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Crypto Exchanges
in Comparison
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Explore the Best Exchanges
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Crypto Exchanges in Comparison: Binance, Coinbase, Bybit, Kucoin, and MEXC
There are about 500 crypto exchanges globally, each with its unique features. While several decentralized crypto exchanges exist, the most famous crypto exchanges are centralized. The reason is an open secret—liquidity! Centralized exchanges (CEXs) typically boast larger liquidity than decentralized exchanges (DEXs). Hence, CEXs often attract more crypto users.
This article will compare some of the most famous exchanges globally. The comparison will focus on the cryptocurrency exchanges with the largest trading volume, trust score, and popularity.
The most important distinguishing features of crypto exchanges
- Number of Cryptos: This measures the diversity and range of cryptocurrencies available for trading on the exchange. It can range from a handful of the most popular coins to a wide array of altcoins and tokens.
- Trading Fee: This encompasses the costs associated with executing trades on the platform. Trading fees can vary widely, with some exchanges offering lower fees to attract more users.
- Maker Fee: Maker fees are charged when a user provides liquidity to the market by placing a limit order under the last trade price for buys and above for sells. These fees are often lower than taker fees as a reward for contributing to market liquidity.
- Taker Fee: Taker fees apply when a trader removes liquidity from the market by filling an order that's already in the exchange's order book. These fees are generally higher than maker fees, reflecting the cost of consuming liquidity.
- Withdrawal Fees: This includes the charges applied when withdrawing cryptocurrencies or fiat money from the exchange. Withdrawal fees vary depending on the currency being withdrawn and sometimes the amount.
- For US Users?: This point addresses whether the crypto exchange is accessible to users based in the United States, considering the country's specific regulatory environment. Check our full List for the Best Crypto Exchanges for US Customers.
- Exchange Flow Score: An indicator of the exchange's overall rating, features, security, fees, and user experience. A high flow score suggests a more reliable and user-friendly platform, while a lower score may indicate potential issues or limitations.
Users?
MEXC is famous for its unique high-performance trading engine, which can process 1.4 million transactions every second. This technology has made the platform more famous since its establishment in 2018, as the exchange now boasts over 10 million users across 170+ countries.
Notably, MEXC is also famous for its wide range of assets. Users can trade close to 3,000 different cryptocurrencies with minimal trading fees. Further, crypto users have ample earning opportunities on the platform. Traders can participate in MX airdrops, earn referral bonuses, earn from crypto savings, and claim rewards from trading activities.
Here are some features of the MEXC exchange;
- Margin and Futures Trading: Up to 200X leverage
- Fees: 0% maker and taker fees for spot trading, and 0% maker fee and 0.01% taker fee for futures trading.
- Supported Countries: 170+ countries [Not available to citizens of North Korea, Cuba, Sudan, Syria, Iran, Crimea, Mainland China, Hong Kong (China), Singapore, Venezuela, Canada and the United States].
- Number of Cryptocurrencies: 2,958 listed coins
- P2P Market: Yes
- NFT Marketplace: Yes
- Requires KYC: Yes
- Customer Service: Active
Binance is undoubtedly the largest crypto exchange in the world. The exchange currently boasts over 215 million users and has services in more than 180 countries. Notably, Binance has a sister product (Binance US) created specifically for its US users, which has fewer tokens and limited features due to unique regulatory requirements in the United States.
Binance users can earn rewards from staking or locking their crypto assets. They can also borrow cryptocurrencies from lenders, and lenders receive a share of the interest accrued over the loan's duration.
The platform has a dual interface: Binance Lite and Binance Pro. The Binance Lite interface is simpler and suitable for newbies. For instance, the portfolio tab uses the words “Take out” and “Add funds” instead of “Deposit” and “Withdraw” to simplify the trading experience for new crypto users. On Binance Pro, experienced traders can access more features like futures trading, crypto staking, borrowing and lending, the Binance peer-to-peer marketplace, and copy trading.
