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2024’s Best Crypto Exchanges

In this article we profile the best crypto exchanges of 2024, and where possible we explore their statements around liquidity and stability.

For those who are completely new to digital currencies, a cryptocurrency exchange is simply a digital marketplace where users buy and sell different crypto assets. Rather than people having to seek out individual buyers and sellers, crypto exchanges bring traders together on a crypto trading platform that facilitates their trades.

A crypto exchange is a platform that allows customers to trade crypto assets for other assets, such as fiat money or other digital currencies. An exchange can be a market maker that takes the bid–ask spreads as a commission or, as a matching platform, simply charges fees.

There are several different types of crypto exchange. These can be loosely categorized as fiat exchanges, crypto exchanges, decentralized exchanges, and futures exchanges.

All exchanges are slightly different, and the question of ‘which is the best crypto exchange?’ is a tricky one because the best exchange for one person, might not be the best exchange for another. Certainly, given events like the FTX collapse of 2022, users are also looking for the safest crypto exchange – which this article will also investigate.

Here’s a starting list of 2024’s top crypto exchanges.


BitGet Logo

Vital Statistics

Fees Maker (0.02% – 0.1%), Taker (0.06% – 0.1%) Tradeable Cryptocurrencies USDT, USDC, BTC, ETH, BGB and 600+ cryptocurrencies, 670+ trading pairs
Leveraged trading Yes – up to 10x for Margin, up to 125x for Futures iOS and Android Apps Yes
Staking Rewards Yes Countries Served Global – 100+ countries
Founded 2018 Location Seychelles

Bitget, established in 2018, is the world’s leading cryptocurrency exchange with futures trading and copy trading services as its key features. Serving over 8 million users in more than 100 countries and regions, the exchange is committed to helping users trade smarter by providing a secure, one-stop trading solution.

According to Coingecko, Bitget is currently a top 5 futures trading platform and a top 10 spot trading platform.

Bitget UX-min

Access Bitget via desktop and mobile apps

Bitget describes itself as the “first and largest crypto copy trading platform“, connecting beginners with professional traders to create a “hands off, gains up” experience. Followers can review over 80,000 elite traders’ detailed portfolios and historical performance metrics such as total profit & loss (PnL), win rate, and assets under management (AUM), before subscribing to a trader’s strategy that meets their expectations on returns and risks. By using Bitget spot copy trading or futures copy trading, you can copy elite traders’ orders in corresponding markets and mimic whatever trades they make. The copy trading platform has more than 380,000 followers.

In addition, Bitget Insights enables users to share their trading experiences and market analyses with the rest of the community, helping other traders make smarter financial decisions. Since January 2023, over 500 trading experts have shared their crypto market insights on the platform with nearly 10,000 posts generated.

Bitget Copy Traders

Bitget offers copy trading for both spot and futures markets

Beyond Derivatives

According to a Boston Consulting Group report published in July 2022, Bitget is one of the top 3 crypto derivatives exchanges. In terms of 24-hour Open Interest (OI), the top 10 derivatives exchanges’ 24-hour OI dropped about 40% in December 2022 from its peak while, in contrast, Bitget is the only exchange that achieved an increase in OI, from about $800 million to $3.74 billion.

Bitget is now a top 5 derivatives trading platform in terms of volume and OI. Bitget’s USDT-margined futures product, compared to Coin-margined futures, is more user-friendly to futures trading beginners and it doesn’t require investors to hold corresponding coins before going long or short. Bitget now supports USDT-margined futures, USDC-margined futures, and Coin-margined futures with 120 trading pairs.

Security

In 2022, Bitget launched the Bitget Protection Fund to make sure that users’ assets are safeguarded. As of November 2022, the fund is valued at approximately US$300 million with 6500 BTC and 200 million USDT, making it the second largest user protection fund among CEXs. The assets are stored in seven wallet addresses that are public for users to track in real-time (see its proof of reserves). Bitget has pledged to secure the value of the fund without any withdrawals for the next three years.

