Top 5 Centralized Cryptocurrency Exchanges

Cryptocurrency exchanges are the life support of the crypto market, on which it breathes. Similar to stock trading apps, they enable users to buy, sell, and trade cryptocurrencies, such as Bitcoin, Ethereum, USDT, and many more. The best crypto exchange offers competitive fees and resources to ease trading and storing of assets.

If you’re considering adding crypto to your portfolio, you may be confused about where to buy from. We shall discuss the best 5 centralized cryptocurrency exchanges, their features and benefits.

What is a Centralized Exchange?

Centralized exchanges act as intermediaries between buyers and sellers. These exchanges are run by a central authority or company that manages the exchange and facilitates trading activities. The exchange typically holds custody of users’ assets and executes trades on behalf of users. Currently, more than 80% of trading volume is facilitated through CEX due to the ease of accessibility, security, and order management. This makes them a more robust choice for institutions with high volume requirements. 

CEXs typically have a user-friendly interface and offer a wide range of trading pairs, including fiat-to-crypto and crypto-to-crypto pairs. They often also provide advanced trading features such as margin trading, limit orders, and stop-loss orders.

Top Centralized Cryptocurrency Exchanges 

Crypto Exchanges	Year of Launch	Supported Cryptocurrencies	Security
Binance	2017	300+	4.5/5
Coinbase	2012	240+	4.5/5
Bitget	2018	550+	4.5/5
Kraken	2011	200+	4/5
Bybit	2018	650+	4/5

 

1. Binance

Binance is the largest crypto exchange based on trading volume, and has occupied this spot for many years. Not only is Binance popular for its large trading volume, but it’s also one of the safest crypto exchanges currently.

While the platform has been accused of unethical trading practices in the United States (just like many large and reputable exchanges), Binance continues to maintain a reputation for having unique safety protocols and secure monitoring systems to protect user accounts. 

In terms of trading fees, Binance offers the lowest rates. Both retail and institutional traders rely on these competitive rates to trade large volumes without paying exorbitant fees. Aside from its competitive fees, Binance also offers other features like staking. 

2. Coinbase

Coinbase is a globally recognized centralized exchange with an intuitive, user-friendly, and rich interface. A standout feature of Coinbase is its wide range of offerings. This exchange has a huge collection of digital currencies and tokens, making it good for investors who love to diversify their portfolio into emerging coins.

Besides trading cryptocurrencies, Coinbase offers NFT trading separately, where digital creators can trade their collectibles. Also, the platform offers private client services, advanced trading features, and digital wallet storage. 

Coinbase also has the Pro version that costs $29.99 a month, with access to lower trading fees and priority customer support. 

3. Bitget

Bitget crypto exchange has risen in prominence ever since it came to the scene, offering an innovative way to trade. The exchange is known for its extensive collection of cryptocurrencies and liquidity. However, the standout feature of Bitget is its user interface. The U.I. caters to newbies and pro crypto traders. 

The platform supports deposits in various currencies and sending digital assets is seamless, thanks to the platform’s intuitiveness. You can buy and sell crypto easily on this platform. This ease seems to attract many newbies to the platform.

Bitget also offers features like social trading, which allows users to mirror the strategies of successful traders, and yield farming options. 

4. Kraken

Kraken is arguably the best centralized cryptocurrency trading platform regarding security. It implements robust security measures, such as cold storage, two-factor authentication, and advanced encryption technology to protect user funds and data from external threats.  

Like Bitget, Kraken supports a wide range of cryptocurrencies and tokens, allowing users to trade several altcoins and Bitcoin conveniently and add any asset they want to their portfolio. Besides, Kraken has a user-friendly interface with simple navigation. Whether trading or exploring advanced features, Kraken makes it easy to move around.

Speaking of trading, Kraken offers margin and futures trading, which are great additions for those who want to earn higher returns. Besides trading, users can also earn through Ethereum and KRAK staking. KRAK is the native token of Kraken.  

5. Bybit

Bybit currently trails Binance as the second-largest cryptocurrency exchange by trading volume. That says a lot about the platform, which was launched to redefine openness and decentralization. Although it faced some regulatory challenges in some regions in the past, Bybit continues to adjust to regional laws to maintain its operations and expansion plans.

Serving customers in over 195 countries, the platform is also known for its accessible user interface, which caters to beginners and pro traders. Like most centralized exchanges, users can access Bybit through the web and mobile application. Each is navigable and well-structured to enhance user experience. 

Bybit supports over 650+ cryptocurrencies, including Bitcoin, popular altcoins, and emerging tokens. Users have access to copy trading, spot trading, derivatives, and P2P trading platform, which supports over 70 fiat currencies. The trading fees are competitive, but flexible depending on the trading product.

Security is top-notch, and the customer support channel is open 24/7. However, the response time varies. 

Final Say

Centralized exchanges ease crypto trading and make it easier to hold digital assets in a safeguarded environment. These are the best crypto exchanges currently, but be aware that no exchange guarantees the safety of one’s assets. Hacks could still occur. Therefore, users should still remain cautious of storing or trading crypto in a centralized exchange.