A crypto exchange is a platform where you can buy and sell cryptocurrencies like Bitcoin and Ether. It works like a trading platform, providing you with accounts to place orders in the crypto market. In this guide, we will explore the best 8 crypto exchanges for safe trading.
What are the 8 Best crypto exchanges and apps?
Crypto exchanges are crucial for buying, selling, and trading cryptocurrencies, serving as the gateway to the digital asset world. We’ve selected the top 8 exchanges based on trading volume, features, and user experience to help you make informed decisions. The 8 top crypto exchange list is,
- Binance
- Bybit
- Crypto.com
- Coinbase
- HTX
- OKX
- Bitmart
- DigiFinex
Binance
Binance is a popular cryptocurrency exchange that started in 2017. It was founded by Changpeng Zhao. It offers a wide range of features for both beginners and advanced traders. It’s known for having the highest daily trading volume in the crypto world and serves 90 million customers worldwide.
Features of Binance
- Cryptocurrencies: Supports trading for over 350 cryptocurrencies.
- Trading fees: Known for having the lowest trading fees in the industry, ranging from 0.0% to 0.1%.
- Liquidity: Most liquid exchange, making it easier to trade large volumes.
- Staking: Users can earn rewards by holding certain cryptocurrencies.
Pros and cons of Binance
Pros
- Wide selection: Offers a broad range of cryptocurrencies, including popular and upcoming tokens.
- Low fees: Very low trading fees and minimal trade limits.
- Advanced tools: Provides tools for technical analysis and advanced trading features.
- Mobile app: It has a mobile app for iOS and Android, allowing trading on the go.
- Strong security: Binance implements robust security measures, such as two-factor authentication (2FA) and cold storage for funds, to protect user assets.
Cons
- Availability: Not available in some countries due to regulatory restrictions.
- Transparency: Some users are concerned about the lack of transparency in its operations and decision-making.
- Complex interface: The platform’s interface can be overwhelming for beginners.
- Security concerns: Despite its strong reputation, Binance has had security incidents, including a major hack in 2019.
Bybit
Bybit is a cryptocurrency exchange specializing in margin and futures trading. It’s designed for experienced traders who want advanced trading tools.
Features of Bybit
- Margin trading: Focuses on margin trading and futures, allowing traders to leverage their positions.
- Advanced tools: Provides advanced trading tools and a user-friendly interface.
- Performance: Offers high performance and liquidity.
- Security: Continuously enhances security to protect user funds.
Pros and cons of Bybit
Pros
- Specialized: Ideal for experienced traders due to its focus on margin trading and futures.
- Advanced interface: Equipped with advanced tools and a user-friendly interface.
- High performance: Ensures high performance and liquidity.
Cons
- Limited selection: Has fewer cryptocurrency trading pairs compared to other platforms.
- Complexity: May be challenging for less experienced traders to use effectively.
Crypto.com
Crypto.com is a global cryptocurrency exchange founded in 2016, based in Hong Kong. It’s known for its extensive digital asset ecosystem and strong mobile app.
Features of Crypto.com
- Cryptocurrencies: Supports over 350 cryptocurrencies.
- Transaction fees: Fees range from 0.00% to 0.075%, depending on your trading volume.
- Minimum deposit: 1 euro.
- Trade limits: There are limits on how much you can trade crypto.
- Mobile app: Offers a comprehensive app that allows you to buy, sell, trade, earn interest on crypto, and make payments with crypto.
Pros and cons of Crypto.com
Pros
- Large selection: Supports a wide range of cryptocurrencies (350+).
- Extensive ecosystem: Includes its blockchain (Crypto.org Chain), native token (CRO), crypto Visa card, and yield-generating products.
- Strong mobile app: Great for trading and managing your crypto assets on the go.
Cons
- Customer support: Reports of poor customer service.
- Fees: Trading fees can be higher for lower-volume traders, up to 0.075%.
