You Should Know About The Best Crypto Exchanges (2022)

Cryptocurrencies are becoming increasingly popular, and the excitement surrounding them is growing by the day, and most people are jumping on board because they are afraid of missing out (FOMO). Cryptocurrencies, in my opinion, can be the future of finance and can eventually replace the regular money we use today.

There are a slew of different cryptocurrencies.

Alt Coins are emerging, seeking to profit from the ever-increasing popularity of Bitcoin and Ethereum. Also booming are platforms expressly designed to purchase, sell, and trade cryptos, but with hundreds of crypto exchanges available globally, how do you pick the appropriate one?

In a nutshell, cryptocurrency exchanges

Because cryptocurrencies are based on various blockchains and are not connected, trading between them is difficult.

Crypto exchanges were created to address this problem by bridging the gap between each coin and allowing users to buy, sell, and trade them on their platform.

Are cryptocurrency exchanges secure?

If you aren't actively trading cryptocurrencies for profit, retain them in your own digital wallet or transfer them to a wallet that isn't accessible by others or platforms.

If the exchange's servers are hacked, and cryptocurrencies such as Bitcoin, Ethereum, and altcoins are stolen from its customers' wallets (exchange-issued wallets), the only way to recover your funds is to file a long and arduous lawsuit against the exchange and win it, or if they are willing to, or if the government pressures them. However, this can take years, and in some cases, the people who have been harmed never see their money again.

As a result, only hold large sums of cryptocurrency on an exchange if they must be traded right away.

In addition, a well-designed and secure exchange will usually provide users with two options for authenticating themselves in order to withdraw cash.

The first method of authentication is usually a text message delivered to your phone, which adds an extra layer of protection for people who may be using their phones for money transfers or other banking operations at the same time. The second kind of verification is via email or Google Authentication, which you must provide in order to access the exchange website's account settings page. Because they demand more than simply your login and password, these methods make it more difficult for hackers to gain access to your account.

It's also crucial to understand whether your selected exchange uses a cold or hot wallet to hold customer funds.

A cold wallet is a phrase for wallets that are stored offline, such as on a third-party storage device or printed on paper and stored away. Because there is no way to link these wallets to the internet, they cannot be hacked, making it impossible to steal funds from them unless you share your private key with someone else.

When it comes to cryptocurrency exchanges, individuals who keep their money in hot wallets, or wallets that are directly connected to the internet, are more likely to get hacked or lose their funds.

What is the benefit to them?

Of course, it's all about the money. Imagine the money that will come in even if many exchanges' fees are only about 0.05 percent each transaction, given the millions of volumes moved daily.

Of course, that isn't the whole storey. There are exchanges that were created with the premise that people should have ownership over their own money and that people should be able to accumulate wealth in innovative ways, away from the government's prying eyes — after all, that is the whole point of cryptocurrencies.

How do you pick a cryptocurrency exchange?

When it comes to picking the best crypto exchange, there are various elements to consider, such as accessibility to your area, transaction costs, useful and advanced features for both novices and experienced investors, and so on.

While it may seem simple to choose the most popular crypto exchanges, this does not guarantee that they are the best available alternative for everyone.

Cryptocurrency exchanges to be aware of in 2022

So, how about we get this party started? Basically, we'll present you to exchanges that you might wish to use based on their features, pricing, crypto listings, and geographical availability in the list below.

But, at the end of the day, you should do your own research (DYOR) before investing in any of the goods listed below!

Pionex 

Pionex is a user-friendly cryptocurrency exchange platform that caters to a wide range of users. Pionex features tools and functionalities that cater to all users of different expertise levels, whether you're just getting started or a seasoned cryptocurrency investor.

It's a user-friendly platform with helpful lessons for both seasoned and inexperienced investors and traders, but the company's crypto trading bots are the focus. For the uninitiated, trading bots are computer programmes that are trained to make trades on behalf of their owners using various algorithms and parameters, and some even employ Machine Learning or Artificial Intelligence to make decisions.

Pionex is one such platform, which supports over 120 different coins, charges only 0.05 percent every trade, and has no deposit fees. They also have a mobile app, so you can check the market and make transactions while you're on the road. Pionex is accessible to anyone all over the world; the only restriction is that US residents are unable to trade leveraged tokens within it.

