8 Best Cryptocurrency Exchanges 2024 For Bitcoin And Altcoins
Low fees and secure trading platforms for bitcoin and altcoins
Cryptocurrency has been growing in popularity around the world as people become more comfortable investing in the alternative currencies.
Entering the crypto market can be rather intimidating for beginner investors due to the huge number of coins and exchanges to choose from. Not to mention it can be extremely easy to lose your investment in the highly volatile cryptocurrency market.
Regardless, crypto isn’t going away anytime soon and there are plenty of amazing opportunities to grow your wealth and diversify your assets.
In this post, we’ll talk about the best places to buy cryptocurrency for beginners and what you should keep in mind while choosing an exchange to work with.
How do I choose a crypto exchange?
(Important to have high security, low fees, straight forward verification, good customer support and a good selection of altcoins.)
When a beginner investor feels that they’re finally ready to enter the crypto game, they will need to head to an online cryptocurrency exchange service to turn their money into the digital tokens of their choosing.
1. Security
Security is crucial when choosing a crypto exchange. A bit of research will quickly tell investors whether an exchange is credible and what type of security measures it has in place. At the very least, exchanges should use two-factor authentication to secure user accounts and they should secure most of their assets in offline, or “cold,” storage. Some exchanges are regulated or supported by government financial institutions, but since the crypto market is largely unregulated, requirements are not standardized as they are for traditional banking institutions.
Also, check if the cryptocurrency exchange allows users to withdraw crypto to their own private wallets. Keeping crypto in a personal wallet can be much more secure than storing it on the exchange, but not every platform offers that option.
2. Fees
Crypto exchanges are in charge of creating their own fee structures, so each one is a bit different. Some exchanges operate on little to no fees, while others charge fees per transaction. Beginners should pay close attention to fee structures because many exchanges tend to place higher fees on smaller trades, so you could be paying a significant amount per transaction without realizing it.
3. Customer support
Recent online user reviews can tell you if the exchange you’re considering has a good customer support team. Be wary of exchanges that have complaints of unresponsive or unhelpful customer support specialists, even if they offer lower fees. Exchanges that offer the best user experience tent to attract the largest growth and transaction volumes, which means better stability and perhaps perks and better services down the road.
4. A good selection of coins
With hundreds of altcoins floating around, chances are you won’t need an exchange that offers every single cryptocurrency in existence. However, your exchange should offer a good variety of popular coins and altcoins so you can diversity your investment portfolio in case one currency goes down in value.
As of April 2021, Binance was the largest cryptocurrency exchange in the world by trading volume.
Countries where Binance is available:
Binance is available in more than 180 countries.
In the United States, Binance is only available in 43 states. The U.S. government in early 2021 said it was investigating the platform regarding possible money laundering and tax offenses. All U.S. traders can’t pay using credit card or participate in margin trades.
Security:
Binance accounts have two-factor verification via the Google Authenticator app or SMS. U.S. assets are FDIC-insured up to a certain amount. The platform also uses device management, address whitelisting, and secure cold storage.
Users should consider storing funds they want to save in a hardware wallet.
Has it been hacked, and what happened?
Yes. Binance was breached in 2019 when hackers got away with 7,000 Bitcoin, worth about $40 million at the time. The hackers also gained access to some user information, including two-factor authentication codes.
Binance tracked the stolen Bitcoin to a wallet and covered the stolen funds in full so users’ funds were not affected, CNBC reported.
How many coins and altcoins are available?
Binance is known for its massive selection of altcoins.
There are more than 500 cryptocurrencies supported for global traders and 52 were available for U.S. residents.
Verification process:
Users create a Binance account, confirm their email address and set up a two-step authentication process for extra security. U.S. users need to prove their identify using an official form of identification. International Binance users do not need to show a photo ID to verify their account.
Fees:
Binance fees are relatively low for the industry.
There is a 0.02% to 0.10% fee per purchase and trading fees of 3% to 4.5% for debit card purchases, free Single Euro Payments Area (SEPA) transfers, or $15 per U.S. wire transfer.
Trade fees vary based on your user level.