Pros

  • Copy trading features – spot and futures
  • One of the lowest trading fees in the market
  • Wide range of cryptocurrencies with frequent new listings and IEOs
  • Multilingual 24/7 support
  • Integration with Bitkeep multi-chain wallet

Cons

  • Depending on country, limited fiat deposit/ withdrawal options

Bybit Logo

Vital Statistics

Fees Maker (0.02% – 0.1%); Taker (0.055% – 0.1%) Tradeable Cryptocurrencies USDT, USDC, BTC, ETH, PYUSD – 820+ cryptocurrencies listed, 270+ Spot trading pairs, 200+ Contracts
Leveraged trading Yes – up to 100x iOS and Android Apps Yes
Staking Rewards Yes Countries Served Global – 160 countries
Founded 2018 Location Dubai, United Arab Emirates

Launched in 2018, Bybit stands out as comprehensive platform, reliably providing an extensive range of crypto trading pairs in both the Spot and Derivatives sectors, with large trading volumes. This positions it as a top pick for individuals frequently trading substantial amounts of crypto. In terms of security and efficiency, Bybit boasts next-level liquidity, 99.99% system functionality, robust security frameworks and a transaction rate of 100,000 trades per second.

Bybit is primarily tailored for frequent traders, specifically those who engage in day trading. However, it also accommodates crypto newcomers looking to purchase Bitcoin as a long-term investment. Users have multiple avenues to acquire cryptocurrency on Bybit, including One-Click Buy, P2P Trading, Fiat Deposit and Crypto Deposit.

Bybit presents a variety of trading opportunities for its 17 million users, such as Spot trading on over 270 cryptocurrencies, along with Derivatives such as USDT Perpetual Contracts, Inverse Perpetual Contracts, Invest Futures Contracts and Options for seasoned traders. Bybit’s trading fees are some of the most competitive you will find amongst all exchanges, at 0.1% for Spot trading, and even more competitive for Derivatives trading (just 0.02% for maker and 0.055% for taker fees). For users wanting even lower fees, Bybit’s VIP Program grants access to multiple reward levels and trading fees as low as 0.005% (maker fee) and 0.02% (taker fee) for Spot trading and 0% (maker fee) and 0.025% (taker fee) for Derivatives.

Serious crypto traders appreciate Bybit’s diverse functionalities, including advanced charts, AI-powered bots, technical analysis tools, as well as Margin trading, with up to 100x leverage. Notably, Bybit is one of the few crypto exchanges to provide such high leverage. Of course, while Margin trading can amplify profits, it can also lead to greater losses. As such, this strategy is best suited for seasoned traders over novices.

Bybit also offers Copy Trading, an automated approach that lets newcomers replicate the actions of seasoned and successful traders. This offers a seamless entry into the crypto realm, allowing new traders to benefit without delving deep into the complexities. Veteran traders can register as Master Traders on Bybit and earn commissions from their followers’ trades.

For beginners with a more conservative risk profile but keen on generating a passive income, Bybit’s Earn products, including Flexible Savings, Liquidity Mining and Dual Asset, are worth exploring. These offerings provide attractive APRs of up to 1,109.97%, with some of them being principal-guaranteed.

Users can easily off-ramp their crypto with Bybit’s Mastercard crypto debit card which allows holders to pay at millions of locations around the world with the funds from their Bybit account (every spend earns rewards).

Finally, Bybit prides itself on its round-the-clock customer service with 16+ languages, ensuring account holders are never alone throughout their crypto trading journey.

Pros

  • Competitive trading fees
  • Wide range of trading products
  • Large selection of assets, trading pairs and contracts
  • Industry-leading security with no outage or breach since inception
  • 24/7 live customer support with 16+ languages available
  • Margin trading with up to 100x leverage
  • Easy off-ramping via Bybit Card

Cons

  • Not available in the U.S.

Kraken Review Banner

Vital Statistics

Fees Maker (0.00% – 0.16%), Taker (0.10% – 0.26) Tradeable Cryptocurrencies 90+
Leveraged trading Yes -5x for Margin, up to 50x for Futures iOS and Android Apps Yes
Staking Rewards Yes (12 assets only) Countries Served Global
Founded 2011 Location USA

Founded in 2011, Kraken is one of the most well established cryptocurrency exchanges and it applies its wealth of institutional knowledge to providing a comprehensive and secure crypto trading ecosystem to its users. Traders can buy 93 different cryptos in a matter of minutes for as little as $10. Kraken has a high trade volume that offers users stable liquidity and trustable prices. This is a direct consequence of active traders, multiple funding options, and low fees.

