According to statistics, by the end of 2024, the global crypto market capitalization is projected to reach US$56.7bn (compared to last year's US$30.3bn). Considering that the entry threshold to Web3 projects is becoming lower, we can expect that crypto trading as one of the key areas stimulating this market’s growth will also actively develop.
However, as practice shows, not all crypto buying platforms are equally good: some lack functionality, and some are often hacked. So how can you find those where your finances will feel safe? Actually, the Coinband team will overview the best cryptocurrency sites below.
What Is a Cryptocurrency Trading Platform?
A crypto trading platform (exchange) is a digital solution designed to buy, sell, and exchange cryptocurrencies. Acting as an intermediary between the buyer and seller, such a platform ensures the reliability and security of transactions. Note that the principle of its operation is not much different from conventional exchanges, but unlike fiat currencies, at least one asset in the trading pair must be a cryptocurrency.
There are several types of cryptocurrency trading platforms, so let's take a quick look at them:
- CEX (centralized crypto exchanges). This type of exchange meets AML and CFT requirements and has a regulatory body responsible for defining and verifying the rules and policies under which these platforms operate. Due to their centralization, they have top-level security: in particular, this is guaranteed by the presence of KYC policies with IP address verification, dual-factor authentication, phishing protection, a built-in firewall, compliance with Customer Due Diligence standards, comprehensive transaction monitoring, and the ability to store user funds in cold wallets. In addition, such crypto exchanges are audited by third-party white-hat companies, which makes them an ideal place for traders and investors who are very worried about the safety of their assets. At the same time, due to enhanced security measures, participants in such platforms often face temporary (and sometimes irreversible) blocking of accounts.
- DEX (decentralized crypto exchanges). Such crypto exchanges, on the contrary, do not have a centralized control body, and all operations within them are carried out directly in the blockchain, using smart contracts. On the one hand, this provides complete transparency and security of trade transactions. Moreover, DEX platforms ensure complete anonymity of users, because they do not have centralized storage of funds and data of their users. On the other hand, high-frequency trading is impossible in these exchanges due to the limited speed of processing new data by the blockchain (in fact, this also causes higher transaction fees). In addition, many of them have a rather complex interface for beginners.
- Peer-to-peer (P2P) crypto platforms. These exchanges function as intermediaries between buyers and sellers of cryptocurrencies. They are characterized by the absence of KYC verification, the presence of escrow, as well as the ability to independently select trade offers. For the safety of participants, P2P platforms transfer assets to a temporary balance until each of them fulfills the terms of the deal. In general, due to low transaction fees and the ability to cancel transactions (which, for example, is not available on DEX), they are the optimal choice for long-term investors. At the same time, such platforms have some disadvantages, including an increased risk of fraud (participants have an internal platform rating, which, however, may not be enough to ensure the full transparency of their intentions), as well as restrictions on the speed of performing transactions.
Generally speaking, before the advent of crypto exchanges, only those who were engaged in mining or were not afraid to perform transactions on various Web3 forums could become owners of cryptocoins. Obviously, these two approaches have enough disadvantages to look for more convenient and safe alternatives, and registration on a crypto trading platform can just be one of them.
Criteria for Evaluating Cryptocurrency Platforms
We have already outlined the main types of cryptocurrency platforms above, and considering them obviously plays an important role in choosing the best one. However, there is a list of additional criteria that are also important to evaluate before choosing the best place to buy cryptocurrency.
Crypto exchange security
This is perhaps one of the most important criteria when choosing a crypto exchange, the assessment of which should definitely not be neglected. In particular, you must be sure that every action you perform within the crypto platform will be safe, from the moment of registration and depositing fiat money into the exchange wallet to trading and withdrawing income to your bank card.
At the same time, it is hardly possible for an ordinary person to independently assess the security level of a particular exchange – the most you can do is try to find out what protocols and standards a particular solution uses, as well as how and where it stores its users' assets (on internal or third-party wallets). For example, this data was made public by exchanges such as Coinbase and Binance, which meet ISO/IEC 27001 security standards. You can also check the websites of third-party companies specializing in independent auditing of crypto projects – in particular, useful information can be obtained on the Cer.live website.
