Best 5 Centralized Cryptocurrency Trading Platform
The centralized exchange landscape has undergone significant upheaval over the past few months, with one of the world’s leading firms, FTX, collapsing amid fraudulent charges. FTX’s CEO, Sam Bankman-Fried, is facing multiple criminal charges, including wire fraud, securities fraud, and commodities fraud, having misused user funds amounting to over $1.7 billion.
In the aftermath of this catastrophic event, centralized exchanges have come under intense scrutiny, with users demanding heightened security, transparency, and unrestricted access to their funds. Many exchanges have taken measures to address these concerns, such as publishing Proof of Reserve documents to demonstrate their legitimacy.
Despite these precautions, investors remain uncertain about where to place their funds following the implosion of the third-largest centralized exchange. In this article, we will explore the top five most trustworthy and user-centric centralized exchanges in 2023. Each of our selections has demonstrated a commitment to high-security standards, as well as a range of on-platform features essential for traders.
We’ll be touching on the following five centralized exchanges:
- Crypto.com – Great for Security
- Binance – Great for Large-Scale Investing
- Bybit – Great for Derivatives Trading
- Zonda – Great for European Customers
- Nexo – Great for Passive Income
Let’s show why these centralized exchanges should be your pick for cryptocurrency trading, staking, and yield farming in 2023.
Crypto.com – Great for Security – Best Platform To Trade Crypto In US
With 80 million customers worldwide, Crypto.com is a well-known name in the blockchain world. It has gained a reputation for being a highly secure platform for cryptocurrency trading, thanks to its extensive security certifications and regulatory compliance. As the first virtual asset platform to achieve ISO 27017 and ISO 27018 privacy and security certifications, Crypto.com has demonstrated its commitment to security.
In 2022, Crypto.com achieved the highest tier of cyber trust mark certification from the Singapore Cyber Security Agency and was awarded financial licenses by security agencies in the UK, France, Dubai, and South Korea. Despite the challenges faced by the world of cryptocurrency over the past year and a half, Crypto.com continues to lead the way.
In addition to its security features, Crypto.com is known for its trading capabilities. Its 2.7 million TPS matching engine keeps transactions flowing around the clock, and the platform offers over 40 cryptocurrencies and stablecoins for users to choose from.
Crypto.com recently introduced the crypto.com visa card, a metal debit card that allows users to spend either fiat currency or crypto in their account. The card looks sleek and offers users a 5% cashback on all spending.
Overall, Crypto.com is a top choice for traders who prioritize security, transparency, and lightning-fast trading. With its commitment to these priorities, Crypto.com looks set to continue its success in 2023.
Binance – Great for Large-Scale Investing – Best Platform To Trade Crypto
Binance, established in July 2017, has swiftly climbed to become the world’s biggest & best centralized cryptocurrency exchange. It’s the preferred platform for the vast majority of the blockchain community, with over 12 million weekly visits and a nearly 20,000,000,000 USD 24-hour trading volume.
Binance is a global institution, with 90 million customers frequently logging in to manage their digital assets, cryptocurrencies, and trading portfolios. With over 350 cryptocurrencies and thousands of trading pairs, Binance is the platform to use if you’re looking for sheer volume.
Binance has expanded its offerings to cover a large portion of the blockchain community. Binance NFT, a Binance bank card, staking, yield farming, and a variety of other investment options are all available on the platform. The vast scope of possibilities that Binance offers is one of the primary reasons for the app’s popularity in this space.
Binance has also positioned itself as an educational platform for the crypto community. The Binance Academy provides free educational modules to all users, making it easy for newcomers to learn more about trading mechanics, blockchain, and cryptocurrency.
If you’re seeking the largest platform with a broad range of investment opportunities, then Binance is an excellent centralized cryptocurrency exchange for you. And with the CEO predicting a rapid market recovery in 2023, there’s no better time to get involved in crypto.
Bybit – Great for Derivatives Traders – Best Platform For Trading Cryptocurrency
Bybit is a centralized exchange that specializes in derivatives trading, offering a platform tailored to excel in this field. While it provides a comprehensive exchange experience, Bybit’s strength lies in its fast trading system. It allows customers to trade popular cryptocurrencies instantly and offers inverse futures, USDC perpetual, and copy trading.
For cryptocurrency traders who want to take a hands-on approach, Bybit is the ideal platform. With the ability to speculate on future assets’ price and quickly bet on the movements of a vast range of cryptocurrencies, this live environment has everything a trader would need.