Users can fund their accounts through fiat while paying minimal deposit fees but no fees are charged for depositing funds with Canadian dollars or EUROs (if SEPA – Single Euro Payments Area- is used). Accounts can be funded via cryptocurrencies while corporate level clients have further funding options through multiple wire transfer options.

Kraken ranks high in security as it has never been hacked or suffered any security breaches in its 10-year history. 95% of assets are held securely in cold storage. The exchange offers financial stability by maintaining full reserves and has a large engineering team to carry out penetration testing on its systems. Kraken has also recently launched its own stand-alone security business called Kraken Security Labs.

Kraken App User Experience

The Kraken Pro mobile app

A sleek platform UX makes it easy for users to track the performance of their portfolios. To ensure people have a smooth trading experience, Kraken provides basic learning materials for beginners to familiarise themselves with the cryptocurrency ecosystem. In addition, it offers a global 24/7 live chat support to resolve issues.

On Kraken, traders can access margin trading with leverage of up to 5x and low rollover fees that do not exceed 0.02%. Users can earn rewards through staking on the platform and the Kraken mobile app provides unrestricted access to the functionalities of the exchange.

Kraken is the first ever crypto company to be awarded a U.S. state banking charter. It will be what is known as an SPDI bank focused on clients’ interest in a forward-facing regulatory framework with oversight from the Wyoming Division of Banking. Products Kraken is set to offer, as part of its Kraken financial banking product, deposit accounts in USD and crypto assets (ex. Bitcoin), multiple funding and payments options, institutional custody products and IRAs (Retirement accounts).

Pros

  • Very secure platform
  • Robust legal and regulatory position
  • Good range of tradable assets

Cons

  • Low leverage for margin trading
  • Does not support Debit Card (only CAD debit card payments supported), Credit Card or PayPal user account deposits.

Coinbase Logo

Vital Statistics

Fees Multi-tiered – Maker (0.00%-0.50%), Taker (0.04% – 0.50%) Tradeable Cryptocurrencies 80+
Leveraged trading No iOS and Android Apps Yes
Staking Rewards Yes Countries Served Global – 100+
Founded 2012 Location San Francisco, United States

Coinbase is the largest US-based cryptocurrency exchange with daily trading volumes above $5 billion. Founded in 2012, the exchange is one of the most regulatory compliant exchanges in the United States. In May 2021 Coinbase was the first crypto exchange undertake an IPO in the US, where it is traded on the Nasdaq and currently has a market cap of over $67 billion. Coinbase offers buy and sell services on its main site, while exchange trading occurs under its Coinbase Pro brand which has a much wider range of coins.

Unsurprisingly, compliance with US law takes priority at Coinbase and its KYC and AML policies are among crypto’s strictest. The exchange allows users to buy, sell, trade and store over 80 cryptocurrencies on the platform including Bitcoin and other top altcoins. While this is less than many other exchanges, Coinbase makes up for the deficiency with a range of impressive features. The platform has a sleek user interface that makes it easy for beginners to navigate the site and offers opportunities to learn about specific cryptocurrencies while earning. Users can keep track of their portfolio and take advantage of the recurring buys feature that allows for the scheduling of purchases into daily, weekly or monthly intervals.

Coinbase Apps

Coinbase apps provide access to an entire crypto ecosystem

The Coinbase wallet is one of crypto’s best and most innovative and recently launched a Chrome browser extension similar to MetaMask, which gives Coinbase account holders access to DeFi solutions such as Compound, dydx and Uniswap – all from within the Coinbase ecosystem. With the extension, users are able to access a much wider range of cryptocurrencies than the 80+ that Coinbase has available for its standard account holders.

Coinbase is among the most secure crypto exchanges with the bulk of digital assets stored offline in addition to crime insurance cover. USD cash balances are covered by FDIC insurance of up to $250,000. Users whose accounts are breached due to poor personal password security are not covered by this insurance (and they aren’t at any other exchanges either).

More than an exchange, Coinbase is more of a complete crypto ecosystem and its massive IPO capital raise means that it is a real contender to take on traditional banking as it continues to roll out new products and services. It recently launched direct deposits on the Coinbase app which allows users to have their paychecks deposited straight into their Coinbase account. From there customers can choose to be paid in any cryptocurrency available on the platform.
Coinbase has garnered over 68 million verified users and supports operations in 100+ countries, although residents of the US state of Hawaii cannot use it.

