Top 5 centralized cryptocurrency exchanges
If you still decide to use Western exchanges, we made a selection based on CoinMarketCap, the most cited site in the world for tracking crypto prices. The same data was used to compile their rating of exchanges, in particular, in the American Forbes.
The absolute leader both in terms of rating, which is 9.9 out of 10, and in terms of transaction volume ($16.6 billion per day). At the time of writing, 392 coins are being traded on the exchange, although the site states that Binance supports over 600 cryptocurrencies. The crypto exchange also works with 46 fiat currencies.
They start from 0.1% – they decrease with a high trading volume. You can also make this number lower if you pay commissions in BNB, the site’s internal cryptocurrency.
The commission for withdrawing rubles is 0% on Advcash and 1% on Payeer. Withdrawal of dollars: from 0 through Signet Bank to 15 dollars for Swift transfer.
Cryptocurrency exchange OKX opened in Hong Kong in 2014 under the name OKEx. It is included in the same group as one of the oldest platforms on the OkCoin market. In 2018, the platform officially moved to Malta.
More than 485 trading instruments are presented on OKX for market players, as well as about 30 fiat currencies. At the same time, the platform offers trading not only in cryptocurrencies, but also in futures for bitcoin, ether, litecoin, XRP and some other virtual assets.
One of the first crypto trading platforms, Coinbase was founded back in 2012. She is still in the top with a rating of 8.2 from CoinMarketCap. But gradually the site is losing popularity. The daily trading volume there is already less than on the new FTX exchange – $ 2.2 billion. Coinbase also loses in terms of the number of coins traded – there are only 175 of them.
There are only three fiat currencies – euros, dollars and pounds sterling.
Huge, in comparison with competitors, commissions. Both makers and takers can pay for a transaction from 1.99% – this is provided that the transaction amount is more than $200. When trading with lower amounts, the commission will be fixed and can reach up to 15%.
With a bank transfer, there is no commission, but when withdrawing to a card, you will have to pay 2%.
This exchange, like Coinbase, has been on the market for a long time – since 2011. And it continues to hold top positions with a rating of 7.8 from CoinMarketCap. True, compared to other leaders, the turnover on this site looks rather modest – $ 800 million per day. The exchange trades 170 coins and seven fiat currencies.
Among the advantages of the site, the American Forbes also notes its reliability: Kraken consistently receives high ratings in cybersecurity ratings.
The fees here are higher than on Binance and FTX, but quite reasonable: 0.16% for makers and 0.26% for takers.
Depending on the method of transfer – from 4 to 35 dollars and from 5 to 35 euros. Operates all over the world.
This exchange will be of interest to those who hunt for rare cryptocurrencies: as many as 700 different coins are traded here! The site also supports 48 fiat currencies. The exchange with a rating of 7.5 has a daily turnover comparable to FTX and Coinbase – $ 2 billion.
In addition to the variety of coins, KuCoin also attracts with low commissions: 0.1% for both makers and takers. And this amount can be reduced by another 20% by paying the commission with the site’s internal crypto — KCS.
Withdrawal of fiat money on the site is not yet available. This restriction can be circumvented by purchasing USDT, transferring this cryptocurrency to your wallet on another exchange, and withdrawing from there. The commission will be 10 USDT. You can also send crypto to your wallet and exchange it for fiat in the exchanger.
Top 5 Decentralized Cryptocurrency Exchanges
Evaluating decentralized exchanges is much more difficult than centralized ones, precisely because of their design. But they still made a rating on CoinMarketCap – it is based on trading volumes and the share of the site in the DeFi (Decentralized Finance, decentralized finance) market.
This is the third version of the popular cryptocurrency exchange based on the Ethereum blockchain network. Accordingly, here you can buy and sell ETH, DAI, USDC, USDT, as well as hundreds of coins from the Ethereum network. In total, 420 coins are traded on the exchange. The daily turnover is approaching that of the top CEXs — $1.4 billion.
The developers figured out how to sell and buy bitcoins – more precisely, their counterparts – in ETH networks. For this, the Wrapped BTC (WBTC) coin was created, the cost of which is equal to one bitcoin. You can also trade WBTC on Uniswap.
The commission for currency exchange on this exchange depends on a specific pair of assets – it varies from 0.05% to 1%. But you can earn the same amount from commissions if you provide your funds to the liquidity pool. This is such a “common pot”, where, under a smart contract, cryptocurrencies are transferred in pairs, in a set ratio – this allows you to maintain the possibility of trading.
This exchange is a few steps ahead of other DEXs. In appearance, functions and a set of coins, it resembles centralized platforms. We mentioned that usually coins of one network are traded on decentralized exchanges – but there are bitcoins, and ether, and cryptocurrencies of other blockchain networks. You can trade with leverage (more on this below) and view detailed trading analytics.
The difference from CEX is that all transactions are controlled by smart contracts. The difference from many DEXs is that money is not exchanged directly from wallet to wallet, they still go through a deposit on the site, as on centralized sites. But this deposit remains yours, it does not go under the control of any company – you simply transfer it to the exchange under a smart contract to maintain a liquidity pool. For the use of your money, you will receive a percentage of remuneration.
The dYdX exchange is perhaps not for beginners. Even if you already have a crypto wallet, just changing one coin for another on this site is not so easy. The interface is complex, not intuitive. But for advanced users who want to trade on the stock exchange to earn money, dYdX provides many opportunities.
During the day, a large volume of trading takes place on the exchange – about $ 800 million.
Commissions on the exchange are low – from 0.02% or less.
This exchange operates on the basis of the BNB network – coins created on the basis of Binance protocols are traded there. In essence, the BNB network standard – BEP20 – is just a checklist of properties that coins must meet in order to be compatible with this protocol. Therefore, PancakeSwap supports as many as 4442 coins, including both Ethereum and the Bitcoin variation – Binance Bitcoin (BTCB). The trading volume is $600 million per day.
On this exchange, the user pays a 0.25% commission for exchanging crypto. Of it, 0.17% is received by the one who provided this pair of currencies to the liquidity pool. So you can significantly reduce your trading costs if you simultaneously become a liquidity donor.
There are other interesting ways to make money on PancakeSwap. You can mine local cryptocurrency, CAKE, participate in the lottery and sell your NFTs.
4. Kine Protocol
This exchange was created for trading derivative financial instruments based on cryptocurrencies. This is a cross-platform platform – it works with both ETH and BNB networks. The exchange offers an endless pool of liquidity and large trading leverage. $250 million passes through the exchange every day.
The commissions on the site depend on the traded coin: from 0.1% to 0.8%.
5. ApolloX DEX
This is the world’s first hybrid exchange where you can choose how to trade crypto – centrally or not. At any time, you can change the interface from DEX to CEX and vice versa – the switch is located in the upper left corner of the page.
True, for now, you can only buy bitcoin or ApolloX’s internal currency, APX, on the exchange while in the BNB network. This is because spot trading – the direct buying and selling of cryptocurrencies – was launched quite recently. But with derivative financial instruments, everything is much better: they are traded in dozens of pairs in both BNB and ETH networks.
ApolloX also offers a solution for those who need to enter the crypto market. If you remember, we noted among the disadvantages of DEX that you cannot enter them with fiat currency – you must already have a crypt in your wallet.
The most archaic way to buy cryptocurrency is through exchangers. They are arranged like the usual currency exchange: fixed rate, fast exchange.
The easiest way to buy cryptocurrency for fiat money without leaving your home is through centralized exchanges.
If anonymity is important to you, you are going to exchange cryptocurrencies in one blockchain network and you love the thrill – you are on a decentralized exchange.