More individuals, from retail traders, funds, venture capital, financial institutions to individual investors, are becoming interested in cryptocurrencies. Cryptocurrencies such as Bitcoin, Ethereum and Dogecoin must be purchased and sold via an account on crypto exchanges.
Platforms for exchanging one digital currency for another are known as crypto-trading platforms. Another possibility is the conversion of digital money into fiat cash. New trading cryptocurrency platforms have appeared on the cryptocurrency markets in the last few years. Despite this, not all crypto exchanges are the same.
There are a variety of cryptocurrency trading platforms available to assist users in understanding how it all works. All cryptocurrency users must research the crypto exchange sites that are out there. There are several types of platforms including decentralized exchanges, centralized exchanges, Crypto CFD brokers, and more.
Another kind of cryptocurrency trading platform is a direct trading platform. Peer-to-peer exchanges may be carried out on this platform. The buying and selling prices are totaled by comparing them to the orders placed by other users. Once the sums are equal, the deal is completed, which is why active users and crypto investors must evaluate the transaction fees charged by the trading platform.
The cheapest cryptocurrency trading platforms are:
1. Binance
2. Bybit
3. Pionex
4. PrimeXBT
5. Coinsmart
6. Fixed Float
7. ChangeNOW
8. Cash App
9. Bisq
10. Kraken
Top 10 Forex Brokers
Broker
Rating
Regulators
Min Deposit
Leverage
Sign Up Bonus
Spreads
Website
Top 10 Brokers
Broker
Deposit
Leverage
Website
1. Binance
Fees: Between 0.1% and 0.5% according to the payment method
Account Minimum: $10
On the Binance cryptocurrency exchange, retail traders can easily trade a wide range of cryptocurrencies with minimal costs and extensive features for experienced investors. However, consumers in the United States cannot utilize Binance; instead, they must use Binance.US, which has fewer features.
Many trading options are available via Binance’s desktop or mobile interface, including a broad range of market charts and hundreds of cryptocurrencies. Futures and options trading, as well as several order types, are all available to users.
Only 65+ cryptocurrencies are available to U.S. clients, limiting the number of choices and services that may be used by Americans. A complete learning platform, an NFT platform, and more are all available via Binance. The NFT market does not seem to be open to clients in the United States currently.
| Advantages | Disadvantages |
| There is a wide range of tradable coins offered | The platform is not available to all regions |
| The trading fees are very low | The Binance US site has only a few crypto pairs |
| High-speed trade execution speed is guaranteed | There are some regulatory issues and controversies associated with Binance |
| There are many ways to earn passive income through the platform | Not beginner-friendly |
| There are advanced tools offered | |
| There are flexible funding options offered | |
| There is both crypto-to-crypto and fiat-to-crypto trading offered |
2. Bybit
Fees: -0.025% to 0.075%
Account Minimum: $0
When it comes to trading in bitcoin derivatives, Bybit is the place to go. However, it is not accessible in the United States despite its high level of security and promise of no downtime. When it comes to spot and leverage crypto trading, there is no better platform than Bybit.
Non-U.S. cryptocurrency traders looking to leverage margin and other derivatives will find a home on this derivatives exchange. There are several great features on Bybit, but the most important one is the powerful charting and trading terminal.
Beginners who only want to buy, sell, exchange and trade cryptocurrencies may find the feature-rich site confusing. The Bybit platform was established in late 2020. Thus, there are just a few crypto assets that can be acquired on the spot exchange. However, users can expect to see more listings in the future.
Bybit has no Know Your Customer (KYC) requirements, which means that all users need to register a trading account is a valid mobile number or an email address. In addition, users can fund the account with cryptocurrency or utilize a third-party app to purchase Bitcoin using fiat (conventional) currency.
It provides up to 100x leverage on margin and futures trading. Bybit customers can leverage their Cryptocurrency positions 100 times (1:100) and other currencies up 50 times (1:50). Additionally, customers are also granted access to short-term loss insurance. Both the website and mobile cryptocurrency trading app feature advanced tools for experienced traders.
| Advantages | Disadvantages |
| Bybit offers maximum leverage up to 1:100 | The Financial Conduct Authority (FCA) has delisted the exchange |
| User funds are kept in cold wallets | There is no KYC verification |
| The user interface is intuitive | There are limitations on fiat-to-crypto conversions |
| There is a decent affiliate program and referral program | Crypto derivatives are risky and complex instruments |
| Advanced trading tools are supported by robust technology | The exchange is not ideal for spot markets or spot trading |
| Educational tools and material are provided | The exchange may share data with third parties for marketing purposes |
| There are a variety of markets offered | |
| There is an intuitive and responsive mobile app offered |
3. Pionex
Fees: 0.05%
Account Minimum: $0
This is the first trading platform in the world to provide free, built-in trading bots. It is one of Asia’s fastest-growing platforms, with daily trade volumes exceeding $30 million, this fully automated crypto trading environment.
