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The Best Cryptocurrency Exchanges in 2024: Complete Guide

Joshua Morris -

Whether you want to buy some crypto coins to store them or you would like to try trading, you need to use the services of a cryptocurrency exchange online. There are so many of them that choosing one is pretty difficult, especially if you aren't sure what to pay attention to. So, we have prepared a detailed guide on the best cryptocurrency exchanges. With it, you can choose the most convenient and the safest service.

What Is a Cryptocurrency Exchange?

A cryptocurrency exchange is a marketplace, a platform, a service where you can buy cryptocurrency. While some exchanges support just a couple of coins, most leading exchanges will offer you the widest range of coins to choose from.

Features of the Best Cryptocurrency Exchanges

Now, it is time to check how to choose the best exchange to buy cryptocurrency. When looking for the best cryptocurrency exchange 2024, pay attention to the following features:

  • It shall be secure. At least, the website of the platform shall be SSL-protected. We know that even the biggest exchanges such as Binance were hacked. So, security is still something pretty vague. Reliable exchanges always reimburse the losses to their clients in the case of a hack but you for sure won't be thrilled to be in such a situation.
  • Fees shall be reasonable. There are exchanges that charge excessive fees, such as the same Binance if you don`t use their BNB coin.

Other features depend on your experience and intentions.

If you prefer something easy-to-use, you can keep your coins in a wallet offered by the platform. In most cases, the private keys are also kept by an exchange in such a case. So, we speak about custodial service here. Or you might opt for non-custodial services and even for a service that doesn`t require opening an account if you have a cryptocurrency wallet and know how to use it.

The Best Cryptocurrency Exchanges

Custodial Exchanges

Custodial exchanges provide users with crypto wallets and advanced features to facilitate frequent crypto trades.

Binance

Binance is one of the major exchanges where you can buy and sell all major coins and tokens. The main benefits of Binance are:

  • Fast transactions;
  • High liquidity levels;
  • Attentive customer support;
  • Fiat money is supported;

The cons are the following:

  • Rather high rates if you don`t use BNB;
  • In the past, the exchange had security issues. It was hacked and millions of users` coins were stolen.

Coinbase

Coinbase is one more leading cryptocurrency exchange. It is known for being one of the most secure exchanges. Other benefits you can count on are the following:

  • Low entry-level. The account can be funded for as little as 2 USD;
  • Convenient rates;
  • Attentive customer support;
  • High liquidity volumes.
  • More than 50 coins are supported.

The drawbacks are:

  • The fees are not transparent and are mostly higher than those charged by other platforms.

Bittrex

Bittrex is one of the safest exchanges that cater to traders in the majority of countries, including the USA. Its main benefits are:

  • A top security level;
  • Minimum information is needed to register an account;
  • Transparent fees;
  • Most available cryptocurrencies and tokens are supported.

The main drawbacks are:

  • Doesn`t support transfers with fiat money;
  • Slower transactions due to liquidity lack.

Instant (Non-Custodial) Exchange Platforms

Instant crypto swap platforms enable users to exchange crypto without creating buy/sell orders. A user simply sends the exchange amount in one coin and receives the equivalent amount in another cryptocurrency.

LetsExchange

LetsExchange provides instant crypto swaps without registration and limits. With a user-friendly interface, an all-in-one exchange widget, and more than 4,000 coins supported, LetsExchange is a great option to get any coin you want without delays. When you use this platform, you get the following benefits:

  • No mandatory registration;
  • Users’ funds are secured by their own wallets;
  • More than 4,000 coins are supported;
  • DEX, buying and selling crypto for fiat;
  • Fast transactions;
  • Attentive customer support.

Cons:

  • The platform doesn’t provide crypto wallets;

Godex

Godex is one more exchange that doesn’t collect any private information about its users. The main benefits of Godex are:

  • No registration or verification is needed;
  • Users’ funds are secured by their own wallets;
  • More than 200 coins can be exchanged;
  • No limitations on the number of swaps or amount of coins;

Cons:

  • The platform doesn’t provide crypto wallets;
  • Fiat money isn`t supported.

What Fees Can You Expect with the Best Cryptocurrency Exchanges?

An exchange always charges the network fee. It is a fee that is taken for registering a transaction in a blockchain and it doesn't depend on the exchange. There are exchanges that compensate this fee in some cases, however, it happens rarely.

Other than that, exchanges take a fee for processing your transaction. This fee might be much higher than the network fee, and this is what you shall pay attention to.

An exchange might charge a specific sum of money for a transaction or a % from the transaction sum.

When it comes to fees, exchanges are not always transparent. So, always calculate everything and ask customer support if you have any doubts. If you cannot get a clear idea about the fees charged, look for a different platform to swap your coins.

Cryptocurrency Exchanges vs. Brokers

Many people still mistake cryptocurrency exchanges for brokers. However, these are completely different things.

A cryptocurrency exchange is a marketplace, a platform where people or companies buy and sell cryptocurrency. While some cryptocurrency exchanges might offer some trading options such as, say, spread trading, but their main aim is to handle crypto swaps.

A broker is an intermediary between a cryptocurrency exchange and a trader. Yep, if you use the services of a broker to trade crypto, you pay some commission. Its size and conditions differ from one broker to another. But a broker offers you a full variety of trading options and instruments.

Now, when you know the main things about cryptocurrency exchanges, you can choose the best exchange 2024 that completely complies with your requirements, and start swapping crypto!

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