Top 5 Centralized Crypto Exchanges of 2023: The Best of the Best

Binance, Coinbase, Gemini, Coinmama, gate.io, and KuCoin are the best cryptocurrency exchanges in 2023. Other credible mentions include Uphold, BitMex, and so on.

These centralized exchanges provide liquidity for users to buy and sell crypto easily. Traders can exchange cryptocurrency for fiat currency or other altcoins. In recent years, the crypto exchanges have experienced tremendous growth. There are now hundreds of crypto exchanges, dozens of which are already popular.

Factors to consider when choosing a crypto exchange

Security Features

It is common knowledge that the best crypto exchange offers the best security features. Users should not be fascinated by new cryptocurrency exchanges with a fancy app and catchy graphics. Instead, you need to look for well-established platforms that have demonstrated security and trustworthiness over time.

It would help to consider whether the crypto exchange is centralized or decentralized, with decentralized cryptocurrency exchanges being more secure.

Crypto coins available on the exchange

Almost every trading platform offers Bitcoin and Ethereum. However, users should also consider platforms that offer more obscure coins, such as SushiSwap, Dogecoin, and BakeryToken?

In fact, some exchanges like Gemini doesn't even support all the top 10 crypto by marketcap e.g Cardano, Solana.

Therefore, users looking for an extensive cryptocurrency list should consider Binance as their ideal crypto exchange since it boasts over 200 coins in use.

Regional availabity of the crypto exchange

The regulations and laws about cryptocurrency exchanges differ. As such, users ought to do comprehensive research and settle on a platform that they can legally use in their native country.

In most cases, users select crypto platforms based on their country of residence. For instance, most US traders opt for Gemini since it has created a reputation in the country.

Payment Methods accepted by the exchanhe

Users should always consider the best payment methods for various cryptocurrency networks depending on local laws and their business model.

Some of the used payment methods include:

  • Debit cards
  • Credit cards
  • Paypal
  • Cash
  • Wire transfers

Liquidity & buying limits

Some cryptocurrency platforms offer a limit on how much currency a user can buy and are usually intended for high-stakes traders and investors.

For instance, many crypto exchanges have a high limit of about $100,000 which tends to be extremely high and thus cannot apply to casual users.

Liquidity is critical for some traders; for example, if a cryptocurrency exchange offers high liquidity, it can allow users to cash out faster into fiat currency when they need to.

In contrast, a crypto exchange with low liquidity will usually take a lot longer to cash out since the user's digital assets aren't always readily available since they're not "liquid."

Best 5 CEX exchanges of 2023

Binance

Established in Malta in 2017, Binance has a reputation as one of the leading crypto exchanges for trading cryptos, including Bitcoin. Still, although Binance complies with American directives, users in only 28 states can utilize the exchange. That said, this crypto exchange boasts excellent high trading volumes in the international exchange sphere.

While the exchange lets users trade fiat currency, it offers a list of cryptocurrencies to trade, boasting over 600 trading pairs on offer. However, American traders only have access to about 100 of the trading pairs. However, that is still a wide selection of altcoins than what most networks offer.

American traders also cannot make deposits using the US Dollar. However, they can still trade on an array of cryptocurrencies through varied payment methods, such as credit and debit cards or via GBP and EUR purchases.

Binance also offers a selection of educational content for inexperienced users. However, it specializes in improved tools for seasoned traders, including an incubator lab for blockchain projects, improved charting, and a launchpad for new tokens.

Users can access this crypto exchange innovative network either via the Binance smartphone app or on the exchange website. The app is available for download from the Google Play Store or the App Store at no extra cost.

Coinbase

Established in 2012, Coinbase is a US-based crypto exchange that has become one of the most reputable crypto exchanges, especially for Bitcoin. This crypto exchange boasts a high volume for US cryptocurrency traders. Coinbase is fully regulated and operates in over 40 territories and states.

Coinbase has over 22 diverse cryptocurrencies for trading on its Global Digital Asset Exchange (GDAX) division and its inbuilt platform. This crypto exchange is available in Australia, Canada, Europe, UK, the US, and Singapore.

Since Coinbase also approves fiat currency trading, it's one of the ideal crypto exchanges for new users, allowing them to receive funds through their bank accounts.

When beginner traders create a new Coinbase account and stake $100, they get a bonus of about $5 to $10. Coinbase also charges a fee for each trade, but it doesn't charge withdrawal fees. Also, GDAX doesn't charge extra fees when moving funds between GDAX and Coinbase accounts.

users need to differentiate Coinbase from Coinbase Pro, which is a separate cryptocurrency exchange app designed for seasoned and experienced crypto investors.

Coinbase Pro is more restricted regionally and is only available in about 42 territories because of local regulations and laws concerning digital asset cryptocurrency exchange apps.

Gemini

Gemini was launched in 2015 by Cameron and Tyler Winklevoss. This privately-owned cryptocurrency exchange enables users to trade, buy, sell, and securely store cryptocurrencies.

Gemini offers a tiered service with distinct fee structures and interfaces ideal for newbie investors and skilled traders. This crypto exchange offers a payment app, a mobile app, and the Gemini dollar, a "stable coin" linked to the US dollar. It also supports trading in over 40 cryptocurrencies.

At the time of this writing, Gemini doesn't support Cardano (ADA), Solana & XRP.

Kraken

Based in San Francisco, CA, Kraken was established in 2011 as Payward Inc. by Jesse Powell. Kraken supports over 50 cryptocurrencies and several different mobile and web platforms for traders.

Kraken supports seven fiat currencies, including the USD, CAD, GBP, AUD, EUR, JPY, and CHF. It offers traders three account types to choose from based on the level of verification they intend to choose. The main variations are the deposit and withdrawal limitations as well as the availability of futures trading.

This crypto exchange also has API and Over-The-Counter (OTC) trading services for high-volume traders and institutions.