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Best Bitcoin Exchanges – 5 Bitcoin Sites for Beginners

We've reviewed the top bitcoin exchanges for 2020 by platform, safety, fees and usability.
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Author: John Ladeluca
Last Updated: 18 August 2020

Millions of people around the world are interested in trading cryptocurrencies, but new users tend not to know where to do so. With so many cryptocurrency exchanges thriving in today’s markets, new traders can hardly keep up.

That’s why we’ve taken the time to analyze the top 20 cryptocurrency exchanges, ranking them by speed, cost, international accessibility, trading features, user confidence, and more. By the end of this guide, you’ll have strong options for trading crypto, wherever you live, and whatever form of cryptocurrency trading you wish to pursue.

On this Page:

    Best cryptocurrency exchanges for 2020

    We’ll first take a look at the best bitcoin exchanges overall, then look at our favourite exchanges for different criteria: fees, reputation, ease of use, etc. By the end of this guide, you’ll have several high quality options for your personal bitcoin trading needs.

    1. eToro: Best overall cryptocurrency exchange

    Since its establishment in 2006, eToro has become one of the biggest online trading platforms in the industry. It allows its users to trade various markets such as forex, stock and cryptocurrencies. Moreover, it is regulated by the Financial Conduct Authority (FCA), Cyprus Securities and Exchange Commission (CySEC) and the Australian Securities and Investment Commission (ASIC).

    In 2018, eToro opened its doors to the US market. Now, all traders in the US can easily create an account, deposit funds and trade bitcoin as well as other cryptocurrencies on eToro. Additionally, it serves millions of traders located in the United Kingdom, Australia, Germany and a lot more countries.

    Aside from offering a free crypto wallet, it also gives you access to a CryptoPortfolio. What’s more interesting about eToro is that aside from allowing you to outright buy Ethereum and other major cryptocurrencies such as Bitcoin, Bitcoin Cash and many more, it also enables you trade these cryptocurrencies as CFDs.

    eToro introduced a regulated cryptocurrency exchange known as eToroX. The fees you pay will depend on the crypto assets you are trading. For instance, BTC attracts a charge of 0.75% to exit a position.

    The minimum amount you can withdraw is $30, and it costs $5 per withdrawal. Also, if your account remains inactive for more than a year, you will be charged $10 per month.

    Cryptocurrencies supported: Bitcoin, Ethereum, Bitcoin Cash, Dash, Ethereum Classic, Neo, Litecoin, Ripple, Monero, etc.

    Demo Account: Yes

    Educational Material: Yes

    Fees: $10 inactivity fee, $5 withdrawal fee, spread fees may apply to cryptocurrencies as well as overnight fees

    Minimum deposit: $200

    Special Features: Social trading offers copying strategies, an appealing tool for those new to the extremely volatile cryptocurrency market

    Regulation: Cyprus Securities and Exchange Commission (CySEC), the British Financial Conduct Authority (FCA) and the Australian Securities and Investments Commission (ASIC).

    Payment methods: Wire transfer, SEPA transfer, Wire transfer, online banking, instant deposit, Skrill, Neteller, PayPal, Sofort Banking

    • Social trading crypto exchange
    • CySEC & FCA regulated
    • Over 15+ coins supported
    • KYC & verification required
    75% of retail investors lose money when trading CFDs with this provider. Cryptoassets are highly volatile unregulated investment products. No EU investor protection.

    2. Plus500: Trade crypto CFDs on a regulated European broker

    Plus500 is one of the most reputable online cryptocurrency trading platforms in the market. Some of the cryptocurrencies it supports include Bitcoin, Ethereum, Litecoin, Ripple, etc. All these assets are available for trading 24/7 except for one hour on Sunday between 13:00-14:00 UTC.

    It does not charge any commission for crypto trading. This bitcoin exchange relies on the spreads from the trades made.

    Similar to eToro, Plus500 is regulated by top-tier regulatory bodies from around the world such as the Financial Conduct Authority (FCA), Australian Securities and Investments Commissions (ASIC), among others.

    Plus500 makes it very easy for traders like you to trade cryptocurrencies. It provides a free demo account that is available for an unlimited period. The demo account has the same features of the live account and will enable you to practice and test strategies before risking your money.

    The maximum leverage for crypto trading is 1:20, and you can start trading with as low as $100. Even though the cryptocurrency market is very volatile, you can minimize the risks by using the various technical tools provided by Plus500 to make better trading decisions. Some of these tools include stop loss, price warning, trailing stop, etc.

    Cryptocurrencies supported: Bitcoin, Ethereum, Litecoin, NEO, Ripple, IOTA, Stellar, EOS, Bitcoin Cash, Cardano, Tron, Monero and Crypt 10 Index

    Demo Account: Yes

    Educational Material: Yes

    Fees: No trading fees, overnight and inactivity fees may apply. No fees or options for withdrawing crypto coins.

