The best crypto exchanges for most people are the largest by daily trading volume on CoinGecko: Kraken, Coinbase Exchange and Binance, provided each accepts customers where you live and discloses its reserves.
The order below is a selection order, not a quality ranking. It follows CoinGecko’s volume listing for the largest platforms, then trust score for the US-facing ones. Detailed write-ups sit in our crypto exchange reviews. If you are starting out, the best crypto exchange for beginners guide narrows the choice further.
How these exchanges were scored
A cryptocurrency exchange is a platform where you buy and sell digital assets, and every exchange here is judged on the same published yardsticks. Kaiko’s exchange ranking classifies centralized spot exchanges, meaning platforms for spot trading, and weights three groups of criteria.
- Governance (30%). Regulatory compliance, enforcement history, KYC/AML procedures, transparency practices, country risk, insurance coverage and proof of reserves.
- Security (20%). Account protection measures, including two-factor authentication, plus historical security incidents.
- Liquidity (15%). Trading volume and market depth at ±1%.
Those weights are Kaiko’s own framework. They show what a professional ranker treats as important, not a formula you must copy. Governance carries the most weight, which is a good reason to look at reserve disclosure and compliance before you look at volume.
Two aggregators add their own views. CoinGecko’s Trust Score runs from 0 to 10 and draws on liquidity, scale of operations, cybersecurity score and other metrics. CoinMarketCap ranks and scores exchanges on traffic, liquidity, trading volumes and the legitimacy of those volumes. Where a value such as a fee depends on your account or location, the table below says so rather than guessing.
The exchanges, in selection order
Kraken
CoinGecko names Kraken among the three largest exchanges by 24h volume, and it scores 10/10 on the Trust Score with reserve data available (CoinGecko). It suits people who want a large venue that shows its reserves. The limit is that fee levels and the countries or states it serves are set on its own pages, so confirm both before you register.
Coinbase Exchange
Coinbase Exchange is also among the three largest on CoinGecko and carries a third-party audit for assets (CoinGecko). CoinMarketCap ranks it second with a 24h volume of $1,069,980,395 and lists fiat support for USD, AED, ARS and +61 more. The audit and fiat range suit people who want to fund an account in a local currency. Its listed volume is well below the top-ranked venue on that aggregator, which matters mainly if you trade large sizes. Our coinbase review covers the platform in full.
Binance
CoinMarketCap ranks Binance first with a 24h volume of $6,285,721,034 (CoinMarketCap). CoinGecko puts it among the three largest too, with reserve data available and a 10/10 Trust Score (CoinGecko). It suits active traders who value deep liquidity. Its US-facing listing is separate, so do not assume the global platform’s scores carry over to it.
Binance US
Binance US is listed separately on CoinGecko with a Trust Score of 8/10 and reserve data available (CoinGecko). It suits US residents who want a platform built for that market. The score is lower than the three largest platforms, and no volume standing is shown for it, so judge it on trust and fit rather than on size.
Gate US
Gate US scores 7/10 on CoinGecko with reserve data available (CoinGecko). It is the lowest-scoring platform in this selection. It suits a US user who wants an alternative and has checked the platform’s terms. For a first account, the higher-scoring options above leave less to verify.
Comparison at a glance
| Exchange | CoinGecko trust score | Reserve disclosure | Volume standing | Fees | Planning use |
|---|---|---|---|---|---|
| Kraken | 10/10 | Reserve data available | Among the largest three | Varies; check live schedule | Large venue with published reserves |
| Coinbase Exchange | 10/10 | Third-party audit for assets | Among the largest three | Varies; check live schedule | Audited assets and wide fiat support |
| Binance | 10/10 | Reserve data available | Among the largest three | Varies; check live schedule | Active traders who want deep liquidity |
| Binance US | 8/10 | Reserve data available | Not among the largest three | Varies; check live schedule | US-focused option; confirm your state |
| Gate US | 7/10 | Reserve data available | Not among the largest three | Varies; check live schedule | Secondary option after checking terms |
Trust scores, reserve status and volume standing come from CoinGecko’s exchange listing; fees are left as variable because they depend on tier and market conditions.
Trading fees and what you actually pay
Exchange charges change regularly and may depend on market conditions, according to a fee comparison guide. The same guide notes that the spread and the trading fee are both included in the price displayed before you confirm a trade. A headline fee percentage therefore understates the true cost if the spread is wide. Many platforms also cut fees for high-volume traders or holders of the platform’s token, so a published schedule is only your cost if you fall in the tier it describes.
Compare the confirmation screen on two platforms for the same small purchase. That shows the real cost for your account type, which a fee table cannot do.
Which exchanges are most trusted
On CoinGecko’s Trust Score, Kraken, Coinbase Exchange and Binance each reach the top Trust Score, while Binance US and Gate US sit lower (CoinGecko). Treat the gaps as a prompt to read more, not as a verdict. Reserve disclosure matters most when you keep coins on the platform, because they then sit in the exchange’s custodial wallet and you rely on the exchange to hold them.
Three habits follow from the criteria Kaiko scores. First, expect identity checks, since KYC/AML procedures count under governance. Second, switch on two-factor authentication wherever it is offered, because account protection is part of the security score. Third, look for dated incident reports before you deposit, since historical security incidents are also weighed.
Which exchanges have the highest trading volume
CoinGecko tracks 154 exchanges with a total 24h trading volume of $67.4 billion, and names Kraken, Coinbase Exchange and Binance as the three largest (CoinGecko, as checked on 2026-10-28). CoinMarketCap tracks 231 spot exchanges with a total 24h volume of $693.18 billion and ranks Binance first and Coinbase Exchange second.
The two aggregators cover different exchange sets and reach different orderings, so compare platforms within one aggregator rather than mixing figures. Volume also does not equal safety. It is one input among several, which is why Kaiko gives liquidity only 15% of its weighting against 30% for governance.
Best crypto exchanges in the US
For US residents, the dedicated listings are Binance US and Gate US on CoinGecko, both with reserve data available (CoinGecko). CoinMarketCap lists USD among the fiat currencies Coinbase Exchange supports. Fiat support is not the same as state-by-state availability, which each exchange sets in its own terms, so confirm that your state is covered before you create an account.
Frequently asked questions
How often do exchange rankings change?
Kaiko updates its exchange ranking quarterly, in March, June, September and December (Kaiko). Volume figures on aggregators move daily, so recheck them when you are ready to sign up.
Does SIPC insurance cover crypto left on an exchange?
No. SIPC insurance does not apply to cryptocurrency, so an exchange failure is a real risk to coins held in custody, according to a fee comparison guide. That is why reserve disclosure carries weight in the scoring.
Is a directory like BestChange an exchange?
No. BestChange describes itself as a directory of vetted exchangers, meaning it lists operators rather than running a trading venue. Judge the operators it lists on the same criteria used above.
