Source: Cointelegraph
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Source: U.Today

Translation: Cointelegraph Chinese

In this guide, we will introduce the basics of choosing the right cryptocurrency exchange and point out some challenges that beginners may face when entering the crypto space.

At the same time, we will also take you through the advantages of top exchanges, including Binance, Coinbase, Kraken, Gemini, and Bitstamp, and analyze their pros and cons.

By 2025, the number of cryptocurrency exchanges worldwide is expected to grow significantly. However, user-friendliness, security, a feature-rich toolkit, and customer support capabilities remain core factors to consider when selecting the best exchange.

Binance, Coinbase, Kraken, Gemini, and Bitstamp continue to be the leading centralized cryptocurrency exchanges in 2025.

Cryptocurrency exchanges (or cryptocurrency trading platforms) are digital platforms (services) that allow users to buy, sell, and trade cryptocurrencies, including Bitcoin (BTC) and its altcoins. Unlike forex platforms or stock exchanges, they act as a marketplace where traders can exchange digital assets using fiat currencies (such as USD, EUR) or other cryptocurrencies.

In fact, cryptocurrency exchanges are not only used for trading and investing but can also be used to store cryptocurrencies (similar to crypto wallets).

The globally influential portal CoinMarketCap tracks over 800 legitimate cryptocurrency exchanges. Cryptocurrency exchanges provide services by charging transaction fees. Most cryptocurrency exchanges also offer additional cryptocurrency yield services, such as staking, lending, and cryptocurrency interest accounts.

Although cryptocurrency exchanges can be classified in various ways, analysts typically focus on the degree of centralization in technical design, support for different blockchains, and opportunities for users to deposit fiat currencies.

Centralized exchanges (CEX) are platforms operated by centralized entities (companies) that manage user funds and transactions, host private keys, and provide high liquidity and ease of use, but require users to trust the operators.

Examples: Binance, Coinbase.

Decentralized exchanges (DEX) facilitate peer-to-peer trading without intermediaries through smart contracts, enhancing privacy and control over assets, but often face issues such as lower liquidity, slower speeds, and higher operational complexity. DEX prioritizes decentralization, while CEX focuses more on convenience and speed.

Examples: Uniswap, Curve.

Single blockchain cryptocurrency exchanges only support trading within a single blockchain ecosystem, with assets limited to that network. Such exchanges may support only one asset (for example, exchanges that initially only supported Bitcoin) or multiple tokens on a single blockchain. Examples: Raydium, Osmosis.

Multi-blockchain exchanges support trading across multiple networks, offering more asset choices and interoperability. Single blockchain exchanges focus on optimizing their network, while multi-blockchain exchanges support diversified asset trading across ecosystems.

Examples: Binance, THORChain.

Crypto-only exchanges do not support fiat currencies and can only trade between different cryptocurrencies. Therefore, users need to purchase cryptocurrencies through third-party services and deposit them into the exchange.

Examples: SushiSwap, PancakeSwap.

Crypto-to-fiat exchanges allow users to operate using fiat currencies: users can deposit fiat currencies through services like bank cards, PayPal, wire transfers, Google Pay, Apple Pay, etc., to exchange for cryptocurrencies.

Examples: Bybit, Gemini.

When choosing your first cryptocurrency exchange, always pay attention to security, the exchange's Know Your Customer (KYC) policy, and the range of features offered by the exchange.

Other aspects to consider include the integration between centralized exchanges (CEX) and decentralized exchanges (DEX) (for example, whether the exchange has its own decentralized wallet), insurance funds, and jurisdictions.

Here are some popular cryptocurrency exchanges in 2025 that are good choices for newcomers entering the crypto space.

Binance is the largest cryptocurrency exchange in the world by trading volume and user count. The platform launched in 2017 and benefited greatly during the cryptocurrency bull market from 2020 to 2021, becoming a major trading platform for Bitcoin and other altcoins.

