If you’ve decided to dive into the world of cryptocurrencies, one of the first steps will be choosing where to buy and trade your first coins. For this, you’ll need a cryptocurrency exchange – a platform where users can buy, sell, and swap cryptocurrencies.
But where to start? There are dozens of exchanges, each with its own pros and cons. In this article, we’ll look at the most popular platforms for beginners: Binance, Bybit, KuCoin, Coinbase, Kraken, OKX, and BingX. We’ll also touch on an important issue — KYC (identity verification) — which often surprises newcomers.
What is a Cryptocurrency Exchange?
A crypto exchange is like a mix between a bank and a stock market. It allows you to:
Buy cryptocurrencies with euros, dollars, or other fiat money.
Swap one cryptocurrency for another.
Use additional features — staking, futures, bots, leverage, and more.
However, each exchange is slightly different. One might be more beginner-friendly, another may offer more tools for advanced traders, while others have less strict identity verification.
Main Criteria When Choosing an Exchange
Before comparing platforms, you need to know the key parameters to evaluate:
Security – is the exchange reliable, how long has it been operating, and how does it protect client funds?
KYC (Know Your Customer) – is it mandatory to provide a passport or ID copy, or can you trade anonymously?
Fiat payments – can you deposit with a bank card, SEPA, or PayPal?
Trading options – spot trading, futures, staking, arbitrage, bots.
Crypto selection – how wide is the range of available coins?
Fees – how much does each trade, deposit, or withdrawal cost?
User experience – is the app and website easy to use?
Most Popular Crypto Exchanges for Beginners
1. Binance
Pros:
The largest exchange in the world by trading volume.
350+ cryptocurrencies.
Wide offering (spot, futures, staking, launchpad, cards).
Plenty of educational materials.
Cons:
Since 2021, mandatory KYC for all users.
Complex structure – may be confusing for beginners at first.
2. Bybit
Pros:
Very popular for futures trading.
Simple interface.
Frequent bonuses for new users.
Can be used partly without KYC (up to a certain limit).
Cons:
Not as wide a selection as Binance.
Restricted by regulators in some EU countries.
3. KuCoin
Pros:
700+ cryptocurrencies – one of the widest selections.
Possible to use without KYC (up to a limit).
Built-in trading bots available.
Cons:
Less beginner-friendly.
Customer support can sometimes be slow.
4. Coinbase
Pros:
Very simple and beginner-friendly platform.
US-based exchange with strict regulations.
Strong reputation and security.
Cons:
High fees.
Mandatory KYC.
Relatively limited crypto selection (~100+).
5. Kraken
Pros:
One of the oldest exchanges (since 2011).
Very secure and reliable.
Strong customer support reputation.
Supports SEPA payments in Europe.
Cons:
Mandatory KYC.
Interface not always as user-friendly as Coinbase.
6. OKX
Pros:
Strong platform with a wide range of services (spot, futures, staking, DeFi).
Possible to use without KYC up to ~1 BTC per day.
User-friendly interface.
Cons:
Restricted in some countries.
Weaker reputation compared to Binance or Kraken.
7. BingX
Pros:
Fast-growing exchange, popular among futures traders.
Copy Trading feature, allowing you to follow experienced traders.
User-friendly app.
Bonuses for new users.
Cons:
Less known compared to Binance or KuCoin.
Some features are not as developed yet.
KYC – Mandatory or Not?
KYC (Know Your Customer) means you must provide identity documents (passport, ID, proof of address). Some see this as a security guarantee, while others see it as a loss of privacy.
Mandatory KYC: Binance, Coinbase, Kraken.
Partially mandatory (can trade up to a limit without KYC): Bybit, KuCoin, OKX, BingX.
Without KYC alternatives: Decentralised exchanges (DEX) like Uniswap or PancakeSwap – but these work differently and are usually not suitable for complete beginners.
Comparison Table
| Exchange | KYC Required? | Fiat Payments | Crypto Selection | Main Advantage |
|---|---|---|---|---|
| Binance | Yes | Yes (SEPA, card) | 350+ | Largest in the world |
| Bybit | Partial | Yes | 200+ | Futures trading |
| KuCoin | Partial | Yes | 700+ | Huge selection of coins |
| Coinbase | Yes | Yes | 100+ | Very simple |
| Kraken | Yes | Yes (SEPA) | 200+ | Security & reputation |
| OKX | Partial | Yes | 300+ | Balanced features |
| BingX | Partial | Yes | 150+ | Copy Trading |
Which Exchange is Best for You?
If you want security and legal status – choose Kraken or Coinbase.
If you want a wide selection and powerful features – Binance or KuCoin.
If you’re interested in futures or copy trading – Bybit or BingX.
If you prefer less strict KYC – Bybit, KuCoin, OKX, or BingX.
Conclusion
Choosing a crypto exchange depends on what matters most to you — security, ease of use, privacy, or a wide range of features. It’s also important to remember:
Never keep all your funds only on an exchange.
Always enable two-factor authentication.
Start with small amounts until you get used to the platform.
The crypto world is exciting, but your first step — finding the right exchange — will determine how easy and safe your journey begins.