    Minimum deposit: $100 if made by debit or credit card

    Special Features: Multi-language platform with live support

    Regulation: British FCA, CySec, ASIC, Monetary Authority of Singapore (MAS), Israel Securities Authority (ISA), Listed on the LSE (PLUS)

    Payment methods: Debit and credit card, Skrill, PayPal, bank transfers (wire, EU-based SEPA)

    • Leveraged crypto trading
    • Low spreads, fees and commissions
    • Free demo account
    • Not suitable for beginners
    • CFD trading only - you will not own the physical asset
    76% of retail investors lose money when trading CFDs with this provider.

    3. Binance: 150+ cryptocurrencies supported

    Binance started in China but was moved to Malta when the Chinese government banned cryptocurrency trading.

    It has its proprietary cryptocurrency dubbed as Binance Coin (BNB). In 2017, it initiated an initial coin offering (ICO) of the coin to raise $15 million in funding. You will get discounts if you use the BNB coin to pay trading fees on the exchange site.

    Binance does not charge fees when you want to deposit any crypto assets. It offers trading pairs with BTC, ETH and USDT but not fiat currency. So, you will need to use another crypto site to change your fiat currency to crypto to enjoy free deposits on Binance. The base fee for trading crypto assets is 0.1%. However, you can reduce the cost by up to 50% if you use the BNB coin.

    This crypto exchange utilizes high levels of safety and security measures with multi-clustered and multi-tier architecture. In addition, it has a matching engine that is capable of executing around 1.4 million trade orders per second. This makes it one of the fastest bitcoin exchange sites in the world. Also, it supports the trading of more than 150 cryptocurrency coins including Bitcoin, Ethereum, Litecoin, etc.

    The registration process on Binance is simple, and your account can get activated immediately. For you to be granted with a basic trading account, you need to register through your email. On the downside, the basic account has a withdrawal limit of 2 BTC per day.

    Cryptocurrencies supported: Bitcoin, Ethereum, Bitcoin Cash, Litecoin, NEO, Ripple, IOTA, Stellar, EOS, Tron, Monero, Cardano, etc.

    Demo Account: Yes

    Educational Material: Yes

    Fees: 0.1% for all trades but this can reduced by up to 50% if BNB coin will be used

    Minimum deposit: None

    Special Features: BNB coin reduces the trading fees by 50%

    Regulation: Lightly regulated under the still-developing Maltese Virtual Financial Assets (VFA) act

    Payment methods: Cryptocurrencies, Debit and credit card, Simplex

    • High liquidity and fast platform
    • No verification needed to buy crypto
    • Average fees of 0.1% on each trade
    • Doesn't offer phone support
    • Not suitable for complete beginners

    4.Coinbase: Offers user-friendly mobile app

    Launched in 2012 in San Francisco, Coinbase is one of the best bitcoin exchange sites in the world. Currently, it is available in more than 32 countries and its serves over 12 million customers.

    The Coinbase mobile wallet makes it easy to store, send and receive all major cryptocurrencies securely. If you are new to crypto trading, the wallet features smart tools that will help you build your crypto knowledge and portfolio. The best part is that the wallet app is compatible with both Android and iOS devices.

    Coinbase is based in the US, which means it complies with stringent federal and state laws. It also follows several financial services and consumer protection laws such as The Bank Secrecy Act. Since it is registered as a money service business, it is also being regulated by FinCEN. In addition, all of its traders’ funds are segregated in a separate Bitcoin account.

    The fees you’ll need to pay on Coinbase vary depending on your chosen payment method and country of residence. In most cases, they range from 1.49% to 3.99%. You can avoid the strict restrictions on how much you can transact by verifying your phone number, personal information and photo ID.

    Cryptocurrencies supported: Bitcoin, Ethereum, Bitcoin Cash, Dash, Ripple, Loom, Monero, Link, etc.

    Demo Account: No

    Educational Material: Yes

    Fees: 1.49% commission per trade, range from 1.49% to 3.99% for deposits, $0 to $25 per withdrawal

    Minimum deposit: $100

    Special Features: Superb mobile app that is available on both Android and iOS devices

    Regulation: Financial Crimes Enforcement Network (FinCEN)

    Payment methods: Cryptocurrencies, Wire transfer, Debit and credit card

    • Advanced mobile app
    • High liquidity
    • User-friendly interface
    • Takes some time to reflect deposits

    5. Luno: Best for traders from developing countries

    Luno was established in 2013 as BitX but later rebranded in 2016. It is an excellent bitcoin exchange site with more than 2 million customers. It operates in over 40 countries, many of which are developing countries.

    When Luno started, it only offered Bitcoin and Ethereum. It is planning to buy Ripple very soon, Although it only supports two cryptocurrencies as of now, it accepts numerous fiat currencies such as Euro, Malaysian Ringgit, Nigerian Naira, South African Rand, etc.

    Luno has been designed to make crypto trading very simple and accessible. You can easily convert your crypto assets into fiat currency any time. Even though some exchange sites offer numerous trading in crypto pairs, only a few allow direct conversion to fiat currency.

    The Luno wallet makes it convenient to buy, send and store your crypto assets. It is simple yet with high-level security features to protect its users.

