Cryptocurrency started only as a niche interest but has now become a highly sought-after mainstream investment endeavor for both retail and institutional investors around the world. Today, the cryptocurrency market boasts of about $1.9 Trillion market cap and shows no signs of slowing down.
The crypto market as we know it today is a product of periods of highs and lows with last year being one of the toughest in history. Nevertheless, some crypto exchanges shine through them all, providing their users with top-notch services even as the crypto market regains momentum in 2023.
In this article, we look at some of the best exchanges to buy crypto in 2023 and all you need to know about the current crypto landscape.
What’s Going on with the Crypto Industry?
The cryptocurrency market has been a wild ride as it’s swinging from one extreme to another. The FXT incident of 2022 sent shockwaves through the market, causing a significant downturn. However, 2023 has breathed life into major cryptocurrencies like Ethereum and Bitcoin. These assets have gradually regained their footing, thanks in part to the cooling global inflation.
Yes, the crypto market is anything but predictable, and investors’ sentiments have been on a rollercoaster ride of their own, shifting from fear to greed and currently neutral which resulted in some stability in recent months. Nevertheless, crypto experts believe that the road to recovery may be a long one as many cryptocurrencies are still far from their all-time highs.
Bitcoin, for example, remains around 50% below its peak, which was achieved in November 2021 at $60,000. Similarly, Ethereum currently sits at $1,800, a far cry from its previous high of $4,000 in 2021. As a result of this current market situation, investors are encouraged to invest in cryptocurrencies like Bitcoin and Ethereum in SIP format.
Best Crypto Exchanges Reviews
There are hundreds of crypto exchange platforms today, however here are some of the best ones that cater to both new and seasoned investors in 2023.
Binance is regarded as a global cryptocurrency giant having the largest cryptocurrency trading volume in the world. It offers a wide range of crypto trading and investment options like staking, P2P trading, and an advanced trading feature that allows you to make both market orders or limit orders directly from the mobile app.
- Has high liquidity
- A vast array of trading pairs
- Robust security track record.
- May be complex for beginners
- Regulatory challenges in some regions.
Coinbase is known for its user-friendly platform which makes it a favorite amongst new investors. Alongside offering a wide range of crypto trading options including recurring buys, this exchange also provides educational resources to help investors thrive on their crypto journey.
- Beginner friendly
- Intuitive mobile app
- History of strong security
- Requires slightly higher fees than most platforms.
Kraken is a crypto exchange founded on strong security and regulatory compliance. It offers access to a wide range of trading pairs and offers other trading options like staking and margin trading.
- Reputation for security
- Has high liquidity
- User-friendly interface.
- Customer support can be slow during peak times.
Bitstamp is one of the oldest cryptocurrency exchanges catering to crypto investors in Europe. If you prioritize long-standing reputation and legacy when it comes to your exchange platform then you’d find Bitstamp to be a good choice.
- Competitive fee
- Simple user interface
- Solid reputation in the crypto industry
- Limited selection of altcoins compared to some exchanges.
Houbi is a global cryptocurrency exchange platform with a significant presence in Asia. It sets itself apart from other exchange platforms by offering derivative trading and lending services alongside conventional crypto trading options.
- Provides access to a wide range of cryptocurrencies
- Offers advanced trading options
- Less user-friendly for beginners
- Regulatory concerns in some regions.
Gemini is a US-based exchange that doesn’t just provide its users with a wide range of trading tools but also an active trading community to help them in their crypto journey.
- Regulatory compliance
- Robust security measures
- Clean user interface.
- Limited cryptocurrency selection compared to larger exchanges.
KuCoin is known as the altcoin specialist as it features a wide range of cryptocurrencies and tokens as well as emerging projects. It also has a rewarding referral program that lets users earn as they invite other users to the platform.
- Diverse altcoin selection
- Beginner-friendly interface and tools
- Less emphasis on fiat support.
- Occasional security incidents.
Crypto Exchanges Guide
To get the best out of your Bitcoin exchange platform, you must choose the one that caters to your crypto trading preferences and goals. Here’s a quick guide to choosing your next Bitcoin exchange:
- Regulatory Compliance: Ensure that the exchange complies with the cryptocurrency regulations in your region to protect your investment and personal information. They must be registered with bodies like the Commodity Futures Trading Commission (CFTC), the Financial Conduct Authority (FCA), the Australian Securities and Investments Commission (ASIC) etc.
- Security: Look for platforms with robust security measures, and go further to research their history of security breaches.
- Liquidity: A platform with higher liquidity offers better trade execution and reduced price volatility.
- Trading Pairs: Consider your trading preferences and choose an exchange with access to the cryptocurrency pairs you desire.
- User Experience: Your trading experience is strongly dependent on the exchange platform’s interface, hence it is important to choose one with an intuitive design.
- Fees: When choosing an exchange platform, ensure that compare transaction fees to see which suits your goals better.
As you go further in your cryptocurrency investment journey, you’ll realise that “best” doesn’t always mean right for you. There are many crypto exchange platforms at your disposal today but the best amongst them is the one that truly meets your unique needs.
No exchange, irrespective of their reputation, can truly cater to all and every investor, you just need to find the one that truly works for you. We hope this guide points you in the right direction to your goals!