Best Crypto Exchanges for Beginners in 2023 – Compare Crypto Trading Platforms

Crypto exchanges enable investors to buy, sell, and trade digital assets like Bitcoin and Dogecoin. Many factors should be considered when selecting an exchange, such as regulation, supported cryptocurrencies, and fees.

Read on to discover the best crypto exchanges in 2023. We review the top 10 crypto trading platforms for the most important metrics, allowing traders to make informed decisions.

The 10 Best Cryptocurrency Exchanges

Listed below are the 10 best crypto exchanges in the market right now:

  1. MEXC – Overall Best Crypto Exchange in 2023
  2. OKX – Leading Crypto Exchange With Low Fees and Passive Income Services
  3. Binance – Largest Crypto Exchange for Daily Trading Volume
  4. Coinbase – Safe Crypto Exchange With Top Security Features
  5. eToro – Best Crypto Exchange for Beginners
  6. Kraken – Trade Crypto With Leverage of up to 5x
  7. Robinhood – Buy and Sell Crypto From Just $1
  8. Webull – Regulated Crypto Exchange With 0% Commission Trading
  9. – Instantly Buy Crypto With ACH on a Fee-Free Basis
  10. Bitstamp – Top Crypto Exchange for Casual Investors

Reviewing the Top Bitcoin Exchanges

Below we review the 10 best crypto exchanges in 2023. Each exchange comes with its own pros and cons, so investors will need to consider their top priorities before making a decision.

1. MEXC – Overall Best Crypto Exchange in 2023

MEXC was founded in 2018 and is available in over 170 countries, servicing 10+ million users. It is a feature rich exchange developed by experts from the banking industry and supports 1.4 million transactions per second to offer traders unrivaled efficiency and performance.

In terms of cryptocurrency trading, MEXC is the best crypto exchange, supporting over 1600 coins and offering spot trading with 0% fees, alongside, margin trading and futures trading with up to 200x leverage and maker and taker fees of 0.00% and 0.02% respectively. MEXC features 1:1 proof-of-reserve for all users’ personal assets in Spot, Fiat, and Futures wallets, as well as users’ crypto holdings of ETH, BTC, USDT, and USDC.

MEXC Homepage

MEXC offers traders multiple advanced features, including advanced charting tools, featuring indicators and drawing tools, alongside an order book view. MEXC also offers features for those just starting their trading journey, including a copy trading feature, allowing traders to automatically mirror the activity of successful traders‚ and a savings features, which allows them to lock a variety of coins to earn varying APRs.

On the MEXC platform, users can buy cryptos and make deposits using a debit/credit card or via bank transfer, from other using a peer-to-peer trading feature, and can use Apple Pay and Google Pay to purchase crypto through third-party payment providers.

MEXC Copy Trading Feature Banner

A MEXC mobile app for iOS and Android allows users to access their accounts and make trades on the go—exceptional important in the fast-paced world of cryptocurrencies.

Finally, the MEXC exchange has the MX token. Holders of this token can vote on business decisions, get discounts in certain trading scenarios, access free airdrops, and more. All-in-all, MEXC is the best crypto exchange in 2023, offering a wealth of features and cryptocurrency trading options to its users.

While MEXC is available in most countries, it’s not currently supported in the US. for US traders, we recommend Coinbase or Binance.

Number of Cryptos 1600+
Fiat Deposit Fees 2% fee for USDT purchase with debit/credit card
Fee to Buy Bitcoin 0%
Proprietary Wallet? No
Top Features
0% spot trading fees; advanced charting features; Copy trading for copying other seasoned traders; future trading with 200x leverage; 1:1 proof-of-reserves for BTC, ETH and other assets; professionally developed platform supporting 1.4m transactions per second.

