One of the drivers of the spread of cryptocurrencies is their accessibility. The cryptocurrency market is built in such a way that every user has an opportunity to buy any asset he is interested in with the help of modern tools and without complicated legal procedures. Some of such tools are cryptocurrency exchanges, they provide simple functionality for exchanging cryptocurrencies. It is these platforms we will analyze today.
Rating of Cryptocurrency Exchanges 2023
To simplify the search for an exchange, we have compiled their rating, based on the following evaluation criteria and public information about the service.
If you need to make a transaction quickly and do not have time to search for an aggregator or evaluate the exchange yourself, you can simply choose one of the sites presented below.
Rating Criteria
When making our rating, we considered the range of features of the exchange in order to select a balanced and safe exchange. The list of evaluated parameters includes:
Optimal exchange/buy/sell rate
exchange is an autonomous and centralized site, its owner can set the exchange rate at his discretion, ignoring the market value of the asset on the major exchanges or DEX.
Our rating includes only those exchanges, whose rates are close to the current market rate. The difference between the market rate and the exchange rate is also due to the commission inherent in it.
The range of currencies and payment methods
The main advantage of the exchange over cryptocurrencies is the support of more payment methods and fiat currencies. This is what makes the exchange convenient and allows you to buy or sell cryptocurrencies using bank cards, e-wallets or even cash.
The volume of cryptocurrency reserves and cryptocurrency transaction limits
Not all crypto exchanges can handle a large transaction to buy or sell cryptocurrency. Sometimes it is due to a lack of exchange reserves for a particular coin, sometimes it is due to limitations of the selected payment service or regulatory requirements.
Below are the exchanges whose reserves are enough to convert funds for the average crypto-enthusiast. If you need to register/verify your account to increase the volume, we will mention it in the review.
Fees charged
Fees can turn a potentially profitable exchange into a loss-making one, especially if regular or large transactions are involved. Sometimes the exchange may charge little or no overt commission, putting its income into the exchange rate, which is also important to consider when choosing a site.
In our rating, you will be able to find out how exactly the exchange charges commission and in what amount.
Interface
The interface determines how easy it will be for a newcomer to navigate the site, whether the user will be able to correctly understand all the conditions of the transaction, and what actions are required of him.
We have tried to select services with a simple, concise, and intuitive interface. You can evaluate the design of the site directly in the review, thanks to the attached screenshot of the main page of the service.
Experience
The longer the exchange has been operating, the higher the user confidence. A long working period means that the site was not closed by the regulators, is in demand, and can provide high-quality service. As a rule, when choosing, it is better to give preference to services that have been operating for at least 1 year. It is also desirable that the exchange does not rebrand and does not change jurisdiction.
Customer testimonials
Feedback will tell you more about safety, customer service, and customer support than descriptions on the site, so it is important to keep track of them.
When evaluating, we paid attention to both the number and content of reviews and tried to get information from several sources, so that the exchange itself does not have the opportunity to censor negative comments.
You can also use these criteria in your own search and selection of a site. The checklist will help you quickly check if the exchange meets your requirements.
Important: All exchanges on the list support the AML policy, which provides for blocking “high-risk” transactions. High-risk transactions are those received from darknet sites, mixers, sub-sanctioned wallets, or addresses associated with them. The specific list of banned services/addresses can be found in the AML policy section of the site. When carrying out such a transaction, the exchange may block or freeze your application until the circumstances are fully clarified.
List of Top 10 Cryptocurrency Exchanges
BuyBank
- Available cryptocurrencies: BTC, ETH, USDT (ERC-20, TRC-20), XRP.
- Registration/KYC: not required, KYC optional in case of a request from the service.
- Fiat and payment methods: bank card, cash.
- Fee: included in the rate, depending on currency and payment method.
- BestChange page: BuyBank.
BuyBank positions itself as the first official Bitcoin exchange in Ukraine. In addition to Bitcoin, you will be able to convert XRP, ETH, and USDT. The company has been operating since 2018 and has physical offices in Kyiv and Odesa.
BuyBank allows you to sell or buy a cryptocurrency for cash in one of the physical exchanges located almost in all regional centers of Ukraine. There is also a BuyBank branch in Prague, so you can use cryptocurrency to facilitate international transfers.
LetsPay
- Available cryptocurrencies: BTC, ETH, DOGE, USDT, USDC, LTC.
- Registration/KYC: not required, KYC is optional in case of a request from the service.
- Fiat currency and payment methods: for UAH: bank cards, Mono and Privat 24, for USD and EUR: cash and Capitalist EPS
- Fee: included in the rate depends on the currency and payment method.
