As the world moves towards a digital-driven society, cryptocurrencies are becoming increasingly popular as an alternative form of payment. Many people are now investing in it as a means of survival for their livelihood, which is now making crypto exchange platforms more popular. So in this article, we will be looking at the 10 best crypto exchange platforms for October 2022.
Through this, the world continues to embrace cryptocurrency and blockchain technology. There has been a surge in interest in crypto exchanges. This has created a significant demand for platforms that can provide users with access to those innovative markets.
When it comes to finding the best crypto exchange platforms, there are a variety of factors that need to be considered. Not all platforms are created equal regarding user experience and security.
To help you choose the best cryptocurrency platform for your needs, we’ve compiled a list of the 10 best crypto exchange platforms for October 2022.
Table of Contents
- What Are Crypto Exchange Platforms?
- Types Of Crypto Exchange Platforms
- 10 Best Crypto Exchange Platforms
- Frequently Asked Questions on Crypto Exchange Platforms
What Are Crypto Exchange Platforms?
A crypto exchange platform is a digital or online marketplace where people buy, sell, and trade different types of cryptocurrencies. It is a bid-and-ask marketplace whereby the seller brings their product or coin for sale and the buyer comes to buy it from them.
These exchanges allow a user to create an account with them and fund their accounts with their local currency. This crypto exchange serves as a middleman between the seller and the buyer of a particular digital currency, and they take a commission for each transaction through the bid-ask spread.
These exchange platforms provide a digital wallet where users can store their cryptocurrencies just like we have banks to save money. While some exchanges allow users to withdraw cryptocurrency, some don’t allow this feature on their platform.
Some crypto exchange platforms convert cryptocurrency into prepaid debit cards, which can be used to withdraw money from ATMs worldwide.
Types Of Crypto Exchange Platforms
As we’ve understood what crypto exchange means above, let’s now discuss the types of crypto exchange platforms that we have. As of now, there are three different types of crypto exchange platforms, which I will be explaining below.
1. Centralized crypto exchange platform
This is also known as the CEX. It is a crypto exchange platform that has a centralized body that controls every activity on the platform. In this exchange, the buyer and seller come together, and the platform serves as the middleman for the transaction.
Most centralized crypto exchange platforms allow crypto/crypto pairing, while few allow fiat/crypto pairing. A centralized exchange that allows fiat/crypto pairing is more popular and easy to navigate for newbies. Some of these centralized exchanges are listed below.
- CEX with fiat/crypto pairing – Coinbase, Kraken, Gemini, Robinhood, and Bitterex.
- CEX with fiat/crypto pairing – Binance, Huobi, Bitfinex.
2. Decentralized crypto exchange platform
Decentralized exchanges are also known as DEX. These are other exchange platforms that are free of central authority or are controlled by people. DEX doesn’t make use of a middleman when the buyer and seller come together.
This type of crypto exchange platform allows pair-to-pair trade and is very hard to hack. The DEX is not very popular like CEX, so the volumes and liquidity on these exchanges are very low. Here are some of the exchanges under DEX – IDEX, Stellar DEX, Wave DEX, and Bisq DEX.
3. Hybrid crypto exchange platform
This exchange carries the functionality of CEX and DEX and can also be referred to as HEX. This form of exchange can be seen as the future of crypto exchange platforms because of its ability to incorporate centralized and decentralized exchanges.
Hybrid exchanges are not that popular yet, so we don’t have many yet. An example of a hybrid exchange platform that was launched in 2018 is Qurrex.
This entails the criteria used in picking the 10 best crypto exchange platforms for October 2022, formed according to Coinmarketcap, Forbes.com, and Money.com.
- Security: How secure is the crypto exchange platform is
- Volume: The volume of coins being traded on the platform.
- The number of coins and the number of fiats.
- User Experience: Regardless of whether the trader is a pro or a beginner he should be able to navigate the crypto exchange platform without any assistance.
- Customer service: Availability of customer support.
10 Best Crypto Exchange Platforms
As the crypto market undergoes a turbulent period, many crypto exchange platforms are either shutting down or revamping their services. Still, there are over five thousand cryptocurrency exchanges in the world where people can carry out their exchanges.
