TLDR
Cryptocurrency exchanges are trading platforms where you can buy, sell, or store digital assets. With hundreds of available exchanges, you must choose the best cryptocurrency exchange that meets your needs.
For example, if you prefer an exchange platform with low trading fees, you should consider Binance. Users more particular about a smooth user interface can check out Coinbase, while users with a high trade volume can sign up for Kraken.
Gemini is better than many exchanges when it comes to regulation and compliance. If you deal more with fiat currencies and derivatives, BitMex would be a better exchange platform.
Introduction
Cryptocurrency trading has become popular in recent years, with more and more people looking to invest in digital assets such as Bitcoin, Ethereum, and Litecoin.
Crypto trading is usually carried out on platforms called crypto exchanges. Crypto exchanges work as trading platforms that allow you to access the crypto market through trading fiat currency for crypto or trading crypto for crypto.
These crypto exchanges profit from trading fees, including maker and taker fees. For every trade you make, you pay a percentage of that trade as fees.
The best exchanges have high trading volumes. A high trading volume indicates that an exchange has enough liquidity to facilitate trades. Another thing crypto traders look for in the best crypto exchanges is low trading fees.
What are the best crypto exchanges?
Knowing which is best for your needs can be challenging with many crypto exchanges.
This article will look at the top 5 cryptocurrency trading platforms as of April 2024 to help you make an informed decision.
These global crypto exchanges allow you to trade Bitcoin, monitor crypto assets, and execute crypto trades anytime. Note that even the best cryptocurrency exchanges have their cons.
1. Binance
Binance is a leading cryptocurrency exchange that was founded in 2017. it is arguably the best platform for crypto trading options like margin trading and perpetual.
But do not let this scare you as a newbie. The platform offers spot trading options, too, in case you are not into margin trading or futures trading. Binance has a large selection of cryptocurrencies available for trading and has hundreds of trading pairs.
It also offers low trading fees and a user-friendly interface, especially maker and taker fees. Binance has its token called Binance Coin (BNB), which can be used to pay trading fees at a discounted rate. Binance also has a mobile app for trading, which has two modes: Lite and Pro.
Newbies can switch to Binance Lite, a simplified version of this trading platform. It has no charts and presents crypto assets with their prices in a streamlined way. This makes Binance the best crypto exchange for new crypto investors who aspire to be experienced crypto traders later.
Many crypto traders prefer Binance because of its low trading fees and volume. As of January 2023, Binance recorded a trading volume of $17.6 million daily, according to Coingecko. It also allows more than ten types of fiat currency, including the US Dollar, Canadian Dollar, and British Pound.
To start trading on the Binance exchange, click the [Get started] button.
More details
Binance is a great combination of low fees, deep liquidity and multiple cryptocurrencies and trading pairs. We have tested every aspect of it and it STILL holds its reign as the top exchange in the world. In our view, it is the perfect crypto exchange for both newbies and advanced traders alike.
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Biggest exchange in the world.
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Industry's lowest trading fees.
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Advance trading options like leverage trading.
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600+ crypto options, 150+ for the US.
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Lucrative on-site staking options.
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Hiccups in account verification.
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Less regulated than some competitors.
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The corporate structure is not transparently.
2. Coinbase
Coinbase is another popular exchange that was founded in 2012. The platform is known for its ease of use. Coinbase is the best crypto exchange when it comes to the user interface. Its bright and easy-to-navigate UI is a dream come true for any crypto newbie.
Additionally, it has a crypto trading platform called Coinbase Pro that caters to a more specific clientele, from top individuals to institutions.
Coinbase works well with both phones and mobiles. Like many cryptocurrency exchanges, it offers a mobile app. This app supports NFTs on several blockchains, too.
But, Coinbase has high trading fees when compared to other exchanges. And since crypto traders want to be as profitable as possible, they usually do not use this crypto exchange much.
So, Coinbase is more suitable for swing trading or investors who want to hold or buy and sell coins for the long term. These users will not pay any trading fees because of their minimal usage.
To start trading on the Coinbase exchange, click the [Get started] button.