    Luno is considered to have some of the most competitive rates in the cryptocurrency market. It does not charge any fee for the deposits and withdrawals of crypto assets However, you will incur 0.0002 Bitcoins for transacting through the crypto wallet. The fees depend on the network traffic and the fiat currency you used to purchase the cryptocurrency. In most cases, it ranges between 0.2% and 1%.

    Cryptocurrencies supported: Bitcoin and Ethereum

    Demo Account: Yes

    Educational Material: Yes

    Fees: 0.2% to 1% commission per trade, Withdrawal fee is based on country of residence

    Minimum deposit: $1

    Special Features: Free Luno wallet, Supports numerous fiat currencies

    Regulation: Not yet regulated

    Payment methods: Cryptocurrencies, Bank transfer, Debit and credit card, Electronic Funds Transfer, Interbank GIRO

    • Quick and easy way to trade cryptocurrencies
    • Available in developing countries
    • Intuitive interface
    • Unregulated

    6. Libertex: Low fee bitcoin & crypto trading platform

    Libertex is a bitcoin exchange that is based in Limassol, Cyprus. It is a reputable platform that has received over 30 industry awards. Currently, it boasts of having more than 2.2 million customers from 120 countries.

    This bitcoin exchange will give you access to extensive online learning materials.

    It is straightforward to open a Libertex account. You can either sign up using your email or Facebook account. As part of its compliance to anti-money laundering regulations, you will be required to submit relevant documents such as your passport or any government issued-ID. The process only takes three days to complete.

    The Libertex platform provides a cost-efficient way to trade cryptocurrencies. Some of its supported cryptocurrencies include Bitcoin, Ethereum, Bitcoin Cash, Ripple and more. Unfortunately, it does not offer a crypto wallet like most of its competitors. Nonetheless, it is a good option for crypto leveraged CFD trading.

    Libertex works on a commission-based system so the rates vary by trading instrument.

    Cryptocurrencies supported: Bitcoin, Ethereum, Bitcoin Cash, Litecoin, Ripple, etc.

    Demo Account: Yes

    Educational Material: Limited educational resources

    Fees: 0.2% for most cryptocurrency trading operations

    Minimum deposit: €/$/£100 or 100 currency units, may vary based on payment method

    Special Features: Serves international traders not reached by other platforms or crypto exchanges

    Regulation: CySec

    Payment methods: SEPA bank transfer, wire transfer, Skrill, Neteller, Sofort, Giropay, Trustly, iDEAL, Przelewy, MB, Rapid, TeleIngreso, Neosurf

    • Offers commodities, currencies, stocks, indices and cryptocurrencies
    • Has a mobile app
    • CySEC regulated platform
    • High non-trading fees

    What is a bitcoin exchange or cryptocurrency exchange?

    Bitcoin exchanges are online marketplaces where cryptocurrencies are bought and sold.

    Bitcoin exchanges match buyers with sellers. Supply and demand determines the price of Bitcoin, i.e., buyers pay for Bitcoin what they think it’s worth, based on how much is available on the exchange.

    There are Bitcoin sites all over the world, catering to regional and international audiences. You will find that there’s a lot of buzz amongst the search volume in google for specific terms involving buying bitcoin . In countries like France, for instance, the curiosity around Bitcoin can be seen based on the trends shared by google. Words such as comment acheter Bitcoin have grown sporadically since 2017, which was the year that Bitcoin hit its ATH.

    Some Bitcoin sites accept fiat currency, others only crypto. Still others don’t sell Bitcoin at all, and instead allow users to make bets on crypto price fluctuations.

    Some Bitcoin exchanges are regulated. Others are not. But all good cryptocurrency exchanges should provide a strong user experience, protect user funds, and comply with the law and industry best practices.

    There are tons of Bitcoin exchanges to choose from. By the end of this guide, you’ll know what the best Bitcoin sites are available to you, how to sign up with them, and what other options are available for you as you learn to trade within these fascinating markets.

    Looking for a cryptocurrency exchange that accepts Paypal as a payment method? Check out our Paypal Bitcoin exchanges guide

    What types of bitcoin exchanges are there?

    For our purposes, there are basically two types of Bitcoin exchanges: those that accept fiat currency as payment (centralized), and those that do not (decentralized).

    Fiat currencies are any government-issued money. US Dollars and British Pounds Sterling are two common examples.

    Centralized

    • Compliant to strict regulations
    • High Investor Protection
    • Offer limited Services

    Decentralized

    • Offer a wide variety of services
    • Non-compliant to regulations
    • More susceptible to hacks

    Comparitive analysis of the best cryptocurrency exchanges

    Below is a comprehensive table that represents how the top cryptocurrency exchanges are similar and different to each other.