Some of these exchanges are selective when it comes to the countries they support, which means users in different countries might not be able to trade with a particular exchange because the exchange does not support the country.
Here is a list of the 10 best crypto exchange platforms in October 2022, with full details of their mode of operation and how you can best use them.
1. Coinbase – www.coinbase.com
With over 30 million registered users, Coinbase is one of the most popular crypto exchange platforms on the market. The platform is easy to use and well-designed, making it a great choice for newcomers to the world of cryptocurrencies.
The exchange platform, founded on July 20th, 2022 by Brian Armstrong and Fred Ehrsam, has become one of the leading cryptocurrency exchange platforms in the world.
While Coinbase allows the use of several popular cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and Bitcoin Cash, users must first deposit funds in their local currency before trading can occur.
This can make using Coinbase more costly than other crypto exchange platforms on the market. Overall, Coinbase offers one of the lowest fees available while still maintaining a high level of security on the backend. If you’re looking for a user-friendly exchange with a low fee, Coinbase is a great option to consider.
2. Binance – www.binance.com
Binance is quickly becoming one of the most popular crypto exchange platforms on the market. In addition to offering low fees and a secure trading platform, the exchange also boasts an industry-leading matching engine that can perform up to 1.4 million transactions per second.
Binance’s security features are also considered to be among the strongest in the industry, with over a million registered user accounts and a trading volume above $600 million. Binance has quickly emerged as one of the leading crypto-to-crypto exchanges in the market today.
One drawback to note is that Binance does not support fiat currencies, so you’ll need to first convert your funds to Bitcoin or Ethereum before trading can occur. While this can be a barrier to newbies in the crypto world.
Binance.com is excluded in the United States, but they have the US domain, which is Binance.US, for traders in the United States only, and it is also one of the best crypto exchange platforms to trade on.
3. FTX – www.ftx.com
FTX is a cryptocurrency exchange platform that was created to provide an efficient and safe platform for traders. The exchange platform was founded in 2014 and has since become one of the most popular crypto exchange platforms in the world.
FTX offers a variety of features that make it an ideal platform for traders. The exchange offers a variety of trading options, including CFD and futures trading. It also offers the ability to trade in many cryptocurrencies, including Bitcoin, Ethereum, Litcoin, and many others.
The exchange also provides several other services that make it possible for traders to optimize their trades and increase their profits. Some of these features include live data feeds, API services, and advanced analytical tools that can help users make more informed trades and reduce their potential losses.
Also Read: How To Know The Best Time To Buy Cryptocurrency
FTX is a reliable and user-friendly platform that provides the best possible trading experience for traders of all skill levels. It is also equipped with many security features that make it both trustworthy and secure.
It has liquidity of over $4 billion and is ranked as one of the ten largest crypto exchange platforms in the world.
4. Kucoin – www.kucoin.com
Kucoin is a crypto exchange platform founded on September 15, 2017, with its headquarters in Singapore. It is a global crypto exchange platform with numerous digital assets and cryptocurrencies.
It is also known as the “people’s exchange,” and had an initial public offering of $27.5 million worth of bitcoin. The exchange has been named among the most popular crypto exchange platforms in the world, with over 18 million registered users across 207 countries and regions around the world. It has supported over 420 projects and also 790+ trade pairings.
It offers a digital wallet which is known as the Kucoin wallet, and it is protected by multilayer encryption and offline storage through banks’ safes or fund escrow. The crypto exchange platform has its token, known as the Kucoin token, and has a 24-hour trading volume of over $3 million.
Kucoin has had a bit of an evolution over the years before the company was launched in 2017. It was originally co-founded in 2013 by COO Eric Don, operations and maintenance director Kent Li, chief legal consultant Linda Lin, marketing director Jack Zhu, CEO Michael Gan, CTO Top Lan, and president of business operations John Lee.
The crypto exchange platform currently provides spot trading, margin trading, futures trading, P2P fiat trading, and staking. It currently has over 500 coins (BTC, ETH, DOGE, SHIB, KCS, Gari, etc.) listed on its platform and also offers a low fee.
