CEX guide: 8 best exchanges for start

Hey, all crypto enthusiasts and investors! You already know about top blockchains, but you will need a platform for investment, trading, and DeFi-operations. So we're going to look at a few CEXs to help you choose the most useful advantageous, and safe exchange.

There is a really long list of contents, so just scroll it fast:

Binance

Binance is one of the largest crypto exchanges on the market. It started during the bull run of 2017, and now Binance is a versatile crypto platform with a huge set of tools, products, services, and own blockchain. In fact, registering on Binance is a ticket to the extensive DeFi ecosystem with the second TVL on the market.

Registration and verification

Binance complies with KYC and AML, so there's no anonymously trading. Due to registration need confirmation by email and phone number. Trading and other services are available only to verified users.

You need a foreign passport, ID card, or driver's license to pass verification. Also, the procedure requires a selfy to face check.

Functionality

OK, it is easier to say what Binance can't offer than list all the features. Verified user is available:

And if that's not enough - welcome to the BNB chain. About how to start on this blockchain, we wrote here.

Fees

Binance charges a fee for trade, depositing, and withdrawal of funds:

Alternatively, you can use P2P to withdraw/deposit a fiat.

Useful links

Beginners wishing to start in the crypto market can start with:

It is worth mentioning the Binance CEO - Changpeng Zhao (aka CZ). For the industry, CZ is the Binance ambassador and the guarantor of the reliability and safety of the entire ecosystem.

Huobi

Huobi is a veteran of the market. The exchange began operating in 2013 in China but moved after a cryptocurrencies ban establishing. Currently, Huobi Global has several licenses worldwide and local sites for Japan and Korea. In the global trading volume rank, it holds the 6th step.

Registration and verification

You can register via email or phone number. However, to start with fiat, you need to add 2FA way - it may be a phone number or google authenticator.

You need to verify your account to make a deposit, trade, and access other Huobi features. The procedure is standard, but not all documents are suitable for proof of identity (for example, driver's license). Restrictions for your country will appear in the KYC window.

Functionality

It has fewer functions than Binance but still enough for most crypto guys:

Fees

There are fees for trading, derivative contracts, deposits, and withdrawal of funds. The trade fees are high as Binance, but you can get a discount.

There are no fees for the cryptocurrency deposit. The rate depends on the payment method for the fiat deposit and withdrawal.

Useful links

OKX

OKX (formerly OKeX) is considered one of the oldest sites. She started working in Hong Kong in 2014, but in 2018 company got a Maltese registration. The exchange is time-tested, has a high-quality and convenient site, and the functionality is balanced to be clear for beginners and enough for the professionals.

At the same time, OKX remains a relatively small platform - only the 18th step of trading volume rank.

Registration and verification

To register on the site is enough email or phone. Operations with cryptocurrencies (not only trades) are also available to unverified users, but it is required to install 2FA.

Verification is needed to purchase cryptocurrency with fiat, increase withdrawal limits, and P2P trading. You can use a passport, ID card, or driver's license to verify the account. The procedure is the same for other sites.

Functionality

Most functions are available even to unverified users. After registration, you can use:

Also, OKX has MetaX - the platform positions it as metaverse, but in fact, it is a "built-in" dApp ecosystem. Connect your MetaMask to get access to DEXs and DeFi without leaving OKX.

Fees

The base rate for spot trading is 0.1% for the taker and 0.08% for the Maker. The commission for derivatives and spot is here.

There is no information about deposit and withdrawal rates. The fee for these operations is calculated when making a transaction.

You can get a fee discount by buying a VIP account or holding a native OKX token- OKB.

Useful links

MEXC Global

MEXC is a relatively young platform (launched in 2018) with relatively small trading volumes. However, MEXC Global reports about 6 M users. It is licensed in the United States and Europe and operates in 70 countries.

The user-friendly interface, unique products, and hundreds of trading pairs make the platform a good solution for traders of various levels.

Registration and verification

You can create an account with email or phone numbers, as in previous cases. 2FA requires one more contact way: a phone or a google authenticator, and without 2FA, there will be no access to all functions.

Verification may be basic (with the document) and advanced (+selfie). Verification is needed to make a fiat deposit, P2P trading, and increase the withdrawal limit. Crypto-crypto exchanges are available for unverified users but with a 10 BTC per day withdrawal limit.

If you plan to make a big deposit ($300 K+), you can get VIP status.

