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. eToro – 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. Robinhood – Buy and Sell Crypto From Just $1
  6. Webull – Regulated Crypto Exchange With 0% Commission Trading
  7. Kraken – Trade Crypto With Leverage of up to 5x
  8. – Instantly Buy Crypto With ACH on a Fee-Free Basis
  9. Bitstamp – Top Crypto Exchange for Casual Investors
  10. Kucoin – One of the Best Exchanges for Buying New Cryptocurrencies

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. eToro – Overall Best Crypto Exchange in 2023

eToro is the best crypto exchange to get started with today. It supports dozens of new cryptocurrencies, from Bitcoin, Dogecoin, and Cardano to Decentraland, Shiba Inu, and Dash. Each supported cryptocurrency can be purchased from just $10.

This will suit investors on a budget and those that wish to create a diversified portfolio. eToro also offers some of the lowest fees in the crypto exchange industry.

eToro review

For example, traders will pay a commission of just 1% of the total transaction amount. USD deposits are fee-free, including debit/credit cards, e-wallets, and bank transfers. In comparison, most crypto exchanges charge between 3-5% on fiat money deposits. We also like that eToro offers an in-built wallet service. This offers the perfect balance between safety and convenience. After all, not only is eToro regulated by FINRA, FCA, CySEC, and ASIC; the platform has been operating since 2007.

Furthermore, eToro is trusted by more than 30 million traders worldwide. eToro also offers a crypto wallet app for iOS and Android. This enables traders to send and receive tokens, and the wallet app is licensed by the GFSC. eToro is also the best crypto trading platform for investing passively. Its copy trading tool, for instance, allows traders to replicate the orders of a seasoned investor. Any crypto assets purchased or sold by the investor will be copied like-for-like.

eToro mobile wallet

eToro smart portfolios are also popular. These are ETF-like investment portfolios managed by the eToro team. Each smart portfolio will track a basket of cryptocurrencies and comes with its own strategy. For example, the ‘Napoleon’ smart portfolio tracks five large-cap cryptos, including Bitcoin, BNB, Ethereum, Cardano, and Litecoin. The ‘Crypto Equal’ smart portfolio diversifies further, with 20 cryptocurrencies supported at various weights.

eToro also provides the necessary tools to find the best cryptocurrencies to buy. For instance, it offers oversight on the biggest gainers and losers over the past day of trading. This is in addition to a list of trending cryptocurrencies. By clicking on a specific cryptocurrency, eToro displays a range of useful data. This includes the market cap, past performance, 52-week range, and investor sentiment. There are also real-time charts that come with technical indicators.

eToro crypto exchange review

Another reason to choose eToro is that it is one of the few crypto exchanges to support traditional securities. This includes more than 3,000 stocks from the US, UK, Germany, Hong Kong, and over a dozen other exchanges.

ETFs are supported too and just like stocks, there are ZERO trading commissions to pay. Traders based in countries that permit CFDs can also access forex, commodities, and indices.

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


  • 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


  • Non-USD payments attract a 0.5% deposit fee

Cryptoassets are highly volatile and unregulated in most countries. No consumer protection. Tax on profits may apply. Your capital is at risk.

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

OKX is another highly-rated 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.

When using the OKX DEX (decentralized exchange), thousands of additional tokens are available. This includes some of the best low-cap cryptocurrencies. OKX also supports more advanced crypto trading products, such as perpetual swaps, futures, and options. These products offer access to leverage and short-selling orders. Derivative trading fees are also competitive, starting at just 0.05% per slide.

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.

OKX is one of the best crypto staking platforms that also offers staking features, with minimum terms ranging from 0 days to three months. OKX also offers a crypto wallet app. This is a noncustodial wallet, meaning investors have control over their private keys.

OKX will also appeal to traders that seek advanced analysis tools. This includes charting timeframes that range from one second to three months. Drawing tools are also supported, as is integration with TradingView. OKX is also compatible with smartphones, allowing traders to buy and sell crypto on the move. Finally, OKX is popular for its speedy payments. In most cases, crypto withdrawals are processed in under five minutes.

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


  • 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


  • 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. Just like OKX, Binance also offers crypto derivative markets.

Binance exchange review

This 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. Investors seeking passive returns will appreciate the ‘Simple Earn’ feature. These are savings accounts that come with various lock-up terms and APYs. For example, TUSD comes with an APY of 2.49% and flexible withdrawal terms. Solana offers 7.7% on a three-month lock.

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


  • 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


  • 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.

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


  • 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


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

5. 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


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


  • Just 18 cryptocurrencies supported
  • Limited analysis tools

6. 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


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


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

7. 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


  • 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


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

8. – 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


  • 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


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

9. 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


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


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

10. Kucoin – One of the Best Exchanges for Buying New Cryptocurrencies

Kucoin is one of the best crypto exchanges for buying newly launched projects. Across more than 700 altcoins, Kucoin is a great option for building a diversified portfolio. Moreover, it often runs trading competitions for newly listed coins, giving the respective project huge exposure. After all, Kucoin is used by over 20 million global investors. Kucoin is also a top-rated exchange for derivative trading. This includes USD-margined contracts, futures, and leverage tokens.

Kucoin reviews

Kucoin also offers a range of passive earning tools. Users can even set their own lending terms, including the number of days and required interest rate. When it comes to fees, commissions start at 0.1% per slide. There is a 20% discount on offer when traders pay fees in KCS tokens. This is the native crypto token backing the Kucoin exchange. Kucoin accepts instant deposits via debit/credit cards and e-wallets. However, it only displays fees on the order confirmation page. Therefore, traders should assess the fee before confirming.

