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Best Crypto Exchanges
Cryptocurrencies have been more than “just a trend” for several years now. The market and the underlying technology have become so advanced that you can’t really call yourself an investor if you don’t have a few coins in your portfolio.
As with any investment, you need to start somewhere, and that would be by purchasing and selling through an online exchange.
Best Crypto Exchanges in December 2024
eToro
Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.
eToro
Social investment platforms are not that common, making eToro uniquely convenient for less experienced crypto investors. It is not exclusively a cryptocurrency exchange platform and has a lot to offer its users besides the ability to invest in stocks, indices, ETFs, and commodities.
Coinbase
Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.
Coinbase
Coinbase is among the biggest crypto exchanges nowadays. It allows users to buy, sell, and store hundreds of cryptocurrencies. Coinbase has been incredibly successful, and in January 2018, it became the first cryptocurrency company to be valued at a staggering $8 billion.
Kraken
Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.
Kraken
Kraken has served customers since 2011 and is one of the most reliable exchanges with high liquidity and numerous trading pairs. Fees can go as low as 0% for big investors ($10 million-plus), and the exchange has advanced options for experienced traders.
Binance
Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.
Binance
Anyone looking for a variety of cryptocurrencies, some of the lowest trading fees, access to DeFi, and the NFT market can find it all here. Binance also has its own cryptocurrency and blockchain, powering decentralized applications and smart contracts.
CEX.IO
Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.
CEX.IO
CEX.IO has its appeal for users in regions that have limited access to the cryptocurrency market. It also offers a variety of cryptocurrencies, crypto savings options, and loans and has recently launched its Visa debit card.
Uphold
Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.
Uphold
Uphold offers its users a convenient way to buy, sell, and trade hundreds of different cryptocurrencies.
It has a user-friendly platform with multiple DeFi features. Uphold's built-in wallet is excellent for storing cryptocurrencies. Additionally, the platform has low fees and a transparent fee structure and offers 24/7 customer support.
Bitget
Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.
Bitget
Launched in 2018, Bitget has millions of users and a handy option that allows newcomers to copy what more advanced traders are doing.
Bitbuy
Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.
Bitbuy
While only reserved for Canadians, Bitbuy has processed more than $5 billion and serves over 400,000 users.
It’s a great example of how a localized, regulated and secure exchange fit for advanced users can still be easily accessible for new crypto traders.
Changelly
Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.
Changelly
Changelly isn't quite as prominent as some of the other names on this list, but it is an intermediary between its users and some of the leading crypto exchanges in the industry.
Paxful
Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.
Paxful
Paxful is a peer-to-peer Bitcoin and Tether trading platform that offers the widest variety of payment options for buying Bitcoin. While its crypto offer is minimal (it only supports Bitcoin, Ether, and Tether), Paxful supports 350-plus payment options.
Robinhood
Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.
Robinhood
Robinhood makes investing simple. The only downside is a limited choice of crypto investments.
Crypto.com
Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.
Crypto.com
Crypto.com is a modern decentralized finance platform with a native cryptocurrency, a variety of crypto assets, advanced trading features, and rewards options. It offers its Visa card with 5% cash back, and you can either grow your portfolio through staking or take a crypto loan, all in one place.
Gemini
Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.
Gemini
Located in New York, Gemini offers a modern way to manage your cryptocurrencies, earn interest and rewards, trade, and enjoy the benefits of a secure custodial service.
Our Criteria for Evaluating Cryptocurrency Exchanges
While investing in crypto and purchasing digital assets has become easier, it’s more difficult than ever to determine which site to trust.
That’s why we have devised certain criteria and methods for finding the best of the best. In this section, you can read up on what we’re looking for when reviewing crypto exchanges.
Security
The primary reason cryptocurrencies took off is the extra security their pseudonymous nature provides to the end user. Nobody on the blockchain needs to know who you really are and how exactly you’re using your funds.
That goes for the exchanges, too. We expect them to employ the latest security protocols like cold storage for protecting the stored assets and two-factor authentication. Strong SSL encryption is a must, obviously. An exchange that is not known to adhere to high security standards won’t ever get our recommendation.
That’s why our list only includes exchanges that proved time and time again that they care about their customers’ safety, either by going through regular audits, or by providing extra security measures.
Reputation
Aside from the history of each exchange, we also consider their reputation in the crypto community.
That includes customer reviews and any possible reports by various news sites. While nobody’s perfect, when the positives vastly outweigh the negatives, that is a green flag for us, especially when the team behind the site has some experience in the financial industry.