Coinbase exchange
Coinbase is a popular cryptocurrency exchange where you can buy, sell and store digital currencies. It was founded in 2012 and is available in over 100 countries. It has a user-friendly interface that feels like an online banking app, making it easy for beginners to use.
Features of Coinbase exchange
- Cryptocurrencies: Supports over 200 cryptocurrencies.
- Transaction fees: Fees range from 0.00% to 0.60%, depending on your trade volume.
- Minimum deposit: You can start with as little as $2.
- Trade limits: There are limits on how much you can trade.
- Security: Coinbase insures the funds it holds and stores U.S. dollars in FDIC-insured accounts.
Pros and cons of Coinbase exchange
Pros
- Wide selection: Lots of cryptocurrencies and trading pairs.
- User-friendly: Easy to use for beginners and has advanced features for experienced traders.
- Liquidity: High trading volume, meaning you can buy and sell quickly.
Cons
- Customer service: Reports of poor customer support.
- Wallet control: Coinbase’s default wallet is custodial, meaning they hold the private keys for you. This might not be ideal for those who want full control of their funds.
- SEC charges: Coinbase is facing charges from the U.S. Securities and Exchange Commission (SEC) for allegedly operating as an unregistered securities exchange. They are working to resolve these issues.
HTX
HTX is a global cryptocurrency exchange founded in 2013 in China. It offers a wide range of digital assets and competitive fees, making it suitable for both beginners and experienced traders.
Features of HTX
- Cryptocurrencies: Supports over 700 cryptocurrencies, including popular ones like Bitcoin, Ethereum, and Ripple.
- Trading fees: Low trading fees of 0.2% for both maker and taker trades. Discounts are available if you hold HTX tokens.
- Payment methods: Accepts various payment methods, including credit/debit cards, bank transfers, and cryptocurrencies.
- Security: Strong security measures, including two-factor authentication and cold storage for digital assets.
Pros and cons of HTX
Pros
- Large selection: Over 700 cryptocurrencies to choose from.
- Low fees: Competitive trading fees.
- Multiple payment options: Various methods for deposits and withdrawals.
- Strong security: Advanced security features to protect user accounts.
- User-friendly: Easy-to-use platform with a mobile app for trading on the go.
- Customer support: 24/7 email support with a comprehensive knowledge base and FAQ, but no live chat or phone support and slow response times according to some users.
Cons
- High withdrawal fees: Withdrawal charges can be significant.
- Limited fiat support: Not many fiat currencies are supported.
OKX
OKX is a large, globally recognized cryptocurrency exchange that offers a wide range of trading pairs and instruments, such as margin trading and futures.
Features of OKX
- Cryptocurrencies: Supports a variety of trading pairs, including popular ones like BTC and ETH.
- Security: Uses advanced encryption technologies and multi-level authentication to ensure high security.
- Regulation: Actively cooperates with regulators to enhance trust.
Pros and cons of OKX
Pros
- Wide selection: Offers a broad range of cryptocurrencies and trading instruments.
- High security: Strong focus on security and compliance with regulations.
- Global presence: Available internationally with customer support worldwide.
Cons:
- Complexity: Some users may find it difficult to navigate due to advanced features.
- Regulatory restrictions: Availability may be limited in some countries due to local regulations.
Bitmart
BitMart is a global cryptocurrency exchange founded in 2017. It’s available in over 180 countries and allows trading of a vast range of cryptocurrencies.
Features of Bitmart
- Trading fees: Offers very low fees, ranging from 0.00% to 0.40% for trading. Users with a trading volume under $1,000 in 30 days pay no trading fees at all.
- Funding fees: ACH transfers are free, and withdrawal fees for cryptocurrencies are low.
- Regulation: Regulated by the New York Department of Financial Services (NYDFS) and was the first crypto exchange to get a payment institution license in the EU.
- Withdrawal speed: Funds can be withdrawn within 24 hours.
Pros and cons of Bitmart
Pros
- Simple transactions: Easy to buy and sell cryptocurrencies.