5. Gate.io – gate.io
Gate.io is a crypto exchange platform that was founded in 2013 and enables users to create, deploy, and use smart contracts. With the help of Gtaie.io, businesses can manage their finances and operations more efficiently and securely.
Additionally, Gate.io offers a wide range of services, such as an online wallet, blockchain explorer, and more. Gate.io has quickly become one of the most popular crypto exchange platforms due to its user-friendly platform and wide variety of features. One of its most amazing features is the Gate Wallet.
The Gate Wallet is an innovative new multi-currency wallet that allows users to store, exchange, and transact in multiple currencies such as ETH, BTC, EOS, TEZOS, grin, and many popular tokens.
In addition to standard wallet features, the Gate Wallet allows users to create and launch their smart contract tokens and manage them. All transactions made on Gate Wallet are secure and protected.
Since the launch of Gate Wallet, many amazing projects have integrated it into their platforms to benefit from the huge pool of users who use Gate Wallet.
It has over 10 million registered users and more than 500 token contract templates. It also offers a $1 million security guarantee to all its users in case of hacking. The future of the crypto industry depends on projects such as this that will revolutionize the way we use blockchain in our daily lives.
Gate.io has liquidity of over 20k BTC ($52M), which is one of the highest in the industry and exceeds the liquidity of other large crypto exchange platforms such as Binance and OKEx. The liquidity of Gate.io allows users to easily trade between different currencies and tokens without any restrictions.
6. Huobi Global – www.huobi.com
Huobi Global is a crypto exchange platform set up in 2013 but was publicly listed in August 2018. It allows users to buy, sell, stake, and borrow cryptocurrency. The exchange has a user-friendly platform and is well-known for its security features.
Huobi Global is one of the world’s leading exchanges and has a large base. The exchange offers a wide range of services, including market making and arbitrage. Huobi Global is licensed and regulated by the Chinese government.
The exchange was launched in 2013 in Beijing as “Huobi China” but rebranded to Huobi Global in early 2016. It is headquartered in Singapore, with offices in Beijing, Shanghai, Hong Kong, Shenzhen, Taipei, Seoul, Tokyo, Paris, and London. In August 2018, Huobi Global was publicly listed on the New York Exchange under the symbol “HTBA”.
On May 16, 2018, the crypto exchange platform suffered a significant hack, with approximately $300 million worth of bitcoin stolen. Huobi Global stopped trading on many of its digital assets for several hours after the attack and took several measures to mitigate the damage and ensure users’ assets were safe.
Its trade volume grew quickly after the hack and increased by more than 50% in the days following the attack. Huobi Global is one of the few exchanges that has been able to recover from a major hack and continue trading.
Huobi Global offers advanced security and High-quality customer support. Customers can contact the customer support team via live chat or phone from Monday to Friday between 9 am and 6 pm (Beijing time).
Huobi’s trade volume has recently risen by 60%, and, according to some reports, the exchange is now the second largest in the world. With BTC of $5.4447 billion and ETH of $1.559 billion as of press time.
It has a daily volume of $620 million in bitcoin trades and an average of 12,000 transactions a day. With a registered user base of over 390,000 and 240,000 active accounts, Huobi Global is one of the most popular crypto exchange platforms in the world.
7. Kraken – www.kraken.com
Kraken is a United states-based crypto exchange platform and bank, set up in 2011. The exchange platform is one of the first bitcoin exchanges to be listed on the Bloomberg terminal, and it is valued at $11 billion as of mid-2022. Kraken is one of the leading exchanges for bitcoin, Ethereum, and other digital assets.
It offers a variety of trading features, including margin trading and stop-loss orders. Kraken also offers wallet services, including a full range of cold storage options. Kraken is headquartered in San Francisco, California.
Its trade volume has grown significantly in recent years, as the crypto exchange platform has become one of the most popular places to buy and sell bitcoin. In 2017, Kraken handled nearly $3 billion in digital asset trades; by mid-2018, that number had increased to more than $20 billion in trades.