Pros pros

  • 1600+ coins
  • Margin and futures (200x leverage) trading
  • Competitive fee structure
  • Fee free spot trading
  • Copy trading feature

Cons cons

  • Proof-of-Reserves is only for some assets
  • Access and features limited in some regions

2. OKX – Leading Crypto Exchange With Low Fees and Passive Income Services

OKX is a highly-rated P2P crypto exchange that offers a wealth of trading services. Its crypto spot trading platform offers some of the lowest trading fees available. Traders will pay just 0.1% on each buy and sell order. OKX offers even lower commissions when traders meet 30-day trading volume milestones.

The main OKX exchange supports over 370 markets, including some of the best long-term cryptocurrencies and best low-cap cryptocurrencies.

OKX review

We found that OKX is also one of the best decentralized exchanges for earning passive income. For instance, traders can buy Bitcoin and then deposit the tokens in a savings account to earn an APY of 5%. Tokens like Near Protocol and Elrond offer even higher yields, at 35.5% and 36% respectively—making one of the best crypto staking platforms.

OKX supports more advanced crypto trading products, such as perpetual swaps, futures, and options, and it offers a crypto wallet app to its customers. This is a noncustodial wallet, meaning investors have control over their private keys.

OKX also offer traders more advanced analysis tools, including an integration with TradingView and charting timeframes that range from one second to three months.

Number of Cryptos 370+
Fiat Deposit Fees Built into the exchange rate
Fee to Buy Bitcoin Up to 0.1%
Proprietary Wallet? Yes
Top Features
Earn interest on idle cryptocurrencies; Over 370+ spot trading markets; Also offers a DEX with thousands of supported tokens; Low trading fees; Supports crypto derivative trading

Pros pros

  • Spot trade over 370 cryptocurrencies at 0.1% per slide
  • Earn high yields via crypto savings accounts and staking
  • Proprietary wallet with noncustodial storage
  • Trade crypto derivatives including futures and options

Cons cons

  • Fiat deposit fees are not displayed until the order is created

3. Binance – Largest Crypto Exchange for Daily Trading Volume

Binance is the dominant exchange in the crypto space. It attracts the largest amount of daily trading volume, often surpassing $10 billion in 24 hours. This ensures that there are always sufficient levels of liquidity, even with emerging cryptocurrencies with a small market cap. Binance is also one of the best crypto exchanges for low trading fees.

For example, Bitcoin, Ethereum, and BNB can be traded against TUSD at 0% commission. All other supported markets come with an entry commission of 0.10%. But this can be reduced by 25% when holding BNB tokens (the native crypto of Binance). Fees are also reduced when traders meet minimum volume requirements throughout the month. Binance exchange review

Binance also offers crypto derivative market which includes futures, options, and leveraged tokens. Depending on the chosen market, leverage limits average 1.5-3x. But higher levels are available when opting for perpetual swaps.

Additional earning products include staking, dual investments, and liquidity farming. In terms of depositing funds, Binance accepts dozens of fiat currencies and plenty of payment methods. Deposits made with a debit/credit card average 1.8% but this can vary depending on the country of residence. Binance also supports peer-to-peer payments, including Wise, Revolut, Skrill, and Neteller. Crypto deposits are also supported.

Number of Cryptos 350+
Fiat Deposit Fees Averages 1.8% but will vary depending on the location
Fee to Buy Bitcoin From 0%
Proprietary Wallet? Yes
Top Features
Largest crypto exchange for volume and liquidity; spot trading and derivative markets; Trading commissions start from 0% on selected pairs; Earn passive income through staking and other APY tools

Pros pros

  • 120 million registered users
  • Largest crypto exchange for daily trading volume
  • Trade over 350 spot markets
  • Also supports futures, options, and leveraged tokens
  • Super-low trading fees

Cons cons

  • Many supported products are not suitable for beginners

4. Coinbase – Safe Crypto Exchange With Top Security Features

Coinbase was founded in 2012 and now boasts a customer base of over 100 million traders. The exchange is regulated in the US and offers a safe environment to buy and sell over 250 cryptocurrencies. We did, however, find that Coinbase is expensive across both payments and trading commissions. For example, there is a standard commission of 1.49% on buy and sell orders.

