As someone who has been navigating the digital world for years now, I must say that the evolution of cryptocurrency exchanges is nothing short of remarkable. Back when I was just starting out, trying to understand blockchain technology felt like deciphering ancient hieroglyphics!
Although the cryptocurrency market shows signs of uncertainty for traders, it’s clear that market fluctuations, or volatility, have returned. Given this situation, now could be an opportune time to explore top-notch crypto exchanges suitable for trading – a vital aspect within the international crypto community.
In this article, we’ll highlight some of the top cryptocurrency trading platforms for 2024 and offer advice on selecting the ideal crypto exchange for your needs.
Best crypto exchanges in 2024: Highlights
2024 sees a diverse range of cryptocurrency trading platforms catering to individuals from various professional backgrounds, possessing varying deposit amounts, employing distinct trading strategies, and more.
- A cryptocurrency exchange should be referred to as a class of software services (platforms) specially designed for conversion between various digital currencies.
- Choosing the best cryptocurrency exchange requires checking security, stability, range of cryptos available, clear UX/UI and the scope of additional instruments.
- Based on the level of control possessed by the administration of the service, there are centralized and decentralized exchanges.
- Some exchanges only support a single blockchain (typically, Bitcoin or Ethereum) while other services work with different networks.
- Also, there is a class of exchanges that support conversion between cryptocurrency and fiat assets (USD or EUR).
In the year 2024, it is common to find Binance, Coinbase, OKX, and Kraken ranked among the leading digital asset trading platforms.
Top crypto exchanges: List
Here are some top cryptocurrency exchanges, ranked not by preference but by their strong points for trading and liquidity management:
- Binance
- Coinbase
- Kraken
- BYDFi
- CoinEx
- PrimeXBT
- StealthEX
- BTSE
- Independent Reserve
- Bitstamp
- Bitfinex
- Gemini
In this tutorial, let’s delve into the details of each platform’s features, benefits, drawbacks, and the potential they offer for growth and development.
What is cryptocurrency exchange?
An online platform for buying and selling different digital currencies, known as a cryptocurrency exchange or crypto trading service, functions similarly to traditional financial markets such as stocks, indices, or Forex markets. However, instead of dealing with conventional currencies, these platforms specialize in the trading of digital assets.
Most exchanges provide a range of features including tools for analyzing markets, executing trades, and safeguarding assets. However, in practical terms, many users tend to utilize crypto exchanges primarily as digital wallets, focusing on storing, receiving, and transferring cryptocurrencies without engaging in conversion activities.
They are instrumental in the cryptocurrency environment as they offer trading chances, aid in determining prices, and promote the spread of digital money among upcoming internet generations.
How to choose best crypto exchange?
2024 finds me navigating through a bustling market of numerous crypto exchanges, making my choice as a newcomer quite daunting. The sheer number can make it tricky to find the perfect fit for my investment needs.
- Security first. Check out the list of security measures: The best exchanges offer 2FA, backup keys and so on.
- First understanding, then trading. Only choose services you fully understand in terms of UX/UI clearness.
- Reputation is essential. Prior to starting to use this or that exchange, it is better to read some articles about its background, accidents, hacks and so on.
- Simple platform, many opportunities. Modern crypto platforms should have all the functions you need within a single interface to remove the necessity to switch between accounts and platforms.
In other words, for a platform to qualify as one of the leading crypto exchanges, it needs to be highly secure, intuitive for users, capable of handling multiple products, and boast an exceptional reputation.
Crypto exchanges: Main types
As a diligent analyst, I’ve broken down the variety of cryptocurrency exchanges into straightforward categories to help you find the platform that aligns perfectly with your needs:
Centralized/decentralized
On decentralized cryptocurrency exchanges, it’s you who holds the account keys, contrasting with centralized platforms where they handle the key pairs themselves, allowing for a more user-friendly login process using common login tools.