- BestChange page: LetsPay
LetsPay is another Ukrainian crypto exchange. It also allows you to buy or sell cryptocurrency for cash: USD in Ukraine and EUR in three Spanish cities. If necessary, you can easily cash out an international transfer. Unlike the same BuyBank, LetsPay supports online banking and bank cards for UAH, which makes it almost an ideal solution for residents of Ukraine.
The website of LetsPay indicates that it has been operating since 2012, while BestChange defines the age of the site as a little less than 5 years old. Probably the exchange was rebranded or re-registered.
BTC2Pay
- Available cryptocurrencies: BTC, ETH, LTC, USDT, TRON, DAI, XMR, and 37 more coins.
- Registration/KYC: registration and card verification for card payments is possible. KYC is optional in case of a request from the service.
- Fiat and payment methods: UAH, USD, EUR, PLN, CAD, TRY, and more than 20 other fiat currencies. Supported payment methods include cash, EPS, bank transfers, bank cards, and online banking.
- Fee: is included in the rate and depends on the currency and payment method.
- Page on BestChange: BTC2Pay.
BTC2Pay is the last exchange from our list that allows exchanging cryptocurrency for cash. The platform has been operating for more than 5 years, although, judging by the supported payment means, it is focused on the EU, Georgia, and even some American countries. At the same time, BTC2Pay complies with sanctions restrictions.
At the same time, BTC2Pay has a wide geography and can be a good solution for international transactions using cryptocurrency.
WestChange
- Available cryptocurrencies: BTC, ETH, USDT, TRON, BNB, BCH, and 15 more coins.
- Registration/KYC: not required, KYC optional in case of a request from the service.
- Fiat and payment methods: bank cards and online banking for UAH. Payeer, PM, and AdvCash for EUR and USD.
- Fee: included in the rate depends on the currency and payment method.
- Page on BestChange: WestChange.
WestChange is a cryptocurrency exchange platform registered in France. The exchange allows you to quickly withdraw and buy cryptocurrency through a bank card. WestChange also complies with EU sanctions requirements and AML policy, so in some cases, it may require account or payment facility verification and is not available for residents of sub-sanctioned countries.
On the site, WestChange indicates that it has been operating since 2013. BestChange defines the age of the site as just under 7 years old. The exchange probably underwent rebranding or re-registration.
Receive-Money
- Available cryptocurrencies: BTC, ETH, USDT, TRON, SOL, DAI, and 39 more coins.
- Registration/KYC: registration and card verification for card payments is possible. KYC is optional in case of a request from the service.
- Fiat and payment methods: KZT, UAH, EUR. Supports payments by bank cards, bank transfers, online banking, or EPS Payeer, PM, and AdvCash.
- Fee: included in the rate depends on the currency and payment method.
- Page on BestChange: Receive-Money.
Receive-Money is a cryptocurrency exchange registered in Ukraine. The site has been operating for more than 7 years and offers convenient payment methods for users from Ukraine and Kazakhstan. If necessary, you can receive or pay applications in EUR via bank transfer or EPS. The service stands out for its non-standard design and provides links to reviews on 5 third-party sites, which adds a plus to reputation and credibility.
Receive-Money warns about possible problems with payments via/to VISA cards and asks to use MasterCard.
Quantex
- Available cryptocurrencies: BTC, ETH, USDT, TRON, BNB, and 15 more coins.
- Registration/KYC: registration and card verification for payment by card is possible. KYC is optional in case of a request from the service.
- Fiat and payment methods: bank cards and online banking for UAH and KZT. Payeer, PM, and AdvCash for EUR and USD.
- Fee: included in the rate depends on the currency and payment method.
- BestChange page: Quantex.
Quantex is an exchange with 4 years of experience. The service will be convenient primarily for users from Ukraine and Kazakhstan because it supports bank cards and online banking in these countries. All major cryptocurrencies are available on the site, and the interface is simple and clear, so there will be no problems with the exchange. Simple and reliable service, without any special features or flashy features.
EExchanger
- Available cryptocurrencies: BTC, ETH, USDT, TRON, SHIB, DAI, and 26 more coins.
- Registration/KYC: not required, KYC is optional in case of a request from the service.
- Fiat and payment methods: USD, EUR, UAH, KZT. Bank cards: Visa, Mastercard. EPS: Wise, Revolut, PaySera, Sepa. Online banking (Monobank and Privat24 USD for Ukraine).
- Commission: included in the rate depends on the currency and method of payment. Click here for a complete list.
- BestChange page: EExchanger.
EExchanger is a European cryptocurrency exchange with Lithuanian registration that complies with US/EU sanctions restrictions. It has been in operation for over 4 years and supports numerous European e-wallets.
