Home / Exchanges

Crypto exchanges explained

Exchanges are where people buy crypto with regular money and trade one asset for another. They range from large regulated companies to fully on-chain protocols. This overview covers the major centralized (CEX) and decentralized (DEX) exchanges and what to check before you trust one with your funds.

CEX vs. DEX

	Centralized exchange (CEX)	Decentralized exchange (DEX)
Who holds funds	The exchange, in your account	You, in your own wallet, until the swap executes
Account / KYC	Registration and identity verification usually required	No account: connect a wallet
Fiat on-ramp	Yes: bank transfer, cards	Generally no (only via third-party providers)
Asset selection	Curated listings	Almost any token, including scams
Main risks	Hacks, insolvency, frozen withdrawals	Smart-contract bugs, fake tokens, bad signatures, slippage
Support	Customer support team	None: transactions are final

Exchange directory

BNC

Binance

Centralized · Founded 2017

CEXSpotFutures

The world's largest crypto exchange by trading volume. It offers a vast product range, including spot, futures, earn products, a launchpad and its own BNB Chain.

Known for: Liquidity, low fees, huge token selection
Region: Global (availability varies by country)

Pros

Deep liquidity
Low trading fees

Cons

Regulatory action in several countries, including a 2023 US settlement
Complex for beginners

Coinbase

Centralized · Founded 2012 · USA

CEXBeginner-friendlyPublicly listed

A major US exchange and a publicly traded company (listed on Nasdaq in 2021). It is known for a simple app, strong compliance and the Base network.

Known for: Ease of use, regulatory focus
Region: US, EU, UK and many other countries

Pros

Very easy to start
Transparent public-company reporting

Cons

Simple "buy" has higher fees than Advanced trading
Fewer tokens than offshore exchanges

KRK

Kraken

Centralized · Founded 2011 · USA

CEXSpotFutures

One of the longest-running exchanges, with a strong security record and early adoption of proof of reserves. Kraken Pro serves advanced traders.

Known for: Security, reliability, fiat support
Region: US, EU, UK and more

Pros

Long security track record
Good fiat on/off-ramps

Cons

Verification can take time
Some products unavailable in certain regions

OKX

Centralized · Founded 2017

CEXDerivativesWeb3 wallet

A large global exchange with deep derivatives markets, trading bots and a companion self-custody Web3 wallet.

Known for: Derivatives, trading tools
Region: Global (restricted in some countries)

Pros

Advanced trading features
Publishes proof of reserves

Cons

Not available everywhere
Overwhelming for newcomers

BYB

Bybit

Centralized · Founded 2018 · Dubai

CEXDerivatives

A derivatives-focused exchange that has expanded into spot, copy trading and earn products.

Known for: Perpetual futures, copy trading
Region: Global (restricted in some countries)

Pros

Strong derivatives platform
Responsive UI

Cons

Suffered one of the largest hacks in crypto history in February 2025 (the exchange covered the losses)

BGT

Bitget

Centralized · Founded 2018

CEXCopy trading

A global exchange known for copy trading, futures and a fast-growing spot market. It also runs Bitget Wallet.

Known for: Copy trading, futures
Region: Global

Pros

Popular social trading features

Cons

Offshore regulation in many markets

KuCoin

Centralized · Founded 2017

CEXAltcoins

An exchange known for listing many smaller altcoins early. It also offers trading bots and futures.

Known for: Wide altcoin selection
Region: Global (not for US users)

Pros

Large token selection
Built-in trading bots

Cons

Hacked in 2020
Has faced regulatory action in the US

GATE

Gate

Centralized · Founded 2013 · Formerly Gate.io

CEXAltcoins

A long-running exchange with one of the largest lists of tradable tokens, including many small-cap projects.

Known for: Thousands of trading pairs
Region: Global (restricted in some countries)

Pros

Very wide selection

Cons

Many listed tokens are high-risk

MEXC

Centralized · Founded 2018

CEXNew listings

An exchange known for listing new tokens very quickly and for low trading fees.

Known for: Fast listings, low fees
Region: Global (restricted in some countries)

Pros

Early access to new tokens

Cons

Many listings are speculative
Limited regulatory licensing

HTX

Centralized · Founded 2013 · Formerly Huobi

CEX

One of the oldest Asian exchanges, rebranded from Huobi to HTX in 2023.

Known for: Long history, Asian market
Region: Global (restricted in some countries)

Pros

Large token selection

Cons

Security incidents in 2023

CRO

Crypto.com

Centralized · Founded 2016

CEXBeginner-friendlyCard

A consumer-focused crypto app with a Visa debit card, an exchange and its own CRO token and Cronos chain.

Known for: Mobile app, crypto card
Region: US, EU and many countries

Pros

Polished mobile app
Card spending

Cons

App spreads can be high
Card perks tied to staking CRO

GEM

Gemini

Centralized · Founded 2014 · USA

CEXBeginner-friendly

A US exchange founded by the Winklevoss twins with an emphasis on compliance and security.

Known for: Regulation, security
Region: US, UK, EU and others

Pros

Strong compliance focus

Cons

Higher fees on the basic app
The 2022–2023 "Earn" program freeze affected users

BST

Bitstamp

Centralized · Founded 2011 · Luxembourg

CEXEU licensed

One of the oldest operating exchanges, with a focus on Europe and institutions. It was acquired by Robinhood in 2025.

Known for: Longevity, EU presence
Region: EU, UK, US and more

Pros

Long operating history
Straightforward platform

Cons

Smaller token selection

BFX

Bitfinex

Centralized · Founded 2012

CEXMargin

An exchange for experienced traders, known for margin trading and peer-to-peer lending of funds.

