Do you want to get involved in active cryptocurrency trading? Then you need to know which cryptocurrency exchanges are the best ones. To help you make a decision, we have compiled a top-7 of the biggest crypto exchange platforms.
Note that it includes both the most popular and largest (in terms of daily trade turnover) platforms that are accessible to users from the vast majority of countries. There’s a large variety of huge Asian exchanges, but most of them are available for locals only.
A Few Words About Crypto Exchanges in 2019
Even the largest cryptocurrency exchanges are not 100% protected from hacking, and for small sites, the risks increase significantly. Neither the latest methods of protection nor the advice to users to be vigilant and careful can protect them – hackers find out new ways to steal their crypto.
What were the most high-profile hacker attacks on cryptocurrency exchanges in recent times?
In January 2019, ETH and ERC-20 standard tokens worth about $ 16 million were stolen. The attack on the Cryptopia exchange actually led to the collapse of the company. Hackers entered the site in January 2019.
How exactly the scammers stole tokens remains unknown. The representatives of Cryptopia, which did not name the exact amount of damage, said that the loss equalled to 9.4% of the stored funds.
According to the calculations of the analytical company Elementus, we are talking about a loss of ~$16 million in ETH and ERC-20 tokens.
In May, the company announced that it closes, and its creator Adam Clark announced his intention to launch another cryptocurrency exchange. The entrepreneur’s plans look strange, because the bankrupt Cryptopia owed creditors more than $2.7 mln.
In the end of May – beginning of June 2019, hackers stole XRP worth almost $ 10 mln at the time of the attack.
The hacker attack on Gatehub service can be called the largest in recent years. Starting from May 30, attackers cracked about 90 user wallets and withdrew 23.2 million XRPs. Moreover, 13 million of XRP was transferred to other crypto-exchanges and services that allow mixing transactions.
An internal investigation into the incident is ongoing. According to Gatehub, the investigation team and professional forensic experts in the field of IT work around the clock.
In May 2019, BTC worth $ 40.5 mln was stolen in Binance, the exchange that positions itself as one of the largest and most reliable crypto sites in the world. However, the exchange has repeatedly been subjected to hacker attacks, and in May of this year, Binance hackers stole more than 7,000 Bitcoins.
The company explained how the attackers acted: they took advantage of the Binance security breach and gained access to user data, including two-factor authentication codes and API keys.
Changpeng Zhao, the head of the cryptocurrency exchange, reacted emotionally to the incident, calling the loss of 7,000 BTC “an expensive lesson.” The opinions of users are divided. Some of the Internet users suspect Binance of foul play.
Cryptocurrency Exchanges Comparison
Let’s observe the most popular and largest crypto exchanges in the world.
24h Trading Volume: $1 114 072 861
Supported Assets: ERC-20 tokens, OMNI, EOS +120 cryptocurrencies
Bilaxy is a relatively new but the largest crypto exchanges by volume. The project was founded at the end of 2017 and is registered on Seychelles. The mission of the BiLaxy trading platform is to provide reliable and high-quality services for the global trading of digital assets worldwide.
The main cryptocurrency on which the trading on the BiLaxy exchange is built is Ethereum. The platform also supports Ethereum ERC20, OmiLayer, EOS tokens, as well as other transactions based on its own currency. BIA is a standard ERC20-based token implemented by the Bilaxy platform.
Bilaxy supports only English and Chinese languages but has an intuitive interface. Users value it for flexibility, optimal fees, and decent customer support.
24h Trading Volume: $867 677 933
Supported Assets: BTC, ETH, BCH, LTC, ETH, ZRX, BAT
Fees: 0.1% for makers and takers
Is Fiat Accepted: USD, EUR, GBP
Binance is a relatively new exchange that started operating in 2017, and during this time it has gained great popularity among users. Binance is one of the Top-10 exchanges in daily trading volume. The headquarters of the Binance exchange is located in Hong Kong, which ensures higher reliability than the jurisdiction of other exchanges.
Binance stands out from the competition thanks to low trading fees on the platform (0.1%) and fast transaction processing. Binance technology allows the exchange to process up to 1.4 million orders per second. The cryptocurrency exchange website supports English, Chinese, Japanese, Korean, Spanish and French languages. The interface is quite convenient and multifunctional.
The exchange has received support from major companies, such as Nomura, Accenture, Morgan Stanley, and SBI Group. As part of the ICO, several large investors from China and other countries also joined the financing of the project. The general director of the company announced his intention to strictly comply with the requirements of legislative regulation.
Advantages of the Binance exchange:
Exchange No. 1 in the world in terms of the trading volume;
The fastest-growing Chinese exchange with its own cryptocurrency (BNB)
Traders Are Attracted By Low Commissions (0.1%);
The Exchange Processes Up To 1.4 Million Orders Per Second;
The Platform Supports The Most Popular Cryptocurrencies And Makes It Possible To Create Wallet for each of them.
24h Trading Volume: $631 417 195
Supported Assets: BTC, LTC, ETH, BCH, XRP, DASH, EOS, TRX, ZEC, and 90 other coins
Fees: 0.2 % (descending fee)
Is Fiat Accepted: No
Huobi is a cryptocurrency exchange founded in 2013, which today is an expert trading platform for professional traders. Initially, Huobi was available only in China, but in 2017-2018 the platform rapidly entered the global market. According to the statistics of the resource CoinMarketCap, it is in the TOP 10 exchanges in terms of the trading volume. Its daily trading volume exceeds $ 1,000,000,000. The most popular token is NT, issued by the exchange itself to finance its activities.
Crypto exchange is known for its high data security, so special attention should be paid to registering and verifying your account.