Recently, Bybit announced that it is now offering crypto loans, allowing users to maximize their opportunities in this market. These loans have early repayment options, low-interest rates, and are available for use anywhere in the Bybit ecosystem.
Besides trading, Bybit has a full NFT marketplace suite, enabling users to purchase, trade, and explore the full spectrum of NFTs that creators have published. Additionally, Bybit offers high-yield and staking systems, allowing traders to generate passive income from their investments.
Bybit also provides excellent bonuses and rewards, with its liquidity pools offering some of the highest %APYs in the market. Their regular trading competitions also give traders an opportunity to put their skills to the test on an international stage.
Another factor that makes Bybit a preferred centralized exchange is its top-notch customer service and support. The Bybit team promptly resolves any issue that users encounter.
For a fantastic trading platform with numerous additional features, Bybit is an excellent choice for a 2023 centralized crypto exchange.
Zonda – Great for European Customers – Best Trade Platform For Cryptocurrency
For those based in Europe, Zonda is the go-to centralized crypto exchange. With a track record dating back to 2014, Zonda sets the industry standard for security and compliance with European financial laws. The platform offers both individual and business accounts, making it accessible to everyone.
Originally founded in Poland, Zonda has the largest selection of possible fiat transfer currencies to choose from, including many Eastern European currencies such as PLN, providing added benefits to users based in mainland Europe. The platform currently boasts over 1 million registered users, all of whom enjoy low fees, high TPS, and a diverse selection of investment opportunities.
What really sets Zonda apart from its competitors is its unwavering commitment to regulatory compliance. The platform has a license with the Finance Intelligence Unit, a robust anti-money laundering system in place, and is the first crypto platform to pass many European regulatory rulings.
Zonda also aims to make cryptocurrency more accessible to everyone through its Zonda Academy. This academy regularly posts insightful content that breaks down complex aspects of crypto into structured learning modules. Whether you’re a crypto expert or just starting out, there is something for everyone.
In addition to its commitment to education, Zonda is also a highly social platform. It rewards users through an affiliate program, allowing them to receive up to 80% of the commission made from referred parties. The platform also hosts trading competitions, where users can compete against each other in trading selected currency pairs, with the highest trading volume users being rewarded.
With world-class customer support, Zonda is continuously growing in size and offerings, and it won’t be long before it expands to provide its services to a global audience. If you’re based in Europe, Zonda is undoubtedly the top choice for your crypto exchange needs.
Nexo – Great for Passive income – Best Platform To Trade Crypto
All the centralized exchanges we’ve covered so far have specialized in specific areas, with trading and staking as common threads. Nexo also focuses on accumulation of wealth but in a unique way, through passive income.
Unlike other exchanges that promote fast trades and strategic investments, Nexo is for long-term investors who prefer to hold their money for an extended period. By putting your digital assets to work, you can earn interest on all of your cryptocurrencies.
Nexo pays out yield daily, enabling you to compound your savings quickly. Furthermore, they don’t charge any fees, so you can hold your digital assets for as long as you wish without incurring any penalties. For those who don’t want to participate in the volatility of crypto trading, Nexo provides a passive investment option.
You can liquidate these funds whenever you want, or use the Nexo crypto card to spend your account balance without selling your digital assets. The card is treated as a credit line, allowing you to use your digital assets without selling any of your positions. Moreover, the card offers 2% cashback in crypto rewards, which can help you accumulate even more over time.
Despite its focus on passive income and long-term holding, Nexo’s platform is as good as any other exchange on this list. It offers market and limit orders, automated trading, margin trading, and future contract trading, with over 400+ available pairs to choose from.
Nexo’s success has made it one of the most talked-about centralized exchanges in recent years, winning a number of fintech and business awards, including the Forbes Business Award in 2021. Its innovation continues, with plans to launch a non-custodial wallet solution.
In conclusion, Nexo is an excellent option for those seeking access to the passive side of cryptocurrency investments. Watch your money grow over time with Nexo.
Final Thoughts
Centralized exchanges remain a significant player in the blockchain trading space. In September 2020, these exchanges recorded over $225 billion USD equivalents in monthly trades. Since then, their influence has only grown, cementing their position as powerhouses in the industry.
The five exchanges discussed in this article represent a range of options, from the largest CeFi exchange to those known for their security, user-friendly interfaces, or extensive features. Regardless of your preferences, one of these five will be the perfect fit for you.
As we look towards the future, 2023 promises to be a monumental year for cryptocurrency. With these exchanges, you’ll be well-equipped to take advantage of this exciting growth.
