Cryptocurrency is becoming more and more popular and receiving the attention of many people, including traditional financial institutions and individual investors. Firstly, you need to create an account at cryptocurrency exchanges where you can buy and sell cryptocurrencies such as Bitcoin (BTC), Solana (SOL), Ethereum (ETH), BNB, USDT… Let’s find out what is cryptocurrency exchange?
What is Cryptocurrency Exchange?
Cryptocurrency exchanges are places where you can buy and sell cryptocurrencies. You can use exchanges to convert many types of coins and buy cryptocurrencies by using fiat money such as the US dollar.
Cryptocurrency Exchanges show the current market value. You can exchange cryptocurrencies for US dollars or another currency on the exchange and withdraw them to your bank account.
There are 3 types of Cryptocurrency exchanges:
- Centralized Exchange (CEX)
- Decentralized Exchange (DEX)
- Mixed Exchange (HEX)
In this post, Ecoinomic.io will provide detailed information to make it easier for you to choose the best exchanges,
Top Cryptocurrency Exchanges 2022
Binance is the world’s No. 1 cryptocurrency exchange for BTC trading, founded by Changpeng Zhao (CZ) in 2017. Before becoming the founder of Binance, CZ start-up with a transaction processing system for stock brokers. Then he joined Blockchain.info and became the CTO of OKCoin.
In the beginning, Binance was founded in China, however, it had to relocate headquarters to Malta due to the harsh regulations of the Chinese authorities for Cryptocurrency exchanges in September 2017.
In January 2018, Binance surpassed Coinbase to become the largest cryptocurrency exchange by market capitalization. That position has remained so far. According to statistical data, Binance currently has a 47.07% share of the overall spot trading market.
Advantages of Binance Exchange
- High liquidity.
- Supports more than 32 languages.
- Low trading fees (0.1%). Using BNB tokens to reduce trading fees by 25% and receive many benefits when using Binance launchpad
- The platform has a SAFU insurance fund, which helps to insure customers’ accounts in the event of a hack.
- Large ecosystem, diverse products.
Disadvantage of Binance Exchange
- Too many products in Ecosystem can cause confusion to newbies.
If you don’t have an account, sign up for Binance with referral code FY5L300H for a 20% discount on trading fees. For detailed instructions on how to create a Binance exchange account, please click on the link below:
MEXC Global Exchange (MXC Exchange)
MEXC offers a simple and user-friendly interface. Founded in 2018 MEXC has its original name MXC. The exchange has a more than 6 million customers and became the “Best Cryptocurrency Exchange in Asia” at the Crypto Expo Dubai Awards event in 2021. With an increasing number of users, MEXC’s liquidity is always in the top of the exchanges with large trading volumes. Currently, the exchange allows spot trading of more than 1500 cryptocurrencies and lends futures contracts with up to 125x futures leverage. MEXC is chosen by many users because it is the exchange with the fastest token listing speed, users can buy these tokens at a low price before it is listed on other exchanges.
Advantages of MEXC Exchange
- Low transaction fees 0.2%
- Available on the mobile phone app.
- More than 1,450 coins and tokens.
- MEXC’s referral commission very high 30% – 50%
- High security: Not only KYC verifies identity, MEXC registration also supports enabling Anti-Fishing advanced security so that users can confirm official information from the exchange.
- Without KYC’s identity verification, users can still withdraw crypto within a maximum limit of 5 BTC per day.
- High liquidation.
Disadvantage of MEXC
- Too many coin some of that can be “junk” coin
- The interface of MEXC is informative, which may be difficult to use for newbies
You can see detailed instructions on how to register MEXC fully here:
Founded in 2017 by a leadership team from the world’s leading financial and technology businesses, In a short time, CoinEx is becoming one of the most legit Cryptocurrency exchanges in the world, thanks to its globalization strategy. Coinex support 15 languages, offering cryptocurrency trading-related services in more than 100 countries.
In 2018, CoinEx introduced the token CET based on the Ethereum ERC-20 protocol to serve the interests of users in the exchange’s ecosystem. Inspired by the development of derivatives in the traditional financial markets, CoinEx has upgraded its innovative futures trading to make it simple and user-friendly.On July 1, 2022, the representative of CoinEx said: “With the falling prices of cryptocurrencies, spot trades have lost momentum, and the derivatives market has become an area of stiff competition among major exchanges. CoinEx opted to take a different approach. By offering futures trading with an easy yet efficient interface, we have attracted a large number of emerging cryptocurrency investors.” Thanks to this strategy, CoinEx become the top cryptocurrency exchange for newbies.
Advantages of CoinEx Exchange
- High liquidation and securities.
- Professional and always fully compliant with legal requirements: the platform owns both legal licenses in Estonia.
