The past few months have shaken up the world of centralized exchanges, with one of the world-leading enterprises, FTX, having quite ceremoniously gone bankrupt and suffered fraudulent charges. The CEO of FTX, Sam Bankman-Fried, is currently awaiting a criminal trial for wire fraud, securities fraud, and commodities fraud, with his misuse of user funds exceeding 1.7 billion USD.
With this event hanging over the head of centralized exchanges, all eyes have turned to the space. Users are looking for heightened security, a greater level of transparency, and for unbridled access to their funds. Many of these exchanges have begun to publish a Proof of Reserve document since the FTX disaster, helping to demonstrate their validity against rising concerns.
Even with these precautions in place, with the third-largest centralized exchange having imploded seemingly overnight, many investors are unsure where to put their funds. In this article, we’ll dive into the five most trustworthy and user-centric centralized exchanges in 2023. Each of our picks on this list has demonstrated their commitment to a high level of security, as well as a number of on-platform features that every trader needs.
We’ll be touching on the following five centralized exchanges:
- com – Great for Security
- Binance – Great for Large-Scale Investing
- Bybit – Great for Derivatives Trading
- Zonda – Great for European Customers
- Nexo – Great for Passive Income
Let’s show why these centralized exchanges should be your pick for cryptocurrency trading, staking, and yield farming in 2023.
Crypto.com – Great for Security
Crypto.com has made a name for itself in the world of blockchain by having a total of 80 million customers worldwide. With extensive security certifications and regulatory compliance, they’re a top choice for people that are looking for a highly-secured platform for cryptocurrency trading. In fact, they are the first virtual asset platform that has achieved ISO 27017 and ISO 27018 privacy and security certifications.
Their commitment to security is impressive, having achieved the highest tier of cyber trust mark certification from the Singapore Cyber Security Agency back in September of 2022. That’s not the only achievement they acquired in 2022, with a whole host of security agencies from the UK and France to Dubai and South Korea all awarding them financial licenses.
Despite the challenges that the world of cryptocurrency has faced over the past 18 months, CRYPTO.COM is still pushing ahead as a world leader. Beyond their security features, this exchange is also known for their trading capabilities, with a 2,7 million TPS matching engine keeping transactions flowing around the clock.,
In fact, trading is their specialty, with a 2.7 million TPS matching engine that keeps transactions flowing. And, with over 40 cryptocurrencies and stablecoins to choose from, people are spoiled for choice when it comes to tracing their favorite assets.
Another recent addition to the platform is the crypto.com visa card, a metal debit card that allows users to spend either fiat currency or crypto that’s in their account. Beyond just looking sleek, the card offers users a 5% cashback on all spending.
This centralized exchange has had a spectacular year and continues to look strong going into 2023. With transparency, security, and lightning-fast trading as their priorities, you’d be hard-pressed to find a better start to this list than Crypto.com.
Binance – Great for Large-Scale Investing
, founded in July 2017, has quickly risen through the ranks to become the world’s largest centralized cryptocurrency exchange. With over 12 million weekly visits and a nearly 20,000,000,000 USD 24-hour trading volume, this is the vast majority of the blockchain communities’ chosen platform for trading.
Binance is a global institution, with 90 million customers regularly logging in to manage their digital assets, cryptocurrencies, and trading portfolios. If you’re looking for sheer volume, this would be the platform to use, with over 350 cryptocurrencies listed on the site and thousands of trading pairs to choose from.
Binance has also expanded out into a number of other pursuits, covering large portions of the blockchain community. On their platform, you’ll be able to find BINANCE NFT, a Binance bank card, staking, yield farming, and a number of other investment avenues. The sheer scope of possibility that Binance offers is one of the main reasons that this app has garnered so much attention within this space.
Binance has also positioned itself as an educational platform for the crypto community. For those that are already in the world of blockchain, crypto is like second nature. Yet, for the vast majority of the global population, cryptocurrency is still something difficult to understand and overwhelming to invest in.
The Binance Academy sets out to fix this, providing free educational modules to all of their users. Someone that’s new to the world of crypto can move through these educational lessons, learning more about trading mechanics, blockchain as a concept, and demystifying acronyms that they’ve come across.
If you’re looking for the largest platform with a huge selection of potential investment avenues, then Binance will be a great centralized cryptocurrency exchange for you. And, considering the CEO of this platform predicts that 2023 will see markets rapidly recover, there’s never been a better time to get involved in crypto.
Bybit – Great for Derivatives Traders
Bybit is a phenomenal centralized exchange for derivatives traders, offering a specialized platform that excels in this arena. While Bybit acts as an all-encompassing exchange platform, its strengths lie in the rapid nature of its trading system. Customers are able to buy and sell popular cryptocurrencies on the spot, as well as using inverse futures, USDC perpetual, and copy trading.
For those that are looking to take a hands-on approach to their cryptocurrency trading, this is the platform to opt for. With the ability to speculate on the price of future assets and rapidly bet on the movements of a huge number of cryptos, this live environment has absolutely everything a trader would need.
Most recently, Bybit has announced that they’re now offering crypto loans. Users that take these out are able to maximize their opportunities in this market, rapidly getting access to leverage which can. These loans have early repayment opportunities, low interest rates, and are available for use absolutely anywhere in the Bybit ecosystem.
