Top 6 BEST Crypto Exchanges 2025 (FULL Review & Guide)

MoneyZG

Introduction to Crypto Exchanges

The six major crypto exchanges in the world are:

  • Binance
  • Bybit
  • OkX
  • Coinbase
  • Crypto.com
  • Cracken

These exchanges have a large customer base and deal with a significant amount of crypto.

Proof of Reserves

Most exchanges provide proof of reserves, which cryptographically proves that they hold the crypto they claim to. This can be checked on websites like Defy Lama. However, Coinbase, being a publicly listed company, does not provide proof of reserves but has auditors to ensure transparency.

Bonuses and Incentives

New users can receive sign-up, deposit, and trading bonuses, which may vary depending on the region. These bonuses can be in the form of Bitcoin, the exchange's token, or a stable coin like USDT.

Fiat Currency Support

Exchanges have varying levels of support for different fiat currencies. The three Western exchanges (Coinbase, Crypto.com, and Cracken) have good support for major currencies like USD, Euro, and GBP, while the other three (Binance, Bybit, and OkX) have more limited support.

Deposit and Withdrawal Fees

Depositing fiat currency is usually free, but withdrawing may incur a small fee (around $1-2). Using a debit card to deposit or withdraw can result in high fees (around 2-4%). Bank transfers are generally the best way to move money in and out of exchanges.

Trading Fees

Trading fees vary across exchanges, but most are competitive, ranging from 0.1% to 0.6%. Some exchanges offer discounts for using their native token or for achieving certain trading volumes.

VIP Levels and Fee Discounts

Exchanges offer VIP levels with lower fees for frequent traders or those holding a certain amount of the exchange's token. For example, Binance offers a 25% discount on fees for using BNB coin.

Web3 Wallets

All exchanges now offer Web3 wallets, which allow users to take self-custody of their assets and use blockchains directly. Binance and OKX have particularly good Web3 wallets.

Crypto Cards

Some exchanges offer crypto cards, which can be loaded with crypto or fiat currency and used for spending. These cards can provide cashback rewards, lower trading fees, and other benefits.

Choosing an Exchange

The choice of exchange depends on the user's location, trading needs, and preferences. Many people have accounts on multiple exchanges to take advantage of their unique features and benefits.