Payment Method:
Binance allows users to deposit funds via their linked bank account, credit/debit cards (Visa and MasterCard), PTP trading, or third-party payment via Banxa or Simplex. Users can also deposit crypto they already own into their Binance account.
Withdrawal method and fee:
Binance withdrawal fees, minimum amounts and methods vary by crypto.
Customer service:
Binance customer service is available via live chat, email, and responds to Twitter messages.
Binance is best for advanced investors who want maximum control over managing their crypto assets. Aside from standard buy, sell, send, receive, and exchange features, the platform also offers limit orders, market orders, stop-limit orders, trailing stop orders, post only orders, peer-to-peer trading, margin trading, and one-cancels-the-other orders. You also get access to exciting challenges and giveaways as well as advanced graphs to get into more detailed data.
eToro is a crypto exchange in a more social setting compared to other platforms, allowing users to copy other users’ trading activity.
Countries where it’s available:
eToro is supported in more than 140 countries and only 41 U.S. states.
The platform also offers stocks, commodities and forex trading in some countries.
Security:
The federal banking system insures up to $250,000 in cash holdings for U.S. residents on the platform.
Has it been hacked, and what happened?
Yes. In 2020 hackers accessed about 62,000 eToro accounts and posted them for sale on online hacking forums along with users’ personal information, according to online news reports.
How many coins and altcoins are available?
eToro offers access to 17 popular coins and altcoins.
Verification process:
Users verify their accounts by uploading a proof of identity and proof of address using the eToro app. Valid passports, driver’s licenses and government-issued IDs are acceptable. A proof of address document should be no older than six months, according to the company’s website.
Fees:
A crypto-to-crypto conversion has a 0.1% fee and a crypto-to-fiat currency conversion has a 5% fee.
Payment Method:
Payments are accepted via debit card, online bank accounts, and wire transfers. There are no fees for deposits or withdrawals, but there is a minimum deposit of $50 and a maximum deposit of $10,000 per day.
Withdrawal method and fee:
Users click on “Withdraw Funds” on the main menu and enter the amount they wish to withdraw. Withdrawn funds return to the source where they were deposited from. Preferably users should withdraw funds to a bank account via ACH transfer, according to the company’s website.
Customer service:
The eToro customer service webpage allows users to track their open tickets and search for solutions.
However, your request for help may not get resolved immediately. The page states that, “Due to a high increase int eh volume of requests, our response time may be extended. Please note that currently it may take up to 14 days for us to get back to you.”
eToro is is best for confident beginners or intermediate investors who are interested in advancing their skills, but don’t mind having relatively limited options for altcoins. eToro also includes useful educational features, such as personalized mobile notifications and a $100,000 virtual portfolio to practice investment strategies. There’s also more collaboration between users on the platform, with eToro allowing users communicate and copy its top traders’ movements automatically with its CopyTrader feature.
Coinbase is a mobile-first cryptocurrency exchange platform that is known for its beginner friendly user interface and high liquidity to protect investors from price drops. It has more than 56 million verified users and trades about $335 billion in crypto assets each quarter.
Coinbase has a Pro version for more experienced investors who want to do more active trading. It offers charting features and the ability to track exponential moving averages.
Countries where it’s available:
Coinbase is available in more than 100 countries and in 49 U.S. states. Coinbase is the largest crypto trading platform in the U.S. and offers more features for U.S. traders.
Coinbase supports USD, EUR, CAD, AUD, GBP, CHF, and JPY currencies.
Security:
Coinbase has 2-step verification via the Google Authenticator app or SMS, biometric fingerprint logins and liability insurance if the platform is compromised. The company stores about 98% of user funds in cold storage offline. Coinbase insures assets by pooling balances and holding them in USD custodial accounts, USD money market funds, or U.S. Treasuries.
Coinbase also offers physical security keys that users can insert into their computer drives to authenticate their login and get a one-time passcode. Users do not control their own wallet keys, which is common for centralized exchanges.
Users can choose to withdraw their currency and save it on a personal hard for longterm savings.
Has it been hacked, and what happened?
Coinbase told The New York Times in March 2021 that the platform had never been hacked, but about .004% of its users reported account takeovers in the past year where a third party was able to gain access to their accounts. The company said it then worked harder to educate users about keeping their accounts secure.