Binance supports spot and futures trading for thousands of markets (including coin-margined contracts and USD-margined contracts). Additionally, it offers various extra services, including yield modules, staking modules, native launch pools, Binance Web3 wallet, copy trading toolkits, peer-to-peer (P2P) trading platforms, NFT marketplaces, trading bots, APIs, and more. Binance provides the widest range of trading services for cryptocurrency holders while supporting the most fiat payment methods for deposits.

Binance is the first cryptocurrency exchange to support its own blockchain, the BNB Smart Chain (formerly known as Binance Smart Chain, BSC). Its core cryptocurrency, BNB, is one of the largest altcoins by market capitalization and a key component of Binance's economic design. Binance also operates its own payment system—Binance Pay—and has multiple associated cryptocurrency mining pools.

Coinbase is the most popular cryptocurrency exchange in the United States, known for its clean design, feature-rich tools, and industry-leading security levels. It provides millions of newcomers to the cryptocurrency space with an entry point into the market every day.

Coinbase supports spot and futures trading for 429 trading pairs, including Bitcoin, major stablecoins, and key altcoins. Additionally, it offers a "one-click buy" option, a local fiat payment gateway, and a cryptocurrency-based card solution—Coinbase Card. For high-net-worth individuals, Coinbase's private solution suite enhances the cryptocurrency experience, while regular traders can utilize staking and yield features.

For corporate users, Coinbase provides cryptocurrency payment solutions focused on e-commerce, including widget integration and more. Coinbase's OnChain Kit simplifies the process of developing decentralized applications (dApps) across multiple cryptocurrency domains.

Although Coinbase does not have a native cryptocurrency, it supports Base, a zero-knowledge layer-2 blockchain (zkEVM L2) built on Ethereum. Base is one of the zkEVM layer-2 networks with the highest trading volume and active dApp count.

Gate.io was launched in April 2013 under the name Bter and is one of the longest-operating centralized cryptocurrency exchanges in the world. The platform provides spot and futures cryptocurrency trading services to 22 million users from multiple countries and regions worldwide.

Gate.io consistently ranks among the top three globally in terms of trading volume and liquidity. As of 2025, the platform ranks second globally in 24-hour spot trading volume.

Gate.io's "Buy Crypto" mode provides the simplest way for newcomers to purchase their first digital asset. Users can buy Bitcoin and other altcoins using bank cards, bank transfers, digital payment systems, or peer-to-peer (P2P) markets. Additionally, Gate.io offers its native cryptocurrency-supported bank card—Gate Card.

In the spot trading module, traders can access 4,407 trading pairs, supporting over 3,800 cryptocurrencies. This extensive selection allows Gate.io to stand out in the competition, becoming a market leader and the most comprehensive trading platform. In addition to regular tokens, Gate.io users can also trade leveraged cryptocurrencies.

Gate.io's futures trading module allows users to benefit from price fluctuations through USD-margined and coin-margined options. The platform's additional service suite includes a built-in token launch platform, Web3 airdrop tools, and pre-market trading for early-stage tokens.

Gate.io Earn toolkit provides cryptocurrency holders with opportunities to profit from idle assets. Users can try features like Simple Earn and HODL&Earn, and also utilize automated investment features for regular DCA (Dollar-Cost Averaging) cryptocurrency purchases.

Gate.io's staking feature allows users holding proof-of-stake (PoS) tokens to earn rewards without selling their tokens. Users can stake all major PoS altcoins, including the platform's native cryptocurrency Gate.io Token (GT), which has recently increased by 65%. With the ETH 2.0 staking tool, Gate.io customers can participate in Ethereum staking without the minimum requirement of 32 Ethereum (ETH) for on-chain staking.

The feature-rich trading bots and copy trading toolkits make automated trading unprecedentedly simple, allowing both newcomers and experienced traders to use them easily. Grid Bots are designed to automate trading within preset ranges, while Spot Martingale helps implement basic "buy low, sell high" strategies. Advanced traders can also try spot-futures arbitrage features and leveraged grid trading—the leveraged version of grid bots.

