The Ultimate Guide to Crypto Exchanges in 2022

by | 16-05-2022

Cryptocurrency and cryptocurrency exchanges might have seemed strange to someone only living half a century ago, but it has gripped the world by storm these days. It has redefined the term “asset,” making it par with valuable metals such as gold and silver. 

The critical difference between metals and crypto is that whenever crypto is mined, it results in more cryptocurrency being introduced to the world. This generation calls for a ledger to keep track of every crypto coin out there, and here is where the security and record-keeping abilities of blockchain got their fame. 

If you want to buy and sell cryptocurrencies, an exchange is where you have to head. A cryptocurrency exchange works like a money exchanger, where anyone can buy and sell crypto. These online platforms work as intermediaries, allowing users to use fiat money or altcoins. Unlike traditional money exchanges, which have set trading hours, crypto exchanges are open 24/7.  


How Do Cryptocurrency Exchanges Work?

For exchanges to begin, you need to fund your exchange account. People call this account “wallet” in blockchain vernacular. You would find it beneficial to have your crypto wallet. The wallets available on crypto exchange platforms are typically held on those platforms. Owning a wallet increases security and hosts your crypto coins wherever you go. Exchanges do have a reputation of being susceptible to cyberattacks, but things are improving day by day.

On any exchange, you can see the trading prices of various cryptocurrencies. These vary based on market conditions, and the exchanges do not set prices. You might also find that exchanges do not have the same rate throughout because of the decentralized structure of cryptocurrencies. Many exchanges charge a certain percentage of the trade price, ranging from 0.5% to 5%.

How Do Cryptocurrency Exchanges Work


Types of Crypto Exchanges

Many exchanges are focused on providing services that facilitate crypto exchange, but they vary slightly in terms of functionality. There are three main types of crypto exchanges out there:

  1. Centralized (aka CEX)
  2. Decentralized (aka DEX)
  3. Hybrid

Types of Crypto Exchanges

Centralized Cryptocurrency Exchanges

Centralized exchanges behave the same way as traditional stock market exchanges, the most common type. They usually use a third party to conduct their transactions. In some ways, “centralized” means to trust another party to handle your money. They:

  • Offer high trade volumes
  • Have higher liquidity
  • Allow fiat-to-crypto exchanges

Decentralized Cryptocurrency Exchanges

With DEX, there is no central authority to regulate money transfers. However, there is an automated system that takes care of affairs. Such transactions are called peer-to-peer or customer-to-customer. Most decentralized platforms use Ethereum blockchain technology They:

  • Offer less trade volume
  • Have limited functionality
  • Offer crypto-to-crypto exchanges

Hybrid Cryptocurrency Exchanges

Hybrid exchanges such as Quarrex are poised to be the future of cryptocurrency exchanges. And their journey is even more inspiring: the leading team got together and got hold of forex marketers who had years of hands-on experience. Together with the vision of the professionals and the vigor of a young team, Qurrex was born back in 2018. They:

  • Allow customers to have complete control over their cash
  • Use cold storage to save money
  • Are speedy and reliable

Hybrid Cryptocurrency Exchanges

Best Cryptocurrency Exchanges in 2022

There are many places where you can stack up against your crypto wallet. The following compiled lists take note of the various types of cryptocurrency exchanges in the market, including mobile apps. 

Here are some of the preferred cryptocurrency exchanges out there:

  • Binance
  • Coinbase
  • Kraken is an advanced trading platform where users do not worry about high fees. They can also avail access to many NFTs not available anywhere else. Founded in 2020 in San Francisco, this platform does business as West Realm Shires Services, with an FDIC insurance on US dollar funds. However, this insurance does not apply to other currencies. 

One of the best features of is that it allows traders to trade cryptocurrencies and fiat pairs. One of the worst aspects of using is no good customer support options. 



Binance is the leading cryptocurrency trading platform, supporting over 500 currency exchange options. You can access the website in more than 180 countries, so its worldwide appeal has made it the most familiar name in the blockchain market. Since it has competitive market fees, many beginners prefer it to Coinbase because they do not want to spend much. 

Binance came into being in 2017 when a Chinese-Canadian developer (Changpeng Zhao) and his tech company Beijie Technology came up with the idea. Since then, the platform has come a long way: now, you can trade fiat for Bitcoin on the exchange. There is also a peer-to-peer (P2P) trading option, connecting buyers and sellers directly. Binance offers one of the most sophisticated wide variety of payment options, not available on any other exchange. The only issue is with the derivative sites, which are banned in many countries.


Coinbase would have gotten first place in the list in normal circumstances, but these are not regular times. With the recent Coinbase crash, Coinbase users’ good faith feels shattered. Coinbase is still the largest cryptocurrency exchange in the United States despite the recent setbacks. Many crypto novices prefer Coinbase over other platforms because it is easier to use and has attractive security features. 