Single-blockchain/many-blockchain
In some cases, certain trading platforms function exclusively with cryptocurrencies based on specific blockchains, such as Bitcoin or Ethereum for ERC-20 tokens. Meanwhile, other crypto-related services tend to support multiple types of blockchain networks.
Crypto-to-crypto/crypto-to-fiat
In some instances, certain platforms accept traditional currencies via credit cards or bank transfers, but others operate exclusively with cryptocurrencies. This means that in order to fund your account, you’ll first need to acquire some cryptocurrency from a separate service provider.
In my experience as a crypto investor, most of the prominent digital currency trading platforms are centralized, catering to both cryptocurrencies and fiat money, with a focus on transactions that involve converting crypto to traditional currencies.
Top crypto exchanges for 2024: Brief review
Let’s move forward now, as we delve into a comprehensive review of the top cryptocurrency trading platforms expected to dominate in 2024. This exploration will cover their origins, key features, and prime advantages they present.
Binance
Website: https://www.binance.com/
Without a doubt, Binance stands uncontested as a dominant force within the international cryptocurrency market. It boasts the highest trading volume among all global cryptocurrency exchanges. Beyond basic spot trading, Binance offers advanced modules for futures trading using COIN-M and USD-M contracts, a peer-to-peer trading option, trading bots, and sophisticated API tools.
In addition to facilitating trading activities, Binance also serves as a platform for launching new digital coins, operates an NFT marketplace, provides staking and earning opportunities, and offers a crypto-to-fiat gateway that supports all major global currencies. Essentially, Binance functions as the central hub within a broader ecosystem of cryptocurrency services, boasting its own blockchain (BNB Smart Chain), native currency (Binance Coin or BNB), research division, and blog platform (Binance Square).
1. Beginning in July 2017, Binance quickly rose to become the globe’s most used exchange just 180 days after its debut. The company’s first CEO was Changpeng “CZ” Zhao, a well-known figure in the cryptocurrency industry. However, due to a legal controversy, CZ resigned in November 2023 and appointed Richard Teng, who previously led the Singapore Exchange and Abu Dhabi Global Market, as Binance’s new CEO.
Coinbase
Website: https://www.coinbase.com/
Established in June 2012 by Brian Armstrong and Fred Ehrsam, Coinbase is a well-established global cryptocurrency trading platform that holds significant influence within the U.S., considered one of the most crypto-forward nations. Notably, it was the first crypto service globally to offer an initial public offering (IPO), listing COIN stock on the Nasdaq exchange in April 2021.
Similar to Binance, Coinbase provides a platform for both spot and futures cryptocurrency trading, with support for hundreds of digital currencies. It also features earning modules built into the system and connects crypto holders to staking services. Additionally, Coinbase has its unique Web3 marketplace, enables transactions using ENS (Ethereum Name Service), Ethereum-based tokenized domain names, offers crypto cards, and a simple “Buy Crypto” function that accepts fiat currency.
Rather than releasing their own L1 blockchain, Coinbase developed Base, a high-performance Ethereum L2 similar to Optimism. This platform is tailored for institutional and advanced clients who can utilize services such as Coinbase One and Coinbase Private, among others. Notably, both Binance and Coinbase, being centralized exchanges, also provide Web3 wallets, which allow for decentralized storage and trading of cryptocurrencies.
Kraken
Website: https://www.kraken.com/
Back in 2013, Kraken – a well-established cryptocurrency exchange that’s been around for quite some time – was founded by Jesse Powell. Initially, it provided the opportunity to trade Bitcoin (BTC) and Litecoin (LTC). What set Kraken apart from others was its introduction of Euro in crypto trading, a move that marked a significant step forward.
Kraken provides a comprehensive cryptocurrency platform, catering to both experienced traders and beginners. It features spot and margin trading options, as well as an NFT marketplace and a user-friendly earnings module for crypto holders. The company serves over 10 million users in more than 190 countries worldwide.
