Best Crypto Trading Platforms Shaping the Cryptocurrency Landscape in 2024

The recent cryptocurrency boom has led to the establishment of countless platforms that cater to the needs of crypto enthusiasts. While most of them claim to be the best, only a few actually have what it takes to deliver a satisfying trading experience. 

The best crypto trading platforms offer features such as cutting-edge security, wide coin support, low and transparent fees, a friendly user interface, and responsive customer support. 

However, knowing what makes the best crypto trading platform is one thing; taking the time to review all of them to decide which to use is another. We understand you have a busy schedule, so we compiled a list of the best ones to help you save time and enjoy a hitch-free trading experience.

But first, let’s discuss our criteria for judging the crypto platforms on this list. 

Our Criteria for Selecting the Best Crypto Trading Platforms

We judged the trading platforms on this list against the following benchmarks:

1. Security

The best crypto exchanges have advanced security measures to ensure the security of your crypto assets and transactions at all times. These include features like 2-factor authentication, encryption firewalls, and cold storage. Some crypto platforms also insure user deposits against cyber breaches. 

When selecting the platforms below, we considered each crypto exchange’s history of large-scale hacks over its lifetime. 

2. Transactions Fees

Although transaction fees generally appear negligible, they become substantial when you often transact large amounts of cryptocurrencies. 

Another major consideration is the platform’s transparency regarding its fee structure. Legit crypto investment platforms ensure that they are upfront about their transaction fees and have no hidden charges. 

3. Ease of Use and Available Tools

Crypto trading can be a time-intensive and mentally demanding task. There’s no need to compound it using an exchange platform with a steep learning curve. That’s why many crypto traders generally avoid platforms with a difficult interface.

Furthermore, legit investment platforms provide tools like advanced charts, APIs, and various custom order types as they make the trading experience more seamless and rewarding. Many experienced traders prefer platforms that offer these. 

4. Wide Range of Supported Coins 

The best crypto trading platforms should offer a wide range of coins, spanning niche altcoins and popular tokens. Having these many options gives traders the opportunity to quickly profit from the next big thing by buying low and riding the hype.  

5. Liquidity and Speed

The crypto market is inconsistent. 

The difference between losses and gains can be a few seconds. 

As such, the best trading platform should ensure that orders are executed quickly to avoid drastic price changes (low slippage). Additionally, withdrawals and deposits should be lightning-fast to avoid delays. 

6. Customer Support

A lot can go wrong while trading, and you need an expert to help you resolve whatever challenges you may have. Therefore, you should prioritize those crypto trading platforms that have responsive customer service so that you can quickly resolve issues. 

More importantly, the best crypto exchanges offer educational resources such as tutorials, webinars, and blogs that can help you understand the market and make more profit trading. 

In addition to these variables, we have also considered what customers are saying about the specific trading platform. Customer trust is a direct indication of a platform’s performance, as past users have first-hand experience with the platform’s pros and cons. 

Related Read: Cryptocurrency Arbitrage Trading Bot: Step-by-Step Process for Development

List of the best crypto trading platforms in the world

Without further ado, here are the best crypto trading platforms in the world

1. Binance

Founded in 2017 with about 1.5 million users, Binance has grown to become one of the best crypto trading platforms in the world, with over 200 million users today.  Binance owes much of its growth to its low transaction fees, high liquidity, and fast transaction speeds. The crypto exchange development cost is also a critical factor that attracts users, as Binance offers one of the lowest transaction fees in the market. 

The platform has the following features:

Security

Binance has two categories of security features to ensure that you can sleep well at night, knowing your assets are safe. 

These are:

• Investment-related measures: These measures protect users’ financial assets and investments from fraud or loss. Examples include Secure Asset Fund for Users (SAFU), Proof of Reserves (PoR), offline storage of crypto assets, withdrawal whitelisting, etc. 
  
  
• Cyber security measures: As the name suggests, they protect user accounts against digital threats like hacking. Examples include 2-factor authentication (2FA), real-time monitoring, data encryption, IP address whitelisting, API whitelisting, and Anti-phishing email codes.

Binance combines two different types of measures to ensure that your assets are safe and that you carry out transactions seamlessly. 

Low transaction fees 

This is one of Binance’s strongest suites. Binance offers one of the lowest transaction fees, starting at 0.6 percent. Incredibly, they do not charge for transactions on Bitcoin and Ethereum, two of the most traded cryptocurrency assets. 