Known for: Margin funding, pro tools
Region: Global (not for US users)

Pros

Advanced order types

Cons

Major hack in 2016
Not for beginners

BVV

Bitvavo

Centralized · Founded 2018 · Netherlands

CEXBeginner-friendlyEU

A popular European exchange with euro deposits, a simple app and low fees.

Known for: EU focus, simplicity
Region: European Economic Area

Pros

Easy EUR funding
Low fees

Cons

EU only
No derivatives

UPB

Upbit

Centralized · Founded 2017 · South Korea

CEXKRW

South Korea's largest exchange, with trading in Korean won, operated by Dunamu.

Known for: Korean market leader
Region: South Korea (plus regional versions)

Pros

High local liquidity

Cons

Requires a Korean bank account for KRW

BTH

Bithumb

Centralized · Founded 2014 · South Korea

CEXKRW

One of South Korea's largest exchanges, with Korean won trading pairs.

Known for: Korean market
Region: South Korea

Pros

Strong local liquidity

Cons

Past security breaches
Local users only

UNI

Uniswap

Decentralized · Since 2018

DEXAMMEVM

The best-known decentralized exchange. It uses automated market maker pools, which let anyone swap ERC-20 tokens or provide liquidity.

Networks: Ethereum, Arbitrum, Base, Polygon, OP and more
Use with: Any EVM wallet

Pros

Deep liquidity
Battle-tested contracts

Cons

Anyone can list tokens, so fakes exist
Ethereum gas can be high

CAKE

PancakeSwap

Decentralized · Since 2020

DEXAMM

The leading DEX on BNB Smart Chain, now also live on several other networks. It offers swaps, liquidity pools and farms.

Networks: BNB Chain, Ethereum, Arbitrum, Base and others

Pros

Low fees on BNB Chain

Cons

Many high-risk tokens traded

CRV

Curve Finance

Decentralized · Since 2020

DEXStablecoins

A DEX optimized for swapping similar assets, such as stablecoins or ETH and its liquid staking tokens, with very low slippage.

Networks: Ethereum and many L2s

Pros

Efficient stablecoin swaps

Cons

Complex interface

1INCH

1inch

DEX aggregator · Since 2019

AggregatorEVM

Splits and routes a swap across many DEXs to find the best price.

Networks: Ethereum and major EVM chains, Solana

Pros

Better prices on large swaps

Cons

Many settings for beginners

JUP

Jupiter

DEX aggregator · Solana

AggregatorSolana

The main swap aggregator on Solana. It also offers limit orders, DCA and perpetual futures.

Networks: Solana
Use with: Phantom, Solflare, Backpack

Pros

Best-route pricing on Solana
Very low fees

Cons

Many meme tokens: easy to buy scams

RAY

Raydium

Decentralized · Solana · Since 2021

DEXAMMSolana

A major AMM and liquidity hub on Solana, where many new Solana tokens first get liquidity.

Networks: Solana

Pros

Deep Solana liquidity

Cons

New pools are often very high-risk

AERO

Aerodrome

Decentralized · Base · Since 2023

DEXBase

The leading liquidity hub on the Base network. It uses a vote-escrow model to direct token incentives.

Networks: Base

Pros

Main liquidity venue on Base

Cons

Incentive model is complex

RUNE

THORChain

Cross-chain DEX · Since 2021

DEXCross-chain

Enables native swaps between different blockchains, for example real BTC to ETH, without wrapped tokens.

Networks: Bitcoin, Ethereum, BNB Chain, Avalanche, Cosmos and others

Pros

No wrapped assets or bridges

Cons

Past exploits and protocol pauses

HYPE

Hyperliquid

Decentralized perps · Since 2023

DEXPerpetuals

An on-chain order-book exchange for perpetual futures and spot, running on its own high-performance blockchain.

Networks: Hyperliquid L1 (deposits via Arbitrum USDC)

Pros

CEX-like speed with self-custody

Cons

Leverage is extremely risky
Relatively new chain

DYDX

dYdX

Decentralized perps · Since 2019

DEXPerpetuals

A pioneer of decentralized derivatives. Its current version runs on its own Cosmos-based chain with an off-chain order book.

Networks: dYdX Chain (Cosmos)

Pros

Established perps venue

Cons

Leverage risk
Not available in some countries

No exchanges match your search.

How to choose an exchange: a safety checklist

Is it legal and licensed where you live? Check your country's financial regulator. Using an exchange that doesn't serve your country can lead to frozen accounts.
Proof of reserves. Reputable exchanges publish regular proof that customer assets are fully backed.
Security history. Look up past hacks and, more importantly, whether customers were made whole.
Fees. Compare trading fees, deposit and withdrawal fees and the spread on "simple buy" screens.
Supported networks. Make sure it supports deposits and withdrawals on the network you plan to use.
Account protection. Look for authenticator or hardware-key 2FA, withdrawal allowlists and anti-phishing codes.

Common exchange scams

Fake exchange websites and apps that copy real brands. Always type the address yourself or use a bookmark.
"Investment managers" on social media who steer you to an unknown platform that shows fake profits and blocks withdrawals.
Support impersonators who contact you first. Real exchanges never DM you first or ask for your password, 2FA code or recovery phrase.
Fake tokens on DEXs with the same name as a real project. Always verify the contract address.

Don't leave everything on an exchange

Exchanges are convenient for buying and trading, but assets in an exchange account are an IOU from that company. The failures of Mt. Gox (2014) and FTX (2022) showed that users can lose access to their funds for years or permanently. Many people withdraw long-term holdings to a self-custody wallet.

Disclaimer: Mention of an exchange is not an endorsement or recommendation. Availability, licensing and features change frequently and differ by country. Always verify the current status yourself.