Gate.io's institutional toolkit is designed to introduce cryptocurrencies to complex enterprise market participants. It includes corporate API integration, custody management, liquidity brokerage services, over-the-counter (OTC) transfers, and the Gate Wealth program designed for high-net-worth clients. Additionally, Gate.io offers a range of structured products for institutional clients.

According to the latest reserve report, Gate.io's total reserves exceed $10 billion, setting a historical high and ranking fourth globally with a reserve rate of 128.58%. This figure far exceeds industry standards, ensuring a safe and reliable trading environment. Gate.io has obtained licenses, authorizations, approvals, or completed registrations in multiple jurisdictions, including Hong Kong, Gibraltar, Malta, Italy, Australia, Lithuania, Dubai DMCC, and the Bahamas, making it the platform with the most compliant exchange listings.

Kraken, as one of the oldest cryptocurrency exchanges, remains popular among many investor groups. Its range of cryptocurrency markets (including spot and futures trading pairs) ranks among the top in the centralized exchange (CEX) sector. Kraken focuses on attracting new users to the cryptocurrency space, so its user interface is designed to be as simple as possible.

For different investor groups, Kraken offers two interfaces: a "Simple Mode" suitable for beginners and a "Pro Mode (Multi-Screen)" designed for experienced traders. Kraken's services can be accessed through desktop applications and web interfaces, while its mobile app is also very popular. Kraken also enables users to easily purchase cryptocurrencies using fiat currencies. For users seeking predictable investment strategies, Kraken provides a native DCA (Dollar-Cost Averaging) tool that makes regular cryptocurrency purchases simple and straightforward.

In collaboration with infrastructure provider Gelato Network, Kraken launched the native layer-2 blockchain Ink. This blockchain utilizes superchain technology, allowing each decentralized application (dApp) to access the full functionality stack of the Kraken ecosystem.

LBank, established in 2015, is a fast and secure cryptocurrency trading ecosystem that serves over 210 countries and regions worldwide. The platform has successfully attracted 15 million traders, with over 2 million monthly active accounts.

According to CoinGecko's spot exchange list, LBank ranks in the top 15, while its derivatives trading platform LBank Futures ranks in the top 10. LBank's daily spot trading volume exceeds $600 million, while its derivatives trading volume exceeds $2.4 billion, accounting for over 3% of the global cryptocurrency trading market.

LBank is known for its extremely fast listing speed, especially in the new generation of popular meme coins. The platform offers spot and derivatives trading tools for over 350 popular meme coins and altcoins, with 100 cryptocurrencies having their first listings completed on LBank.

During the meme coin frenzy in Q4 2024, LBank achieved a delay of less than 1 hour from the creation of meme coin contracts (token minting and initial liquidity injection) to platform listing. Additionally, meme coins on LBank Futures supported leverage of up to 200 times just 3 hours after going live. The platform also provides the deepest liquidity for meme coins and other popular altcoin assets, ensuring the most competitive trading prices. At the same time, LBank launched an industry-leading pre-market trading platform equipped with price protection features.

In addition to supporting over 800 spot cryptocurrencies and more than 600 derivatives contracts, LBank also offers a powerful copy trading suite for beginners, helping them follow the strategies of professional traders. There are a total of 3,208 professional traders on the platform, whose trading activities are shared automatically with over 150,000 followers.

LBank Earn is a comprehensive cryptocurrency deposit yield toolkit that includes Lbank Launchpad for early altcoin launches, Lbank Launchpool for introducing new cryptocurrency rewards to the community, and flexible and locked staking toolkits that help cryptocurrency holders profit by staking their proof-of-stake (PoS) tokens.

Additionally, LBank Labs is the platform's venture capital department, managing assets exceeding $100 million to support innovative projects in the cryptocurrency space.

CoinEx is a well-known centralized cryptocurrency exchange, recognized for its deep liquidity, excellent user-friendliness, rich cryptocurrency trading pairs, and convenient, fast operations.

