Best Crypto Exchanges of 2024: A Comprehensive Guide for Investors (2024)

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What are Crypto Exchanges?

A cryptocurrency exchange is like an online brokerage for cryptocurrencies, tokens (virtual assets created through existing blockchains), and other digital assets. Many of these exchanges offer investment options for active traders looking to buy, sell, or hold digital assets like bitcoin, ether, and litecoin.

There are two types of crypto exchanges: centralized and decentralized. Centralized exchanges, which are the most common type, are platforms owned and operated by private companies. Decentralized exchanges are peer-to-peer marketplaces that operate on the blockchain.

Best Crypto Exchanges for 2024

• Coinbase: Best overall
• Robinhood Investing: Best for beginners
• Abra: Best for low fees
• Kraken: Best for futures and margin traders
• CEX.IO: Best cryptocurrency selection
• eToro USA: Best for all types of traders
• Cash App Investing: Best for bitcoin

If you don't want to use your exchange's built-in wallet (if applicable), you'll need to set up an external crypto wallet, such as one of the best bitcoin wallets, to store your assets securely.

Compare the Top Cryptocurrency Exchanges

The best cryptocurrency exchanges work similarly to the best stock trading apps, offering competitive fees and resources on digital marketplaces like mobile or desktop. Crypto-enthusiasts can easily buy, sell, and store popular digital currencies like bitcoin or Ethereum alongside traditional investable securities.

Here are the best cryptocurrency exchanges for low fees, human advisor access, and more as picked by Business Insider editors in 2024.

Best Cryptocurrency Overall

Coinbase is a user-friendly digital marketplace offering bitcoin, ether, litecoin, dogecoin, ripple, and hundreds more coins and tokens. Coinbase also caters to sophisticated investors, institutions, and high-net-worth clients through its Pro, Advanced Trade, and Prime platforms.

Its beta NFT trading platform currently offers no transaction fees for creators and collectors. Many NFT platforms charge 2.5% per transaction, so Coinbase's offerings are highly competitive in pricing.

What to look out for:If you regularly use margin accounts to trade, Coinbase isn't the best choice. The exchange doesn't let you temporarily borrow money to trade crypto assets or offer futures (legal contracts that give you a choice to exchange security at a specific price on a forthcoming date).

Coinbase review

Best Cryptocurrency Exchange for Beginners

Robinhood is a great crypto-trading platform for beginner, hands-on investors interested in buying and selling traditional assets like stocks and ETFs alongside cryptocurrencies like bitcoin and ether. It stands out with its no-commission brokerage model, competitive pricing, and easy-to-use interface.

You can invest in 15 digital currencies without network fees, starting at $1. Additional perks of investing in crypto with Robinhood are fee-free transfers, custom price alerts, advanced charts, custom-built trading strategies, and automated recurring buys.

Robinhood's cold wallet securely stores you're coins and tokens directly in the app. Account holders will also have access to crime insurance against cybersecurity breaches and theft (underwritten by Llyod's syndicates), plus 24/7 customer support.

What to look out for: Robinhood's crypto selection is smaller than similar investment platforms. It also doesn't offer a wide range of trading tools and doesn't offer an automated trading option.

Robinhood review

Best Cryptocurrency Exchange for Low Fees

Abra is a global crypto exchange serving individual and institutional traders in over 150 countries. Along with the fact that Abra doesn't charge any trading fees (though it earns income from the spread between different assets), the exchange also stands out due to its expansive selection of crypto products and features.

This includes trading for over 70 cryptocurrencies, interest accounts that let you earn up to 10% on eligible assets, crypto-backed loans, over-the-counter (OTC) trading, and multiple educational guides for beginners. Its OTC services also give institutional clients access to interest-earning accounts, loans, and one-on-one account support.

What to look out for:Visa and Mastercard transactions have high fees.

Abra review

Best Cryptocurrency Exchange for Futures and Margin Traders

Kraken offers more than 200 cryptocurrencies and a handful of fair currencies with various options for retail and institutional investors. It is available in more than 190 countries worldwide.

Kraken provides investors with access to trading on margin and futures trading opportunities. With a margin account, you can borrow up to five times your account balance to trade crypto assets. Futures trading is available for bitcoin, ether, litecoin, bitcoin cash, and ripple.

What to look out for:Kraken's futures mobile platform isn't currently available to US traders. In addition, only institutional and high-net-worth clients can use the exchange's consultation and account management services.

Kraken review

Best Crypto Exchange for Cryptocurrency Selection

CEX.IO is a global crypto exchange supporting traders in most US states. It gives you access to bitcoin and more than 100 other crypto assets.

All users can access CEX.IO's instant buy feature (only for credit and debit card purchases), mobile app, staking rewards, and crypto-backed loans. But more advanced traders might prefer CEX.IO's spot trading feature (this option lets you place different types of crypto market orders) and margin trading accounts. Institutions and businesses can use its aggregator and payment management services.

It's also important to point out CEX.IO's fee schedule. The exchange has a maker/taker schedule based on your 30-day trading volume. Maker orders can't be executed immediately since there are no other orders to match with them; however, taker orders match immediately, according to CEX.IO.

What to look out for:Transactions with debit or credit cards can be pricey at CEX.IO.