How many coins and altcoins are available?
Coinbase supports 51 coins on its regular platform and 57 on the Coinbase Pro.
Verification process:
Users create a Coinbase account, verify their email address and set up a two-step authentication process via SMS. Users need to prove their identify using an official form of identification. After that, you can add a payment method and start trading.
Fees:
Coinbase has higher fees compared to other exchanges in its class, but Coinbase Pro does offer some lower fees.
Fees vary in different countries and regions. In the U.S, there is a 0.50% fee per trade, a 3.99% fee for credit card purchases, a 1.49% fee for Coinbase wallet or bank account purchases, and wire transfers are $10 for a deposit and $25 for a withdrawal.
Coinbase Pro fees are less expensive. Deposits and withdrawals are free on digital assets and ACH transfers. Wire transfers are $10 to deposit and $25 to withdraw.
Click here to see more details about Coinbase fees.
Payment Method:
Coinbase supports fiat currencies including USD, GBP, and EUR.
Users can use fiat money or other crypto to buy assets from your mobile dashboard. You can also sell or convert your crypto and create recurring orders from your dashboard.
Withdrawal method and fee:
Users can send crypto out of their Coinbase wallets on the mobile dashboard.
Customer service:
Coinbase customer service is reachable via email and live online chat.
Coinbase said it boosted its customer support staff by 2,000 employees in early 2021 before the company went public.
Coinbase is is best for new crypto investors or those who want access to a very wide variety of cryptocurrencies and altcoins to choose from. There’s also a newsfeed that features current articles about cryptocurrency that are also helpful for beginners. Once users feel confident, they can consider upgrading to Coinbase Pro for more advanced trading and charting features.
KuCoin is a beginner friendly cryptocurrency exchange that offers popular cryptocurrencies and altcoins. More than 8 million people use KuCoin, which offers lots of services including spot trading, futures trading, and staking.
Countries where it’s available:
KuCoin is available in nearly 200 countries and supports more than 45 fiat currencies.
Security:
KuCoin, based in Singapore, does not need to adhere to the same stringent security requirements that other crypto exchanges do, but it does have powerful security features in place.
KuCoin uses micro-withdrawal wallets, it secures withdrawals as they happen, it uses dynamic multi-factor authentication, and multiplayer encryption. It also has a staff of risk control employees to monitor data operations.
Has it been hacked, and what happened?
Yes. KuCoin was breached in September 2020 and about $281 million through large withdrawals of bitcoin and ethereum, Coindesk reported. The stolen assets were recovered or covered by insurance.
How many coins and altcoins are available?
Verification process:
KuCoin uses optional KYC verification levels to determine maximum daily withdrawal limits. KYC Verification will take several business days to complete and users can choose to get KYC1 Basic Verification or KYC2 Advanced Verification. ID verification requires a government-issued ID card, driver’s license or passport.
Fees:
Maker and taker fees range from 0.024% to 0.1% depending on a user’s VIP level.
With KuCoin’s lending platform, users can lend crypto to other users with interest. Rates can range from 0 to 0.2%.
Payment Method:
Deposits can be made on the web or via the KuCoin mobile app. Users will need their deposit address available to paste into the withdrawal platform.
Deposits can be made using a credit or debit card, but not directly from a bank account. Users can also deposit cryptocurrency they already own into KuCoin. There are no fees for deposits.
Withdrawal method and fee:
Before making a withdrawal, be sure to enable “Phone Number + Trading Password” or “Email + Google 2fa + Trading Password” on the account security settings page.
To withdraw a token, select it and add the wallet address and the amount you want to withdraw. You’ll also need your trading password, email verification code, and a two-factor authentication code to complete the transaction.
Withdrawal fees vary based on the currency, but fees are relatively low.
Customer service:
KuCoin offers 24/7 customer support via online chat.
KuCoin is is best for beginner traders who want access to a wide range of tokens and services. KuCoin traders can use instant buy, advanced trading, margin trading, futures market, p2p marketplace, crypto lending, and a free crypto bot. Be aware that KuCoin’s trading platform does include a lot of data that may be overwhelming for a beginner, but other platforms may charge a subscription fee for access to that information.
