The cryptocurrency market continues to evolve rapidly, with digital assets like Bitcoin and Ethereum becoming increasingly accessible to retail and institutional investors alike. As more people enter the space, choosing a reliable and efficient platform becomes crucial. This guide presents an updated overview of the top 20 cryptocurrency exchanges in 2025, covering both centralized (CEX) and decentralized (DEX) platforms, including key insights for global and Taiwan-based users.
Whether you're interested in spot trading, derivatives, or local fiat support, this article will help you make informed decisions based on liquidity, security, fees, and user experience.
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What Is a Cryptocurrency Exchange?
A cryptocurrency exchange is a digital marketplace where users can buy, sell, or trade cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and thousands of other digital assets. These platforms act as intermediaries between buyers and sellers, facilitating transactions using blockchain technology.
Exchanges allow users to convert fiat currencies—like USD, EUR, or TWD—into crypto, and vice versa. Unlike traditional financial markets, most crypto exchanges operate 24/7, 365 days a year, offering continuous access to global markets.
With over 10,000 exchanges existing worldwide, selecting the right one can be overwhelming for beginners. However, focusing on well-established platforms with strong track records significantly reduces risks related to fraud, hacking, and poor customer service.
Why Trust Matters in Exchange Selection
Given that the crypto industry lacks comprehensive regulation in many regions, security and reliability should be top priorities. Opting for exchanges that have stood the test of time—such as Binance, Coinbase, or Kraken—ensures access to better infrastructure, higher liquidity, and more robust protection mechanisms.
Avoid platforms promising unrealistically high returns through staking or yield programs. The collapse of FTX serves as a cautionary tale: aggressive yield offerings often mask unsustainable financial models vulnerable to liquidity crises.
Global Top 20 Cryptocurrency Exchanges in 2025
To provide accurate rankings, we rely on data from CoinMarketCap (CMC)—one of the most trusted sources for cryptocurrency market data. CMC evaluates exchanges based on trading volume, liquidity, website traffic, and listing quality. Their data is widely used by institutions, media outlets, and even government agencies.
Crypto exchanges fall into two main categories:
- Spot exchanges: For direct buying and selling of cryptocurrencies at current market prices.
- Derivatives exchanges: For futures, options, and leveraged trading.
Let’s explore the top performers in each category.
1. Top 20 Cryptocurrency Exchanges – Spot Trading (2025)
Here are the leading exchanges by 24-hour spot trading volume:
| Rank | Exchange | 24h Volume (USD) | Weekly Visits | Supported Currencies | Fiat Support |
|---|---|---|---|---|---|
| 1 | Binance | $18.1B | 11.3M | 480 | USD, EUR, GBP +8 |
| 2 | Bybit | $3.1B | 3.7M | 727 | USD, EUR, GBP +3 |
| 3 | Coinbase | $3.4B | 40.8K | 293 | USD, EUR, GBP |
| 4 | Upbit | $2.8B | 1.5M | 237 | KRW |
| 5 | OKX | $3.5B | 5.3M | 347 | AED, ARS, AUD +43 |
| 6 | Bitget | $3.8B | 4.8M | 754 | USD, EUR, GBP +12 |
| 7 | MEXC | $3.1B | 6.0M | 2499 | EUR, USD +12 |
| 8 | Gate.io | $3.9B | 4.0M | 2390 | EUR, USD +19 |
| 9 | KuCoin | $1.3B | 662K | 935 | USD, AED +45 |
| 10 | Crypto.com | $3.8B | 1.1M | 403 | USD, EUR |
(Data as of April 11, 2025)
Binance remains the dominant player in spot trading due to its massive liquidity, wide range of tradable assets, and multi-language support. Notably absent from this list are Taiwan-based exchanges, which generally offer fewer features and lower trading volumes compared to global giants.
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2. Top 20 Cryptocurrency Exchanges – Derivatives Trading
For traders seeking leverage and advanced strategies like shorting during bear markets, derivatives exchanges are essential.
| Rank | Exchange | 24h Futures Vol (USD) | Leverage Offered | Open Interest (USD) |
|---|---|---|---|---|
| 1 | Binance | $75.4B | Up to 125x | $19.7B |
| 2 | OKX | $38.3B | Up to 100x | $6.2B |
| 3 | Bybit | $29.4B | Up to 100x | $12.3B |
| 4 | Bitget | $29.6B | Up to 150x | $12.9B |
| 5 | Deepcoin | $20.8B | Up to 200x | $21.7B |
| 6 | MEXC | $25.6B | Up to 200x | $5.3B |
Derivatives allow traders to profit from both rising and falling markets using futures contracts and perpetual swaps. These instruments also enable risk hedging and portfolio diversification.
