Top 3 most Reputable Centralized Exchanges in 2023

Are you new to the cryptocurrency market? Are you confused in choosing a platform to feel secure in buying, selling and trading cryptocurrencies? Don’t worry, we will recommend to you the 3 most reputable centralized exchanges today. Follow this article from AZCoiner to prepare yourself for the best start in your journey to making money in this potential cryptocurrency market.

First of all we want to make it clear to you. Within the scope of this article, we only mention centralized exchanges, while decentralized exchanges will be written about in another topic.

1. What is CEX Centralized  Exchange?

A centralized cryptocurrency exchange, or CEX, is an online cryptocurrency trading platform. As reflected in the name itself, trading platforms of this type are centralized, meaning they are operated and managed by a centralized authority — usually by the company that created the exchange. Centralized trading was the first type of cryptocurrency trading to appear.

To be able to make transactions on CEX exchanges, you must create an account with an ID, password and perform KYC to verify your identity carefully in accordance with government regulations.

2. Top 3 centralized cryptocurrency exchanges

Below are our recommendations for you about the Top 3 leading cryptocurrency exchanges today. The criteria by which we evaluate the platform to recommend to you are based on reputation, trading conditions, number of users,… and customer service options. These are all top criteria that investors care about when choosing a trading platform. Or you can read more evaluation criteria when choosing a centralized cryptocurrency exchange here:

2.1. Binance

Overview of Binance exchange

Binance is a centralized cryptocurrency exchange founded in 2017 and registered in the Cayman Islands. Until now, Binance is the world’s largest cryptocurrency exchange by trading volume. At the top is CZ, who is said to have quite a large influence on the cryptocurrency market.

The platform has established itself as a trusted member of the cryptocurrency world, a place where users can buy, sell and store their digital assets, as well as access more than 369 types virtual currencies and 1311 trading pairs. The current Binance ecosystem includes Binance Exchange, Labs, Launchpad, Info, Academy, Research, Trust Wallet, Charity Organization,…

Advantages of Binance

Huge Alt-coin List: There are almost 400 different cryptocurrencies available at Binance. One of the main reasons why the Binance exchange has become so popular

Low fees: Binance trading fees are some of the lowest in the industry. Customers are charged 0.1% per transaction, which means if you trade 1 ETH, you will only be charged 0.001 ETH

Security: Binance takes security very seriously and customers are required to set up two-factor authentication (2FA) when they sign up for an account.

High Volume Trading: Since Binance has become one of the most popular exchanges to buy, trade, and sell cryptocurrencies, there are a lot of transactions going on all the time.

Prizes: Regular traders on the Binance exchange have a chance to win prizes

ICO Launchpad: Binance is famous for listing new cryptocurrencies right after their ICO ends. This shows that many crypto companies consider Binance as their favorite exchange.

Digital asset cold storage. Binance keeps more than 90% of its digital assets in cold storage – a type of cryptocurrency wallet that is not connected to the internet. This helps protect against hacks and security breaches.

Proof of reserve. Binance’s cold wallet address can be publicly verified. Users can verify that the assets in their account are held on the exchange using a Merkle tree.

Fun fact: The technology that powers Binance can process up to 1.4 million transactions per second!

Disadvantages of Binance

Customer support: There are some Binance reviews about customer support that are not good. However, this could be because the exchange has a large number of customers and thus, it can be expected that Binance will improve this in the near future.

Difficult to navigate UI. Because Binance has so many features, its user interface can be overwhelming – especially the desktop version. Lite mode is supported on the mobile app, which simplifies the interface and is useful for beginners.

Regulatory challenges. As the world’s largest cryptocurrency exchange by trading volume, Binance is facing strict scrutiny from global regulators.

Because it is a popular cryptocurrency exchange in the world, Binance is also a very high target for hacking attacks.

2.2. Coinbase Exchange

Overview of Coinbase exchange

Coinbase Exchange is a centralized cryptocurrency exchange founded in 2012 and registered in the United States. Currently, the exchange offers 241 virtual currencies and 478 trading pairs.

The platform is easy to use and beginner-friendly, with support for basic transactions, digital wallets, and PayPal withdrawals. Coinbase Exchange is a project founded by former Airbnb engineer Brian Armstrong and Fred Ehrsam, a former Goldman Sachs trader.

Advantages of Coinbase exchange

Learn and Earn Program: You can earn coins and tokens by watching tutorials and answering questions related to cryptocurrency.

Offering crypto rewards with a Visa debit card: You can earn crypto simply by spending your fiat currency via debit card as you normally would using a Coinbase Visa debit card.

Easy to use for both beginners and advanced users

Solid reputation after a decade of service. Coinbase was founded in May 2012 and has gained over 108 million trusted users.

Disadvantages of Coinbase exchange

Transaction fees: higher than average and minimum balance applies.

Slow customer service. Coinbase does not offer many ways to contact its customer support staff. It usually takes a few days to receive a response.

Not available to all US residents. Coinbase is only available in 49 states. You cannot use Coinbase if you are a Hawaii resident.

2.3. OKX

Overview of OKX

OKX is a centralized cryptocurrency exchange (CEX) founded by Star Xu (徐明星) in 2017 and registered in Seychelles. Initially the exchange was headquartered in China. However, due to legal issues, OKX withdrew from the Chinese cryptocurrency market.

Currently, the exchange offers 340 virtual currencies and 522 trading pairs. The exchange offers basic trading including spot and simple options, and derivatives including margin, futures , perpetual swaps and options contracts. Other products include: trading bots, block trading, OKX Earn (savings, stablecoins, DeFi, staking, ETH 2.0 and more), crypto lending and Jumpstart, the exchange’s launchpad. Besides, the floor has a wallet platform that is serving millions of customers worldwide.

Advantages of OKX 

Simple exchange interface. Fast and powerful transactions. Extremely fast transaction speed. Most transactions take place immediately when you place an order.

OKX has a very high level of liquidity.

Maximum security. OKX provides extremely strong security capabilities.

OKX also allows users to trade on margin with 10 to 20 times leverage.

OKX’s trading fees are only about 0.1% for Maker and about 0.15% for Taker.

Methods of education. OKX has tutorials, trading ideas and analysis in the “Learn” tab.

Diverse Alt-coin list: this will give you a variety of suitable assets to invest in without having to switch between multiple exchanges.

Disadvantages of OKX 

For compliance and regulatory reasons, the OKX exchange is not available to US users.

Customer service: Some reviews point to poor customer service.

Conclusion

Through the above article, we hope you have had more reference information when choosing a cryptocurrency exchange. Above are the top 3 most reputable centralized exchanges according to the majority of users. However, you also need to choose a floor based on its suitability for your goals and investment method.