Voyager is a crypto broker founded with the goal of providing a more transparent and cost-effective service. It offers up to a 10% interest rate on some assets.
Countries where it’s available:
Voyager is available in the U.S. except for New York. The company intends to expand internationally in 2021, according to news reports.
Security:
Voyager accounts are secured using two-step verification via SMS code or an authenticator app. The FDIC insures up to $250,000 of funds in a Voyager account.
Users’ personal information is protected in encrypted storage and secure data transmission. Voyager works with Plaid to connect bank accounts to the platform.
Has it been hacked, and what happened?
Sort of. Voyager was the victim of a cyberattack in late 2020, but the company said no funds or personal user information were compromised. Voyager took its services offline for 24 hours for maintenance following the attack, according to online news reports.
How many coins and altcoins are available?
Voyager offers more than 50 crypto assets by connecting users with more than a dozen cryptocurrency exchanges.
Verification process:
New users can download the Voyager mobile app and sign up. Users will need to provide an email address, their full name, mobile phone number, home address, date of birth, and social security number. Other documents may be needed including a photo, a passport, or proof of address.
The verification process can sometimes take awhile, and the app does keep a waitlist until Voyager can confirm a new user’s identity.
Fees:
Voyager does not collect commission fees on transactions, but it does collect a fee if it locates a price below the amount it quotes.
Payment Method:
Deposits can be made directly on the Voyager app straight from a user’s bank account, crypto wallet, credit card, or debit card. Deposits will clear in five business days and withdrawals will not be available until the sixth business day.
There is a $10 minimum deposit and a $5,000 daily deposit maximum.
Users can select the currency they want to buy or sell, but they do not choose which exchange the currency comes from.
Withdrawal method and fee:
Withdrawal fees vary by coin.
Withdrawals can be made right on the Voyager app to your bank account. There is a $25,000 daily withdrawal limit and a maximum of 20 withdrawals per day. Funds should appear in the user’s bank account in 3-5 business days.
Voyager does not support coin-to-coin trades.
Customer service:
Voyager customer service is available via an online form.
Voyager is is best for U.S.-based intermediate crypto investors who want mobile access to a variety of currencies, but don’t want to worry about managing multiple accounts. It also offers automatic buying features so investors do not have to manually grow their accounts and has an integrated profit and loss calculator to track how investments perform over time.
Gemini is a regulated cryptocurrency exchange and custodian service that prioritizes security, liquidity, and trust for individuals and institutions. It allows users to buy, sell, and store cryptocurrencies and exchange them.
Countries where it’s available:
Gemini is available in more than 50 countries.
Security:
According to Gemini, it is the first cryptocurrency exchange to complete security exams by the New York Department of Financial Services and to earn an ISO 27001 certification.
Most of Gemini’s crypto is held in offline, air-gapped cold storage systems. Assets held online are insured.
User accounts are secured using two-factor authentication and Gemini supports hardware security keys via WebAuthn. Gemini also allows users to create an approved address list to restrict crypto withdrawals to pre-approved addresses only.
Personal information is encrypted.
Has it been hacked and what happened?
Gemini has not been hacked, but users have experienced service issues when crypto markets experience high volatility and web traffic rises, according to news reports.
How many coins and altcoins are available?
Gemini supports 34 of the most popular cryptocurrencies.
Verification process:
Gemini requires U.S. applicants to provide a proof of identity including a state-issued ID, driver’s license, or passport.
International applicants need to provide a proof of identity including a passport, national ID, or driver’s license. International applicants also need to provide a proof of address including a recent bank statement, utility, cable, or cell phone bill that displays your name and current address.
Fees:
Gemini fees depend on currency and usage level. Gemini charges a 0.5% convenience fee as well as a transaction fee, making them one of the more expensive platforms to trade on. To offset the higher fees, Gemini users can earn interest on their crypto.
Trades that are less than $200 have a fixed-fee and trades more than $200 have a 1.49% fee.
