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Best crypto exchanges and how to use them

Georgios by Georgios · July 31, 2022

Cryptocurrencies used to have a simple system where users could convert their crypto assets into fiat currency and withdraw them in a few minutes. But rules and regulations from world governments are more strict than ever, making it an unnecessary and long process to withdraw your crypto into fiats. 

What is a crypto exchange

Think of a regular exchange like a stock exchange like New York Stock Exchange (NYSE), NASDAQ, or a commodities exchange like New York Merchantile Exchange (NYMEX). On the first two, you can buy, sell, and trade stocks of companies that are traded there. On NYMEX you can buy, sell, and trade in commodities such as gold, silver, etc. Similarly, a crypto exchange is a place where you can buy, sell, or trade your favorite cryptocurrencies. While the stock exchanges are governed by private entities, government and are regulated by the government the same doesn't always apply to exchanges which thanks to the international and nonymous nature of cryptos can operate more freely. 

What you need to know when choosing an exchange.

Cryptocurrencies are a bit complicated. They sell for different prices at different exchanges as it's the buyer who sets the price. Buyers from one exchange might offer differently to another. But if you're looking to exchange popular currencies like Bitcoin and Ethereum, the differences won't ever be more than 1% really. Otherwise, it opens loopholes to exploit and make money. That being said, you want to find the crypto exchanges that provide prices that re in your best interest. 

There are a few key differences between each crypto exchange that you need to look out for. The ones we've prioritized are: Fee Structures/Withdrawal Limits, KYC (pseudonymity), Customer Support, and Reputation. 

Fee structure and withdrawal limits

If you want to walk away with as much of your own money as possible, a key component of the fiat conversion fees needs to be looked at. Exchanges work on a commission basis, so they'll want to walk away with as much profit as possible. But the crypto market is fierce, and finding the right crypto/fiat conversion services will mean low fees. 

Withdrawal limits, play hand in hand with the fee structure. If you want to withdraw a large sum of crypto into your local currency, you'll want to use a platform that doesn't take a percentage of your conversion but rather a flat fee despite the withdrawal size. Some platforms will have low withdrawal limits of just a few thousand dollars per day/month. Depending on how much you're looking to withdraw, the limits could hinder you heavily. 

KYC (Pseudonymity)

One of the questions you'll need to look at with crypto-fiat exchanges are their KYC requirements. This means looking into how much data they'll grab from you, how long it takes to be approved on your documents, and whether they're fully regulated.

If you're wanting to choose a platform that's fully regulated, there will be delays when processing the withdrawal of your conversions. But this will also give you peace of mind that you'll get your funds and can easily dispute if there's an issue. 

If you're wanting to keep your data and funds private, you might be forced to lower limits, and higher fees, and an unregulated platform. So weighing the cost between each KYC and anonymity is important

Customer service / user interface

Bad customer service can turn anybody off a service instantaneously. We've taken the time to test out the customer service of each platform to ensure they have a live chat service, and that the agent is well-trained. 

Similarly, the UI of the platform needs to be user-friendly and hopefully aesthetically pleasing. Using a confusing user interface allows for mistakes and frustration, which we'd avoid if we can!


Unfortunately, cryptocurrency platforms have a habit of going down in an exit scam or will simply scam you. We've only chosen tried and proven platforms by looking at their longevity, reviews, and how many other platforms partner with/trust the exchange service.

Centralized vs Decentralized

Cryptocurrency exchanges can be either governed by some entities or can be completely decentralized, i.e. governed on the blockchain. A cryptocurrency exchange governed by some entity is called a centralized cryptocurrency exchange (CEX). Whereas, an exchange governed over the blockchain is a decentralized crypto exchange (DEX). Both of these exchanges have their advantages and disadvantages. 

Some of the examples of a centralized crypto exchange are Binance, eToro, Huobi Global. Whereas UniSwap, PancakeSwap, CoinMama, SushiSwap, QuickSwap are some of the most prominent decentralized exchanges. 