In addition to its web platform, Kraken has also launched several mobile apps. More recently, they’ve developed a versatile Web3 wallet, which is marketed as a “crypto passport,” allowing users to interact with a wide range of decentralized applications.
Kraken’s earnings system provides rates as high as 13% annually on popular altcoins. For skilled investors, it offers 5 times margin trades, various types of futures contracts backed by multiple collateral, and a range of complex order types.
BYDFi
Website: https://www.bydfi.com/
Established in 2020, BYDFi underwent a significant rebranding in 2023, adopting its current name. The acronym BYDFi means “Build Your Dream Finance,” encapsulating the company’s commitment to providing a comprehensive trading platform tailored for every individual investor.
2024 will see BYDFi offering a wide variety of contemporary trading solutions, such as spot and derivative transactions involving cryptocurrency pairs. Their services cater to both beginners and seasoned professionals in the realm of digital currencies. To illustrate, their “Trade” module supports both traditional Spot trades and instant “Convert” options for seamless user experience. Notably, individuals with no prior trading background can effortlessly embark on their digital asset adventure through BYDFi’s offerings.
With BYDFi’s “Buy Crypto” feature, you can easily and securely purchase digital currencies using both traditional money and other cryptocurrencies. Additionally, BYDFi provides a self-contained peer-to-peer trading platform (BYDFi P2P) that allows users to trade directly with one another without any fees being charged.
The Derivatives section of BYDFi encourages crypto investors to explore USDT-M and COIN-M futures agreements. These contracts also offer leveraged tokens, which enable traders to experiment with leveraged positions without the threat of liquidations that typically come with traditional derivative contracts. As of Q3, 2024, BYDFi provides 3x short and long leveraged tokens based on Bitcoin (BTC) and Ethereum (ETH) prices. For example, the ETH3LUSDT token operates similarly to a long ETH-USDT position, but with a 3x margin leverage.
For novice customers, BYDFi offers a demo setting within its derivatives module and trading bots toolkit, enabling them to explore markets risk-free. Additionally, the platform frequently runs promotions tailored for new users, such as a substantial Welcome Bonus promotion that provides USDT incentives.
For cryptocurrency influencers and social media enthusiasts, BYDFi launched the Global Partner traffic monetization program. Other content creators can join the BYDFi Army to obtain rewards to spread the word about the platform’s opportunities, conditions and offerings. BYDFi’s market data is fueled by Chainlink’s oracles to ensure maximum price accuracy for every trade.
CoinEx
Website: https://www.coinex.com/
Established in 2017, CoinEx is a worldwide cryptocurrency exchange, accommodating more than 1,700 trading pairs of approximately 1,200 different cryptocurrencies. This platform provides an extensive variety of services to its customers, such as spot and margin trading, futures, swaps, automated market maker (AMM) functions, and financial management tools for over five million users in around 200 countries and regions globally.
CoinEx positions itself as a modestly prominent organization, built on a robust base that consistently expands.
We prioritize the user experience by delivering high-quality, swift, and extensive listings within an intuitive and effortless interface. Our aim is straightforward – to establish a dependable and proficient cryptocurrency trading environment. This “User First” approach influences every choice, innovation, and action we make.
To cater to the needs of contemporary traders, CoinEx offers a versatile listing strategy. This versatility is reflected in the variety of assets it hosts, such as native tokens from Ethereum’s L2 networks, modular and parallel EVM blockchains, the Solana (SOL) ecosystem, AI and DePIN tokens, along with popular meme coins that are currently trending.
2018 saw the launch of CET, the essential utility and ecosystem token for the CoinEx platform’s cryptocurrency. The following year, in 2019, CoinEx Smart Chain (CSC) was initiated – a fast, EVM-compatible layer-1 blockchain that supports smart contracts.
1. CoinEx broadens its platform, unveiling CoinEx Charity, CoinEx Wallet, and the CoinEx Block Explorer. By July 2024, the team had burned over seven billion CET tokens, thereby decreasing the circulating supply to less than 2.7 billion, making the asset increasingly rare due to this natural scarcity.