Pros

  • Stable, secure, legally compliant
  • Easy to use
  • A complete financial ecosystem

Cons

  • Higher than average fees
  • A limited number of cryptocurrencies
  • No live chat support

PrimeXBT Logo

Vital Statistics

Fees Flat (0.05%) Tradeable Cryptocurrencies 17
Leveraged trading Yes (up to 100x) iOS and Android Apps Yes
Staking Rewards No Countries Served Global – 150
Founded 2018 Location Seychelles

Founded in 2018, PrimeXBT has quickly risen to the top ranks of cryptocurrency trading platforms. The exchange allows users to trade the global financial markets and in addition to cryptocurrencies offers access to forex markets, indices, and even commodities from a single account. PrimeXBT has a growing reputation for being one of the best platforms for margin trading and offers leverage of up to 100x on Bitcoin and other major cryptos.

The average trading volume of over $500,000,000 and 12+ integrated liquidity providers ensures deep liquidity on the exchange, and it is typically executing over 12,000 orders a second. Furthermore, metrics such as 7.12ms average order execution speed puts it among some of the fastest cryptocurrency exchanges.
PrimeXBT Devices

Trade across multiple devices with PrimeXBT

The platform offers advanced tools, charting, and instructional materials to help new traders stay ahead of the trends. For those who would rather leave their trading to a professional, PrimeXBT also offers a Covesting option.

Here users can examine the trading strategies and performance of hundreds of pro-traders on the platform. Once a user has selected a pro trader, they can opt to automatically copy their trading activity – and potentially achieve the same returns.

PrimeXBT Covesting

Coinvesting allows novice traders to easily copy the trading strategies of crypto professionals

On the other side of this arrangement, experienced traders can earn up to 20% of the profits of the users that copy their trades.

Security is a priority at PrimeXBT. The exchange has never been hacked. For traders it offers two factor authentication (2FA) via Google Authenticator which is more secure than standard SMS, and Bitcoin address whitelisting, which means user funds can only be moved to user approved addresses.

The platform’s wide array of markets, speed, security, and tools makes it stand out in the cryptocurrency ecosystem

Pros

  • Low fees
  • Very secure exchange
  • Trade a range of asset classes

Cons

  • No demo account available

Binance Exchange Review

Vital Statistics

Fees Flat (0.10%) Tradeable Cryptocurrencies 200+
Leveraged trading Yes (20x) iOS and Android Apps Yes
Staking Rewards Yes Countries Served Global
Founded 2017 Location Cayman Islands

Binance is the world’s biggest cryptocurrency exchange with daily trading volumes regularly surpassing the $20 billion mark. However, since the collapse of FTX in November 2022 Binance has come under major pressure to be more transparent about its liquidity, which the exchange has made some moves towards doing.

One reason for the Binance’s popularity is the large pool of assets available to users of the platform, with over 250 cryptocurrencies and 150+ trading pairs against fiat, stablecoins, and other coins. Apart from the depth of tradable assets, fees on the platform are generally low and the integration of Trading View into the Binance interface delivers comprehensive charting options for traders.

Binance supports a wide range of transactions including peer-to-peer trading and margin trading which makes it attractive to more experienced traders. It also offers futures and derivatives with up to 20x leverage.
One of the sector’s most established and well known platforms, Crypto.com is a feature rich crypto-ecosystem for beginner to advanced traders.

The exchange part of the platform launched in 2019 and offers users the ability to buy and store over 100 cryptocurrencies and trade 80+ market pairs. Crypto.com supports 20+ fiat currencies using credit/debit cards or bank transfers. Central to Crypto.com is the mobile app that delivers all of the features of the exchange and new app users get zero-trading fees for 30 days when they use a credit or debit card to purchase cryptocurrencies.

With a claimed customer base of over 5 million users, the exchange offers deep order book liquidity in all market conditions, one upside of which is traders can buy cryptocurrencies on the platform at their true cost. Crypto.com’s 2.7 million transactions per second (TPS) matching engine allows for impressive trading speeds.

Binance Trading View

The Binance trading dashboard natively integrates Trading View charting

Beginners can find Binance a bit overwhelming but the exchange does offer probably the best ‘how to’ education resources of any platform. Called the Binance Academy, it is a great resource for beginners and intermediate traders to learn more about cryptocurrency trading.

