12 Best Crypto Exchanges and Apps For 2024

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Crypto Exchanges and Apps : Picking the right cryptocurrency exchange is important for both beginners and experienced investors. Crypto exchanges work like online stock brokers, letting you trade digital currencies like Bitcoin and Ethereum. With Bitcoin reaching over $73,000 in March 2024, it’s key to find a trustworthy exchange that offers the tools you need for trading and investing.

In this guide, we’ve looked at the best crypto exchanges based on security, fees, available coins, and user experience. Our top choices, including Kraken, Coinbase, and Crypto.com, are standout options.

Kraken – Overall Best Crypto Exchange in 2024

Founded in 2011, Kraken is one of the most established and trusted cryptocurrency exchanges, valued at around $10.8 billion. It supports over 200 cryptocurrencies, including popular ones like Bitcoin, Ethereum, and Dogecoin, and is known for its strong security and user-friendly design.

Why We Like It?

Kraken excels in providing a secure and transparent trading environment, making it suitable for both beginners and experienced traders. The platform offers advanced trading tools, including margin and futures trading, while maintaining a strong focus on customer support and educational resources.

Overview

Kraken is highly regarded for its professional-grade trading platform, Kraken Pro, which offers customizable chart analysis tools, detailed order books, and 13 different order types. The platform is designed to cater to both novice and seasoned traders, providing a tiered fee structure that benefits high-volume traders.

Despite its many strengths, Kraken’s limitations include restricted availability in certain U.S. states and limited funding options, requiring users to rely on wire transfers if their bank is not supported.

Is Kraken Right for You?

Kraken is ideal for traders looking for a secure, reliable exchange with a broad range of investment options. Its advanced tools and features make it a top choice for serious investors, while its user-friendly interface and strong customer support make it accessible for beginners.

Pros 

• Strong Security: Industry-leading measures to protect user assets
• Sophisticated features
• 24/7 support with live chat and phone assistance
• Comprehensive training academy for all levels of traders

Cons

• Fees can be higher for smaller trades
• No insurance fund, no crypto credit card
• No Crypto Credit Card

KuCoin – Best Exchange for Low investments

KuCoin, launched in 2017, is based in Seychelles and has become one of the largest cryptocurrency exchanges worldwide. It supports over 20 million users in 200 countries, offering access to more than 700 cryptocurrencies. Known for its user-friendly interface and extensive trading options, KuCoin has built a strong reputation in the crypto community.

Why We Like It?

KuCoin is great for those starting with small investments. You can begin trading with just $1, making it perfect for beginners. It also offers advanced trading options like margin trading and futures trading, which experienced traders will appreciate. The platform has competitive fees and even lets you earn interest on your crypto holdings, adding extra value.

Is KuCoin Right for You?

KuCoin is ideal for both beginners and experienced traders who want to start with small investments and explore a wide range of cryptocurrencies. Its low fees and diverse trading options make it a strong choice. However, U.S. users should be aware of the licensing issues and potential security risks. If these concerns are manageable for you, KuCoin provides a robust and versatile trading platform.

Pros 

• Earn interest on your crypto
• Wide variety of cryptocurrencies
• Low trading fees
• Advanced trading options like margin and futures trading
• Accepts credit and debit cards for transactions

Cons

• Not licensed in the U.S.
• Mixed user reviews
• Experienced a significant hacking incident in 2020

BYDFi – User-friendly Exchange with Trading Features

BYDFi, previously known as BitYard, was launched in 2019 and is based in Singapore. It has quickly established itself as a significant player in the crypto exchange market, providing services in over 150 countries. BYDFi is notable for its compliance with financial industry regulations and holds licenses in Australia, Singapore, and the U.S., ensuring a high level of trust and reliability.

Why We Like It?

BYDFi offers a dual-platform approach with both classic and advanced trading interfaces, making it versatile for all types of traders. The exchange features low trading fees and a broad selection of cryptocurrencies. Additionally, BYDFi rewards users for completing specific tasks, adding an engaging aspect to the trading experience.

Is BYDFi Right for You?