Apart from providing swift and dependable trading options for Bitcoin (BTC), various altcoins, and stablecoins, CoinEx also delves deeply into advancements related to blockchain technology, decentralized finance (DeFi), and non-fungible tokens (NFTs). They have pioneered numerous innovative projects and solutions in these areas. Notably, they were the first to introduce sophisticated trading products using the AMM (Automated Market Maker) system, enhancing user trading experiences and market liquidity.
PrimeXBT
Website: https://primexbt.com/
Introduced in the year 2018, PrimeXBT stands as an experienced platform for trading cryptocurrency Contracts for Difference (CFDs). Unlike many of its counterparts, PrimeXBT provides a vast array of tradeable pairs across Crypto Futures, Forex, Commodities, Indexes and Crypto CFDs. This extensive selection allows users to diversify their investments by accessing assets like Gold, Bitcoin, S&P 500, USD/EUR futures through a unified interface.
The cryptocurrency futures trading toolkit offered by PrimeXBT is exceptionally clear and straightforward among all similar platforms. On this platform, you can trade both Bitcoin (BTC) and various altcoin contracts. Notably, the maker fee is set at 0.01% while the taker fee stands at 0.02%.
31 different digital assets are featured on the futures interface, including pioneering blockchain options like Bitcoin (BTC), Litecoin (LTC), and Dogecoin (DOGE). Also included are large-scale altcoins such as Solana (SOL), Cardano (ADA), Chainlink (LINK), gaming tokens The Sandbox (SAND) and Axie Infinity (AXS), among others.
For seasoned traders, PrimeXBT provides adjustable levels of leverage, an exclusive order system, independent margin, and effortless integration with TradingView charts. By collaborating with leading market makers, PrimeXBT ensures maximal liquidity for minimal price discrepancies. The platform maintains a low minimum deposit of $1 to deter spamming and prevent the charging of a zero deposit fee.
While futures trading remains the top focus of PrimeXBT, it released a number of modules to meet the requirements of all categories of traders. For instance, to optimize the trading experience for newcomers, PrimeXBT created a demo trading dashboard. The “Buy Crypto” instrument offers every trader the chance to purchase digital assets with fiat money in a frictionless manner. Its copy trading and investment dashboard unlock unparalleled automated investing opportunities for crypto owners with various deposits and different levels of understanding of the crypto segment. PrimeXBT guarantees 24/7 online support that speaks all languages supported on the platform.
StealthEX
Website: https://stealthex.io/
Launched in 2022, the user-friendly cryptocurrency platform StealthEX offers swift crypto transactions without the need for Know Your Customer (KYC) procedures and account setup. It caters to both beginners and experienced traders with its two operational modes: “Buy” and “Exchange.”
Using “StealthEX” platform, you can effortlessly buy cryptocurrency using traditional (fiat) money in the “Buy” mode. This platform boasts an extensive selection of digital and fiat currencies, supporting a greater variety than most other platforms. This vast array of assets enables operations across more than 1,400 pairs. For example, StealthEX doesn’t just provide conversion options for EUR, USD, and GBP but also caters to numerous significant currencies from different parts of the world, such as Thai Bhats, South African Rands, and Kazakhstani Tenges.
At StealthEX, users can swap various digital currencies, including popular ones like Bitcoin (BTC), altcoins, DeFi tokens such as UNI, AAVE, SNX, layer-2 tokens like ARB and OP, veteran cryptos ADA, TRX, XMR, and forks of early Bitcoin (BTC) such as BCH and BSV. StealthEX is one of the rare platforms that enable Bitcoin (BTC) transactions through the Lightning Network (LN), a time-tested method for scaling Bitcoin (BTC). Thanks to the Lightning Network (LN), Bitcoin (BTC) transfers are completed quicker and more cost-effectively compared to standard L1 transactions.
