When you hear crypto exchange 2025, a platform where users trade digital assets like Bitcoin, Ethereum, or tokenized stocks. Also known as cryptocurrency trading platform, it's the gateway between your wallet and the market—but in 2025, most of them aren’t what they claim to be. The number of exchanges has exploded, but survival isn’t about marketing. It’s about liquidity, regulation, and whether users are still trading there.
Look at BitMEX, a derivatives-focused exchange with deep Bitcoin liquidity and low fees, but banned in the U.S. and too complex for beginners. It still operates because it serves a niche: advanced traders who don’t care about flashy apps, just price depth. Meanwhile, Winstex, a platform with zero trading volume and no users, is just a ghost site. And then there’s Burency Global, a fake exchange with no regulatory proof, no support, and no activity. These aren’t outliers—they’re the majority. In 2025, if an exchange doesn’t have real users, it doesn’t exist.
Regulation is reshaping the map. In Nigeria, only Quidax and Busha are licensed. In Singapore, the MAS, the Monetary Authority of Singapore, shut down nearly all new crypto licenses. And in the U.S., OFAC now tracks and freezes crypto addresses linked to sanctioned entities—meaning even if an exchange is legal, your wallet could get blocked overnight. This isn’t theory. It’s happening right now.
What’s left standing? Exchanges with real volume, clear rules, and no promises of free money. The ones that survive don’t need airdrops or AI bots to attract users—they just work. You’ll find them in this collection: reviews of platforms that still trade, scams that pretend to trade, and bans that killed others. No fluff. No hype. Just what’s real in 2025.
YOOBTC doesn't exist as a verified exchange - this review covers YoBit, a no-KYC crypto platform with 3,900+ trading pairs, gamified features, and no mobile app. Perfect for experienced traders, risky for beginners.