9 Best Crypto Exchange Platforms in 2020

In-depth reviews

Ever since Bitcoin changed the world in 2009, everyone and their dog wanted to hop onto this new cryptocurrency trend. But it was definitely easier for some than for others. For many people, the problem wasn’t about figuring out what blockchain is or how it works, but rather how they could even get a hold of crypto coins.

One answer is, of course, mining them, but you can also purchase Bitcoin or any other crypto from another person through online exchanges. So what’s the best crypto exchange of them all? How do you pick one that’s secure, fast, and doesn’t incur massive fees?

Luckily for you, we’ve already done the research and answered these questions and more.

Read on to learn more about:

  • The top crypto exchanges on the market
  • A detailed list of the pros and cons of each site
  • A comprehensive buyer’s guide to help you make your decision
  • The most affordable way to exchange cryptocurrencies
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Top 9 Crypto Exchanges for 2020

1. eToro

Besides having the option to trade and invest in Bitcoin, Ethereum, Litecoin and other cryptocurrencies, eToro clients can diversify their portfolios with stocks and commodities too. This trading platform was made available to US residents in 2018, and it is expanding the services offered to the US market ever since.

  • CFD Trading
  • Copy Trading
  • Mobile app

Besides having the option to trade and invest in Bitcoin, Ethereum, Litecoin and other cryptocurrencies, eToro clients can diversify their portfolios with stocks and commodities too. This trading platform was made available to US residents in 2018, and it is expanding the services offered to the US market ever since.

2. Coinbase

Coinbase is one of the longest-running and biggest exchanges in the world of crypto. Founded in 2012, this company had one simple goal: to provide everyone with easy access to Bitcoin. Today, Coinbase has more than 35 million users, more than 1,000 employees, and accepts around 30 well-established cryptocurrencies. Full Review

  • Many payment methods supported
  • High security
  • Transparent fees

Coinbase is one of the longest-running and biggest exchanges in the world of crypto. Founded in 2012, this company had one simple goal: to provide everyone with easy access to Bitcoin. Today, Coinbase has more than 35 million users, more than 1,000 employees, and accepts around 30 well-established cryptocurrencies. Full Review

3. Coinmama

A lot of Bitcoin exchanges are complicated websites. Not Coinmama. This site makes the whole process simple and welcoming, hence why many consider it the best crypto exchange when you’re just starting out and want a hassle-free experience. Full Review

  • Near-instant processing
  • Direct seller
  • Great customer support

A lot of Bitcoin exchanges are complicated websites. Not Coinmama. This site makes the whole process simple and welcoming, hence why many consider it the best crypto exchange when you’re just starting out and want a hassle-free experience. Full Review

4. Binance

Binance used to be one of the rare exchanges that only accepted crypto. Today it supports more than a hundred cryptocurrencies and is one of the best places for experienced traders. It is a very secure site with highly competitive fees. Full Review

  • Large portfolio
  • API and other tools available
  • Very low fees

Binance used to be one of the rare exchanges that only accepted crypto. Today it supports more than a hundred cryptocurrencies and is one of the best places for experienced traders. It is a very secure site with highly competitive fees. Full Review

5. CEX.io

CEX.io is mostly known as an affordable crypto exchange, as it charges between 0% and 0.25% fees on trades. It’s not an overly complicated exchange, supporting fewer currencies than the competition, but it provides equal levels of safety and convenience. Full Review

  • Instant trading
  • Low fees
  • Loans and stakes available

CEX.io is mostly known as an affordable crypto exchange, as it charges between 0% and 0.25% fees on trades. It’s not an overly complicated exchange, supporting fewer currencies than the competition, but it provides equal levels of safety and convenience. Full Review

6. Kraken

Kraken is one of the largest cryptocurrency exchange platforms in the world, and as of 2020 Kraken has been granted a banking license. This means that Kraken will become the first cryptocurrency exchange to become a regulated US bank.

  • Low fees
  • Wide availability
  • 24/7 live support

Kraken is one of the largest cryptocurrency exchange platforms in the world, and as of 2020 Kraken has been granted a banking license. This means that Kraken will become the first cryptocurrency exchange to become a regulated US bank.

