The Top Cryptocurrency Exchanges December, 2024

Investors have a broad selection of options on the market, with over 20,000 different cryptocurrencies available. Crypto exchanges provide an easy way to buy and sell these digital assets, acting as entry points and exits.

Learning about cryptocurrencies can be daunting. Finding the best platform to buy and sell popular assets such as Bitcoin, Ethereum, and Dogecoin may also be difficult for those new to crypto trading. Additionally, users must set up an external wallet to avoid using their exchange's built-in wallet. This allows them to store their assets safely.

We analyzed over a dozen exchanges to identify the top ones with the most cryptocurrency availability, lowest fees, greatest asset/account security, intuitive user interfaces, and best mobile access.

While researching this guide, the Cryptowisser team investigated all aspects of cryptocurrency exchanges, detailing the number of cryptos listed, trading fees, trade minimums, and much more. Some of the exchanges listed offer crypto debit cards and loyalty programs for the more dedicated crypto users. 

Key Takeaways

• There are unique benefits of trading cryptocurrencies using both decentralized and centralized exchanges. 

• Binance is the best CEX, and Uniswap is the best DEX. 

• Coinbase is the best exchange for beginner traders or those that seek a simplified trading experience. 

How Do Exchanges Work?

Crypto exchanges operate similarly to stock brokerages and stock-trading platforms, linking buyers and sellers. Per trade, an exchange usually charges a commission which is often in the form of a percentage rather than a fixed amount.

Exchanges may sometimes charge a fee to market makers. This enables the market makers to gain profits from the difference between an asset's buying price (bid) and the selling price (ask). Thus, even though no visible fee is charged, associated costs may still exist.

Exchanges provide a convenient method of buying and selling crypto assets, with various fee structures to accommodate all levels of investors. This market access enables everyone to enter or exit trades anytime they desire, making crypto investing more accessible.

DeFi vs CeFi Exchanges

Cryptocurrency trading and transactions can be managed through either centralized finance (CeFi) or decentralized finance (DeFi). CeFi is comparable to traditional centralized finance, with banks and exchanges controlling currency and transaction flows. DeFi allows peer-to-peer trading without an exchange acting as the middleman. Both CeFi and DeFi have similarities, plus advantages and drawbacks.

Centralized exchanges require to Know Your Customer (KYC) compliance to verify a user's identity before use. KYC helps prevent tax evasion, money laundering, and terrorist funding.

In CeFi, the asset custody is managed by a centralized exchange. This exchange holds the private keys that provide access to the cryptocurrency tokens on a blockchain. The central exchange is responsible for safeguarding assets and properly executing and reporting transactions. It may also charge handling and transaction fees for purchasing, selling, trading, and converting tokens.

DeFi is an alternative to CeFi when it comes to cryptocurrency trading. DeFi does not have a centralized exchange for holding custody over assets, instead, the private keys are held by traders. Consequently, there is no central authority that users need to rely on for transaction execution, but a smart contract-based approach based around Ethereum blockchains.

Decentralized Finance (DeFi) relies on decentralized exchanges (DEXs) to enable cryptocurrency operations without needing a centralized controller. Decentralized apps (dApps), built with smart contract-based technology, can also be used in DeFi use cases. Charging fees commonly associated with financial services transactions is not applicable, as DeFI models are decentralized and controlled by no single authority.

Top 3 Decentralized Exchanges (DeFi)

Decentralized exchanges provide an efficient way to exchange cryptocurrencies. We recommend the following DEXs, which are easy to use and enable crypto-to-crypto swapping.

• Uniswap: Best DEX for trading overall

• BingX: Best for a broad range of support cryptocurrencies

• PrimeXBT: Best exchange for leverage trading

Top 2 Centralized Exchanges (CeFi)

Centralized cryptocurrency exchanges (CEX) facilitate trading between buyers and sellers while earning a commission or transaction fee. They operate similarly to a traditional stock exchange but with digital assets instead of stocks.