Below are some key features of the Binance exchange;
- Margin and Futures Trading: Available (Up to 125X leverage for Bitcoin and Ethereum and up to 75X leverage for most altcoins).
- Fees: A maximum of 0.1%. Trading fees are lower for higher tiers, and traders get a 25% discount on fees when they trade with the BNB token.
- Supported Countries: Binance is available in 180+ countries. It is unavailable to UK, Ontario (Canada), Singapore, and Japan users. US users can’t access the Binance app or its features but can access Binance US, which is available to US citizens except for users in Hawaii, New York, Texas, and Vermont.
- Number of Cryptocurrencies: 414 listed coins
- P2P Market: Available
- NFT Marketplace: Yes
- Requires KYC: Yes
- Customer Service: Active
According to data from Coingecko, Kucoin is one of the top five largest crypto exchanges globally based on Trust score. It was founded in 2017 and is headquartered in Seychelles.
The Kucoin exchange supports spot and futures trading, NFT trading, and copy trading. The platform also has a trading bot that utilizes several techniques, such as dollar-cost-averaging, to buy and sell cryptocurrencies for investors. The trading bot can be customized based on users’ preferences.
Here are some features of the Kucoin exchange;
- Margin and Futures Trading: Up to 125X leverage
- Fees: Kucoin has a fee structure for four tiers (LV0, LV5, LV8, and LV12). Makers and takers pay a 0.1% spot trading fee for LV0 users, and LV5 users have a 0% maker fee and a 0.07% taker fee. On the other hand, the platform pays its LV8 and LV12 makers 0.005% for successful orders, while LV8 takers pay 0.045% and LV12 takers pay 0.025%.
- Supported Countries: Not available to US users, but available in 200+ countries
- Number of Cryptocurrencies: 700+ listed coins
- P2P Market: Yes
- NFT Marketplace: Yes
- Requires KYC: Yes
- Customer Service: Active (Automated Responses)
Bybit is the second largest crypto exchange by trading volume, coming second only to Binance. It was launched in 2018 and currently has close to 40 million users. Bybit Exchange has an AI investment assistant (TradeGPT). With TradeGPT, users can gain insight into the crypto market and harness the power of AI to make rational trading decisions.
Bybit has a spot and margin trading feature, as well as a Mastercard for users in EEA countries. The Bybit Mastercard is accepted by over 90 million Mastercard merchants around the world. Bybit also supports copy trading, a feature that enables beginner traders to mimic the trades of experienced traders. Further, Bybit has a Web3 wallet, enabling users to fully control their assets and access unique Web3 features.
Below are some other features of the Bybit exchange;
- Margin and Futures Trading: Up to 100X leverage
- Fees: ByBit uses a tier-level system to determine maker and taker fees. The lowest tier is the non-VIP; takers and makers pay a 0.1% fee for spot trading. The highest level is the Pro 3, and takers pay a 0.02% fee, while makers do not pay any fee.
- Supported Countries: 160 countries (Not available to US users)
- Number of Cryptocurrencies: 1,380 listed coins
- P2P Market: Yes
- NFT Marketplace: Yes
- Requires KYC: Yes
- Customer Service: Active
Important Features Compared
Which Crypto Exchange Should You Use?
You should consider three main factors when deciding which exchange to use. The three factors are availability, security, and the features of the crypto exchange. Once you have confirmed that a crypto exchange is available in your country, the next step is to select a secure crypto exchange. All five crypto exchanges covered in this article have a high trust score and have proven to be secure over the years.
Finally, you would like to know if the exchange has the features you desire. If you are interested in trading in a crypto exchange with the best liquidity, Binance would definitely be the best bet. If you’re a US user interested in a beginner-friendly crypto platform, Coinbase would be the go-to option. Users interested in leveraging AI in trading would likely opt for Bybit, and large-volume traders who want to spend minimal trading fees would see Kucoin as a superb option. If you aim to access a wide variety of crypto assets or large leverage for margin trading, then the MEXC exchange would be a perfect option for you.
