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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.
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:
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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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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.
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.
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.
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.
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.
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%.
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.
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%.
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%).
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:
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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.
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Let’s check the process of choosing the best crypto exchange for trading/investing needs.
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.
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.
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.
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".
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.
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.
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.
Finally, it's time to consider the features of crypto exchanges that carry both certain advantages and risks.
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!
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.
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%.
Kraken, Binance, and Coinbase are the top cryptocurrency trading sites supporting the biggest number of cryptocurrencies for now.
The Binance crypto buying platform has a separate version that is available for US residents only. It meets US regulatory standards for cryptocurrency exchanges.
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.
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.