• Binance: Best CEX for trading overall

• Bybit: Best for a wide range of investment options

The Best Crypto Exchange 2023

With a near-endless list of cryptocurrency exchanges to sift through, our in-house crypto experts compiled a short review of some of the very best available in 2023. Let’s dive right in.

SimpleSwap

Cryptos: 600+

Fees: 1.21%

Trade minimums: $1

Pros

• This platform provides access to over 600 coins on some of the world's leading exchanges, giving users an extensive range of options.

• SimpleSwap is a convenient, straightforward platform tailored to cryptocurrency users. It offers a simple and intuitive user experience, making it one of the most popular options among crypto traders.

• Incentive-based loyalty and affiliate programs offer individuals the opportunity to earn additional revenue.

Cons

• SimpleSwap does not offer a range of advanced trading tools, such as automated trading bots and copy trading.

• Know Your Customer (KYC) processes may be required in certain circumstances when settling transactional disputes.

• 

The Bottom Line On SimpleSwap

SimpleSwap provides an easy way to trade a variety of cryptocurrencies without having to worry about liquidity pools. It requires minimal verification and setup, with users typically able to start trading in just a few simple steps. 

As such, SimpleSwap offers convenience and transparency, making it one of the top choices for those looking for a versatile platform with an array of features and services. SimpleSwap simplifies the cryptocurrency exchange process, requiring no sign-ups or limitations to trade.

Phemex

Cryptos: Over 220 crypto pairs

Fees: 0.1%

Trade minimums: Varies

Pros

• 100X leverage trading.

• Phemex provides its users with a modular user interface, allowing them to trade using advanced order types such as limit order, market order, stop-limit order, and more.

• It is optional to have one's KYC done to begin spot trading on Phemex.

• Users can create and manage sub-accounts, allowing them to delegate tasks and responsibilities.

Cons

• This site provides lower liquidity than other popular platforms, such as Bitmex.

• Due to legal limitations, US citizens cannot trade on Phemex.

The Bottom Line On Phemex

Phemex trading platform was established to provide customers with secure, convenient, and reliable cryptocurrency trading. Its founders identified a need for higher professional standards, customer service excellence, and trustworthiness in the industry. This motivated them to create Phemex – a trusted website that enables people to turn their crypto wealth into profits.

Phemex offers a range of beneficial trading opportunities and features for cryptocurrency traders, with only a few drawbacks. The website is straightforward and suitable for beginner and experienced investors who wish to engage in digital asset investing. Furthermore, investors with little experience with trading strategies will find this platform simple to understand.

Crypto.com

Cryptos: 250+

Fees: 0.1—0.4%

Trade minimums: $1

Pros

• This product offers an affordable cost, providing competitive terms for all investors.

• Crypto.com's Earn feature allows investors to gain a competitive Apex yield of up to 12.5% annually on their coins and tokens.

• This crypto exchange offers more than 250 cryptocurrencies than any other similar platform.

Cons

• Crypto-to-crypto trading is not supported, unlike other exchanges.

• New users may need help navigating and using this web app compared to other options more user-friendly for novices.

The Bottom Line On Crypto.com

Crypto.com is a comprehensive platform for all things crypto, with over 250 cryptos to trade and dozens of tokens that can earn interest, plus a separate DeFi wallet. Its powerful trading tools make it ideal for experienced investors.

Crypto.com is an option tailored to experienced traders, offering additional features unavailable elsewhere. Notably, its CRO token provides benefits such as lower trading fees and access to reward credit cards. Crypto.com is available in most states, the exception being New York.

eToro

Cryptos: 25

Fees: 1%

Trade minimums: $10

Pros

• Investing platforms such as eToro allow users to copy the trading movements of successful investors, creating an online investing community.

• Investing in stocks and ETFs can give a portfolio great diversity. Trading these types of securities is also an option.

