In this article, we will take a look at the 15 best cryptocurrency exchanges and apps in May 2023. If you want to see more exchanges in this selection, go to the 5 Best Cryptocurrency Exchanges and Apps in May 2023.
According to CoinMarketCap, the global market capitalization for cryptocurrencies stands at $1.13 trillion as of May 13. While there are more than 24,000 cryptocurrencies in the world, Bitcoin dominates the industry by having a share of 46% of the market capitalization. Meanwhile, the top 10 cryptocurrencies take up over 85% of the total market capitalization. According to Statista, the cryptocurrency industry is forecasted to generate a total revenue of $37.87 billion in 2023. The topline is expected to compound at an annual rate of 14.40% by 2027 to reach a total sum of $64.87 billion. As of 2023, the number of cryptocurrency users stands at 673 million globally, and this is expected to rise to 994.3 million by 2027.
Binance, a leading cryptocurrency exchange, has been known for maintaining its dominance over other popular cryptocurrency exchanges. However, after implementing a recent policy change that discontinued zero-fee trading, Binance experienced a significant decline in its dominance in the spot trading market. Data provided by reputable analytics firm Kaiko revealed that Binance's share of spot trading declined from 73% to 51% following the policy alteration. As of May 6, the data indicates that Binance's reduced market share has benefited exchanges based in Asia, such as Huobi and OKX. These exchanges have gained 8% and 4% in trading volume, respectively. Additionally, South Korean exchanges saw substantial growth, collectively increasing their market share from 8% to 14%. This shift in the competitive landscape of the cryptocurrency market is significant and has caused many to reassess their strategies.
One of the major trends in the cryptocurrency industry is its adoption by institutions like banks, hedge funds, and corporations. This has resulted in an influx of capital into the industry, which has contributed to the growth of the market. US financial services firms are actively developing their own blockchain-based platforms, which include digital currencies, to facilitate business-to-business (B2B) cryptocurrency transactions. In October 2020, PayPal Holdings Inc (NASDAQ:PYPL) unveiled its initiative enabling customers to purchase, sell, and hold Bitcoin and other cryptocurrencies through their PayPal accounts. This integration allowed customers to utilize their cryptocurrency assets for purchases from the vast network of 26 million PayPal Holdings Inc's (NASDAQ:PYPL) merchants. Similarly, companies like Mastercard Inc (NYSE:MA) and Visa Inc (NYSE:V) have also forged relationships with crypto exchanges like Gemini and Binance to issue crypto-linked payment cards.
At the same time, regulatory scrutiny on the digital currency industry has intensified following the downfall of FTX, a crypto exchange, in the previous year. In March, the U.S. Securities and Exchange Commission cautioned Coinbase, an American crypto exchange, regarding potential violations of securities laws. In response, Coinbase's CEO, Brian Armstrong, stated that the company is bracing itself for a protracted legal dispute with the SEC. Similarly, the Commodity Futures and Trading Commission accused Binance, a crypto exchange, of contravening trading regulations in March. These instances act as a reminder of the constantly changing environment and the necessity for cryptocurrency exchanges to adhere to regulatory guidelines.
Best Cryptocurrency Exchanges and Apps in May 2023
bitcoin mining Our Methodology
We used a consensus opinion-based methodology to shortlist the best cryptocurrency exchanges and apps in May 2023. We evaluated these platforms based on ten key factors, such as security, reputation, fees, user interface, trading volume, supported cryptocurrencies, customer support, deposit and withdrawal terms, regulatory compliance, and the quality of mobile applications. We referred to 17 leading sources, such as Business Insider, Forbes, Fortune, Nerd Wallet, and Reddit, to assign a score out of 10 across each of these factors. The 15 best cryptocurrency exchanges and apps have been ranked in ascending order of their total score.
Best Cryptocurrency Exchanges and Apps in May 2023
15. Webull
Total Score: 18
Webull allows users to buy and sell Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Litecoin (LTC), Dogecoin (DOGE), Ethereum Classic, and 35 other cryptocurrencies. Users can also view real-time market data for various cryptocurrencies, along with news and analysis related to the cryptocurrency industry. Users can trade cryptocurrencies with a minimum balance of $1 only. The platform provides safety through two-factor authentication and provides its users with educational resources as well. Users can interact with each other and share their thoughts and trading strategies through its desktop and mobile app versions.
14. Bybit
Total Score: 19
Bybit is a cryptocurrency derivatives exchange that allows users to trade Bitcoin, Ethereum, XRP, EOS, and other crypto coins with up to 100x leverage. The platform's intuitive trading interface and advanced trading tools, such as customizable charts and technical analysis indicators, make it a preferred choice for experienced traders. Bybit also offers a range of trading products, including perpetual contracts, futures contracts, and options, giving users the flexibility to trade a variety of financial instruments. With its strong focus on security and customer support, Bybit has become a trusted name in the cryptocurrency derivatives market.