Binance has a long history of coming under regulatory pressure in several jurisdictions (it was one of the first to leave China) and in a bid to comply with regulatory demands, it has beefed up its Know-Your-Customer (KYC) requirements for customers. Users are not granted full access to all the functionalities of the platform unless they have ticked all the boxes including the submission of a government-issued photo ID.

For an added security layer, Binance gives users the ability to use 2FA through the Google Authenticator app or SMS. Live chat support on the exchange helps in the prompt resolution of issues. For all its features, Binance also has its fair share of hiccups – being overwhelmed by demand in May this year which led to the suspension of trading for leveraged tokens on May 19th and resulting losses for many traders. The exchange says it has taken steps to prevent a recurrence.

In 2019, Binance launched Binance US, a version of the exchange created specifically for compliance with US law. Binance US is a ‘lite’ version of the Binance exchange, with more KYC and Anti-Money-Laundering (AML) requirements, fewer trading pairs, and no margin trading. Binance New Zealand is another regional exchange from Binance.

The Binance ecosystem is driven by Binance Coin (BNB), which gives discounts on trading fees of up to 25% for users who hold the token in their exchange wallet. BNB has been developed into an entire ecosystem since its launch. The coin has its own purpose-built blockchain, is used to buy into Initial Exchange Offerings (IEOs), and has many other applications within the Binance ecosystem.

Pros

  • Huge range of cryptocurrencies
  • Low fees
  • The Binance Academy

Cons

  • Regulatory challenges in recent months
  • Previous security breaches and operational issues in times of heavy trading activity

ChangeNOW Banner

Vital Statistics

Fees Dynamic Tradeable Cryptocurrencies 400+
Leveraged trading No iOS and Android Apps Yes
Staking Rewards Yes Countries Served Global
Founded 2017 Location Seychelles

ChangeNOW is a non-custodial instant cryptocurrency exchange and processing service. Founded in 2017, it has became a prominent crypto swap platform having served over three million satisfied customers worldwide.

Compared to centralized exchanges ChangeNOW has several benefits that make it stand out among other crypto platforms. As a non-custodial service, it does not require registration and does not hold any of its users’ assets. This way, ChangeNOW customers get a lot of privacy and anonymity.

More than 400 crypto and 60 fiat currencies are available for exchange with more assets being added to the platform. Customers can buy digital assets using Visa or MasterCard. Two dollars is the minimum exchange amount and ChangeNOW does not have any upper limits which means its users can exchange as much as they want. All transactions are fast and take no more than a few minutes to complete.

Even though the platform does not offer leveraged trading, users can benefit from its instant crypto loans. With unlimited loan terms and no monthly interest payments, ChangeNOW helps its customers profit from rising and falling markets without selling assets. All the funds are protected as they are stored in unique wallets with the private keys being renewed every month.

ChangeNow Pro

ChangeNOW Pro offers users advanced features.
ChangeNOW also offers staking options. Users can get up to 25% annual profit by staking the platform’s native NOW tokens. The staking calculator on the website helps one estimate the expected interest. NOW tokens can also be used for payments and rewards inside the ecosystem. All registered customers can get cashback in NOW tokens for all their transactions with the maximum of 5,000 NOW per month.

For any issues, 24/7 customer support is always available to help. The service is available in 15 languages and can be used anywhere in the world except for the countries on the United Nations Sanctions List and states where cryptocurrency usage is prohibited.

The platform’s mobile app is available on both iOS and Android and has the same functions as the website. Apart from the exchange service, ChangeNOW ecosystem includes many other crypto solutions such as digital wallet, portfolio tracking app, NOW Payments, NOW Nodes, Telegram bot, etc.

Pros

  • Privacy and reliability
  • Wide range of currencies available
  • Staking and cashback rewards
  • Various crypto products in the ecosystem

Cons

  • Leveraged trading unavailable

Stormgain Exchange Review

Vital Statistics

Fees Free for some losing trades, 10% of profit or 0.095% to 0.25% on others Tradeable Cryptocurrencies 50+
Leveraged trading Yes (300x) iOS and Android Apps Yes
Staking Rewards No Countries Served Global
Founded 2019 Location London (Registered in St. Vincent and the Grenadines)

Founded in 2019, StormGain gained a foothold in the UK by providing attractive features such as high leverage, minimal KYC requirements, and a wide range of trading pairs. StormGain offers traders up to 300x leverage which makes it one of the highest on this list. The exchange’s most unique feature is zero fee trading on losing trades on some pairs. On these pairs, including DOGE/USDT, ADA/USDT, and DASH/BTC, there is no trading commission. To explain this model, StormGain says, “The crypto market is oversaturated with models that don’t put your profitability first. Overcome your trading obstacles and discover limitless crypto trading where you pay commission only when you earn.”