    Crypto ExchangeeToroPlus500BinanceCoinbaseLunoLibertex
    Crypto Trading Fees From 0.03%Spreads vary from 0.56% to 3.28%0.10% 1.49% to 3.99% on Coinbase, 0.1% to 0.25% on Coinbase Pro 0.25% to 1.00% 0.27% to 2.56%
    Deposits Free Free Free Free Free Free
    Withdrawals $5 5 free withdrawals monthly , $10 for subsequent withdrawalsVaries
    depending on the cryptocurrency used
     Free Free0.5% for bank transfers
    1% for Neteller
    1 EUR for Visa
    Free for Skrill
    RegulationASIC, FCA, CySECASIC, FCA, CySEC, FMA, MAS, FSCA and ISA Not regulated FinCEN Not regulated CySEC
    Number of Cryptos Supported15+ 13 260+19 3 15+
    Liquidity High Good HighHigh Low Average
    Supported CountriesAccessible worldwide with 12 exceptions 15+ countries Accessible worldwide with a few exceptions102 countries including the US Low110
    Customer SupportLive chat
    Web-based ticketing and email
    Only available during work hours on weekdays
    Live chat
    Email
    WhatsApp
     Only accessible via web-based ticketingAutomated chatbot
    Phone
    Traditional mail
     EmailEmail
    Phone
    Web form
    Social media

    Regulation

    Plus500 is regulated by top-tier authorities such as the Financial Conduct Authority (FCA) and Australian Securities and Investments Commission (ASIC).  Its other regulators include CySEC, Financial Markets Authority (FMA – New Zealand), Monetary Authority of Singapore (MAS), Financial Sector Conduct Authority (FSCA – South Africa) and the Israel Securities Authority (ISA). It is the most highly regulated exchange on this analysis, with eToro coming in second.

    You’ll see that eToro is a fully regulated entity in multiple jurisdictions under various top-tier authorities. These include the Financial Conduct Authority (FCA), the Cyprus Securities and Exchange Commission (CySEC) and the Australian Securities and Investment Commission (ASIC).

    Coinbase is registered with FinCEN as a Money Services Business. Libertex operates as a regulated platform under the Cyprus Securities and Exchange Commission (CySEC).

    Though it operates from Malta, Binance is neither regulated nor officially registered.

    Lastly, Luno is not a regulated platform.

    Crypto Trading Fees

    Binance offers a highly competitive flat trading fee of 0.10%, far below the 0.25% industry average. These are the best rates in this comparative analysis. Traders can get an additional 50% discount if they pay trading fees via its native BNB token.

    Crypto trading fees on eToro start from as low as 0.03%, depending on the cryptocurrency in question. This is highly competitive, second only to Binance on this list.

    For traders using Luno exchange, crypto trading fees range from 0.25% to 1.00%.

    On the other hand, crypto trading on Libertex is charged on commission basis, with rates varying from one asset to another. They range from 0.2684% to 2.5612%.

    Crypto trading on Plus500 is charged in spreads ranging from 0.56% to 3.28%.

    On Coinbase, cryptocurrency purchase fees on the service range from 1.49% to 3.99%. However, Coinbase Pro users get better rates ranging from 0.1% to 0.25%.

    Deposit and Withdrawal Fees

    There are no deposit fees on eToro, Plus500, Binance, Coinbase, Luno and Libertex. Their withdrawal fees and supported payment methods vary.

    1. eToro

    There are no deposit fees on eToro but withdrawals attract a fee of $5. The minimum deposit amount is $30, apart from the initial deposit, which should be $200. And if you make your deposit via wire transfer the minimum required is $500. There is also a withdrawal minimum of $50.

    Deposit and withdrawal options include:

    • Credit/debit card
    • WebMoney
    • PayPal
    • Neteller
    • Skrill
    • Bank transfer

    2. Plus500

    When it comes to deposits, the minimum amount acceptable is $100. It does not charge withdrawal fees for the first 5 withdrawals in a month. But subsequent withdrawals attract a $10 fee. Bank transfer withdrawals however have a fixed charge of $6. The minimum withdrawal amount is $50 on PayPal and $100 via credit/debit cards and bank transfer.

    Withdrawal and deposit options include:

    • Credit/debit card
    • Bank transfer
    • PayPal
    • Skrill

    3. Binance

    The withdrawal fee on Binance is also competitive, though it varies from one coin to the next. Take a look at some examples:

    • BTC – 0.0005 BTC
    • BNB – 1 BNB
    • ETH – 0.01 ETH
    • USDT – 50 USDT

    You can deposit funds using MasterCard or Visa credit cards courtesy of a service known as Simplex. Simplex charges 3.5% per transaction. There is no limit on deposits but withdrawal limits will depend on verification status – 2BTC daily for unverified users and 100BTC daily for verified users.

    4. Coinbase

    Deposits and withdrawals are free of charge.

    You can make deposits via:

    • Bank transfer
    • PayPal
    • Wire transfer
    • Debit/credit card

    But withdrawals are only accessible via bank transfers and PayPal.

    5. Luno

    It is possible to make deposits using:

    • Wire transfer
    • Cryptocurrency

    There are no withdrawal fees, but users will need to pay network fees for transaction processing. Deposits limits apply, varying according to your verification level. They range from 1,000 EUR to 100,000 EUR monthly.

    6. Libertex

    Its withdrawal fee varies depending on the payment method you want to use but deposits are free.

