The Best Crypto Exchanges in 2024

In 2024, there will be more than 500 cryptocurrency exchanges on the market, but not all of them are equally functional and secure. Especially for those who plan to create an account, store, buy and sell coins, we have written this guide. In it, we have collected the best cryptocurrency exchanges for 2024. 

Why You Should Trust Us

To compile this list, we researched the key metrics of each exchange. We checked security, number of coins on the platform, availability, commissions, availability of financial services such as staking, lending, leverage and many others, as well as the functionality of crypto exchanges’ mobile apps.

The Best Crypto Exchanges in 2024

In 2024, crypto exchanges continue to develop and offer more and more new tools to their users. The list includes the best cryptocurrency exchanges with a high degree of reliability and low commissions, which managed to stand out from the rest of crypto exchanges. Each of the exchanges is the best in its segment.

Binance is the best crypto exchange for traders who need low trading fees. Binance has the highest 24-hour trading volume of any exchange, which means that most traders and investors choose it for their trades. There are 414 coins traded on the exchange, which you can trade through a user-friendly interface.

Coinbase is the best exchange for beginners who want to better understand how the cryptocurrency market works. The exchange is known for its accessibility to beginners due to its educational resources, and it can also rightfully be called one of the safest crypto exchanges.

Bybit is the best exchange for margin trading. Out of our top, Bybit has the largest number of coins available for trading. A total of 655 coins are available for trading. Bybit continues to gain popularity due to its innovative products and quality user support.

Kraken is the best suited for experienced traders due to its low transaction fees and advanced features for traders. The exchange has 317 coins available for trading.

OKX – the best exchange for those who expect a wide range of trading tools from the exchange. In addition, the exchange has many profitable events, trading contests and other activities that can help beginners increase their bank.

Your choice of exchange will depend on your goals and experience with cryptocurrencies. If you don’t have an account on any of the crypto exchanges, we recommend registering on Binance and then gradually exploring other exchanges to take advantage of the best tools from each.

Different Types of Crypto Exchanges

Centralized Exchanges

Cryptocurrency exchanges can be divided according to the degree of decentralization. For example, centralized exchanges (CEX) usually operate on the principle of traditional financial markets with a single control center. All the exchanges described above are centralized. On such exchanges you can store your funds, trade and use a large list of available tools such as staking, lending and participating in ICOs. The main danger of such exchanges is that your funds are stored in the accounts of the exchange itself, not you, and in case of any shocks or hacker attacks, the exchange can simply close the withdrawal of your funds, as was the case with one of the largest crypto exchanges FTX. Most of the users who stored their coins on this exchange were unable to withdraw their funds during the exchange crash.

Decentralized Exchanges

Decentralized Exchanges (DEX) are considered safer because the funds are stored in your wallet, not on the exchange. DEX exchanges allow users to trade directly with each other, bypassing intermediaries. In addition, such exchanges do not require identity verification (KYC), which means that such solutions offer greater anonymity compared to centralized exchanges.

Examples of the largest DEX exchanges include Uniswap, PancakeSwap and Raydium. Decentralized exchanges have comparatively lower trading volumes than centralized exchanges, and buying or selling tokens may take longer than on CEX exchanges. Such exchanges are more likely to attract experienced users than novices, and are not suitable for transactions where fast response and minimal spreads are required. 

But using DEX exchanges user pays much more trading fee then he pays on CEX exchanges.

Crypto Exchange Fees

When we talk about the best crypto exchanges, one of the important components is the level of commissions on the platform. If you frequently make transactions to buy or sell tokens, as well as transfer coins between your wallets, it will be crucial for you to choose an exchange with minimal commissions.  

Trading Fees

The most common commission that traders face is the commission for buying or selling coins. Such commission is charged for each transaction. On some exchanges, such as Binance or Bybit, it is possible to reduce the size of the commission at the expense of the exchange’s internal tokens. Therefore, if you plan to trade actively, you should compare the level of trading commissions on each of the exchanges. Among our top exchanges, Binance and Kraken have the lowest trading commissions.

Withdrawal Fees

Exchange withdrawal fees are also a fairly common transaction that you will have to make. Especially if you are involved in arbitrage or frequently transfer your coins between different crypto exchanges or wallets. The cost of withdrawing depends on the coin you choose and the network on which you withdraw. Withdrawing on a network with more expensive fees, such as ERC-20 (Ethereum blockchain network), will charge a higher fee compared to withdrawing on a blockchain with cheaper transactions, such as SOL (Solana blockchain network). Before making a withdrawal, it is important to check what commission you will be paying. This information can usually be found on the withdrawal page when you enter the coin and network you are withdrawing to.

Other Fees

Crypto exchanges have other commissions that you will also encounter, but less frequently than the first two. Commissions can be charged for margin trading, lending, transfers and much more. It all depends on what tools you plan to use in your work.

How to Choose a Cryptocurrency Exchange

Choosing the best cryptocurrency exchange depends on many factors. First of all, you need to decide what you want to use the exchange for. This will determine which factors you should pay more attention to. For example, you can use the exchange for trading, storing your coins, or lending. 

Security

Security is one of the main criteria that should be prioritized by every user, regardless of their goals in the market. A crypto exchange should offer up-to-date security measures such as two-factor authentication, storing the exchange’s main assets in cold wallets, and regular security audits by verified auditors. It is not unreasonable to learn more about the exchange’s reputation and read reviews from its members. 

If you are planning to store a large amount of money on a crypto exchange, we would like to remind you that the safest way to store your assets is to store coins in your own cold wallet. None of the exchanges can give you the same level of security that cold wallets can provide for your tokens.

