In this article, the editors of Incrypted will review the top best crypto exchanges that meet all the needs of both a beginner and an experienced trader.
Introduction to cryptotrading
Crypto trading is the process of buying and selling cryptocurrencies in order to profit from changes in their value. Traders use different strategies and approaches to maximize their returns.
Here are the basic concepts you need to know before trading digital assets:
- spot trading is the purchase/sale of cryptocurrency with instant settlement. In spot trading, traders buy or sell the underlying asset at the current market price and immediately receive it in their exchange wallet;
- futures trading — unlike spot trading, in futures trading a trader buys or sells a contract for the delivery of an asset at a fixed price in the future. This allows you to hedge price risks and earn from changes in the value of the asset;
- margin trading – this type of trading allows traders to borrow funds from the exchange to increase their positions. This makes it possible to trade in larger volumes and, accordingly, to increase the potential profit (or loss);
- a trading pair/liquid pair consists of two assets (crypto-crypto or crypto-fiat) that can be exchanged for each other. For example, SOL/USDT is the exchange pair between the Solana token and Tether’s USDT;
- an exchange order is a request placed by a trader to buy/sell cryptocurrency. The main types of orders include market, limit, stop order and stop-limit order;
- order book or order book (glass) — a list of all current buy and sell orders for a specific trading pair. Order book analysis helps determine market sentiment and potential price levels;
- maker – a trader who places orders with delayed execution, usually a limit order. It helps create market liquidity. A taker is a trader who trades through a market order with instant execution. It facilitates the circulation of assets by quickly closing deals and ensuring the movement of funds in the market.
Now let’s look at some basic rules that will help you start trading with minimal risks. Before starting trading, you need:
- Conduct research. Use technical and fundamental analysis to identify potential trends, support and resistance levels, and factors that may influence price.
- Protect your exchange account/wallet. Follow basic security measures, such as using strong passwords, two-factor authentication (2FA), and secure storage of private keys.
- Develop a trading strategy. Includes rules for choosing entry and exit points, using indicators and analyzing fundamental data. It is important to master the concept of risk/reward in order to understand which deals are worth concluding and which are not.
- Diversify risks. Diversify your finances across different assets and market sectors. For example, you can invest some of your money in long-term assets like BTC or ETH, some in risky ones, and some in stablecoins.
What is a cryptocurrency exchange and how to choose the best one
A cryptocurrency exchange is an online platform where users can buy, sell and exchange cryptocurrencies by placing orders with pre-set prices and volumes. Crypto exchanges can be either centralized (CEX), when management is carried out by one company, or decentralized (DEX), where trading takes place without intermediaries and control over assets remains with users.
The main functions of cryptocurrency exchanges include:
- providing the ability to buy and sell various cryptocurrencies, such as Bitcoin, Ethereum and others;
- wallets for storing digital assets;
- the ability for traders to borrow money to increase trading volume, which can increase potential profits, but also risks;
- access to various analysis tools, graphs and indicators for evaluating market trends and making informed decisions;
- using security measures such as 2FA, data encryption and secure asset storage to protect users from fraud and hacking.
When choosing a cryptocurrency exchange, users should pay attention to the following important aspects:
- security. Make sure the exchange offers two-factor authentication , stores assets in cold wallets, and undergoes regular security audits;
- accessibility. Centralized platforms are regulated and may not be available in some regions. Make sure that the exchange you have chosen works in your country;
- trading pairs A large number of trading pairs provides more opportunities for portfolio diversification. It is important that the exchange weed out low-liquidity or fraudulent coins;
- interface A simple and clear interface is important because it facilitates order management and market data tracking;
- Commission Study the structure of commissions on the exchange and compare the cost of trading on different platforms;
- support service. The exchange should have an effective support service to solve trading and account related issues. Preferably, support is available in your language and works 24/7.
