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Best Crypto Exchanges & Apps September 2023
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Find the best crypto exchange for your purposes with our expert reviews, spotlighting top platforms including BYDFi, Coinbase, Crypto.com, eToro, and Gemini.
Our experts researched platform features, security, fees, and more to guide users toward the best crypto exchanges that offer convenience, security, and diverse options in the dynamic cryptocurrency market.
Our top picks for the best crypto exchanges and apps of 2023
Welcome to our comprehensive guide on the best crypto exchanges and apps available in 2023. Our team of crypto tax professionals has thoroughly researched and evaluated the leading crypto exchanges accessible to users in the US.
Here we present our top five picks, followed by an extended list of the top ten exchanges and apps, with comprehensive reviews so you can quickly discover the best crypto exchanges and apps for your goals and level of experience.
How our crypto tax professionals selected the best crypto exchanges and apps
Best crypto exchanges reviews
Here are our reviews of the ten best crypto exchanges chosen by our crypto tax professionals. Reviews include an overview, pros and cons, and more about why we like a given exchange or app. Use these reviews to find the best crypto exchange for your goals and level of familiarity with crypto.
Best crypto exchange for staking
Binance.US is a popular crypto exchange that offers a wide range of cryptocurrencies. Despite some geographic limitations within the US, Binance.US ranks among the top global exchanges and provides a user-friendly platform and supports staking for various cryptos, offering enticing yields.
Best crypto exchange for low fees
BYDFi (formerly BitYard) entered the crypto scene in 2019. From Singapore, this crypto exchange serves over 150 countries, standing out as a regulatory-compliant platform. With licenses in Australia, Singapore, and the US, BYDFi works to align with financial industry standards.
Best crypto exchange overall
Coinbase is our top overall choice for its extensive range of supported cryptocurrencies, robust security measures, and advanced trading features, all presented on a user-friendly interface that makes it easy for beginners to get started in crypto in addition to advanced trading interfaces.
Best crypto exchange for mobile
Crypto.com is our top choice for a mobile crypto exchange app, providing a comprehensive digital asset trading ecosystem easily accessible from smartphones. Launched in 2016 and available in 90 countries, it supports 250+ cryptocurrencies and offers its own blockchain, CRO token, crypto visa card, yield products, and more.
Best crypto exchange for social trading
eToro garnered acclaim for its revolutionary social investing platform, a groundbreaking tool enabling users to replicate the trades of fellow investors. Founded in 2007, eToro boasts a user base exceeding 25 million across 140 countries, with the U.S. recently joining the roster.
Best crypto exchange for security
Established by Tyler and Cameron Winklevoss in 2014, Gemini is a standout exchange prioritizing security and compliance. Based in New York, it features hot wallet insurance and enforces two-factor authentication, along with SOC 2 certification for verified security and compliance.
Best crypto exchange for advanced traders seeking low fees
Kraken, established in 2011 and renowned globally, stands as a reputable cryptocurrency exchange offering a wide range of features. With its headquarters in San Francisco, the exchange caters to investors by providing access to over 200 cryptocurrencies through its professional-grade trading platform, Kraken Pro.
Best for no fee crypto trades
Robinhood is a broker that offers low costs, especially for options trades (except in IRAs). The platform is easy to use, but some worry it might make complex trading too easy for beginners. Robinhood also lets you trade cryptocurrencies for free.
Best crypto exchange for beginners trading crypto and stocks
SoFi Crypto enables cryptocurrency trading within their main app, providing investors an opportunity to acquaint themselves with cryptocurrencies, supported by robust security measures, excellent customer support, and an intuitive user interface.
Best crypto exchange for advanced users to trade crypto and stocks
Webull's sleek interface caters to mobile-first and casual investors, with a rich toolset that also satisfies active traders. It distinguishes itself as an appealing option for experienced active traders as well.
What is the safest crypto exchange overall?
Gemini distinguishes itself as the safest crypto exchange through an unwavering commitment to security and adherence to regulatory standards. Operating from New York, this exchange ensures the safety of user funds in the event of a security breach through hot wallet insurance. To bolster account security, Gemini strongly encourages the utilization of two-factor authentication and grants users the ability to review and authorize devices accessing their trading accounts.
Notably, Gemini holds a SOC 2 certification, indicating that external auditors have validated the effectiveness of the company's security and compliance frameworks. Choosing to pay Gemini’s slightly elevated fees may be a reasonable trade-off given the platform’s unparalleled security.
