Faced with a dazzling array of exchanges, where do you start? Don’t worry, follow our five core criteria to filter out the best “wealth accelerator” for you, step by step!
Quick Look at Evaluation Criteria:
Security is the absolute bottom line when choosing an exchange! It’s like choosing a bank; you wouldn’t want to deposit your money in an institution that could collapse at any moment, would you?
Fees are an “invisible cost,” especially for frequent traders. They add up and cannot be ignored. They are mainly divided into three types:
“Liquidity” refers to the ease of buying and selling cryptocurrencies on an exchange. A platform with good liquidity means there is sufficient depth in the order book, allowing you to easily execute trades at the market price without significant price slippage.
A good user interface (UI) and user experience (UX) can make your work twice as effective. Especially during volatile market movements where every second counts, a laggy or counter-intuitive design can be infuriating.
Many exchanges offer rich “welcome packages” to attract new users, such as registration bonuses and trading fee discount coupons. Additionally, whether the platform offers diverse features like copy trading, grid trading, or staking for interest is also a plus, making your investment strategies more flexible.
For Taiwanese investors, being able to directly buy and sell cryptocurrencies with fiat currency is undoubtedly the most convenient option. The following three are mainstream in the Taiwan market and have all completed the FSC’s anti-money laundering compliance statement.
| Exchange | Background & Features | Pros | Cons |
|---|---|---|---|
| MAX Exchange | Part of Far Eastern Group, largest trading volume in Taiwan | User-friendly interface, best liquidity Partners with Far Eastern International Bank for asset trust |
Relatively few coin options |
| ACE Exchange | Audited by KPMG, the first compliant exchange | Diverse functions, including debt products, recurring buys, etc. Multiple customer service channels |
App interface is relatively complex |
| BitoPro | Veteran Taiwanese exchange, started with the BitoEX wallet | Useful price alert function Supports buying crypto at convenience stores |
Trading depth is sometimes insufficient |
Once you are familiar with the basic operations and want to pursue more coin options and lower trading costs, global exchanges are your next step. They usually do not support direct fiat deposits; you’ll need to transfer stablecoins like USDT from a local exchange.
| Exchange | Background & Features | Pros | Cons |
|---|---|---|---|
| Binance | Global leader in trading volume, most complete ecosystem | Most comprehensive coin selection, world’s number one liquidity Powerful features, covering everything from spot to derivatives |
Huge scale, faces strong regulatory pressure from various countries |
| OKX | Derivatives trading expert, strong Web3 wallet integration | Excellent contract trading depth, professional interface Powerful Web3 wallet for seamless DeFi integration |
Some features are relatively complex for beginners |
| Bybit | Known for derivatives trading, popular copy trading feature | Active copy trading community Stable system, fast transaction speeds |
Fewer spot trading pairs compared to Binance |
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In the crypto world, exchanges are divided into two main factions: Centralized (CEX) and Decentralized (DEX). It’s like the established, orthodox sects versus the solitary martial arts masters in a Wuxia novel—each has its own way of survival.
A CEX (Centralized Exchange) is like a traditional stock brokerage or bank, operated by a central authority that facilitates trades and holds custody of assets. The exchanges mentioned above, like Binance, MAX, and OKX, are all CEXs.
A DEX (Decentralized Exchange) is the complete opposite. It has no central server or operating company; instead, trades are executed automatically on the blockchain via smart contracts. Well-known DEXs include Uniswap and PancakeSwap.
In a nutshell:
Choosing a cryptocurrency exchange is like picking a reliable ship for your investment voyage. For Taiwanese investors, starting with platforms like MAX or ACE that offer convenient fiat on/off-ramps is the best way to get your feet wet. Once you’ve gained enough experience, you can set sail for the vast blue oceans of global exchanges like Binance and OKX to seek more diverse investment opportunities.
Remember, there is no “best” exchange, only the one that is “most suitable” for you. Before making a decision, be sure to prioritize security and compliance, and evaluate fees based on your own trading frequency and habits. We hope this detailed ranking and analysis helps you navigate the path of cryptocurrency investment more steadily and successfully. Now, choose the best platform for buying and selling Bitcoin for you and begin your digital asset journey!
Completely legal. Taiwan currently classifies cryptocurrency as a “virtual commodity” rather than a currency. According to current regulations, profits from personal cryptocurrency trading are considered “property transaction income” and should be declared as part of your individual income tax. It is advisable to keep all transaction records for auditing purposes.
Yes, they can. Historically, many exchanges have collapsed due to hacking or mismanagement, with FTX being the most famous example. Therefore, it is crucial to choose large, reputable exchanges with proof of reserves. At the same time, learning to use your own cold or hot wallet to withdraw the majority of your long-term holdings from the exchange is the highest principle for securing your assets. This is the core spirit of “Not your keys, not your coins.”
Basically, you will need to complete KYC (Know Your Customer) identity verification. You’ll need to prepare: 1. National ID card or passport; 2. A second form of ID (e.g., driver’s license or health insurance card); 3. A selfie holding your ID; 4. Proof of address (sometimes required). This is to comply with anti-money laundering regulations and is an important step in securing your account.
These are two roles used by exchanges to calculate fees. A Maker is someone who places a limit order that is not immediately matched but instead enters the “Order Book,” waiting to be filled. This provides liquidity to the market, so the fee is usually lower. A Taker is someone who places an order (like a market order or an immediately-fillable limit order) that removes an existing order from the order book, thus consuming market liquidity, so their fee is slightly higher.