Pros

• 16 Cryptocurrency Trading Bots for Free
• Over 120 different coins are supported.
• Low costs Mobile app for Android and iOS is available

• Cons

• There are no deposits or withdrawals in fiat currency.

2. Gate.io

Gate.io is one of the first cryptocurrency trading services, having launched in 2013. Bter.com was their previous name till they renamed in 2017. In 2015, their platform was hacked, and 7,000 Bitcoins were stolen from cold wallets. Since then, they've focused on security and have grown to become one of the most popular cryptocurrency exchanges today.

They have a lot of features and services, and they charge only 0.2 percent every trade with over 180 cryptocurrencies available on their site. They are headquartered in George Town, Cayman Islands, and offer services in every country except New York, Washington, Cuba, Sudan, Syria, Iran, North Korea, Pakistan, Crimea, and Venezuela.

Pros

• Over 180 different coins are supported.
• Fees are low.

Cons

• There is a mobile app available for Android and iOS.
• There are no deposits or withdrawals in fiat currency.

3.Coinbase 

Coinbase was established in 2012 with the primary goal of storing Bitcoin. Their company evolved over time, supporting around 100 cryptocurrencies and became a well-known platform for customers to trade and invest their cryptocurrencies. They soon grew to become one of the world's largest and most well-known bitcoin exchanges.

However, in comparison to other crypto exchanges, they charge greater fees. And a perplexing fee structure that varies between 0.5 percent and 4.5 percent based on the type of coin, platform, payment method, and transaction size. Coinbase covers practically every country in the globe except Singapore, Australia, and New Zealand, despite the fact that it does not have a physical headquarters.

Pros

• Almost 100 different coins are supported.
• Apps for Android and iOS are available.
• Deposits and withdrawals in fiat currency are supported.

Cons

• Fees are higher than on other exchanges.

4. Kraken

 A cryptocurrency exchange that was created in 2011 in San Francisco. It supports 87 cryptocurrencies and offers two platforms for novice and professional investors alike. Kraken's basic or main platform is suggested for beginners, while Kraken Pro is recommended for individuals with more experience who want additional tools and advanced features to operate on the market.

For instant purchases, Kraken's transaction costs are 1.5 percent, while for stablecoins, they are 0.9 percent. Additional fees may apply depending on the type of transaction or bank, however Kraken pro transaction fees are substantially lower, costing only 0.26 percent taker charge or 0.16 percent maker fee. Fees are further decreased for bigger dollar quantities starting at $50,000 and more.

Kraken is a global cryptocurrency exchange situated in San Francisco that supports over 200 nations.

Pros

• Apps for Android and iOS are available.
• Deposits and withdrawals in fiat currency are supported.

Cons

• Not available everywhere 
• Non-pro users pay a higher transaction cost, and there are fewer altcoins available than some competitors.

5. eToro

eToro was formed in 2007, although the US market was just opened in 2018. It's an award-winning crypto exchange because to its user-friendly site and extensive feature set. Long before it became a crypto exchange platform, investors used eToro to trade gold and other stocks.

It currently only supports more than 20 of the most popular cryptocurrencies, including BTC, ETH, ADA, SOL, and others. A $50 minimum deposit is required to open a single account. Depending on the type of cryptocurrency, transaction fees will range from 0.7 to 5%.

eToro is established in the United Kingdom and serves over 100 countries around the world. However, several states in the United States, such as Delaware, Hawaii, Minnesota, Nevada, New Hampshire, New York, and Tennessee, do not have access to it. Canada, Hong Kong, Iceland, Portugal, Taiwan, and Turkey are among the nations that do not have access to it.

Pros

• Apps for Android and iOS are available.
• Deposits and withdrawals in fiat currency are supported.
• Transaction fees are reasonable.

cons

• Only 20 coins are supported.
• A minimum account deposit is required.

6. FTX

FTX was designed for both experienced and novice investors, with a variety of tools and features to assist them, as well as support for over 130 cryptocurrencies and 10 fiat currencies.

