Crypto Exchanges - Which One Should You Use
Why Exchange Choice Matters
A cryptocurrency exchange is where you buy and sell crypto. Your choice of exchange affects fees, available coins, and security levels, so selecting the right one for your needs is important.
Major Global Exchanges
Binance
- Volume: #1 globally
- Fees: Spot 0.1%, 25% discount with BNB holdings
- Listed coins: 350+
- Features: Most trading pairs, futures/margin/staking/launchpad - comprehensive platform
Coinbase
- Volume: #1 in the US
- Fees: Relatively higher (includes spread)
- Features: NASDAQ-listed company, regulatory compliance, beginner-friendly interface
Bybit
- Volume: Top tier globally
- Fees: Spot 0.1%, Futures maker 0.02% / taker 0.055%
- Features: Derivatives-focused, intuitive interface, copy trading
OKX
- Fees: Spot 0.1%, tiered discounts
- Features: DeFi integration, built-in Web3 wallet, extensive trading options
Kraken
- Fees: 0.16% maker / 0.26% taker (lower with volume)
- Features: Strong security reputation, established since 2011, margin trading
Gemini
- Volume: Major US exchange
- Fees: 0.2% maker / 0.4% taker (ActiveTrader)
- Features: US-regulated, strong security, insurance coverage, beginner-friendly
Exchange Comparison
| Aspect | Centralized (Coinbase, Binance) | Decentralized (Uniswap) |
|---|---|---|
| KYC Required | Yes | No |
| Fees | 0.1~0.5% | Gas fees + swap fees |
| Coin Variety | 200-400 | Unlimited (any token) |
| Futures Trading | Available | Limited |
| Customer Support | Available | None |
| Security | Exchange holds funds | Self-custody |
Which Exchange Should You Choose
Complete Beginners
Start with Coinbase. It has the most user-friendly interface and strong regulatory compliance in most countries.
Want Access to More Coins
Use Binance or OKX for the widest selection of cryptocurrencies and trading pairs.
Interested in Futures/Derivatives
Binance or Bybit are the leaders. However, derivatives carry high risk, so learn thoroughly before trading.
Using Multiple Exchanges
Experienced investors often use multiple exchanges simultaneously. They take advantage of price differences between exchanges or manage funds separately by purpose.
Exchange Security Checklist
Regardless of which exchange you use, always configure:
- Two-Factor Authentication (2FA): Google OTP or biometric authentication
- Withdrawal Password: Set a separate password
- Withdrawal Whitelist: Only allow withdrawals to registered addresses
- Email Notifications: Receive alerts for logins and withdrawals
- Anti-Phishing Code: Set a code that appears in official exchange emails
Compare Exchanges on BitInsight
BitInsight displays real-time prices from Binance, Coinbase, Bybit, OKX, Kraken, and Gemini simultaneously. Since the same coin can have different prices on different exchanges, you can instantly see where buying or selling is more advantageous.