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Best crypto exchanges for September 2022

By
20 September 2022
T

here are many exchanges you can use to buy Bitcoin, Ethereum and other cryptocurrencies, but some are better than others.

We researched some of the leading crypto exchanges to bring you what we believe to be the five best crypto exchanges for UK traders in September, 2022.

Trade With eToro

Trade in a variety of assets including stocks, ETFs and cryptocurrencies; for both novices and experts

Open Account

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 68% of retail investor accounts lose money when trading CFDs with eToro. Cryptoasset investing is unregulated in most EU countries and the UK. No consumer protection. Your capital is at risk.

But first a word of caution to anyone considering investing in cryptocurrencies:

Your capital is at risk. Investments can go up and down in value, so you could get back less than you put in. Cryptoassets are highly volatile and unregulated in the UK and are not eligible for any form of regulatory consumer protection.


Gate.io - 4.8/5 stars

Tradable coins: 1,300+

Trading fees: 0.2% maker fee, 0.2% taker fee

About the exchange

Since 2017, Gate.io offers a huge number of tradable coins, competitive trading fees, discounts to holders of its native currency - GateToken - and benefits, such as early access to new coin launches.

Pros

  • 1,300 tradable coins
  • Low fees

Cons

  • Hacked in 2019
  • May be unsuitable for beginners

Kraken - 4.6/5 stars

Tradable coins: 120+

Trading fees: 0.9% for stablecoins, 1.5% for other coins

About the exchange

Founded in 2011, Kraken is one of the market’s oldest exchanges. Kraken offers a decent number of tradable coins, advanced trading tools and margin trading. Its trading fees aren’t the lowest for basic Kraken users, but Kraken Pro users get discounts.

Pros

  • Advanced features
  • Good customer support

Cons

  • Complaints about hacked accounts
  • Not the lowest trading fees

Kucoin - 4.6/5 stars

Tradable coins: 600+

Trading fees: 0.1% maker fee, 0.1% taker fee

About the exchange

With a large number of tradable coins and low fees, Kucoin has a lot to offer. The outfit is headquartered in the Seychelles, offers advanced trading features and volume discounts on fees.

Pros

  • Large number of coins
  • Low fees

Cons

  • Hacked in 2020
  • Funds are not insured

Binance - 4.4/5 stars

Tradable coins: 600+

Trading fees: 0.1% maker fee, 0.1% taker fee

About the exchange

Binance is the biggest player in the crypto exchange market by daily trading volume. It offers a large number of tradable coins with low trading fees. Binance users can trade crypto to crypto and fiat to crypto, with several payment methods accepted.

Pros

  • Large number of coins
  • Low fees

Cons

  • Hacked in 2019
  • May be unsuitable for beginners

Crypto.com - 4.4/5 stars

Tradable coins: 250+

Trading fees: 0.4% maker fee, 0.4% taker fee

About the exchange

Despite fewer tradable coins and higher fees, Crypto.com scores well for cybersecurity and offers (limited) margin trading. Its native token Cronos (CRO) can be used to pay fees and earn benefits.

Pros

  • Good number of coins
  • Strong security

Cons

  • Higher fees for low-volume trades

Methodology

We studied 25 crypto exchanges, looking at their features, options and fees to establish a ranking of the best options.

The following is a list of key variables that were taken into account:

  • Number of tradable coins
  • Number of fiat currencies accepted
  • Trading fees
  • Exchange liquidity
  • Advanced trading features
  • Margin trading availability
  • Customer service
  • Educational resources
  • Security
  • Staking and rewards
  • Crypto lending

We scored the exchanges for each of these variables, with some, such as number of coins and trading fees, given special weighting. Each exchange was given a total score and ranked accordingly.


Choosing an exchange

There are many things to consider when weighing up your options, but security, fees and tradable coins are worth focussing in on.

All exchanges are a target for hackers. Many have fallen victim, but have used the learnings to tighten up security. Bigger-name exchanges have more to lose by failing to secure their users’ wallets, but larger exchanges are also more lucrative for hackers.

No exchange can make itself impenetrable, so it’s a good idea to look at what kind of insurance an exchange offers, and whether you’d get your stolen coins back following a security breach.

If you have or you’re planning to have significant crypto holdings, you should consider spreading the total across multiple exchanges to minimise the risk.

As for fees, the more you have to pay, the less you have to invest. Check what fees apply and when they’re payable. For example, is there a fee to withdraw funds from your account?

The number of tradable coins an exchange offers can be important, depending on what your investment strategy looks like. If you’re interested in specific altcoins such as Luna (Terra) or ApeCoin, be sure to check whether they’re even available on your chosen exchange.

Trade With eToro

Trade in a variety of assets including stocks, ETFs and cryptocurrencies; for both novices and experts

Open Account

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 68% of retail investor accounts lose money when trading CFDs with eToro. Cryptoasset investing is unregulated in most EU countries and the UK. No consumer protection. Your capital is at risk.


Frequently asked questions (FAQs)

What is a crypto exchange?

A crypto exchange is a website or app where people go to trade in cryptocurrencies.

How do crypto exchanges work?

Crypto exchanges provide a platform for people to buy and sell cryptocurrencies, and usually offer secure storage for the private and public keys you need in order to make trades. Users can deposit and withdraw funds, track prices and trends and manage their assets.

How do you buy crypto?

First, you need to open an account on a crypto exchange. Most exchanges offer free accounts and offer additional features for a fee.

To comply with anti money laundering regulations, many exchanges will ask you to prove your identity by sharing a picture of photo identification. Some also use biometric security features that will ask you, for example, to use your phone’s camera to establish you’re a real person present at the time of verification.

Once you have an account, you’ll need to fund your account with a fiat currency such as Pounds Sterling or US Dollars.

After you’ve made a deposit, you can navigate to the page of the currency you’re interested in and input how much you’d like to exchange. Once confirmed, you’ll see your newly-acquired assets in your account.


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