Top cryptocurrency exchanges methodology
How we narrowed down the best cryptocurrency exchanges per coin.
We’re committed to our readers and editorial independence. We don’t compare all products in the market and may receive compensation when we refer you to our partners, but this does not influence our opinions or reviews. Learn more about Finder .
We analysed the range of cryptocurrency exchanges compared on Finder in terms of cost-effectiveness, the total time to purchase each cryptocurrency and overall ease of use.
Bear in mind this isn't an exhaustive list of all the exchanges out there. Some exchanges may be better for some situations and currencies. What's best for you depends on your own circumstances.
Here's how we looked at each of the three "best" categories.
We looked at total overall cost-effectiveness when buying each cryptocurrency with local currency, including all fees and hidden costs that may be incurred.
Cost-effectiveness was evaluated for first-time customers, so loyalty discounts, volume-based fee tiers and similar programs that a first-time user were not able to access were not considered.
We additionally looked at:
- Trading commissions
- Fees for different payment methods
- Whether any deposit or withdrawal fees apply
- Whether there's any risk of fiat currency exchange fees
For exchanges, we also considered typical order book spread, and liquidity to ensure a typical purchase won't result in unwanted slippage. For brokers, we also looked at their prices relative to current market rates, to make sure the cryptocurrency is accurately priced.
Clear pricing, where the customer can see exactly how much they're paying in local currency, was highly regarded.
We looked at how long it takes a new customer, on average, to create an account, verify their identity if required and purchase at least $100 of the cryptocurrency.
The total time starts when first trying to create an account and ends when the cryptocurrency is delivered to a cryptocurrency wallet that the customer is able to access and make withdrawals from.
Where applicable, this methodology assumes the customer already has their own cryptocurrency wallet.
24/7 service, without any fixed operating hours that may cause delays, was highly regarded.
We looked for an exchange that anyone, without any kind of technical knowledge or cryptocurrency experience, can use to easily make their first purchase.
To be eligible for this category, an exchange or specific cryptocurrency broker must provide customers with the following:
- A wallet
- The ability to use the exchange on both mobile and desktop without needing to install an app
- A customer service presence
We considered the overall intuitiveness of the design on both mobile and desktop, and how easy it is to complete each step of the purchase process, including account creation, verification and buying.
Clean website design and clear pricing, where the customer knows exactly how much they're paying in their local currency, were both highly regarded.
More guides on Finder
Bitcoin rockets to yearly high as PayPal announces cryptocurrency plans
Bitcoin has hit a new yearly high with PayPal adding fuel to its tank.
Should I import an iPhone 12 from the USA?
The US model of the iPhone 12 has superior 5G support compared to the Australian model, but there are some details to be aware of before you order an American iPhone 12.
How to compare cryptocurrency exchanges
SPONSORED: The best way to compare cryptocurrency exchanges is to know how to do it yourself.
Uniswap UNI airdrop takes Ethereum by storm
Between free money, gas fees, community governance and market forces, UNI is hitting all the notes.
Finder Awards 2020 Best Share Trading Platform (Long-term Investors)
Winner, finalists and methodology for Finder Awards 2020 Best Share Trading Platform (Long-term Investors).
Cryptocurrency security: End to end guide on keeping your crypto safe
SPONSORED: Your crypto is only worth something if you don’t lose it. Here’s how to keep it safe from start to finish.
Review: CoinField cryptocurrency exchange
Learn more about the CoinField cryptocurrency exchange in this review.
Cryptocurrency trends in 2020: From DeFi to COVID crisis
SPONSORED: What are the trends that look set to define cryptocurrency in 2020?
What is DeFi? Beginner’s guide to decentralised finance
Confused about DeFi? Find out how it works in this easy-to-read guide.
Binance: World’s largest cryptocurrency exchange launches in Australia
Australians have a new cryptocurrency ecosystem in the backyard.
Latest crypto guides
Ask an Expert