Also Read: Here Are Points You Need To Know About A Cryptocurrency Exchange Platform
In early 2019, Kraken announced it had purchased Crypto Facilities, a United Kingdom-based bitcoin futures trading platform with approximately $150 million traded daily on its platform. The acquisition will allow Kraken to offer institutional clients the ability to speculate on future price movements in the cryptocurrency market without having to use the services of traditional brokers.
It has a registered user base of 250,000 and processes transactions in almost 200 countries worldwide.
8. OKX – www.okx.com
OKX is a crypto exchange platform that was established in 2017 where you can buy, sell, and trade currencies like BTC, ETH, Fantom, Avalanche, and many more. It is listed among the best exchange platforms to trade cryptocurrencies.
It currently has a 24-hour trade volume of over $2,478,703,768.50 (106,653 BTC) and has over 300 coins listed on the platform. OKX is available in over 200 countries, except the United States, and also supports over 343 currencies.
The company is owned by OK Group, which also owns Okcoin.
9. Gemini – www.gemini.com
Gemini is a secure crypto exchange platform that makes it easy to buy, store, and trade cryptocurrencies on its platform. The crypto exchange platform founded by the Winklevoss brothers was launched in 2015 in New York, and it is a trusted company regulated by the New York department of financial services.
It is one of the most secure crypto exchange platforms and it is considered the world’s first licensed Ether exchange. Gemini currently has a 24-hour trading volume of $84,748,128 and 102 coins listed on its platform.
The platform currently has three currency pairs with no fees for withdrawal and deposit.
10. Crypto.com – www.crypto.com
Crypto.com, which was formerly named Monaco, was established in 2016 and was renamed crypto.com in 2018. The company is estimated to have a user base of over 50 million as of 2022, making it one of the largest in the world.
It offers a wide range of services, including trading, payments, and swapping cryptocurrencies. The company was a victim of a hack as of January 2022, which amounted to a loss of $15 million in ether.
This resulted in the company pausing withdrawal services for that moment, which was later restored. The company later released a statement that no customer funds were lost.
Crypto.com has a 24-hour trading volume of over $323.32 million and is ranked among the best crypto exchange platforms in the world with over 169 coins listed on the platform. It currently offers services in the United States, Singapore, and the United Kingdom and is also expanding to 31 European countries.
Frequently Asked Questions on Crypto Exchange Platforms
What are the three main types of crypto exchanges?
There are three main types of crypto exchanges and they are centralized, decentralized, and hybrid, which is also known as CEX, DEX, and HEX. The centralized crypto exchanges (CEX) are exchanges like Binance, Coinbase, Kraken, and Gemini, which are controlled by a central body. The hybrid exchange (HEX) is the combination of the benefits of CEX and DEX. We can see hybrid exchanges as the next generation of exchanges. Decentralized exchanges (DEX) are the ones free from the central power, and exchanges like this are IDEX, Stellar DEX, Wave DEX, etc.
What is the best crypto exchange platform?
When we are discussing the best crypto platform, we need to look out for platforms with good security, trading stats, user-friendly platforms, and beginner-friendly platforms. Here is a list of some of the best crypto exchange platforms Binance, Bundle, Gemini, Coinbase, FTX, Gate.io, crypto.com, Kucoin, OKX, Kraken, and Huobi Global.
What is the most secure exchange in crypto?
So far, Crypto.com has been ranked as the most secure crypto trading platform. There are other secured trading platforms like Kraken, Binance, Gemini, Huobi, and many more. Although most platforms are secured, the listed platforms invest more money in the security of their platforms.
Other crypto exchange platforms are available out there, but the 10 best listed above are sorted based on the aforementioned methodology. Cryptocurrency is becoming a big powerhouse in the investment world.
We can see that big firms like Apple, Tesla, Amazon, Google, Microsoft, Apple, Facebook, MicroStrategy, and many more are investors in this digital currency. So steadily, cryptocurrency is growing beyond our traditional investments.
This is why there are more cryptocurrency exchange platforms out there, but in this article, I have listed the 10 best crypto exchange platforms for October 2022.
The purpose of this article is not to give financial advice, but rather to list out the 10 best crypto exchange platforms for October 2022.