Authority among users
It makes sense to conduct at least a small research on the web about the cryptocurrency exchange platforms you are interested in (on social networks, forums, websites covering Web 3 projects, and so on). Here's what you need to pay attention to first: cases of hacker attacks, cases of irreversible blocking of accounts, theft of personal data, as well as general dissatisfaction with the platform.
At the same time, you have to be careful with advertising publications – they can be aimed at both praising specific platforms to buy cryptocurrencies and deliberately underestimating the reputation of their competitors. Sometimes, it can be difficult to distinguish such reviews, so you should try to collect analytics from at least several places to get an objective understanding of the authority of a particular solution.
A variety of methods for depositing and withdrawing funds
The more options for replenishing and withdrawing funds from a wallet on a particular crypto exchange, the more convenient it is for traders. It is also considered an indirect indicator of the platform's reliability since popular payment systems, as a rule, do not cooperate with those who engage in fraudulent activities or have many complaints from customers.
In addition to this, you will need to find out about the size of the fees that the exchange takes for transactions. They can be quite large and ultimately unprofitable for you.
Diversity of cryptocurrencies and trading pairs
The more altcoins and trading pairs are presented on a crypto exchange, the more opportunities you get for trading and investing. On the other hand, there are platforms that list dubious crypto coins. In this case, you risk buying tokens from fraudulent projects that will nullify the value of your investments.
Additionally, you should check the proposed trading formats: this can be staking, loans, futures, and margin trading. Also, the most modern crypto platforms offer the DeFi option, using which transaction participants can interact with each other directly, without intermediaries. This speeds up these transactions and minimizes fees.
Registration rules
Finally, you should understand that registering on a crypto exchange is not a procedure where you can blindly agree with all the rules and policies. Before creating an account, you need to carefully analyze them so that at later stages of your interaction with the crypto platform it does not happen that you cannot withdraw funds in your country or the fees for certain transactions are too high.
If you still have doubts about whether the rules implemented by a particular crypto exchange are suitable for you, you should consult with its support service. An additional sign of a “good” platform will be a variety of communication formats and the availability of call center employees 24/7.
Best Digital Currency Exchanges in 2024
So, where to trade cryptocurrency – you may ask. We won't bore you – now, it’s time to consider thirteen of the best digital currency exchanges that have been recognized as reliable by millions of crypto traders around the world.
#1. Binance – Best Digital Exchange
Binance is most likely the best site for cryptocurrency trading founded in 2017. It is one of the largest in the world and is constantly expanding with new altcoins (primarily due to the presence of an IEO launchpad). However, its functionality is not limited to just a launchpad and an exchange with internal crypto wallets: there is also a blockchain, a mining pool, and an information center that can be useful for traders, long-term investors, and Web3.0 projects.
Thanks to its convenient interface, users can find out the rates of digital currencies, analyze their dynamics with visualization tools, engage in spot, futures, and margin trading, or simply buy or sell cryptocurrencies. Since 2020, its average daily turnover has exceeded $3 billion and continues to grow.
It should be noted that in 2023, this crypto exchange faced non-compliance with the requirements of the US regulatory institution, losing part of its audience. However, this problem was soon resolved, and today, Binance is completely legal for residents of a country with probably the strictest standards for crypto projects.
#2. Coinbase – Recommended Cryptocurrency Exchange
Coinbase is an American CEX that has been operating since 2012 and has rich functionality that allows traders to store, exchange, buy, and sell various cryptocurrencies, as well as monitor their rates in real time.
Currently, over 8 million users trade on this exchange every month, many of whom are companies and system partners. The platform's global annual revenue at the end of March 2024 was $3.973 billion, which is almost 42% more than in the previous financial year. Also note that currently, more than 2,700 employees around the world work to maintain the Coinbase ecosystem.
This platform to trade crypto provides reliable storage of its users' digital assets: the vast majority of client cash is stored in FDIC-insured bank accounts to maintain its liquidity and protection from theft.
#3. Kraken – Good Cryptocurrency Exchange
Kraken is one of the most popular CEX solutions in the world, which, by the way, ranks first in trading volume in the BTC/EUR pair. Moreover, in 2019, the platform accounted for 13% of the total global token turnover.
Now, the exchange offers a wide range of financial services, including spot and margin crypto trading, fiat transactions, staking, as well as money transfers. However, the main activity of the platform is trading.