But when trading less than $200 worth of crypto, a less favorable flat fee kicks in. Depositing funds with a debit/credit card or Paypal will attract fees of 3.99%. This includes the commission but is still expensive nonetheless. Nonetheless, many traders are attracted to Coinbase for its simple investment process. Moreover, security features are industry-leading.

Coinbase review

This includes mandatory two-factor authentication when logging into the account and withdrawing funds. Coinbase also keeps 98% of client digital assets in cold storage. Coinbase offers both a web and mobile trading platform, Coinbase also enables clients to earn passive income via staking. Polkadot and Avalanche come with the best APYs at 14.34% and 8.935 respectively. However, do note that staking is not available to US clients.

For more details read our full Coinbase review.

Number of Cryptos 250+
Fiat Deposit Fees 3.99% on debit/credit cards and Paypal
Fee to Buy Bitcoin From 1.49%
Proprietary Wallet? Yes
Top Features
Safe and secure trading environment; Over 250 cryptos supported; Offers a noncustodial wallet

Pros pros

  • Buy and sell more than 250 cryptos
  • Easily deposit funds with a debit/credit card or Paypal
  • No fees on domestic bank transfers
  • Earn interest on idle tokens via staking

Cons cons

  • 3.99% deposit fee to buy crypto with a debit/credit card


5. eToro – Best Crypto Exchange for Beginners

eToro offers a simple interface for viewing, exploring, and trading cryptocurrencies, making it excellent for beginners. One of the biggest draws of eToro is that it is one of the few crypto exchanges to offer, traditional stock and securities to their users—excellent for those who want a diversified portfolio. It also supports dozens of new cryptocurrencies.

Traders can start with deposits as low as $10 and can use debit/credit cards, e-wallets, and bank transfers to fund their trading accounts. Fees on the eToro exchange are some of the lowest in the industry, with traders paying a commission of just 1% of the total transaction amount.

eToro mobile wallet
eToro has been operating since 2007 and is a top-rated exchange with over 30 million traders worldwide. It is also regulated by the FINRA, FCA, CySEC, and ASIC.

Finally, eToro offers a crypto wallet app for iOS and Android, allowing traders to manage their holdings and trades on the go. It also offers a novel copy trading tool, which allows traders to automatically replicate the orders of seasoned investors.

Number of Cryptos 90+
Fiat Deposit Fees No fees on USD deposits. 0.5% on non-USD payments.
Fee to Buy Bitcoin 1% plus the market spread
Proprietary Wallet? Yes
Top Features
Heavily regulated; Proprietary web and mobile wallet; No deposit fees on USD payments including debit/credit cards; Also supports stocks, ETFs, and other assets

Pros pros

  • One of the best crypto exchanges for beginners
  • Supports Bitcoin and 90 of the best altcoins
  • USD payments made with a debit/credit card or e-wallet are fee-free
  • Minimum deposit of just $10
  • Regulated by FINRA, CySEC, ASIC, and FCA
  •  Smart portfolios and copy trading tools
  • Native web and mobile wallet

Cons cons

  • Non-USD payments attract a 0.5% deposit fee

Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more.

6. Kraken – Trade Crypto With Leverage of up to 5x

Kraken was founded in 2011 and launched its proprietary crypto exchange in 2013. It supports over 200 cryptocurrencies on its spot trading platform, including everything from Bitcoin, Cosmos, and Waves to Polygon, Ripple, and Ethereum. Kraken also supports leveraged trading. This offers leverage of up to 5x on over 100 markets. Higher margin trading limits are available to professional crypto traders.

Kraken review

While Kraken isn’t the cheapest crypto exchange in the market, its fees are still reasonable. For example, spot trading fees amount to 0.26% for market takers. This fee is reduced when trading volumes increase. Margin trading fees average 0.02% for every four hours that the position remains open. In terms of deposit fees, Kraken charges 3.75% on debit/credit cards. ACH and wire transfers are much cheaper. Finally, Kraken does not offer a proprietary crypto wallet.