More details
Coinbase is one of the largest crypto exchanges in the world and a widely-used platform for buying, selling, and trading over 200 cryptocurrencies. It offers trading solutions for beginner, advanced, and institutional traders alike. Take a look at what makes it an excellent option for individual traders looking to trade in cryptocurrencies and beyond.
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A wide-selection of coin offerings.
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Most secure online crypto platforms.
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Top-rated mobile app.
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Easy interface and user-friendly.
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Expensive and complex fee structure for beginners
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Higher fees as compared to other cryptocurrency exchanges.
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Slow customer support.
3. Kraken
Kraken is a well-established cryptocurrency exchange that was founded in 2011. The platform offers a wide range of trading options. It is one of the best crypto exchanges because of its ease of use, low withdrawal fees, and trading volume.
As stated on its website, this crypto exchange records a quarterly trading volume of $207 billion. As for trading fees, their fees are pretty moderate. They are not the cheapest on the market, but not the most expensive.
Kraken has a platform called Kraken Pro, where expert traders can carry out advanced trading features like margin trading, binary options, and futures trading.
Unlike many cryptocurrency exchanges, Kraken allows you to convert between fiat currencies. For example, you are changing Canadian dollars to British pounds and vice versa.
Are you interested in earning some interest on your crypto assets? It allows you to earn attractive interest on your virtual currency via its Kraken staking program.
To start trading on the Kraken exchange, click the [Get started] button.
More details
Kraken Exchange offers a robust platform for serious crypto traders. It stands out with its diverse coin selection, advanced trading features, and competitive fees. However, its complex interface may prove challenging for beginners. Strong security measures further reinforce its reliability.
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Margin trading and staking.
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Support/chat is one of the best.
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Low trading fees to withdraw Bitcoin (BTC).
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Provides tons of resources for learning.
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Only a few fiat currencies.
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Doesn't accept debit cards or Paypal.
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Has three apps.
4. Gemini
Gemini is a popular cryptocurrency exchange that was founded in 2015. The platform is known for its security and compliance with regulations, making it a great option for those who want to trade in a regulated environment.
Tyler and Cameron Winklevoss own it, and it has been one of the best cryptocurrency exchanges for almost a decade. Unlike Binance and BitMEX, it is available for US users and is well-regulated by American law.
This gives the crypto exchange an edge over competitors. Also, it has low trading and crypto exchange fees when you want to swap from one crypto to another.
Another highlight of this crypto exchange is its specialized crypto trading platform for active traders called ActiveTrader.
For traders interested in margin trading, this ActiveTrader platform could help save on trading fees.
Gemini is also known for its responsive customer service. Few cryptocurrency exchanges can beat Gemini’s customer support, as it has a ticketing system, a live bot, and a robust help center.
To start trading on the Gemini exchange, click the [Get started] button.
More details
Gemini is a good platform for traders of all proficiency levels due to its effortless and easy-to-navigate user interface. Even if it does not have as extensive token selection as other exchanges, it is a good choice for investors of all levels. It offers basic and advanced features. With its user-friendly interface and fee structure, Gemini makes trading cryptocurrencies more accessible than ever.
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More than 100 cryptocurrencies.
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Available in all U.S. states.
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Highly robust mobile app.
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Hot wallet insurance and strong security.
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Higher transaction fees.
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Weak customer service.
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Cryptocurrencies like ADA and XRP not supported.
5. BitMex
Founded in 2014, BitMEX is one cryptocurrency exchange that has seen a lot of bullish and bearish seasons.
The good thing about BitMEX is that it is available in countries other crypto exchanges do not usually consider, like Zimbabwe, Uruguay, and Indonesia.
BitMEX is quite different from other crypto exchanges on this list. It is a derivatives platform, more suited for expert crypto traders and traders interested in margin trading than for newbies. But, there is a significant roadblock regarding using fiat currency on this crypto exchange.
Users cannot deposit fiat currencies for their crypto transactions. The only way to get your fiat currencies into the crypto exchange is to buy crypto with another crypto wallet or exchange and deposit it into BitMEX.
Another con BitMEX has is regulation. Although it has its headquarters in Seychelles, like some other cryptocurrency exchanges, it currently has no solid regulation or license.
Despite this challenge, it is still one of the best crypto exchanges for investors because it offers brokerage services, outstanding withdrawal fees, and numerous trading pairs.