Advantages of centralized exchanges

Disadvantages of centralized exchanges

The majority of crypto trading happens on centralized exchanges and thus the trading volume is very high

They are under the control of an entity that can halt, slow down, or put withdrawal limits in some cases such as the LUNA crash recently

They have no lack of liquidity

The governments can ban them anytime, like in China, Russia, etc

A lot of exchanges allow you to trade using fiat currencies

You will need to complete your KYC and verify it in order to make proper use of these exchanges. So no anonymity here

You can use various payment methods like bank transfers, debit/credit cards, etc

Prone to cyber attacks, hacks, etc

Various types of trading facilities like margin, futures, etc. are available

You have to give up control of your private keys

Transaction speeds are almost instantaneous

Most of these exchanges are insured in case of cyber-attacks and thus protect the user’s funds

User-friendly interface

Advantages of decentralized exchanges

Disadvantages of decentralized exchanges

They are not under the control of either an entity or the government

They have a very lackluster interface and are not as user-friendly as CEX’s

You are not required to give up your private key to transact on these exchanges

Need a certain level of expertise in using crypto wallets

A lot of altcoins are only listed on DEXs and not on CEX

They only accept cryptocurrencies and not fiat currency

Since these exist over the blockchain in a distributed manner, the risk of cyber attacks, hacks, etc. is minimal

Low trading volumes and low liquidity

All the transactions are private and anonymous and there is no need for KYC

The transactions can be a bit slower than on CEX’s

Governments can not ban them or stop them from operating

Now that we know everything about crypto exchanges, let us get into our list of the top 5 crypto exchanges.

Top five crypto to fiat exchanges

  1. BitStamp (Easiest, No Limits)

  2. Bybit P2P (Anonymity)

  3. Paypal P2p (Convenience, Trustable)

  4. (Simplicity)

  5. UpHold (Variety)

BitStamp (user-friendly + simple) 

Between 0.00% and 0.40% depending on amount
Referral Deposit Bonus: $20 in cash (or equivalent in your account currency) Additional promotions from time to time, and rewards the more you use the platform
Accepted Currencies
Min: $//£25, Max: None
Established Reputation
August 2011. Easily one of the most popular and most used crypto to fiat platforms due to their "Your crypto is always yours" model. A system where they do not hold your funds like a typical exchange, and only you can take actions on your funds. Partnered with VISA, Master Card, and Paypal
1/5 ID photo, Face verification, and Proof of Address
Customer Service/UI
24/7 customer support with responses under one minute. As you may guess, a really user-friendly and simple system to use

Bitstamp is one of the most popular crypto-converting to tools because of its low trading fees, easy-to-use service, and the fact that its plugged into hundreds of crypto casinos, and cryptoi focused platforms. Their service proves efficient and cheap to the average user. 

Although though there's only a limited amount of tokens available, they cater to a massive audience. Their liscense means only a few countries do not allow their services. Making it one of the best options for crypto to fiat withdrawals

Bybit P2P

No fees, only transaction fees. But because it's a P2P trade, the seller sets the price which could be vastly different from the actual price
$5 sign-up bonus (or equivalent in your account currency) Additional promotions from time to time, and rewards the more you use the platform and rewards for KYC completion
Accepted Currencies
300 payment methods, including debit cards, credit cards, in-person cash payments and more
Min: $20, Max: $20,000
Established Reputation
May 2018, Well-trusted in the crypto space and the sponsor of major F1 Team Red Bull Racing. A common place for new projects to list their tokens for the first time
5/5 Email address (KYC required for transactions above $2,000
Customer Service/UI
24/7 customer support top-tier live chat and email support

Bybit started their service just a few years ago (2018) but quickly became one of the big names in the crypto trading business. They offer quick and efficient service, and almost every new cryptocurrency hopes to list its token on Bybit. 

