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2024 Cryptocurrency Exchange Recommendations, Crypto Exchange Reviews and Rankings

Article is form zombit
September 19, 2024
This article is translated by ChatGPT Show original
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What is a Cryptocurrency Exchange?

A cryptocurrency exchange is an online platform that allows users to trade cryptocurrencies (also known as digital currencies). Through cryptocurrency exchanges, users can trade between different cryptocurrencies, such as using Bitcoin (BTC) to buy Ethereum (ETH), or using USDT to buy Bitcoin.

Currently, cryptocurrency exchange services are generally not limited to just trading, they offer more derivative financial products or wealth management products, allowing users to perform more operations on the platform to generate profits.

How to Choose a Cryptocurrency Exchange?

When choosing a cryptocurrency exchange, security is the top priority because we need to deposit our assets into the exchange for use. Following security, reputation, liquidity, product types, and fees are also important considerations.

Cryptocurrency Exchange - 1 Selection Criteria for Cryptocurrency Exchanges:

  • Security
  • Reputation
  • Liquidity
  • Product Types
  • Fees

Security

Security refers to whether the platform has protective measures for user assets. Taking Binance as an example, they have proof-of-reserves (PoR) so that users can view how many assets Binance currently has in reserve for user withdrawal. They also have a SAFU user asset security fund, which can be used to pay for user losses in case of unforeseen accidents. In terms of operational security, Binance also provides various authentication methods to protect user accounts, such as two-factor authentication (2FA), email notifications, passkeys, biometric identification, and account activity management, all of which give users peace of mind when using the platform.

Reputation

Reputation refers to whether the platform is frequently mentioned and used online. Generally speaking, more real users on a platform mean that the risk of it suddenly shutting down is lower (of course, this is not absolute and other risks still need to be considered). Therefore, when choosing a platform, we can first check the online reviews of the exchange. Is it truly being used by many people? In my experience, many scam exchanges are simply uninformative websites with no information online, and no one knows about them on social media. Knowing this can help you avoid many dangerous scam traps.

Liquidity

Liquidity can be observed from the daily trading volume of the exchange. Typically, we use the 24-hour trading volume as a measure. The higher the volume, the more trades are generated on the exchange. It's important to note that a higher trading volume doesn't always mean better liquidity, because trading volume can be artificially generated and reported to data websites. Therefore, besides trading volume, other factors need to be observed to determine if liquidity is truly good. However, trading volume can still serve as a basic judgment criterion.

✅ More basic information about exchanges can be found on CoinMarketCap and CoinGecko

Product Types

Product types refer to how many products the platform offers for user use. Nowadays, many cryptocurrency exchanges, besides offering basic spot trading, also provide various derivative financial products and wealth management products, as well as IEO token issuance and NFT related trading, allowing users to perform more operations on the exchange.

Fees

Fees refer to the charges incurred during operations on the cryptocurrency exchange. Generally speaking, cryptocurrency exchanges charge a small fee for transactions and withdrawals as a transaction fee. After all, exchanges are not charities; using their services requires paying fees. Therefore, before using a cryptocurrency exchange, we should first take a look at the fee collection model and amount, and then use the service, which would be a more appropriate approach.

Cryptocurrency Exchange Rankings Top 10

When using a cryptocurrency exchange, we must deposit cryptocurrencies into the exchange, which also means entrusting the exchange with the custody of our cryptocurrencies. Therefore, choosing a cryptocurrency exchange is very important.

When choosing a cryptocurrency exchange, we usually prioritize "reputation" and "trading volume" as key reference data. Therefore, below we list the top ten cryptocurrency exchanges according to CoinMarketCap's overall score for reader reference:

| Name | Founded | 24-Hour Trading Volume | Number of Coins | Chinese Interface | Available in Taiwan | |---|---|---|---|---|---| | Binance | 2017 | $17,441,706,052 | 423 | Yes | Yes | | Coinbase | 2012 | $2,369,661,059 | 255 | Yes | Yes* | | OKX | 2017 | $2,492,816,125 | 305 | Yes | Yes | | Bybit | 2018 | $6,041,574,404 | 660 | Yes | Yes | | Upbit | 2017 | $2,493,068,677 | 214 | No | Yes | | Kraken | 2011 | $894,044,479 | 328 | Yes | Yes | | Gate.io | 2013 | $2,145,439,267 | 2289 | Yes | Yes | | HTX | 2013 | $1,983,660,555 | 718 | Yes | Yes | | Bitfinex | 2012 | $199,914,515 | 179 | Yes | Yes | | KuCoin | 2017 | $852,883,419 | 795 | Yes | Yes |

Data referenced from CoinMarketCap, updated as of 2024/9/19, unit in US dollars.

Important Updates to Note*

Recommended Cryptocurrency Exchanges

Below are exchanges that I frequently use and are among the top 10, recommended to readers who are still unsure about choosing an exchange. Note that these are just the exchanges I share that I normally use, and this doesn't endorse these exchanges; you still need to learn about them yourself before using them!

