Top 5 reputable cryptocurrency exchanges for newbies

The crypto market is gradually attracting the attention of many people, causing a lot of new people to join. However, is any crypto exchange reputable enough for new people to buy and sell? Below are the top 5 reputable crypto exchanges in the cryptocurrency market.
What is a crypto exchange?
A crypto exchange or cryptocurrency exchange is a place that allows users to buy, sell, and trade tokens in the market, from Bitcoin to memecoin... At the same time, crypto exchanges also provide profitable services such as staking. , farming... aims to attract users to the platform.
In addition, crypto floors include two types:

• Centralized exchange (CEX): These are crypto exchanges managed by an organization or business. From there, the assets will be controlled and traded by the person who needs to comply with CEX regulations, similar to a bank or stock exchange.
• Decentralized exchanges (DEX): These are crypto exchanges that are not managed by a third party, allowing users to freely trade without following regulations like CEX. However, DEXs often contain more risk than exchanges because they do not have a management organization.

Criteria for choosing a reputable crypto exchange
Because crypto exchanges are divided into two types: DEX and CEX, the evaluation and selection criteria will depend on the type of exchange the user is trading on.
For the CEX trading floor, investors in the market often evaluate according to the following criteria:

• All reputable exchanges need to comply with KYC and AML (anti-money laundering laws).
• Daily trading volume is high, in my opinion a good enough exchange should have at least a trading volume of about 5 million USD.
• Attentive customer care team, ready 24/7 to support customers with trading platform issues such as transferring to the wrong network...
• User-friendly and easy-to-use interface.
• In addition, three mandatory products that every CEX should have to attract users are Spot, Future and Margin.

In DEX exchanges, the evaluation and selection criteria are quite different from CEX exchanges, because of the high potential risk when there is no management from a third party. Below are some criteria for choosing a DEX floor:

• The liquidity of the DEX must be high, so that user transactions are not subject to slippage. In the crypto market, there have been cases where investors lost 50% of their assets because the amount of liquidity on the DEX was not enough to carry out transactions.
• Appropriate transaction fees are also a criterion for choosing a DEX. When participating in a DEX, users often pay many different fees such as gas fees, platform fees and LP fees, from here a transaction worth 10 USD can be made. 20 USD transaction fee. Therefore, low transaction fees are also a competitive weapon among DEX exchanges.
• High security, users can evaluate the security based on the fact that the DEX has been audited by auditing businesses such as CertiK, Verichains... In addition, users can check the project's history of being attacked. If the project is ever attacked, users can check how the project reacts and how they appease the community.

Top 5 crypto exchanges
Binance (CEX)
Binance is a CEX exchange that has been a leader in the crypto market for nearly a decade, with trading volume reaching 4 billion USD/day and daily visits reaching 72 million. In addition to providing Spot, Future, Margin products at 650 token trading pairs, Binance also provides users with an ecosystem including NFT Marketplace, Binance Research, Binance Launchpool...
However, in the years 2020-2023, Binance has many times encountered legal troubles related to AML, illegal operations in some countries... Since then, many investors have feared that Binance may similar crash to FTX. Therefore, users should also limit using all assets to trade on Binance, because collapse is still possible.
OKX (CEX)
After Binance, OKX is a CEX exchange that is relatively active in marketing to attract new users. And their strategies are relatively successful as the trading volume on OKX is increasing, peaking at 7 billion USD/day in 2024. OKX currently has an outstanding product such as the Web3 wallet. OKX, OKX Ordinals - allows users to easily participate in the Inscription trend.
On the other hand, OKX is an exchange with a relatively difficult-to-use interface compared to exchanges such as Binance, Bybit... At the same time, as an exchange with the top trading volume in the market, OKX supports relatively few token pairs for users to trade (currently just over 300 trading pairs).
Bybit (CEX)
Bybit is also one of the top 5 CEX exchanges in terms of large trading volume, reaching 1 billion USD/day. Bybit's highlights include a toolkit that fully serves trading features for users such as Copy Trading, DCA Trading Bot, Futures, Margin...
Compared to top exchanges such as OKX and Binance, Bybit exchange is somewhat inferior in its difficult-to-use interface and the launchpad is not attractive enough like Jumpstart or Binance launchpool. But Bybit has the advantage of having more token pairs, offers and events than the above two exchanges.
Uniswap (DEX)
Uniswap is the first and largest DEX in the crypto market, with a TVL that peaked at $10 billion and a daily trading volume of over $1.2 billion. Not only is the project at the forefront of the crypto market, Uniswap was also a pioneer in integrating the CLMM (centralized liquidity) mechanism in adding liquidity.
Currently, Uniswap is supporting 8 EVM networks such as Ethereum, Optimism, Arbitrum, Base, BNB Chain... and the project also has a Uniswap version on phones. However, Uniswap is an AMM project with a large trading volume, so it will be suitable for regular investors and liquidity providers. For those “airdrop hunters”, Uniswap is currently not suitable.
In addition, Uniswap's biggest drawback is that it serves relatively few networks, even though the project only supports EVM-compatible networks.
PancakeSwap (DEX)
PancakeSwap is the first DEX exchange on BNB Chain and was also forked (imitated the source code) from Uniswap. According to DefiLlma, PancakeSwap once reached a TVL of 8 billion USD and daily trading volume reached 600 million USD.
Unlike Uniswap, PancakeSwap supports 9 networks including EVM and non-EVM networks such as zkSync Era, Linea, Aptos...PancakeSwap is also one of the few AMMs with relatively many services for users such as IFO (model raising capital like IEO), Lottery (lottery), Binary Option, derivatives...
However, similar to Uniswap, PancakeSwap is not suitable for airdrop hunters but is only suitable for regular investors or liquidity providers.