Cryptocurrencies, often shortened to crypto, are digital or virtual currencies often in the form of tokens used to engage in secure online transactions such as payments. A crypto exchange is a digital transaction mechanism – essentially an online market – which allows you to buy and sell cryptocurrency.
Kraken is one of the older crypto exchanges, having been in operation since 2011. It offers exchange features for over 160 types of cryptocurrency and a handy buy/sell guide for each to help you assess current market prices, recent changes in price and the market cap. Kraken’s strengths entail the capability to conduct margin and futures trading as well as limiting orders.
eToro claims to be the largest social investing platform, with 25 million users, and its longevity surpasses Kraken as it was founded in 2007. While it offers fewer cryptocurrencies than Kraken (showing 68 options as of May 2022), its buy/sell guide is updated in real-time for up-to-the-second pricing information, and it also offers the option to invest in stocks and exchange-traded funds.
Crypto.com is a newer offering, founded in 2016, and yet supports the most cryptocurrencies of almost any crypto exchange in this review, with support for more than 180 cryptocurrencies, though not all of them appear on their buy/sell guide. Non-fungible tokens are a strong offering via this exchange.
Binance features over 60 cryptocurrencies listed on their buy/sell guide. Founded in 2017, the company temporarily shut down access for U.S. users in 2019 based on regulatory concerns. That was how the Binance.US offshoot came about.
Coinbase is a well-regulated and popular crypto exchange with support for over 150 cryptocurrencies. Featuring 98 million users, Coinbase was founded in 2012 and operates in more than 100 countries, making it a robust and diverse platform that touts its ease of use.
BitMart was founded in 2017 and is ranked as one of the top 20 exchanges in the world. Providing access to a good selection of coins and futures trading with up to 50x leverage, their buy/sell page features nearly 60 common cryptocurrencies. Several hundred in total are available for transactional usage, which is the most of any offering in this review.
Gemini was founded in 2014 and its buy/sell page lists approximately 100 cryptocurrencies available for trading in over 60 countries. The operational interface is simple and easy to use, and support is extensive.
Cash App was founded in 2013 and is a unique entry in our roundup because it not only focuses on crypto exchange and stock trading, but also on regular financial transactions as well. This puts it in a similar vein to PayPal and Venmo, making it a powerhouse of capability.
Bakkt’s seamless and secure platform, developed in 2018 and accessed via the Bakkt app, gives users a low barrier to entry on crypto through an easy-to-use interface and no-fee approach. Users can buy, sell and send bitcoin and Ethereum cryptocurrencies.
Bisq is a decentralized bitcoin exchange platform providing access to trade over 1000 cryptocurrencies in more than 180 countries. Launched in 2014, Bisq is a unique in that it entails a downloadable application available on all major operating systems. The only mobile app offerings for Apple and Android are really just notification services to provide you with status updates regarding your trades.
How to pick the cryptocurrency exchange that’s right for you
All of the products reviewed here have something to offer everyone. The process of exchanging cryptocurrency in a safe and reliable fashion is founded upon the platform involved, and each entry listed here has a proven track record for getting the job done. Your choice should be based upon the desired functionality and cryptocurrencies or transactions you intend to work with.
eToro is best for social investing, BitMart has the widest range of cryptocurrencies available, Cash App offers financial peer-to-peer transactions on top of excellent Bitcoin trading capabilities, Crypto.com has the strongest mobile app contender, Gemini provides the best security aspects and Coinbase is well-thought of as the easiest crypto exchange to learn. Bisq is not thought of as an active trading platform due to it being limited to a desktop application, so making quick exchanges and trades on the go is not an option with this crypto exchange.