Beyond just trading, Bybit also has a full NFT marketplace suite, where users can buy, trade, and explore the full spectrum of NFTs that creators have published. Equally, there are a number of wonderful yield opportunities on this platform. For traders that want to make their crypto go even further, high yield and staking systems will help them generate passive income from their investments.
Bybit has a number of fantastic bonuses and rewards, with their liquidity pools offering some of the highest %APYs in the game. Their regular trading competitions also bring something new to the ecosystem, giving people the opportunity to put their skills to the test on an international stage.
Another factor that makes this many peoples’ chosen centralized exchange is due to their top-notch customer service and support. Whenever you run into a problem, the team behind Bybit will spring into action and resolve your issue in no time.
For a wonderful trading platform with a whole host of additional features, Bybit makes a solid case to be your 2023 centralized crypto exchange.
Zonda – Great for European Customers
If you’re based in Europe, there really isn’t any competition when it comes to the centralized crypto exchange you should opt for. Zonda, which has been active under a different name since 2014, has the industry gold standard for security compliance with European financial laws. And, with both business and individual accounts to choose from, their ecosystem is structured to help everyone succeed.
Originally founded in Poland, Zonda has the largest pool of possible fiat transfer currencies from users to choose from, including many of the Eastern European currencies like PLN, providing benefits to users based in mainland Europe. Currently, the platform has over 1 million registered users, all of which benefit from the low fees, high TPS, and diverse selection of investment opportunities.
What’s set Zonda apart from the competition has been their tireless commitment to ensuring complete regulatory compliance. They have a license with the Finance Intelligence Unit, a world-class anti-money laundering system in place, and are the first crypto platform to pass many European regulatory rulings.
In order to make cryptocurrency more accessible for everyone, Zonda has created the Zonda Academy, where they regularly post insightful content that breaks down some of the most complex aspects of crypto into structured learning modules. No matter if you’re a crypto-whiz or just breaking into this world, this academy has something for everyone.
Zonda is also an incredibly social platform, rewarding new users through an affiliate program. If a user brings a new customer onto the platform, they can receive up to 80% of the commission made from the referred party. This sense of community spirit runs throughout the platform, with numerous rewards up for grabs for those that bring social elements to the exchange.
A further demonstration of their commitment to the social side of trading is seen in their recently announced Trading Competitions. Users are able to go head to head, trading selected currency pairs with the highest trading volume users being rewarded for their efforts. And, with world-class customer support, you’ll be able to reach out and get a swift response if you have any questions.
As the largest crypto exchange in Central and Eastern Europe, this platform is continuously growing in size and offering. It won’t be long before they push out to complete international coverage, delivering their world-class service to all concerns of the earth. If you’re in Europe, this is undoubtedly the one for you.
Nexo – Great for Passive income
All of the centralized exchanges on the list that we’ve covered so far specialize in distinct areas, often having trading and staking in common as the central thread. While that’s also true for Nexo, they shake up the game by focusing on the accumulation of wealth through passive income.
While other exchanges on this list are about fast trades and clever investment strategies, Nexo is for the long-term investor that’s looking to hold their money over a greater period of time. They allow you to put your digital assets to work, helping you to earn interest on all of your cryptocurrency.
On this platform, yield is paid out on a daily basis, vastly accelerating the speed with which you can compound your savings. Best of all, they have a no-fee policy, allowing you to hold your digital assets for as long as you’d like without incurring a penalty. For users that don’t want to participate in the huge swings and roundabouts of crypto trading, Nexo provides a very passive investment pathway.
If you ever want to dip into these funds, you’re able to liquidate them whenever you’d like. Alternatively, with the Nexo crypto card you’re able to spend your account balance without selling your digital assets. This card is expensed as a credit line, allowing you to use your digital assets without having to actually sell any of your positions. And, with 2% cashback in crypto rewards, this is a card that will help you accumulate even more down the line.
Despite their focus on passive income and long-term holding, that’s not to say Nexo isn’t a good place to trade. On the contrary, their platform is equally as good as any of the others on this list, with market and limit orders, automated trading, margin trading, and future contract trading all available. With over 400+ available pairs to choose from, you’ll be able to get started with crypto trading in no time.
Nexo’s diverse array of successes has converted them into one of the most discussed centralized exchanges of the past few years. Due to their fame, they’ve won a number of awards in Fintech and business, as well as the Forbes Business Award 2021. Their innovation is ongoing, with recent news showing that they’re planning on launching a Non-custodial wallet solution.
Our final entry on this list, Nexo is a wonderful option for those looking to get access to the passive side of cryptocurrency investments. Sit back and watch as your money grows over time with Nexo.
Final Thoughts
As a leading financial sphere within blockchain trading, centralized exchanges aren’t going anywhere. Even back in September of 2020, these exchanges were seeing over $225 billion USD equivalents being traded every single month. Since then, this figure has only grown, further forging centralized exchanges into the powerhouse institutions that they are today.
Across the five exchanges that we’ve outlined in this article, you have everything from the largest CeFi exchange to a number that have grown in popularity due to their expansive features, world-class security, or user-friendly interfaces. No matter what you’re looking for, one of these five will be the perfect choice for you.
2023 is going to be a huge year for cryptocurrency. And, with these exchanges, you’ll be perfectly positioned to seize that growth when it comes.
Photo by RODNAE Productions
