Ranking of the top ten digital currency exchanges in 2025

1. OKX : Technically, with its independently developed transaction engine, it can process 100 million orders per second. Web3.0 identity verification (SBT) was launched in 2025 to facilitate users to verify their identity on the chain. Its derivative trading performance is outstanding, with products such as options and volatility trading accounting for 60%, and the average daily trading volume of perpetual contracts exceeding US$20 billion. In terms of compliance, it holds licenses from 12 countries including Hong Kong and Singapore, and cooperates with PwC to complete the reserve audit. However, its interface is relatively complex and it may be difficult for novices to adapt.
2. Binance : Leading global trading volume, with an average daily trading volume of more than US$77 billion, supporting 461 cryptocurrencies and 1,777 trading pairs. Progress has been made in compliance, and the US branch plans to resume US dollar services and cooperate with well-known American families to launch the stablecoin USD1. The ecosystem is rich, covering all-scenario services such as spot, futures, DeFi, NFT, etc. However, due to the continuous investigation by the US SEC, some functions are restricted and Chinese users need to access them through overseas nodes.
3. Coinbase : As the largest and compliant exchange in the United States, it holds an SEC license and launched a pension account access service in 2025. High security, 98% of assets use cold storage and cooperate with AIG to provide asset insurance, and user funds are protected by SIPC. The interface is simple and supports instant trading of fiat currency, suitable for beginners and long-term holders. However, the handling fee is relatively high (0.5%-1.49%), and there are only 273 types of currencies supported.
4. Bybit : Known for derivatives trading, the second largest futures trading volume in the world, supporting 125 times leverage and copy trading, the "Institutional Dark Pool" service was launched in 2025. Good user experience, simple interface, and support multilingual and fiat currency deposits (such as Indian Rupee, etc.). In terms of compliance, it has obtained Dubai and Seychelles licenses and has cooperated with Europol to combat money laundering. However, it was hacked in February 2025, losing $1.5 billion, and security needs to be paid attention to.
5. Kraken : Founded in 2011, it has strong security compliance and is the first exchange to pass the EU MiCA certification. It launched "Quantum Security Storage" in 2025. Focus on institutional services, provide bulk transactions, OTC, pledge, etc., and cooperate with Fidelity Investment to provide cryptocurrency custody services. Regularly publish reserve certificates (PoRs) to support on-chain fund tracking. However, its interface functions are relatively traditional and lack innovative products.
6. Bitget : The world's largest replication trading platform, supporting the strategies of more than 400 traders, and launched "AI Intelligent Order Following" in 2025. The derivatives business is growing rapidly, with a market share of futures trading volume of 8.1%, supporting USDT and USDC dual-currency contracts. Hold Canadian and Australian licenses and cooperate with Interpol to fight fraud. However, storage vulnerabilities have occurred, so security measures need to be paid attention to.
7. KuCoin : Known for its rich currency, it supports 902 cryptocurrencies and covers more than 80% of emerging projects. In 2025, it launched the "KuCoin Labs" incubating blockchain startups. The spot transaction fee rate is 0.1%, you can enjoy a 50% discount when holding KCS tokens, and you also hold "trading competitions" to share rewards regularly. The problem is that liquidity is low, and large transactions can easily affect prices.
8. MEXC : Focusing on niche currencies, supporting 2,807 tokens, covering emerging fields such as DeFi and GameFi, the "AI Currency Prediction" function was launched in 2025. The handling fee is low, the futures trading is 0% Maker fee, and the Taker fee is 0.02%, which is suitable for high-frequency trading. Holds a Seychelles license and cooperates with India's CoinDCX to expand the market. However, users' funds have been damaged due to security breaches, so be cautious when making a choice.
9. Crypto.com : It has a great brand influence. It cooperates with F1 and NBA to issue Visa crypto credit cards. It launched the "Metaverse Exchange" in 2025. The pledge income is considerable, and holding CRO tokens can enjoy an annualized 12% return, supporting pledges of mainstream currencies. Holds Singaporean and South Korean licenses and cooperates with Mastercard to expand payment scenarios. However, the price of platform currency CRO fluctuates greatly, and there are market risks in pledge.
10. Gate.io : It has many product innovations and supports more than 800 currencies. In 2025, it launched "NFT lending" and "AI quantitative robots". The handling fee is low, spot price is 0.05% and futures are 0.02%, suitable for small and high-frequency trading. Holding a U.S. MSB license and working with the African central bank to promote crypto payments. But the interface design is outdated and the user experience is average.

Changes and trends of the exchange pattern in 2025

Accelerate compliance

The US SEC has partially settled with Binance, and will not pursue the securities nature of tokens such as SOL for the time being, but the supervision of centralized exchanges is still becoming stricter. The EU MiCA Act is fully implemented, requiring exchanges to conduct KYC, asset reserve certificates and anti-money laundering reviews.

Technological innovation

AI trading tools such as Binance Genius and Bitget are popularized, lowering the trading threshold. With the development of cross-chain bridges, OKX supports Polygon and Arbitrum cross-chain, and Gas costs have been reduced by 90%.

Security incidents occur frequently

Bybit's cold storage vulnerability lost $1.5 billion, exposing the shortcomings of traditional security measures. In the first quarter of 2025, the crypto industry suffered more than US$2 billion in damages due to hacking, of which 81.5% were access control vulnerabilities.

The rise of decentralized exchanges (DEXs)

Uniswap, PancakeSwap and others have attracted users who pursue privacy with their on-chain transparency and censorship resistance. However, DEX has low liquidity and the slippage problem of large-value trading is prominent.

Key dimensions for choosing an exchange

Compliance

Priority is given to platforms with local licenses (such as Binance Hong Kong and Coinbase United States) to avoid "three-no" exchanges. Chinese users need to access through overseas nodes and do not register with their domestic IP or mobile phone number.

Security

Focus on cold storage ratios, insurance funds, third-party audits (such as Binance's SAFU fund, Kraken's PoR). Enable 2FA, IP whitelist, withdrawal delay and other functions. It is recommended to use Web3.0 authentication (SBT) in 2025.

Functional Requirements

• Spot trading: Coinbase compliant, KuCoin has many currencies.
• Derivative Trading: Options for OKX, Futures for Bybit.
• DeFi and NFT: NFT lending for Gate.io, the meta-universe of Crypto.com.

Processing fees and costs

High-frequency traders choose MEXC (0% Maker Fee) and Bitget (copy transaction). Long-term holders choose Coinbase (low friction) and Kraken (safety).