Number of Cryptos 200+
Fiat Deposit Fees 3.75% on debit/credit cards. Local banking methods, such as ACH are much cheaper.
Fee to Buy Bitcoin Up to 0.26%
Proprietary Wallet? No
Top Features Founded in 2011; More than 200+ cryptos supported; Leverage of up to 5x is available on 100+ markets

Pros pros

  • One of the best crypto exchanges for margin trading
  • Supports over 200 crypto pairs
  • Founded in 2011 and launched in 2013
  • Offers advanced trading tools for seasoned investors

Cons cons

  • 3.75% charge on debit/credit card payments
  • Does not clearly display deposit fees

7. Robinhood – Buy and Sell Crypto From Just $1

Robinhood is a popular crypto exchange based in the US. It enables traders to buy crypto from just $1; regardless of the price of the token. This will appeal to traders that want to diversify with a small amount of money. Robinhood is also one of the best crypto exchanges for low fees, as no commissions are charged when trading. Robinhood also offers 0% commission trading on stocks, ETFs, and US-listed options.

Robinhood supports 18 cryptocurrencies, ranging from Bitcoin, Tezos, and USD Coin to Chainlink, Ethereum, and Dogecoin. In terms of security, all Robinhood users are required to go through a KYC process. Moreover, the vast majority of client digital assets are kept in cold storage.

Robinhood crypto review

Robinhood also has insurance against crypto-related crimes, such as hacking. Robinhood recently launched a web3 crypto wallet for iOS users. This enables traders to swap and send tokens without paying network fees. The Android wallet app will be launched later in the year. Finally, Robinhood offers customer support 24/7 across live chat and telephone.

Number of Cryptos 18
Fiat Deposit Fees None
Fee to Buy Bitcoin 0% commission plus the market spread
Proprietary Wallet? Yes – iOS only (Android coming soon)
Top Features Regulated by FINRA; 0% commission crypto trading; Buy crypto from just $1

Pros pros

  • Invest in cryptocurrencies from just $1
  • No commissions are charged on crypto, stocks, ETFs, or options
  • Regulated in the US

Cons cons

  • Just 18 cryptocurrencies supported
  • Limited analysis tools

8. Webull – Regulated Crypto Exchange With 0% Commission Trading

Webull is a US-based crypto exchange that is regulated by FINRA and the SEC. Webull supports over 40 cryptocurrencies, all of which are paired with the USD. This includes popular cryptos like Bitcoin, Ethereum, Litecoin, Dogecoin, and Bitcoin Cash. A range of DeFi coins are also supported, such as Sushiswap, Loopring, Compound, and Aave. All supported cryptos can be traded here at 0% commission.

Webull crypto review

However, the market spread averages 1%, so do bear this in mind. The minimum crypto trade requirement is just $1. Webull is also one of the best crypto exchanges for trading tools. It offers real-time market data, customizable charting screens, and support for dozens of technical indicators. Webull also offers a free demo account with $1 million in paper trading funds. Trading accounts at Webull are protected by two-factor authentication and cold storage.

Number of Cryptos 40+
Fiat Deposit Fees None
Fee to Buy Bitcoin 0% commission plus a 1% market spread
Proprietary Wallet? No
Top Features 0% commission trading; Minimum trade of just $1; Suitable for both beginners and seasoned traders alike

Pros pros

  • Zero-commission trading on 40+ crypto pairs
  • No deposit fees
  • Regulated by FINRA and the SEC
  • Also supports thousands of stocks and ETFs

Cons cons

  • Limited range of penny cryptos
  • Does not offer a proprietary crypto wallet

9. – Instantly Buy Crypto With ACH on a Fee-Free Basis is one of the best crypto exchanges for buying digital assets with ACH. Not only are ACH deposits fee-free but they are processed instantly. To avail of this service, investors will need to use the app. This is free to download and available on both iOS and Android devices. The app also supports instant debit/credit card payments, but this is charged at 2.99%. supports over 250 digital assets, which is ideal for diversification. review

Trading fees are super-low, with commissions starting at just 0.075%. Lower commissions can be secured when trading higher amounts. is also one of the best crypto exchanges for earning passive income. This includes APYs of up to 6.5% on Tether, USD Coin, and Dai. Bitcoin and Ethereum come with a top APY of 1.5% and 2% respectively. Do note that APYs are dependent on the lock-up period and the amount deposited. Other popular features at include loans, a decentralized wallet, and an NFT marketplace.