    It supports a wide variety of deposit methods such as:

    • Visa/MasterCard
    • Bank deposits
    • Wire transfers
    • Rapid
    • Skrill
    • SEPA transfers
    • Trustly
    • SOFORT
    • Neteller

    Withdrawal methods on the other hand include:

    • Wire transfers
    • Neteller
    • Skrill
    • Visa/MasterCard

    The minimum deposit amount is $100 and the maximum is $5,000.

    Supported Cryptocurrencies and Liquidity

    1. Binance

    When it comes to supported cryptocurrencies, Binance offers over 260 cryptocurrencies. In this regard, it is the leading exchange on this analytic review.

    Due to the remarkably high trading volumes on Binance, liquidity is also very high, comparable to eToro and Coinbase.

    2. eToro

    eToro also offers deep liquidity and it supports trading in the following cryptocurrencies:

    • Bitcoin
    • Ethereum
    • Ripple
    • Bitcoin Cash
    • Litecoin
    • Stellar
    • Dash
    • Litecoin
    • Ethereum Classic
    • Cardano
    • IOTA
    • EOS
    • NEO
    • TRO

    3. Plus500

    On Plus500, here are the supported cryptocurrencies:

    • Bitcoin
    • Ethereum
    • Litecoin
    • Ripple
    • Bitcoin Cash
    • Stellar
    • Dash
    • EOS
    • NEO
    • Bitcoin Gold
    • Cardano
    • Tron
    • Monero

    A major highlight is that the liquidity on this exchange is relatively high. Notably, it has the capacity to absorb client orders during periods of low liquidity, taking the other end of the trade to keep things moving.

    4. Coinbase

    Currently, it supports 19+ cryptocurrencies including:

    • Bitcoin
    • Ethereum
    • Bitcoin Cash
    • Ethereum Classic
    • Stellar Lumens
    • Litecoin
    • Augur
    • Chainlink
    • DAI
    • Dash
    • EOS
    • Orchid
    • Basic Attention Token
    • Tezos
    • 0x
    • Zcash
    • Ripple
    • Cosmos

    One of the major highlights of this exchange is its high liquidity, an aspect which places it at par with Binance and eToro. Individuals are allowed a $10,000 maximum withdrawal amount daily, and businesses, $50,000.

    5. Luno

    At present, the exchange only supports three cryptocurrencies, Ethereum, Ripple and Bitcoin. In comparison to most of the other exchanges here, Luno’s liquidity is quite low.

    6. Libertex

    On this cryptocurrency exchange, you will find a reasonable range of crypto assets including:

    • Bitcoin
    • Ethereum
    • Bitcoin Gold
    • Ethereum Classic
    • Ripple
    • QTUM
    • IOTA
    • Zcash
    • EOS
    • Monero
    • Litecoin
    • Cardano
    • TRON
    • OmiseGO
    • Bitcoin Cash

    Though the liquidity level is not the lowest, it is not as high as on some of the services here including eToro, Coinbase and Binance.

    Supported Countries

    One aspect in which eToro outshines the rest is that it accepts customers from all parts of the world with a few exceptions including North Korea, Cuba, Sudan, Syria, etc.

    Coinbase has traders located in 102 countries.

    Binance is accessible to users all around the world with a few exceptions such as the United States.

    Libertex caters to clients in over 110 countries around the globe. It accepts clients from a majority of countries except those with strict regulations.

    Plus500 accepts customers from over 15 countries including Australia, UAE, Germany, etc.

    Luno specifically targets emerging markets and countries that can’t access services from most other exchanges. These include most European countries as well as Zambia, South Africa, Nigeria, Indonesia and Malaysia.

    Customer Service

    eToro’s customer support team members are highly responsive and accessible via multiple avenues including:

    • Online ticketing system
    • Live chat
    • Email

    However, they are only available on weekdays during working hours.

    On the other hand, Plus500’s customer support can be reached via:

    • Live chat
    • Email
    • WhatsApp

    They are available 24/7 and offer fast and helpful responses.

    Coinbase excels in customer support, offering assistance via:

    • Phone
    • Automated chatbot
    • Traditional mail

    Binance’s customer team members are only available via web-based ticketing. There is no live chat or telephone support. They are, however, responsive.

    On Libertex, customer support is accessible via multiple forums including:

    • Email
    • Phone
    • Social media
    • “Ask a question” form on the website

    There is no live chat feature and email support is the most efficient, while their social media platforms are almost inactive.

    Lastly, traders on Luno can only access customer support via dedicated email support. Luno’s rating in this aspect is very poor.

    Cryptocurrency sites ranked by category

    If you’re looking for a specific feature, take a look at the best bitcoin exchanges ranked by category below.

    eToro has the most transparent pricing policy and does not involve any hidden fees. The platform does not charge commissions on trades and makes money through spreads. Note that there is a withdrawal fee of $5.

    Compared to other platforms, Plus500 offers fair trading fees. The platform does not charge commissions on trades. Instead, you only incur spreads, which is the difference between the buying and selling prices. In most cases, you will pay the spread when opening a position.