Binance uses a volume-based pricing model, which means that traders with a higher trading volume benefit from lower trading fees. The platform also gives discounts for transactions involving BNB, their proprietary cryptocurrency. 

Supported coins

Binance supports over 500 cryptocurrencies on its platform. This selection includes popular coins such as Bitcoin and Ethereum, as well as newer altcoins, stablecoins, and DeFi tokens. This wide range of supported cryptocurrencies makes Binance a favored destination for traders looking to trade both established assets and emerging tokens with growth potential. 

Customer support 

If you have an issue that needs to be resolved, you can only reach Binance through support tickets and live chat. They do not currently offer a call option. This can be a major setback for some customers, considering that challenges with crypto transactions can be quite complex, requiring lengthy phone support. 

Binance pros and cons

Below is an overview of Binance’s strengths and areas for improvement

Pros

• Wide selection of cryptocurrencies
• Low trading fees (zero trading fees on Bitcoin and Ethereum)
• Advanced trading tools
• Improved security

Cons

• Major regulatory issues in the United States
• No phone support

2. Coinbase

Did you know that over 11% of the entire crypto market capitalization is held on Coinbase? Additionally, over six million of Coinbase’s 73 million verified users make at least one transaction a month. Many companies turn to white label cryptocurrency exchange software similar to Coinbase to build their own secure, scalable platforms.

What do you think makes Coinbase so popular? 

Coinbase is one of the best platforms for crypto trading because it makes crypto trading straightforward. The platform’s ease of use makes it very popular with beginners who are just starting to figure things out. 

In addition to this shallow learning curve, Coinbase has the following features:

Security

Coinbase follows industry standards for securing users’ assets and data. Some of its security measures include the following:

• Cold storage: Coinbase stores over 95% of customer funds offline in secure encrypted storage centers to secure against hackers
  
  
• Two-factor authentication: 2-FA adds an extra layer of protection to keep hackers from accessing users’ account
  
  
• Federal Deposit Insurance Corporation (FDIC): In case of a breach or similar events, users’ balances in US dollars are insured, up to $250,000
  
  
• Biometrics login: You can access Coinbase’s mobile app using fingerprint or facial recognition, which is more secure than using passwords. 
  
  
• Big bounty program: Coinbase pays users who can correctly identify vulnerabilities in money rewards. 

Transaction fees 

Coinbase’s fee structure seems confusing. It is also considerably higher than similar crypto trading platforms.

The table below compares the fees for buying $100 worth of Bitcoin Coinbase against other major platforms. 

Supported cryptocurrencies

Coinbase supports a wide range of cryptocurrencies, including major cryptocurrencies (Bitcoin, Ethereum, Litecoin, and Bitcoin cash), stablecoins, ERC-20 Tokens, and many more. You can trade tokens on networks like Solana and various EVM-compatible chains, including Binance Smart Chain (BSC), Avalanche, and Polygon. 

Customer support

Unlike Binance, Coinbase’s users can contact them on the phone to report transaction issues. They also offer live chat support and an extensive library of information to help users navigate the platform and address common challenges. 

However, customers complain that even after they contact them to complain, they do not rectify these issues on time. 

Pros

• Simple user interface for novices in NFT and crypto
• Supports a wide range of cryptocurrencies
• Features a native NFT marketplace.
• Offers opportunities for passive income on more than 100 assets.

Cons

• High transaction costs
• Inadequate customer support
• The default wallet on Coinbase is a custodial account, meaning you have no control over your private keys.

Related Article: Top 10 Decentralized Crypto Exchanges You Need to Know About

3. Kraken

Based in San Francisco, Kraken is currently the seventh-largest trader in spot and derivatives trading, with a trading volume of about $283 million and $217 million in the spot and derivatives market simultaneously. 

While Kraken is one of the oldest crypto trading platforms, age is not its most alluring attribute. Kraken users enjoy using it because it offers a wide range of products and services, making it a one-stop shop for spot trading, margin trading, futures trading, over-the-counter trading, staking, etc. It also has its own NFT marketplace. 

The following are the platform’s most notable features

Security 

Kraken has a robust security infrastructure to protect its users’ investments against fraud and online attacks.

Its most notable security measures include:

• Two-factor authentication (2FA): 2FA adds an extra level of protection so hackers cannot access your account easily
  
  
• Global Settings Lock (GSL): Even if hackers get access to your account, they can’t withdraw your crypto assets because the lock prevents account changes from being modified for a certain period. 
  