Are crypto exchanges safe?
Each crypto exchange has its security apparatus. Some exchanges automatically come with hot wallets. These hot wallets only allow you to access your wallet and the exchange with a pin, a password, or two-factor authentication.
The disadvantage of these wallets is that your crypto is unsafe because it is directly on the cryptocurrency exchange.
In a hack, you could lose all your crypto assets. It could be hard to recover crypto assets after a hack because of the anonymous nature of crypto.
You could use a cold wallet if you are uncomfortable with a hot one. These are usually offline and do not necessarily depend on a cryptocurrency exchange for storage.
What are the types of crypto exchanges?
There are two types of crypto exchanges: centralized exchanges and decentralized exchanges.
While centralized exchanges are essentially crypto exchange platforms that help you buy and sell cryptocurrencies from other users, decentralized exchanges let you trade digital currencies directly with other actors through an order book or automated market maker.
But what is a decentralized exchange? And what’s the best kind?
What is the best decentralized crypto exchange?
Although centralized exchanges are popular, decentralized exchanges (DEXs) have also gained popularity among experienced crypto investors.
DEX users can trade cryptocurrencies without the need for a central intermediary. DEXs are safer and have more privacy than CEXs.
See our full curated list of the best DEXs in the market.
Some popular decentralized exchanges include Uniswap, which uses a liquidity pool system to match buyers and sellers, SushiSwap, and Kyber Network.
However, Uniswap is the best decentralized exchange because it has an intuitive user interface and more liquidity than other decentralized crypto exchanges. You might be a victim of smart contract bugs with decentralized exchanges. Another great option is DYDX.
More details
dYdX is a user-friendly decentralized exchange with over 37 supported cryptocurrencies, including its DYDX token. The platform offers zero deposit or withdrawal fees and competitive trading fees ranging from 0% for makers to a max of 0.1% for takers. DYDX holders can also enjoy up to 50% off transaction costs.
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High-end security and privacy.
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User-friendliness.
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Mobile version.
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Supports lending and borrowing.
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Multiple rewards.
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Limited crypto assets supported.
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Does not support spot trading.
Can I use fiat currency on cryptocurrency exchanges?
Yes, you can use fiat currencies on crypto exchanges. You can buy and sell digital currencies with fiat (your national currency). For example, you can use $100 to buy some Bitcoin on these trading platforms.
You will need to use a credit or debit card to make your purchase. This process takes some minutes. You can also sell your digital currencies for fiat currencies.
Many cryptocurrency exchanges support popular fiat currencies like euros and dollars. Still, you must confirm if your local currency is supported by the crypto exchange you want to use.
How do I open a crypto exchange account?
Opening an account with any crypto exchange is relatively easy. For most crypto exchanges, you would need a government-approved photo ID and a selfie, which will be taken in the exchange’s app or site.
The crypto exchange must verify your account after uploading your photo ID and inputting basic information about yourself. This process usually takes 1-7 days.
Once verification is complete, your account is ready to use. You can use your account to access the crypto market, buy and sell crypto, carry out margin trading, or even utilize advisory or brokerage services.
Final thoughts
There will be many crypto exchanges in 2024, each with unique features and benefits.
Binance, Coinbase, Kraken, BitMEX, and Gemini are some of the best cryptocurrency exchanges for digital trading assets, but choosing a platform that best meets your needs is essential.
Consider the type of trading you want, the selection of cryptocurrencies available, the fees and user interface, and the level of security and regulation. With the right platform, you can start trading cryptocurrencies and potentially earn a profit.
Binance, with its broad range of currency trading options, is geared towards advanced users and global traders. Its user-friendly platform offers three tiers based on trading expertise, but it lacks the simplicity of Coinbase.
Bitcoin has seen massive profit growth, jumping from pennies to a record $68,000 in November 2021. However, Wall Street Memes ($WSM) could provide bigger returns in 2023 as it's in its early presale phase and available at a lower cost.
Binance provides a secure and versatile platform for investing and trading in cryptocurrencies. However, its complexity can be daunting for both new and seasoned traders. In comparison to other exchanges, Binance offers more competitive fees.
