10 Legit Bitcoin Trading Sites in 2023

What are crypto exchanges?

A bitcoin exchange (also called cryptocurrency exchange) is a digital marketplace or business where traders can buy or sell different cryptos such as BTC, ETH, EOS, XRP, LTC and others using dollars, euros or any other currency. An exchange is essentially the intermediary between buyers and sellers of the cryptocurrency.

Crypto exchanges are very similar to stock exchanges, and traders can opt to buy or sell crypto by placing a bid or ask order. The exchanges will often charge a service fee or take a commission for executing trades.

Risks of bitcoin trading 

Bitcoin and other altcoins are generally private and inherently unregulated in nature, so the problem of fake crypto exchanges is widespread.

• Everything is digital, so there is a high risk of hacks, malware attacks and phishing attempts
• Regulatory oversight is low, and the Bitcoin world is often like the wild west
• Exchanges face considerable jurisdictional issues, as cryptocurrency is not legal everywhere
• Crypto exchanges or any other entity cannot reverse bitcoin transactions, so there are no refunds

How to recognize an exchange fraud?

The bitcoin world is rife with fake exchanges and trading apps that appear and disappear overnight. They look highly convincing, especially because there are very few indicators of them being a fake platform. Here are some warning signs that we have come across:

• Promises guaranteed returns, risk-free or zero risk offers. If the offer is too good to be true, it is most likely a fake.
• Be wary of unsolicited calls, emails and other communication for investment
• Scammers have been known to use social engineering tools, with some scams running for months before actual payment is made.
• Pushing you to buy right now, or hurrying with the money transfer process
• Scammers may set up fake support teams and contact the investors. Remember, the exchange never asks for your personal details or credentials over a call or email.
• An exchange is a likely fraud if they levy hefty commissions, withdrawal charges, or ask for payments not disclosed before investing  
• Lastly, stay up to date as exchanges on the verge of bankruptcy have a tendency of holding user’s funds.

Readers of Scamadviser often write to us regarding their experiences, you can view that here.

10 Legit Bitcoin Exchange & Trading Sites

We have compiled a list of reliable and legitimate bitcoin exchanges, that are regulated and popular within the cryptocurrency community. All these exchanges are centralized, and crypto transactions can be scrutinized. Please note that some countries exclusively regulate cryptocurrency, while many others have no regulations in place.

Disclaimer: Due to the nature of cryptocurrencies, readers should exercise caution before investing. Always check if a site is regulated by a reliable government stay up to date with the news and conduct due diligence before investing.

Exchange Name	No. of trading pairs*
Binance	952
CoinDCX	597
Coinbase	125
Huobi Global	864
Gemini	137
OKEx	790
Upbit	418
Bybit	359
Kraken	276
Mexo Exchange	46

*Number of cryptocurrency pairs available for trade. Eg: USD for BTC.

Binance

Binance is a cryptocurrency exchange that is currently the largest exchange in the world in terms of daily trading volume of cryptocurrencies. It was founded in 2017 and is registered in the Cayman Islands. Throughout its history, the company has launched two cryptocurrencies which it developed itself: Binance Coin (BNB) and Binance Smart Chain (BSC). Binance Smart Chain operates using "Proof of Staked Authority", a combination of proof of stake and proof of authority. It currently has 21 approved validators. As of 2021, Binance Coin was the cryptocurrency with the third highest market capitalization. Binance allows its users to pay fees on its exchange with Binance Coin.

CoinDCX

Developer of a cryptocurrency trading platform designed to facilitate cryptocurrency transactions. The company's platform allows the users to trade multiple cryptocurrencies legally and quickly add and withdraw funds to their bank account, enabling users to ensure a faster, simpler and uninterrupted flow of capital.

Coinbase

Coinbase Global, Inc., branded Coinbase, is an American company that operates a cryptocurrency exchange platform. Coinbase operates remote-first and lacks an official physical headquarters. As of March 2021, the company was the largest cryptocurrency exchange in the United States by trading volume. Coinbase offers products for both retail and institutional cryptocurrency investors, as well as other related cryptocurrency products. As part of its SEC filing to go public, the company reported 43 million verified users, 7,000 institutions and 115,000 ecosystem partners in over 100 countries. 

Huobi Global

Huobi Global is a global blockchain asset financial services provider including exchange, trade, wallet, and storage. Since its establishment in 2013, Huobi Group has been financed by ZhenFund and Sequoia Capital. Its accumulative turnover has exceeded 1.2 trillion USD and once became the world's largest digital asset exchange with a global share of 50%. Currently, Huobi Group has invested in more than sixty upstream and downstream enterprises. Based in Seychelles, Huobi has offices in Singapore, Japan, South Korea, United Kingdom, and Hong Kong to deliver its secure and credible digital asset trading and asset management services to millions of users in over 130 countries.

HitBTC

HITBTC is a European Bitcoin Exchange company that offers high liquidity and buying limits. Founded in 2013 with 6 million euro venture capital, HitBTC trading platform is known for its state-of-the-art matching engine, the variety of blockchain solutions support as well as its friendly customer service.

OKEx

OKEx is a Seychelles-based cryptocurrency exchange that provides a platform for trading various cryptocurrencies. Some of exchange's core features include spot and derivative trading. It was founded in 2017. OKEx is owned by Ok Group which also owns crypto exchange Okcoin. According to Reuters, in February 2021 OKEx saw its biggest trading volume in history, up 26% from the previous month to $188 billion.

Upbit

Upbit is a South Korean cryptocurrency exchange founded in 2017. It is operated by Dunamu, which is one of the highest-valued startups in South Korea. Approximately two months after its launch, Upbit became the top global cryptocurrency exchange in terms of 24-hour trading volume. Upbit ranked third globally and first in Korea in the April Market Surveillance Report published by the Blockchain Transparency Institute (BTI) on April 12, 2019. The ranking is based on 24-hour trading volume. BTI also recognized Upbit as a BTI Verified exchange, indicating that it is among the cleanest exchanges in BTI’s global ranking.

Bit-Z

Bit-z is a global digital currency exchange platform, to provide safe, efficient digital currency services for global users.

Kraken

Kraken is a United States-based cryptocurrency exchange and bank, founded in 2011. The exchange provides trading between cryptocurrency and fiat currencies and provides price information to Bloomberg Terminal. As of December 2021, Kraken is available to residents of 48 US states and 176 countries and lists 95 cryptocurrencies available for trade. 

Mexo Exchange

Developer of a trading platform intended to create a new way to trade, learn, and profit. The company offers a cryptocurrency exchange developed by a professional team for trading in Mexico and Latin America, thereby enabling individuals to familiarize themselves with such products and to advance their technical and fundamental skills to trade more effectively.

 

Sources: Wikipedia, Pitchbook, Crunchbase