15 Best Crypto Exchanges & Trading Apps of May 2024(A Detailed Explanation)
As the popularity of cryptocurrencies has grown, so has the number of crypto exchanges available, each offering a unique set of features and services. A crypto exchange is a platform that enables users to buy, sell, and trade cryptocurrencies.
In this rapidly evolving market, choosing the right exchange can be the difference between a profitable investment and a costly mistake. A strong platform should prioritize security, offering robust measures to protect users’ assets and personal information. It should also have a user-friendly interface, making it easy for even novice traders to navigate and execute trades. Additionally, the best exchanges offer competitive fees, a wide range of supported cryptocurrencies, and high liquidity to ensure quick and seamless transactions.
In this blog, we’ll dive into the best crypto exchanges of 2024, exploring the features and services that set these platforms apart from the rest. Whether you’re an experienced trader or you’re just getting started, this guide will help you find the right exchange.
List of the Top 15 Crypto Exchanges and Apps
Here are fifteen of the best crypto exchanges to buy cryptocurrency in 2024.
1. OKX
OKX is one of the largest and most well-known cryptocurrency exchanges globally. It offers a wide range of cryptocurrency trading pairs, including BTC, ETH, and many others, as well as instruments such as margin trading and futures. Striving to ensure high security, OKX utilizes advanced encryption technologies and a multi-level authentication system. Additionally, the exchange actively cooperates with regulators, enhancing trust in the platform.
Pros of using OKX:
¹.Wide selection of cryptocurrency trading pairs and instruments.
2.High level of security and compliance with regulatory requirements.
3.Global presence and customer support worldwide.
Cons of using OKX:
1.Some users may find it challenging to get started with the platform due to its advanced features.
2.Some countries may have restrictions or limitations on using the platform due to local regulations.
2. Bybit
Bybit is a cryptocurrency exchange specializing in margin trading and futures on cryptocurrencies. The platform provides advanced trading tools and an interface that appeals to experienced traders. With a reliable technical architecture, Bybit ensures high performance and liquidity. Additionally, the exchange actively works on enhancing security and protecting user funds.
Pros of using Bybit:
1.Specialization in margin trading and futures makes the platform attractive to experienced traders.
2.Advanced trading tools and user-friendly interface.
3.High performance and liquidity.
Cons of using Bybit:
1.Limited selection of cryptocurrency trading pairs compared to other platforms.
2.Some users may experience difficulties in scaling with the platform due to its focus on experienced traders.
3. KuCoin
KuCoin was established in 2017 with headquarters in Seychelles. It offers over 700 cryptocurrencies, including many relatively new and niche coins unavailable on other exchanges. The platform also provides competitive trading fees, making it a cost-effective option for many traders.
KuCoin also offers several tools for technical analysis and margin trading, making it a popular choice for more experienced traders.
Another key feature of KuCoin is its referral program, which allows users to earn rewards for referring new users to the platform. This has helped KuCoin to build a solid and engaged community of users.
Pros of using KuCoin:
1.Wide range of crypto assets: It’s considered the number one altcoin exchange due to the sheer volume of coins available.
2.Competitive trading fees: The platform offers low trading fees and volume discounts on fees.
3.Advanced trading features: KuCoin offers margin trading, futures trading, and other advanced features.
4.Mobile app: KuCoin has a mobile application for iOS and Android, allowing users to trade and manage their portfolios on the go.
Cons of using KuCoin:
1.Security concerns: While KuCoin has a strong reputation for safety and security, no exchange is entirely immune from security incidents, such as the KuCoin breach in 2020.
2.Limited accessibility: KuCoin is unavailable in certain countries due to regulatory restrictions, limiting its accessibility to some users. In the US, KuCoin is not licensed.
3.Complex interface: The platform’s interface may be confusing or overwhelming for beginner traders, as it offers a wide range of advanced trading features.
4. Gate.io
Gate.io is a cryptocurrency exchange that provides access to a wide range of trading pairs and additional services. It is known for its user-friendly interface and wide selection of cryptocurrency assets. Gate.io also offers features such as margin trading, staking, and cryptocurrency loans to cater to diverse trader needs.
Pros:
1.Wide selection of trading pairs
2.Additional services (margin trading, staking)
3.Simple and intuitive interface
4.Good liquidity.
Cons:
1.Some users may find fees slightly high
2.Some features may be unavailable in certain countries.
5. MEXC
MEXC is a cryptocurrency exchange that stands out for its active investment in new projects and lesser-known cryptocurrencies. It provides a platform for trading with a large number of altcoins and regularly adds new assets. MEXC also offers innovative features such as auctions and staking to attract diverse traders.
