges accept deposits from bank accounts, credit cards, and debit cards in order to pay for Bitcoin and Ethereum. You then exchange them for any cryptocurrency you want. While some only offer simple orders on the markets, some exchange services will let you set higher levels of orders such as limits and stop orders. When you buy cryptocurrency on exchanges it is generally kept within the custody of the exchange. The majority of exchanges keep the assets in offline ice storage in safe storage.
Why are some crypto exchanges not available in the United States?
The underlying regulatory burden is significant for cryptocurrencies, which may make it harder for U.S-based traders to choose the trading platform they need. Currently, cryptocurrency exchanges are controlled by the Commodity Futures Trade Commission (CFTC). Cryptocurrency exchanges operating in New York are generally viewed as money transmission services and require exchanges operating in this area to obtain special licensing.
Best Crypto Exchanges 2022
How To Find Best Crypto Exchange for 2022?
To find the best crypto exchange you need to first know which Token or Crypto you want to buy. After that's done it's time to look into your preferred payment method. For example, do you want to purchase the crypto with Credit Card or maybe with PayPal? After the things above are covered you should deep dive into different exchange reviews to make sure they are suitable and trustworthy considering local legislation and history.
What makes Crypto exchange good?
There are multiple factors that affect if a certain exchange is suitable for your needs! Local legislation varies cóuntry by country and it's important the selected exchange complies with local legal requirements.
I have found my exchange, what's next?
After you have investigated the exchanges and chosen the most suitable for you you need to create an account and do the KYC (Know-your-customer) process in the respective exchange!
How do I open a crypto exchange account?
Choose a review from the crypto exchange selection below.
Sign up and fill in the KYC if needed.
Start trading crypto
What can I do with crypto assets?
As an investor, you can do a variety of activities with crypto assets such as stake the currency for gaining more tokens, participate in events and airdrops, and hold value.