Crypto exchanges are where traders can buy, sell and convert different cryptocurrencies and NFTs (non-fungible tokens). They are necessary for digital assets to be traded at the scale they are today. Some exchanges offer the most competitive prices or speeds, whereas others provide specialized financial products.

Read on to learn about the best cryptocurrency exchanges, how they work, and which one you should pick.

What happened with FTX Crypto Exchange

On November 11, 2022, FTX — previously one of the largest crypto exchanges in the world — put out a statement on its Twitter page that it was filing for Chapter 11 bankruptcy and its CEO Sam Bankman-Fried was resigning. This was a huge shock to the entire crypto ecosystem and has greatly affected the way people perceive the industry.

Suffice it to say, 2022 has not been a good year for crypto. Nonetheless, the exchanges included in our top picks list have transparent financial backing and a strong cybersecurity infrastructure.

If you’re looking for the absolute safest way to manage your crypto, consider buying a cold wallet (you can find our pick for the best hardware wallet in our list of best crypto wallets).

Our Top Picks for the Best Crypto Exchanges of January 2023

• Coinbase – Best for Beginners
• Binance.US – Best for Low Fees
• Crypto.com – Best for Security
• Bisq – Best Decentralized Exchange

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Best Crypto Exchanges Reviews

START INVESTINGBest for Beginners: Coinbase

PROS

• Intuitive, user-friendly interface and easy purchase process
• Broad assortment of educational material
• Wide selection of cryptocurrencies

CONS

• Higher fees
• Complex fee structure

Why we chose it: We chose Coinbase as the best crypto exchange for beginners because of its easy-to-use interface, extensive educational material on everything from blockchain to volatility, and robust security features.

If you’re familiar with crypto, chances are you’ve already heard of Coinbase. The exchange is one of the largest and most well-known in the U.S., and its debut on the public market last year was seen by many as a legitimization of the crypto market.

The Coinbase platform does a great job of lowering the barrier to entry for investing in crypto, with a straightforward onboarding process that eases users into trading. At the same time, its interface makes navigating the platform and managing crypto a seamless experience.

Coinbase also features a comprehensive and accessible variety of learning materials. Users are encouraged to use these resources through the Coinbase Earn program, which teaches how to trade specific cryptocurrencies and rewards users with free crypto.

Lastly, the exchange’s security features are worth mentioning: Coinbase uses two-factor authentication on all versions of its platform, stores 98% of customers’ crypto offline, and has an insurance policy to protect custodial accounts of up to $250,000 (in line with per-depositor FDIC coverage limits). Such robust measures are why Coinbase is ultimately worth it, despite the higher fees.

Users who enjoy Coinbase but would like more advanced trading and charting features may want to look at the company’s other exchange platform, Coinbase Pro.

START INVESTINGBest for Low Fees: Binance.US

PROS

• Outstanding cybersecurity infrastructure 
• Low fees if your account is funded with cash transfers 
• Advanced trading charts and data graphs

CONS

• Credit card purchases currently unavailable 
• Some services are not available in select U.S. states

Why we chose it: We chose Binance.US as the best crypto exchange for low fees because it features one of the most generous fee structures across all the trading platforms we considered.

Binance is the world’s largest cryptocurrency exchange by trading volume, and its United States partner, Binance.US, offers many of the former’s advantages. One of its greatest assets is a competitive maker/taker fee structure that tops out at 0.1%. This fee starts low and keeps getting lower as your trading volume increases.

Binance.US also offers discounts for using Build and Build (BNB), one of the world’s most popular utility tokens, to buy and sell other coins.

The exchange features more than 150 cryptocurrencies, all of which are purchasable with USD, saving money in conversion fees for those who want to buy crypto directly. This variety of discounts and purchase options benefits advanced users who may also enjoy the platform’s comprehensive market dashboards, margin trading, and variety of order types, including limit orders, market orders, and stop limit orders.

Binance.US is not available in Hawaii, New York, Texas and Vermont.

START INVESTINGBest for Security: Crypto.com

PROS

• Outstanding cybersecurity infrastructure
• Low fees if your account is funded with cash transfers
• Large selection of crypto assets

CONS

• Expensive credit and debit purchases
• Some services are not available in the U.S.
• No crypto-to-crypto trading options

Why we chose it: We chose Crypto.com as the best crypto exchange for security because of its multiple layers of protection against crypto fraud and cyberattacks.

Most reputable crypto exchanges feature a solid cybersecurity infrastructure, but this is where Crypto.com really stands out. The exchange is ranked first in the Cybersecurity Ranking and CERtification Platform’s top 100 exchanges by cybersecurity rating.

Crypto.com employs various techniques to keep users’ cryptos secure on its trading platform, including offline cold storage for all crypto, a regulated custodian bank account for traditional currency, and regular software peer-review. It also uses multi-factor identification with a password, biometric, email, phone, and authenticator verification.

In addition, its platform has successfully completed several penetration tests, which are simulated cyberattacks performed to evaluate system security, and has shown proof of its funds over the years.

Security isn’t Crypto.com’s only attraction. The exchange offers the largest selection of currencies among all the companies on our list — over 250 coins.

Other noteworthy features are its non-custodial DeFi wallet — which allows users to send crypto at their preferred speed and earn interest on coins —, margin trading, prepaid visa cards to spend crypto, and crypto loans.

START INVESTING Best Decentralized Exchange: Bisq

PROS

• Supports trades with a broad selection of coins and traditional currencies
• Wide variety of payment methods
• Short verification process

CONS

• Mobile version only works for notifications
• Must trade with Bitcoin or BSQ only

Why we chose it: We chose Bisq as the best decentralized exchange because it follows the ethos of Bitcoin best by maintaining an open-source platform that is completely decentralized without limiting currency support.

Formerly known as Bitsquare, Bisq brings the clean, easy-to-use interface and vast coin support of centralized exchanges to a decentralized environment. The platform is built on open-source software, meaning its design is publicly available, and the project is funded by personal savings and donations from its community of users.

Bisq doesn’t need a third party to conduct cryptocurrency transactions, nor does it require users to submit personal information to trade on the platform. It’s an excellent alternative for Bitcoin fans looking for a wide variety of coins to trade with, including altcoins like Cardano, XRP, and Dogecoin. In fact, it’s not typical for decentralized exchanges to support so many digital assets — and fiat currency.

Additionally, the platform’s security features, such as multi-signature and a security deposit system, enhance the inherent safety and privacy of decentralized exchanges by ensuring that both parties act honestly and have complete control of their funds during the trading process.

Do comment on this article if you have additional platforms I didn’t mention.