Pros:
1.Wide selection of lesser-known cryptocurrencies
2.Active support for new projects
3.Innovative features
4.Excellent user support.
Cons:
1.Liquidity issues may arise for some trading pairs
2.The interface may be somewhat complex for beginners.
6. BingX
BingX is a cryptocurrency exchange that provides access to a wide range of trading pairs and instruments. It is known for its high liquidity and reliable trading platform. BingX also offers various services such as futures, options, and leverage for experienced traders. The exchange actively works on ensuring the security of user funds.
Pros:
1.High liquidity
2.Wide range of trading pairs
3.Variety of instruments
4.Emphasis on user fund security.
Cons:
1.Trading fees can be high
2.Does not support all cryptocurrency assets.
7. Coinbase
Coinbase is a popular crypto brokerage where you can buy or sell crypto in exchange for fiat currency (cash). It was founded in 2012 and used to be headquartered in San Francisco, California. Now, it is a decentralized exchange with no main headquarters but is available in over 100 countries.
The platform allows users to buy, sell, and store various crypto assets, including Bitcoin, Ethereum, Bitcoin Cash, and more.
Coinbase is a publicly traded company with $36 billion in market value. It stores US dollar balances through FDIC-insured banks to secure users’ digital funds against security breaches.
Pros of using Coinbase:
1.User-friendly interface: Coinbase has a simple and intuitive interface, making it easy for beginner traders to navigate and execute trades.
2.Mobile app: The Coinbase mobile app allows users to trade and manage their portfolios.
3.Security: Coinbase has robust security measures, including two-factor authentication and insurance for digital assets stored on the platform.
4.Earn program: Coinbase Earn allows users to earn small amounts of cryptocurrencies by completing educational tasks.
5.Tools and resources: The platform offers a range of tools and resources for traders, including charts, price alerts, and news updates.
6.Reputation: Coinbase has a strong reputation in the crypto community and is widely considered one of the market’s most trustworthy exchanges.
Cons of using Coinbase:
1.Higher fees: Coinbase has higher fees than other exchanges, which may not be ideal for more experienced traders looking to make a large number of trades.
2.Limited cryptocurrency offerings: While Coinbase supports several popular cryptocurrencies, the platform only offers a limited selection of currencies and trading pairs compared to other exchanges.
3.Regulatory restrictions: Coinbase is subject to regulatory restrictions in some countries, which may limit its availability to users in specific locations.
4.Controversial practices: Some users have raised concerns about Coinbase’s business practices, including its relationship with regulatory agencies and its decision to add certain cryptocurrencies to its platform.
8. Kraken
Based in San Francisco, California, Kraken is a cryptocurrency exchange established in 2011 and. The exchange is known for its low fees, strong security measures, and advanced trading features. It is also part of the three most liquid exchanges next to Binance and Coinbase.
Kraken offers over 185 cryptocurrencies for trading, including Bitcoin, Ethereum, and several other popular coins. The platform also offers advanced trading features, such as margin trading and futures trading, making it a popular choice for experienced traders.
Kraken has two platforms: a mainstream one and a pro version. The pro version offers some of the lowest trading fees in the industry.
Pros of using Kraken:
1.Strong security measures: The platform has a strong reputation for security and has never suffered a massive security breach.
2.Good customer support: Kraken offers good customer support through its support center and live chat, providing assistance when users need it.
3.Low fees: Kraken charges low fees if you use the Pro version.
Cons of using Kraken:
1.Complex user interface: The platform’s user interface can be complicated and overwhelming for beginner traders.
2.Slow verification process: The verification process for opening an account on Kraken can be slow, which is frustrating for some users.
9. Crypto.com
Crypto.com was established in 2016 and has grown to be a leading global crypto exchange available in over 90 countries with over 80 million users.
One of the main features of Crypto.com is its debit card, which allows users to spend their cryptocurrencies at more than 60 million merchants worldwide. The platform also offers a mobile wallet for storing and managing digital assets and a range of investment products for earning interest in your crypto holdings.
In addition to its consumer-focused services, Crypto.com also offers a range of tools and resources for businesses so that they can accept cryptocurrency payments.
Pros of using Crypto.com:
1.Debit card cashback: You get as much as 8% cashback for using Crypto.com’s debit card as long as you hold high balances in CRO (Cronos).
2.One-Stop Shop: Crypto.com offers a mobile wallet and investment products to maximize the value of your crypto holdings. It also has advanced trading, such as limited margin trading.
3.Business-friendly features: Crypto.com has a merchant platform for accepting cryptocurrency payments and a suite of APIs for integrating with other financial services.