BYDFi is perfect for traders looking for a reliable and low-cost platform that supports a wide range of cryptocurrencies. Its compliance with international regulations and presence in over 150 countries make it a trusted choice for global traders. However, if you need advanced trading features or are concerned about fund insurance, you might want to consider these limitations. Overall, BYDFi provides a robust and versatile trading environment suitable for both beginners and experienced traders.

Pros 

• Accessible to U.S. users across the country
• Competitive fees that make trading cost-effective
• Accepts more than 50 fiat currencies, facilitating global trading
• Holds licenses in major financial regions, enhancing trust
• Offers Both Online Wallet and Cold Storage

Cons

• Does not offer as many advanced trading options as some competitors
• No Staking and Lending
• Limited Educational Materials
• Funds Are Not Insured

CoinSwitch – Leading Cryptocurrency Exchange with Strong User Base of over 15 Million

CoinSwitch is one of the premiere cryptocurrency exchanges that provides users with access to over 500 cryptocurrencies and 45,000+ trading pairs. These exceptional features make it one of the most versatile platforms in the crypto space. Since its launch, CoinSwitch has processed transactions of over $10 billion, showing its trust among the users. The platform is also designed with user experience in mind, offering a simple and attractive interface for both new and experienced traders. With a growing user base of more than 15 million people globally, CoinSwitch stands out for its competitive rates and strong security measures, ensuring a safe and cost-effective trading environment.

Why We Like It?

We like CoinSwitch for its extensive support of over 500 cryptocurrencies and 45,000+ trading pairs. Its user-friendly interface makes it accessible for both beginners and experienced traders. Additionally, the platform’s robust security measures and competitive rates ensure a safe and cost-effective trading experience. With a growing user base, the platform in itself showcases its reliability and trustworthiness.

Is CoinSwitch Right for You?

CoinSwitch is right for the traders who are looking for a user-friendly crypto exchange with access to over 300 cryptocurrencies. It provides a seamless trading experience with no deposit fees and competitive trading fees. CoinSwitch also aggregates liquidity from various exchanges, ensuring the best rates for users. Additionally, its simple interface and robust security measures make it an excellent option for both beginners and experienced traders.

 

Pros 

• Highly intuitive and user-friendly interface for all levels of traders.
• Allows instant swaps without needing deposits, enabling quick and seamless trades.
• Implements robust security protocols to protect user assets and data.

Cons

• Customer support responses can be slow as compared to other platforms, which may affect user experience in urgent situations.
• Mandatory Know Your Customer (KYC) procedures can be time-consuming for users who prioritize anonymity.

Bitget – Popular Crypto Exchange in Over 100 Countries

Bitget started in 2018, created by a team who were early believers in blockchain technology. This team, originally from traditional finance, discovered blockchain in 2015 and saw its potential. Despite initial doubts in the industry, they founded Bitget with a focus on long-term growth and putting users first. Today, Bitget is the largest crypto copy trading platform, boasting over 25 million users and a daily trading volume of 10 billion USDT.

Why We Like It?

It stands out for its unique focus on copy trading, allowing users to follow elite traders and earn without extensive market knowledge. The platform also supports futures and spot trading, offering a wide range of cryptocurrencies with high liquidity and low fees. Bitget’s dedication to security, efficiency, and smart trading solutions makes it a reliable choice for both novice and experienced traders.

Is Bitget Right for You?

Bitget is great for traders wanting a platform that supports various trading activities, from copy trading to futures and spot trading. With competitive fees, high liquidity, and a wide range of supported cryptocurrencies, it’s ideal for both beginners and experienced traders. However, new users might find the platform’s complexity a bit challenging at first. Overall, Bitget offers a strong and versatile trading environment, focused on user satisfaction and innovation.

 

Pros 

• Offers over 500 cryptocurrencies to trade
• Extensive Range of Services
• High Liquidity and Low Fees
• Global Presence

Cons

• There are relatively fewer low supply or low cap coins than others
• No Fiat Withdrawals
• Complex for Beginners

Robinhood – Best Crypto Exchange for US investors

Robinhood, an American company, introduced its crypto trading service to complement its well-known commission-free stock trading platform. Although it started with basic features, it has greatly improved over time. Now, Robinhood Crypto offers a seamless, user-friendly interface for both mobile and web trading, making it a great choice for beginners who want to trade without paying any fees.