New users on the platform can begin trading immediately after providing basic contact information such as name, email, and phone number.Stormgain UX UI

Trade on desktop or with mobile apps for Android and iOS

Stormgain has a worldwide reach with 237+ countries supported. The exchange claims monthly trading volume of over 24 billion. Traders can use a range of charting tools designed for both beginner and expert level traders and can opt for USDT settlements for contracts to protect against market volatility.

StormGain allows users to mine up to 0.0318 BTC per day by taking advantage of the cloud mining capabilities of the platform. The cloud mining sector is notorious for scams but StormGain’s offering is one of the few ‘legitimate’ cloud mining operations Brave New Coin has found.

The exchange offers advanced trading features such as crypto indices and crypto options. Beginners are catered for with a full-featured demo account for new users wanting to practice their trading skills before using real money. New users are eligible for a 25 USDT bonus when they sign up. Funding a user account with StormGain is done via credit card or cryptocurrency.

Finally, StormGain has an Islamic Account option designed for Muslims wanting to explore cryptocurrency trading. The Islamic Account is designed for crypto traders who are unable to receive or pay swaps due to religious beliefs.

Pros

  • Zero commission fees on unprofitable trades on some pairs
  • High Leverage of 300x
  • A 50K demo account for simulated trading
  • Islamic Account for Muslim traders

Cons

  • Compartively low daily trading volume
  • Not available for U.S. users

Crypto.com Review

Vital Statistics

Fees Maker (0.04% – 0.20%), Taker (0.10% – 0.20%) Tradeable Cryptocurrencies 30+ and 80+ market pairs
Leveraged trading Yes (100x) iOS and Android Apps Yes
Staking Rewards Yes Countries Served Global
Founded 2016 Location Hong Kong

One of the sector’s most established and well known platforms, Crypto.com is a feature rich crypto-ecosystem for beginner to advanced traders.

The exchange part of the platform launched in 2019 and offers users the ability to buy and store over 100 cryptocurrencies and trade 80+ market pairs. Crypto.com supports 20+ fiat currencies using credit/debit cards or bank transfers. Central to Crypto.com is the mobile app that delivers all of the features of the exchange and new app users get zero-trading fees for 30 days when they use a credit or debit card to purchase cryptocurrencies.

With a claimed customer base of over 5 million users, the exchange offers deep order book liquidity in all market conditions, one upside of which is traders can buy cryptocurrencies on the platform at their true cost. Crypto.com’s 2.7 million transactions per second (TPS) matching engine allows for impressive trading speeds.

Crypto.com App-min

The Crypto.com app enables access to an entire crypto ecosystem

In terms of security, there has been no major security breach or hacks associated with the exchange and in addition, Crypto.com claims cold storage insurance cover of up to $750 million and stores assets with Ledger Vault in partnership with industry security giants Ledger. Crypto.com has achieved the following security ratings and compliance – Cryptocurrency Security Standard (CCSS), ISO 27001:2013, ISO/IEC 27701:2019, and PCI:DSS 3.2.1 (Level 1).

For traders concerned about Crypto.com’s Hong Kong location and recent law changes in China, it’s worth noting that the brand Crypto.com is actually the public-facing identity of offshore companies MCO Malta Dax Limited, Foris MT Limited (Malta) and Foris DAX Global Limited (Ireland).

The exchange also extends its footprint into financial services, and offers a Crypto.com Visa card that allows users to spend their crypto and earn as much as 8% back on all spending without the need to pay annual fees. Users can also earn up to 14.5% through the platform’s Crypto Earn that offers rewards on deposits. Crypto.com has also recently launched a bespoke NFT sales section.

The Crypto.com exchange is powered by its native token – Crypto.com Coin(CRO). Users who stake CRO receive lower fees and can participate in ‘Supercharger’ – a liquidity mining platform for the most popular DeFi projects.

Pros

  • Supports NFT purchases
  • Low fees
  • A full crypto ecosystem

Cons

  • Location-based restrictions on the App and the exchange.

