Cryptocurrency exchanges are the junction points for the entire crypto industry. These digital platforms provide the main tools for buying, selling, or trading crypto assets. Millions of people use them daily, and their numbers skyrocket during a bull run like the one we're experiencing now.

Despite the industry’s vast offering of over 300 crypto exchanges, we can’t even name two that offer an identical trading experience. Every platform has different liquidity volumes, safety standards, trading options, or tools. They also offer various assets and charge varying fees. Some are available to users worldwide, while others don't service entire continents. All these factors add up to create a user experience that differs significantly from one crypto exchange to another.

We’ve reviewed five cryptocurrency exchanges to help you find the best trading platform for this bull run. Read on to learn what to look for when choosing a crypto exchange!

PrimeXBT

PrimeXBT is an online trading platform that caters to a broad audience of over 1 million traders from 150 countries. Its services extend beyond the usual offerings of a traditional crypto exchange to include leveraged trading for cryptocurrencies, Forex, commodities, and indices. It also provides cutting-edge trading tools, expert market analyses, and price charts. These features and more round up a rich offer of lucrative opportunities for all traders, regardless of skills or experience.

Trading Options

PrimeXBT specializes in CFD (Contract for Difference) trading. This practice enables a broader community of traders to join the market, as they can speculate on an asset’s price movements instead of buying it and waiting for its value to increase and produce ROI.

Leverage trading on PrimeXBT is available for crypto, Forex, commodities, and indices. The exchange offers a maximum leverage of 1:200 for BTC and ETH pairs. Altcoin trading involves leverage varying from 1:5 to 1:50, while most Forex pairs have a 1:1,000 leverage. Lastly, commodities and indices generally have 1:100 leverage, with Gold and Silver boasting 1:500 leverage.

Novice traders can always rely on copy trading at PrimeXBT. This service allows beginners to copy the trading strategies of more experienced and proven traders. It is an excellent way of learning about the market while gaining up to 75% of the trader’s profit share. On the other hand, veteran traders can share their strategies and earn up to 20% commission from every profitable signal they provide.

Supported Assets

PrimeXBT users can pick from a versatile offer of tradeable assets and from different financial markets:

• 41 tradeable cryptocurrencies, including BTC, ETH, DOGE, BNB, etc.
• 51 tradeable Forex pairs, including EUR/USD, GBP/USD, USD/JPY, etc.
• 5 tradable Commodities, including Gold, Silver, Brent, crude and natural gas
• 11 tradable Market indices, including GER30, SP500, NASDAQ, HK-HIS, AUS200, JAPAN, UK100, DOWJ, EUR50, FRANCE, and SPAIN

Security

PrimeXBT is not regulated or licensed. Still, this aspect has not prevented it from gaining a good reputation in the industry, garnering primarily positive user reviews. This is due to its advanced trading tools, multiple trading options, and, most importantly, high-security standards. Here are some of its prime safety features:

• Most of its funds are stored in cold storage
• Two-factor authentication provided by Google Authenticator
• Advanced hardware modules hosted on AWS web servers
• Cloudflare protection against DDoS attacks
• Cryptographically hashed passwords Encrypted SSL for website traffic
• Mandatory whitelisting for Bitcoin addresses
• Regular security tests and system check-ups

Fees

PrimeXBT only charges two fees. One is for trades, and the other is for financing positions overnight. The latter differs depending on the base currency. Here are the trade fees:

• 0.05% for Cryptocurrencies 0.0001% for Forex, Indices and Commodities
• PrimeXBT does not require a minimum deposit, and it doesn't charge deposit fees.

The withdrawal fees at PrimeXBT are:

• 0.0005 BTC for Bitcoin withdrawals
• 0.002 ETH for Ethereum withdrawals
• For USDT, USDC, and COV on ERC-20: 10 USDT / 10 USDC / 5 COV
• For USDT, USDC, and COV on BEP-20: 0.8 USDT / 0.8 USDC / 2 COV

Customers can deposit fiat via platforms like Advcash and Perfect Money or through debit cards, credit cards, and SEPA transfers. Next, they can purchase crypto directly on the exchange.

PrimeXBT supports BTC, ETH, USDT, USDC, and COV deposits via third-party services such as Coinify, Changelly, Xanpool, CEX.io, and Paxful.

Users can withdraw crypto directly to their wallets or fiat through third-party services like Volet and Perfect Money.

User Experience

• PrimeXBT has numerous features that enhance user experience and attract new traders daily:
• No KYC or AML required for registration
• Only a valid email and password are necessary for opening an account
• 24/7 professional customer support via chat, email, and social media
• In-depth market analyses and price charts
• Easy customization and user-friendly options

Additionally, the platform provides an extensive library of educational resources, including video tutorials, guides, and glossaries. The PrimeXBT Referral Program is also very appealing. It enables users to gain commission from the fees paid by their referrals down to the 4th tier, with the first tier offering 20%. An economic calendar for easy trade planning and a $20,000 Compensation Fund increase the long list of perks for PrimeXBT users.

There are very few downsides to choosing PrimeXBT for this bull run. The exchange doesn't have APY or staking options, which may deter some traders. While it isn't regulated or licensed, PrimeXBT compensates through top security features and offers trading options that are difficult to find elsewhere.

