The number of cryptocurrency exchanges has been growing rapidly in recent years.
In 2017, there were only a few hundred exchanges, but by 2023, that number has seen substantial growth.
So, how many cryptocurrency exchanges are there now?
That’s what we’re about to find out.
The massive growth of crypto exchanges is due to several factors, including the increasing popularity of cryptocurrencies, the growing number of investors, and the increasing availability of fiat-to-cryptocurrency gateways.
Key Statistics
- There are over 500 cryptocurrency exchanges in the world.
- The average cryptocurrency exchange fee is 0.25%.
- The highest cryptocurrency exchange fee is 4.5%.
- The lowest cryptocurrency exchange fee is 0.05%.
- The most popular cryptocurrency traded on exchanges is Bitcoin.
- The second most popular cryptocurrency traded on exchanges is Ethereum.
- The third most popular cryptocurrency traded on exchanges is Tether.
- USD Coin ranks fifth on the top ten most traded cryptocurrencies.
How Many Cryptocurrency Exchanges Are There?
There are over 500 cryptocurrency exchanges in the world.
Of these 500 exchanges, 270 are globally available, which is over half of all crypto exchanges in the world.
Cryptocurrency exchanges allow their registered users to buy, sell, and trade cryptocurrencies.
The exchanges vary in terms of the cryptocurrencies they offer, the fees they charge, and the security measures they have in place.
It’s important to do your research before choosing an exchange, as some exchanges have been hacked in the past.
(Forbes Advisor, Investopedia)
What Does It Cost to Use Cryptocurrency Exchanges?
The average cryptocurrency exchange fee is 0.25%, which is considered the industry standard, though some charge no fees and others charge more than the standard.
The highest cryptocurrency exchange fee is 4.5%, which is charged on Binance for debit card asset purchases.
Other than no-fee exchanges, the lowest cryptocurrency exchange fee is 0.05%, which is what Kraken charges.
(CryptoVantage, Guru99, Investopedia 2)
What are Some of the Best Cryptocurrency Exchanges?
Now that we have addressed how many cryptocurrency exchanges exist today, we will discuss some top exchanges.
- Coinbase is one of the most popular and largest exchanges in the market. It’s the best option if you’re a beginner at buying, selling, and trading digital assets. It offers many features, it’s fun, and it’s educational.
- Binance, abbreviated as “BNB”, is another widely used exchange for cryptocurrencies. It’s best known for its support of a wide range of crypto and low fees. Experienced traders say they are sometimes overwhelmed by this platform, so it’s not recommended for beginners.
- Kraken is a viable choice for beginners, is popular due to its high security protocols that go above industry standards. It’s also known for its low fees. This cryptocurrency exchange is best suited to experienced crypto traders.
- Gemini, owned by the Winklevoss twins, is also well-known for its priority on high security standards. In fact, Gemini is considered the best in terms of security measures. Also, this crypto exchange is diligent with its compliance. This exchange is also beginner-friendly.
- Huobu Global has its headquarters in China and is widely known for its significant range of crypto coin selection and high trading volume. The sheer volume of features and products may overwhelm newcomers, but it’s ideal for veteran crypto traders.
- Crypto.com supports over 250 crypto coins and is a marketplace for NFTs. According to Forbes, this exchange is ideal for beginners. Investopedia recommends this exchange, calling it the best mobile app for trading.
If you’re looking for a no-fee cryptocurrency trading exchange, it’s important to know that they may not be as secure and may have other failings that you can avoid by using one of the most recommended exchanges.
Here’s a brief list of no-fee cryptocurrency exchanges.
- eToro is good for beginners and is a solid platform run by a reliable company. It supports over 15 cryptocurrencies and is available across 70 countries.
- Kucoin is known for its elevated level of security, easy signup, allows you to invest in its success, and is available internationally. It supports over 100 coins in over 170 countries.
- Crypto.com is also a no-fee option for mobile users and is recommended by reputable websites (see Crypto.com above). It supports more than 200 crypto coins across more than 80 countries.
(CryptoVantage, Forbes Advisor 2, Investopedia 3)
What Should You Consider Before Choosing a Cryptocurrency Exchange?
There are many factors that crypto investors should consider when choosing an exchange, including the fees, the security features, the supported cryptocurrencies, and the customer support.
- Fees: The fees charged by cryptocurrency exchanges can vary widely. Some cryptocurrency exchanges offer a flat fee for each trade, while others will charge a percentage of the trade value. Investors should carefully compare the fees charged by different exchanges before choosing one.
- Security: Security is a major concern for investors when using cryptocurrency exchanges. Some exchanges have been hacked in the past, and investors have lost their funds. Investors should choose an exchange that has strong security features, such as two-factor authentication and cold storage.
- Supported cryptocurrencies: Not all cryptocurrency exchanges support the same cryptocurrencies. Investors should choose an exchange that supports the cryptocurrencies that they are interested in trading.
- Customer support: If investors have any problems with their account or a trade, they will need to be able to get help from the exchange’s customer support team. Investors should choose an exchange with a responsive and helpful customer support team.
The goal is to choose a cryptocurrency exchange according to your own personal preferences.
What Are the Top Ten Cryptocurrencies Traded Today?
Bitcoin holds the lead in the top 10 most traded cryptocurrencies, while Solana ranks number 10.
Here’s the overview of the top ten cryptocurrencies.
- Bitcoin
- Ethereum
- Tether
- BNB
- USD Coin
- XRP
- Cardano
- Dogecoin
- Polygon
- Solana
If you’re an investor and trader of cryptocurrencies, this list isn’t a surprise.
(Investing.com)
Conclusion
While it may not seem like it, the cryptocurrency industry is still in its early stages, so it is important to be aware of the risks involved.
Cryptocurrency exchanges are a target for hackers, and the value of cryptocurrencies can be volatile.
If you’re considering investing in cryptocurrencies, it is important to do your research and understand the risks involved even before you choose an exchange.
Remember that the crypto coin market is highly volatile, but it’s still on the rise due to its decentralized nature.
We hope you have learned something about cryptocurrency exchanges, how to choose one, and the differences that make each one distinct.
How many cryptocurrency exchanges are there? There are currently over 500 exchanges, and the industry just keeps growing.