Number of Cryptos 250+
Fiat Deposit Fees ACH deposits are fee-free. Debit/credit cards cost 2.99%
Fee to Buy Bitcoin Up to 0.075%
Proprietary Wallet? Yes
Top Features Earn up to 6.5% on stablecoin deposits. Fee-free and instant ACH payments; Over 250 cryptos supported

Pros pros

  • Buy crypto instantly with ACH on a fee-free basis
  • Trade over 250 cryptos
  • Competitive APYs on crypto savings accounts
  • Noncustodial wallet app for iOS and Android

Cons cons

  • 2.99% charge on debit/credit card payments
  • Required to use the app for fiat deposits

10. Bitstamp – Top Crypto Exchange for Casual Investors 

Bitstamp is one of the best crypto exchanges for casual investors that are looking to trade small amounts. This is because, for monthly trading volumes of under $1,000, there are no commissions charged. Those trading more than $1,000 in a month will pay between 0.4% and 0.03%, depending on the volume. We also like Bitstamp for its fee-free ACH (US), SEPA (Europe), and Faster Payments (UK) deposits.

Bitstamp review

However, debit/credit card payments cost 4% of the transaction amount. This is also the case with Google Pay, Apple Pay, and Paypal. Bitstamp was launched in 2011, so remains a trusted crypto exchange. Moreover, Bitstamp keeps 95% of client digital assets in cold storage. Traders here have access to over 80 cryptos, including Bitcoin, Cardano, Solana, Ripple, and Polygon. Bitstamp is also one of the best crypto exchanges for mobile trading. It offers two proprietary apps; one for basic trading and another for professional traders.

Number of Cryptos 80+
Fiat Deposit Fees ACH, SEPA, and Faster Payments deposits are fee-free. Debit/credit cards and e-wallets cost 4%
Fee to Buy Bitcoin From 0%
Proprietary Wallet? Yes
Top Features Two proprietary wallet apps; No trading commissions on monthly volumes of under $1,000; Fee-free bank payments

Pros pros

  • Trading commissions start from 0%
  • Launched in 2011
  • More than 80 cryptos supported
  • No fees on local bank payments – including ACH

Cons cons

  • 4% charge on debit/credit cards and e-wallets
  • Monthly volumes of over $1,000 attract a commission of 0.4%

What is a Cryptocurrency Exchange?

Crypto exchanges are third-party trading platforms that allow investors to buy and sell digital assets.

While some exchanges focus on large-cap cryptocurrencies like Bitcoin and Ethereum, others support hundreds of altcoins. The trading process at crypto exchanges works much like a stock broker. For example, traders will need to register an account by providing some personal information and then make a deposit.

MEXC crypto markets page

If a deposit is being made with fiat money, then the exchange will need to collect some ID. This is to ensure that the exchange complies with anti-money laundering regulations. After that, traders can buy their chosen cryptocurrency, often by paying a small commission. This is how crypto exchanges make money. Most crypto exchanges offer a proprietary wallet. This allows traders to store their crypto tokens without needing to use an external wallet.

When reviewing the best Bitcoin exchanges, we also found that top providers offer passive investment tools. For example, MEXC offers copy trading; enabling clients to invest without actively buying and selling crypto themselves. MEXC, and OKX and Binance, also offer interest-bearing accounts. This allows investors to earn an APY on idle crypto tokens.

How do Cryptocurrency Trading Platforms Work?

Cryptocurrency exchanges largely work in the same way. As noted above, traders need an account that is funded with fiat money, which can then be exchanged for crypto. The best crypto exchanges accept convenient payment methods, such as debit/credit cards, ACH, and e-wallets.

