Crypto exchanges have become very popular in recent years due to several reasons. Crypto adoption has increased tremendously worldwide, naturally leading to more usage of the best crypto exchanges as they offer a safe and easy way to buy digital assets.
People have also grown aware of the benefits of decentralized payment protocols and how blockchain technologies can have a lasting impact on various industries. This has led to the growing popularity of cryptos and tokens of many popular web3 projects. The best cryptocurrency exchanges have, thus, seen increased usage in the last few years.
The biggest cryptocurrency exchanges globally have also supported more regulations for the crypto sector to sustainably increase the adoption of crypto in a regulated manner while avoiding scams and fraud. Read ahead to learn more about the best crypto exchanges and what you should consider while choosing the best crypto exchange platforms in 2023.
List of the Best Crypto Exchanges Of 2024
- Bitmart Exchange
- Cash App
Best Crypto Exchanges Of 2024
1. For Novice And Intermediate Crypto Traders: WazirX
WazirX is a crypto exchange founded by Nischal Shetty, Siddharth Menon, and Sameer Mhatre in 2018. Based out of India, Wazirx has grown to be known as one of the best crypto exchanges in the country. Being a user-friendly crypto exchange, it is perfect for novice and intermediate crypto traders.
WazirX can be used both via a desktop browser and a mobile app. It has been backed by some of the biggest names in the crypto industry and has also built a strong and experienced team. It offers its users a wide range of trading pairs and has a robust customer service team that is always ready to help out users. Over the years, it has become one of the biggest cryptocurrency exchanges in India.
2. For Low Fees And Best For Experienced Traders: Kraken
Kraken is considered one of the best cryptocurrency exchanges in the United States, founded by Jesse Powell in 2011. Having very low fees and being appropriate for experienced traders, Kraken became one of the top crypto exchange platforms by trading volume within a decade of launch. It also offers 24*7 support and features such as margin trading, staking, futures, indices, etc.
The exchange has a variety of features that cater to the needs of crypto traders who have a decent amount of experience. It also has over 185 cryptocurrencies listed on its platform. It currently boasts a quarterly trading volume of over $207 billion, having over 9 million clients in over 190 countries.
3. For Beginners: Coinbase
Coinbase was founded by Fred Ehrsam and Brian Armstrong in 2012. Within a decade, it has grown to be one of the top crypto exchanges worldwide in terms of brand valuation, popularity and adoption. It is also one of the biggest cryptocurrency exchanges in the world.
Coinbase is the perfect choice for beginners as it is one of the most user-friendly crypto exchanges globally. Its website and app are easy to navigate, with transactions occurring smoothly. Anyone who is getting started with crypto trading should definitely check out Coinbase initially.
4. Mobile App: Crypto.Com
Crypto.com is also known for having one of the most popular apps among the crypto exchanges of the world. The app is said to be extremely easy to use, and customised to suit beginners. Crypto.com also terms itself to be very secure, with all privacy features in check.
5. For Security: Gemini
Gemini is a crypto exchange operating in several countries, founded by the twins Cameron and Tyler Winklevoss in 2014. Today, Gemini has long been regarded as one of the safest, most secure options amongst the biggest cryptocurrency exchanges of the world.
Gemini takes several steps to ensure security for its users, ranging from using password-protected environments and private keys. Gemini has also stated its registration under the New York State Department of Financial Services, which requires it to go through stringent security and compliance checks regularly.
6. For Altcoins : Bitmart Exchange
Bitmart Exchange went live in 2017 and, since then, has become one of the best crypto exchange platforms in the world. Its differentiating factor comes from the presence of over 1000 cryptocurrencies on its platform.
You can find almost any altcoin you can think of on Bitmart Exchange. It also has a well regarded user-friendly interface. Compared to the biggest cryptocurrency exchanges in the world, Bitmart exchange offers the widest variety of altcoins, making it a very attractive crypto exchange for crypto enthusiasts.
7. For Bitcoin: Cash App
Cash App is a mobile payment service, which is also a great option for buying and selling Bitcoin. Bitcoin is the only cryptocurrency available on the platform, and there are several reasons why it is so popular amongst its users.
Cash App’s wallet supports instant buying and selling of Bitcoin with the latest updated prices, and enables smooth trading of Bitcoin at affordable fees. Cash App also is said to have a consistently positive user experience and is termed a reliable and trusted platform by its users. Today, Cash App is regarded at par with most of the best crypto exchanges in the world.
8. Decentralized Exchange: Bisq
Bisq is a decentralized crypto exchange where users can buy and store crypto using their open-source software. A central authority is not responsible for granting any approvals in Bisq, and all transactions happen in a peer-to-peer network between users running Bisq on their devices. Users’ deposits are also stored in 2-of-2 multisig wallets in a secure manner.
In recent years, experts have voiced their support for decentralized crypto exchanges, and with Bisq’s features, it definitely stands out amongst the best cryptocurrency exchanges in the sector. Bisq also has an app that is quite easy to use.