Recommended Cryptocurrency Exchanges:

  • Binance
  • Bybit
  • OKX
  • Bitfinex
  • Bitget

Binance

Binance is a cryptocurrency exchange founded in 2017 by Canadian-Chinese engineer Changpeng Zhao. It is currently the most well-known cryptocurrency exchange globally and is also the most used exchange for cryptocurrencies. Binance has a user-friendly interface, supports various languages, and offers many different products to meet the needs of different types of users, allowing users to participate in the cryptocurrency market in many different ways.

✅ Read more about Binance

Bybit

Founded in 2018, Bybit provides cryptocurrency traders with a fast matching engine, quality customer service, and multilingual communities. Bybit is a partner of Formula 1 championship winning team and driver Oracle Red Bull Racing, and a sponsor of esports teams such as NAVI, Astralis, Alliance, Made in Brazil (MIBR) and Oracle Red Bull Racing Esports, as well as Bundesliga giant Borussia Dortmund.

OKX

OKX is a cryptocurrency exchange and Web3 technology company. OKX is trusted by over 50 million users globally for its fast and reliable cryptocurrency trading application. OKX has partnered with Premier League champion Manchester City F.C. and McLaren F1, hoping to enhance the fan experience through new interactive ways. In addition to exchange services, OKX recently launched its Web3 wallet service, aiming to provide users with a one-stop Web3 gateway to explore DeFi, NFTs, DEX, GameFi, etc.

Bitfinex

Founded in 2012, Bitfinex is a crypto asset trading platform that provides the most advanced services for cryptocurrency traders and global liquidity providers. In addition to a suite of cutting-edge trading features and charting tools, Bitfinex also offers peer-to-peer financing, an over-the-counter market, and margin trading for a variety of crypto assets. Bitfinex's strategy is focused on providing unparalleled support, tools and innovation for professional traders and liquidity providers around the world.

Bitget

Founded in 2018, Bitget is a leading global cryptocurrency exchange and Web3 company serving over 20 million users in over 100 countries worldwide. Bitget is committed to helping users trade smarter through its groundbreaking copy trading feature and other trading solutions. Bitget Wallet formerly BitKeep is a world-class multi-chain cryptocurrency wallet that offers a comprehensive suite of Web3 solutions and features, including wallet functionality, exchange, NFT marketplace, DApp browser, and more. Bitget encourages cryptocurrency adoption through partnerships with Argentine football legend Lionel Messi, official esports event organizer PGL, and more.

✅ Read more about Bitget

Taiwan Cryptocurrency Exchanges

Taiwan Cryptocurrency Exchanges:

  • MAX Digital Asset Exchange
  • BitoPro
  • HOYA BIT

Taiwan also has local cryptocurrency exchanges. Compared to the foreign exchanges recommended above, they have lower trading volume and support fewer products, making them less convenient to use. However, they also have several advantages for Taiwanese users, such as MAX having a physical location for users to consult, and also providing online Taiwanese dollar deposit and withdrawal services. They are often seen busy at major related events, which are conveniences that foreign exchanges cannot provide.

MAX Digital Asset Exchange

MAX Digital Asset Exchange officially launched in 2018 and has the largest number of users and trading volume in Taiwan. It provides trading matching for New Taiwan dollars against cryptocurrencies and cryptocurrencies against cryptocurrencies, allowing users to flexibly trade various coins.

BitoPro

BitoPro is developed by the BitoEX team, which launched BitoEX in 2014, providing digital currency solutions such as personal wallets/enterprise applications/financial auditing. The BitoEX team is dedicated to promoting digital currency in Taiwan and strives to provide customers with comprehensive quality services and brand commitment. Our aspiration is to make digital currency trading easier, more convenient, and more comprehensive in application.

HOYA BIT

HOYA BIT is a cryptocurrency exchange from Taiwan that focuses on "simplification," becoming a gateway for users to enter the world of new-generation financial models. HOYA BIT's greatest feature is its user-friendly interface for novice users and focuses on three core values: legal compliance, stable returns, and intuitive usability.

✅ Read more about HOYA BIT

Cryptocurrency Exchange Scams

Common methods used by cryptocurrency exchange scams include:

  • Fake cryptocurrency exchanges
  • Impersonated cryptocurrency exchanges
  • Fake customer service, phishing messages

Fake Cryptocurrency Exchanges

Fake cryptocurrency exchanges are exchanges that don't actually exist, but they create a website or app that looks like an exchange to entice victims to deposit their assets into it. This method is often used in conjunction with romance scams to gain the trust of the victims and use the pretext of investment and making money to entice them.

If you encounter an unknown cryptocurrency exchange, you should first search CoinMarketCap and CoinGecko, two data websites. This can usually help avoid such scams.

