Best crypto exchanges and apps of July 2024
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BLUEPRINT
Updated 1:06 p.m. UTC June 7, 2024
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Picking a cryptocurrency exchange is usually the first step when purchasing a digital asset. It allows you to buy, sell and trade coins. But choosing a crypto exchange can be like picking the nicest toothpick in a box.
Our team ranked the best crypto exchanges and apps of 2024 to help you narrow down your options. We examined more than 20 leading platforms and assessed their features, fees and more. Here are the best crypto exchanges and apps we found.
Kraken
Our picks of the best crypto brokers
- Crypto.com Exchange: Best for crypto trading apps.
- Coinbase Exchange: Best for transparency.
- BYDFi: Best for advanced trading.
- Binance.US: Best for trading bitcoin.
- Interactive Brokers: Best for crypto stocks and funds.
- Kraken: Best for customer service.
- Bitstamp: Best for beginning traders.
- Uphold: Best for trading fiat currencies.
- Gemini: Best for availability in all 50 states.
Why trust our investing experts
Our team of experts evaluates many investing products and analyzes various data points to help you find the best product for your situation. We use a data-driven methodology to determine each rating. Advertisers do not influence our editorial content. You can read more about our methodology below.
- 20 crypto exchanges reviewed.
- 45+ data points analyzed.
- 3-step editorial review.
- 5-step fact-checking process.
Crypto.com Exchange
BYDFi
Binance.US
Interactive Brokers
Bitstamp
Compare the top crypto brokers
| COMPANY | COINS | STAKING COINS (U.S. AVAILABLE) |
|---|---|---|
Crypto.com
| 350+
| ✔️
|
Kraken
| 190+
| ❌
|
Coinbase Exchange
| 240+
| ✔️
|
Binance.US
| 150+
| ✔️
|
BYDFi
| 550+
| ❌
|
Interactive Brokers
| 4 | ❌
|
Bitstamp
| 86 | ❌
|
Gemini
| 70+
| ✔️
|
Uphold
| 250+
| ❌
|
Methodology
We researched some of the largest cryptocurrency exchanges to rank the best available today.
Among the crypto brokers we considered, the firms that made our list excelled in areas across the following categories:
- Coins offered and fiat currency is accepted.
- Fees, measured at the upper end of the taker fee for low-volume users.
- Trading features.
- Availability.
- Customer service.
- Education.
- Security.
- Storage.
- Staking and rewards.
Within each major category, we considered several subcategories. We then combined them to give an overall score for that category.
Data points were scored on a 0.00 to 1.00 scale. The top raw score was 0.75 and was curved to a five-star rating as the highest possible score.
Why other crypto exchanges and trading apps didn’t make the cut
There are countless other crypto exchanges and trading apps on the market. We didn’t include exchanges that aren’t well established or lack the necessary size.
Many excellent companies exist. Unfortunately, they’re tarnished by bad actors. The lack of transparency and public disclosures led us to focus on more prominent exchanges.
Final verdict
Each crypto exchange offers pros and cons that suit certain users over others.
There aren’t many reasons to recommend exchanges beyond the biggest ones. Many exchanges have gone under, a pattern that’s unlikely to change going forward.
More prominent exchanges aren’t immune to becoming insolvent. But they’re less likely than smaller exchanges. Larger exchanges like Binance.US and Kraken offer more features and greater customer support.
Overall, our top pick is Crypto.com Exchange. It offers a wide range of cryptocurrencies and some of the lowest fees in the industry.
What is a crypto exchange?
A cryptocurrency exchange is a platform that lets you buy and sell cryptocurrency. You can trade one crypto for another or convert your fiat currency, like the U.S. dollar, into crypto and vice versa. An exchange typically charges a commission or fee for transactions.
Think of crypto exchanges as brokers for cryptocurrencies. Some online brokers, such as Fidelity and Robinhood, now operate as crypto exchanges. But they tend to be limited in the cryptocurrencies they offer. For example, Fidelity allows trading in bitcoin and ethereum, while Schwab lets clients invest in crypto funds.
“Using these companies is a good option for beginners,” said Matthew Weathers, applied instructional technology administrator and adjunct professor of mathematics and computer science at Biola University in La Mirada, California.
But one of the motivating goals of cryptocurrency was to allow users to act as their own bank by holding their assets themselves.
How to choose the best crypto exchange
With so many available, figuring out the best spot crypto exchanges can be challenging. You might be tempted to go with the exchange that lets you trade the largest number of assets. But there is more than size to consider.
Security
The cryptocurrency world is like the Wild West. Exchanges come and go almost as readily as crypto assets. They’re also rife with scams and fraud. So, before committing, you should research how the company protects its customer assets.
Reputation
Look for an exchange that doesn’t have a history of hacks, scams or other occurrences that could limit access to your assets. For example, exchanges might temporarily freeze withdrawals due to technical issues. This can be inconvenient. But the real problem is that regular freezes might be a sign of liquidity issues.
Registration
For the best security, look for an exchange that is incorporated within the U.S. You might also check if it’s registered as a securities broker, money transmitter or depository institution.
