How Many Crypto Exchanges Are There?

It’s tough to keep track of how many cryptocurrency exchanges are out there. Here’s a list of the top 45 exchanges by trade volume.

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The total number of cryptocurrency exchanges has been on the rise in recent years. This is likely due to the growing popularity of digital currencies and the associated investment opportunities. As of January 2018, there were over 200 active cryptocurrency exchanges available to traders and investors ( This figure is likely to have grown in the intervening period as the industry continues to expand.

With so many options now available, it can be difficult to know which exchange is right for you. Different exchanges offer different features and benefits, so it’s important to do your research before deciding which one to use. In general, however, most exchanges will allow you to buy and sell major digital currencies like Bitcoin, Ethereum, Litecoin and Bitcoin Cash. Some also offer a selection of altcoins, such as Ripple, Monero or Dash.

The Different Types of Crypto Exchanges

Cryptocurrency exchanges are platforms where you can buy, sell, or trade cryptocurrencies. Some exchanges only offer crypto-to-crypto trading, while others offer both crypto-to-fiat and crypto-to-crypto trading. There are also some exchanges that offer derivatives trading. In this article, we will take a look at the different types of cryptocurrency exchanges.

Centralized exchanges

A centralized crypto exchange is a platform that matches buyers with sellers. It’s similar to how a traditional stock exchange works. There are many different types of centralized exchanges, but the most common ones are:

-Brokerages: These exchanges allow you to buy and sell crypto directly from the broker. They usually have a user-friendly interface and offer customer support. Examples of popular brokerages include Coinbase, Kraken, and Gemini.

-Trading platforms: These exchanges allow you to trade directly with other users on the platform. They usually have a more complex interface than brokerages and don’t offer customer support. Examples of popular trading platforms include Binance, HiveEx, and Bitfinex.

-Peer-to-peer (P2P) exchanges: These exchanges connect buyers and sellers without using an intermediary. They usually have a more complex interface than brokerages and don’t offer customer support. Examples of popular P2P exchanges include LocalBitcoins and Paxful.

Decentralized exchanges

A decentralized exchange (DEX) is a marketplace where traders can buy and sell cryptocurrencies without the need for a third party to facilitate the transaction. In other words, there is no central authority that manages or controls the activities of the DEX. Instead, the platform is powered by smart contracts, which are computer protocols that self-execute and enforce the terms of a contract without human intervention.

One of the key benefits of decentralized exchanges is that they are much more secure than their centralized counterparts because they eliminate the single point of failure that centralized exchanges typically have. In addition, decentralized exchanges are also very private because they do not require users to go through Know Your Customer (KYC) or Anti-Money Laundering (AML) processes, which usually involve submitting personal information to the exchange.

The most popular decentralized exchanges in operation today include Uniswap, Bancor, and Kyber Network.

Hybrid exchanges

A hybrid crypto exchange is a third type of exchange that offers both centralized and decentralized trading. Bisq is one of the most popular hybrid exchanges. These exchanges offer the benefits of both worlds: the security of a decentralized exchange and the liquidity of a centralized one. However, they’re also more complex to use.

The Pros and Cons of Crypto Exchanges

Crypto exchanges are platforms where you can buy, sell, or trade cryptocurrencies. There are many different types of exchanges, and each has its own advantages and disadvantages. Some exchanges are more reputable than others, and some offer more features than others. In this article, we will take a look at the pros and cons of crypto exchanges.

Centralized exchanges

Crypto exchanges can broadly be classified into two categories: centralized and decentralized. As the name suggests, centralized exchanges are run by a central authority. In contrast, decentralized exchanges are not run by any central authority and are instead governed by smart contracts on a blockchain.

The main advantage of centralized exchanges is that they are easy to use and offer a wide range of features to their users. For example, most centralized exchanges allow users to buy crypto using fiat currency (i.e. USD, EUR, etc.), offer crypto-to-crypto trading pairs, support credit/debit card payments, provide an easy-to-use interface, etc.

However, centralized exchanges also have a number of disadvantages. For instance, since they are run by a single entity, they are much more susceptible to hacking attacks (as we have seen in the past). Furthermore, central authorities can also manipulate the prices of assets on these exchanges and there have been instances of fraud as well.

Decentralized exchanges

Decentralized exchanges (DEXs) are cryptocurrency exchanges that do not rely on third parties to hold the customers’ funds. Instead, trades occur directly between users (peer-to-peer) through an automated process. These platforms are often permissionless, meaning that anyone with an Internet connection can use them. Several popular DEXs include IDEX, Radar Relay, and Binance DEX.

The key advantage of DEXs is that they are much more difficult to hack than centralized exchanges because there is no central point of attack. In addition, DEXs give users more control over their private keys, which means that they are also less likely to lose their funds in the event of a hack. However, DEXs generally have much lower liquidity than centralized exchanges, which can make it difficult to find buyers or sellers for certain assets. In addition, DEXs often have higher fees than centralized exchanges and can be more complicated to use for newcomers to the crypto space.

Hybrid exchanges

A hybrid exchange is a mix of a traditional exchange and a decentralized exchange. They aim to offer the benefits of both types of exchanges. For example, Binance DEX is a hybrid exchange created by the team behind the famous Binance centralized exchange.

The main advantage of hybrid exchanges is that they are much more user-friendly than their decentralized counterparts. They also tend to have much higher liquidity because they connect to centralized exchanges.

However, the main disadvantages of hybrid exchanges are that they are not as secure as decentralized exchanges (since they rely on central servers) and they are not as private (since users have to go through Know Your Customer (KYC) procedures).

The Future of Crypto Exchanges

As the crypto industry evolves, we are seeing a trend of exchanges consolidating and getting acquired. In 2018, Binance acquired Trust Wallet and later on in the year, they announced that they would be decentralized exchange (DEX). In 2019, Binance also announced their intention to set up a fiat-to-crypto exchange in Singapore. This is a clear indication that Binance is serious about becoming a one-stop shop for all crypto related services.

Other exchanges have followed suit and we expect this trend to continue. Coinbase, for example, recently acquired Neutrino – a blockchain intelligence startup – and Paradex – a decentralized token trading platform. These acquisitions will allow Coinbase to offer more services to their users and further consolidate their position as one of the leading crypto exchanges.

It is evident that the future of crypto exchanges lies in offering more than just trading services. The leading exchanges are quickly evolving into full-fledged financial service providers offering a variety of features such as margin trading, lending, staking, and more. We believe this is just the beginning and there is much more to come from the leading exchanges in terms of innovation and expansion.


As of April 2019, there are over 200 cryptocurrency exchanges in operation around the world, with new ones launching all the time. The exact number is difficult to pinpoint because many exchanges are not listed on any public registries and many others are in the process of launching. The most popular exchanges tend to be located in countries with favorable regulations and infrastructure, such as the United States, South Korea, and Japan.

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