Functionality

After account verification, you get access to:

Additional opportunities, including a new interface and no-fee loans, are available to institutions.

Fees

The exchange collects trading and withdrawal fees. You can use a native MX token to pay the commission.

The base rate of trading is 0.02% for the taker and Maker. The commission for the derivatives trading is here.

There is no fee for crypto deposits. The fiat deposit fee depends on the payment means. You can find here the fees rate and minimum withdrawal amounts of the crypto.

Useful links

Gate.io

It is also a veteran of the crypto market. Gate appeared in 2013 in China, around the same time as Huobi. Now it's a worldwide regulated site with American registration. It is comparable in functionality to Binance or Huobi and thus more like a versatile platform than a just exchange. By the way, 9th place in trading volume rate.

Registration and verification

For registration is enough email and a few minutes (CAPTCHA is slightly too much). But the phone number is not needed even for 2FA.

But the most beautiful thing about Gate.io is that you can buy crypto with fiat without verification. Payment goes through third-party apps like Moonpay. Verification is needed to increase the limits and get full access to services, but you can trade without documents uploading.

Functionality

OK, there are a lot of functions here, a really lot. I'll list the basics:

It's not all perfectly localized, so you could see hieroglyphics on some buttons and pages. But in general, it's OK. The site is convenient but seems overloaded due to the number of features.

Fees

The base rate for spot trading is 0.2% for the taker and Maker. The rate is reduced depending on the VIP level. If you pay with GT tokens, there is an additional discount.

There are no fees for the crypto deposit. Withdrawal fees and daily limits find here.

Gate does not support fiat currencies, so there are no deposit/withdrawal fees.

Useful links

Kraken

Ready to see a real veteran? It is in front of you - Kraken has been working since 2011 and now ranks 4th in the trading volume rate. The exchange was tested by years and regulators. Thanks to the cooperation with Fidor Bank is suit for euro trading(but there is another fiat).

The site will be helpful for experienced traders but may look complicated to beginners.

Registration and verification

You can create an account only with email, but you will need a phone number for verification. The registration procedure is no more complicated than others.

You need to fill in personal data and upload photos of documents to verify. Unverified users can't make transactions, and the exchange's functions are unavailable for them.

Functionality

Compared to other exchanges, Kraken is quite old-school. There are not many functions here:

And that's all. Another feature of Kraken - is two versions of the interface: for Pro and beginners.

Commissions and fees

Kraken's commission structure is more complex than other sites:

Additional fees for "instant buy". Rates may decline as trading volume increases.

Useful links

Bybit

Like MEXC, Bybit was founded in 2018 and can be considered a young platform. Company headquarters in Singapore, registration in the Virgin Islands. Unlike its competitors, Bybit was initially created for derivatives trading, although it now offers spot trading and other products. Bybit comes in the top-20 in trading volume.

Registration and verification

To create an account, you need just email and the phone number or Google Authenticator for 2FA. The registration procedure is simple and takes just two minutes.

Bybit as Gate allows buying crypto with fiat via third-party services, so verification is unnecessary. However, verified accounts can deposit fiat currencies directly to the exchange and increase withdrawal and P2P transaction limits.

Functionality

Compared to other sites, Bybit does not have many features. The platform is aimed at traders and offers:

In general, a vast range of derivatives and relatively few products for passive earnings.

Fees

There is are free deposit. The withdrawal fees rate (and amount) depends on the cryptocurrency.

The base rate for spot trades is 0.1% on taker and Maker. The rate can reduce for VIP users. The complete list of rates and fees is here.

Useful links

FTX

Probably the youngest on our list, but the fastest-growing exchange. FTX launched in 2019 as an exchange for pro-traders and now offers a huge number of products. FTX backers are Alameda Research and Binance, so the company is also actively investing. It holds the second step in the trading value rank, behind only Binance.

Registration and verification

The registration process is relatively complete. You'll need an email and a phone number just to start.

You can't deposit without verification (and therefore trade), so it is better to prepare documents and personal information from the start. The verification procedure is standard.

Functionality

There are a lot of products and features for trade, and a couple of unusual exchanges products:

FTX also has an advanced trading mode for experienced traders and QuantZone for trading strategy automatization.

Fees

No deposit and withdrawal rates. You will see it for your transaction.

The base rate for spot trading is 0.02% for the Maker and 0.07% for the taker. There are additional discounts for holders of the native FTT token and by trading. The complete list is here.

Useful links