Payment Method:
Users may fund their Gemini accounts using Fiat currency or digital assets. Fiat currency can be deposited via a linked bank account or wire transfer. Payments using a credit card, cash, or check are not accepted. There is a 3.49% debit card deposit fee
Digital assets can get deposited via external wallet or service provider by instructing them to initiate a withdrawal to their Gemini deposit address.
Withdrawal method and fee:
There are no withdrawal fees on ACH and wire transfers, as long as you do not exceed 10 transfers per month.
Customer service:
Customer support requests need to be submitted via online form.
Gemini is is best for security-focused investors who do not mind missing out on some services that other platforms offer. Unlike some exchanges, Gemini does not offer margin trading or short trading. However, users can place limit orders and take advantage of Gemini’s custodian service to hold digital assets.
Kraken is a crypto exchange and bank that offers cryptocurrency-to-money trading with higher-than-average trade limits, but long verification times. It also supports futures trading, Cryptowatch, and staking.
Countries where it’s available:
Kraken is available in 190 countries, but U.S. traders do not get all of the available features the platform has to offer.
Kraken supports USD, EUR, CAD, AUD, GBP, CHF, and JPY currencies.
Security:
Kraken accounts are secured with two-factor authentication. Assets are protected with automatic withdrawal email confirmations, air-gapped cold storage, strict surveillance, precise API key permission control, and SSL encryption.
Kraken also offers physical security keys that users can insert into their computer drives to authenticate their login and get a one-time passcode.
Kraken is also constantly monitored for suspicious activity on the platform, according to the company.
Has it been hacked and what happened?
Sort of. In 2019, hackers gained access to Microsoft email accounts and victims later realized their cryptocurrency exchange wallets were empty. Some users said hackers also changed the passwords to their Kraken accounts so they couldn’t log on, leading them to question whether Kraken’s password reset protocols were secure enough, according to online news reports.
How many coins and altcoins are available?
Kraken offers 56 coins.
Verification process:
Users create a Kraken account, confirm their email address and set up a two-step authentication process for optional extra security. Users need to prove their identify using an official form of identification. Kraken has different verification levels that include extra security features.
Fees:
Kraken calculates its transaction fees based on the volume traded in a 30-day rolling period using a unique maker-taker system.
Kraken fees range from 0% to 0.26% per trade, a 3.75% + €0.25 fee for credit card purchases, and a 1.7% + $0.10 fee for online banking processing.
Kraken has low maker fees compared to other crypto exchange platforms.
Payment Method:
Users connect their bank accounts to their Kraken accounts to deposit fiat funds. Processing usually takes 1-5 business days.
Kraken also allows users to fund their accounts using supported cryptocurrencies.
Withdrawal method and fee:
Kraken has several withdrawal options and fees. Most withdrawals have an amount minimum and a flat fee; there may also be a withdrawal maximum limit depending on a user’s verification level. Withdrawals may take up to five business days to complete. Withdrawals cannot be made in cash, sent to a credit/debit card, or a third-party payment processor.
Click here to see details about Kraken’s withdrawal options.
Customer service:
Kraken has 24/7 customer support via live chat.
Kraken has a more challenging user interface than other platforms, so it is best for intermediate or experienced crypto investors. The maximum trading amount is $100,000, which makes larger exchanges easier to execute. Kraken does support a wide range of fiat currencies, which may be appealing for more international users.
Changelly is a non-custodial instant cryptocurrency swap platform. About 2 million people use Changelly around the world.
Countries where it’s available:
Changelly accepts users from any country and payments in any currency, though the currency will be converted into USD or EURO.
Security:
Changelly accounts are protected with 2-factor authentication and and HTTPS protocol. A user’s crypto tokens are not stored on the exchange itself, but rather stored on their personal wallet.
Has it been hacked and what happened?
Changelly has never reported that it had been hacked.
How many coins and altcoins are available?
Changelly supports nearly 200 digital assets for exchange.
Verification process:
Changelly has two different verification levels.
Basic KYC requires a passport. Israel residents can use an ID card or driver’s license. Once Changelly verifies your identity, you won’t be asked to provide your information again unless you reach Advanced KYC limits. Advanced KYC limits kick in when a user trades more than 10,000 EUR per 48 hours or exceeds 50,000 EUR total.