Cons of using Crypto.com:
1.Security concerns: Despite its strong reputation, Crypto.com has experienced several security incidents in the past, including a major hack in 2020. It’s vital to be aware of these risks when using the platform.
2.Limited accessibility: Crypto.com is unavailable in certain countries due to regulatory restrictions, limiting its accessibility to some users.
3.Complex interface: The platform’s interface may be confusing or overwhelming for beginner traders, as it offers a wide range of advanced trading features.
10. Gemini
Gemini is a cryptocurrency exchange founded in 2014 by the Winklevoss twins. The exchange is based in New York and is known for its focus on security and regulatory compliance.
However, it only offers a limited number of coins for trading—mostly popular coins like Bitcoin, Ethereum, and a handful of others. The platform is particularly well-suited for those looking to buy, hold, and sell crypto assets, as it doesn’t offer as many advanced trading features as other exchanges.
Pros of using Gemini:
1.Strong emphasis on security: Gemini is known for its focus on security and stores most of its users’ funds in offline cold storage.
2.Regulatory compliance: The platform has a strong reputation for regulatory compliance and has received regulatory approval in multiple US states, making it a good choice for those concerned about regulatory compliance and the security of their funds.
3.Simple and user-friendly platform: Gemini’s platform is designed to be simple and easy to use, making it a good choice for beginner traders.
4.Insurance coverage: Gemini offers insurance coverage for its users’ funds, providing additional peace of mind.
Cons of using Gemini:
1.Limited range of assets: Gemini offers only the popular coins for trading.
2.High fees: The platform’s fees can be relatively high compared to some exchanges.
3.Limited advanced trading features: Gemini doesn’t offer as many advanced trading features as other exchanges, making it less well-suited for experienced traders.
4.Limited accessibility: Gemini is only available in a few countries, making it inaccessible to some users.
11. Binance.Us
Binance is another one of the world’s largest and most popular cryptocurrency exchanges. Founded in 2017, the platform offers a wide range of features and services for both beginner and advanced traders.
One of the primary features of Binance is its wide selection of supported cryptocurrency assets. The platform offers trading for over 350 cryptocurrencies, making it one of the market’s largest and most diverse exchanges. Binance is also known for having the lowest trading fees in the industry and as the most liquid exchange.
Binance has a strong reputation across the crypto community and is widely considered to be a safe and secure platform. However, it’s worth noting that the platform is not available in some countries due to regulatory restrictions. Additionally, some users have raised concerns about the lack of transparency in Binance’s operations and decision-making process.
In recent months, Binance has also struggled to hold on to its assets, losing billions as customers withdraw funds from the exchange.
Pros of using Binance:
1.Wide selection of cryptocurrencies: Binance offers popular and upcoming tokens to give traders multiple trading options.
2.Low fees and trade limits: Binance trading fees range from 0.0 % – 0.1 %, making it a cost-effective option for many. You can start trading as little as 0.000001 BTC.
3.Advanced trading features: The platform offers several tools for technical analysis and trading, making it a popular choice for more experienced traders.
4.Mobile app: Binance has a mobile app for iOS and Android, allowing users to trade and manage their portfolios on the go.
Cons of using Binance:
1.Availability restrictions: Binance is unavailable in certain countries due to regulatory restrictions, limiting its accessibility to some users.
2.Lack of transparency: Some users have raised concerns about the lack of transparency in Binance’s operations and decision-making process.
3.Complex interface: Binance’s interface may be confusing or overwhelming for beginner traders, as it offers a wide range of advanced trading features.
4.Security concerns: Despite its strong reputation, Binance has experienced several security incidents in the past, including a major hack in 2019. It’s essential to be aware of these risks when using the platform.
12. Bitstamp
Founded in 2011, Bitstamp is one of the industry’s oldest and most established exchanges and is known for its security, reliability, and compliance with regulatory requirements.
The platform provides low fees across the board for all traders, regardless of the volume of trades. The company believes that crypto should be accessible to everyone, and to fulfill its mission, they need to ensure industry-leading security and constant transparency through internal and external audits.
However, it wasn’t spared from cyber-attacks and was the victim of a security breach in 2015.
Pros of using Bitstamp:
1.Security: Bitstamp is known for its strong security measures, including two-factor authentication, encrypted wallets, and secure storage of users’ funds in cold storage. The platform also has a robust compliance record and is regulated by the New York Department of Financial Services.
2.User-friendly platform: The platform has a clean and simple interface that makes it hassle-free for users to place trades and manage their portfolios. Bitstamp also offers a mobile app that allows users to access the platform on the go.