3rd place in the world ranking of cryptocurrency exchanges in terms of total trading volume, which is more than $ 518 billion in 24 hours (according to CoinMarketCap);
Reliability: 5 years of experience in the field of financial services of digital assets;
Demand: the total volume of user assets on the platform exceeds $ 10 billion;
Exceptional security: the platform uses a specialized distributed system of protection against hacker attacks, and 98% of user funds are stored offline on “cold” multi-signature wallets;
The platform is constantly expanding global blockchain ecosystem: it runs service centers around the world;
A user-friendly interface with support for 13 languages;
Huobi cashback privileges: invite your friends and get 30% of their commissions.
24h Trading Volume: $588 755 662
Supported Assets: Bitcoin, Ethereum, Litecoin + 500 pairs for trading
Is Fiat Accepted: Chinese Yuan
OKEx is a Hong Kong exchange that was founded on June 15, 2015. This is a multi-currency platform for trading digital tokens. Today, the project is in high demand among the audience of China and around the world. Many great specialists from China, Japan, and South Korea are working on developing its excellent service.
At the moment, it supports 3 languages including English and Chinese. Over 500 pairs are available for trading, the total volume of transactions on which reaches 160,000 BTC per day. It is worth noting that the Okex exchange is not just a trading platform, but also a wallet for storing tokens. And professional traders can work on it using the built-in API.
24h Trading Volume: $101 415 354
Supported Assets: BTC, ETH, BCH, LTC, ETH, ZRX, BAT
Fees: 0.25% for takers, 0.15% for makers
Is Fiat Accepted: Only for UK, Europe, and the U.S.customers, while users from Canada, Singapore, and Australia don’t have access to fiat
Coinbase Pro is not only an exchange, but also a cryptocurrency wallet. It attracts major players and should certainly be included in the list of the largest crypto exchange websites. Coinbase supports four major cryptocurrencies: Ether, Bitcoin, Bitcoin Cash, and Litecoin. There is a referral system, a mobile application, and deposit insurance.
Main advantages of Coinbase include:
The number of customers exceeds 10 million;
Clients from 32 countries are officially supported;
In the spring of 2017, the creation of the Token messenger was announced. By analogy with WeChat, it allows for digital payments;
Applications for the purchase of cryptocurrencies are executed very quickly.
Coinbase directly buys and sells cryptocurrency from users. No need to use intermediaries.
Fees: Maker fee – from 0% to 0.16%, taker fee – from 0.10% to 0.26%.
Is Fiat Accepted: USD, EUR, JPY, CAD, GBP
An organization from San Francisco, Kraken definitely deserves being included in the rating of the largest cryptocurrency exchanges. This is a fairly popular online platform that has many positive reviews from traders from different countries. Despite the fact that the domain was registered in 2000, the company began operating on July 28, 2011.
The commission for traders is 0.2% and gets lower with increasing trading volumes. In terms of daily trading volume, Kraken is one of the biggest cryptocurrency exchange websites. The platform supports only a few languages: English and Japanese. The lack of multilingual support does not prevent users from all over the world from bidding on the Kraken platform.
One of the biggest crypto exchange platforms, Poloniex allows you to buy or sell all the popular pairs. It started working in 2014 and quickly became one of the top platforms in terms of the daily trading volume. There is a huge number of registered users: more than 45 thousand active miners from around the world.
This platform attracts traders due to a large number of pairs. Despite a huge number of users, online chat can quickly solve the problem. However, there are minor flaws. First, this cryptocurrency exchange supports only English. Despite this, due to the intuitive interface and built-in translator in the browser, even beginners can quickly get used to the Poloniex site and take advantage of all its features.
Secondly, due to the high popularity on this site, there are hackers who use phishing techniques to steal wallet data. Be careful, especially when reading letters in the mail: do not click suspicious links.
Main advantages of Poloniex include:
The largest financial turnover (about $ 347 million / day);
Reliability and the highest level of security;
A large number of trading pairs (more than 100 pairs for exchange);
Convenient tools for trading and analysis and low commissions (from 0 to 0.25%).
There is a myriad of cryptocurrency exchanges, and the choice should depend on a variety of factors starting from security issues and finishing by fees and available trading pairs. Hopefully, our cryptocurrency exchange comparison has helped you to make an informed decision and select the most suitable exchange platform in terms of supported cryptocurrency pairs and fees.
All in all, the trading volume is only an indirect indicator of exchange’s success and reliability. Before you make the final choice, take into consideration such aspects as:
Rating and reputation. The better reviews about the exchange on popular crypto forums, such as bitcointalk or Reddit, the better you will sleep at night knowing that your assets are safe and secure.
Commission rates. It varies depending on the exchange, but an average fee is around 0.2%. Recently, exchanges do not establish a constant value of commissions, but make it dynamic: % of commission decreases with increasing trading volume.
The number of trading pairs. The larger the choice of currency pairs offered on the exchange, the more tools for earning you have.
User verification requirements. Some exchanges set a tight framework and severely limit the ability to trade, others are more loyal to unverified users, but set a limit for daily trading volumes. There are also exchanges on which there is no mandatory verification of identity, which allows users to remain completely anonymous.
Convenient user interface. The more tools on the exchange for analysis and statistics and the more comfortable to use them, the more quickly and efficiently the trading process will go through. It is also important to have statistics on operations and tools for technical and graphical analysis, allowing you to correctly assess the market situation.
The location of the trading exchange. Some sites operating in the territory of one state may be closed to users from other countries. For example, Japanese and South Korean exchanges are very attractive for cryptocurrency transactions, but accessible only to residents of these countries.