The platform was created in 2017 by the industry-leading mining pool ViaBTC, emerging during the first major boom period of cryptocurrencies, which introduced Bitcoin and altcoins to millions of users worldwide. CoinEx quickly became the preferred platform for spot and futures trading. Today, CoinEx provides users with a comprehensive and feature-rich toolkit to help them explore their journey into Web3, far beyond the scope of traditional cryptocurrency trading.

Its "One-Click Buy" module allows users to purchase cryptocurrencies with fiat payment methods at the click of a button and integrates a local peer-to-peer (P2P) platform. Spot trading covers thousands of trading pairs, with new assets being launched almost weekly.

CoinEx's futures trading dashboard supports coin-margined and USDT-margined futures and contracts, suitable for various trading strategies. For cryptocurrency newcomers, CoinEx offers a simulated account in a risk-free environment, as well as a copy trading dashboard, along with incentives to reward new users.

In addition to cryptocurrency trading, CoinEx also provides a financial sector that creates rich income opportunities for both cryptocurrency newcomers and professional users. Its CoinEx Earn product offers a simple way to earn interest through cryptocurrency deposits, while CoinEx Staking allows users to profit by staking PoS altcoins like ADA, ETH, and SOL. Additionally, cryptocurrency holders can earn up to 50% in trading fee dividends by providing liquidity to CoinEx's AMM liquidity pools, without needing to learn the basics of DeFi or smart contracts. CoinEx Loans enables users to easily access cryptocurrency lending services.

Furthermore, CoinEx seamlessly integrates with the world's most influential proof-of-work (PoW) altcoin mining centers, providing users with more opportunities. CoinEx is also one of the first exchanges to begin independent cryptocurrency reserve audits. Its multi-level referral program and ambassador program aim to allow every cryptocurrency enthusiast to benefit from their influence on social media.

CoinEx also utilizes its native cryptocurrency CoinEx ecosystem token ($CET) as a core pillar of its crypto-economics and utility framework.

In addition to trading and financial services, CoinEx places a strong emphasis on user education and empowerment. The platform offers educational resources tailored to different user levels, such as the beginner-focused CoinEx Academy and AI-based analytical tools for advanced users, helping them trade cryptocurrencies with confidence. CoinEx supports 18 language markets, reflecting its commitment to inclusivity and global accessibility.

CoinEx continuously evolves based on user needs, dedicated to providing a secure, transparent, and professional trading experience for over 10 million users across more than 200 countries and regions. CoinEx has also been recognized by internationally renowned media as the "Best Cryptocurrency Exchange," "Most Promising Platform," and a "Dark Horse" in the crypto industry, further solidifying its reputation and global influence in the Web3 space.

Backpack Exchange is a fully compliant and user-friendly cryptocurrency trading platform suitable for all types of cryptocurrency traders, enhancing traders' earnings through innovative methods.

Backpack is the only exchange that allows collateral and realized trading profits to automatically generate earnings.

On most platforms, traders must choose to use assets for passive income or as trading margin, while Backpack allows traders to do both simultaneously. The borrowed assets serve as collateral, while realized profits are automatically credited and lent out. This is true cross-margin trading with no capital restrictions.

Backpack was founded by blockchain veteran Armani Ferrante, the creator of the Solana development framework Anchor. The exchange launched in April 2022 and survived the FTX collapse, despite losing most of its investment capital during the event.

In November 2023, Backpack Exchange obtained a Virtual Asset Service Provider (VASP) license in Dubai, one of the world's most important blockchain and cryptocurrency business hubs. In February 2024, Backpack completed a Series A funding round led by Placeholder VC and Hashed, achieving a valuation of over $120 million.

In December 2024, Backpack was accepted as a Class 2 member by the Japan Virtual Currency Exchange Association (JVCEA)—the first new member accepted since Binance in 2022. By the end of the testing phase in February 2025, the exchange had 650,000 users who completed KYC certification and launched a points system the following month.

Backpack's top-notch user experience (UX) allows traders to complete all operations through a single wallet, easily manage sub-accounts, and enjoy a fast, low-click trading experience.