This cryptocurrency exchange for US is loved for its simple and quick registration, low transaction fees, as well as the ability to perform financial transactions in fiat currencies. Another reason for the popularity of the exchange is very easy verification – it can be completed in just a couple of clicks.
Note that Kraken stores most of its assets in cold wallets, except for those that are directly used in trading operations. Also, unlike the two competitors described above, this crypto exchange was not subject to successful hacker attacks.
#4. Gemini – Trading Platform for Crypto
The centralized digital currency trading platform Gemini was founded in 2014. Although it has a moderate reliability rating according to Coingecko (8 points), it is still loved by traders and investors from all over the world. Today, the platform offers 120+ cryptocurrencies, and the most active trading pair is BTC/USD. In addition, this platform provides the opportunity to trade its own altcoins Gemini Dollar, and also supports deposits in electronic and fiat currencies. By the way, in 2019, Gemini won the Markets Choice Awards in the Best Crypto Exchange category.
This crypto exchange is characterized by large trading volumes (about $30 mln per day), which makes it attractive not only for beginners but also for institutional investors. The platform is most popular in the United States – about 70% of all transactions are made by residents of this country.
It should be noted that the exchange has separate interfaces for beginners (Market) and for experienced traders (ActiveTrader, where advanced analytical tools, various orders, etc. are available).
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#5. KuCoin – Crypto Exchange with the Largest Number of Cryptocurrencies
The centralized crypto platform KuCoin began its work in 2014, thanks to its founders from Beijing. Due to the tightening of local regulations on cryptocurrency transactions, the headquarters of this exchange was eventually moved to Hong Kong.
Thanks to its withdrawal speed and the efficiency of customer support, it quickly managed to win the favor of traders and investors around the world. Today, KuCoin has been among the top ten world exchanges with the largest daily trading volume for several years in a row.
KuCoin often adds new altcoins even before they appear on other crypto trading platforms. In particular, a list of cryptocurrencies preparing to be listed in the near future is always available here.
As for the in-platform KuCoin Shares tokens, which are a decentralized cryptocurrency issued on the Ethereum blockchain (ERC20 tokens), they allow trading on more favorable terms.
#6. Bitfinex – a Crypto Exchange with a Lot of Trading Options
The Bitfinex centralized crypto trading platform has been operating since 2012, providing users worldwide with an advanced trading experience and access to various digital assets. Bitfinex services are currently available to residents from 52 countries.
The exchange has an extensive set of trading tools, as well as peer-to-peer financing services, an over-the-counter market, and margin trading with support for a wide range of tokens. Also, it is characterized by its own trading terminal with a mobile application for margin trading (by the way, here, you can make scalable orders that can be customized for an individual trading strategy) and leverage up to 1:10 (up to 1:100 for derivatives). There are no restrictions for depositing and withdrawing funds; the crypto platform can also boast its own affiliate and investment programs.
Today, this cryptocurrency exchange is among the top ten largest in the world in spot trading.
#7. Huobi Global – a Crypto Exchange with 300+ Cryptocurrencies Listed
Huobi is a popular centralized platform to buy cryptocurrency founded in 2013 in Hong Kong. Currently, its functionality is adapted for margin trading, fiat transactions, contracts, Huobi Earn orders, as well as bot transactions and credit agreements.
The cryptocurrency exchange allows traders to carry out deals with a variety of assets, including about 300 currency pairs and cross rates. It should be noted that here, financial transactions can be carried out without verification, but with restrictions on the withdrawal of cryptocurrencies up to 0.06 BTC per day, up to $ 150 per P2P transaction, and the absence of futures trading.
In general, Huobi's conditions can be called favorable for both novice traders dealing with small assets and professional players making large transactions.
#8. Bybit – One Of the Most Reliable Crypto Exchanges
The centralized crypto platform ByBit began operating in 2018 and currently has about 250 employees. Throughout its existence, ByBit has registered more than 5 million people.
This crypto trading exchange offers a full range of tools for spot trading and derivatives trading, earn-products that allow traders to boost their assets, as well as access to various Web3 services.
The platform also has all the necessary tools so that beginners can quickly understand the nuances of crypto trading; there is also an opportunity to test the system without financial risk. In turn, experienced Web 3.0 players can start trading immediately after registering accounts and replenishing their wallets.