- 24/7 customer service.
- The trading platform is rated as good with an intuitive interface, easy to use and full functionality
- CoinEx also has CoinEx Smart Chain similar to BSC to develop DeFi projects on its Coinex ecosystem.
- Own a variety of trading types for users to use: Users can trade spot, margin, OTC or P2P on CoinEx
Disadvantages of CoinEx Exchange
- Although CoinEx’s ecosystem is large, CoinEx is growing slowly due to its small user base as well as strong competition from other major exchanges.
See how to register a detailed CoinEx exchange account here:
Huobi Global Exchange
Huobi Global is considered one of the safest cryptocurrency exchanges in the world. Since its inception in 2013, the exchange has never been hacked causing damage to users. The solid security system and absolutely safe security help Huobi do not suffer any financial losses due to platform security issues. In addition, the exchange has also set up a million-dollar insurance fund to prevent risks for users if the exchange is attacked and causes a loss of assets.
Advantages of Huobi Exchange
- Huobi has an insurance fund, because of that customers will not have to worry about losing money in case the exchange is attacked by hackers.
- Huobi Token (HT) is one of the very famous coins, with high liquidity, good price retention, and stable growth, which is worth investing in. Also, if you trade with HT, you will receive a 50% discount on trading fees.
- The exchange supports a lot of different coins.
- When holding HT, you have the opportunity to invest in IEO projects on Prime, FastTrack and receive HPT (almost like Staking).
Disadvantages of Huobi Exchange
- Without KYC account you will only be allowed to withdraw 0.06 BTC / 24h, P2P trading limit is about 149 USD and cannot access Derivative trading.
- Trading fee of 0.2%, which is quite high compared to other exchanges.
How to register Huobi Global for newbies:
Kucoin is one of the biggest cryptocurrency exchanges in the world, which has 20 million users. Kucoin is using the most advanced technology to create useful services that help users have a better and safer experience when trading cryptocurrency.
Kucoin has one of the best technology experts who have a lot of experience in blockchain platforms.
Their goal is to make finance accessible to everyone no matter who you are by making it simple and overcoming the disadvantages of traditional financial markets, opening up a new opportunity for anyone to easily participate and make money.
Advantages of KuCoin Exchange
- A variety of features, even the integration of lotteries.
- Supports many languages.
- Listing projects on Kucoin clarifies.
- Liquidity is always in the top 10 exchanges with the largest 24-hour trading volume.
- Support bot trading with a lot of strategies.
- The information of the floor is clearly presented at the bottom of the homepage, making it easy for users to search for information.
- The Staking feature can be traded in the unique Pool-X product, which is currently not available by any exchange.
- Available in mobile phone apps.
- Low fees trading.
Disadvantages of KuCoin Exchange
- It is not possible to customize the light / dark interface.
- Complicate in withdrawing money
Low fees transactions and withdrawals make Kucoin one of the most attractive exchanges available today. Let’s see detailed information about this exchange and how to deposit and withdraw funds in the article below:
Hotbit is the No. 1 exchange in terms of the number of listed cryptocurrencies with more than 2,000 coin pairs. Since it was founded, the exchange has had about 7 million users from 210 countries and territories around the world. It is also the first cryptocurrency trading platform to offer daily deposit interest rates to users without locking or freezing tokens.
Advantages of Hotbit Exchange
- Good security and safety: Using “multimodular structure” that improves the IT monitoring system from the Financial Industry.
- High liquidity: Hotbit is built by the AI Market Marker suite, an analytical model that depends on more than 250 parameters in the market.
- Hotbit offers a lot of cryptocurrency pairs around the world.
- Customer support is available 24/7.
- Unlimited withdrawals.
- Low trading fee (0.2%).
- Free deposit: This is an advantage that many traders trust Hotbit.
- The platform has an application available on the phone, helping users trade wherever you want (on two platforms IOS and Android).
- Supports many languages such as: English, Korean, Chinese, Portuguese, Spanish,…
- Hotbit Token (HTB) is the exchange’s own coin and this is an important factor for Hotbit’s development.
- Hotbit has major partners in the cryptocurrency market, highly increasing its operational reputation.
Disadvantages of Hotbit Exchange
- Hotbit has a very small scale compared to other top cryptocurrency exchanges.
- Not support margin trading.
- Users trading with Fiat are also not supported.
Don’t forget to sign up for Hotbit to hunt for potentially cheap tokens!
As one of the most popular cryptocurrency exchanges in the crypto market, Bybit offers over 100 futures and perpetual contracts quarterly along with over 100 coin pairs to cater to the needs of its users. Currently, the exchange has reached more than 5 million participants, providing extremely good liquidity for the market.