  • When trading at an exchange, there needs to be a seller at the other end of the trade.
  • This is why liquidity is so important when choosing an exchange.
  • If there aren’t sufficient levels of liquidity, then traders will struggle to buy or sell their chosen crypto.
  • Some exchanges offer interest to traders that provide liquidity.

Without liquidity traders may not be able to exit their positions whenever they want. That’s why choosing an exchange with a large amount of users, like MEXC with 10+ million users, is important as it enables you to facilitate trades when you want to make them.

How to Pick the Best Bitcoin Exchange for You?

All crypto exchanges are different, and choosing one that has the features, coins, and other elements that fulfill your needs is crucial to facilitiating a great trading experience. For example, there are traders always looking for the best exchange for buying new cryptocurrencies.

Here are some tips on how to choose the best crypto exchange in 2023:


Unlike stock brokers, most crypto exchanges operate without a regulatory license. This is because crypto assets are unregulated financial products in most countries. Finding one that is regulated in your region allows for a certain level of peace of mind.

Tradable Cryptos

One of the most effective crypto trading strategies is to diversify across many different tokens. As such, the best crypto exchanges offer a wide range of cryptos to choose from.

MEXC supports more than 1600 cryptos, covering both large-cap and small-cap projects.

MEXC BTC spot trading exchange

Another way to diversify is to use a copy trading service, which allow you to automatically copy the trades of seasoned traders. Multiple exchanges now offer this feature.


The best crypto exchanges offer low deposit and trading fees, these can vary by payment method, will many platforms offering fee-free deposits from bank accounts and charging for debit/credit card, or e-wallet deposits.

Trading commissions are also an important factor to consider. For example:

  • OKX charges just 0.1% on buy and sell orders
  • Coinbase charges 1.49% on buy and sell orders
  • MEXC offers spot trading with a 0% commission

Do note that some exchanges offer cheaper trading commissions when fees are paid in the platform’s native token or that token is held for a certain amount of time. Binance, for example, offers a 25% reduction in fees when paying in BNB, an MEXC offers a 50%  discount on futures trading fees for those who hold a spot position of 1000 MX of more for 15 consecutive days.

Some crypto exchanges also offer reduced commissions when trading larger amounts. This is usually based on trading volumes in the previous 30 days.


While most Bitcoin trading platforms offer a proprietary wallet, the likes of Kraken and Webull do not. This means that traders will need to use a private wallet to ensure their tokens are being stored safely.

Some platform offer native custodial wallets, including mobile versions, while others offer noncustodial wallets, giving their users full control over their private keys and their crypto.

Tools & Features

The best crypto exchanges offer tools above and beyond just trading services.

For example:

  • MEXC offers a copy trading tool. This enables investors to mirror the crypto investments of a successful trader. Once a user has signed up to copy a specific trader’s moves, the platform automatically copies all their trades with the user’s assets.
  • OKX offers a range of passive income tools. This includes crypto savings accounts with competitive APYs. Unlike other crypto exchanges, OKX does not have any minimum lock-up requirements. As such, investors can withdraw their tokens from an OKX savings account whenever they want.
  • Binance offers crypto derivatives, which will appeal to advanced traders. This includes both futures and options with leverage and short-selling capabilities. Binance also offers advanced charting tools and technical indicators.

Do note that some crypto exchange tools might only be available in certain countries (such as leverage).

Payment Methods

Choosing the best Bitcoin exchange also requires investors to evaluate what payment methods are available. After all, traders cannot buy crypto without first making a deposit.

Most of the exchanges discussed today support debit/credit card payments, but fees can and will vary considerably. For example, the industry average on debit/credit card payments is 3-5%. Whereas MEXC’s are lower, at around 2%.

Some crypto exchanges also accept e-wallets like PayPal and Neteller. Local bank transfers, such as ACH and SEPA, are often processed by crypto exchanges fee-free.

Customer Service

Another important factor to consider when choosing the best Bitcoin trading platform is customer service. Most exchanges operate on a global basis, so customer service should be available 24 hours per day, seven days per week.