• eToro provides a Virtual Portfolio to help new and risk-averse traders practice trading with real market conditions.

Cons

• This exchange has fewer available cryptocurrencies than its competitors.

• This service is only available in some states; however, this is common among crypto exchange services.

The Bottom Line On eToro

eToro provides access to a revolutionary, socially focused crypto investing platform. Each account is automatically credited with a virtual sandbox trading account of $100,000. Additionally, eToro enables users to discuss and even copy strategies used by successful traders.

eToro offers an effective learning platform for crypto trading, which can aid traders in a volatile market. Unfortunately, it is unavailable in Hawaii, Minnesota, Nevada, New York, and Tennessee.

Binance.US

Cryptos: 100+

Fees: 0.1%

Trade minimum: $10

Pros

• Binance.US offers token staking, allowing customers to benefit from regular returns on their holdings.

• Binance.US offers trading for over 100 different cryptocurrencies.

• The global transaction volume of this exchange has been significant, making it a reliable option for those seeking an established and reputable platform.

Cons

• Trade minimums on this exchange platform are slightly higher than trade minimums found on other exchange platforms.

The Bottom Line On Binance.US

Binance.US provides many of the necessary charting tools for more active investors and options such as shorting crypto, auto-buying crypto, and OTC desk services for high-net-worth individuals. For frequent traders, Binance.US offers some of the lowest fees available for cryptocurrency trading and now features no-fee trades on Bitcoin and Ethereum.

Binance.com serves an international user base, whereas Binance.US is reserved for US residents only. The reason for this limitation is due to regulatory restrictions. However, Binance.US now offers features similar to Binance.com, including no-fee trades for BTC and ETH. Additionally, it is important to note that residents in Hawaii, New York, Texas, and Vermont are not able to utilize the services of Binance.US.

Gemini

Cryptos: 75+

Fees: 1.49%

Trade minimums: Varies

Pros

• Gemini ActiveTrader® provides experienced investors with a comprehensive trading platform. This platform has advanced level features to give investors greater control over their trading strategies.

• Staking tokens is possible with this platform, allowing users to earn interest on their crypto investments.

• Gemini is readily available throughout the U.S., enabling citizens nationwide to trade crypto.

Cons

• Gemini has higher fees compared to other crypto exchanges offering similar services.

The Bottom Line On Gemini

Gemini is a secure, user-friendly platform for buying, selling, and trading cryptocurrencies. It has an easy-to-use interface and a simple buying/selling form ideal for beginners. Experienced crypto traders can use its Active Trader platform, which possesses advanced charting tools and various order types.

Gemini’s fee structure is more complex compared to other platforms, but it is transparent. This ensures that no unexpected costs arise. Hence, Gemini could be a reliable option for investing or trading crypto - regardless of whether you are a new or experienced trader.

Kraken

Cryptos: 100+

Fees: 0.9%—1.5%

Trade minimums: $1

Pros

• This platform provides access to a wide selection of digital assets.

• Advanced traders can take advantage of low fees, making trading more profitable.

Cons

• Account funding options are limited. It is important to review available options and consider the optimal payment method.

• This service is not available in all U.S. states.

The Bottom Line On Kraken

Kraken provides an easy-to-use interface with powerful trading tools, making it accessible to crypto beginners and appealing to experienced traders. Kraken offers advanced features such as margin and futures trading, which are restricted to qualified investors only.

The platform is known for its security features, such as two-factor authentication, session monitoring, and withdrawal confirmations. Additionally, it conducts regular proof-of-reserve audits so users can trust their portfolio numbers are accurate. While the fees may be slightly higher than some other exchanges, Kraken's standing apart from the competition makes up for that.

UniSwap

Cryptos: Over 50k crypto pairs

Fees: 0.05%—1.0% + ETH gas fees

Trade minimums: Varies

Pros

• The UniSwap help center provides comprehensive guides for beginner investors. The guides walk investors step-by-step through the process to familiarize themselves with UniSwap.