Fees
No exchange place is without its fees, so our job includes finding those with either the lowest fees overall or a pricing system that makes them stand out from the crowd.
Most of the time, exchanges will introduce lower fees for people that trade a higher volume of cryptocurrencies. Others may provide incentives for specific payment methods. For example, the fees could be lowered if the customer is using PayPal or a wire transfer.
Therefore, we analyze the ways to buy crypto at each exchange and what kind of fees you can expect once you start trading there.
Selection of Cryptocurrencies
One of the obvious ways to compare different exchanges is by the sheer number of cryptocurrencies they have on offer. Aside from expecting a certain number of the most popular currencies to be present at each exchange - specifically Bitcoin, Ether, Litecoin, and Dogecoin - we also look at how varied the selection is.
Variety is the spice of life, after all.
Payment Methods
Just like with currencies, we highly value the sites that allow you to use several payment methods for purchasing crypto.
In our view, all crypto exchanges should support credit and debit cards, as well as other payment methods like bank transfers and e-wallets like PayPal.
Since many banks are crypto-friendly nowadays, customers expect to use their accounts to trade crypto. This is why we’re not just looking at the variety of payment methods but how streamlined the payments are.
Custody
Custodial services have become a necessity with the crypto uptake. It’s a way for an exchange to safekeep your coins and even private keys while you’re not actively trading or investing.
Luckily, you won’t have to worry about this with exchanges, as they all offer this service by default. But, what separates a good from an excellent crypto exchange is the management of private keys and funds.
Other Features
This isn’t where our analysis stops. Various extra services and offers a crypto exchange provides will count towards our recommendation.
That could be offering personalized credit cards and debit cards that work with a specific exchange or the ability to stake your coins and earn even more over time.
Some of these sites have expanded to include an NFT marketplace during the recent boom of digital art. You can even get a loan through these websites.
It’s all done to appeal to the growing crypto community, and we’ll point out these extra features in our reviews.
Top 5 Crypto Trading Platforms of 2024 - Our Picks:
- eToro - Best for low trading fees
- Coinbase - Best for security features
- Kraken - Best for experienced traders
- Binance - Best for fiat to crypto exchanges
- CEX.IO - Best for margin trading
A Guide on Investing in Crypto
You may have heard that many people are opting for crypto investments as a way to diversify their portfolios. As a matter of fact, many investors who invested at the right time got rich in the crypto market. But where to start, and how does it all work?
We suggest taking the time to learn how to trade crypto and what dealing with cryptocurrencies entails. This means learning about the volatility of these digital assets, tracking their market value, and learning to recognize patterns that lead to bull and bear markets.
Generally speaking, cryptocurrencies are some of the most volatile assets around. Their value changes not daily but hourly, and it’s near impossible to manually keep track of it. That’s why most serious traders use bots to automate the trading process.
There are also different ways of investing. You can simply purchase some crypto and hold onto it, waiting for a price hike to sell at profit. There are also companies in the crypto space you can invest in, or you can try your hand at mining or validating on a crypto network.
Another option that has gathered traction recently, especially since the Ethereum network switched to the proof-of-stake model, is staking. This basically means putting some of your crypto coins to work and earning a percentage over time.
Still, it’s worth reiterating - be smart about these volatile assets. Read up on each network you want to stake or invest in, learn the ins and outs, and never invest more than you can afford to lose.
Where To Buy Crypto
A very common question among people who have never owned any crypto coins is: Where does one go to purchase some? The answer is simple - a crypto exchange.
On this page, you can find some of the biggest crypto exchanges and apps in the world. These companies have been dealing with crypto transactions for a while and support dozens of cryptocurrencies for both buyers and sellers.
To make a purchase, you’ll need to use a fiat currency like USD or EUR and either a credit card or a bank account to transfer your funds. Depending on the site you’re buying the coins at, you’ll either purchase directly from the exchange or you’ll be matched to a seller through the peer-to-peer transaction method.
Taxes on Crypto Gains
If you’re living in the US and trading on the US crypto exchanges, you’ll have to report these earnings as capital gains. Crypto is now fully taxed in the US, so getting good software for preparing crypto tax reports and keeping track of all your transactions is recommended.
Globally speaking, cryptocurrencies are facing more regulation than ever. Some countries outright ban them, while others have embraced them, but will tax the citizens that mainly profit from trading and staking.
There aren’t universal rules to this, though. Just as you’ll need to learn on your own where to buy cryptocurrency, you’ll also have to inform yourself about local regulations and how crypto is taxed in your region.