    Since Binance only offers crypto trading, it does not charge fees for deposits or withdrawals. However, it costs 0.10% for all trades. Nonetheless, you will get a discount of up to 50% on Binance if you use the BNB coin to pay trading fees.

    The fee structure on Luno is more complicated than most exchange sites. It is based on fiat currency pairing and 30-day trading volume. However, across all trading pairs, market maker fees are flat zero while for market takers the fees vary from 0.2% to 1%. Also, you will only incur 0.0002BTC for transacting using a crypto wallet.

    There are various fees involved when trading cryptocurrencies on Coinbase. First, it charges a spread of around 1.49%. However, the actual spread can be higher or lower due to market fluctuations. On top of the spread, you will also be charged a flat fee for smaller purchases and sales.

    Unlike most online brokers, Libertex does not rely on spreads but instead charges commissions on every trade. The commissions depend on the crypto asset that you want to trade. Cryptocurrency commissions are typically around 0.2% only.

    There are a number of cryptocurrency exchange with excellent reputations.

    Coinbase is where most new crypto traders buy Bitcoin or Ethereum. It’s highly regulated and trustworthy.

    Gemini Exchange is a major competitor to Coinbase, and is pursuing more stringent regulation and licensing than any other exchange on the planet.

    Binance sells far more cryptocurrencies than any of the other exchanges in this section. It’s not as well regulated, but it has never suffered a major attack.

    Coinbase makes signup a breeze, offer mainstream currencies that all kinds of users will understand, and are safely regulated and licensed in many jurisdictions.

    Coinbase Pro offers many different order types, complex charting, and fast performance for experienced traders. They also offer a greater array of currencies than the basic Coinbase platform.

    Binance offers a similar level of performance, with many more crypto assets on offer.

    The best bitcoin site for in-app trading is Coinbase. While there are many high quality platforms available in browser, the selection is fairly limited on mobile. Fortunately, these two offerings earn high marks.

     

    Plus500 is the best cryptocurrency exchange for traders in the UK. Aside from its low spread fees and commissions, it also provides a user-friendly trading platform that has a web-based and mobile version. Moreover, it has 24/7 customer support.

    eToro is the best US cryptocurrency exchange and one of the best trading platforms for both beginners and expert traders. It supports several payment methods such as PayPal, wire transfer, credit/debit card, Neteller, WebMoney and Skrill.

    Even though it has high spread fees, eToro is still the most secure and one of the most reputable cryptocurrency exchanges that support social trading. Not only that, but eToro also supports several assets such as forex, stocks and commodities and has one of the best stock trading apps. This is definitely something to consider if you will be looking to diversify your portfolio away from cryptocurrency, in which case your best bet will be to use an all-in-one solution like eToro.

    Plus500 is the best exchange overall for people in Australia and New Zealand (Find out how to buy Bitcoin in New Zealand). Aside from being licensed and regulated by the Australian Securities Investment Commission (ASIC) in Australia, its users also find it easy to deposit and withdraw their funds because it supports PayPal, Skrill, bank transfer and credit/debit cards.

    What is the difference between an exchange and a broker?

    A sub-type of exchange, the CFD Broker, is different from a normal cryptocurrency exchange in that they don’t sell real Bitcoin. Instead, CFD brokers essentially allow users to bet on the future price of Bitcoin.

    CFDs (Contracts For Difference) are a quick way to trade, without having to use Bitcoin wallets or mess with confusing Bitcoin transactions.

    It’s also easy to lose money quickly with CFD trading, if you’re not accustomed to it. However, with knowledge and practice, CFD has its place. Just make sure that if you want real Bitcoin that you go with a conventional Bitcoin exchange, and not a CFD broker.

    Final thoughts

    There are hundreds of cryptocurrency platforms operating today. Unfortunately, most of them are not worth trying, and some will put user funds at risk of hacking and fraud losses. Some investors do lose money in cryptocurrency trading scams. To find out more about these products you can read our Bitcoin Loophole reviews.

    We hope that the options we’ve presented to you will give you all of the trading functionality you need, without any of the associated risk. As this industry develops, we’ll investigate new exchange sources. For now, the exchanges we’ve recommended here are truly the best in the business.

    eToro: Leading Social Cryptocurrency Exchange

    Our Rating

    • Trade a range of cryptocurrencies
    • 0% commission
    • Social and copy trading
    • eToro crypto wallet
    75% of retail investor accounts lose money when trading CFDs with this provider. Cryptoassets are highly volatile unregulated investment products. No EU investor protection.

    Plus500: Low Cost Crypto CFD Broker

    Our Rating

    Plus500 Broker
    • Tight spreads & no commission
    • £/$100 minimum deposit
    • Strictly regulated
    Plus500 Broker
    80.5% of retail investor accounts lose money when trading CFDs with this provider.

    Cryptocurrency exchange alternatives

    If you are looking for an alternative to traditional cryptocurrency exchanges, check out the guides below.

    FAQs

    Can I Store My Cryptocurrencies On Exchanges Indefinitely?