Available Coins

The number of coins available for trading will be important for active traders who are not limited to trading only the most popular coins. New meme coins that have just appeared on the market or fundamental coins with low capitalization will all be interesting to trade or invest in, so the wider the range of coins an exchange can offer, the better.

Trading Volume

Trading volume is another important indicator for traders to look at when choosing the best crypto exchange. High trading volume means fast order execution and minimal spreads. Binance and Bybit have the highest trading volume.

Educational Resources

If you are a beginner, the training courses, guides and videos that many crypto exchanges offer can be an important factor for you. Such courses can explain how different trading tools work, how to analyze the chart and improve your trading skills, and much more. However, you should not limit yourself to these resources. Education should be comprehensive and backed up by practice. Therefore, you should not choose a crypto exchange for trading based on this point alone. It is worthwhile to get comprehensive training, which can often be found outside of cryptocurrency exchanges, to build a solid foundation of knowledge, and use the exchange’s educational resources only as a supplement to the knowledge you have already acquired. 

Accessibility

Accessibility means that the exchange and all its tools must be available in your region. For example, Kraken Exchange is available in all US states except Washington, New York and Maine. It is important to check in advance if the exchange supports your region and if there are any restrictions. You can also check what deposit methods are available on the exchange and if a mobile app is available.

Depending on your goals, you may have other factors for selecting the best crypto exchanges. For example, if you plan to engage in steaking, an important metric for you will be the APR offered – the amount of annualized interest you will receive when you steak a coin.

Crypto Exchange FAQs

Let’s go through the most frequently asked questions and answer each one.

What Is a Crypto Exchange?

A cryptocurrency exchange is a platform where cryptocurrency trading takes place. Users can buy and sell their coins, as well as use more sophisticated trading tools such as leverage, futures, stops, and others. Exchanges can be centrally managed (CEX) or decentralized (DEX).

How Do Cryptocurrency Exchanges Work?

Users place their orders to buy and sell coins, and transactions take place on the principle of an auction, with crypto exchanges acting as intermediaries and taking their commission by matching buyers and sellers.

Which are the largest crypto exchanges?

The largest crypto exchanges in terms of trading volume, number of available instruments, and popularity among users are Binance, Coinbase, Bybit, Kraken, and OKX. These are the best crypto exchanges in 2024.

Which crypto exchange is the safest?

Among the most secure crypto exchanges are Kraken and OKX. However, most security-related features, including two-factor authentication, the use of cold wallets, and passing security audits, are now used by almost all popular exchanges. Therefore, security differences between the most popular exchanges will be minimal.

How much money do you need to buy crypto?

You can start with almost any amount. Amounts as low as $10 and even less are usually available for deposits. The minimum purchase amount also depends on the specific coin and platform.

How do I open a crypto exchange account?

First, you need to choose the exchange where you want to register. Then you should fill out the registration form and confirm your identity by going through the KYC (Know Your Customer) process. This process requires you to upload a scan of your ID and sometimes confirm your address.

How do cryptocurrency exchanges make money?

Crypto exchanges make money primarily from trading commissions. The exchange takes a commission for every transaction made on the platform. The more traders on the platform and the more transactions they make, the more the exchange earns. This includes margin trading. The exchange charges a fee for providing leverage for trading.

In addition, crypto exchanges earn from spreads, which is the difference between the buying and selling price of a coin. 

Exchanges also earn substantial amounts from commissions when funds are withdrawn from the exchange. 

Finally, premium services and the listing of new coins can also generate revenue for crypto exchanges.

Which crypto exchange has the lowest fees?

As mentioned above, there are different commissions: for trading, for withdrawing funds, for using leverage and many others. The lowest commissions are set on the Binance and Kraken exchanges. 

How many cryptocurrency exchanges are there?

By 2024, there will be more than 500 cryptocurrency exchanges. Among them are both large and international platforms, as well as more niche ones. It is difficult to state the exact number, as new crypto exchanges appear regularly, and old ones may cease to exist. It is important to note that exchanges with low liquidity are not suitable for trading, as they have a large spread between orders. Also, small exchanges can often neglect security and have a higher risk of hacking. So when using a small crypto exchange, it is highly recommended to check all the factors we wrote about in this article. However, for most users it will be enough to have an account on one or more of the most popular crypto exchanges. Often, over the years of using an exchange, they may never use exchanges below the top ten. 

Which crypto exchange does not report to the IRS?

Exchanges operating in the United States are required to comply with tax regulations and may share information about their users with the Internal Revenue Service (IRS). For example, Coinbase and Kraken regularly provide information about their users’ transactions. To avoid this, you should choose crypto exchanges located outside the United States. This means that they do not have such an obligation to the IRS. From our list, the Binance exchange meets such criteria. It is based in China and is currently registered in Malta. However, it also has a number of offices around the world.

Conclusion

Experienced crypto enthusiasts are not limited to one or two crypto exchanges. They have accounts on a dozen popular crypto exchanges, and as soon as one of the exchanges offers new coins for trading, interesting activities or lucrative offers, users come there to take advantage of these benefits. Therefore, it is very convenient to have accounts on several exchanges at the same time.

However, if you plan to use the exchange only for investment and will use only the basic functions, we recommend you to choose one of the best crypto exchanges 2024 that we have told you about today.

When choosing an exchange, take into account the security, commissions and availability of the exchange in your region. Don’t forget to check the exchange’s reputation and real reviews. Avoid storing large amounts of coins in centralized exchanges. Instead, consider storing in a cold wallet for greater security.

Whatever your goals, be it long-term investing, trading or arbitrage, choosing a trusted exchange can be a good start for future productivity and big profits. Remember to regularly update your knowledge and keep up with crypto industry news to effectively manage your capital.

For more insights and updates on the crypto world, don’t forget to check out our blog at Listing.Help.