D-Obmen
- Available cryptocurrencies: BTC, ETH, USDT, TRON, ADA, DAI, and 10 more coins.
- Registration/KYC: not required, KYC is optional in case of a request from the service.
- Fiat and payment methods: USD, EUR, KGS, MDL, GBP, UAH, KZT, AMD, AZN, TRY, GEL, PLN. Bank Cards: Visa, Mastercard, Elcard. EPS: Perfect Money, Advanced Cash, Payeer. SWIFT transfers.
- Fee: included in the rate depends on currency and payment method.
- BestChange page: D-Obmen.
D-Obmen is a Ukrainian exchange, launched in 2011. It combines the exchange of fiat currencies and crypto assets. It features a large number of supported payment methods. The site has relatively small reserves for some assets, but enough for most average users. Due to the support of various currency cards, the exchange can be used for international transfers.
FastExchange
- Available cryptocurrencies: BTC, ETH, USDT, TRON, DASH, and 7 more coins.
- Registration/KYC: not required, KYC is optional in case of a request from the service.
- Fiat and payment methods: UAH, EUR, USD, RUB. Supports payments by bank cards, online banking, or EPS Perfect Money, Advanced Cash, Payeer, and Qiwi.
- Fee: included in the rate depends on currency and payment method.
- BestChange page: FastExchange.
FastExchange is a Turkish-registered service with five years of experience. The exchange does not comply with EU/US sanctions but supports the payment/withdrawal of cryptocurrencies. In general, a fast exchange with large reserves in available destinations, though a relatively limited list of supported coins.
How the Exchange Works
A cryptocurrency exchange is an autonomous trading service. Such a site contains its own exchange algorithms, processes payment data, and provides liquidity through its own reserves. A typical algorithm for the exchange consists of the following steps:
- The user selects the desired direction of the exchange (exchange pair) on the site.
- Fills in the form, in which he specifies his payment and contact information.
- Transfers funds to the details of the exchange (cryptocurrency wallet or card).
- In return, he receives the desired asset.
The main factor that can affect the performance of the exchange is the type of processing the request. Different services can use:
- Automatic exchange – this is an algorithm that processes the data, checks the payment status, and makes transfers in automatic mode.
- Manual exchange – in this case, the operator of the exchange is responsible for processing the information and making payments.
Most exchanges use the automatic exchange because it is considered more reliable and allows the exchange to work around the clock without the “human factor”. On the other hand, “manual” exchanges can usually offer more flexibility in carrying out the exchange: payment methods, splitting up into several transfers, etc., and operators help solve non-standard situations and problems that may arise when interacting with banks.
Why do you need an exchange aggregator?
Exchange Aggregator is a website that contains a large number of exchange services. In general, it is a handy tool that simplifies the search for a profitable exchange, due to:
- The selection of exchange pairs – the user can “filter” only those exchanges that support the method of payment or cryptocurrency he wants. You don’t have to manually check multiple exchanges.
- Possibility of comparing exchange fees and other exchange provider characteristics – exchanges are presented in an aggregator as a table, so users can quickly assess how one service differs from another by comparing, for example, fees, exchange rates, verification requirements, reserves, and other important indicators.
- Reviews and legal information about the exchange – as a rule, an aggregator allows users to leave reviews about the experience of using an exchange right on its website and show them the information about the specific exchange. Similarly, the user can quickly find out the year of the exchange’s foundation, the country of registration, and, in some cases, even the address of the physical office.
The main advantage of an aggregator is that it is a kind of filter because it checks services that are added to the site. The reliability of the exchanges presented directly depends on the reputation of the aggregator itself, so it is better to use proven sites like BestChange or a selection of exchanges from trusted sources.
How to Choose a Cryptocurrency Exchange
At the beginning of this article, we gave a list of criteria by which we evaluated exchanges for our rating. You can also use them to evaluate a particular exchange site. If you use an aggregator to search for a service, the choice comes down to a few steps:
- Select the desired exchange direction to filter out all irrelevant exchanges. To do this, simply specify in the aggregator the currency you want to give and the currency you want to receive. It is also important to specify the method of payment and receipt of the transaction.
- Go to the table with the selected exchanges and evaluate such indicators as the exchange rate, commissions, reserves, and the number of reviews. We already explained how these factors influence our selection before compiling the rating.
- Go to the section with the reviews and study them. As a rule, if users don’t like the service or exchange problems, they will write a review right away. Feedback can also show whether the exchange administration reacts to problems and how they interact with users.
- Go directly to the exchange’s site and look at its interface, and how clear and convenient it is to work at the exchange. This is a subjective criterion, so it is difficult to give specific recommendations.