Which crypto platform has lowest fees?
Robinhood offers no-fee crypto trades but can’t properly be considered a comprehensive crypto platform. Among the top crypto exchanges, BYDFi sets the bar for minimal fees across various aspects, including withdrawals, trading, funding, deposits, and management.
Employing a "maker-taker" fee model, BYDFi ensures that makers (those contributing liquidity through limit orders) benefit from reduced fees in contrast to takers engaging in market orders.
BYDFi Fee Structure
Taker fee = 0.06%
Maker fee = 0.02%
Withdrawal fee = Subject to blockchain specifications
Deposit fee = No charge
Management fee = No charge
What is the best crypto exchange for beginners?
Coinbase stands out as the best crypto exchange for beginners because of its extensive selection of supported cryptocurrencies, fortified security protocols, and sophisticated trading tools, all seamlessly integrated into a user-friendly interface tailored to accommodate both newcomers and advanced traders.
Having emerged in 2012 to simplify Bitcoin transactions, Coinbase has since evolved into a decentralized exchange boasting a valuation exceeding $13 billion, accessible in over 100 countries. Renowned for its intuitive design, robust security measures, and advanced trading capabilities, Coinbase holds a special appeal to those just starting out in crypto.
Final verdict about the best crypto exchange in 2023
Choosing the best crypto exchange for your purposes requires that you understand the risks involved in crypto. Our expert picks in this article should point you in the right direction to choose the best crypto exchange for your goals.
Briefly, if you’re looking to begin in crypto, Coinbase is a solid option. More advanced traders might consider Gemini for its extreme commitment to security or Binance.US for staking. BYDFi can be a great option for active traders because of its comparatively low fees.
Frequently asked questions about the best crypto exchanges
Here are answers to frequently asked questions about what is the best crypto exchange and the best exchange for crypto.
What is a crypto exchange?
Crypto exchanges function like stock exchanges, facilitating the buying and selling of digital currencies like Bitcoin, Ethereum, and Tether. Operating through digital marketplaces such as mobile apps or desktop interfaces resembling e-brokerages, these platforms offer an array of trading and investing tools.
What are the different types of crypto exchanges?
There are primarily two types of crypto exchanges: Centralized Exchanges (CEXes) and Decentralized Exchanges (DEXes).
Centralized Exchanges (CEX) function much like traditional stock exchanges and brokerages. They are regulated by a single authority that oversees all transactions and user accounts. CEXs offer high liquidity and faster transactions, but they store user data on centralized servers, making them susceptible to hacking and manipulation of trading volume.
Decentralized Exchanges (DEX) operate on distributed ledger infrastructure and allow trading without any central authority. Users have full control over their digital assets and keys, offering enhanced security and privacy. DEXs bypass KYC to grant users more privacy but often suffer from lower liquidity compared to CEXs.
What is the difference between a crypto exchange and a crypto wallet?
Crypto wallets act as intermediaries connecting your holdings with the blockchain. They facilitate tasks like sending, receiving, and storing cryptocurrencies.
Crypto exchanges function as marketplaces where users engage in buying, selling, and trading crypto assets. While some exchanges offer wallet services, more experienced users tend to opt for wallets to maintain self-custody of their private keys.
Are crypto exchanges safe?
As seen with the FTX debacle in 2022, crypto exchanges are subject to collapse, so there is always risk involved in holding your crypto on an exchange. Centralized exchanges are also targets for crypto hackers, as they hold billions in crypto in a centralized way.
Before investing in crypto, it’s important to understand the risks involved and to select an exchange you trust. For peace of mind and heightened security, consider self-custody of your crypto with a hardware wallet.
How is trading crypto different from trading stocks?
Stocks signify ownership in a company, and their value typically corresponds to a given company's performance. Cryptocurrencies are digital assets, and their value primarily influenced by factors like demand, supply, and utility. Cryptocurrencies are notably more volatile and generally entail greater risk (and corresponding potential for returns) compared to stocks.
Which exchange is best for crypto?
Our choice for the best crypto exchange at time of writing is Coinbase, as it offers an easy-to-use platform for beginners and an advanced option for more experienced traders. The best crypto exchange for you will depend on your level of crypto experience and goals, so please be sure to do thorough research and understand your options before diving in.
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