#9. OKX – a Crypto Exchange with the Lowest Fees
Founded in 2017, OKX, a decentralized platform for trading cryptocurrency, has a high trust rating (according to Coingecko) and low spot trading fees. In particular, OKX does not charge fees for deposits and exchanges, but third parties such as Mercuryo or Moonpay may charge fees and spreads from 2% to 10%. Currently, it lists nearly 320 cryptocurrencies, with BTC/USDT as the most active trading pair.
This exchange is aimed at experienced traders and, therefore, has rich tools for futures and margin trading (including trading bots). However, there are also all the necessary resources for beginners, including demo accounts, the ability to copy transactions of successful traders, and educational materials.
It is also worth noting that OKX offers a wallet with support for 77 blockchains and convenient access to DeFi applications.
#10. Bitstamp – a Reliable European Crypto Exchange
Bitstamp is the first fully licensed cryptocurrency exchange in Europe, registered in 2011 and regulated by the Luxembourg Supervisory Commission for Finance (CSSF). This is one of the few exchanges where you can deposit funds using a regular bank card. The company keeps 98% of user funds in cold wallets, maintaining user security at the highest level.
It should be noted that this crypto exchange was hacked in early 2015, after which its team completely changed its security mechanisms. Also in 2017, Bitstamp entered into an agreement with Swissquote to provide users with the opportunity to trade bitcoins.
So far, this platform does not support many cryptocurrencies (about 80 only), unlike its competitors, and does not allow margin trading. As for the fees for exchanging fiat for cryptocurrencies, they reach 0.25%.
#11. BYDFi – a Fully Functioned Crypto Trading Platform
BYDFi is a top-tier centralized cryptocurrency exchange backed by industry leaders like CoinMarketCap and CoinGecko. Founded in 2020, the exchange initially announced its use of transparent and reliable mechanisms for trading and storing its users' assets.
Currently, it hosts over 550 cryptocurrencies, and its functionality is available to residents of 150+ countries. Among the trading capabilities of this crypto exchange are spot trading, derivatives, leveraged tokens, trading bots, P2P transactions, and copy trading. Its fees for spot trading are 0.1–0.3% and 0.1–0.15% for converting.
The crypto exchange also offers comfortable conditions for partners, helping them with promotion on social networks, opening access to offline events, and providing resources for airdrops.
#12. CEX.io – One of the Oldest Crypto Exchanges in the World
The CEX.io centralized exchange is one of the oldest cryptocurrency exchanges, which was created in 2013. Initially, the platform worked as a cloud mining service, but two years after its opening, it rebranded and became a crypto exchange. The platform offers its clients trading and brokerage services for working with digital assets. Currently, traders have access to about 200 trading pairs.
The crypto exchange offers not only cryptocurrencies, but also more than 2,000 tokenized exchange assets: stocks, stock indices, exchange and commodities. They can be traded in two modes – on spot and with leverage up to 100x.
The fee on this crypto platform depends on the trading volume for the month. In particular, the fee for the taker can be 0.10-0.25%, and for the maker – 0-0.16%.
#13. BingX – One of Crypto Exchanges with the Lowest Fees
The BingX centralized crypto exchange was launched in 2018. It offers its users with spot trading, supports conversion and grid trading, as well as standard and futures trading.
BingX provides services in 100 countries and lists about 800 crypto coins. All major altcoins are available here (although there is no exchange with fiat). This platform also offers passive investment options through a social trading platform with a transparent rating, which is an easy method for beginner investors to earn passive income.
As for transaction fees, they are among the lowest fees on the market (the average daily spread is 0.04%).
Best Digital Currency Exchange Sites to Buy All Cryptocurrencies
In our experience, only a few platforms to buy cryptocurrency can boast a large and constantly growing number of altcoins, which can be a serious problem for short-term traders who decide to conduct their trading activities within them. Therefore, if your trading strategy is short-term, too, pay attention to the following crypto trading platforms:
- Bitstamp with 80+ different cryptocurrencies;
- Gemini with 120+ different cryptocurrencies;
- Kraken with 200+ different cryptocurrencies;
- CEX.io with 200+ different cryptocurrencies;
- Coinbase with 240+ different cryptocurrencies;
- Bitfinex with 270+ different cryptocurrencies;
- OKX with 310+ different cryptocurrencies;
- Binance with 500+ different cryptocurrencies;
- BYDFi with 550+ different cryptocurrencies;
- Bybit with 650+ different cryptocurrencies;
- KuCoin with 700+ different cryptocurrencies;
- Huobi with 725+ different cryptocurrencies;
- BingX with 800+ different cryptocurrencies.