• There are over ten thousand crypto-to-crypto pairs available, providing numerous trading opportunities.

• UniSwap is an open-source platform designed to empower cryptocurrency investors and traders, making their investments and trading fully democratic. It is 100% open source.

Cons

• ETH gas fees may be higher than the potential benefits of making a small trade or swap.

• Due to the lack of identity verification, users of Uniswap face a higher risk when trading.

The Bottom Line On UniSwap

Uniswap is operated on the Ethereum blockchain, meaning no centralized organization exists. All functions are automated by Uniswap's open-source application, which enables swaps to be performed automatically.

Uniswap's transaction fees are low and may require some ETH spending. It offers both well-established cryptos and new tokens, making it a one-stop shop. Plus, it is accessible world-wide and doesn't have verification identity requirements.

Coinbase

Cryptos: 100+

Fees: 1.49%

Trade minimum: $2

Pros

• This app features an integrated wallet that enables users to send and receive crypto easily.

• This product offers a debit card that allows customers to earn crypto rewards with each purchase.

• PayPal transactions offer a secure payment method, enabling users to complete transactions easily.

Cons

• This app and its exchanges have higher fees than others on the market.

• The standard trading platform has a limited number of available types of trades.

The Bottom Line On Coinbase

If you are new to cryptocurrencies, Coinbase provides a user-friendly interface and a helpful learning center. You may even be rewarded with free crypto for completing educational quizzes.

For active traders and those making larger trades, Coinbase Advanced Trade is a low-fee option available from the dashboard. The sleek and easy-to-use interface makes Coinbase suitable for beginners and experts alike.

When you're ready to buy or sell crypto, switch to Coinbase Advanced Trade. It's a simple click that will save you on fees and give you more money to spend. Please note: Coinbase is not available in Hawaii.

Crypto Wallet vs Crypto Exchange

Crypto exchanges enable you to buy or sell digital currency, whereas crypto wallets store your held cryptocurrencies in an external platform or app for added security. It is advised that you should use a separate wallet from the trading service you are utilising.

Exchanges in the U.S. must meet U.S. regulations, which may keep assets on these exchanges subject to government actions, such as seizure or freezing. For instance, Coinbase has outlined scenarios in which they might be required to freeze an account as per laws and regulations.

Storing crypto in a wallet instead of an exchange provides protection. However, wallets come with various requirements, like keeping the key safe or memorizing it and longer waiting time for selling since assets are away from the exchange. Still, the extra step may prevent impulsive trading decisions.

Finding The Right Crypto Exchange For You

Before selecting an exchange, there are several factors to consider. The best crypto exchange for any individual will depend on their own research. Factors to look into include:

• Accessibility: It is important to consider which crypto exchanges are available in your area, as this may be a limiting factor when choosing your exchange. Beforehand, research which exchanges are available locally to narrow down your options.

• Fee Structure: Frequent and high-value traders bear a significant risk of fees eating into their profits. However, fees may not be a major concern for those who don't trade as often or in large numbers.

• Supported Assets: If you're interested in exploring cryptocurrencies beyond Bitcoin, the best crypto exchanges provide access to hundreds or even thousands of tokens. Now is the time to expand your knowledge base and take advantage of new project opportunities in this space.

• Security: When choosing an exchange, explore two-factor authentication as well as insurance for security breaches. Additionally, confirm your crypto is held in cold storage for extra protection. Many exchanges make this additional step to ensure their investors are safe.

In Summary

When entering the blockchain and digital currency field, one must interact through an exchange. To ensure the best outcome, research must be done to identify which crypto exchange is suitable for individual needs.

It may be a traditional finance-turned-crypto platform or a pure cryptocurrency one - the best solution to reach investing goals. Remember: always do your due diligence before investing, as all risks are taken at your own risk.