Bitfinex Dark Banner

Vital Statistics

Fees Maker (0.10%) , Taker (0.20%) Tradeable Cryptocurrencies 140+
Leveraged trading Yes (10x – No derivatives) iOS and Android Apps Yes
Staking Rewards Yes (10 assets) Countries Served Global
Founded 2017 Location Hong Kong, registered as iFinex Inc in the British Virgin Islands

Bitfinex targets professional traders and provides a high quality exchange user experience and ecosystem – with very liquid order books enabling users to exchange assets with minimal slippage.

Bitfinex has faced issues in the past due to challenges finding banking partners willing to service offshore crypto companies. This has meant its ability to process fiat transactions has been compromised. After two years of investigations, Bitfinex reached a settlement with the New York Attorney General’s office in February 2021 for violations of the Martin Act. BItfinex and Tether agreed to pay New York state $18.5 million and no longer offer services in the state.

Bitfinex allows for the utilization of the peer-to-peer funding market while still offering leverage of up to 10x. Through margin funding, users can earn interest on assets by providing funds to traders seeking leverage. The exchange also offers a wide range of order types designed to equip traders to approach a variety of market opportunities. Scaled orders are used to aggregate multiple orders, saving users the hassle of making multiple orders.

The Bitfinex trading experience is highly customizable and traders can make adjustments including themes and the type of notifications that they want to receive. There are advanced charting features on Bitfinex and trading strategies can be planned on them as they feature adjustable order properties. The exchange’s mobile application is also feature rich.

Bitfinex Charting Tools

Bitfinex’s integrated charting tools

Aside from retail traders, corporate accounts are specifically catered for through speedy verification and dedicated customer support.

Users can also stake several Proof-of-Stake tokens on the platform and earn weekly rewards deposited automatically to their accounts. Bitfinex has suffered two security breaches in 2015 and 2016 but since then, it has not been breached. The exchange says 99.5% of its assets are kept in cold storage and its cold wallets cannot be accessed from exchange servers.

Pros

  • Wide range of trading pairs and order types
  • Standout UI and UX

Cons

  • Previous Legal challenges and security breaches

Bitmex Banner

Vital Statistics

Fees Maker (0.01%), Taker (0.05% – 0.025%) Tradeable Cryptocurrencies 1 (Bitcoin Futures)
Leveraged trading Yes (100x) iOS and Android Apps Yes
Staking Rewards No Countries Served Global
Founded 2014 Location Seychelles

BitMEX was founded and registered in the Seychelles in 2014 by Arthur Hayes, Ben Delo, and Samuel Reed. The exchange introduced Bitcoin perpetual futures in 2016, which became an extremely popular derivatives product. For years following, BitMEX was the only large exchange offering Bitcoin derivatives, resulting in exponential user growth.

In 2021, BitMEX remains a peer-to-peer trading platform that offers leveraged contracts that are bought and sold in Bitcoin. While it is possible to trade contracts and indices based on a variety of altcoins on other platforms, BitMEX only handles Bitcoin and all profit and loss is in Bitcoin. BitMEX does not handle fiat currency, all deposits and withdrawals are made in BTC only. BitMEX famously offers up to 100x leverage on its trading products.

In its early years BitMEX had few KYC requirements which contributed to its explosive user growth. However, after increasing pressure from authorities, in August 2020, the exchange announced that all customers, new and existing, would need to complete full identity verification or must close their accounts and withdraw their funds. BitMEX now has a comprehensive know-your-customer (KYC) process.

In 2019 the Commodity Futures Trading Commission (CFTC) began investigating BitMEX following allegations that the exchange was allowing U.S. citizens to trade on the platform. This investigation resulted in the new KYC program. Following the strict KYC measures, BitMEX lost many of its users and trading volume. New Bitcoin derivative products provided by other exchanges also contributed to BitMEX becoming a smaller player in the crypto exchange ecosystem.

In October 2020, BitMEX founders Hayes, Reed, Delo, and Gregory Dwyer were indicted on charges of violating the U.S. Bank Secrecy Act for failing to implement anti-money laundering measures. The founders are scheduled to go to trial in March 28, 2022 but instead plead guilty to one count each and paid a US$10 million fine in February 2022.