- If necessary, also pay attention to other features of the work: the exchange mechanism, the user agreement, the need for registration/verification, and the presence of limits. This data is usually available on the site or in the information about the exchange from the aggregator.
Pros and Cons of Converting Through an Exchange
exchanges are only one of the available tools for exchanging cryptocurrencies, and when comparing with alternative exchange platforms, the following advantages and disadvantages of these platforms are revealed:
Advantages
- Convenience – a cryptocurrency exchange that supports all major cryptocurrencies and fiat payment methods, being a convenient bridge between the cryptocurrency market and traditional finance. Moreover, local exchanges often provide a wide range of payment methods adapted to a particular country. At the same time, exchanges often do not work with some banks, EPS, or even currencies, which limits the possibility of withdrawal.
- Simplicity – an exchange site provides only one tool, a currency converter, packaged in a simple and intuitive interface. There’s no need to connect a wallet, understand the types of orders, evaluate a P2P merchant or keep track of margin. You enter – choose your payment methods – fill out the form – get the desired asset. Everything is very simple and understandable even for a newbie.
- Accessibility – anyone can use the exchange. Most of the exchanges do not require registration and verification of the account and do not check the means of payment (wallet, card). You simply open the site and can convert cryptocurrency into fiat currency or vice versa with only your email and/or cell phone at hand.
Disadvantages
- Exchange rate – the exchange rates are formed based on demand and fall, and any differences between venues are quickly reduced by arbitrage. Therefore, as a rule, CEXs offer the best exchange rate. The exchange is not dependent on the outside market and may indicate a less favorable rate in order to make additional profits.
- Comparatively high commissions – the fee for the exchange at some services can be up to 10%. Some sites also charge an additional fee, hiding it in the rate or taking a premium for working with certain payment methods. These commissions are many times higher than the fee for opening an exchange order, but if you take into account the commission for withdrawal from the exchange, the amount can be comparable.
- Trust – the exchange platform is centralized, has less visibility than a crypto exchange and significantly lower transaction volumes. This creates additional risks when exchanging, because fraud is much “cheaper” for a small exchange, especially if its jurisdiction does not allow to effectively protect consumer rights.
- Security – large exchanges have a multi-level system of protection of assets and personal data on users. Most exchanges simply cannot afford it, so the risk of theft of assets or confidential information is higher. However, exchanges tend to collect less personal data than CEX and often do not keep it for a long time.
Such an indicator as exchange speed is relative and largely depends on the chosen site. As a rule, cryptocurrency exchange with withdrawal is conducted from several minutes to several hours, but it all depends on the level of service – both exchanges and exchanges can both conduct the transaction in minutes, and delay the withdrawal to external details for several hours or even days.
To summarize, it is better to choose an exchange when you need to convert funds quickly or to make a direct withdrawal to a card that is not linked to a cryptocurrency exchange. If security and exchange rates are a priority, cryptocurrency exchanges or P2P platforms can offer the best conditions.
Conclusions – Cryptocurrency exchanges & Crypto Casinos
Crypto exchanges can have a significant influence on crypto casinos in a few ways. Here are some examples:
- Payment Processing: Crypto exchanges can provide payment processing services to crypto casinos, allowing them to accept a wider range of cryptocurrencies and making it easier for players to deposit funds into their accounts. By partnering with a reputable exchange, a crypto casino can benefit from the exchange’s established payment infrastructure and avoid the complexities of setting up its own payment processing systems.
- Market Volatility: The cryptocurrency market can be highly volatile, with prices fluctuating rapidly based on various factors such as news events and market sentiment. This volatility can have an impact on crypto casinos, as the value of the cryptocurrencies used on their platforms can change quickly. Crypto exchanges can help by providing real-time pricing data and liquidity, allowing casinos to adjust their operations accordingly.
- Security: Crypto exchanges can provide an additional layer of security for crypto casinos. By using a reputable exchange to handle their cryptocurrency transactions, casinos can reduce the risk of hacks and other security breaches. Additionally, exchanges often have robust anti-money laundering (AML) and know-your-customer (KYC) procedures in place, which can help casinos comply with regulatory requirements.
- Marketing and Promotion: Crypto exchanges can also help crypto casinos with marketing and promotion efforts. For example, exchanges may offer special promotions or incentives for users to try out certain casinos or games, which can help drive traffic and increase engagement.
Overall, the relationship between crypto exchanges and crypto casinos can be mutually beneficial, with each platform providing unique services and benefits to the other. As the cryptocurrency ecosystem continues to evolve, it’s likely that we’ll see even more connections and collaborations between these two types of platforms.