Top 10 crypto exchanges for beginners
The best and most popular platforms include:
Binance
The largest cryptocurrency exchange in the world, known for its high liquidity and wide range of available trading pairs. The exchange offers low commissions, a powerful trading interface and numerous additional services.
Bybit
The platform appeared in 2018. Offers wide trading functionality, highly liquid pairs and high security of user data.
Bitget
Bitget is a cryptocurrency exchange based in the Seychelles serving over 20 million users in 100 countries around the world. The platform provides a wide range of services related to cryptocurrencies, including spot, futures and margin trading, AI-powered trading bots, Launchpool, Launchpad, as well as savings, staking and cryptoloans.
HTX
International exchange of digital assets, which is present in more than 100 countries. Founded in China in 2013, the platform works with clients all over the world. Daily trading volume at the time of writing exceeds $4 billion.
Gate.io
A centralized exchange where users can find a large number of digital assets to trade. The platform supports more than 1,400 cryptocurrencies and more than 2,500 trading pairs. It occupies one of the leading positions in terms of trading volume (more than $12 billion of daily trading volume).
OKX
The exchange offers a variety of instruments for trading, including spot and derivatives, including margin, futures, perpetual swaps and options. Other products include: trading bots, block trading, OKX Earn, crypto credits and more. The exchange publishes monthly confirmation of reserves, and the OKX wallet is recognized as one of the most secure in the world.
WhiteBIT
WhiteBIT is a cryptocurrency exchange with Ukrainian roots, created in 2018. The exchange has established itself as a safe and reliable platform for trading digital assets, serving 4.5 million users and offering more than 520 trading pairs and more than 10 national currencies. Since its launch, the exchange has not suffered from hacking, which indicates a high level of security and protection of investors’ funds. Regulation according to EU standards adds an additional guarantee of protection of users’ assets.
WhiteBIT offers a wide selection of cryptocurrency pairs for trading, an intuitive interface and support for many languages, which makes it attractive to both beginners and experienced traders.
Users of the platform have the following advantages:
- Ability to instantly and securely transfer cryptocurrencies within the exchange thanks to WhiteBIT codes;
- Beginners have the opportunity to practice trading using Demo Tokens (virtual free tokens) without attracting their own funds;
- Whitechain’s own blockchain with low fees and high bandwidth.
The platform has its own WBT coin and a developed ecosystem that includes various services, such as: the Whitechain blockchain, the SaaS company Whitepay, the physical card for replenishing the balance on the WhiteEX exchange, the decentralized exchange WhiteSwap and white.market – a P2P marketplace for trading skins for CS :GO.
BingX
Founded in 2018, this crypto exchange serves more than 10 million users worldwide. BingX offers a variety of products and services, including spot, derivatives, copy trading and asset management, all of which the company says are designed to meet the evolving needs of users, from novices to professionals.
BingX is known for its high liquidity, competitive fees and user-friendly interface, which makes it attractive to both beginners and experienced traders. The platform supports the trading of more than 700 cryptocurrencies, and also provides opportunities for margin trading and futures contracts. The exchange is also noted for its high average daily trading volume and monthly number of visits, which indicates its popularity and trust among users.
BitMart
A centralized exchange that provides cryptocurrency trading and investment services to more than 9 million users worldwide. The platform offers many features for its clients, including staking, lending, savings products, derivatives and advanced spot trading capabilities.
Users also have access to an extensive knowledge base, a secure wallet and an NFT trading platform. The exchange is actively working on expanding its services, attracting new users through loyalty programs and referral bonuses and conducting regular security audits.
KuCoin
A Korean exchange with a wide selection of pairs and a wide variety of trading tools, including DeFi. It will be convenient for both beginners and professionals. The platform supports futures trading, built-in P2P exchange, the ability to buy cryptocurrencies using a credit or debit card, and instant exchange services. Supported by over 30 million users worldwide.
