Cryptocurrency exchanges facilitate the buying, selling, and trading of digital assets such as Bitcoin and Dogecoin. Investors should consider several factors when choosing an exchange, including regulations, supported cryptocurrencies, and fees. We reviewed the top 10 platforms based on key metrics to help investors make informed decisions. Here is some important information about the best cryptocurrency exchanges in 2024: 10 Best Cryptocurrency Exchanges The top 10 most popular cryptocurrency exchanges on the market right now are:
- MEXC – Best Cryptocurrency Exchange Overall 2024
- OKX – Premier cryptocurrency exchange famous for low fees and passive income services
- Coinbase – a secure cryptocurrency exchange with the highest level of security features
- Kraken – Cryptocurrency trading platform offering up to 5x leverage
- Binance – Largest cryptocurrency exchange with highest daily trading volume
- KuCoin – One of the best exchanges for buying new cryptocurrencies
- WePay – Regulated cryptocurrency exchange offering 0% commission trading
- Robinhood – An exchange where you can buy and sell virtual currency with just 1 dollar
- Crypto.com – Instant cryptocurrency purchases via ACH with no fees
- Bitstamp – The best cryptocurrency exchange for general investors
1. MEXC – Best Cryptocurrency Exchange Overall 2024
MEXC was founded in 2018 and serves more than 10 million users in over 170 countries. It is a feature-rich exchange developed by banking industry experts, supporting 1.4 million transactions per second, providing traders with excellent efficiency and performance. When it comes to cryptocurrency trading, MEXC is the best, supporting over 1600 coins and offering spot trading with 0% commissions along with margin trading and futures trading with up to 200x leverage and maker and taker fees of 0.00% and 0.02% respectively. It is a cryptocurrency exchange. MEXC provides 1:1 proof of reservation for all users’ personal assets in spot, fiat, and futures wallets, as well as for the Ethereum, Bitcoin, Tether, and Tether Cash (USDC) held by users. MEXC offers traders a variety of advanced features, including advanced charting tools with indicators and drawing tools along with order book views. It also provides functions for traders who are just starting trading, such as a copy trading function that allows traders to automatically mirror the activities of successful traders and a savings function that allows traders to earn various annual interest rates by locking in various coins. On the MEXC platform, users can purchase and deposit cryptocurrencies using debit/credit cards or via bank transfer, and the P2P trading feature allows users to purchase cryptocurrencies through third-party payment service providers, including Apple Pay and Google Pay. can be used. MEXC Copy Trading Feature Banner The MEXC mobile app for iOS and Android allows users to access their accounts and trade on the go, a critical feature in the rapidly changing world of cryptocurrency. Lastly, the MEXC exchange has the MX token. Holders of these tokens can enjoy benefits such as voting on business decisions, receiving discounts on certain trading scenarios, and accessing free airdrops. Overall, MEXC is the best cryptocurrency exchange of 2024 that offers users a variety of features and cryptocurrency trading options. MEXC is available in most countries, but is not currently supported in the United States. For US traders, we recommend Coinbase or Binance.
2. OKX – Leading cryptocurrency exchange offering low fees and passive income services
OKX is highly regarded as a P2P cryptocurrency exchange that provides a variety of trading services. In particular, the cryptocurrency spot trading platform boasts the lowest trading fees in the industry, charging only 0.1% for each buy and sell order. Lower commission rates are offered to traders who achieve certain 30-day trading volume milestones. The native OKX exchange supports over 370 markets, including the most promising long-term cryptocurrencies. Thousands of additional tokens are available using OKX DEX, a decentralized exchange. This includes promising small-cap cryptocurrencies. OKX additionally supports advanced cryptocurrency trading products such as perpetual swaps, futures, and options, providing opportunities for leverage and short selling orders. Derivatives trading fees are also competitive, starting at 0.05% per slide. OKX is recognized as one of the best decentralized exchanges for generating unearned income. Traders can purchase Bitcoin and then deposit the tokens into a savings account to earn 5% per annum. In particular, tokens such as Near Protocol and Elrond offer much higher returns at 35.5% and 36%, respectively. OKX is one of the best cryptocurrency staking platforms that offers staking features, with minimum terms ranging from 0 days to 3 months. OKX’s cryptocurrency wallet app, a non-custodial wallet, gives investors control over their private keys. Attractive to traders looking for advanced analysis tools, OKX supports chart cycles from 1 second to 3 months, drawing tools and integration with TradingView. Additionally, the exchange is compatible with smartphones, so traders can participate in cryptocurrency buying and selling on the go. Lastly, OKX is well-received for its speedy payment processing, with most cryptocurrency withdrawals being completed within 5 minutes.
