Best Crypto Exchanges

If you are looking for the best crypto exchange then you’ve come to the right place. I’ve analyzed the best cryptocurrency brokers to establish which platforms offer the best trading options, at the most competitive prices, with the most innovative features.

Out of the hundreds of cryptocurrency exchanges available to sell and buy Bitcoin and other cryptocurrencies online, there are a select few that stand out from the crowd. My detailed review of each platform will quickly help you establish the best platform for your unique requirements.

It is important to point out that trading Bitcoin and other cryptocurrencies carries a high risk of losing some or all of your money. However, I have also included options for investing in crypto in a diversified way in order to mitigate some of that risk.

Top crypto exchanges for March 2023

Browse my list of the best crypto exchanges in the US

Best Crypto Exchanges at a glance

• eToro
• Gemini
• M1 Finance
• Eqonex
• Blockfi
• Coinbase
• Kraken
• Coinsmart

Best of the rest cryptocurrency exchanges

Picking a top 10 was pretty hard, below is the best of the rest and just because they are not on the top 10 does not mean they are not worth checking-out:

What is cryptocurrency?

Cryptocurrency, also known as crypto, is a digital currency that can be securely exchanged online as payment for goods or services as well as being used to trade or invest in for profit.

Cryptocurrencies exist purely digitally and have no physical form. They are created and work thanks to an advanced technology called Blockchain. Blockchain is decentralized and spread across multiple computers, this peer-to-peer network records transactions made in cryptocurrency. This decentralized model helps ensure that the cryptocurrency is kept secure as it is not open to one single attack.

Unlike traditional fiat currencies cryptocurrency is not issued by a government or central banking authority. As such cryptocurrency transactions are not subject to the same records that traditional currencies are, and can therefore be carried out completely privately.

The flip-side to this deregulated and private nature is that cryptocurrencies are notoriously volatile in nature, with values rising and falling dramatically in line with demand. In practical terms this makes them both profitable and highly risky to trade and invest in.

There are reported to be over 13,000 different cryptocurrencies that are traded publicly with a total value of more than $2.6 trillion, according to a recent Morningstar analysis of data from CoinGecko. The most popular cryptocurrency, Bitcoin, was valued at about $1.2 trillion.

How to buy crypto

Buying crypto is a relatively easy thing to do and can be done through any of the US crypto exchanges I have listed above. You can use the cash in your bank account to purchase cryptocurrency just as you would any other currency.

This can then be stored in a digital wallet like Coinbase, or used to trade Bitcoin and other cryptocurrencies.

Read more about how to buy cryptocurrency and follow the latest trends.

How to trade cryptocurrency

Trading cryptocurrency is becoming increasingly popular as investors look to profit from the high volatility of the asset. If you can time the market right, trading crypto can reap much higher returns than traditional investments, however, it is always important to point out that this as with any investment also carries significant risk.

The first step on the road to trading cryptocurrency would be to identify the best cryptocurrency trading platforms, something that I hope this article helped you with. From my shortlist you should decide which brokerage is best suited to you and your needs. Once you have made your mind up its simply a question of opening an account with the platform. 

You will then be required to fund your account, usually by connecting to your bank account or depositing using the accepted means at the brokerage of your choice.

Once this is complete you simply need to select the cryptocurrency you wish to trade. I would advise that you do some research and come up with a sound strategy, or alternatively engage in copy trading with a platform like eToro. 

How to mitigate risk when trading cryptocurrency

Cryptocurrency is a highly volatile asset that would be considered high risk. However, there are options available should you wish to mitigate some of that risk. One such option is to invest in a thematic portfolio, which invests in the companies in the value chain behind bitcoin, such as eToro’s BitcoinWorldWide portfolio which was launched in April of 2021.

eToro also provide scope for copy trading, this is a great initial strategy as it means your account will automatically copy positions opened and managed by other selected individuals. These are usually traders who have given careful consideration to the assets held within their portfolio, have a solid trading track-record and utilize sound strategies to maximize on their holdings.

How does a crypto exchange work?

Within a crypto exchange, traders can buy and sell bitcoins and other cryptocurrencies using different fiat currencies or altcoins. Essentially, a crypto exchange acts as an intermediary between buyers and sellers who use the online platform to conduct their trades as well track their progress.

In order to buy cryptocurrency, traders will deposit funds using bank transfers or other accepted means of deposit, often for a small fee. Different crypto exchanges will come with a varying number of trading tools designed to help traders with their decisions.

How to choose a cryptocurrency exchange in the US

Choosing which cryptocurrency exchange account to open is an essential part of your success. The best cryptocurrency exchange for you is entirely dependent on your circumstances however, I would recommend that you take the following into account:

1. The cryptocurrencies the exchange supports

Some cryptocurrency exchanges will have a limited portfolio of coins available. Ensure the US crypto exchange you are considering will support your preferred crypto. Most platforms will offer popular coins including Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH), Bitcoin Cash (BCH), and Ethereum Classic (ETC).

2. The fees charged by the platform

There is a significant fluctuation in price between crypto exchange platforms and therefore it is worth checking if the platform of your choice has a fee structure that will benefit your trading volume.

3. Security measures

Crypto is largely unregulated, which results in an increase in risk when trading the asset. Ensure you are familiar with the security measures your US exchange of choice has in place to protect user funds, and what your rights are. Not all exchanges are the same and some for example are not licensed to operate in all US states. 

4. Trading features

There are a wide variety of trading features to assist you in making informed decisions with your trades and the most popular crypto exchanges will usually offer some or all of these features. These can include advanced charting tools, stop losses, automatic trading, copy trading, and round up features to name a few.

The difference between centralized and decentralized exchanges

Cryptocurrency exchanges come in two formats, centralized and decentralized. The basic difference between the two is whether there is a third party to help conduct transactions. Centralized exchanges will trust this third party to handle all assets, thus securing a greater level of security and monitoring.

Conversely, decentralized exchanges have no third-party involvement and allow peer-to-peer trading. This can cause security concerns and is the less popular of crypto exchanges US to a centralized one.