Why We Like It?

It is perfect for beginners because it makes trading easy and free. You don’t have to pay any fees for trading cryptocurrencies, stocks, or ETFs. Plus, Robinhood has strong security measures, including insurance against cyber theft and breaches. Its integration with stock trading services makes it convenient for those who want to manage all their investments in one place.

Is Robinhood Right for You?

Robinhood is great for new investors who want to start trading cryptocurrencies without paying any fees. Its simple interface makes it easy to use. However, if you want access to more cryptocurrencies or advanced trading features, you might find Robinhood’s options limited. Overall, Robinhood offers a secure and straightforward trading experience for beginners.

 

Pros 

• Free US stock and ETF trading
• User-friendly mobile and web trading platforms
• No Fees

Cons

• Limited product range
• No Crypto-to-Crypto Trading
• Weak customer support

Gemini – Great Option for US-based investors

Founded in 2014 by Tyler and Cameron Winklevoss in New York City, Gemini has established itself as a highly secure and compliant cryptocurrency exchange. As a New York trust company, it is regulated by the New York State Department of Financial Services (NYSDFS), ensuring adherence to strict capital reserve requirements, cybersecurity measures, and banking compliance standards. This strong regulatory framework makes Gemini a trusted and reliable platform for trading cryptocurrencies.

Why We Like It?

Gemini is known for its robust security protocols, including hot wallet insurance and SOC 2 certification, which ensures the company’s security and compliance frameworks are regularly audited by third parties. The platform offers a range of features suitable for both beginners and advanced traders, such as a simple interface for new users and an ActiveTrader platform for more experienced investors. Additionally, Gemini provides a unique Earn program and a credit card that offers crypto rewards, adding value for its users.

Why We Like It?

Gemini is known for its robust security protocols, including hot wallet insurance and SOC 2 certification, which ensures the company’s security and compliance frameworks are regularly audited by third parties. The platform offers a range of features suitable for both beginners and advanced traders, such as a simple interface for new users and an ActiveTrader platform for more experienced investors. Additionally, Gemini provides a unique Earn program and a credit card that offers crypto rewards, adding value for its users.

Is Gemini Right for You?

Gemini is ideal for users who prioritize security and regulatory compliance. Its intuitive interface makes it easy for beginners to start trading, while the ActiveTrader platform offers advanced tools for more experienced traders. Despite its higher fees, Gemini’s robust security measures, insurance coverage, and regulatory compliance make it a compelling choice for anyone looking to trade cryptocurrencies safely.

Pros 

• High Security
• Meets all U.S. regulatory requirements and is available in all 50 states
• User-Friendly
• Offers a credit card that earns crypto rewards

Cons

• High trading fees
• Limited Cryptocurrencies
• Customer Support

Binance – Most Popular Crypto Exchange Worldwide

Founded in 2017, Binance has rapidly grown to become the world’s largest cryptocurrency exchange by trading volume, handling tens of billions of dollars worth of transactions daily. It supports over 350 cryptocurrencies and offers a wide range of trading options, including spot trading, futures, and options. Despite some regulatory challenges and recent legal issues involving its CEO, Changpeng Zhao, Binance remains a dominant player in the global crypto market, known for its extensive selection and robust security measures.

Why We Like It

Binance offers one of the most comprehensive trading experiences in the cryptocurrency market. With low fees, an extensive list of supported cryptocurrencies, and advanced trading features, it caters to both beginners and experienced traders. The platform’s mobile app allows users to trade on the go, making it highly convenient. Additionally, Binance’s security measures, including cold storage for the majority of assets and real-time monitoring for fraud, provide a safe trading environment.

Is Binance Right for You?