Advanced KYC procedure involves a face-to-face recognition call, extra identification confirmation, and documentation.
Fees:
The crypto-to-fiat exchange rate is 0.5%.
Changelly also lets users control the conversion rate they are trading at to manage their transaction costs.
Payment Method:
Changelly does not have set amount minimums or maximums for transactions, but users should be sure that the amount they are transferring will cover input and output network fees taken by a blockchain. Transactions take about 5-30 minutes to get processed, with larger transactions taking longer.
Payments can be made via a linked bank account or with a credit card or Apple Pay.
Withdrawal method and fee:
Crypto withdrawals are available from BTC into EURO. The minimum amount of Bitcoin to sell is 250 EUR and the maximum is 10,000 EUR with Basic KYC. Users with Advanced KYC procedure have unlimited selling amounts. Funds will be sent up to three business days later.
Customer service:
Customer service requests can be submitted via an online form.
Changelly is best for new crypto investors who want to invest using non-major fiat currencies. As users become more comfortable, they can choose to upgrade to the Pro plan.
CEX.IO is a global crypto exchange with about 4 million registered users on the platform. It’s also a brokerage service for a range of popular cryptocurrencies.
Countries where it’s available:
CEX.IO is available in 99% of countries and 48 U.S. states.
Security:
CEX.IO is registered with the UK’s Information Commissioner’s Office and has regulatory approval from the Financial Crimes Enforcement Network.
Digital assets are divided into hot, online wallets and cold, offline wallets. CEX.IO only keeps enough crypto it needs to sustain daily trading activity in circulation at one time. The hot wallet is designed to only hold company funds, so in the event of a hack user assets would not be at risk, according to the company.
User fiat funds are stored in custodial accounts and banks that partner with CEX.IO.
Has it been hacked and what happened?
There are no reports of CEX.IO being hacked as of May 2021.
How many coins and altcoins are available?
CEX.IO supports more than 60 coins and accepts purchases in USD, EURO, GBP, and RUB.
Verification process:
CEX.IO has two levels of verification for new users.
The platform requires all new users to provide a photo of a form of official identification, including a passport, government-issued ID, or driver’s license. U.S. residents need to provide their social security numbers. Once an account is verified, users can make card deposits up to $1,000 each day, buy crypto directly using a credit or debit card, and place market or limit orders.
Users who want to enjoy increased deposit and withdrawal limits up to $30,000 each month will need to verify their address with CEX.IO.
Verification is usually completed quickly as long as the proper documents were provided.
Fees:
Transaction fees are based on the 30-day trade volume for all pairs. Taker fees range from 0.25% to 0.1% and maker fees range from 0.16% to 0%.
Deposit and withdrawal fees vary based on currency and payment method.
Payment method:
CEX.IO accepts payments from VISA, MasterCard, epay, advcash, skrill, bank transfer, ACH, SEPA, and QIWI. Some payment options require a deposit fee.
Withdrawal method and fee:
Withdrawal fees depend on currency and type of withdrawal. CEX.IO sometimes collects a commission on withdrawals.
Customer service:
Customer service is available via phone and email.
CEX.IO is good for investors at any skill level, but more advanced traders will enjoy lower fees with CEX.IO’s discounted fees. CEX.IO does not offer as many coins as other platforms, but it has a user friendly interface and a wide range of buying options. Experienced traders can also trade on margin.
Cryptocurrency exchange FAQ
What is the biggest crypto exchange?
As of April 2021, Binance was the largest cryptocurrency exchange in the world by trading volume. Coinbase was the largest cryptocurrency exchange in the U.S.
Who offers the most Cryptocurrency?
Hotbit offered the most forms of cryptocurrency with 760 coins supported. On this list, Binance had the most with 362 coins supported.
What is the safest crypto exchange?
According to a CryptoCompare Exchange Benchmark report for February 2021, the six most secure exchanges were Coinbase, Gemini, Bitstamp, Kraken, itBit, and Luno
Where can I trade crypto for free?
There are several exchanges that offer commission-free and zero-fee crypto trading. They include Phemex, KuCoin, Crypto.com, Digitex, Amplify, Shapeshift, Lykke, and Blade.
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