BEST Crypto Exchanges in 2024 – What crypto exchange are you using? Are you sure it’s safe? Are you being ripped off in fees? And are there better options out there? Well, that’s exactly what we’re going to cover in this blog post. Today, I’m going to take you through six of the best crypto exchanges on the market, along with some hints and tips that you must know before using any exchange. This information could literally save you thousands of dollars, so keep reading!
Before we dive into these picks, it’s important to note a few things. Firstly, no matter how secure you think an exchange is, you should always practice self-custody. As we’ve seen with some exchanges in the past, you can never be 100% certain that your crypto is safe unless you control the keys. We’ve covered self-custody in a number of articles.
Also, although we may have affiliate agreements in place with some of these exchanges, this blog post is absolutely not sponsored in any way. It’s our impartial take on some of the best exchanges on the market. It’s also a non-exhaustive list, and there may be other exchanges out there that you can use. Just be sure to do your own research to ensure consistency.
We’ll compare each of these exchanges across five different themes: solvency, security, coin support, fees, and other features. And finally, these exchanges that we’re about to list are in no particular order. So, let’s jump into the first exchange!
Coinbase
Coinbase is one of the OGs among crypto exchanges. It was co-founded in San Francisco in 2012 and is the largest exchange in the US by trading volume. It is also the only exchange listed on the New York Stock Exchange, giving it access to increased liquidity. Coinbase operates in over 100 countries, except for those sanctioned by the US government.
When it comes to security, Coinbase adheres to strict audit regulations, and its financial statements are audited by one of the big four international accounting firms. User assets surpass liabilities and 98% of coins are stored securely offline in cold wallets. Coins that remain online are insured, and US customers have balances insured by the FDIC.
In terms of coin support, Coinbase is a little vague on its website, but it is known for supporting all the major cryptocurrencies. It does not list anything that the Securities and Exchange Commission might label as a security. Coinbase offers three fiat options for buying crypto: US dollars, British pounds, and euros. It also offers a wide range of methods for depositing and withdrawing fiat.
When it comes to fees, Coinbase operates on a tiered system based on your trading volume over the past 30 days. The fees range from 0.5% to 6% for takers and 0% to 4% for makers. The higher your trading volume, the lower your fees. Coinbase also offers an advanced trade platform for more detailed trading options.
Overall, Coinbase is a strong choice, especially for customers in the US. Its commitment to security and adherence to strict regulations has helped it establish a name as one of the world’s most reputable exchanges. However, its selection of digital assets is somewhat limited.
OXY
OKX, originally founded as OKEX in China in 2017, is another popular crypto exchange. In 2022, it rebranded as OKX and expanded its services beyond just an exchange. It now offers decentralized services, including DeFi products, NFTs, games, and the metaverse.
OKX is available in most jurisdictions, but it has some key restrictions, including the USA and some countries in Europe. The exchange has solid security processes and is endorsed by familiar faces like football manager Pep Guardiola and F1 driver Daniel Ricciardo.
OKX is an exchange that uses Proof of Reserves to prove solvency. The good news is that OKX’s solvency ratio consistently exceeds 100%, meaning that assets always surpass liabilities. Nansen, an analytics firm, monitors OKX’s reserve compositions, which show that typically 90% of them are liquid cryptocurrencies like BTC, ETH, and USDT. However, it should be noted that while Proof of Reserves offers transparency around user deposits, it doesn’t detail the full financial state of the company. For this, an independent third party needs to carry out a comprehensive audit on OKX. However, auditors are choosing not to engage with crypto firms, which is an issue most other exchanges are facing.
When it comes to operational security, OKX’s procedures appear to be solid. According to the company’s website, 95% of coins are securely stored offline with individual storage units holding no more than 1,000 BTC. In addition, they adopt a whole host of best practices when it comes to ensuring that only a small number of individuals have access to the company’s cold wallets, private keys, and vaults, which is where backups are kept. For instance, the two individuals who are granted access to vaults are not allowed to travel in the same vehicle together.
When it comes to coin support, OKX fares better than Coinbase with over 350 digital currencies. It also accepts a broader spectrum of fiat currencies, including USD, GBP, and Euros, as well as local currencies in various countries. You can buy crypto on OKX using bank transfers, card purchases, Apple Pay, and more. However, OKX does not disclose the fees associated with deposits and withdrawals.