The platform was established in 2019 and currently, the exchange serves over 100,000 customers with a staff complement of over 100 professionals. To ensure that the bots can match orders and operate 24 hours a day, liquidity engines from Binance and Huobi Global are used.
BitUniverse and ZhenFund and Gaorong Capital, two well-known Chinese venture capital companies, have both invested in Pionex. Different trading bots, such as spot futures arbitrage, trailing sale, smart trade, and other crypto trading bots, are included in the Pionex trading platform to build an efficient future crypto market. The program delivers nine automated trading bots for improved efficiency.
| Advantages | Disadvantages |
| Users have access to up to 12 free trading robots | Fiat deposits are not allowed |
| There are cheap trading fees across all transactions | There is no practice account offered |
| The mobile app is well-designed | |
| Accepts over 40 cryptos for funding the account | |
| The platform interface is customizable |
4. PrimeXBT
Fees: 0.05% for crypto, 0.01% for indices and commodities, 0.001% for forex major currencies
Account Minimum: 0.001 BTC
Since its launch in 2018, PrimeXBT has offered a wide variety of assets, including cryptocurrencies, foreign exchange, precious metals, and stock indexes. To utilize PrimeXBT, users can only buy and sell crypto CFDs, which means that they cannot buy, sell, or own the underlying asset.
Advanced traders are always on the lookout for more leverage, yet most platforms only provide extremely minimal leverage when trading cryptocurrencies. The 1:100 leverage offered by PrimeXBT sets it apart from the others.
PrimeXBT's leverage is one of its most important qualities. An explanation of leverage is also provided on the website for those who are unsure. PrimeXBT stands out for a variety of reasons, including the flexibility to go long or short and leverage of up to 1:100.
Using numerous displays is supported by a user-friendly interface, which can be configured to fit the trader’s objectives and specific needs. The trading platform is a top-notch choice since it is secure, dependable, and lightning-fast. Beginners can use it, but it also has the sophisticated features that expert traders want.
In addition to a variety of chart formats, sketching tools, and indicators, the charting tools allow users to trade directly from the chart. The trading cost with PrimeXBT is likewise quite inexpensive. There will be no unpleasant surprises when it comes to the commission rates, which are clear and reasonable. In addition, PrimeXBT has very low spreads on its currency.
| Advantages | Disadvantages |
| The platform is well-regulated and has a high trust score | There is no FIX API |
| There is a sophisticated and user-friendly trading platform | The platform does not accept the United States, Canada, and some other countries |
| There are several asset classes offered | |
| There are competitive trading conditions | |
| The account opening process is hassle-free | |
| The platform offers a trading bloc | |
| Customer support is available 24/7 |
5. Coinsmart
Fees: 0.2% to 0.4%
Account Minimum: $500
With the slogan “Make Cryptocurrency Less Cryptical,” the Coinsmart exchange is focused on making the Cryptoverse more accessible to those who regard it as both complicated and enticing at the same time.
Coinsmart is a Canadian digital currency exchange with headquarters in Toronto that joined the market in July 2018. Although Coinsmart is still young when compared to its competitors, it has built a good reputation for customer assistance and a wide range of bespoke tools and interfaces that make crypto trading easier for newcomers.
Users often feel confident using Coinsmart because of its high level of security. According to regulations, they must maintain a FINTRAC-registered Money Service Business (MSB) status to keep their license.
As a bonus, they are insured by a licensed Canadian financial institution. One of the fastest and most user-friendly crypto exchanges on the market, Coinsmart is also backed by bank-grade security and a wide range of fiat currency financing alternatives.
In addition, they provide more complex alternatives for more experienced and high-volume traders, too. This is a revolutionary regional platform allowing Canadian people to acquire XMR more easily since Coinsmart was the first to provide it in the country.
Because the number of supported cryptos has grown over time, the guarantee made by the Coinsmart platform ensures that they would continue to add additional currencies may be viewed as reasonable.
| Advantages | Disadvantages |
| Account verification is fast | Does not accept United States clients |
| The interface is user-friendly | A limited selection of digital assets are offered |
| The platform is well-regulated and backed by a bank | |
| Customer support is prompt and helpful | |
| There is a comprehensive referral program | |
| Offers instant crypto deposits | |
| There is tax assistance offered |
6. FixedFloat
Fees: Fixed fee of 1% + Network Fee or a Float rate of 0.5% + network fee
Account Minimum: $1
FixedFloat was founded in 2018 by a group of crypto fanatics with expertise in banking, web technology, and business who wanted to create a decentralized currency. The service is unique in that it is completely automated. For the first time, FixedFloat supports the Lightning Network.