- Large selection: Offers a wide range of cryptocurrencies, including many smaller or newer ones.
- Earning opportunities: Users can earn interest on their crypto holdings through the Earn feature (though not available in the U.S.).
Cons
- Security issue: Experienced a major hack in 2021, losing $196 million in user funds.
- Customer feedback: Reports of poor customer service and withdrawal issues.
DigiFinex
DigiFinex is a cryptocurrency exchange founded in 2017 and based in Singapore. It’s known for its wide range of features and global reach, serving over 6 million users in more than 150 countries.
Features of DigiFinex
- Trading options: Spot trading, margin trading, derivatives trading, and staking
- Supported cryptocurrencies: Over 700
- Fees: 0.2% for both maker and taker, with potential discounts for holding DigiFinexToken (DFT)
- Copy trading: Follow and replicate the trades of experienced traders
- Cloud and merged mining: Participate in mining Bitcoin without owning mining equipment
- Payment methods: Bank transfers, Visa, Mastercard, Apple Pay, and crypto
- Security: Advanced encryption, multi-level authentication, cold storage, and multi-signature technology
- Customer support: 24/7 email support, comprehensive knowledge base, but no live chat or phone support
- Wealth platform: Offers crypto loans and staking for passive income
Pros and cons of DigiFinex
Pros
- Many cryptocurrencies: Supports over 700 digital currencies.
- Trading options: Offers spot trading, margin trading, derivatives, and ETFs.
- Payment methods: Accepts payments via bank, Visa, Mastercard, and Apple Pay.
- Mobile apps: Available for Android and iOS.
Cons
- No fiat pairs: Does not offer trading pairs with traditional currencies (like USD or EUR).
- Volume reporting: May report higher trading volumes than actual.
How to pick the best crypto exchanges
Choosing the best crypto exchange involves several key factors:
- Customer Service: Look for exchanges with responsive and easily accessible customer support. Effective support can quickly address any issues you encounter.
- Security: Check how the exchange protects your assets. Strong security measures and a history of good protection practices are crucial.
- Reputation: Choose exchanges with a solid reputation and a history of security. Avoid those with frequent hacks or customer complaints.
- Registration: Prefer exchanges incorporated in countries with strong regulatory frameworks. Check if they’re registered with relevant authorities, though registration alone doesn’t guarantee safety.
- Fees: Compare the fee structures of different exchanges. While low fees are desirable, slightly higher fees might be worth it for better security or features. Ensure the fees are transparent.
Conclusion
When choosing a crypto exchange, prioritize factors such as security, fees, user experience, and customer support. The top 8 exchanges for August 2024—Binance, Coinbase, Crypto.com, OKX, Bybit, HTX, BitMart, and DigiFinex—each offer unique features and benefits.
Binance leads in trading volume and low fees, while Coinbase is known for its user-friendly interface. Crypto.com provides a comprehensive ecosystem, and Bybit is favored for margin trading.
Evaluate each exchange based on your trading needs and preferences to ensure a safe and effective trading experience.
You might also like: Is Crypto a Safe Investment?
Pro Tip
Now you know that choosing the best crypto exchange depends on various factors, including security, fees, and user experience, based on this article. Make informed choices with our trusted forex brokers. Gain valuable insights into stocks, CFDs, cryptocurrencies, and banking. We’d love to hear your thoughts—share them in the comments below!
Frequently asked questions
1. What is the largest crypto exchange?
- Kraken
- Crypto.com
- Gemini.
- Binance.US
2. How do I sign up for a crypto exchange account?
To sign up for a crypto exchange account:
- Register on the exchange’s website.
- Provide personal details (name, contact info, ID) and verify your identity.
- Add a payment method (bank transfer, debit, or credit card).
- Check for fees related to your payment method.
- Start trading once your account is set up.
3. Is it safe to keep my crypto on an exchange?
Crypto exchanges are generally safe, but they have risks. Since you can withdraw your crypto, there’s a chance that an attacker might steal it if the exchange is compromised.