Moreover, it is best to choose an exchange that offers customer service via live chat. This will prevent the need to wait for an email reply.

Mobile App

The crypto markets are super-volatile at times, so having access to the best crypto apps is crucial. This enables investors to buy or sell a crypto asset at the click of a button.

The MEXC app is a great option in this regard. Available on both iOS and Android, the MEXC app allows users to place trades while on the go, with all the market information they need available in the palm of their hand.

Experienced traders might also like the OKX app. This is a noncustodial app that doubles up as a crypto wallet.

Are Cryptocurrency Exchanges Legal?

The legal status of a crypto exchange will invariably depend on the countries in which it operates.

For example:

  • Most crypto exchanges in the US are structured as ‘money service businesses’, which requires them to be registered with FINRA. This ensures that the crypto exchange complies with anti-money laundering regulations; meaning clients need to be identified when opening an account.
  • In the UK, most crypto exchanges are registered with the FCA. This ensures that suitable due diligence is conducted on new client accounts. However, crypto assets are not regulated financial products in the UK, so FCA registration is not mandatory.
  • This is a similar story in Australia, where crypto exchanges are not legally required to be regulated by ASIC. However, exchanges must be registered with AUSTRAC for the purpose of preventing financial crime.
  • Similarly, in Canada, domestic crypto exchanges must be registered with FinTRAC. This comes with a range of obligations, such as reporting single crypto trades of over $10,000. FinTRAC also ensures that trading guidelines for retail clients are met, especially when it comes to risk warnings and leverage.

Ultimately, crypto exchanges operate in a great area in most countries. This is because cryptocurrencies like Bitcoin and Ethereum are not defined as legal tender. Therefore, this enables crypto exchanges to circumvent many of the rules required for stock brokerages.

Are Bitcoin Exchanges Safe?

There are several hundred crypto exchanges in the market, most of which are unregulated and lack sufficient levels of liquidity. In comparison, the 10 best crypto exchanges discussed on this page offer a safe and secure trading environment to many millions of clients.

However, investors are still advised to do their own homework before opening an account with a crypto exchange.

Here’s what to consider:

  • Regulation: Checking whether or not a crypto exchange is regulated is a surefire way of knowing if it’s credible. Moreover, even if the exchange is regulated, this should be by a reputable financial body such as FINRA, FCA, CySEC, and ASIC—these represent some of the most globally trusted regulators.
  • Cold Storage: The best crypto exchanges keep the vast majority of client digital assets in cold storage. Put simply, this means that the tokens are kept offline. This means that hacking attempts are unlikely to be successful, as the tokens are not connected to live servers.
  • Account Safeguards: There should be sufficient security safeguards offered by the chosen crypto exchange. Many platforms now offer two-factor authentication. This means that when logging in, a code will be sent to the user’s registered phone number or email address. The user will then need to enter the code to confirm they are the true owner of the account. Other safeguards to look for include device and IP address whitelisting.
  • Reputation and Client Base: It is also wise to assess the broader reputation of a crypto exchange, this can often be done by looking at reviews and the number of users an exchange has. For example, MEXC is used by over 10 million clients globally.

Crucially, while fees, supported assets, and other factors are important; safety should be the main priority.

How do Crypto Exchange Fees Work?

We briefly discussed crypto exchange earlier; but here’s a more comprehensive overview of what to expect.

Deposits and Withdrawals

Some crypto exchanges charge deposit and withdrawal fees. This will often depend on the preferred payment type.

Debit/credit card and e-wallet payments are usually the most expensive, averaging 3-5%. At MEXC this fee is lower, at approximately 2%.

Many crypto exchanges offer fee-free deposits and withdrawals via ACH, domestic bank wires, and other local networks (such as SEPA / UK Faster Payments).

When depositing crypto, rarely do fees apply. However, crypto withdrawals will often attract a fee. This should mirror the blockchain network fee at the time of the withdrawal.

Trading Commissions

Most crypto exchanges make money by charging trading commissions. This is usually a percentage of the trade amount. For example, OKX charges a commission of 0.1%. This means that for every $1,000 traded, a fee of just $1 will apply.