24/7 multilingual support and a smart trading system with the ability to execute 100,000 orders per second are one of the strengths of this exchange. With the vision of becoming the “crypto chest” of the world, Bybit constantly listens, cares and improves product quality. Building a value-based, customer-centric reputation is the noble mission of the founding team and all Bybit employees.
Advantages of Bybit
- Low transaction fees. Taker Fee =0.0750%, Maker Fee =0.0250%
- The investment interface is simple that easy for newbies.
- Uninterrupted trading up to 99.99% full-time (ability to match 100,000 transactions per second)
- Customer service supports 24/7 and is always ready to answer any questions of customers.
- Regularly organize competitive trading events to encourage investment.
- Bybit does not require investors to determine KYC identity. This makes the security of trader information more secure.
- Traders can now invest in Bybit on a mobile app compatible with both IOS and Android.
- High security feature: 100% of funds are stored in cold wallets (Withdrawal orders are made 3 times a day)
- Provide a full range of API services for traders who want to use a third-party app to trade.
Disadvantages of Bybit
- Bybit has not yet formed its own coin.
- Bybit does not have OTC trading.
You can make money from Bybit by copying trades from top experts. To trade you need to create an account, see how to open a trading account on Bybit via the article below:
Recognizing the unfairness and lack of transparency of the traditional financial industry, Phemex’s CEO took advantage of the innovation of blockchain technology to create Phemex with a vision of universal access to fair finance. Phemex’s mission is to provide everyone with access, trading tools to quickly achieve financial success. Phemex empowers people from all walks of life to participate in new, more equal finance.
Advantages of Phemex
- Multilingual support for users around the world, customer care, and support to answer questions 24/7.
- Easy to set up extra accounts to make trading simpler with institutional clients and quantitative traders
- Store cold wallets with the highest level of security, require offline signatures at level 2, help your assets be protected to the maximum
- State-of-the-art advanced trading system with order processing speed of up to 300,000 Transactions Per Second equivalent to more than $10 billion in transactions per day
- 365×24 trading engine delivers high performance with a user-friendly interface
Disadvantages of Phemex
- The exchange is not popular with everyone.
- The product ecosystem is not diverse.
- P2P trading only supports 3 cryptocurrencies: BTC, ETH, USDT
>> Sign up for Phemex for a $180 reward. See registration instructions in this article:
Bittrex Global Exchange
Bittrex is one of the cryptocurrency exchanges that was born at the very beginning of the market. Over the past 8 years, Bittrex has always prided itself on being one of the top reputable, secure exchanges. This trading platform was founded by three cybersecurity engineers, so it always emphasizes the most optimal security.
The inclusion of modern technologies in the processing of trading systems makes Bittrex a leading cryptocurrency exchange in terms of deposit and withdrawal times. You don’t have to wait too long, your money is transferred to your account quickly without any problems.
Advantages of Bittrex
- High security
- Low cost.
- Nice interface
- Quick verification
- Variety of coins and tokens
- Fast deposits and withdrawals
- Professional customer service
Disadvantages of Bittrex
- Not supported through telegram channel.
- Because of too strict about security, some new users are locked out of their accounts due to performing the wrong operations too many times
>> Trade Altcoins on Bittrex with high security and the lowest fees in the market
LBank is one of the world’s leading cryptocurrency exchanges with more than 7 years of existence in the Crypto market. LBank’s current goal is to expand its market share to Europe and Africa. In 2022, LBank has organized a lot of activities in Africa to raise people’s awareness of cryptocurrencies as well as cover the LBank brand across the continent. LBank is also currently the most popular cryptocurrency trading platform in India.
Advantages of LBank
- The simple, user-friendly, and user-friendly interface simplifies the process of cryptocurrency trading. Users enjoy a fast, hassle-free deposit and withdrawal process
- High level of security and reliability, never hacked
- High liquidity, no problems when making large transactions
- Competitive transaction fees, no withdrawal fees
- Good customer care, multi-language support
Disadvantages of LBank
- Trading utilities and ecosystems are still poor compared to other exchanges such as Binance, FTX, MEXC….
See also: How to trade P2P on Binance
>> To better understand the ecosystem, and how to use and register LBank, please click here:
Comparison of trading fees on exchanges
Deposit and withdrawal fees
- Deposit fee: Free
- Withdrawal fee: Calculated according to the network of the coin or token you want to withdraw and its volatility at that time as well as the congestion of the network
For regular (non-VIP) trading accounts and not holding exchange coins, Maker and Taker fees will be charged as follows:
|Spot Trading||Futures Trading|
|Trading Platform||Maker Fees||Taker Fees||Maker Fees||Taker Fees|
|Huobi||0.2%||0.2%||-0,015%||Calculated by trading volume|
|Hotbit||-0.5% to -0.05%||0.2% – 0.65%||x||x|
>>>Read more: What is Maker and Taker?