7. Gemini

The Gemini crypto exchange platform is mostly known for its security. The company is regulated by the New York State Department of Financial Services (NYSDFS) and is a fiduciary. On top of all this, Gemini is SOC 1 Type 1 and Soc 2 Type 2 certified. Build your crypto portfolio with this safe and easy to use platform!

  • High account security
  • User-friendly interface
  • Gemini Pay - spend your crypto

The Gemini crypto exchange platform is mostly known for its security. The company is regulated by the New York State Department of Financial Services (NYSDFS) and is a fiduciary. On top of all this, Gemini is SOC 1 Type 1 and Soc 2 Type 2 certified. Build your crypto portfolio with this safe and easy to use platform!

8. Paxful

Founded in 2014, Paxful is a peer to peer crypto exchange platform with more than 4 million registered users. More than 300 payment methods are available, including PayPal, Skrill, Payoneer, and even Amazon gift cards!

  • 300+ payment methods
  • Free crypto wallet
  • Wide availability

Founded in 2014, Paxful is a peer to peer crypto exchange platform with more than 4 million registered users. More than 300 payment methods are available, including PayPal, Skrill, Payoneer, and even Amazon gift cards!

9. Changelly

Changelly started operating in 2015, and since then has gained a lot of traction and become one of the most popular non-custodial cryptocurrency exchange platforms. Clients can buy more than 150 cryptocurrencies, however only 2 fiat currencies are accepted: USD, EUR and GBP.

  • 150+ cryptocurrencies
  • Flat fee
  • 24/7 live support

Changelly started operating in 2015, and since then has gained a lot of traction and become one of the most popular non-custodial cryptocurrency exchange platforms. Clients can buy more than 150 cryptocurrencies, however only 2 fiat currencies are accepted: USD, EUR and GBP.

Detailed Reviews

Coinbase
Coinbase

BEST FOR

safest crypto trading

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  • Number of cryptocurrencies: 30
  • Trading fee: 1.49-3.99%
  • Accepts fiat: Yes
  • Wallet app: Yes

Coinbase is practically synonymous with crypto trading. This California-based company has been in business for quite a while, thus developing a huge portfolio of supported currencies and payment methods. More than 13 million users can’t be wrong, after all.

How it Works

Coinbase is one of the many crypto exchanges that provides its own wallet if you prefer to store your cryptos first and convert them later. This provides a huge level of convenience, although for security reasons it’s not recommended to store all your crypto on an exchange.

To become one of the best crypto exchanges, a site also needs to buy and sell currencies in bulk, of course. Coinbase supports dozens of currencies, but can also be used as a market analytics tool. Its cryptocurrency list contains hundreds of popular altcoins with real-time updates. Even though you won’t be able to buy them all through this site, it’s a handy tool for evaluating the current market.

Things We Liked & Disliked

Aside from the streamlined trading process, one of the big upsides of Coinbase is that it supports fiat currencies. In fact, it’s the best fiat-to-crypto exchange, with instant transactions and support for several currencies like USD, EUR, and GBP. You can use credit/debit cards, bank transfer, SEPA, and PayPal to get started on this coin exchange.

Looking to trade mostly in Bitcoin? There’s the Shift card, a Visa-branded card that allows you to spend Bitcoin from your Coinbase wallet on everyday shopping.

Even though this exchange lists hundreds of cryptocurrencies, it doesn’t always let your trade with them. At the time of writing, Dogecoin was unavailable for both purchasing and selling. This is quite surprising, really, considering how popular this “joke coin” is.

Security

It’s worth noting that this site is one of the rare centralized US crypto exchanges. While that means you can’t trade anonymously, it provides higher safety precautions in case there’s a hacker attack. Just 1% of all coins are kept in the wallet system and all of the assets are insured, so there’s almost zero risk when trading here.

Pricing/Fees

Coinbase has a very straightforward fee system. Although the fees here aren’t the lowest around, its exchange fees are fixed and the site is very clear about what is charged and how much.
For transactions under $200, the fee is 3.99%. Coinbase fees drop to 1.49% if you exchange more than $200. Mind you, this is charged per transaction and some payment methods incur higher fees.