Binance is ideal for traders looking for a comprehensive and low-cost trading platform with a wide selection of cryptocurrencies. Its advanced trading features make it suitable for experienced traders, while the mobile app provides flexibility for trading on the go. However, users should be aware of regulatory issues and ensure that the platform is accessible in their region. For those who prioritize a broad range of trading options and robust security, Binance is a strong choice.

Pros 

• Supports over 350 cryptocurrencies
• Low Fees
• Advanced Trading Options
• Mobile App
• High Security

Cons

• Regulatory Issues
• Limited U.S. Access:
• Complexity for Beginners

Crypto.com – Best as Decentralized Crypto Exchange

Crypto.com was founded in 2016 in Hong Kong and has since grown into one of the leading global cryptocurrency exchanges. It is available in 90 countries and supports over 350 cryptocurrencies. Known for its comprehensive ecosystem, Crypto.com includes its own blockchain, Crypto.org Chain, a native token called CRO, a crypto Visa card, and yield-generating products. The platform is recognized for its focus on security, regulatory compliance, and extensive insurance coverage, making it a trusted choice for millions of users worldwide.

Why We Like It?

The exchange stands out for its extensive range of supported cryptocurrencies and low trading fees, especially when transactions are funded with cash. The platform is particularly well-suited for mobile users, offering a robust app that provides full access to its trading, earning, and payment features. Crypto.com also offers significant perks for CRO token holders, including trading fee discounts and cashback rewards on its Visa debit card.

Is Crypto.com Right for You?

Crypto.com is an excellent choice for users who prefer mobile trading and those looking to engage with a comprehensive crypto ecosystem. Its extensive selection of cryptocurrencies and low fees make it appealing for both beginners and experienced traders. However, high fees for credit and debit card transactions and limited customer support might be drawbacks for some users. Overall, Crypto.com offers a robust and versatile trading platform suitable for a wide range of crypto investors.

Pros 

• Extensive Cryptocurrency Selection
• Low Fees
• Strong cybersecurity measures
• Crypto Visa Card

Cons

• High Fees for Credit/Debit Card Purchases
• Limited Customer Support
• Some features and services are not available to U.S. users

eToro – Popular and Secure Exchange that Offers a Demo Account

eToro was founded in 2007 in Israel and has since grown into a major global financial services company with registered offices in the US, UK, Australia, and Cyprus. Known for its user-friendly interface and robust social trading features, eToro has attracted 25 million users across 140 countries. As a multi-asset investment platform, eToro offers a wide range of financial services and supports 3,479 tradeable symbols, making it a versatile choice for both novice and experienced traders.

Why We Like It?

It stands out for its ease of use, particularly for those new to trading. Its social copy trading feature allows users to mimic the trades of successful investors, which can be a great learning tool. Additionally, eToro provides a $100,000 demo account to help users practice and refine their trading strategies without risking real money. The platform also offers a comprehensive ecosystem suitable for experienced traders, with a wide range of assets and robust trading tools.

Is eToro Right for You?

eToro is ideal for beginner and casual investors who appreciate a user-friendly interface and the ability to learn through social copy trading. Its demo account is a valuable tool for those looking to practice trading without financial risk. While its trading fees are higher compared to some other platforms, the wide range of supported assets and robust security measures make it a strong choice for many users.

Pros 

• Social Copy Trading
• User-Friendly
• Wide Range of Assets
• $100,000 demo account to practice trading strategies

Cons

• High Trading Fees
• Limited Advanced Features

Bybit – Recommended Cryptocurrency Exchange for Mobile

Founded in 2018 in Dubai, United Arab Emirates, Bybit has rapidly become one of the most popular cryptocurrency exchanges in the world. It serves over 20 million users across 160 countries, offering a wide range of trading options and tools. Despite its rapid growth and popularity, Bybit is currently banned in the U.S. due to regulatory issues, including lax “Know Your Customer” (KYC) safeguards. However, its transparency, user-friendly mobile app, and sponsorships in high-profile sports events like Formula One racing and professional soccer have significantly boosted its brand recognition.

Why We Like It?

Bybit excels in providing a fast, secure, and transparent trading system. The platform is highly customer-focused, constantly evolving to offer the best user experience. Its low trading fees, quick trading engine, and advanced mobile app make it an attractive choice for both novice and experienced traders.