Impersonated Cryptocurrency Exchanges

Impersonated cryptocurrency exchanges are an advanced version of fake exchanges. Scammers know that we have learned to check if an exchange is common, so now they impersonate real cryptocurrency exchanges to carry out scams. The most common method is "look-alike URLs." Take Binance as an example:

  • Correct URL: https://www.binance.com/
  • Impersonated URL: https://www.bineance.com/

Do they look similar? Therefore, we must carefully check the URL before clicking on it to make sure it's correct!

Fake Customer Service Messages

Fake customer service messages are similar to impersonated exchanges, but the methods differ. They impersonate customer service staff of the exchange and "proactively" contact victims via messages or emails, providing a fake reason, such as the need to change passwords or needing to provide account information to claim a prize, etc. Exchanges generally don't have customer service personnel proactively contacting users, so you must be extremely cautious when encountering such situations and don't fall for them easily.

✅ Read more about cryptocurrency scams

Cryptocurrency Exchange Bankruptcy

Cryptocurrency exchange bankruptcies are not uncommon, and the most recent and impactful one is the FTX exchange bankruptcy. The negative news fermented and spread rapidly, with users unable to withdraw their assets in just a day or two. FTX was once a very well-known and widely used exchange. This shows that there's no such thing as "too big to fail" in the cryptocurrency world. Exchanges with problems can go bankrupt or shut down in just a day or two. We must remember the importance of asset management when using cryptocurrency exchanges, and don't allocate too many assets to the same exchange, to avoid being wiped out by a black swan event.

Key takeaways from the FTX event:

  1. We need to constantly pay attention to the developments and news of the cryptocurrency exchanges where we store our assets.
  2. Asset management is crucial, don't put all your eggs in one basket.
  3. There is no such thing as "too big to fail."

Cryptocurrency Exchange Reviews, What do PTT and Dcard Users Think?

Here's a summary of what some users on PTT and Dcard have to say. Most people prioritize asset security when choosing a cryptocurrency exchange, followed by the option of Taiwanese dollar deposits and withdrawals. Readers can choose according to their own needs.

PTT

  • Taiwan exchanges are quick and convenient for Taiwanese dollar deposits and withdrawals.
  • There's no safest, only relatively safe.
  • It's recommended to diversify risks and don't worry too much about fee differences.
  • There are basically only a few major ones, and it's not a secret. Be wary of anything that asks you to PM them.

Dcard

  • Use the head exchanges.
  • Use Twitter well and don't believe in financial investment consultants anymore.
  • Exchanges are risky, and stablecoins are risky in themselves.

✅ Here is some recent news on cryptocurrency exchanges ✅

SIX Group in Switzerland Considers Launching a Cryptocurrency Exchange

According to a report by the Financial Times here, Switzerland's SIX Group is exploring the creation of a cryptocurrency trading platform in Europe, aiming to enter a market dominated by established digital asset companies such as Binance, OKX, and Coinbase.

(2024/9/18)

Read more

CryptoQuant: Bitcoin Exchange Deposit Addresses Reach Multi-Year Low, Indicating Potential Selling Pressure Relief

The Bitcoin exchange deposit address indicator, as tracked by blockchain data analytics company CryptoQuant, has hit its lowest level since 2016, which could signal a decline in selling pressure.

The Bitcoin exchange deposit address indicator represents the number of addresses sending inflows to centralized exchanges. According to a recent research report by CryptoQuant, the number of deposit addresses has dropped to 132,100, reaching its lowest level in years. Their analysis indicates that this multi-year low suggests a decrease in the number of investors selling Bitcoin on spot exchanges, potentially implying a reduction in selling pressure.

(2024/9/18)

Read more

Indonesian Cryptocurrency Exchange Indodax Suspected of Being Hacked, Losing $22 Million, Platform Operation Suspended

According to information shared by several blockchain security companies, Indonesian cryptocurrency exchange Indodax was suspected of being hacked earlier Wednesday, with multiple tokens worth over $22 million stolen from its hot wallet.

(2024/9/11)

Read more

Bloomberg: Russia Will Start Trials of Cryptocurrency Payments and Exchanges, Alleviating Sanctions-Induced Business Payment Difficulties

According to a Bloomberg report citing anonymous sources here, Russia is about to begin trials of cryptocurrency exchanges and the use of digital tokens for cross-border transactions in an attempt to help domestic businesses alleviate payment difficulties stemming from international sanctions. If the trials are successful, cryptocurrency exchanges could become operational next year.

Two sources said the trials will begin on September 1st, and Russia will use the "National Payment Card System" for conversions between rubles and cryptocurrencies as it tests the payment and trading platforms.

(2024/8/27)

Read more

Recent News on Cryptocurrency Exchanges (Updated as of 2024/9/19)

We've compiled recent articles we've covered, so you can easily grasp recent developments concerning cryptocurrency exchanges.

For more news on exchanges, you can refer to this page.

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1. Disclaimer: The views expressed are solely those of the author and do not reflect the stance of Gen3. They are not intended as investment advice.
2. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as investment or other advice.