3. Coinbase – Secure cryptocurrency exchange with top security features
Founded in 2012, Coinbase has grown to serve more than 100 million investors and provide a regulated platform for safely buying and selling more than 250 cryptocurrencies. However, despite its popularity, Coinbase is also known for charging high fees, including a standard 1.49% fee for buy and sell orders and an additional fee for transactions under $200. Additionally, depositing funds using a debit/credit card or PayPal incurs an additional 3.99% fee. Nonetheless, many users appreciate Coinbase’s simple investment process and industry-leading, robust security features. Coinbase Review Two-step verification is required when logging into your account and withdrawing funds. Additionally, Coinbase stores 98% of its customers’ digital assets in cold storage. Coinbase supports both web and mobile trading platforms and provides opportunities for passive income creation through staking. In particular, when staking on Polkadot and Avalanche, you can enjoy attractive average annual returns (APY) of 14.34% and 8.935, respectively. However, please note that this feature may not be available to customers living in the United States.
4. Kraken – Trade cryptocurrency with up to 5x leverage
Founded in 2011, Kraken launched its own cryptocurrency exchange platform in 2013 and supports over 200 cryptocurrencies on its spot trading platform. These include popular options such as Bitcoin, Cosmos, Waves, Polygon, Ripple, and Ethereum. Additionally, Kraken supports up to 5x leveraged trading in over 100 markets and offers higher margin trading limits for professional cryptocurrency traders. Kraken review Although Kraken is not the most cost-effective cryptocurrency exchange, its fees are reasonable. For example, the spot trading fee is 0.26% for market participants, with higher trading volumes reducing the fee. Margin trading fees average 0.02% for every 4 hours a position is open. As for deposit fees, Kraken charges a 3.75% fee for debit/credit cards, while ACH and wire transfers offer more economical alternatives. It is important to note that Kraken does not offer its own cryptocurrency wallet.
5. Binance – Largest cryptocurrency exchange by daily trading volume
Binance, a leader in the cryptocurrency industry, is the exchange with the highest daily trading volume, sometimes recording daily trading volume exceeding $10 billion in 24 hours. Therefore, even in the case of emerging virtual currencies with small market capitalization, a sufficient level of liquidity can always be secured. Binance is particularly known for offering low trading fees, including a 0% fee compared to TUSD for trading pairs such as Bitcoin, Ethereum, and BNB. The entry fee for other supported markets is 0.10%, and holding BNB tokens can lower the fee further to 25%. Traders who meet certain monthly trading volume requirements are also offered discounted fees. Like OKX, Binance offers a variety of cryptocurrency derivatives markets, including futures, options, and leveraged tokens, with average leverage limits ranging from 1.5 to 3x depending on the market chosen. If you choose a perpetual swap, higher leverage limits are available. Binance Exchange Review Binance provides an ‘Easy Accumulation’ function for passive income, providing savings accounts with various lock-up conditions and annual interest rates. For example, in the case of TUSD, you can enjoy an annual interest rate of 2.49% with flexible withdrawal conditions, and in the case of Solana, you can benefit from a high annual interest rate of 7.7% with a 3-month fixed rate. In addition, there are various profit products such as staking, double investment, and liquidity farming, and when it comes to depositing funds, Binance accepts dozens of fiat currencies and various payment methods. The average fee for depositing via debit/credit card is 1.8%, but this may vary depending on your country of residence. Binance facilitates cryptocurrency deposits and P2P payments through services such as Wise, Revolut, Skrill, and Neteller.