Is Bybit Right for You?

Bybit is ideal for traders looking for a fast and secure trading platform with low fees and a robust mobile app. Its advanced trading features, such as high leverage and automated trading bots, make it suitable for experienced traders. However, the limited number of trading pairs and regulatory concerns may be a drawback for some users. Despite these challenges, Bybit remains a strong contender for those seeking a dynamic and evolving crypto trading platform.

Pros 

• Low Trading Fees
• Fast Trading Engine
• Mobile App
• Offers high leverage for experienced traders
• Automated Trading Bots

Cons

• Limited Trading Pairs
• Lack of Regulation
• Not Available for U.S. Citizens

Coinbase – Second Biggest Crypto Exchange Worldwide

Founded in 2012, Coinbase is a pioneering cryptocurrency exchange headquartered in the United States. Over the years, it has grown to become one of the largest and most reputable exchanges globally, serving over 100 countries. As a publicly traded company on the Nasdaq, Coinbase adheres to rigorous financial regulations and transparency, enhancing its credibility. The platform offers a user-friendly interface that caters to both beginners and experienced traders, making it a go-to choice for many in the crypto community.

Why We Like It?

Coinbase excels in providing a seamless and secure trading experience. Its platform supports over 250 cryptocurrencies, ensuring a wide range of options for investors. The easy-to-use interface simplifies the buying, selling, and storing of digital assets, making it ideal for beginners. Advanced traders can benefit from the platform’s robust features, including staking and various trading options. Additionally, Coinbase’s security measures, such as offline storage and FDIC-insured U.S. dollar balances, provide users with peace of mind.

Is Coinbase Right for You?

Coinbase is an excellent choice for both novice and seasoned investors looking for a reliable and user-friendly platform. Its extensive selection of cryptocurrencies, robust security measures, and advanced trading features make it a versatile option. However, users should be aware of the higher fees and potential customer support limitations. Overall, Coinbase offers a comprehensive and secure trading environment suitable for a wide range of investors.

Pros 

• User-Friendly Interface
• Wide Range of Cryptocurrencies
• High Security
• Staking and Rewards
• Highly Liquid

Cons

• High Fees
• Limited Customer Support
• Regulatory Issues

More Info to Help You Select the Best Crypto Exchanges for Your Needs

What is a Crypto Exchange?

A crypto exchange is a platform where you can buy, sell, and trade digital currencies like Bitcoin or Ethereum. It’s similar to a stock exchange, but for cryptocurrencies.

Main Types of Crypto Exchanges

Centralized Exchanges (CEX)

• How They Work: These work like traditional stock trading platforms. You place your order, and the exchange handles the transaction for you.
• Benefits: They’re user-friendly, often have insurance against stolen funds, support fiat-to-crypto exchanges, and provide customer support.
• Drawbacks: They usually charge transaction fees and can be vulnerable to cyber attacks.

Decentralized Exchanges (DEX)

• How They Work: Trades happen automatically on the blockchain through smart contracts, with no central authority involved.
• Benefits: Lower fees, enhanced security, and better privacy.
• Drawbacks: They can be tricky for beginners to use, typically have less liquidity, don’t support fiat-to-crypto exchanges, and offer limited customer support.

Hybrid Crypto Exchanges (HEX)

• How They Work: These combine features of both centralized and decentralized exchanges, aiming to offer the best of both worlds.
• Benefits: They support fiat-to-crypto exchanges, offer better customer support, and allow users to control their funds.
• Drawbacks: They might not have as many features as pure CEXs or DEXs and can be less beginner-friendly.

Common Crypto Exchange Fees to Understand

1. Trading Fees: Most exchanges charge a percentage from common transactions like trading, deposits, loans, and liquidations. Charges can range between 0% and 1.5% per trade.
2. Withdrawal Fees: Fees for withdrawing crypto, which vary depending on the platform and type of crypto. Some exchanges, like Gemini, Kraken, and FTX, offer zero-fee withdrawals for certain coins.
3. Gas Fees: Specific to the Ethereum blockchain, these fees support the blockchain’s operation and can vary significantly.

