Exchanges are divided into two types: centralized (CEX) and decentralized (DEX). The advantage of centralized exchanges is the presence of legal regulation (in most countries), high transaction speed, the ability to transfer cryptocurrencies into real money. Among the disadvantages: cryptocurrency transactions are not registered in the blockchain, so all cryptocurrencies are on the same exchange account. The user identification procedure (KYC) is being actively introduced. If a person refuses to pass it, then his account in the crypto exchange may be frozen.
Decentralized exchanges do not have legal status, the transaction speed is much lower and there is no possibility to exchange cryptocurrencies for fiat money. However, their advantage is the record of each transaction in the blockchain and anonymity.
When creating the list, we took into account the following characteristics:
- Trading volume. This indicator is important for those who conduct a lot of transactions in a short period of time and it is important for him that his orders are bought or sold very quickly. In addition, this indicator shows the level of people's trust in a particular exchange.
- The number of trading pairs (markets). This characteristic is important for those who work with unpopular altcoins.
- Legal status and reputation. This avoids both deceptions by the exchange and prosecution by government regulators.
- Trading with fiat money and withdrawing money to other payment systems. This allows you to withdraw money to ordinary bank cards with minimal commissions.
- Availability of additional financial instruments. This increases the owner's ability to earn, store and withdraw crypto-assets.
Trading volume: ~$27.9 billion
Number of trading pairs (markets): 1643
Legal status: registered in the Cayman Islands
Fiat currencies: more than 43 (including USD, EUR, CAD)
Trading volume: ~$5 billion
Number of trading pairs (markets): 416
Legal status: UK registered
Fiat currencies: USD, EUR, GBR
Trading volume: ~$10 billion
Number of trading pairs (markets): 435
Legal status: registered in the Bahamas
Fiat currencies: 10 (including USD, EUR, GBR)
List of cryptocurrency exchanges
Stephen Pair, Tony Gallippi