The exchange offers three products: spot trading, futures trading, and lending services. In futures trading, perpetual contracts for Bitcoin and major altcoins are provided. In the lending products, Backpack Exchange users can borrow Ethereum (ETH), Solana (SOL), USDC, Tether (USDT), and Bitcoin (BTC), enjoying different annual percentage yields (APY).

Additionally, Backpack Exchange users can participate in a referral program by sharing referral links to earn rewards. For researchers, developers, and entrepreneurs, Backpack Exchange provides detailed documentation, guides, and support.

The cryptocurrency exchange Gemini was launched in November 2014, led by prominent American investors Tyler Winklevoss and Cameron Winklevoss. Gemini invests heavily in security and is almost the only cryptocurrency service platform with ISO 27001 and SOC 2 Type 2 certifications. To further enhance security, Gemini also offers hardware authentication keys. The exchange supports 125 cryptocurrency trading pairs and provides institutional services, asset custody, and more.

Gemini offers advanced trading platforms for professional users, along with a native NFT marketplace service called "Nifty Giveaway." Additionally, its cryptocurrency credit card, over-the-counter (OTC) services, and native staking solutions create multiple income sources for cryptocurrency holders.

Gemini is also known for its robust service system for B2B clients. The exchange provides institutional services to banks and fintech companies, cryptocurrency miners, investment firms, wealth management institutions, and high-frequency traders.

Bitstamp was publicly announced in 2011 and is the longest-running cryptocurrency trading platform in Europe. Bitcoin enthusiast, engineer, and entrepreneur Nejc Kodrič co-founded the company with Damijan Merlak in their hometown of Slovenia, but later registered the company in the UK in April 2013 and moved to Luxembourg in 2016.

Currently, Bitstamp offers a range of B2C services, including staking and yield tools, lending modules, and an "Institutions" agreement for high-end clients. Its institution-focused services are supported by two major fintech giants from Switzerland, Dukascopy and SwissQuote. Additionally, Bitstamp's "One-Click Buy" service accepts various fiat payment methods.

In May 2023, American fintech unicorn Ripple acquired a portion of Bitstamp's shares, with the specific amount undisclosed. In June 2024, Robinhood acquired Bitstamp for $200 million, setting a record for M&A transactions in the Web3 space that year. In an increasingly stringent regulatory environment in the EU, Bitstamp is one of the few exchanges fully compliant with the Markets in Crypto-Assets Regulation (MiCA).

Here are some simple facts about the largest cryptocurrency exchanges in the world. The first global centralized exchanges were launched in 2011, closely related to the popularity of Bitcoin—the first cryptocurrency.

| No. | Exchange Name | Established | Number of Trading Pairs | Native Token | |-----|---------------|-------------|-------------------------|--------------| | 1 | Binance | July 2017 | 1829 | BNB | | 2 | Coinbase | June 2012 | 429 | None | | 3 | Gate.io | April 2013 | 4407 | GT | | 4 | Kraken | September 2013 | 1242 | None | | 5 | LBank | December 2015 | 1245 | LBK | | 6 | CoinEx | December 2017 | Over 1900 | CET | | 7 | Backpack | April 2022 | 57 | None | | 8 | Gemini | November 2014 | 125 | None | | 9 | Bitstamp | March 2011 | 223 | None |

Some major decentralized exchanges include Uniswap, SushiSwap, PancakeSwap, Curve Finance, and Aave.

Cryptocurrency exchanges are software services designed to facilitate the conversion between cryptocurrencies or between fiat currencies and digital currencies. Centralized cryptocurrency exchanges control user funds during the conversion process, while decentralized exchanges execute all operations in a non-custodial manner through smart contracts.

In addition to cryptocurrency trading, modern centralized cryptocurrency exchanges can also be used for lending, staking, yield generation, and cryptocurrency card issuance, among other tasks. Furthermore, some of these exchanges have native tokens or even blockchains, such as Ink or Binance Smart Chain (BSC).

Binance, Coinbase, Kraken, Gemini, and Bitstamp are among the leading cryptocurrency exchanges in 2025.

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