Coinbase offers up to 100 cryptocurrency exchange options and has insurance for any hacking instance. Too bad it has one of the highest fees in the crypto world, and it can become volatile very quickly, as proved by the recent trickle down. is a mobile app platform for crypto exchange, providing extensive digital asset investing and trading opportunities. In addition to allowing the exchange of other cryptocurrencies, the mobile platform has a blockchain ( Chain). This platform is noteworthy from the competition because its app is not a watered-down version of its webpage. supports more than 250 cryptocurrencies and has a range of crypto products on the platform. However, the management behind the initiative is notorious for lacking customer support. They have high than average fees, but it is understandable given their mobile nature.



Kraken poses itself as an all-rounder, giving a fair chance to newcomers and appealing to expert traders. It even has video tutorials for beginners about investing and trading Bitcoin. However, you can only sell 65 currencies, and the reason the platform gives for it is higher security and reliable protection of investments. 

Given its security, the platform has a higher liquidity rate and provides high rewards on staking. Even though it was launched in 2011, there is still no wallet option available, and it can be a nuisance. Certain trading features are location-fixed, so you cannot access them if you are outside the US, per se. 


Trading crypto using cryptocurrency exchanges is much more costly than regular investing. Depending on the payment method, you pay 5% more on Bitcoin trading over any platform. Even though crypto is a relatively new industry, customer service is generally horrible. It will take some time before we can trust their service. Because whatever happens, it is your responsibility to take good care of your coins. You cannot depend on exchanges to do it for you. While trading via these platforms guarantees a safeguard against cyberattacks, there is no guarantee that something like this won’t happen on your account (personal attacks). 

Recent Posts

Bun 1.0 released
Bun 1.0 Released as Fast Alternative to Node.js

The JavaScript toolkit Bun has recently announced its 1.0 release. Bun aims to provide a faster alternative to Node.js for running, building, testing, and debugging JavaScript and TypeScript.Created by Jarred Sumner, CEO of Oven, Bun is written in Zig and designed to eliminate the slowness and complexity that has accumulated in JavaScript tooling over time. […]

Adobe Announces the Launch of New AI Features
Adobe Announces the Launch of New AI Features

Embracing AI technology, Adobe has unveiled a host of revolutionary features. After months of rigorous testing and evaluating feedback, these AI generative features have been integrated into Adobe’s editing tools, including Photoshop. It is pertinent to mention that Adobe was testing features such as the ability to generate images from text for the previous six […]

Google Launches Generative AI in India and Japan
Google Launches Generative AI in India and Japan

In a cutting-edge development, Google has introduced the integration of generative AI to enhance the search experience for internet users. This announcement is in line with Google’s commitment to transform the way people search for information, displaying the most relevant and personalized information to the users. It’s pertinent to mention, however, that the search engine […]

Introduction to Code Llama
Meta Introduces Code Llama – A Powerful Large Language Model for Developers

Meta has recently unveiled an AI-powered tool specific for coding purposes. Code Llama, which is available to the general public in several versions, is a machine-learning system that has the ability to generate and explain code in natural language – particularly English. Code Llama, a large language model (LLM), uses text input to generate code. […]

Profile Picture

Muhammad Mustafa is an experienced content writer with expertise in SEO. With a background in Software Engineering, Mustafa combines his knowledge of various technology stacks with a passion for writing. Besides writing, he loves cricket and traveling.

Muhammad Mustafa

Related Posts

Why Has Italy Banned ChatGPT?

Introduction Last week, Italy became the first major country to impose a ban on the viral AI chatbot ChatGPT. The decision was taken by the Italian enforcer of the General Data Protection Regulation...
how to create stable coin

How to Create Stablecoin in 2023 – A Quick Guide

We are living in the era of the emergence of decentralized currencies. In the decentralized world, secure connections of blocks containing data are the central elements of Web 3.0, the crypto world,...
reduce app size in Flutter

How to Reduce App Size in Flutter (Easy Steps to Follow)

In the realm of cross-platform application development, Flutter has gained significant popularity among developers across the world. With an ever-increasing number of newbies trying to make a mark...

Google Introduces New Generative AI Tools for Strengthening Cyber Security

Google has launched a set of new generative AI tools to bolster the cybersecurity framework across various industries. The announcement was made at the RSA Conference held in San Francisco over four...

Why our clients
love us?

Our clients love us because we prioritize effective communication and are committed to delivering high-quality software solutions that meet the highest standards of excellence.

anton testimonial for ropstam solutions

“They met expectations with every aspect of design and development of the product, and we’ve seen an increase in downloads and monthly users.”

Anton Neugebauer, CEO, RealAdvice Agency
tariehk testimonial for ropstam solutions

“Willing to accommodate nonprofit budgets, Ropstam brought their robust experience to the project. They checked in consistently, and were communicative, easy to reach, and responsive.”

Tariehk, VP of Marketing.
mike stanzyk testimonial for ropstam solutions

“Their dedication to their clients is really impressive.  Ropstam Solutions Inc. communicates effectively with the client to ensure customer satisfaction.”

Mike Stanzyk, CEO, Stanzyk LLC

“Ropstam was an excellent partner in bringing our vision to life! They managed to strike the right balance between aesthetics and functionality, ensuring that the end product was not only visually appealing but also practical and usable.”

Jackie Philbin, Director - Nutrition for Longevity

Supercharge your software development with our expert team – get in touch today!

"*" indicates required fields

This field is for validation purposes and should be left unchanged.