Best Centralized Exchanges 2025
What Is A Centralized Exchange (CEX)?
A centralized exchange (CEX) is a trading platform that lets you swap cryptocurrencies at any time of the day. While TradFi exchanges only function during specific hours on weekdays, crypto exchanges are live 24/7 (that’s the beauty of crypto).
The majority of crypto trading volume happens on CEXs, making them the go-to choice for most traders. The alternative? Decentralized exchanges (DEXs) like Uniswap.
Currently, DEX trading volume is only about 10%-15% of total CEX volume. Curious about the exact numbers? For the exact figure, check out the graph here.
But here’s the catch: when you use a CEX, you don’t truly own your tokens. If the exchange collapses—think FTX or even Mt.Gox—you could lose access to all your funds stored there.
Pros
- User-friendly interface
- High liquidity compared to DEXs
- Advanced trading options like futures and options
Cons
- Not your keys, not your crypto
- Higher trading fees compared to DEXs
- Have geographical restrictions
Top Centralized Exchanges For January 2025
- Bybit: Best exchange for advanced traders
- OKX: Best exchange for Asian investors
- Gemini: Best Bitcoin exchange for all 50 US states
- Nexo: Best for crypto-backed loans and high-yield savings
- Uphold: Best for multi-asset trading
- Coinbase: Best for beginners and ease of use
- Binance: Best for low fees and wide crypto selection
Bybit
4.4
Pros
- Best for trading perps and options (offers up to 100x leverage)
- 0 fees for peer-to-peer (P2P) trading
- Lower trading fees than most exchanges
Cons
- Not available in the US, UK or any other countries listed here.
- Leveraged products can be risky for beginner
- Wide range of trading options: Whether you want to trade spot, futures or options, Bybit has it all.
- Advanced tools for traders: Along with 100x leverage, Bybit offers risk management features like trailing stops.
- Competitive fees: Fees starts at 0.10% (10bps).
Bybit is ideal for experienced traders seeking advanced features such as perpetuals and options. It has built a reputation for providing advanced trading tools at low costs. That being said, beginners should tread carefully on Bybit.
OKX
4.5
Pros
- Best for Asian Investors
- Wide range of features like trading, staking, NFT marketplaces on one platform
- Lower trading fees than most exchanges
Cons
- Not available in the US
- High withdrawal fees compared to other exchanges
- OKX Wallet: Offers a non-custodial wallet that supports Ethereum, Solana and BNB Chain.
- OKX Earn: Fixed-term savings accounts to earn passive income on crypto holdings.
- Integrated TradingView: Professional-grade charting tools within the platform.
A top choice for Asian investors, OKX bridges the gap between centralized exchanges and the DeFi world with its multi-chain Web3 wallet.
Gemini
4.6Pros
- Bank account or PayPay funding (personal PayPal accounts only)
- Low minimum order
- Great for beginners
- Fully operational in the US, UK, and Europe, with growing global coverage.
Cons
- Fewer cryptocurrencies to trade
- Minimum withdrawal of $10 to an external wallet
- No futures or margin trading
- High trading fees compared to other exchanges
- Easy-To-Use Trading Interface: Gemini is perfect for quick and recurring $BTC buys.
- Gemini Card: Earn instant crypto rewards on every transaction.
- Gemini Earn: Earn interest on your crypto holdings with competitive APYs
Gemini is a highly-compliant exchange that takes pride in being secure and well-regulated. It has an impressive range of features, including a credit card with crypto-back rewards. Gemini is NY-based and available to traders in all 50 states.
Nexo
Pros
- Earn up to 12% APY on crypto and fiat savings
- Offers credit card that gives you cashback in $BTC
Cons
- Not available in the US or Canada
- High interest rates often require staking $NEXO tokens
- Nexo Credit Card: Rewards of up to 2% in $NEXO or 0.5% in $BTC
- High-Yield Savings Accounts: Daily interest payouts with no lock-in period.
Nexo is a top choice for borrowing and lending, offering high-yield savings and instant crypto-backed loans with the convenience of its Nexo Card.
Uphold
Uphold is a regulated platform for investing in crypto, currencies, and metals with instant swaps, vaults, and real-time transparency.
4.7Pros
- Can invest in crypto, metals and even fiat currencies through one platform
- Offers 4.65% APY on USD holdings
- Available in the US
Cons
- Extremely high trading fees compared to other exchanges
- Doesn’t offer leverage or margin trading
- USD Interest Accounts: Let your funds grow passively while you wait to strike on your next buying opportunity.
- Uphold Vault: A secure self-custody solution for $BTC and $XRP, using a 2/3 multi-signature wallet.
- UpHODL Wallet: Self-custodial web3 wallet that lets you store and manage $BTC, $ETH, $XRP, ERC-20 tokens, and NFTs in one place.
Uphold is an impressively sleek and easy-to-use multi-asset platform, letting users invest in crypto, global currencies, and precious metals in one place.
Coinbase
Pros
- Easy to use for crypto beginners
- Fund account through PayPal
- Free USDC withdrawals across all supported networks except Ethereum
Cons
- Trading fees are significantly higher compared to other platforms.
- Not available in multiple Asian countries like India, UAE and Philippines.