Frequently Asked Questions
General Questions
How do cryptocurrency exchanges facilitate crypto trades?
Cryptocurrency exchanges are platforms enabling users to buy, sell, or exchange cryptocurrencies for other digital currencies or traditional currency. They cater to beginner and experienced traders with various trading fees, tools, and security features.
Why is selecting the best crypto exchange crucial for trading?
Choosing the right crypto exchange impacts your trading experience, affecting security, transaction fees, cryptocurrency range, and access to advanced trading features. The best crypto exchanges align with your trading objectives and regulatory compliance needs.
What distinguishes the best cryptocurrency exchanges?
Top exchanges offer user-friendly interfaces, competitive trading fees, robust security measures, a wide selection of digital assets, and regulatory compliance. Advanced trading tools and strong customer support are also key features.
Exchange Comparisons
How do centralized and decentralized exchanges differ in crypto exchange comparison?
Centralized exchanges (CEXs) provide high liquidity, advanced trading features, and customer support, prioritizing security through regulatory compliance. Decentralized exchanges (DEXs) offer more privacy and direct control over funds but may have lower liquidity and fewer trading features.
What makes Gemini a highly secure cryptocurrency exchange?
Gemini prioritizes formidable security measures and insures funds, setting itself apart with a focus on regulatory compliance and a curated selection of digital currencies, making it one of the most reputable cryptocurrency exchanges for security-minded traders.
Why are Binance's trading fees considered competitive?
Binance's low trading fee structure, further reducible with Binance Coin (BNB), combined with a vast selection of cryptocurrencies and advanced trading tools, makes it attractive for seeking competitive trading fees.
Fees and Trading
What are the implications of trading fees on crypto exchanges?
Trading fees, including maker/taker fees and withdrawal charges, vary across platforms. They are essential to consider for cost-effective trading, especially on exchanges offering futures trading and margin trading options.
Can you explain maker and taker fees in crypto trades?
Maker fees apply when orders add liquidity to the market, usually lower to encourage placing limit orders. Taker fees are charged for orders that remove liquidity, typically executed against existing orders.
Security and Regulation
What security features are vital in cryptocurrency exchanges?
Look for exchanges offering two-factor authentication, encryption, cold storage, insurance, and adherence to regulatory standards. These features are crucial for protecting digital assets and ensuring a secure trading environment.
Why is regulatory compliance significant for cryptocurrency exchanges?
Regulatory compliance, including SEC oversight, ensures exchanges adhere to strict financial standards, enhancing investor protection and fostering a secure trading ecosystem. Note, as of now there has never been any clear guidance put into law by the SEC, yet many exchanges are engaging in active conversations with them.
Advanced Trading and Accessibility
What advanced trading tools do leading crypto exchanges offer?
Leading exchanges provide detailed charting, various order types, API access for automated strategies, and features for in-depth technical analysis, catering to advanced traders seeking sophisticated trading strategies. MEXC was built from the ground up for traders and is offering all the above services.
How do mobile apps enhance trading on cryptocurrency exchanges?
Mobile apps for cryptocurrency exchanges offer the flexibility to trade on the go, with access to real-time market data, trading pairs, and account management features, essential for dynamic trading environments.
About the author
Juli Miller provides critical insights into digital currencies from her technical knowledge and background at CoinMarketCap. Her clear and accessible discussion of complex technology helps new investors gain an understanding of the digital asset class. Julin's commitment to making digital currency material approachable and her strategic approach to content make her the go-to for insights on what's going on in cryptocurrency.
About the author
At Exchange Flow, Ethan is recognized as the resident crypto expert. With 10+years of experience navigating the waters of global crypto exchanges, Ethan is a trusted voice in the ever-evolving world of digital currencies. He tests and scrutinizes exchanges so you don’t have to, offering reviews and articles that newbies and seasoned traders alike find invaluable. When he’s not coding, Ethan likes to travel and play retro games. He uses his crypto earnings to fund his trip around the globe.