One way to rephrase that sentence in a more natural and easy-to-read manner could be: “One standout feature of StealthEX is its 100% non-custodial design, which means it does not store any money, sensitive data, cryptocurrency or customer’s private keys. Instead, clients provide the public address of their wallet to receive ‘target’ tokens on StealthEX, ensuring that clients’ funds are always secure and never at risk.”
As an analyst, I’d express it like this: “I find StealthEX to be a comprehensive partner solution, packed with affiliate opportunities and B2B tools. Leveraging a cutting-edge API gateway, clients can seamlessly incorporate StealthEX functionalities into their sites, using exchange widgets, buttons, and banners. Furthermore, the affiliate program is always active, allowing users to generate unique links and earn from transactions executed by their referrals on StealthEX. The platform’s public API ensures it’s easily adaptable in any web application.”
BTSE
Website: https://www.btse.com/
Founded by Jonathan Leong in the year 2018, BTSE serves as a network of platforms offering blockchain solutions. By the year 2024, the BTSE exchange facilitates trades for more than 150 different cryptocurrencies and over 50 perpetual futures contracts. The platform has successfully processed transactions worth over $30 billion each month in trading volume.
The advanced payment system they offer supports transactions involving both traditional and cryptocurrencies, along with Over-the-Counter (OTC) services for around 50 significant currencies. Furthermore, BTSE enterprise solutions empower businesses to customize our exchange framework, wallets, payment portals, supply liquidity, and offer additional features.
In addition to an intuitive trading platform for both immediate and future assets, its B2C product lineup also offers opportunities for earning interest through staking and investment products, as well as a network of automated trading robots and additional features that enable passive and semi-passive income streams.
BTSE stands out as an early innovator in the field of crypto credit cards. They’ve introduced global crypto cards compatible with both Visa and Mastercard networks. Their robust system for converting fiat to crypto allows for quick, one-click switches between over 30 different cryptocurrencies and nearly all worldwide fiat currencies.
BTSE’s B2B services are specifically designed to provide white-label solutions for businesses primarily in Asia and Europe. This means businesses can easily set up their own operations, such as white-label crypto exchanges, utilizing BTSE technology as the foundation.
Utilizing white-label cryptocurrency wallets and payment systems authorized by BTSE significantly streamlines the procedure for e-commerce platforms and digital merchants to accept digital currencies.
White-label trading bots powered by BTSE technology enable businesses and trading groups to automate strategies, eliminating the need for human intervention. These bots on the BTSE platform let users earn income during fluctuations in cryptocurrency prices, whether they rise or fall. Furthermore, white-label crypto cards from BTSE are tailored to aid entrepreneurs in enhancing their loyalty programs, while neobanks can use this technology to expand their reach.
As a crypto investor, I’ve been keeping an eye on the rankings, and it’s exciting to see that BTSE has made it into the top 25 of the futures platforms category, according to CoinGecko’s latest reviews and continuous monitoring. This independent analytics website aggregates trading volume data, making it a reliable source for tracking cryptocurrency exchange performance.
Independent Reserve
Website: https://www.independentreserve.com/
Established in Sydney, Australia back in 2013, Independent Reserve stands as one of the longest-running cryptocurrency trading platforms in the industry. Notably, it was the pioneer crypto exchange to secure a license in Singapore.
As a reliable platform for cryptocurrency transactions, Independent Reserve caters to various account holders such as institutional investors, trusts, self-managed superannuation funds (equivalent to retirement accounts in Australia), and individual users. This exchange is particularly beneficial for experienced and professional traders who appreciate its features like a multi-currency trading interface, advanced order types, API access, an over-the-counter trading desk, as well as additional integrations.
As a crypto investor, I appreciate the unique feature that offers tiered multi-user access, enabling me to assign sub-users to my account. This is incredibly beneficial for businesses, as it allows accountants, finance teams, or other stakeholders to have controlled access when needed. Although Independent Reserve primarily caters to the Australian, Singaporean, and New Zealand markets, they extend their services to clients from more than 30 countries, making it accessible to a global user base.