Their P2P service is one of the more popular options due to it's anonymity, no trading fee, and east/safe connection. The main option users opt to take is the "escrow" payment system. Meaning that Bybit plays the middleman. The seller sends their currency to Bybit, and the buyer adds the fiat funds to Bybit. Once both parties make their payments, Bybit automatically distributes the payments. 

From 0 fees, constant promotions and affiliate programs, and almost no controversy surrounding the platform, they are the best P2P service in the business.

PayPal Crypto

Gas Fees + $1 per transaction + up to 2.8$
$10 and $5 per referral
Accepted Currencies
Currently only supports ETH (Though you can use an anonymous DEX to switch any currency to ETH)
Min: $1, Max: $100,000
Established Reputation
1998, (crypto trading since March 2021) and as you'd probably know, one of the most popular payment platforms on Earth
Extreme, but for a trustable and pseudonymous-focused platform
Customer Service/UI
24/7 customer support top-tier live chat and email support

The only way you wouldn't have heard of PayPal is if you were living under a rock. The popular payment is international, relatively cheap, and extremely convenient. Although they've only offered crypto trading in the last year and a bit, the company is reputable, with a market cap of $78,39 Billion. With such a simple system catering to almost every country on earth, why not use it?

0.25% taker fee and a 0.15% maker fee (total 0.4%)
Staking and Verification bonuses + monthly token specific prizes
Accepted Currencies
Over 140 cryptocurrencies, accepts all Visa/ Mastercards
Min: 0.00001 BTC, Max: $500,000/Month (Verification level dependant)
Established Reputation
September 2013, A leading cryptocurrency ecosystem and crypto trading platform. Willing to provide proof of reserve, and has a decent community
1/5 ID photo, Face verification, and Proof of Address
Customer Service/UI
Average, waiting time is +-2 minutes, and agents know what they're doing is a very well-known crypto exchange with over 4 Million users. They include options for staking, and implementing multiple payment methods and haven't experienced any known mass exploitations showing they're cable of preventing hacks. They were happy to oblige with Proof-of-reserves recently aswell showing they handle customer funds correctly. Their website is extremely user-friendly, and they include multiple warnings and systems to ensure you handle your funds correctly for withdrawals. 2FA, withdrawal guides, password protected withdrawals. 


Country and currency dependant: Between 0.9 to 1.2% (total 0.4%)
Accepted Currencies
210+ tokens, accepts all Visa/ Mastercards
Min: $5, Max: $425,000
Established Reputation
2013, Allows users to purchase cryptocurrencies, invest in stocks, and even precious metals. Fully regulated, and well established
2/5 They only require the KYC that your country deems necessary
Customer Service/UI
Top-Tier, but the UI is so established you'll never need it

UpHold was not initially created for cryptocurrencies as they're a stock trading platform. But in 2015 they started allowing users to invest into digital currencies such as Bitcoin and Ethereum. Since then they've branched out with over 210 tokens to choose from. 

What makes Uphold great is you can sell your crypto and send it right into the newest stocks or even safer investments like precious metals. Overall their system is trustable and their UI is extremely user-friendly.


How do you withdraw crypto to fiat?

There are multiple ways to withdraw your crypto into a fiat currency. The most popular option is using a centralized exchange. 

  1. Step 1: Find an exchange that works for you. Coinbase,, and Binance are all great options.

  2. Step 2: Complete your KYC (can take a day or two)

  3. Step 3: Deposit your crypto. 

  4. Step 4: Sell your crypto using Spot trading.

  5. Step 5: Withdraw your fiat into your bank account. 

Is using a crypto to fiat service free?

Depending on the platform you choose, the payments could be free. Most services only request transaction fees and a small withdrawal fee, often equating to less than 0.5% of the total withdrawal. 

Can I anonymously withdraw crypto into my bank?

It's possible to trade your crypto into cash using Peer-to-peer trading platforms. However, anonymous withdrawals can often lead to scams and legal issues. This is why it's always recommended that you use fully regulated trading platforms.

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