6. KuCoin – The best exchange for purchasing new cryptocurrencies
Kucoin is the best choice among cryptocurrency exchanges, especially when purchasing recently launched projects. KuCoin, which holds more than 700 altcoins, provides an ideal platform for forming a diverse portfolio. In particular, the exchange frequently hosts trading competitions for newly listed coins, providing significant exposure to featured projects. As a result, it enjoys widespread popularity, currently boasting a user base of over 20 million global investors. KuCoin Review KuCoin distinguishes itself as a top exchange for derivatives trading, encompassing USD margin contracts, futures, and leveraged tokens. The platform also offers a variety of passive income tools, allowing users to set their own custom loan terms, including desired terms and interest rates. KuCoin charges a fee starting at 0.1% per transaction, and offers a 20% discount to users who pay fees with KCS tokens, the native cryptocurrency that supports the exchange. KuCoin accepts instant deposits via debit/credit cards and e-wallets, but we recommend reviewing the fees before approving your order as details including fees are only displayed on the order confirmation page.
7. WePay – Regulated cryptocurrency exchange with 0% commission trading
Webull is a U.S.-based cryptocurrency exchange that operates under regulation by the U.S. Financial Industry Regulatory Commission (FINRA) and the Securities and Exchange Commission (SEC). Webull supports over 40 cryptocurrencies paired with USD, including popular options such as Bitcoin, Ethereum, Litecoin, Dogecoin, and Bitcoin Cash, and various DeFi coins such as Sushi Swap, Loopring, Compound, and Abe. Allows users to trade all supported cryptocurrencies with 0% commission. Webull Reviews However, it should be noted that the market spread averages around 1%. The minimum requirement to trade cryptocurrency on Webull is just $1. In addition to commission-free trading, Webull is considered one of the best cryptocurrency exchanges for its comprehensive trading tools. It includes real-time market data, customizable chart screens, and support for numerous technical indicators. Webull also offers a free demo account with $1 million in simulated trading funds so users can practice without risking real money. WePay’s trading accounts are protected through two-factor authentication and cold storage measures.
8. Robinhood – Buy and sell cryptocurrency for just $1
Robinhood, a popular U.S.-based cryptocurrency exchange, is a suitable platform for people who want to make small investments because they can purchase virtual currency for as little as $1 regardless of the token price. Additionally, since no separate commission is charged when trading stocks, ETFs, or US-listed options, it provides a cost-effective option for trading with low commissions. Robinhood supports 18 cryptocurrencies, from Bitcoin, Tezos, and USD to Chainlink, Ethereum, and Dogecoin, and ensures security through Know Your Customer (KYC) processes and cold storage of digital assets. Robinhood Exchange Review Additionally, Robinhood is insured against virtual currency-related crimes such as hacking. Recently, the Web 3.0 cryptocurrency wallet for iOS users was introduced to improve user experience by allowing tokens to be exchanged and transferred without network fees, and an Android version is also planned to be released in the future. Lastly, Robinhood offers 24/7 customer support via live chat and phone support.
9. Crypto.com – Buy cryptocurrency instantly with ACH, no fees
Crypto.com is the best option for purchasing digital assets using ACH. ACH deposits not only have no fees, but are processed instantly through the Crypto.com app, which is available for free download on both iOS and Android. The app also supports instant debit/credit card payments, but a 2.99% fee is charged. Supporting over 250 digital assets, the platform offers ample opportunities for investment diversification. Crypto.com Review Crypto.com boasts very low trading fees starting at 0.075%, allowing users to take advantage of lower fees when trading larger amounts. For investors seeking passive income, Crypto.com offers average annual returns (APY) of up to 6.5% for Tether, USD Coin, and Dai. In particular, Bitcoin and Ethereum offer the highest annual returns of 1.5% and 2% respectively, but it should be noted that the interest rate may vary depending on the lock-up period and deposit amount. Additional features include lending services, a decentralized wallet, and a non-fungible token (NFT) marketplace.