Pros Cons
Many payment methods supported Not all cryptos are available for trading
Rewards for users
High security
Transparent fees

Our Verdict

Coinbase is one of the biggest crypto exchanges in the world – and it’s one of the most trustworthy. Although not decentralized, it still offers incredibly safe trading and even awards its users with free crypto coins just for reading articles. Instant trading is just the cherry on top.

Reasons to Use

Large number of support currencies, instant transfers, and rewards are the main reasons to sign up for this site.

Coinmama
Coinmama

BEST FOR

Beginner crypto traders

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  • Number of cryptocurrencies: 10
  • Trading fee: 5.5%
  • Accepts fiat: Yes
  • Wallet app: No

Trading cryptocurrency is often considered to be a complicated endeavor. For a lot of people, just buying crypto looks like black magic. If you too don’t know how to buy cryptocurrency but want to enter this exciting world, we highly suggest signing up with Coinmama, one of the best crypto exchange sites out there.

How it Works

Coinmama streamlines the Bitcoin trading process down to just a few easy steps everyone can follow. You just need to register for an account, verify it, and provide a wallet to which the cryptocurrency will be transferred once purchased. This site works as a broker, making it a direct buyer and seller instead of acting as a middle man between two users.

The user experience is definitely the highlight of this popular crypto exchange. On the home page you’ll find a handy currency converter, allowing you to quickly look up current rates before initiating an exchange. If any feature gives you trouble, there are a lot of answers available in the Help section. You can also turn to the site’s blog pages and friendly customer support staff.

Things We Liked & Disliked

Coinmama imposes certain limits on what and how much you can trade. For example, the site sells several cryptos but will only buy Bitcoin from users. Also, the minimum amount for any crypto purchase is $50, but when selling you need to sell at least $200 worth of Bitcoin.

While it is the best place to buy cryptocurrency, experience-wise, Coinmama isn’t the most affordable place. We’ll talk about fees later in our review.

Security

Coinmama is registered with the Financial Crimes Enforcement Network (FINCEN), an entity that runs investigations on fraudulent activity. You can, therefore, trade cryptocurrencies at peace knowing that, if anything goes awry, your money will be protected by law enforcement.

Pricing/Fees

Finally, let’s talk about fees. This is the only real downside to Coinmama. There is a flat 5% on every transaction involving a credit or debit card, but that’s not all. An average 5.5% is incurred on top of that for every crypto transaction. It might be one of the best exchanges to buy Bitcoin, but it’s not the most affordable one.

Pros Cons
Very easy to use High fees
Near-instant processing Only buys Bitcoin
Direct seller
Great customer support

Our Verdict

While Coinmama charges quite a lot to its customers, that money definitely doesn’t go to waste. This is an incredible platform for both buying and selling crypto, as well as learning all about blockchain technology and the benefits of a decentralized currency. For a beginner trader, there’s no better place than this site.

Reasons to Use

A streamlined buying and selling process makes this an enticing market for beginner crypto users.

Binance
Binance

BEST FOR

portfolio builders

Visit Website
  • Number of cryptocurrencies: 100+
  • Trading fee: up to 0.1%
  • Accepts fiat: Yes
  • Wallet app: Yes

Looking for the best crypto exchange where you won’t need a credit card to get started? Are you an already experienced crypto user looking for even more currencies to invest in? Look no further. Binance is a massive Japan-based Bitcoin marketplace where you can speculate with more than a hundred popular cryptos.

How it Works

Originally based in China and founded through an ICO (initial coin offering), Binance quickly grew to fame mainly thanks to its large portfolio. Many consider it the largest Bitcoin broker for that same reason.
This is an exchange for experienced crypto users, and we don’t say that lightly. Binance can be quite overwhelming. Previously, users could only trade crypto-to-crypto, which meant there wasn’t an option to enter the market through this site.

Binance also has a mobile app – its API is freely available for coders to implement on other systems. On top of that, you can get a crypto-backed loan and join the mining pool. Again, this is strictly for experts.

