6 Best Crypto Exchanges of June 2023
Best for Beginners: Coinbase
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PROS
- Intuitive, user-friendly interface and easy purchase process
- Broad assortment of educational material
- Wide selection of cryptocurrencies
CONS
- High fees compared to other popular exchanges
- Complex fee structure
Why we chose it: We chose Coinbase as the best crypto exchange for beginners because of its easy-to-use interface, extensive educational material on everything from blockchain to volatility, and robust security features.
If you’re familiar with crypto, chances are you’ve already heard of Coinbase. The exchange is one of the largest and most well-known in the U.S., and the crypto platform does a great job of lowering the barrier to entry for new investors, with a straightforward onboarding process that eases users into trading. At the same time, its interface makes navigating the platform and managing crypto a seamless experience.
Coinbase also features a comprehensive and accessible variety of learning materials. Users are encouraged to use these resources through the Coinbase Earn program, which teaches how to trade specific cryptocurrencies and rewards users with free crypto.
The exchange’s security features are worth mentioning, as well: Coinbase uses two-factor authentication on all versions of its platform, stores 98% of customers’ crypto offline, and has an insurance policy to protect custodial accounts of up to $250,000 (in line with per-depositor FDIC coverage limits). Such robust measures are why Coinbase is ultimately worth trying, despite its higher fees.
Users who enjoy Coinbase but would like more advanced trading and charting features may want to look at the company’s other exchange platform, Coinbase Pro.
Best for Low Fees: Bitstamp
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PROS
- Low trading fees and no spreads
- Supports multiple fiat currencies
- Funds can be withdrawn within 24 hours
- Regulated by the New York Department of Financial Services
CONS
- No margin trading or leveraged products
- Fewer cryptocurrency offerings
Why we chose it: We chose Bitstamp as the best crypto exchange for low fees because of its highly competitive maker/taker fees, free bank account transfers and strong cybersecurity.
Many crypto exchanges promise low fees as a way to entice traders to join their platform, but then “catch” you with expensive transfer and withdrawal fees. This is not the case with Bitstamp, which features inexpensive fees across the board.
Bitstamp’s maker/taker fee schedule — ranging from 0.30% to 0.00% and from 0.40% to 0.03%, respectively — is one of the most affordable among all the exchanges currently operating in the U.S. Moreover, users with a 30-day trading volume of under $1000 don’t have to pay any trading fees at all — a considerable boon for less dedicated traders. Withdrawal fees for individual cryptocurrencies are markedly low, and ACH transfers are free of charge.
One of the oldest crypto exchanges in the world, Bitstamp has a long track record of operating securely and transparently. It was the first crypto exchange to receive a Payment Institution license in the EU and currently holds a BitLicense issued by the New York Department of Financial Services (NYDFS). Nonetheless, it’s worth mentioning that the company lost over $5 million in a 2015 cyber attack that took several months to go public.