It boasts low fees of 0.02 percent for producers and 0.07 percent for takers, however it charges a $75 withdrawal fee for withdrawals under $10,000. There will be discounts for trading large amounts of money. They've just created a mobile app for Android and iOS, making it a more handy option for their customers.

They are situated in Nassau, Bahamas, and serve practically every country on the planet. Investors in Cuba, Crimea, Sevastopol, Iran, Syria, North Korea, Antigua and Barbuda, and the United States cannot use FTX, although they can utilise a second site called FTX.us.

Pros

• Over 130 different coins are supported.
• Apps for Android and iOS are available.
• Deposits and withdrawals in fiat currency are supported.

Cons

• Some countries, such as the United States, do not have it.
  
• For withdrawals of less than $10,000, there are high costs.

7. BlockFi

BlockFi is a cryptocurrency exchange and lending business based in the United States that offers low interest rates and no transaction costs when trading. Although it only accepts six coins: Bitcoin, Ethereum, and four stable coins: Link, Litecoin, Paxos standard, and PAX gold.

Your first withdrawal of the month will be free, but you will have to pay fees for the second and subsequent withdrawals. Withdrawal costs vary with the type of cryptocurrency you want to withdraw.

They are situated in New Jersey and provide their platform to people all over the world, with the exception of sanctioned countries such as Cuba, Iran, North Korea, Sudan, Syria, and others.

Pros

• Apps for Android and iOS are available.
• Low fees drawbacks

cons

• Only 6 coins are supported.
• There are no deposits or withdrawals in fiat currency.

8.Bybit

Bybit is a cryptocurrency exchange that was created in 2018 and is currently one of the newest and fastest-growing. The platform presently supports 20 cryptocurrencies, including BTC, ETH, EOS, XRP, USDT, and DOT, and it trades using a spot and derivatives method.

Bybit has a transaction fee of only 0.05 percent, making it a reasonable platform to use. If you want to have simple access to your account at all times and from anywhere, they have a mobile application for both Android and iOS.

Their headquarters are in Singapore, and they provide service to nations with service restrictions such as the United States, Cuba, Crimea, North Korea, Syria, and others.

Pros

• Apps for Android and iOS are available.
• Deposits and withdrawals in fiat currency are supported.
• Low fees drawbacks

cons

• Only 20 coins are supported.
• The product is not available in the United States.

9. KuCoin

KuCoin is one of the most popular cryptocurrency exchanges nowadays. Its extensive features and vast choice of cryptos and altcoins offered make it an ideal platform for seasoned investors. However, while its sophisticated features are beneficial, they may be intimidating for newcomers.

It also accepts fiat currencies and offers over 380 coins to pick from, with fees ranging from 0.0005 percent to 0.1 percent depending on the coin. Having that many coin options is significant, especially for those investors ready to bet on new and less-well-known cryptos that may take off, and having access to that cryptocurrency early would give them an advantage.

KuCoin is situated in Singapore and provides services to investors all around the world. It also has a mobile app, which adds to its ease.

Pros

• Apps for Android and iOS are available.
• Supports more than 380 coins
• Low fees drawbacks

cons

• For rookies, this is not a good idea.

10. Poloniex

Poloniex was founded in the year 2014. The platform has been named "the legendary crypto exchange" by the developers. It's one of the only platforms that offers such a wide range of coins. With over 250 coins, including the most prominent cryptos and altcoins, and cheap fees that range from 0.05 percent to 0.25 percent depending on the coin and transaction volume.

They are situated in Wilmington, Delaware, and their services are available in over 100 countries worldwide. The United States, Crimea, Cuba, North Korea, Sudan, Mainland China, Libya, and others are among the countries that are outlawed or restricted.

Pros

• Fees are low.
• Supports more than 380 coins
•  There is a mobile app available for Android and iOS.

Cons

• Only in a few countries is it available.
• There are no deposits or withdrawals in fiat currency.

Finally

At the end of the day, cryptocurrency is extremely volatile; no matter which platform or crypto exchange you use, you cannot be confident of your investment, but having some capabilities unavailable to others is a must-have benefit. Please keep in mind that this is not financial advice, and you should never take advice from the internet without conducting your own research.

Also, only trade and/or invest money that you are prepared to lose. Don't take out a loan or dip into your retirement funds! Trade with caution!