Top 6 most reliable crypto exchanges in 2024

Here I am, nervously checking my wallet, back in the red again. The eternal story of all of us, crypto enthusiasts! I finally decided to figure out where to store my pitiful satoshis without the risk of losing them due to another exchange crash. I selected six platforms that, in my opinion, are the least likely to evaporate with my money.

What is a cryptocurrency exchange?

In simple terms, it's a place where we exchange our fiat money for crypto and back. We trade Bitcoin, Ethereum, and other exotic assets. Each transaction is recorded in the blockchain to prevent us from being scammed ( although we still get scammed ).

Unlike the traditional financial market, crypto exchanges often exist in a gray area of regulation. There are centralized (CEX) – where conditional “uncles” run everything with their own rules, and decentralized (DEX) – where there is supposed freedom and no one is responsible for anything.

How I Chose “Normal” Exchanges

Used several criteria:

• The popularity of the site - if many people are there, it means not everyone has been scammed yet.
• Trading volume - more money, less chances of bankruptcy (theoretically)
• Transparency of reserves – after the collapse of FTX, this is truly sacred!
• Customer support – so there is someone to write frantic messages to when something goes wrong
• The number of coins - variety for maneuvering

The first major platform

What is it: Founded in 2017, it quickly became huge. Supports over 600 cryptocurrencies. There are all sorts of advanced things like margin trading, futures, and options.

Pros:

• A bunch of different tools
• Low fees (0.1-0.5%)
• High liquidity
• Decent security
• Convenient mobile application

Cons:

• Loves only large coins, ignores small change.
• Murky information policy
• Constantly fights with regulators

The second known platform

What is this: American exchange since 2012. Operates in more than 100 countries. Specializes in basic functions – bought/sold/transferred.

Pros:

• Reputation and security at the level
• The interface is so simple that even a grandmother will figure it out.
• Normal support
• Many ways to top up the account

Cons:

• They take commissions as if they were family.
• Functionality for preschoolers
• Not many cryptocurrencies
• Also problems with the laws

Third Asian Exchange

What is this: Singapore exchange since 2018. Mainly derivatives – futures and options. Advanced trading features, margin, leverage.

Pros:

• Excellent for derivatives trading
• A lot of trading tools
• Good liquidity
• Convenient app
• Low fees

Cons:

• Few spot products
• Not as well-known as the leaders
• Legal issues
• Security is not top-notch

Fourth World Platform

What is it: Founded in 2017, based in Seychelles ( already suspicious ). Offers spot trading, derivatives, staking, lending. Supports over 400 cryptocurrencies.

Pros:

• A lot of different products
• Advanced trading features
• High liquidity
• The interface is quite understandable
• Quite reliable

Cons:

• Legal issues
• The fees are biting
• Security is not up to par

Fifth Singapore Exchange

What is it: Founded in 2017 in Singapore. A multinational platform focused on security.

Pros:

• Not bad security
• Variety of cryptocurrencies
• Fast transactions
• Normal support

Cons:

• High fees
• The interface looks like it's from the 90s, especially for beginners.

Sixth Exotic Platform

What is it: Founded in 2018 in Singapore. Many trading pairs and professional services – spot, leverage, staking. Known for supporting new tokens.

Pros:

• A lot of trading pairs
• Not a bad interface
• Decent security
• Working customer support

Cons:

• Tough competition is pressuring
• Payment restrictions in many countries

Risk Warning

Guys, the crypto market is like a casino in Las Vegas, only without free drinks! Newbies often fall for the bait of scammers. Remember FTX? The largest exchange – and bam, all the money disappeared! And then there's that cursed low liquidity, when the difference between buying and selling is like a chasm.

Personally, I try to learn, diversify, and not put all my eggs in one basket. The market provides opportunities, but be prepared to wake up one morning and see that your portfolio has “thinned out” by 50%.