Things We Liked & Disliked

Binance is the best place to exchange cryptocurrency thanks to its low fees and, as previously mentioned, large catalogue of supported currencies. There are no upper limits either, with $15 being the minimum transaction allowed. This platform is not limited to just trading, but also allows you to invest in coins like Ether and Litecoin. Analytics buffs will have a field day on this website just browsing all the different charts and graphs.

That said, it’s obvious this isn’t the website you’ll visit first if you’re just entering the world of crypto. It’s expected that you already know your way around the crowded cryptoverse and, honestly, the customer support on offer could be much better.

Security

This is probably the safest crypto exchange we’ve ever used. Not only can you add two-factor authentication (2FA) to your account right off the bat, but the company uses an industry-standard protection called CryptoCurrencySecurityStandard. This truly is a safe place to buy or sell cryptocurrency.

Pricing/Fees

Fees are kept incredibly low at Binance. The site charges just a 0.1% fee on every trade and allows free deposits. Withdrawals incur an additional nominal fee based on the current value of the coins you own, and additional verification is required for buying more than 2 BTC.

Pros Cons
Large portfolio Not beginner-friendly
Very low fees
API and other tools available
Two-factor authorization

Our Verdict

With the best mobile crypto exchange app and some of the lowest fees around, Binance remains an industry leader for another year. This is a big platform that allows crypto users not just to trade coins, but also to speculate with them and further increase their savings. It’s not for the faint of heart, but it’s worth learning the ropes.

Reasons to Use

Want a big portfolio and have a lot of experience trading? Sign up for Binance.

CEX.io
CEX.io

BEST FOR

Traders on a budget

Visit Website
  • Number of cryptocurrencies: 30
  • Trading fee: Up to 0.25%
  • Accepts fiat: Yes
  • Wallet app: Yes

While looking for the best crypto exchange platform, one name kept popping up. It’s CEX.io, a website well known for its portfolio and low fees. Based in the United Kingdom, this crypto trading site has been operational since 2013. It was actually developed from the first ever mining provider and today offers more than just simple trading.

How it Works

This is another website that vastly streamlines the trading process, but without sacrificing any advanced features experienced traders like to use. The site supports dozens of cryptocurrencies and several big fiats. Whether you’re looking for the best Bitcoin exchange or a place to buy Litecoin with your euros, you’ve made the right call.

Credit/debit card users can enjoy the benefit of instant trading with some of the lowest fees around. You’ll want to verify your account if you plan to trade a lot. The basic account allows up to $100 in daily withdrawals. Once you verify your address, not only do your limits raise 100-fold, but you’ll also unlock the option for wire transfers.

Things We Liked & Disliked

CEX.io gets it right when it comes to user experience. The site’s layout is clean, everything is clearly marked, and it definitely is the best crypto exchange website design-wise. We really liked how low the fees were, even though calculating deposit/withdrawal fees takes a few moments. Trading really happens in an instant, so no complaints there.

What did bother us was the whole tiered system of membership to the website. Basically, if you do not verify every single part of your profile, you’ll be locked out of using certain payment methods and won’t be able to either deposit or withdraw large sums of money.

Security

The owners of CEX.io ensure users that there are quite a few safety precautions in place. The site has DDoS protection, all transmitted data is encrypted, and the currencies are kept in cold storage – pretty much what every top crypto exchange does these days.

Pricing/Fees

CEX.io doesn’t have high fees. Your exchange fee for any given transaction will be less than 1% and can even dwindle down to nothing if you trade a lot. On the other hand, there are further fees for both deposits and withdrawals. They vary depending on the currency and payment method. While they’re still not too high, they’re calculated in a strange way, so you’d better have your calculator with you.

Pros Cons
Instant trading Payment options locked behind tiered membership
Low fees Knowledge base could be better
Easy to use
Loans and stakes available

Our Verdict

Experienced crypto traders already know that this is the best crypto exchange place for them, especially if they plan to trade a lot and even dabble in cryptocurrency investments. That doesn’t mean CEX is for experts only. Its streamlined design makes it easy for everyone to take up crypto trading. It’s not always that smooth with the competition.

Reasons to Use

Whether you’ve just entered the world of crypto or you’re a seasoned investor, CEX.io provides you with fast and secure tools to make it big.