3.Low Fees: Bitstamp offers low trading fees without spreads and supports multiple fiat currencies. Funds can also be withdrawn within 24 hours.
Cons of using Bitstamp:
1.Limited trading options: Bitstamp’s trading options are limited compared to other exchanges, which may not be suitable for all users looking for a more comprehensive trading experience.
2.Limited assets: Bitstamp has fewer cryptocurrency offerings compared to other exchanges.
13. Bittrex
Bittrex is a US-based cryptocurrency exchange founded in 2014. It has a global counterpart, Bittrex Global, that operates out of Liechtenstein and Bermuda and is responsible for serving customers from other countries except for the US.
As a US-based exchange, they are committed to complying with US regulations but are not a regulated exchange under US securities laws.
The platform is committed to creating lightning-fast trades through a dependable and secure system. They also accept business accounts so you can trade on behalf of a business.
Pros of using Bittrex:
1.Security: Founded by cybersecurity engineers, Bittrex is known for its strong security measures. These measures include two-factor authentication, encrypted wallets, and secure storage of users’ funds in cold storage. The platform also complies with US regulatory requirements.
2.Wide range of trading options: Bittrex offers a broad range of trading options, including spot trading, margin trading, and OTC trading. This allows users to take advantage of market opportunities and make trades in various ways.
3.Large selection of cryptocurrencies: Bittrex supports a selection of over 140 cryptocurrencies, including Bitcoin, Ethereum, Ripple, and many This allows users to access a wide range of investment opportunities.
4.Low Fees: Bittrex offers low fees; fees get lower depending on the coins you trade.
Cons of using Bittrex:
1.Limited customer support: Some users have reported issues with customer support, with response times being slower than they would like.
2.Complex platform: Bittrex’s platform may be too complex, especially for those new to cryptocurrency trading.
14. CEX.IO
Launched in 2013, CEX.IO has been serving millions of crypto traders from over 194 countries, including 49 states in the US. They started as a Bitcoin mining pool, GHash.IO, before debuting as a crypto exchange.
They were the first exchange to accept credit cards as payment for BTC purchases. The team behind the exchange is dedicated to upholding decentralization as one of the core tenets of cryptocurrency. They retired GHash.IO when it mined 51% of BTC coins in 2015.
Pros of using CEX.IO:
1.User-friendly and secure interface: The platform’s interface is accessible to both beginner and experienced traders. Funds are also secured by depositing them in cold storage.
2.Easy payment methods: The exchange supports several payment methods, including credit/debit cards, bank transfers, and other options, making it easy to fund your account and start trading.
3.Range of trading tools: CEX.IO offers a range of trading tools, such as stop-loss orders, margin trading, and instant buy/sell options, which can help traders make informed decisions and execute trades more effectively.
Cons of using CEX.IO:
1.Higher fees compared to other exchanges: CEX.IO’s fees are higher than those of other exchanges, which may make it less cost-effective for some traders.
2.Limited support for US customers: This may impact their ability to trade and access their funds.
3.Occasional technical issues: The platform has experienced occasional technical problems, which can impact users’ ability to trade and access their funds.
15. Changelly
Best for: Traders who want fast crypto exchanges
Changelly is a cryptocurrency exchange that lets users quickly and easily exchange one cryptocurrency for another without the need for a traditional trading platform.
Established in 2015, Changelly’s prominent feature is its speed. The platform uses an automated system to process trades in real time, which can help users quickly convert one cryptocurrency into another without waiting for a lengthy confirmation process.
The company’s goal is to simplify how traders access crypto.
Pros of using Changelly:
2.Multiple payment options: Changelly supports a number of payment methods, including credit/debit cards, bank transfers, and other options, making it easy to fund your account and start trading.
3.Simple website: The user interface is clean and straightforward, making it easy for beginners and experienced traders to navigate.
Cons of using Changelly:
1.Higher fees than other exchanges: Changelly’s fees are higher than some exchanges, which may make it less cost-effective for some traders.
2.Unclear owners: The platform owners are unknown, which can raise questions about the exchange’s legitimacy and security.
3.Limited customer support: Some users have reported issues with customer support, with response times being slower than they would like.
Conclusion
The best crypto exchanges of 2024 are those that offer a balance between low fees, strong security measures, user-friendliness, and a wide selection of cryptocurrencies. Each of the exchanges mentioned in this list has its unique pros and cons, and the best choice for one user may not be the best choice for another.
When choosing a crypto exchange, you must consider your specific needs and preferences, such as the type of trades you plan to make, the level of security you require, and your budget for fees. Ultimately, by carefully researching and comparing the available exchanges, you can find the one that best fits your needs and helps you reach your investment goals.
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