Best Cryptocurrency Exchange for All Types of Traders

The eToro USA crypto exchange offers a highly secure and easily navigable interface that gives you access to over 20 crypto assets. The platform offers something that many crypto exchanges don't — stock and ETF trading. Users can exchange both full and fractional shares of stocks and ETFs without commissions.

Regarding trading, you can either take the DIY approach or use one of eToro's two hands-off options. The first, known as the CopyTrader^™ system, allows you to mirror the investment portfolios of other successful traders. US clients can only mimic other US investors' portfolios.

The second option is SmartPortfolios. The exchange offers access to four pre-built portfolios — CryptoEqual, CryptoPortfolio, Crypto-currency, and TheTIE-LongOnly SmartPortfolio — that eToro regularly rebalances for you.

What to look out for: eToro doesn't support traders in New York, Minnesota, Nevada, Puerto Rico, Tennessee, Hawaii, Guam, American Samoa, Northern Marianas, and the US Virgin Islands.

eToro USA review

Best Cryptocurrency Exchange for Bitcoin

Cash App Investing is a user-friendly trading platform offering commission-free trades of more than 1,800 stocks and ETFs. When you link or Cash App balance in the mobile app, novice crypto investors easily buy, sell, send, and receive bitcoin. You can even designate a specific portion of your paycheck to be converted into bitcoin when you set up direct deposits.

Send bitcoin to your friends fee-free with Cash App's Lightning Network features. Cash App also provides an in-app custodial wallet to store your bitcoin assets. You can start trading with as little as $1.

What to look out for: Cash App Investing only offers bitcoin. Consider other top cryptocurrency platforms if you want to invest in other cryptocurrencies like ether or dogecoin.

Cash App Investing review

How to Choose the Best Crypto Exchange

The best crypto exchanges offer competitive pricing for various cryptocurrencies beyond bitcoin and ether and prioritize user experiences with an intuitive interface, clear platform navigation, and mobile app access. Trustworthy crypto trading platforms are licensed and compliant with industry regulations.

You should choose a cryptocurrency exchange that aligns with your preferences, like your risk tolerance, time horizon, preferred trading features, and investment goals. Additionally, ensure the exchange you pick matches your preferred trading style. For example, if you're a hands-off trader, you should pick a platform equipped with automated trading features and tools.

FAQs About Crypto Exchanges

Why You Should Trust Us: Our Expert Panel For The Best Cryptocurrency Exchanges

We interviewed the following investing experts to see what they had to say about cryptocurrency exchanges.

• Sandra Cho, RIA, wealth manager, and CEO of Pointwealth Capital Management
• Tessa Campbell, Investment and retirement reporter at Personal Finance Insider

What are the advantages/disadvantages of investing through a cryptocurrency exchange?

Sandra Cho:

"The advantages to investing through a cryptocurrency exchange are the ease of trading and functionality. These exchanges are built for cryptocurrency are are made as such.

"The disadvantages, however, are important. Recently, several cryptocurrency exchanges have gone under, and investors have lost significant amounts of money. Given that this industry and asset class is still relatively new, there are unique risks that are nor present in traditional investments like stock and bonds. Investing through a cryptocurrency leaves you at the will of the exchange itself, which has a non-zero possibility of going defunct."

Tessa Campbell:

"Investing through a cryptocurrency exchange offers several advantages, including access to real-time market data and research, trading strategies, and multiple cryptocurrency options to add to individual brokerage accounts, retirement accounts, and more.

"Some disadvantages include high trading fees, limited resources, and frequent fraudulent activity. These platforms are often criticized for their inadequate security measures, risky trading, and subpar customer support."

Who should consider investing through a crypto exchange?

Sandra Cho:

"Investors with an extremely high-risk tolerance and those that understand the inherent risks in investing through cryptocurrency exchanges may want to consider using an exchange. However, they should be wary of the risks and the lack of oversight that is apparent in the industry."

Tessa Campbell:

"You may want to consider investing through a crypto exchange if you're primarily focused on trading crypto and other decentralized currencies. Moreover, you'll want to have a high investing risk tolerance and a hands-on trading approach."

Is there any advice you'd offer someone who's considering investing in cryptocurrencies through a crypto investment app?

Sandra Cho:

"I would tell them to first potentially reconsider dealing with cryptocurrencies at all. The asset class is extremely volatile and unregulated. If they insisted, I would then tell them to do their research on the relevant exchanges and choose the one that is safest and best backed. As mentioned, many crypto exchanges have gone under recently, which is a huge risk to the investor."

Tessa Campbell:

"Make sure you fully understand the risks involved in purchasing highly volatile cryptocurrencies like bitcoin, ether, or dogecoin. You should also ensure that the cryptocurrency exchange you're investing through is free of scams, bad business practices, or public scandals. One way to check this is with the Better Business Bureau's grading system."

Our Methodology: How We Rated the Best Cryptocurrency Exchanges

We applied Business Insider's rating methodology for investing platforms to over a dozen exchanges to find the best options for cryptocurrency availability, low fees, asset/account security, user interfaces, and mobile access. Investment platforms are given a rating between 0 and 5.

We also explored whether exchanges offered services both for individuals and institutions, and we paid close attention to other account options like staking rewards, margin trading, and Stablecoin support.