The exchange also has its own native token, KCS (KuCoin Shares), which provides holders with various benefits, including discounts on trading fees and the ability to receive a share of the exchange’s profits. KuCoin is actively expanding its ecosystem by entering into partnerships with other well-known cryptocurrency projects
How trading is carried out on the stock exchange
The general scheme of exchanging assets on the cryptocurrency exchange looks like this:
- User A places a sell order, indicating the price at which he is willing to sell his asset and the total amount of the transaction.
- User B places a purchase order on the same exchange, specifying the price at which he is willing to buy the asset and the amount of the transaction.
- When the price of order B coincides with the price of order A , the orders are reconciled.
- The exchange then executes the transaction by transferring the appropriate amount of money or cryptocurrency between users.
Next, the platform updates the balances of assets on users’ accounts: user A’s sold asset decreases, and user B’s increases accordingly.
Commissions and limits on exchanges
Cryptocurrency exchanges charge several types of fees for their services and interaction with the platform:
- trade commission . Charged to traders for each completed transaction. Usually this is a percentage of the order amount, the size of which depends on the type of order (taker/maker) and loyalty programs;
- withdrawal commission . Charged when withdrawing funds from the exchange to an external wallet or bank account;
- deposit fee . It is rare, but some exchanges still charge a fee for replenishing the exchange account. As a rule, there are no fees for depositing cryptocurrencies.
Limits include restrictions on minimum and maximum amounts of deposits and withdrawals, depending on the asset and the user’s verification level.
Advantages and disadvantages of cryptocurrency exchanges
The advantages of using crypto exchanges include:
- high liquidity. Many exchanges offer high liquidity, which allows you to quickly buy and sell cryptocurrencies without significant price fluctuations;
- a wide selection of assets. As a rule, users have a choice from a large set of cryptocurrencies, which allows to diversify the portfolio;
- convenience. Exchanges provide convenient interfaces for trading, order management and market data tracking;
- many exchanges offer margin trading , futures contracts, and other tools to empower traders;
- support and learning resources. Most platforms provide support services and educational materials for beginners and experienced traders.
Of course, crypto exchanges also have their drawbacks. In particular:
- all user funds are stored in exchange wallets, that is, the platform fully controls them and can, for example, freeze them;
- exchanges are often the targets of hacker attacks, which can lead to the theft of traders’ funds, so it is important to choose reliable and well-protected platforms;
- regulation varies from jurisdiction to jurisdiction. Platforms may limit access to certain countries, require KYC or impose other restrictions;
- some exchanges charge high transaction fees, which can make scalping or day trading unprofitable, reducing the earning potential.
Where else can you trade cryptocurrencies?
Here’s where else you can trade digital assets:
- Peer-to-Peer (P2P) platforms . These platforms allow users to buy and sell cryptocurrency directly to each other, often with a variety of payment methods and flexible transaction terms.
- Cryptocurrency brokers . Companies that offer services for buying and selling cryptocurrencies at fixed prices, which usually includes higher commissions, but easier conditions for beginners.
Over-the-counter (OTC) markets . Private markets where large volumes of cryptocurrency can be bought or sold directly between participants, often with the help of brokers.
Conclusions
Our editors have prepared an information table of exchanges from our top:
| Name | Year of establishment | Average daily trading volume | Monthly number of visits |
| Binance | 2017 | $3.14 billion | $65.5 million |
| Bybit | 2018 | $1.46 billion | 30.4 million |
| Bitget | 2018 | $1.37 billion | 31.1 million |
| HTX | 2013 | $952 million | 19.8 million |
| OKX | 2017 | $869 million | 27.1 million |
| Gate.io | 2013 | $773 million | 16.1 million |
| WhiteBIT | 2018 | $764 million | 24.8 million |
| BitMart | 2017 | $413 million | 12.5 million |
| KuCoin | 2017 | $289 million | 6.02 million |
| BingX | 2018 | $206 million | 11.1 million |