10. Bitstamp – The best cryptocurrency exchange for general investors
Bitstamp is a platform recommended for general investors who want to trade small amounts of virtual currency as no commission is applied if the monthly trading volume is less than $1,000. If you trade more than $1,000 per month, you will have to pay a fee of between 0.4% and 0.03% depending on trading volume. Bitstamp also supports fee-free ACH (US), SEPA (Europe), and Faster Payments (UK) deposits, providing cost-effective funding options. Bitstamp Review However, debit/credit card payments are subject to a fee of 4% of the transaction amount. This also applies to transactions through Google Pay, Apple Pay, and PayPal. Founded in 2011, Bitstamp is a trusted cryptocurrency exchange that safely stores 95% of its customers’ digital assets in cold storage. Traders here can trade more than 80 cryptocurrencies, including Bitcoin, Cardano, Solana, Ripple, and Polygon. Additionally, Bitstamp offers two dedicated apps, one for basic trading and one for professional traders, making it one of the best cryptocurrency exchanges for mobile trading.
Are cryptocurrency exchanges legal?
The legal status of a virtual currency exchange may vary depending on the country in which the exchange operates. For example: Most virtual currency exchanges in the United States adopt a ‘fund service business’ structure and must register with the U.S. Financial Industry Regulatory Authority (FINRA). This registration allows the exchange to comply with anti-money laundering regulations and requires customer identity verification when opening an account. Cryptocurrency exchanges in the UK are generally registered with the Financial Conduct Authority (FCA), which oversees proper due diligence for new customer accounts. However, in the UK, virtual currency assets are not regulated financial products and therefore registration with the FCA is not mandatory. Australia is in a similar situation, and virtual currency exchanges are not legally required to be regulated by the Australian Securities and Investments Commission (ASIC). However, exchanges must register with the Australian Financial Conduct Authority (AUSTRAC) to effectively combat financial crime. Similarly, in Canada, virtual currency exchanges must register with the Fund Flow Reporting and Analysis Center (FinTRAC), which entails various obligations, including reporting single virtual currency transactions exceeding $10,000. FinTRAC oversees compliance with trading guidelines for clients, particularly with regard to risk warnings and leverage. In fact, in many countries, cryptocurrency exchange operations exist in a gray area. This is mainly because virtual currencies such as Bitcoin or Ethereum are not classified as fiat currency. Therefore, virtual currency exchanges can generally avoid many regulations that apply to existing securities firms.
Are Bitcoin exchanges safe?
There are hundreds of cryptocurrency exchanges on the market, but many are unregulated and may lack adequate liquidity. On the other hand, the 10 major cryptocurrency exchanges introduced here provide a safe and reliable trading environment for millions of users. Nonetheless, investors are advised to conduct their own research before opening an account on a cryptocurrency exchange. Here are some things to consider when choosing an exchange: Regulation: To ensure the trustworthiness of a cryptocurrency exchange, it is important to check whether it is regulated by a reputable financial institution. As mentioned earlier, exchanges that are regulated by reputable agencies such as FINRA, FCA, CySEC, and ASIC can ensure security and safety. Cold Storage: The best cryptocurrency exchanges prioritize security by keeping most of their customers’ digital assets in cold storage and storing them offline. This strategy minimizes the risk of being hacked because the token is not connected to a live server. Account Safeguards: Reliable cryptocurrency exchanges offer strong security measures. For example, OKX offers two-factor authentication, where a code is sent to the user’s registered phone number when logging in, and the user must enter this code to verify that he or she is the actual owner of the account. Additionally, you can look at safety measures such as device and IP address whitelists. Reputation and customer base: It is also wise to evaluate the overall reputation and customer base of the cryptocurrency exchange. For example, more than 10 million customers around the world are using MEXC. Basically, considerations such as fees, supporting assets and other factors are also important, but you should always remember that safety comes first.