    This isn't a good idea. Cryptocurrency exchange wallets are meant for the short term storage of funds, such as right after a purchase of Bitcoin has been made. Exchange wallets can technically hold cryptocurrencies indefinitely, but as we're learned from hacking events like Cryptopia and QuadrigaCX, sometimes exchanges lose user funds. Every crypto exchange basically as a target on its back. With so many millions or billions in assets contained on a single platform, thieves will be working as hard as they can to steal the funds contained therein. Buy your coins and quickly move them to a wallet that resides on your computer of mobile device. As an individual, you won't have hackers trying to steal from you, at least with the same effort that the put into robbing exchanges.

    Why Don't More Crypto Exchanges Accept Fiat Payments?

    Cryptocurrencies are sparsely regulated, so exchanges that only accept crypto>crypto transactions don't put themselves under regulation the same way fiat>crypto exchanges do. For a fiat exchange to survive, they've got to comply with all sorts of federal and state oversight, sometimes in multiple nations. This is costly and time-consuming, and few exchanges want to jump through these hoops. Those that do can be very profitable, but they also take on considerable risk because they have to be transparent to regulatory scrutiny just like banks and other high-level fintech service providers.

    Why Do So Many Crypto Exchanges Get Hacked?

    There are several reasons why today's cryptocurrency exchanges are vulnerable to hacking. 1) They're centralized. Exchanges basically hold huge piles of digital cash. One hacker breakthrough can result in a massive score. 2) Cryptocurrency exchanges are suffering during the crypto bear market. Some have had to lay off staff, leaving themselves with less expertise to throw into security. 3) Some cryptocurrency exchanges are shady, fly-by-night affairs that don't use industry best practices. They're get-rich-quick schemes. 4) Many cryptocurrency exchanges are practically unregulated, meaning they can conduct themselves in any way they please, without any outside body stepping in to make them behave properly.

    Why Do Some Banks Not Allow Credit Card Payments to Cryptocurrency Exchanges?

    Banks have to protect their customers' assets and interests. Cryptocurrency is an experimental technology and economic model. Billions of consumer dollars have been lost in crypto investments, and negative monikers like Bubble, Hype and Fad are not far off the mark in certain cases. By preventing customers from using credit to by Bitcoin, banks are preventing certain unwise individuals from going into debt to invest in a highly speculative market that they don't understand. On the other hand, these banks are impinging on client freedoms and access to capital. It's a complicated situation.

    What Happens if I Lose My Funds in a Crypto Exchange Hack?

    The answer to this question depends entirely upon which exchange you're using. If your Bitcoin is lost in the hack of an unregulated, offshore Bitcoin exchange, you probably aren't going to get your money back. There is simply no regulatory body able to enforce customer protection practices on exchanges like this. However, if you use highly regulated exchanges like Coinbase (which probably won't get hacked anyway), you know that you would get your money back in the event of a hack, because Coinbase complies with many of the same regulations as banks.

    A-Z of Bitcoin Exchanges

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    Remember, all trading carries risk. Past performance is no guarantee of future results.
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    John Iadeluca is the founder of the Wall Street hedge fund Banz Capital. He's a blockchain developer, quant, and consultant that specializes in the digital asset sector. He is an authority on blockchain and has written for a number of publications including Forbes.com.

    22 thoughts on “Best Bitcoin Exchanges – 5 Bitcoin Sites for Beginners

    1. Hello, I am new to the world of online trading and I am looking for the right bitcoin platform for me. Would Gemini be the right choice? I’ve read that it is a really good platform, especially for novices.

      1. Hello Joanna. Thank you for your question. If you are an inexperienced user, Gemini is probably not the right choice for you. Even though it has potential, its trading interface is only seemingly simple to use but once you start using it you realise that it is excessively complex and as a beginner you will probably have a hard time figuring out how it works. That is why we would recommend eToro over Gemini. Not only its trading interface is easier to use but you also have the option of copying the trades placed by some of the top investors using eToro.

    2. What are the things I should avoid while I am trying to decide whether it is worth signing up on a bitcoin exchange?

      1. Hello Rue. Thank you for your question. One thing to look out for is the lock sign page next to the URL at the top of the webpage. If that is there, it means that the website is secure and trustworthy, so that is a good sign. You should also watch out for market orders, if that’s all the exchange uses, you might want to look for other options with better prices. You should also try and compare commission fees, a lot of exchanges have really excessive fees and you definitely do not want to trade on them. On a more general note, just look out for suspicious things, like offers of a professional trader making trades for you or promises of $15,000 in one day. I hope that helps.

    3. I’ve heard that signing up on bitcoin exchanges that allow PayPal as a payment method is much safer. Is that true?

      1. Hello Bradley. Thank you for your question. That is definitely true. The main thing about paying with PayPal is that it stops you from having to share your bank details with third parties. How PayPal works is that when you create an account you will have to insert your bank details to connect your account to your bank card. Once that is done, whenever you want to pay with PayPal, all you have to do is insert the credentials to log into your PayPal account but not your bank details, which makes it much safer. I hope that answers your question. If you want to find out what are the exchanges that accept PayPal as a payment method, feel free to go on our page on how to buy Bitcoin with PayPal.