FixedFloat is simple to use, even for those who are new to the cryptocurrency world. Using the service is risk-free as there is no need for consumers to create an account or save any money with the service. With each successive update, FixedFloat’s currency reserves grow.
Using FixedFloat, users can trade one virtual currency for another without revealing any personal information. No broker or custodian is involved in FixedFloat’s business model, and they do not retain user funds on their behalf.
Subsequently, the user’s anonymity and privacy are protected while transactions are completed quickly and securely. People who use the site need to input their digital wallet information and choose two coins to trade.
For a specified period, the fixed-rate determines the price of the cryptocurrency, ensuring that the price users see the price that they receive when the transaction is completed. Transactions in the mempool appear within 10 minutes, and the market rate has not moved by more than 1.2% before that point.
| Advantages | Disadvantages |
| There is no account registration or verification needed | The service is not available to United States clients |
| The platform offers fast and efficient service | There are currently only a few crypto coins supported |
| User privacy is guaranteed | Transaction costs are high, especially when there are times of heavy network congestion |
| The exchange has some of the fastest rates | The platform does not accept fiat currency |
| There is technical support offered 24/7 | |
| There is an updated blog offered with interesting articles on relevant topics | |
| The interface is user-friendly |
7. ChangeNOW
Fees: 0.5% to 4%, depending on whether classic rate or fixed rate is selected
Account Minimum: $10
Cryptocurrency trading platform ChangeNOW was created in 2017. People can use it to trade and exchange their coins quickly and easily. Users of ChangeNOW are not limited in the number of swaps they may make. Because it offers non-custodial services, the digital assets of members are not stored, ensuring the privacy of such data.
ChangeNOW is a non-custodial, no-registration cryptocurrency exchange that lets users trade over 200 different cryptocurrencies. Most cryptocurrencies are supported by ChangeNOW, which also allows for credit card and debit card purchases.
Any cryptocurrency trading pair that can be conceived can be exchanged using ChangeNOW’s frictionless, reliable method of transferring currencies. For experienced traders who wish to exchange positions in real-time in response to market movements but have a large portfolio and study the market attentively, this is the ideal option. It is a must-have because of its low costs and large market share.
The ChangeNOW digital wallet is non-custodial and does not gather any personal information. Because client funds are kept on the user’s smartphone, they can be certain that it is completely private and secure.
Users’ digital assets are not stored by ChangeNOW. Non-custodial exchanges allow customers’ money to remain in external crypto wallets rather than in an exchange user account. Subsequently, dependability and security are at an all-time high.
| Advantages | Disadvantages |
| Account registration is not needed to exchange digital assets | Larger trading volumes attract higher fees |
| The web-based platform is user-friendly and easy to navigate for beginner traders | There is an additional fee on credit card purchases |
| The trade execution is fast and reliable | Crypto-to-fiat exchange is not allowed |
| There is a wide range of crypto coins supported | |
| The exchange is non-custodial | |
| There is decent customer service offered |
8. Cash App
Fees: 1.75%
Account Minimum: $1
Cash App began as an app-based money transfer service, like Venmo. Instead of only moving money (and crypto), it has grown into a platform that provides a wide range of financial services. In 2013, Square, Inc. released the Cash Program, a peer-to-peer payment app.
There are iOS and Android versions of the software, which is quite popular. In only one month in June, over 30 million users used the Cash App, and it now holds the top spot in the App Store’s banking category.
Despite the app’s limited Bitcoin integration, users may purchase and sell bitcoin in a matter of seconds using Cash App. Cash App and the underlying cryptocurrency network are both accessible to users. The ability to deposit and withdraw bitcoin straight from the Bitcoin network is one of the unique features of Cash App’s bitcoin integration.
This implies that customers may buy some bitcoin using the Cash App and then withdraw that bitcoin to their wallet program, gaining complete control of their crypto holdings. When users are ready to sell a digital asset, they can put those coins back into their Cash App account.
| Advantages | Disadvantages |
| Jack Dorsey and Square are some of the largest proponents of Bitcoin | This is not an ideal option for alternative coins as Bitcoin is the only crypto supported |
| The app is simple and user-friendly | The Bitcoin fee structure is high |
| Users can trade individual stocks through the app | Cash App is currently only available in the United States and the United Kingdom |
| Users can get a debit card | |
| Deposits can be received in a single account | |
| Instant deposits are offered |
9. Bisq
Fees: 0.001 BTC to 0.007 BTC
Account Minimum: $0
Decentralized crypto exchange Bisq, formerly known as Bitsquare, has servers spread throughout the world. The fact that Bisq is not based in a single nation or city is one of its many benefits. Blockchain-based cryptocurrency exchange Bisq is a simple and safe way for consumers to purchase and trade digital money.