At some exchanges, if users hold a number of tokens issued by the exchange themselves, they will receive reduced transaction fees.
|Coin or Token of the exchange||Reduce spot trading fees when holding tokens||Other benefits of exchange coins|
|Binance||BNB||25% off||Get discounts when participating in Launchpad, Staking Saving, Launchpool|
|MEXC||Mx||discount 20%||Get incentives for participating in Launchpad and M-day events, exploiting MX DeFi, renewing project voting bonus draws|
|CoinEx||Cet||0.16%||Get preferential treatment when participating in Staking|
|Huobi||Ht||10% – 65% off||Get preferential treatment when participating in Staking|
|Kucoin||KCS||0.09%||Get preferential treatment when participating in Staking, receive daily interest when holding KCS|
|Hotbit||HTB||N/A||No incentives when participating in Staking|
|Bybit||x||N/A||No incentives when participating in Saving, Launchpool|
|Phemex||x||N/A||No incentives when participating in Staking, Saving, Launchpool|
|LBank||LBK||N/A||Get preferential treatment when participating in Staking|
For preferential trading fees for VIP clients, you can find out in the trading fees section of each broker. This fee will vary quite a lot between exchanges because it depends on the number of exchange coins that traders are holding or using to pay for each transaction.
What you should know when using coin exchanges
How to choose good exchanges?
Cryptocurrency is increasingly popular and has a high value, so it is easy to become a target for hackers. To minimize risk, you should choose to trade at reputable cryptocurrency exchanges that are well-known for securing multiple layers of user accounts. Make it a habit to store your bitcoins in a Cold Wallet instead of leaving them in an exchange wallet. They can’t be hacked but you need to carefully memorize the passcode, otherwise, you won’t be able to access your crypto wallet.
When you buy or sell a coin, you must take care of its liquidity in the market to avoid the situation where the order you place to buy/sell fails to match because no one is buying or no one is selling (losing liquidity).
You should use coin exchanges that are available in the country you live in and support your native language. Make sure your country is not in the restricted area of the exchange, of course, you can fake IP but some exchanges will require verification of phone numbers and personal documents.
For example, you won’t be able to do P2P trading on Coinbase if you’re Asian. When you fake IP you can only create a normal Coinbase account, cannot verify your identity, and cannot trade on this exchange.
Reasonable transaction fees
Choosing a cryptocurrency exchange with low trading fees will save you a significant amount of fees if you are a trader.
How are transaction fees on exchanges calculated?
Trading fees on coin exchanges are calculated based on the total 30-day trading volume and the number of coins held by the exchange to determine whether you are a regular customer or a VIP. If you trade a lot and make it to the list of premium customers of the exchange, you will enjoy discounted trading fees. Each broker will have its own regulations for each customer group.
To see how much you pay the exchange per trade, you look to the transaction history section. It will display the exact time to buy or sell a coin or futures contract and the fees to be paid in addition to trading fees such as funding fees, commission fees (Futures), swap fees (Swap Farming) …
How exchanges secure assets for users
- 2-factor account security authentication (2FA) using the Google Authenticator app: 6-digit authentication is valid for 60 seconds and can only be used once
- Keep money in cold storage
- Regularly upgrade systems, and digital security, and deploy advanced hardware security modules to prevent hackers from entering the security layers
- KYC facial identity and identification. KYC information must coincide with bank account information when making P2P transactions, otherwise transactions will not be possible and accounts will be monitored by the exchange for suspicious activity.
Differences between P2P trading and spot trading on exchanges
|P2P Trading||Spot Trading|
|Concept||Users buy and sell cryptocurrencies directly with each other in their local currency via bank transfer||Buy or sell cryptocurrencies directly through trading accounts opened at coin or OTC exchanges|
|Communicate with buyers/sellers||Can Chat directly with buyers and sellers||It is not possible to chat between buyers and sellers, unless you make OTC transactions|
|Post ads||Sellers can post ads to enhance personal brand, credibility||N/A|
|Fee||No charge||Fees calculated according to the regulations of the exchange|
|Quantity||Flexible number of purchases||Limited by the amount of money in the wallet, if you want to buy a lot, you have to transfer more|
|Transaction speed||Be dependent on your bank’s ability to process transactions, and you may encounter dishonest clients such as fiat money transfers or missing tokens, which require you to transfer funds to an unofficial bank account. Buyers who deliberately use prohibited keywords in the content of the transfer slow down the transaction process and must account to the bank as well as the local police to avoid suspected money laundering.||Fast transaction speed|
Above is detailed information about the most reputable coin exchanges in 2022 according to Ecoinomic.io. Hope readers will find useful knowledge from this article.