Following the indictments of the original founders, BitMEX is now keen to be seen to be playing by the rules and reinventing itself as a reputable exchange. To achieve this, in July 2020 it established 100x, the holding group for HDR Global Trading Limited and its assets, including the BitMEX platform. The group is now focused on building a best-in-class Bitcoin derivatives exchange.

BitMEX has a slick trading interface that is suitable for beginner and intermediate derivative traders. BitMex includes a full suite of sophisticated trading products including Futures, Perpetual Contracts, Indices, and Basket Indices. While you can trade alt indices and baskets like ALTMEX and DEFIMEX your profit and loss is always calculated in Bitcoin and you can only deposit and withdraw in BTC.

BitMEX testnet trading

Traders can try their strategies on the BitMEX testnet

Trading View charts are integrated and BitMEX offers a testnet platform where traders can try out their strategies with real-world data without incurring any actual losses.

On security, the exchange ticks all the boxes with a secure multisignature deposit and withdrawal system. Assets and keys are stored offline while deposit addresses sent by BitMEX are verified by a service to ensure that everything runs smoothly. The exchange has not suffered any security breach since it began operations.

Customer support uses a ticket system and the exchange offers multilingual support in English, Chinese, Japanese, Russian and Korean languages. In the last year, the exchange has had over $1 trillion in volume and has regained its status as a leading player in the industry.

Pros

  • Zero security breaches
  • High volume
  • High leverage
  • Sophisticated trading products

Cons

  • Only Bitcoin deposits are allowed
  • Previous regulatory issues
  • No US clients allowed

Turbo XBT logo

Vital Statistics

Fees No fees to open a position Tradeable Cryptocurrencies Bitcoin
Leveraged trading No iOS and Android Apps No
Staking Rewards No Countries Served Global
Founded 2021 Location Seychelles

TurboXBT revolutionizes the concept of cryptocurrency trading on its platform with an ultra short term trading model. The exchange offers users a way to trade Bitcoin and earn up to 90% by predicting short-term price moves. Users can get started risk free as there is a demo page with a $1000 demo balance available on the platform homepage. Traders can practice trade with the demo account without registering on the platform. Once a user has registered, the demo balance option is also available by switching between a real balance and demo balance in the account user settings.

Accounts can be funded with BTC, ETH, USDT(erc-20) and USDC(erc-20). The platform’s unique offering includes synthetic short-term contracts with UP or DOWN options. To trade, a user picks their asset pair, selects the preferred time frame— from 30 seconds to 15 minutes—and hits either the green UP button if they believe the price will increase, or the orange DOWN button if they think the price will slump. The potential profit on the trade depends on the selected time frame. Longer contracts offer lower profits than shorter ones.

TurboXBT devices

Accounts can be funded with BTC, ETH, USDT and USDC. The platform’s unique offering includes synthetic short-term contracts with UP or DOWN options. To trade, a user picks their asset pair, selects the preferred time frame— from 30 seconds to 15 minutes—and hits either the green UP button if they believe the price will increase, or the orange DOWN button if they think the price will slump. The potential profit on the trade depends on the selected time frame. Longer time frame contracts offer lower profits than shorter ones. A trader’s success depends on their ability to make quick decisions on the market direction.

Full marks to TurboXBT for transparency. The platform makes clear in its disclosure statement that a total loss is possible. “No one should have funds invested in cryptocurrency or speculate in cryptocurrency that he/she is not prepared to lose entirely. Whether the market for one or more cryptocurrency will move up or down, or whether a particular cryptocurrency will lose all or substantially all of its value, is unknown.” TurboXBT also displays a rolling trading history – so users can see the profits and losses of other traders in real-time. If a trader is wrong in their prediction, they lose the entire amount of the trade.

Turbo XBT trading history

Track all traders’ profits and losses

A majority of customer funds are stored in offline cold storages while two-factor authentication is deployed as an added layer of security and all withdrawal requests are double-checked by the team for any fraudulent activity

Supported cryptocurrency assets on the platform include BTC/USD and ETH/USD with a core focus on the derivatives markets. TurboXBT does not have a mobile app. There is 24-7 live chat support functionality on the platform.

Pros

  • Quick profit or loss for those not looking for long term trading strategiesLow fees
  • No fees
  • $1000 demo account
  • 24-7 chat support

Cons

  • Total loss potential for incorrect UP or DOWN positions on trades


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