  
• Cold storage: Kraken holds the majority of users’ funds in cold wallets (offline). This removes the risk of hacking even if the Kraken platform is compromised. 
  
  
• Proof of Reserve: To ensure transparency and allow customers to withdraw their assets at any moment, Kraken regularly publishes proof of reserves audits, which verify that all user money is maintained at a 1:1 ratio.

Supported cryptocurrencies 

There are presently 644 markets (cryptocurrency trading pairings) on Kraken, along with 215 cryptocurrencies and 7 fiat currencies. USDT/EUR is the most traded pair on Kraken.

Transaction Fees

Kraken determines transaction fees using a maker-taker structure. Makers provide liquidity to the market, while takers take liquidity from the market. As such, makers generally incur lower transaction fees compared to takers.

The table below provides an overview of Kraken’s transaction fees:

Note that the higher your trading volume within 30 days, the lower your fees across all pairs. 

Customer support 

Kraken says that they have exceptional customer support. However, reality paints a much different picture. Users across review websites and crypto forums complain about their poor customer support and speed of transactions. 

On Trust Pilot, Kraken is rated 1.4/5 stars by 2374 reviewers. Many users on Reddit decry their deplorable customer support. You should consider this before choosing to take your business on their platform. 

Putting all these attributes together, the following pros and cons summarize Kraken’s strengths and weaknesses

Pros

• Wide cryptocurrency coverage
• Simple user interface: 
• High liquidity

Cons

• Increased costs when not utilizing Kraken Pro
• Some customers report losses due to hacking

4. Crypto.com

Founded in 2016, Crypto.com is one of the best and most widely used crypto exchange platforms, with over 70 million users in 90 countries. 

Crypto.com is popular among crypto users because it offers a wide range of features, including crypto trading, decentralized exchange, a standalone wallet, and a native NFT marketplace. Additionally, Crypto.com offers support for an array of cryptocurrencies (up to 350), relatively low trading fees, and mouth-watering interest for staking or holding crypto assets. 

Below, we’ve provided a comprehensive breakdown of the platform’s features.

Security

Security is a major consideration for those looking for the best crypto trading platform. Crypto.com understands this, and that is why it has invested heavily in ensuring that its platform is secure and trustworthy. 

All of the money that customers deposit with Crypto.com is kept secure in cold wallets, out of the reach of hackers. In addition, it offers multi-factor authentication, puts off withdrawals to new addresses for a full day, and offers round-the-clock customer service when you need to report fraudulent activity on your account.

Transaction fees

Just like Kraken, Crypto.com uses a maker-taker model based on 30-day trading volume. Makers’ fees range between 0.0% and 0.75%, while takers’ fees range between 0.05% and 0.075%. This is for trading alone. Other types of transactions have independent fee structures. 

Supported cryptocurrencies 

Crypto.com supports over 350 cryptocurrencies, from established coins and ERC-20 tokens to stablecoins, altcoins, and DeF tokens. 

Customer support

Crypto.com’s customer support can be contacted by email, live chat, and a help page. Customers cannot reach customer support by phone. 

Although there are email and chat options for customer support, some users have complained about delayed responses and a lack of assistance with account issues.

Based on these features and customer reviews, here is a list of Crypto.com’s strengths and possible areas for improvement:

Pros

• Comprehensive list of supported cryptocurrencies 
• Supports complex order types such as futures and spot trading. 
• Clear, affordable costs with discounts available 

Cons

• Higher fees unless you use and own CRO 
• Slow and subpar customer service 
• Navigating trading fee discounts can be challenging

Conclusion

Companies looking to build the best crypto trading platform need to offer features that match or even exceed the capacity of the platforms described above. To do this, you need a quality exchange software development company that understands all the right requirements. 

Integrating strong security features like 2FA, cold storage, and crypto asset insurance will safeguard prospective users’ funds. Likewise, providing advanced trading tools and supporting a wide range of cryptocurrencies will give traders much-needed leverage in the crypto market. Other features, such as responsive customer support and low transaction fees, are also needed to gain a competitive edge against more established platforms. 

By carefully analyzing these top competitors, you can figure out exploitable blind spots that’ll help you stay ahead in the dynamic crypto world. 

Related Article: How to Pick the Best Crypto Exchange Development Services

Frequently Asked Questions