Leading Taiwan-Based Cryptocurrency Exchanges
Taiwan has three major exchanges listed on CoinMarketCap:
- BitoPro (Rank #74)
- MAX (Rank #79)
- ACE (Rank #94)
These platforms stand out for their TWD (New Taiwan Dollar) deposit and withdrawal options, making them ideal for local users new to crypto.
| Exchange | Key Features | Limitations |
|---|---|---|
| BitoPro | Bank-trusted funds; supports convenience store purchases | No leverage; limited coin selection |
| MAX | Simple UI; cold wallet storage; bank custody of TWD | Low liquidity; no derivatives |
| ACE | Offers physical branches; supports credit card deposits | Past fraud allegations; reputational risk |
While convenient for fiat onboarding, these exchanges lack advanced features like futures trading or high liquidity pools.
⚠️ Important Note: ACE Exchange was involved in a major fraud scandal in 2024 involving fake token listings and money laundering. Investors are advised to avoid it until further notice.
Top Decentralized Exchanges (DEX) in 2025
Unlike centralized exchanges, decentralized exchanges (DEXs) operate without intermediaries, using smart contracts on blockchains like Ethereum or Solana.
DEX Spot Trading Leaders
- Uniswap v3 (Ethereum) – $716M daily volume
- Raydium (Solana) – $1.03B daily volume
- PancakeSwap (BNB Chain) – Multiple versions across chains
DEXs offer greater privacy and control over funds but require technical knowledge and self-custody practices.
DEX Derivatives Platforms
- dYdX v4 – Leading orderbook-based DEX with $314M daily volume
- Hyperliquid – High-speed trading with sub-second latency
- SynFutures – Supports cross-chain perpetuals
Despite growing adoption, DEX trading volumes remain far below those of centralized platforms due to complexity and lower liquidity.
In-Depth Review of Top Global Exchanges
Binance
Founded in 2017, Binance leads in both spot and derivatives trading with unmatched liquidity and product diversity.
✅ Pros:
- Over 480 supported coins
- Staking, savings, launchpools
- Multi-chain wallet integration
❌ Cons: Regulatory scrutiny in several jurisdictions
Coinbase
A U.S.-regulated exchange ideal for beginners.
✅ Pros:
- Easy-to-use interface
- Strong compliance and transparency
- Educational rewards via Coinbase Earn
❌ Cons: Limited leverage; higher fees for card purchases
Kraken
Established in 2011, Kraken combines security with advanced tools.
✅ Pros:
- High-grade cold storage
- Supports futures and margin trading
- Trusted by institutional clients
Bybit & Bitget
Both specialize in derivatives with user-friendly interfaces.
- Bybit: Known for zero fee spot trades under certain conditions
- Bitget: Offers copy-trading features for novice investors
MEXC & KuCoin
Ideal for altcoin enthusiasts:
- MEXC supports over 3,000 trading pairs
- KuCoin offers early access to new project launches
How to Choose a Secure Crypto Exchange?
When evaluating platforms, consider these seven factors:
1. Reliability
Choose exchanges with long operating histories and positive community feedback. Domain age can be a clue—older domains suggest legitimacy.
2. Fees
Compare maker/taker rates across platforms:
- Binance: As low as 0.02% maker fee
- MEXC: Zero maker fees on spot trades
- Coinbase: Higher fees but beginner-friendly
3. Number of Supported Coins
More options mean less need to switch platforms.
4. Trading Depth
High liquidity ensures minimal slippage during large trades.
5. Language & UX
Look for full Traditional Chinese support if based in Taiwan.
6. Fiat On-Ramps
Ensure your local currency (e.g., TWD) is supported via bank transfer or P2P.
7. Local Customer Support
Real-time assistance in your native language adds peace of mind.
Frequently Asked Questions (FAQ)
Q: Are cryptocurrency exchanges legal in Taiwan?
Yes. While crypto is classified as a "commodity" rather than legal tender, trading is permitted under anti-money laundering regulations.
Q: Can I use WeChat Pay to buy Bitcoin?
Yes—via P2P markets on platforms like OKX or Bybit. First purchase USDT using WeChat Pay, then trade it for BTC.
Q: What’s the safest way to store crypto?
Use a hardware wallet (cold storage) for long-term holdings. Never leave large amounts on any exchange.
Q: How do I avoid exchange scams?
Check domain registration dates, read independent reviews, and avoid platforms promising guaranteed high returns.
Q: Is spot or futures trading better for beginners?
Start with spot trading to understand price movements before attempting leveraged positions.
Q: Do I need KYC verification?
Most regulated exchanges require identity verification for deposits/withdrawals above certain limits.
Final Tips for Safe Crypto Investing
- Diversify your holdings across multiple wallets and exchanges.
- Withdraw profits regularly into cold storage.
- Stay updated on regulatory changes in your region.
- Use two-factor authentication (2FA) everywhere.
- Be skeptical of “too good to be true” yield programs.
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