In addition to their standard trading platform featuring order books, Independent Reserve also developed a simplified “Buy/Sell Crypto” interface for popular cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Solana (SOL), XRP, along with the stablecoins USDT and USDC.
As an analyst, I’d say: On my end, I’m particularly impressed by the comprehensive crypto-to-fiat conversion tools offered on the Independent Reserve platform. It offers support for Visa cards, bank transfers, and seamless integrations with PayPal and SWIFT systems. What sets it apart is its robust compliance with Australian Accounting Standards, ensuring financial transparency and security. Additionally, the platform has undergone a rigorous ISO 27001 certification process, demonstrating its commitment to global security standards. Furthermore, internal security measures are stringent, providing an extra layer of protection for users.
In order to ensure the platform adheres closely to robust regulatory standards while being user-friendly, it has incorporated a clear-cut tax estimation tool developed by KPMG, a renowned global auditing firm. This tax estimation tool is accessible not only via the web interface but also through the mobile application designed for smartphones, making it convenient for users on the go.
On Independent Reserve, both deposits and withdrawals carry no charges, whereas trading commissions begin at a minimum of 0.02%.
Bitstamp
Website: https://www.bitstamp.net/
Bitstamp, founded by Nejc Kodrič and Damijan Merlak in 2011, is one of Europe’s earliest cryptocurrency trading platforms, initially based in Slovenia but later re-registered in the U.K. in April 2013 and then Luxembourg in 2016. Kodrič, a well-known Bitcoin advocate, engineer, and entrepreneur, is one of its cofounders.
At present, Bitstamp provides a range of B2C services, such as staking and earning features, a lending system, and a specialized “Institutions” protocol for advanced clients. Additionally, their “Buy Crypto” options support multiple payment methods that are focused on fiat transactions. Notably, Bitstamp has been recognized as the top global exchange for an impressive seven consecutive times, making it the most prestigious title in this market sector.
In May 2023, Ripple, a leading U.S. fintech company worth over $10 billion, purchased a share in Bitstamp without disclosing the price. A year later, in June 2024, Robinhood bought Bitstamp for $200 million. Both acquisitions are expected to be finalized by 2025.
Bitfinex
Website: https://www.bitfinex.com/
Bitfinex, one of the oldest cryptocurrency exchanges, was established in December 2012. This platform is associated with Tether Limited, a company that issues significant stablecoins like U.S. Dollar Tether (USDT). Known for its substantial liquidity, Bitfinex provides a lending feature native to the platform, a peer-to-peer trading platform, and services tailored for institutions.
Gemini
Website: https://www.gemini.com/
In October 2015, the cryptocurrency platform Gemini started operation, founded by well-known American investors Tyler and Cameron Winklevoss. This platform emphasizes security to a significant degree, as it is one of the few crypto services with ISO 27001 and SOC 2 Type 2 certifications. It provides access to over 70 different cryptocurrency coins, in addition to offering institutional services such as custody solutions.
Best crypto exchanges: Quick facts
Here’s a simple way to rephrase that: Let’s pull together the main details about the well-known global cryptocurrency trading platforms, including their significant statistics.
These international cryptocurrency platforms provide comprehensive tools and top-tier customer service, catering to clients worldwide.
Wrapping up
A cryptocurrency exchange represents a software platform, where users can perform transactions involving different digital currencies. Additionally, some exchanges allow the purchase of cryptocurrencies using traditional (fiat) money.
A contemporary cryptocurrency platform offers features such as trading interfaces for both immediate (spot) and future contracts, an income generation tool, an over-the-counter trading desk, a section for staking digital assets, a platform for launching Non-Fungible Tokens (NFTs), a branded crypto debit card, and frequently, its own native cryptocurrency.
In the year 2024, Binance, Coinbase, OKX, and Kraken are well-respected platforms that serve as central hubs for trading cryptocurrencies, acting as reliable examples of such exchange services.
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2024-08-27 10:45