9. For Advanced Crypto Traders: CoinDCX
CoinDCX is regarded as one of the top cryptocurrency exchanges in India, with over 12 million users. It is best suited for advanced crypto traders with a host of features such as futures, margins, CIP, spot trades, and others. The crypto exchange is also supported by several reputed investors.
CoinDCX also has another product called ‘CoinDCX Pro,’ which is an advanced trading product. Having over 200 altcoins on its platform, CoinDCX is known as one of the best crypto exchanges in India in terms of services, support coins and its popularity. Joining the platform is simple with a mobile app of its own that allows users to trade on the go.
10. For Advanced Trading Features: Bitbns
Bitbns is considered one of the best crypto exchanges if you’re looking for advanced trading features. It is an Indian crypto exchange having over 4 million users. It offers various advanced features such as pool sales, hardware wallets for its users, and others. It also enables its users to join initial coin offerings and offers fixed deposits and systematic investment plans in cryptos.
Bitbns runs various contests and prize-winning opportunities for its users. It has a product named ‘Ascent,’ which is a decentralized token launchpad platform for investors, projects, and yield farmers. Anyone could raise funds through the product without the interference of a third party. As a result, Bitbns may be a contender for the label of best crypto exchange platforms in India.
11. For Intraday Trading And Crypto Lending: Zebpay
Zebpay is another one of the best crypto exchanges in India, which gained popularity as early as 2014. Headquartered in Singapore at present, Zebpay now offers many features to its users and is regarded as one of the best cryptocurrency exchanges for intraday trading and crypto lending.
Zebpay’s intraday trading feature is known to be quite smooth and reliable. Known as ‘Quick Trade,’ the product has had a huge following in recent years. Its crypto lending feature has also grown popular, offering fixed returns to those willing to lend their crypto deposits to earn interest.
12. For New-Age And Millennial Users: Unocoin
Active in India since 2013, Unocoin is one of the biggest cryptocurrency exchanges in the country. The exchange is very popular among new-age and millennial users, having a host of features to suit their needs.
Unocoin has been active for almost a decade and has gained the trust of its users over these years. Moreover, it requires a very simple process to start trading on the platform, which leads to its wide popularity amongst youngsters. It also runs a platform called ‘Unoversity,’ helping users learn about blockchain technologies and get certified in various courses. The platform also hosts a popular blog, news portal, and podcast, which have gained an earnest following over the years.
13. For Earning Reward Points: BuyUcoin
BuyUcoin is one of India’s best crypto exchanges for earning reward points. It runs a successful referral program on this platform, through which users are guaranteed cashbacks and commissions for their successful referrals.
Users have also earned passive income through crypto successfully via BuyUcoin. BuyUcoin also has a practice of offering Bitcoin to users who complete daily missions in the exchange. It also hosts an NFT marketplace for its users, along with other popular features. Users of BuyUCoin have termed the platform to be extremely user-friendly and simple.
14. For New-Age Cryptocurrency Investors: Giottus
Giottus is known in India as one of the best crypto exchange platforms for new-age cryptocurrency investors. Along with a spot exchange, Giottus also offers a systematic investment plan for cryptos.
Giottus offers a feature called ‘baskets,’ which are basically arrays of a number of cryptos designed for its users according to their risk appetite, experience level, and personal choice. Users can opt to invest in baskets to be exposed to various groups of cryptos.
Secondly, it also has a multi-lingual crypto app, which makes it accessible to a host of users from all around India. As a result, Giottus is known as one of the best crypto exchanges in India today.
Different Types Of Cryptocurrency Exchanges
1. Centralized Exchanges Or CEX
Centralized crypto exchanges act as a link between buyers and sellers of crypto. They are run by companies and use order books to implement trades. Centralized crypto exchanges require users to transfer custody of their crypto to the exchange, and thus, they work on an element of trust. Some of the most popular and best crypto exchanges in the world are centralized exchanges.
2. Decentralized Exchanges Or DEX
Decentralized crypto exchanges usually work through smart contracts on public blockchains. They don’t have a central point of control and are run on a decentralized network. Users of decentralized crypto exchanges have full custody of their crypto with increased transparency levels. Decentralized crypto exchanges have become very popular in recent times, with some of the biggest cryptocurrency exchanges being decentralized exchanges.
3. Hybrid Exchanges Or HEX
Hybrid crypto exchanges comprise the best features of centralized and decentralized exchanges. Hybrid exchanges often offer their users full access to their cryptos without having any control over them themselves. Hybrid exchanges also work through smart contracts but offer higher liquidity levels than decentralized exchanges.
Guide For Choosing The Best Crypto Exchanges
Are Crypto Exchanges Worth It?
If the potential of cryptocurrencies interests you, yes, crypto exchanges and investments are definitely worth a shot. The best crypto exchanges offer a safe and convenient way to buy crypto without going through any hassle. You can choose a crypto exchange according to your convenience and start trading from the comfort of your home.
A crypto exchange has several more benefits, including security, liquidity, and price discovery. The best crypto exchange platforms take initiatives to ensure their users’ deposits are protected through various security protocols such as two-factor authentication. The best cryptocurrency exchanges also offer their users an unmatched level of liquidity to trade cryptos swiftly.