Number of Cryptos 700+
Fiat Deposit Fees Debit/credit card and e-wallet fees are displayed after setting up the order
Fee to Buy Bitcoin From 0.1%
Proprietary Wallet? Yes
Top Features Supports more than 700 altcoins; Regularly adds newly launched cryptos; Trading commissions start at 0.1%


  • One of the best exchanges for buying new cryptocurrencies
  • Supports more than 700 altcoins
  • Derivative trading markets and earning accounts
  • Web3 wallet for iOS, Android, and Google Chrome


  • Fiat money deposit fees are not displayed until the order is set up

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.

etoro review

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, eToro offers copy trading and smart portfolios; enabling clients to invest without actively buying and selling crypto themselves. Platforms like 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.

With that said, some crypto exchanges are more aligned with conventional brokerages. For example, eToro enables clients to buy cryptocurrency from its website. This is because eToro buys and holds crypto tokens in its own wallets. This enables it to sell crypto directly to traders without needing a seller to facilitate the trade.

The best exchanges in the market also allow traders to sell their crypto holdings back to fiat money. At eToro, this process is super-convenient, as sell orders are processed instantly 24/7. The user can then request a withdrawal back to their debit/credit card, e-wallet, or bank account.

How to Pick the Best Bitcoin Exchange for You?

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.

This is why we rank eToro as the overall best crypto exchange; the platform is regulated by FINRA, ASIC, FCA, and CySEC. This means that investors can be sure they are buying and selling crypto in a safe space.

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.

OKX supports more than 370 cryptos, covering both large-cap and small-cap projects.

OKX supported coins

Another way to diversify is to invest in an eToro smart portfolio. This offers access to up to 20 different cryptos and the portfolio is managed on behalf of investors.


The best crypto exchanges offer low deposit and trading fees.

  • To offer some insight, eToro enables clients to deposit USD with a debit/credit card, e-wallet, or bank transfer on a fee-free basis.
  • In comparison, Coinbase and Bitstamp charge 3.99% and 4% on instant payments, respectively.

Trading commissions are also an important factor to consider. OKX charges just 0.1% on buy and sell orders. While Coinbase charges 1.49%.

Do note that some exchanges offer cheaper trading commissions when fees are paid in the platform’s native token. Binance, for example, offers a 25% reduction in fees when paying in BNB.

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.

In comparison, eToro offers a native wallet app for both iOS and Android smartphones. The wallet is regulated by the GFSC in Gibraltar for added consumer protection.

OKX also offers a top-rated wallet. This is a noncustodial wallet, so investors have full control over their private keys.

Tools & Features

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

For example:

  • eToro offers a copy trading tool. This enables investors to mirror the crypto investments of a successful trader. For instance, let’s suppose $1,000 is invested in a crypto day trader. The trader uses 5% of their available capital to buy Dogecoin. In turn, $50 (5% of $1,000) worth of Dogecoin will automatically be added to the eToro client’s portfolio.
  • 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%. But at eToro, no fees are payable when the deposit is made in US dollars.

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 eToro app is a great option in this regard. Available on both iOS and Android, the eToro app offers a user-friendly experience that will appeal to first-time traders.

More experienced traders might prefer 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. As noted earlier, eToro is regulated by 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. For example, eToro offers two-factor authentication. This means that when logging in, a code will be sent to the user’s registered phone number. 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 the crypto exchange. For example, eToro is used by over 30 million clients globally. Moreover, the platform was first launched in 2007. This makes it the most established crypto exchange in the market.

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 eToro, USD-denominated debit/credit card payments are processed fee-free. Other currencies attract a small payment fee of 0.55.

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.

eToro trading charts

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 pay $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 eToro.

Step 1: Open an eToro Account

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

etoro sign up form

Complete the registration form by providing the following information:

  • First and last name
  • Residential address
  • Date of birth
  • Email address
  • Cell phone number
  • Previous trading experience

Step 2: Verify eToro Account

eToro is regulated by multiple bodies, including FINRA, FCA, ASIC, and CySEC.

This means that it must comply with anti-money laundering regulations by verifying new account holders.

This requires the following documents:

  • Government-issued ID, such as a driver’s license or passport
  • Proof of residency, such as a bank account statement or utility bill

eToro will verify the documents in under 60 seconds.

Step 3: Make a Deposit

The next step is to deposit some money.

eToro supports the following payment types:

  • Visa and MasterCard
  • Skrill
  • Neteller
  • WebMoney
  • Paypal
  • ACH and other local banking methods

The minimum deposit at eToro is $10 for US and UK clients. Most other nationalities will need to deposit at least $50.

If the deposit is made in US dollars, no payment fees will be charged. A 0.5% FX fee is applied to non-USD deposits.

Step 4: Search for Crypto

Now that the eToro account is funded, click on the ‘Discover’ button. Then click on ‘Crypto’ to find a suitable digital asset to buy.

how to buy crypto on eToro

There is also a search box at the top of the dashboard. Type in the name of the cryptocurrency and click it to proceed to the investment page.

Step 5: Buy Crypto

Now an order box will appear. This requires an investment amount to be specified in the ‘Amount’ box.

how to buy crypto on eToro

Any amount from $10 upwards can be entered. In our example above, we are buying $200 worth of Dogecoin.

Click on ‘Open Trade’ to complete the investment process.


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 a safe and secure trading environment.

Overall, we rank eToro as the best crypto exchange in 2023. This regulated platform supports over 90 cryptocurrencies and the minimum trade requirement is just $10.

eToro also supports fee-free USD deposits, including debit/credit cards and e-wallets. Crucially, eToro is licensed by FINRA, FCA, CySEC, and ASIC – so safety is assured.

Cryptoassets are highly volatile and unregulated in most countries. No consumer protection. Tax on profits may apply. Your capital is at risk.


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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…