13. SoFi
Total Score: 20
SoFi is a financial services company that offers a range of products, including lending, investing, and now cryptocurrency trading. Its cryptocurrency trading platform allows users to buy and sell a variety of cryptocurrencies with no minimum account balance and low transaction fees. SoFi also offers an educational platform to help users increase their knowledge about cryptocurrency trading. Additionally, SoFi provides a suite of other financial products, such as personal loans and retirement accounts, making it a comprehensive choice for users looking to manage their finances in one place.
12. UpHold
Total Score: 21
Uphold is a digital currency exchange and wallet that allows users to buy, sell, and hold a variety of cryptocurrencies. Uphold also allows users to exchange cryptocurrencies for fiat currencies such as USD, EUR, and GBP. With its strong focus on security and transparency, Uphold has become a renowned choice for individuals and businesses looking to enter the world of cryptocurrencies. Additionally, Uphold offers features such as the ability to earn interest on cryptocurrencies and access to a range of financial services, making it a versatile platform for cryptocurrency users of all levels.
11. Robinhood
Total Score: 24
Robinhood is a commission-free trading platform that allows users to trade cryptocurrencies, along with stocks, options, and exchange-traded funds (ETFs). The platform offers a simple and intuitive trading interface, making it a common pick for users new to the cryptocurrency market. With a range of digital coins available, users can easily buy and sell cryptocurrencies with no minimum balance requirement or trading fees. Robinhood also offers a range of educational resources to help users study more about cryptocurrencies and the broader financial markets.
10. Bittrex
Total Score: 25
Bittrex is a US-based cryptocurrency exchange founded in 2014 that allows users to trade a wide range of digital commodities. With a strong focus on security, Bittrex uses a multi-stage wallet strategy and regularly undergoes third-party security audits to ensure that user funds are protected. The platform offers a simple and intuitive trading interface, in addition to advanced features such as margin investing and stop-loss orders. Bittrex also supports the trading of stablecoins and offers a range of trading pairs with fiat currencies, making it a convenient option for users looking to trade cryptocurrencies.
9. CEX.io
Total Score: 26
CEX.io is a UK-based cryptocurrency exchange that offers a range of trading options for users. With a user-friendly trading interface and a variety of payment options, including credit card and bank transfer, CEX.io has become a preferred option for both beginner and expert cryptocurrency traders. The platform also offers advanced trading features such as market and limit orders, margin finance, and stop-loss orders. CEX.io is known for its strong focus on security and regulation, as the platform is registered with the UK's Financial Conduct Authority (FCA) and complies with AML/KYC regulations.
8. Bitstamp
Total Score: 35
Bitstamp is a cryptocurrency exchange founded in 2011 that provides users with a secure platform for trading virtual currencies. The exchange supports a range of cryptocurrencies and offers users access to advanced trading tools such as stop-loss orders and margin borrowing. Bitstamp has a reputation for being one of the most secure cryptocurrency exchanges, having implemented advanced security measures such as two-factor authentication and cold storage for user funds. Additionally, Bitstamp has been licensed as a virtual currency exchange by the Luxembourg Financial Industry Supervisory Commission (CSSF).
7. eToro
Total Score: 41
eToro is a social trading and investment platform that enables users to engage in the trading of various financial assets, such as cryptocurrencies, stocks, and commodities. The platform's unique feature is its copy trading system, which allows users to automatically copy the trades of successful traders. eToro's cryptocurrency exchange offers a simple and user-friendly trading interface on top of a range of educational resources to help users learn more about cryptocurrencies and trading. With its innovative trading tools and social trading features, eToro has become one of the best cryptocurrency exchanges in May 2023.
6. Crypto.com
Total Score: 47
Crypto.com is a cryptocurrency exchange that provides users with a wide range of trading options and features. In addition to standard cryptocurrency trading, the platform offers advanced features such as leveraged buying and staking. Crypto.com also has its native token, CRO, which can be used for trading, besides accessing exclusive features and benefits on the platform. With its intuitive trading interface, low fees, and a strong focus on security and regulation, Crypto.com has become an in-demand option for users looking to trade cryptocurrencies and access innovative trading features.
Companies like PayPal Holdings Inc (NASDAQ:PYPL), Mastercard Inc (NYSE:MA), and Visa Inc (NYSE:V) are also establishing relationships with some of the best cryptocurrency exchanges and apps in order to enhance customer convenience.