MEXC copy trading top traders

Coinbase, however, charges 1.49%. This means that the same $1,000 trade will attract a fee of $14.90.

As noted earlier, reduced trading commissions are sometimes offered on larger volumes, or when paying in the exchange’s native token.

Market Spread

Market spreads will almost always apply when trading cryptocurrencies, even if this isn’t clearly displayed by the exchange. This refers to the gap between the ‘bid’ and ‘ask’ price.

  • For example, let’s suppose that Ripple is trading at $0.50
  • When buying Ripple, traders might pay $0.51
  • When selling Ripple, traders might ask for $0.49
  • The gap between the two prices offers a guaranteed profit for the exchange, regardless of if Ripple rises or falls in value.

Many of the crypto exchanges that we came across do not quote the market spread. As such, traders will often need to calculate this themselves.

How to Use a Cryptocurrency Exchange?

Complete beginners will appreciate the step-by-step walkthrough below – where we explain how to sign up and begin trading at MEXC.

Step 1: Open an MEXC Account

First, visit the MEXC website and click on ‘Sign Up’.

MEXC signup page

Sign up using your preferred method, creating a strong password in the process.

Step 2: Complete KYC Process

To comply with regulatory requirements, customers of exchanges are typically required to complete KYC. This is no different for customers of MEXC.

Primary KYC on MEXC

MEXC offers two types of KYC, Primary and Advanced. Primary KYC is enough for the typical users, as it allows them to withdraw up to 80BTC in a 24-hour period. Primary KYC requires:

  • Government-issued ID, such as a driver’s license or passport

Review of the documents and KYC approval is typically completed within 24 hours.

Those who want to deposit crypto and withdraw 30 BTC or less in a 24-hour period do not need to complete KYC. Those wanting to buy crypto with fiat are always required to complete KYC.

Step 3: Make a Deposit

Once your KYC has been approved you can use one of multiple methods to buy crypto. MEXC uses USDT, a stablecoin tied to the US Dollar, as its base currency. So users will use their currency to buy USDT to use the platform.

MEXC supports the following payment types:

  • Visa and MasterCard
  • Bank Transfer (SEPA)
  • 3rd Party Services, e.g., MoonPay, Banxa

The minimum purchase is $10.

A fee of approximately 2% is placed on all payments by debit/credit card, and a 0% is placed on bank transfers. 3rd party services charge their own fees.

Step 4: Trade Crypto

Now that you have USDT in your account you can trade it for another cryptocurrency. Click on ‘Spot’ in the menu bar and select ‘Spot’ to be taken through to the trading platform.

MEXC BTC spot trading exchange

Use the search bar in the top right-hand corner of the trading platform to search for the cryptocurrency you want to buy.

Step 5: Buy Crypto

At the bottom of the page select the ‘Market’ tab, to ensure you pay the market rate for your crypto, and then enter the amount you want to spend or use the slider to select a percentage of your balance.

Buy and sell spot trading on MEXC

Click ‘Buy XXX’ and your trade will be completed and your balance updated to reflect your purchase.


Choosing the right exchange is an important step to take before buying crypto online. Investors should opt for a crypto exchange that not only offers low fees, but also a safe and secure trading environment.

Overall, we rank MEXC as the best crypto exchange in 2023. With support for over 1600 cryptocurrencies and a minimum deposit of just $10, MEXC is trusted by over 10+ million users around the world.


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Kane Pepi

Kane Pepi is an accomplished financial and cryptocurrency writer who has an extensive portfolio of over 2,000 articles, guides, and market insights. With his expertise in specialized subjects such as asset valuation and analysis, portfolio management, and financial crime prevention, Kane has built a reputation for providing clear explanations of complex financial topics. He holds a Bachelor's Degree in Finance and a Master's Degree in Financial Crime, and is currently pursuing his Doctorate degree, which focuses on investigating the complexities of money laundering in the cryptocurrency and blockchain technology sectors. Kane's wealth of knowledge and experience in the field make…