- Coinbase Pro: Offers advanced trading tools for experienced traders.
- Coinbase Wallet: Self-custodial wallet supporting most EVM-compatible networks.
- Fiat Onramp: Supports deposits and withdrawals in multiple fiat currencies via bank transfers, credit/debit cards, and PayPal.
Coinbase is one of the most trusted names in crypto, and being a publicly traded company brings more transparency than you’ll find with many other exchanges. Coinbase fees can be high but it makes sense for the quality that they provide.
Binance
Pros
- Biggest exchange in crypto
- Lower trading fees than most exchanges
- Available in majority of US through Binance.US
Cons
- Limited features on Binance.US
- Not available in New York, Texas, Vermont and multiple other states
- Binance Launchpad: Users can earn passive income through staking and liquidity farming.
- Binance Card: Visa debit card that gives you crypto rewards with every purchase.
- NFT Marketplace: Buy, sell, and create NFTs directly on the Binance platform.
- Countless help articles: Learn how to buy Bitcoin or get answers to your other crypto questions with Binance’s help pages and the Binance Blog.
Binance has a reputation for not being as people-friendly as other exchanges, but we haven’t found that to be the case at all. The Binance.US exchange is particularly intuitive, even for beginners.
How do CEXs make money?
Centralized exchanges generate a big chunk of their revenue from trading fees. Even though the percentage charged may seem small, it quickly adds up with high trading volumes.
For example, Binance charges 0.02% fees on trading volume. On a bad day, Binance observes around $10B in trading volume.
0.02% * $10B = $2,000,000
$2 million in revenue on a bad day!? Sign me up for that kind of “bad.”
Of course, this is a rough estimate since fees can vary for different users, but it gives you a solid ballpark figure.
This is why understanding the fees you’re paying is crucial. To make it easier for you, we’ve created a table breaking down fees across popular exchanges. 👇
Too busy to check the table? Here’s the TL;DR:
| Marketplace | Basic Trading Fees (Spot) | Basic Trading Fees (Futures) | Full Fees Breakdown |
|---|---|---|---|
| Bybit | 0.10% maker fee, 0.10% taker fee | 0.02% maker fee, 0.055% taker fee | Link |
| OKX | 0.08% maker fee, 0.10% taker fee | 0.02% maker fee, 0.05% taker fee | Link |
| Gemini | 0.20% maker fee, 0.40% taker fee | 0.02% maker fee, 0.07% taker fee | Link |
| Nexo | 0.20% maker fee, 0.20% taker fee | 0.06% | Link |
| Uphold | 1.4%-1.6% on $BTC and $ETH | No derivatives products | Link |
| Coinbase | 0.40% maker fee, 0.60% taker fee | 0.40% maker fee, 0.60% taker fee | Link |
| Binance | 0.10% maker fee, 0.10% taker fee | 0.02% maker fee, 0.05% taker fee | Link |
What are maker and taker fee?
Looking at the table above, you might be wondering: What the heck is maker and taker?
Don’t worry, we were just as confused the first time we saw it. Here’s a quick breakdown:
- Maker Fee: This is the fee you pay when you place a limit order that doesn’t fill immediately. By doing this, you’re adding liquidity to the market (aka “making” the market).
- Taker Fee: This is the fee you pay when you place a market order that gets filled instantly. In this case, you’re “taking” liquidity from the market.
Exchanges typically charge lower maker fees to encourage users to add liquidity to their order books, keeping the market healthy and active. (higher liquidity = healthier exchange)
How to pick a CEX?
Nowadays, there are more CEXs out there than pimples on a teenager’s face, but unlike pimples, CEXs are a good thing. But too many choices can be overwhelming. Here’s a few things you should consider before picking your CEX:
- Additional features: From staking to margin trading to advanced security options, explore what extras the platform offers to maximize your experience.
- Ease of Use: Some platforms are sleek and beginner-friendly (like Gemini), while others cater to pros with complex tools (like Bybit). Pick the one that matches your experience level.
- Fees: Trading fees, withdrawal fees, deposit fees—it adds up. Look for transparent fee structures and competitive rates.
- Supported cryptos: Not all CEXs support every token. Check if your favorite coins and trading pairs are available.
- Fiat Support: Want to buy crypto with USD, EUR, or other fiat currencies? Make sure the exchange offers fiat on- and off-ramps.
- Geographical availability: Crypto laws vary by country, and not all CEXs operate everywhere. Double-check if the exchange is accessible in your region.
To Sum It Up
With high liquidity and user-friendly interfaces, centralized exchanges are a great starting point for beginners. But once you’ve got the hang of things, consider switching to decentralized exchanges like Uniswap or Raydium to maintain full control of your tokens.
Frequently Asked Questions
When you use a CEX, you don’t truly own your tokens. If the exchange collapses—think FTX or even Mt.Gox—you could lose access to all your funds stored there.
That said, CEXs do offer relative safety since you’re not interacting on-chain, which significantly lowers your risk of getting phished / drained.
No, Uniswap is a decentralized exchange (DEX).
Avoid any exchange with a track record of hacks, poor security, or withdrawal restrictions.
Not sure where to start? Check out our list above for trustworthy options.
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