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Best Crypto Exchanges in the US
Now, let's look at several crypto trading platforms from the list above that, despite the strict regulation in the United States, maintain their operations there. This aspect can be perceived as an "identifier" of the best US cryptocurrency trading platform.
- Kraken. In the United States, Kraken is registered as a FinCEN money service provider and its bank is supervised by the Wyoming Department of Banking under the charter of a Special Purpose Credit Institution for the provision of certain interstate digital asset services.
- Binance. In 2023, Binance managed to reach resolutions with the U.S. Department of Justice, the Commodity Futures Trading Commission, the Office of Foreign Assets Control, and FinCEN (Financial Crimes Enforcement Network).
- Gemini. This cryptocurrency exchange in US was licensed by the New York State Department of Financial Services (NYDFS). Also, this exchange platform for cryptocurrency has ISO 27001 and SOC 2 Type 2 certificates.
- Coinbase. Coinbase is licensed by the Tennessee Department of Financial Institutions as a money transmitter, as well as registered as a Money Services Business with FinCEN.
- Bitstamp. Bitstamp holds BitLicense, the license issued by the New York Department of Financial Services (NYDFS) which enables it to be engaged in Virtual Currency Business Activity.
- BYDFi. BYDFi has US and Canada MSB dual license (US MSB Registration No. – 31000215482431/ Canada FINTRAC MSB Registration No).
- CEX.io. This crypto exchange was approved for a Money Transmitter License in the U.S. District of Columbia. Now, it has about 30 accreditations across the United States.
- BingX. BingX has been granted permission by the US financial regulatory bodies to engage in foreign exchange (FX) trading activities involving both fiat currencies and digital assets.
Comparison Table of Best Crypto Exchanges
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How to Choose the Best Crypto Exchange for Your Needs
Let’s check the process of choosing the best crypto exchange for trading/investing needs.
Step 1: Checking the standard compliance
When choosing reputable crypto exchanges, it is worth starting with compliance with generally accepted standards and policies. For example, about a year ago, several large crypto exchanges, including Binance and Coinbase, faced pressure from regulators, which ultimately could not but affect the trust of end users. That is why before registering on a specific platform for cryptocurrency trading, you have to check whether regulators have any complaints about it. Here, special attention should be paid to trading platforms that operate in the United States since in this country, the policies applied to them are the strictest.
Step 2: Considering fees
The second step is to analyze the functionality of the crypto exchange and the conditions of its operation. Usually, the larger and more popular the crypto exchange, the higher the fees on it. On the other hand, such crypto exchange sites offer the widest selection of tools and convenient channels for converting cryptocurrency into fiat money and vice versa.
Step 3: Analyzing security policies
The third step is checking the security policies adopted on a specific cryptocurrency trade platform: you should know how exactly your assets will be stored and what tools will be used to protect your sensitive data. Find out what security incidents the crypto exchange you have chosen has experienced: as practice shows, if their consequences were successfully fixed, this is a reason to perceive it as reliable in relation to those whose reputation has never been compromised. Also, pay attention to existing restrictions – perhaps the exchange you have chosen does not provide services in your country.
Step 4: Finding information about the credibility of a crypto exchange
In addition to basic security principles, such as the presence of an SSL certificate, you should check the reputation and the correctness of the URL in the address bar. Also, you can prove the reliability of the selected exchange in an independent directory, such as CoinMarketCap or CoinGecko – if it is not presented there, this may be a reason to doubt its "integrity".
Step 5: Choosing the appropriate crypto exchange format
The next step in choosing the perfect cryptocurrencies platforms is to take into account the specifics of their formats (CEX, DEX, or P2P). In particular, as we have already said, decentralized and P2P platforms are more suitable for more experienced traders, while centralized ones, due to the lower entry threshold, will be the best choice for beginners.