Thankfully, when it comes to trading fees, OKX performs well. It is one of the cost leaders in the space. Trading fees vary for regular and VIP users, with the fees being lower for higher volumes. For regular traders with over $2,000 in total OKB holdings, the maker-taker fees are 0.6% and 0.8% respectively.
In summary, OKX is a good option for more established traders and those wanting a more diverse product offering. However, its transparency when it comes to liabilities, as well as deposit and withdrawal fees, are potential drawbacks. Beginners may find the advanced concepts and complex user interface a bit challenging.
Bybit
Bybit is another exchange that is rapidly gaining popularity. It was co-founded in 2018 and has grown from 10 million users to over 15 million in less than a year. Bybit claims to be the world’s third most visited crypto exchange. It opened its headquarters in Dubai in 2023 and has strengthened its presence in the EU after securing licensing approval in Cyprus.
When it comes to solvency, Bybit guarantees that customer assets are backed one-to-one and uses Merkel Tree Proof of Reserves to demonstrate this. It has a gamut of security procedures, including penetration tests, bug bounties, ISO 271 certification, and funds assurance. Bybit uses an industry-leading and multi-signature cold wallet to store 100% of its traders’ deposited assets.
Bybit supports over 270 assets in the spot market and over 200 contracts in the derivatives market. It also supports deposits in 15 fiat currencies, including Euro, USD, and GBP. The platform is transparent about the fees that will be charged per transaction. Bybit has a tiered trading fee structure depending on your account balance or trading in the last 30 days. Entry-level traders will pay a maker-taker fee ratio of 0.1% for spot trading.
Bybit is recognized for its impressive transaction speeds, clocking in at 135,000 transactions per second primarily for derivatives trading. It offers a variety of trading options from spot to futures, and traders can avail themselves of diverse order types such as market, limit, and stop-limit orders.
In summary, Bybit is rapidly gaining traction in the industry, boasting top-tier transaction speeds, an intuitive user interface, and a high trading volume. However, it supports a narrower range of cryptocurrencies compared to exchanges like OKX, and it mainly focuses on derivatives trading.
Kraken
Kraken is one of the oldest exchanges in the industry, founded in 2011 as an alternative to Mt. Gox. Kraken is well-regulated and available in most countries, excluding New York and Washington state in the US. It has gone remote-first and is headed by former COO Dave Ripley.
When it comes to solvency, Kraken is a well-regulated exchange and is either regulated or licensed in various jurisdictions. It provides transparency and security measures to protect customer assets.
Kraken supports a wide range of cryptocurrencies and offers several ways to buy crypto, including credit and debit card payments. The platform is transparent about the fees that will be charged per transaction. Kraken has a tiered trading fee structure depending on your account balance or trading in the last 30 days. Entry-level traders will pay a maker-taker fee ratio of 0.1% for spot trading.
In summary, Kraken is a well-established exchange with a good reputation. It offers a wide range of cryptocurrencies and provides transparency and security measures to protect customer assets.
Comparison of Kraken, Kucoin, and Swissborg
Kraken
- Impressive security measures
- Proof of reserves audits
- ISO 271 certified
- Low fees for deposits and withdrawals
- Supports over 200 coins and tokens
- Offers spot, margin, and futures trading
- Trusted platform with an easily navigable interface
Kucoin
- Claims to have one in four crypto holders as users
- Transparent in evidencing solvency
- Offers over 700 coins and tokens
- Accepts over 70 payment types
- Competitive fee structure
- Offers spot, margin, and futures trading
- Popular with expert traders
Swissborg
- Not a typical exchange
- Unique approach to wealth management
- Uses smart contracts and AI algorithms
- Offers a tokenized multi-asset investment platform
- Provides a SwissBorg Wealth App for users
- Transparent and secure
Swissborg
SwissBorg is a mobile-first crypto investment platform that offers a wide range of services including crypto portfolio management, buying and selling crypto, earning yield, and more. It was founded in early 2018 and is headquartered in Switzerland, specifically Lausanne. Cyrus Feazel is the co-founder and CEO of the company.
