This is an update of our previous top crypto exchanges article for 2020. A lot has changed since then and here’s what to look for in 2022
Cryptocurrency has been skyrocketing in popularity over the past year, let alone decade, and after hearing all the hype, you may have been considering cryptocurrency trading as well.
The easiest way to start is through a cryptocurrency exchange, and in this article we list what we consider to be the top cryptocurrency exchanges in 2022 with the beginner user in mind. For this article, exchanges which we at Team Boxmining use frequently are listed in Tier 1, exchanges we occasionally use are listed in Tier 1, down to those which we seldom or do not use at all are listed in Tiers 3 and 4 respectively. However, this is only based on our personal preference only. Potential users should also always check if the exchange is supported in their country as there are geographical restrictions.
Tier 1 Exchanges
Built by Alameda Research, FTX Exchange is a leveraged cryptocurrency trading platform that offers derivatives trading. Despite only being founded in 2019 – making it one of the newer cryptocurrency exchange platforms in this list – FTX Exchange offers unique products such as indice trading, which allows traders exposure to multiple tokens in a single contract.
The fact that Alameda Research consists of professional traders means that FTX Exchange lives up to their claim of being built by traders, for traders. Their competitive trading rates and discounts for specific users, combined with their easy to use interface make it a strong player in the world of cryptocurrency exchange.
With lots of features such as (depending on the country) leveraged trading, prediction markets and more, FTX is one of our most frequently used exchanges, especially as we can enjoy fee discounts simply by holding $100 worth of FTT and 0 maker fees by staking 25 FTT.
Check out FTX Exchange Guide for a full review and tutorial on how to use FTX Exchange.
Founded in 2017, Binance allows you to buy, sell, and trade cryptocurrency with low fees. You also have the option to earn interest on your cryptocurrencies by staking them for a period of time to earn an interest rate of between 0.5%-10%.
Tokens can be purchased on Binance through a variety of ways: PayPal, bank transfer, credit card, and debit card. As for security measures, Binance not only has an asset fund as insurance in case of misappropriated user funds, but also provides two-factor authentication.
At the time of writing Binance supports more than 100+ cryptocurrencies and is available in 180 countries around the world, making it a beginner-friendly avenue to get started with trading cryptocurrency. In fact, Binance has become so popular as a cryptocurrency exchange that the mere news of new coins being listed can cause their prices to skyrocket.
Binance is Team Boxmining’s second most frequently used exchange. Binance is easy to use, their team is always quick to respond if there are any issues with the exchange, and pioneered of many of the special features we come to expect today such as Initial Exchange Offerings (IEOs).
Check out Binance Exchange Review 2021: Best Crypto Exchange? For a detailed look at what Binance has to offer.
One of the more established cryptocurrency exchanges, Kraken was founded in 2011 then relaunched in 2013. Kraken has a wide variety of cryptocurrencies available for trade, and currently supports over 200 traders globally.
Kraken also offers margin trading and futures trading. With its margin accounts, you can borrow up to five times your account balance to trade crypto assets. Futures trading — contracts which allow you to buy or sell an asset at a set price on an upcoming date — is available for Bitcoin, Ethereum, Litecoin, Bitcoin Cash, and Ripple.
The exchange also offers its own futures trading platforms. But institutional clients can take advantage of expert insights, one-on-one consultations, account management support, and more.
Kraken is hugely popular amongst European cryptocurrency enthusiasts due to its range of features.
Tier 2 Exchanges
KuCoin is a relatively new cryptocurrency exchange that has quickly developed a fervent fan base thanks to its intuitive design and high level of security. The exchange is highly regarded for its large number of different cryptocurrencies pairs, which means users can purchase a wide variety of cryptos.
On the downside, Kucoin is a crypto-only exchange, which means you will need another exchange if you’re looking to purchase coins with fiat currency such as HKD, USD or CAD. That means that Kucoin is not a great option for anyone just getting started with cryptocurrency, but if you are an experienced trader then KuCoin is a great way to diversify your cryptocurrency portfolio.
Established in 2007, eToro was originally a social trading exchange that launched its cryptocurrency platform in 2018. It has since grown to a user base of over 17 million users worldwide.
The main factor to note about eToro is that it is extremely simple to use, which can be both positive and negative. eToro currently only offers the 6 major cryptocurrencies: Bitcoin, Bitcoin Cash, Etherium, Litecoin, XRP, and XLM. This means that the platform is perfect for those looking to trade in only the biggest cryptos using a simple interface.
In addition, the only fiat that this exchange deposits in is USD, which works out great if you are a US-based trader but not so much if you’re interested in dealing with other currencies.
Whilst we at Team Boxmining do not use eToro, our friends who only occasionally trade cryptocurrencies are big fans due to its simplicity. However, the downside is the lack of supported cryptocurrencies, features and trading discounts.
Tier 3 Exchanges
OceanEX was launched in 2018 by BitOcean Global, a fully registered and licensed Japanese trading platform. BitOcean Global consists of core members with past experience from Morgan Stanley, BNP Paribas, and Deloitte.
With a variety of features to improve user and trading safety, OceanEX is the trading hub of the VeChainThor Ecosystem. The main advantages promoted by OceanEX are its AI security, tailor-made services, lightning fast trading, and global support. However, the platform lacks liquidity which makes buying and selling coins difficult.
Coinbase was launched in 2012 and currently has over 30 million users spanning 103 countries. While Coinbase may not offer a wide variety of cryptocurrencies, the San Francisco-based exchange platform is still a top favourite among many investors due to their highly secure and easy to use platforms.
Coinbase’s popularity stems from the fact that their platform has one of the the fastest and easiest cryptocurrency buying processes, which along with their claim to have never been hacked, makes them an ideal choice for beginners who are looking to get started with cryptocurrency investment.
It should be noted at this point in time that Coinbase has suffered a serious hacking incident in August 2021 in which users lost thousands of dollars. However, most US citizens still use Coinbase as it is one of the few exchanges available to them.
However, Coinbase’s fees can add up, hence we have prepared our popular guide- Coinbase Fees: How to Avoid Them.
Coincheck is a Japanese-based cryptocurrency exchange founded in 2012 that also functions as a Bitcoin wallet. The platform is simple and user-friendly and boasts competitive fees, along with features such as cashback for paying utility bills. However, the coins available for trade are limited, and the majority of the additional features are available in Japan only.
Tier 4 Exchanges
Launched in 2014, Bisq is a decentralised exchange with servers distributed worldwide and offers a large variety of cryptocurrencies and fiats for trading.
However, unlike other exchanges Bisq does not require verification of user accounts, which raises the question of trader safety.
Designed for the more experienced trader interested in dealing with altcoins, HitBTC was founded in 2013 and based in Chile.
Main concerns surrounding HitBTC are the lack of transparency and clear KYC (Know Your Customer) processes, which raises red flags about the security of the platform. In addition, users have reported that support is slow, with resolutions of issues taking up to several weeks.
Of course, this list is meant to be a guide when selecting the best cryptocurrency exchange for your individual needs, and conducting thorough research and background checks will go a long way in protecting your digital wealth. Be sure to spend some time when choosing your own exchange, and you can enjoy the peace of mind knowing that your coins are in the right hands.
In addition, exchange fees are usually a huge factor in choosing which exchange to use. Hence we have compiled our ESSENTIAL guide on How to Save Money on Crypto Exchange Fees.