Step 6: Finding out available trading and investing options
Next, let's move on to your chosen crypto trading strategy – you have one, right? For example, long-term investors need to look for crypto exchanges that offer higher interest rates on earn-products, and traders aimed at short-term profits – for exchanges with a large number of trading pairs and a regularly expanding list of altcoins.
Step 7: Determining if the registration rules are right for you
And, finally, you should review the rules of your chosen places to trade cryptocurrency regarding verification procedures (KYC) and anti-money laundering (AML). Also, find out what laws regulate the circulation of cryptocurrency and how the exchange rate is formed. In general, you should try to detect any details to protect yourself from further disputes with a particular crypto exchange.
Benefits and Risks of Using Cryptocurrency Platforms
Finally, it's time to consider the features of crypto exchanges that carry both certain advantages and risks.
No dependency from conventional financial institutions
- Advantage: One of the key advantages of the best exchange sites is that they provide crypto traders with freedom of action. Since the cryptocurrency market is not tied to traditional financial institutions, it is less susceptible to economic processes and regulatory bodies.
- Disadvantage: This feature has another side: as digital currencies are unregulated assets, their development and pricing in external markets often occur according to non-trivial and poorly predictable patterns. In this regard, the volatility of the crypto market is quite high.
Rich trading options and tools
- Advantage: Modern crypto currencies trading platforms have all the necessary arsenal of tools to provide their users with detailed analytics on any time periods, thereby reducing the risks of losing their funds.
- Disadvantage: Crypto trading in general carries great risks, especially the margin one. That is why, regardless of the tools that a particular exchange is equipped with, traders without knowledge of the basics of cryptanalysis can lose all their funds in just a few unprofitable transactions.
Irreversibility of transactions
- Advantage: Compliance with strict internal policies makes crypto exchanges reliable digital environments for financial transactions, where users can be sure that something will not go wrong.
- Disadvantage: Since all cryptocurrencies exchange sites except P2P ones do not allow transactions to be reversed, this gives them a “green light” to profit from inexperienced traders (of course, we are talking about unscrupulous crypto trading platforms here). This is why it is so important to approach the choice of top cryptocurrency sites with great scrupulousness.
Final Thoughts about the Best Crypto Exchanges
We hope that our review helped you choose the best platform for digital currency trading, and now, you will definitely find a place where you can do it safely. Also, this article will be useful to you if you are looking for cryptocurrency exchange sites as a place to list your project's cryptocurrency.
By the way, if you need expert help in promoting your Web 3.0 solution, and probably are going to launch an ICO/IDO/IPO/IEO on one of the best crypto exchanges, feel free to contact us. The Coinband team has tremendous experience in promoting Web 3 projects – both at the initial stages of their formation and when they already have a mature history of existence. Build with us a comprehensive marketing strategy that will make the whole world talk about solution!
FAQs About Crypto Coin Exchange
What is the best platform to buy cryptocurrency?
Since the Binance crypto exchange supports probably the largest number of cryptocurrencies, including new ones (thanks to the fact that there is an ICO launchpad), it can rightfully be recognized as the best place to buy all cryptocurrency.
Which place has the lowest fees for trading?
Bybit, OKX, and Binance are considered the crypto exchanges with the lowest fees: there, the spot fee is between 0,08-0,1% and the futures fee is between 0,05%-0,02%.
Where can I trade all cryptocurrencies?
Kraken, Binance, and Coinbase are the top cryptocurrency trading sites supporting the biggest number of cryptocurrencies for now.
Are there crypto platforms specifically for US customers?
The Binance crypto buying platform has a separate version that is available for US residents only. It meets US regulatory standards for cryptocurrency exchanges.
What is the best online platform to trade cryptocurrency?
If we analyze the above platforms for cryptocurrency trading by the parameters of convenience, security, and the number of supported cryptocurrencies, Binance will take first place among them.
How do I know if a crypto buying platform is reputable?
To check the reliability of a specific crypto exchange, you need to analyze the opinions of traders and long-term investors on social networks, blogs, online forums, and independent review websites. This way, you can find out whether a particular platform for crypto trading has been noticed in fraudulent activities and whether there have been precedents of hacking and unfair blocking of user accounts.