SwissBorg has over 700,000 users, and 200 staff, and operates in more than 50 countries. It is licensed and regulated in Switzerland, France, and Estonia. The company is proud of its links to Switzerland and has launched an initiative called “In SwissBorg We Trust” to promote transparency and openness to the community. They demonstrate solvency through public data and dashboards from their partner Fireblocks. SwissBorg also retains 2/3 of its assets in fiat and stablecoins to mitigate crypto volatility risks.
SwissBorg uses multiparty computation (MPC) technology to prevent any single point of failure in custody. MPC technology splits private keys into multiple pieces and distributes them in multiple places to ensure no one person has full access to the whole private key. The company also segregates customer deposits from company accounts, minimizing the risk of losses in the event of bankruptcy.
SwissBorg supports 71 cryptocurrencies, including major ones, and offers USD, Euro, GBP, and Swiss Franc support. Users can buy crypto through the SwissBorg app, other exchanges, DEXes, and crypto ATMs. The company does not charge deposit fees for cryptocurrencies, but withdrawals are subject to an execution fee of 1% with a minimum fee per cryptocurrency. Additional fees may be charged depending on the network.
Trading fees on SwissBorg vary based on premium tiers. These tiers, such as Explorer, Pioneer, and Genesis, provide users with various benefits including lower fees and higher yields. To access these tiers, users need to lock up increasing amounts of SwissBorg’s native token, Borg, for a year. SwissBorg also offers advanced investment products like SwissBorg Thematics, which allows users to invest in crypto asset collections based on distinct themes with an automatic rebalancing system.
While SwissBorg offers a range of trading options and advanced investment products, it comes with higher fees compared to trading on your own. Beginners who prefer mobile trading may find SwissBorg appealing, but they should be mindful of the limited cryptocurrency options and educational content.
Conclusion
It’s important to practice self-custody and keep your coins and tokens in a hardware wallet. SwissBorg is just one of the top exchanges for 2023, and users should explore each exchange further on their own to make an informed decision.
In this blog, we know the Top 6 BEST Crypto Exchanges in 2024.
FAQs
What is OKX’s solvency ratio?
OKX’s solvency ratio consistently exceeds 100%, meaning that assets always surpass liabilities.
What are the reserve compositions monitored by Nansen for OKX?
Typically, 90% of OKX’s reserve compositions are liquid cryptocurrencies like BTC, ETH, and USDT.
How are coins securely stored by OKX?
According to OKX’s website, 95% of coins are securely stored offline with individual storage units holding no more than 1,000 BTC. Best practices are followed to ensure limited access to cold wallets, private keys, and vaults.
How many digital currencies does OKX support?
OKX supports over 350 digital currencies, which is more than Coinbase.
What fiat currencies does OKX accept?
OKX accepts USD, GBP, and Euros, as well as local currencies in various countries.
What are the fees associated with deposits and withdrawals on OKX?
OKX does not disclose the fees associated with deposits and withdrawals.
How does OKX perform in terms of trading fees?
OKX is one of the cost leaders in the space. Trading fees vary for regular and VIP users, with lower fees for higher volumes.
When was Bybit co-founded and how many users does it have?
Bybit was co-founded in 2018 and has expanded from 10 million users to over 15 million in less than a year.
What does Bybit use to demonstrate solvency?
Bybit uses Merkel Tree Proof of Reserves to demonstrate that customer assets are backed one-to-one.
How many assets does Bybit support in the spot market and derivatives market?
Bybit supports over 270 assets in the spot market and over 200 contracts in the derivatives market.
What range of cryptocurrencies does Bybit support compared to OKX?
Bybit supports a narrower range of cryptocurrencies compared to exchanges like OKX.
When was Kraken founded and who currently heads the company?
Kraken was founded in 2011 and is headed by former COO Dave Ripley.
Is Kraken well-regulated and available worldwide?
Kraken is well-regulated and available in most countries, excluding New York and Washington state in the US.
What is Kraken’s trading fee structure?
Kraken has a tiered trading fee structure, with entry-level traders paying a maker-taker fee ratio of 0.1% for spot trading.