SpendMeNot’s Methodology

When we set out to find the best crypto exchange, we devised a unique methodology to help us along the way.
Wondering how we do it? Here’s a quick rundown.

Our first step was to explore the market. We did a search for all the biggest and best-known sites that offer crypto trading. Then we checked the legitimacy of each and every one. We didn’t want our money to end up in someone else’s pockets.

Once we got our initial list, we went through crypto exchange reviews and each website to learn more about these companies. Any negative review that pointed to specific problems helped us filter our list.

Then we analyzed the features of each remaining site. The most important factors for us were the number of cryptocurrencies, what payment methods are supported, and of course how easy it is to navigate through the site and make trades. User experience can really set two sites apart.

Since we’re talking about money and trading cryptocurrencies, the next important bit of information concerns exchange fees. Nobody wants to lose money due to a bad exchange rate or unnecessary fees.

To pinpoint what’s really the best cryptocurrency exchange, we also took note of any extra features like proprietary wallet, mobile trading app, or advanced features for experienced traders.

All that research led to us creating a list of the best of the best platforms for trading cryptocurrency.

Go through our list to find the best place to purchase Bitcoin or an up-and-coming altcoin, and where to make trades and even earn some money in the process.

All of your transactions and private data will be kept safe and sound.

How to Choose the Best Cryptocurrency Exchange

Finding the perfect trading platform for your needs involves answering several pretty simple questions. After all, we’re all different and look for different things, but there are several factors that you should take into account when signing up for these websites.

What types of exchange are there?

An exchange can be centralized or decentralized. The former option is more common, as these sites are usually run by a single entity that buys and sells coins. Meanwhile, a decentralized exchange is a fully automated system that connects users who buy or sell, making it a peer-to-peer trading process. Ethereum’s blockchain is most often used as a basis for the best decentralized crypto exchange. It’s also the safest, albeit slower, option.

What about exchange rates?

Like any other exchange place, the places that offer crypto trading also try to make a profit by having the exchange rate more favorable for them. Be sure to check the difference for the buy and sell amounts and compare them across several exchanges. Not everyone runs by the same rates in this business.

How are withdrawals handled?

You should look for any limits on daily or weekly withdrawals, as well as the processing time. Most of the time there is a hard limit on the amount you can withdraw at any one time, and certain payment methods are processed much more slowly than others.

What do reviews say?

If you think you just found the best cryptocurrency trading platform, take a few minutes of your time to verify its legitimacy by reading up on user reviews. Most of the time, any issues that may arise have already been encountered by other users who will warn you. Or you might end up lucky and spot the best site on your first try. Whatever the case, it’s always a good thing to do some basic research.

To Wrap Things Up

By now, you’ve probably decided on a trading site and created your very own crypto wallet. The cryptocurrency world is changing by the minute and all of these sites are constantly evolving. But rest assured that if you sign up for the best crypto coin exchange, you can trust it with your coins or tokens for a long time. The platforms are well into their maturity, and the bad apples have long been discarded. It’s just a matter of nuance at this point.

FAQ

Which crypto exchange has the lowest fees?

Binance currently has the lowest fees on crypto trading. The platform charges just a 0.1% fee on each transaction, which is considerably lower than the competition. The next best thing would be CEX.io, where fees go up to 0.25%.

What is the best cryptocurrency exchange for beginners?

Many consider Coinmama to be the first stop for anyone who has just entered the exciting world of cryptocurrencies. The site is well-organized, contains a detailed knowledge base, and doesn’t overwhelm users with crypto lingo right off the bat. It also has one of the best customer support teams in the industry.

How do I choose a crypto exchange?

The safest choice is to go with a well-known exchange, one that offers a lot of currencies, and is transparent with all of its fees and payment timeframes. If the platform offers 2FA and other security tools, it’s a great choice.

 

What is the best crypto exchange in Australia?

There are a lot of great sites where Australians can trade cryptocurrency, but our pick is Coinbase. Currently, it is one of the top 10 sites on the market, with incredibly fast processing and support for several dozen currencies. Another popular site among Aussies is Binance, an exchange that offers even lower fees than Coinbase but is a bit more complicated to use. If you’re already an experienced trader, both of these sites will suit your needs.