Peer-to-peer transactions do not need the assistance of a third party. To use Bisq on Windows, Mac, or Linux, users can download the platform from the Bisq website or Github. There is no single point of failure and in addition, while most other exchanges do not allow peers to trade directly with one, Bisq offers this option.
Everything is open-source, which means it is completely accessible to everyone. Users can either buy or sell Bitcoin along with several other popular cryptocurrencies, with the option of exchanging crypto for major national currencies.
Bisq does not demand that users provide any private information, unlike centralized crypto exchanges that have certain identity verification procedures. The picture ID verification process will not take long, and users are unlikely to struggle in funding their accounts quickly to start trading.
Because buyers pay the seller directly, there is no chance that funds could get lost in the system. To prevent fraud, there are limits on how much users can trade in the first two months, after which some limits will apply.
Additionally, Bisq’s mechanism allows anybody to trade from any location in the world. Exchanges in other nations or regions are restricted. Bisq is open to anybody with a computer and an Internet connection.
| Advantages | Disadvantages |
| The exchange is a decentralized exchange | Decentralization is not a benefit for all investors or traders |
| There is a selection of funding options offered | The application is too generic |
| There is instant account approval | There is a lot of potential for fraud |
| There are no geographic restrictions | |
| The exchange provides users control of their trading activity and their funds | |
| There is robust security in place |
10. Kraken
Fees: 0.9% to 2%
Account Minimum: $0
Coins like Bitcoin and Ethereum can be traded on the Kraken cryptocurrency exchange. There are more than 110 cryptocurrencies supported by Kraken, which is one of the oldest Bitcoin exchanges. Spot trading at current market prices, as well as cryptocurrency futures, are both supported by this platform.
If the user is either a cryptocurrency investor or trader searching for inexpensive trading costs and a large selection of currencies, Kraken is an excellent option. Kraken claims that 95% of all deposits are maintained in an offline, air-gapped, geographically dispersed cold storage, offering the highest level of protection for customers’ funds.
According to the user’s cryptocurrencies and trading expertise, Kraken or Kraken Pro could be the better choice for users.
Beginners and specialists alike will find a platform that suits their needs. Using a computer browser or a mobile device, users can easily access Kraken Pro. Crypto and trade novices may find the interface daunting, and it is worth learning to navigate the platform.
Active charts and open orders can be viewed in greater detail on Kraken Pro, and they can also be used by anyone who has an active Kraken account.
| Advantages | Disadvantages |
| The exchange offers sophisticated mobile trading platforms | The fees are higher with the conventional platform as opposed to Kraken Pro |
| There is 24/7 dedicated customer service | There have been hacks reported |
| There is a wide selection of educational material | |
| There is a wide range of crypto assets that are supported | |
| The user interface is simple to use and navigate | |
| The exchange is highly liquid | |
| The option for Kraken Pro is offered to advanced traders |
Which crypto exchange has the lowest fees?
Binance is the exchange with the lowest fees. It is often considered the “Amazon” of crypto because it offers a large range of coins that can be bought or sold. In addition, Binance also offers several other services and products that make it the best overall platform.
Is there a commission-free crypto trading platform?
Yes, eToro is a social trading platform and a broker that offers commission-free CFD cryptocurrency trading. With eToro, however, traders cannot buy or sell cryptocurrencies. They can only speculate on the price movement of the underlying asset.
Are there exchanges that offer free trading?
No, there are no trading platforms that offer free trading as these fees are the way that exchanges make their money. To buy, sell, exchange, and trade, users will be subject to a type of fee on the platform.
What is the best crypto trading platform?
The best overall crypto trading platform is Coinbase. While Binance is the largest according to trading volume, the exchange has faced several regulatory issues in the past, while Coinbase has a clean record thus far.
There have been many scams in the bitcoin business, but Coinbase has remained unscathed. Coinbase is a user-friendly cryptocurrency exchange that makes it much easier for newcomers to get started investing in cryptocurrencies.
Coinbase provides short-term and long-term investors and traders with protected custodial wallets. The Federal Deposit Insurance Corporation (FDIC)-insured bank accounts where the user’s money is held are crucial since consumers have reported their accounts being hacked and their assets being stolen.
The custodial accounts of Coinbase offer many advantages. The principle behind custodial accounts revolves around Coinbase holding users’ private keys and not the users. While this is something that users may not prefer, there are advantages such as added security, especially considering that Coinbase offers robust security measures and features.
The exchange also offers the use of the Coinbase Pro edition, which comes for the same price but has a slew of additional charts and indicators.
If traders have already mastered the basics of using Coinbase, then they can move onto the next level with Coinbase Pro, which adds more complex capabilities to the platform. This helps professional traders make improved trading decisions and add a competitive edge to their overall trading.
