How to choose a crypto exchange: 7 things to compare

The platform you trade on decides who holds your money and what happens when something goes wrong. “Lowest fee” alone is a poor way to choose. These seven points let you weigh platforms on the same scale.

In brief

Licence first: check that the platform is authorised where you live.
Fees: compare spot and futures maker/taker fees together with withdrawal fees.
Proof of reserves: does the platform regularly show reserves that cover customer assets?
Liquidity: is there enough depth on the pairs you will trade?
Security: two-factor authentication, withdrawal address whitelist, anti-phishing code.
Deposits and withdrawals: local currency, bank transfer, cost and speed.
Support and language: how fast problems get solved.

1. Licence and legal status

Rules differ by country. In Turkey, for example, Law No. 7518 (July 2024) requires crypto asset service providers to be authorised by the Capital Markets Board (SPK); a foreign platform serving people resident in Turkey counts as unauthorised. Wherever you live, check your regulator’s list before opening an account. With a licensed platform you have somewhere to complain if things go wrong.

2. Fees

Platforms usually publish a “maker” fee (orders that add liquidity to the order book) and a “taker” fee (orders that fill an existing one). Futures fees look lower, but leverage multiplies the total cost. Add withdrawal fees and the cost of moving local currency in and out. Always check the platform’s official fee page; promotions change often.

3. Proof of reserves

After FTX collapsed in 2022, many platforms began publishing reports showing reserves that cover customer assets. What matters is that the reports are regular, checked by an independent auditor and that liabilities are counted too.

4. Liquidity

On a thinly traded platform a large order can move the price against you (slippage). Look at the daily volume and order-book depth of the pair you will trade.

5. Security features

App-based two-factor authentication (not SMS), a withdrawal address whitelist, an anti-phishing code and new-device alerts should be standard. See our safe account setup guide for the details.

6. Deposits and withdrawals

Bank transfer, card purchases or crypto-only transfers: each has its own cost and speed. Try a small withdrawal first to make sure the process works.

7. Support

When something goes wrong, fast support in your language makes a big difference. Look at the support channels and user reviews in advance.

Our take

There is no single “best exchange”: the right one depends on where you live, how often you trade and which coins you care about. Make your regulator’s list the first filter. Don’t keep all your assets on any platform for long; consider your own wallet for long-term savings.