The Most Popular Crypto Exchanges in 2024
Crypto exchanges are to cryptocurrency what banks mean to fiat currencies. So, the same way you need a conventional bank to deposit and withdraw funds also applies to crypto. However, the difference is that there is no physical location. Instead, crypto exchanges are trading platforms owned by private individuals or groups for trading different cryptocurrencies.
Crypto exchanges are broadly classified into Centralized (CEX) and Decentralized (DEX) platforms. The former operates such that it acts as an intermediary between buyers and sellers. The latter adopts a peer-to-peer system wherein the seller sends the crypto directly to the buyer without any intermediary. Each type has merits and demerits, informing customers about selecting their preferred option. This article highlights some of the most popular crypto exchange platforms for trading in 2024.
Binance
With over 10 million weekly visits and an estimated trading volume of over $12 billion, Binance is arguably the biggest and most popular crypto exchange platform globally. It is home to more than 500 different cryptocurrencies. Launched in 2017 by Changpeng Zhao (CZ), it offers P2P trading and supports fiat-crypto acquisitions. That means you can trade coins like Bitcoin, Litecoin, USDT, and Ethereum and fund your account using fiat currencies like USD and Euros.
Binance emphasizes security by enforcing users to fulfill all KYC requirements. The option for a two-factor authentication also ensures that users have no security concerns. The registration process for new members is straightforward, especially for new users. One of the numerous reasons for Binance's high popularity is its low transaction fees. Hence, it is unsurprising that it is consistently among the supported exchanges across industries like fintech and e-commerce. The iGaming industry is also a top beneficiary, as Binance is often a preference for most of the top 10 online casinos worldwide. These online casinos support crypto and fiat, offering users a plethora of payment options for swift transactions.
Coinbase Exchange
Coinbase has an estimated trade volume of over $1.5 billion. The platform is highly recommended for beginners looking to understand the crypto trading landscape. It offers a user-friendly interface and maximum security, including 2FA. Coinbase also has an enviable selection of major altcoins and trading pairs. Users can trade from its over 200 support coins, including popular options like Ethereum, Doge, Bitcoin, and Litecoin.
A distinctive feature is its provision of multiple crypto storage options for users. The custodial option is most suitable for investors as the coins are stored on the Coinbase.com exchange. The second option is the non-custodial wallet, also called the Coinbase wallet. This is very popular for experienced crypto users as it allows complete control and access over the wallet. Whichever one you choose, there are transaction limits depending on your usage level. The minimum transaction amount for deposits and withdrawals is $2, with charges of 0.00% to 0.60%.
Kraken
Kraken is a foremost US-based crypto exchange platform launched by Jesse Powell in 2011. Initially, only Euro-denominated trades, and Bitcoin and Litecoin were supported on the site. However, with the growing demand for other currencies, the platform expanded and is home to more than 283 coins and 750 pairs. The current trading volume is over $686 million, making it one of the leading trade destinations for crypto users.
Nonetheless, Kraken has many country restrictions. It is not open to users from countries like Cuba, North Korea, Yemen, and Syria. The transaction fees depend on the nature of the transactions. For example, there is a 0.9% fee for Instant Buy service on stablecoins and 1.5% for other altcoins. This does not include any additional charge from the payment method used for the transaction. The fees are relatively lower for pro users, especially large-volume traders. It adopts a maker-taker system where the maker pays between 0.00% - 0.16% and the taker 0.10% - 0.26%.
Gemini
Gemini is a highly secure and compliant crypto exchange platform that was launched in 2014. The New York-based exchange is trader-focused and provides a user-friendly interface for beginners looking to start crypto trading. The presence of a cryptopedia and other educational resources provides customers with valuable tips to learn about the crypto space and essential trading guides.
Gemini also supports crypto stacking. This is limited to Polygon (MATIC) and Ethereum, which is not great considering that there are hundreds of coins. The trading fees are somewhat high at 1.49%. Additional fees also apply depending on the nature of the transactions. For instance, debit cards attract a 3.49% on the trade, which is relatively high. Overall, the platform is one of the go-to destinations for users in the US. The current trade volume from its estimated 156 thousand weekly users is about $63 million.
Conclusion
Trading digital assets like cryptocurrencies is still a subject of debate. The decentralized nature means it is difficult to regulate and track transactions. Hence, if you must trade, especially as a newbie, finding a suitable exchange platform could make or break your entire experience. The best crypto exchange platforms are fast, secure, and easy to use. Even more, they offer maximum level security, including provisions for multiple authentications.
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