You can determine if an exchange is registered as a broker by looking it up on FINRA BrokerCheck.
Money transmitters must register with the Financial Crimes Enforcement Network.
Depository institutions will be registered with the Federal Financial Institutions Examination Council National Information Center. But U.S. registration doesn’t guarantee the exchange is safe. That is evidenced by the now-defunct FTX exchange, which was registered as a money transmitter.
Fees
You want to keep fees low when investing. The same applies to crypto exchanges. Ideally, the exchange you choose will have minimal fees. But a slightly higher fee might be worthwhile if the exchange offers better security.
Most important is that the exchange’s fees are transparent.
Customer service
Check how easy it is to reach the exchange’s customer service department. If you’re still looking for contact information, take your assets elsewhere. Reputable exchanges should be accessible and quick to address your concerns.
How to open a crypto exchange account
To open a crypto exchange account, you must register on the exchange’s platform. Each platform has its own procedure. But you can expect some commonalities wherever you go.
Most exchanges — especially reputable ones — require you to provide personal information, such as your name, contact information, employment status and ID. This is because many exchanges follow the Know Your Customer standards. You might also need to be at least 18 and live in a supported country to register.
After verifying your personal information, you must provide a payment method. The options available will vary depending on your exchange. But many allow for bank transfers, debit card or credit card payments. Watch out for the fees associated with whichever funding method you choose. Credit card payments, for example, often carry high transaction fees. Once you provide the necessary information and verify your ID, you can place your first trade.
Tip: Before your first trade, make sure you set up a wallet account to store your crypto. The exchange will likely provide a hot wallet option, storing your coins online. But a cold wallet might be a more secure alternative.
Crypto market outlook for 2024
Crypto enthusiasts are optimistic that the Federal Reserve is approaching its terminal interest rate in the current cycle. The central bank could pivot to rate cuts by mid-2024, potentially relieving pressure on crypto and other risk assets.
As of Jan. 10, the U.S. Securities and Exchange Commission has greenlighted spot bitcoin ETFs from various providers. They include VanEck, WisdomTree and BlackRock.
Bitcoin bulls have long believed SEC-approved spot bitcoin ETFs would make it easier for institutional and retail investors to access bitcoin. This could open the floodgates for cryptocurrency to become a mainstream asset class.
Frequently asked questions (FAQs)
While the vast majority of crypto exchanges may (and hopefully do) operate above board, the reality is that there is no way to know. Proof-of-reserve reports have helped with transparency. But there need to be more proper audits.
The exception is Coinbase, which is publicly listed. For that reason, it’s required to make public disclosures that private exchanges aren’t required to make.
Tip: If you don’t store your assets on an exchange and use them only to transact before withdrawing assets, that behavior should reduce your risks.
Trading cryptocurrency is different from trading stocks because the regulation rules are different. Because cryptocurrency is a relatively new industry, legislation must still be built up. That means trade can be more difficult, depending on your jurisdiction.
Cryptocurrency is still an experimental area where gambling is a more apt word than investment. While trading stocks is extremely risky in its own right, trading cryptocurrency is even more risk-on.
Binance.US is the best crypto exchange with low fees. Bitcoin trades are free. And there are zero fees for Tier 0 pairs.
When using BNB tokens to pay your trading fees, you can get 5% off all maker and taker fees. High-volume traders might qualify for even higher fee discounts. But you must trade a lot to get the best prices.
No one can predict the future, especially not the future of a new and volatile asset like cryptocurrency.
The release of more cryptocurrency ETFs and mutual funds might spur demand. Bitcoin reached a new high after investors poured money into U.S. bitcoin spot ETFs and Ethereum ETFs were approved in May 2024. If this demand continues, investors could see even higher prices from crypto in the future.
The most stable cryptocurrency exchanges include Coinbase, Binance and Kraken. They’re among the top 10 largest exchanges by trading volume. Higher trading volume helps stabilize market prices.
That said, stability is largely asset-dependent. Even large cryptocurrency exchanges can see high volatility on thinly traded cryptocurrencies. Cryptocurrency might not be the best investment if you’re concerned about stability.
You can buy cryptocurrency through a cryptocurrency exchange, an online broker, trading apps like Robinhood or money transfer apps like PayPal. Bitcoin ATMs also let you buy bitcoin with your debit card, similar to how you get cash from a standard ATM.
To make a purchase, you must set up an account, which usually requires verifying your identity. If you use a bitcoin ATM, be prepared to provide documentation or your phone number.
Once your account is verified, you can purchase cryptocurrency with a bank transfer or credit card. If you choose the latter option, watch out for fees.
Blueprint is an independent publisher and comparison service, not an investment advisor. The information provided is for educational purposes only and we encourage you to seek personalized advice from qualified professionals regarding specific financial decisions. Past performance is not indicative of future results.
Blueprint has an advertiser disclosure policy. The opinions, analyses, reviews or recommendations expressed in this article are those of the Blueprint editorial staff alone. Blueprint adheres to strict editorial integrity standards. The information is accurate as of the publish date, but always check the provider’s website for the most current information.