Cryptocurrency exchanges play an important role in price discovery by providing a platform for buyers and sellers to trade digital assets. By doing so, they help to create a more liquid and efficient market. Time and again, the biggest cryptocurrency exchanges in the world have proved their worth to their users.
Comparing Crypto Exchange Platforms
There are several points to note while choosing and comparing the best crypto exchange platforms. There have been a few instances of certain crypto exchanges going bankrupt in the last few years due to several issues, due to which you should do your research before starting to trade in a crypto exchange.
- Firstly, you should note whether the concerned exchange is offering the required tokens or pairs of tokens you want to trade in.
- Secondly, you should carefully check the fees charged by the crypto exchange and also search for any hidden charges to decide whether it comes under your budget.
- Thirdly, you should be certain that the crypto exchange is offering the best security protocols for its users to prevent any hacking attacks or fraud. The safety of your cryptos should be the highest priority for the crypto exchange.
- Finally, you should be comfortable with the UX of the crypto exchange for a smooth and seamless experience while trading.
Signing Up For A Cryptocurrency Exchange Account
It is very easy to sign up for a cryptocurrency exchange account. The best crypto exchanges offer sign-ups through both their apps and websites. You need to first download their app or visit their website and move to the sign-up area.
Then, you need to enter the various details required by the exchange, such as name, address, contact details, bank details, and others. Once it is approved, you need to set a strong password for your account.
After that, you should be good to go! Just load some funds into your crypto wallet and start trading.
In the last few years, even the best crypto exchanges have come under the scrutiny of regulatory authorities worldwide due to a series of unfortunate incidents in the sector. Following these events, the biggest cryptocurrency exchanges have lobbied for a worldwide regulatory framework for the crypto industry for it to grow in a well-regulated manner and prevent any further scams in the industry.
Governments and central banks worldwide have also come forward to support the crypto industry and blockchain technologies. Such combined efforts could pave the way forward for the industry in unlocking the high potential of the web3 space. We do hope this post has helped you learn in detail about the best crypto exchanges of 2023 !
Frequently Asked Questions (FAQs)
1. What is a Cryptocurrency Exchange? How Does it Work?
A cryptocurrency exchange is a platform that allows customers to buy and sell digital assets using fiat currency or other cryptocurrencies. Cryptocurrency exchanges typically charge a fee for each transaction.
A cryptocurrency exchange works like a traditional exchange. It is like an online market where buyers and sellers trade digital assets using fiat currency or other cryptos. The exchange acts as a middle body, facilitating the transaction between the two parties.
The best crypto exchanges offer a variety of digital assets and cryptos to trade. The most popular assets include Bitcoin, Ethereum and others.
2. What should you look at when choosing a Cryptocurrency Exchange?
You should be looking at your own requirements while choosing a cryptocurrency exchange. You could want to trade only certain crypto pairs, and the cryptocurrency exchange should consist of those cryptos.
You should also be comfortable using the crypto exchange or its app easily. The crypto exchange shouldn’t make a sizable dent in your pocket, and thus should be affordable with its transaction fees.
Finally, you should be sure that the crypto exchange is a secure one, following the best security protocols for their users. You wouldn’t want to lose your precious cryptos to hackers!
3. How to be sure a Crypto Exchange is legitimate and secure?
You should check whether the concerned crypto exchange is registered with a regulatory body. This will give you some assurance that the exchange is legitimate and that it is following certain rules and regulations.
Next, you should check to see if the exchange has been attacked in the past by fraudsters or hackers. While no exchange is completely immune to hacking, those that have been hacked in the past could be susceptible to further attacks.
Finally, you should check out the exchange’s customer support. A good exchange will have responsive and helpful customer support that can answer your questions and help you with any problems you may have.
By following these tips, you can be certain that you are using a legitimate and secure crypto exchange.
4. What’s the Difference between a Crypto Exchange and a Crypto Brokerage?
In contrast to crypto exchanges, crypto brokerages work by trading your cryptos and funds on an over-the-counter (OTC) market on the dealer network. Crypto brokerages also deal with buyers and sellers with large crypto pools so that they can use those pools for liquidity. Crypto brokers are usually suitable for advanced crypto investors and traders with large amounts of crypto.
Crypto exchanges are simple online platforms working like traditional stock exchanges. They offer a platform for buyers and sellers to trade crypto easily. Hence, there are stark differences between crypto exchanges and crypto brokerages.
5. How do you open a Cryptocurrency Exchange account?
Opening an account with the cryptocurrency exchange of your choice is very easy. Visit the exchange’s app or website, and visit the registration or sign-up area for a new user.
There, you need to first register all details required by the crypto exchange. Make sure you’re not sharing any personal information that is highly sensitive. A well-regulated crypto exchange will never ask you for information like bank account passwords, etc., hence, be careful during this step.
After you set a password for your account, your account will be created. You will then need to load funds into your crypto wallet to start trading.
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Last Updated on November 22, 2023