    4. Hello there. Thank you for this review. I had never heard about 24Option before but it really seems like a valid bitcoin exchange to sign up on. I can’t afford to spend $250 right away without having made profits first, so I see 24Option as a good alternative. Am I wrong?

      1. Hello Lola. Thank you for getting in touch. You are definitely not wrong. We consider 24Option to be a very good option, especially if you cannot afford to spend $250 as an initial deposit. We always recommend to spend amounts that you are willing to lose so that’s definitely a good idea. Alternatively, we recommend trading on eToro because of the copy trading option. So the best thing you could do in that case is to wait until you can afford to make that initial deposit and sign up on eToro if you want access to that feature. Feel free to check out our eToro review to find out more about it.

    5. Do any of these platforms not require a minimum deposit amount? I find it very frustrating that I can only start trading on a bitcoin exchange if I have $250 in my pocket.

      1. Hello Christopher. Thank you for your question. Coinmama, Coinbase and Binance have very low minimum deposit fees, so having $250 is definitely not a requirement, you just have to take some time deciding which one of these platforms you prefer. The thing is that while as a positive, these exchanges offer very low minimum deposits, they have other downsides, such as high fees, insufficient asset variety and so on. On the other hand, there are other exchanges, like eToro, that may require higher minimum deposits but they make up for this with remarkable services. That is why we recommend waiting till you can afford to spend some more at the beginning and perhaps spend less in the long run, than to spend little at the beginning and much more in the long term. I hope that makes sense.

    6. Thanks for this review. It was the push I needed to finally sign up on a cryptocurrency exchange. What would you say are the most well-reputed cryptocurrency exchanges currently available?

      1. Hello Becky. Thank you for the kind words. There are quite a few well-reputed platforms at the moment, such as eToro, CoinBase, Binance, 24option.com and a few more. They are all excellent platforms that will definitely help you get the results you are hoping for. Of course they all have their strengths and weaknesses for example some of them require a lower minimum deposit than others or do not operate in the US or have high fees. If you are looking for the right one to choose I would do some research on the individual platforms to help you make your decision. To start off, feel free to have a look at our eToro, Binance and Coinbase reviews to see if you are interested.

      1. Hello Vanessa. Thank you for getting in touch. It normally depends on the exchange you’ve lost your money on. Some exchanges have a refund policy when it comes to hacking attacks but others don’t. So if you’ve lost your money because of that, it is definitely gone, but you may be able to get it back with a refund. The best thing to do if it’s already happened would be to contact customer support and ask if they have a refund policy. If you haven’t signed up to the exchange yet and are concerned about this, I would have a look at the exchange’s website in the legal section or the terms and conditions, to see if they have a refund policy in case of hacking. I hope this helps. Good luck!

      1. Hello Richard. Thank you for your question. I think it very much depends on your level of trading experience. If you are an experienced trader, investing on cryptocurrency exchanges is probably a good idea because you can be in control of what you invest in how much and for how long. If you are not so experienced, you have two options: one is to sign up on eToro and make the most out of the copy trading option, where you can copy the trades of the exchange’s top investors. Your second option is to sign up on an auto trading robot instead. They are designed to help inexperienced traders by doing most of the work for them, including market analysis and placing trades. All you are required to do is to change the trading settings once a day. If you want to find out more about them we suggest checking out our bitcoin robot page if you get a chance. I hope that answers your question. Best of luck.

    7. Hello! It’s so hard to find informative reviews listing all the most reliable exchanges there are. Thanks for taking care of that. One question: what happens if my account gets hacked and I lose all the funds I had in it?

      1. Hi Arthur32. Our pleasure! That very much depends on the exchange you have an account on. What I mean is that if you’ve lost your money in an account of an unregulated, unreliable or maybe offshore exchange, then I am afraid there is probably not going to be much you can do. However, if you create an account on a regulated platform, they may have some refund policies, especially the most well-reputed ones. What I suggest doing is to have a look at the website of the exchange you want to open an account on and have a look at their terms and conditions or their legal section to check if they have protection in place in case of hacks. Good luck!

      1. Hello. Thank you for your question. I would say that the best cryptocurrency platforms for new traders are Coinbase and eToro. We recommend having a look at both our Coinbase and eToro reviews. Both platforms are really clear in walking you through the sign up process. It might take a couple of days, but it is certainly made simpler than it is on other exchanges.

        Both platforms are also regulated by trusted and well-reputed agencies and both offer a great variety of assets you can choose from. As for eToro in particular, you also have the option of copying the trades of more experienced users. That may come in particularly handy if you are new to the world of online trading and still trying to develop your own trading strategy.

      1. Hello Cjs 765, Our experts have tested and reviewed a lot of popular crypto platforms. We highly recommend you to use eToro for buying and trading stocks. eToro is one of the best and secure platforms for this type of trading.

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    eToro: Buy Cryptocurrency

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    Cryptoassets are highly volatile unregulated investment products. No EU investor protection.

    eToro: Buy Cryptocurrency
    Visit eToro

    Cryptoassets are highly volatile unregulated investment products. No EU investor protection.

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