Understanding How Crypto Exchanges Operate

Crypto exchanges act as a bridge between traditional finance and cryptocurrency, enabling users to buy, sell, and trade digital currencies. Here are the main processes involved:

Matching Orders

Buyers and Sellers: Exchanges connect buy and sell orders from users. When a match is found, the trade happens automatically.
The Matching Engine: This tool scans the order book to find matching buy and sell orders.

Fiat On-Ramp and Off-Ramp

Converting Traditional Money: Some exchanges let users deposit fiat currency (like dollars or euros) to buy crypto or convert crypto back to fiat.

Facilitating Different Trade Types

Beyond Simple Buys and Sells: Exchanges also support more complex trades like margin trading, limit orders, and stop-loss orders.

Fees and Commissions

Monetization Model: Exchanges make money by charging fees for their services, which can differ based on the type of trade and the payment method used.

Choosing the Best Crypto Exchange

• First, see which cryptocurrencies are supported by the exchange you’re considering. Make sure they have the ones you’re interested in.
• Next, check how you can add money to your account. Look for options like wire transfers, credit cards, or digital payment methods that work best for you.
• Look into the fees the exchange charges. This includes fees for trading, withdrawing money, and any other transactions.
• Security is crucial, so pick an exchange with strong measures in place to protect against hacking and cyber theft.
• If you’re new to cryptocurrency, good customer service is important. Make sure the exchange offers reliable support to help you out.
• Lastly, research the exchange’s reputation. Look into its history, read reviews from other users, and see if there are any recent news stories about it.

How to Sign Up for a Cryptocurrency Exchange Account

1. Create an Account: Provide an email address and create a password. Confirm your email.
2. Upload Personal Information: Provide your full name, address, and mobile phone number, and upload a government-issued photo ID.
3. Complete Identity Verification: Some exchanges require a photo of yourself holding your ID for verification.
4. Fund Your Account: Use available funding options to deposit money and start trading.

More Guide to Read While Selecting Crypto Exchanges and Apps

The article provides a comprehensive comparison of various cryptocurrency exchanges for general purposes. However, when selecting the best crypto exchanges and apps, it’s crucial to gather all the necessary information. Here are some helpful guides to consider:

• Cryptocurrency exchange for Beginners: If you’re just starting out, you might want to go with an exchange that is easy to use and has a solid support above everything else.
• Cheap crypto exchange: Different exchanges have different fee structures. If you’re making large trades, you might want to optimise it by trading on low-fee cryptocurrency exchanges.
• Crypto exchange for day trading: If you’re a day trader, you need to look for exchanges that offer good volume, volatility, and low fees.
• Crypto futures trading platforms: Most popular exchanges offer futures trading. But only some exchanges offer a wide variety of cryptocurrencies to trade from, with high leverage.
• Crypto trading brokers: Some traders might prefer trading on a broker instead of an exchange.

Frequently Asked Questions

Are Free Crypto Exchanges Available?

Yes, some exchanges offer commission-free trading, like Robinhood and Webull. However, they may have other fees like withdrawal or deposit charges.

Are All Cryptocurrency Exchanges Safe?

No, not all exchanges are equally safe. Choose exchanges with strong security measures like two-factor authentication (2FA) and cold storage.

Can a Crypto Exchange Be Hacked?

Yes, crypto exchanges can be hacked. To reduce risk, choose exchanges with strong security and consider using hardware wallets.

Which Is the Most Popular Crypto Exchange?

Binance is the most popular crypto exchange due to its high trading volume and wide range of features.

Which Is the Safest Crypto Exchange Platform for Beginners?

Coinbase is considered the safest for beginners due to its user-friendly interface and strong security.

What Are the Key Things to Consider When Choosing an Exchange Platform?

Consider security, fees, supported cryptocurrencies, user interface, customer support, and regulatory compliance when choosing an exchange.

What Crypto Exchanges Can US Customers Use?

US customers can use Coinbase, Kraken, Binance.US, Gemini, and eToro.