Join PrimeXBT today and get a tradable bonus of 20% on your first deposit of up to $7,000!

Coinbase

Coinbase is one of the largest and most popular crypto exchanges worldwide. Its daily volume exceeds $1.5 billion, and over 8 million monthly transacting users use it. The US-based exchange operates globally as a publicly traded company valued at more than $50 billion on the NASDAQ. It features powerful analytic tools and versatile trading options and abides by the industry's highest security standards.

Trading Options

Coinbase is easy to access via its website or the Coinbase app. In both cases, you have the same options of buying, selling, or trading cryptocurrencies. The exchange makes these basic trading products available in the most straightforward way possible, so even first-time traders can execute a transaction.

Coinbase has developed over 30 different products for individuals and businesses over the years. Some of these services cater to all types of users. However, others, such as Advanced Trading, Leveraged Trading, and Derivatives, are more suitable for highly experienced users. The exchange also provides a staking option, allowing users to earn up to 12% APY on their holdings.

Supported Assets

Coinbase's list of available cryptocurrencies is long and ever-increasing, stretching to more than 260 digital assets and 300 different trading pairs at the time of writing. The exchange enables users to trade the most popular cryptocurrencies on the market, including Bitcoin (BTC), Ethereum (ETH), Tether USD (USDT), Cardano (ADA), Dogecoin (DOGE), etc.

Coinbase also provides a storage feature, allowing users to store their assets in a non-custodial Coinbase Wallet. It's worth noting that the exchange does not take responsibility for how users manage these wallets. So, losing your login details can permanently lose funds, and Coinbase will not reimburse you.

Security

Coinbase maintains its industry-leading reputation when it comes to security measures, too. The exchange provides optimal protection through safety features, such as:

• A 2-factor authentication (2FA) system for the users’ login process
• Most customer assets are stored in secure, offline environments.
• The small amount of crypto stored on the exchange is protected with multiparty computation (MPC)
• State-of-the-art data encryption
• Transparent use of the customers’ personal data

Fees

Despite being one of the most used crypto exchanges worldwide, Coinbase still deters many users with its complex, maker-taker fee system. Coinbase separates fees between makers (users who “make” liquidity on the exchange by bringing in funds) and takers (users taking liquidity out of the exchange). Makers pay less in fees than takers as part of a multi-tier system that determines the due amount depending on the transaction value. Here’s how the system spreads across several levels:

For example, placing an order of up to $10,000 will automatically make you a taker. This means you must pay between 0.05% and 0.60% in fees, depending on the amount. However, if someone matches your order immediately, you become a maker and pay up to 0.40% in fees. You remain a taker if another customer only partially matches your order or if no one matches your order before entering the order book.

Trading with stablecoins on Coinbase involves fees that are different from those of trading other cryptocurrencies. Placing orders involving coins like USDT or WBTC requires takers to pay between 0.10% and 0.45%, while makers pay 0%.

Coinbase fees also depend on the deposit and withdrawal methods:

Taker fees are calculated considering the customer’s total USD trading volume over the trailing 30-day period across all order books. In conclusion, the fees you pay on Coinbase depend on the trading fee system, the cryptocurrency type, the payment method used, and the blockchain on which you make an order.

User Experience

Coinbase is an established brand in the crypto industry, offering some of the best crypto exchange services for traders of all skill levels. Despite its reputation, it struggles to increase or maintain user satisfaction. The complex fee system is only one of the many customer complaints. Another one regards non-human customer support, which leaves many unanswered queries and unresolved cases.

Opening an account on Coinbase is more complicated than on other exchanges. Users must pass a strict KYC verification and provide sensitive personal data such as proof of residence, real name, and a government-issued I.D. This approach increases the platform’s security but bars entry for honest customers unwilling to share so much private information.

Lastly, Coinbase claims it provides "bank-grade" security for users' assets. Still, the exchange has been attacked a few times, leading to customers losing several million dollars.

The bottom line is that Coinbase is a good choice for users seeking access to a broad selection of tradeable cryptocurrencies. Other benefits include a user-friendly interface, a native NFT marketplace, and crypto wallet options. Nevertheless, the exchange deters many potential customers through a rigid verification process, poor customer service, and an intricate system of expensive fees that confuses beginners.

Binance

Binance is the largest and most popular crypto exchange worldwide. The platform is famous for its low trading fees and an extensive list of tradeable assets. However, Binance also has a history of losing multi-billion lawsuits for regulatory issues, especially in the U.S., where its activity is limited. At the end of 2023, Binance agreed to pay $4.3 billion to settle charges for money laundering in a scandal that saw its leading figure, Changpeng Zhao step down as CEO.

Trading Options

Binance offers a versatile suite of advanced trading tools that enable all traders, regardless of experience, to access various trading options. Customers can choose between peer-to-peer trading, spot trading, and margin trading. Furthermore, they can make several types of orders, such as limit, market, stop-limit, stop-market, trailing-stop, post-only, and one-cancels-the-other orders.

The exchange provides customers with valuable market information and analyses. Users can access real-time charting tools, order books, and price charts. Binance is available via desktop browsers or its high-performance mobile app. The platform provides a user-friendly dashboard with intuitive navigation features in both cases.

Binance is available in over 100 countries, including Japan, France, Italy, Spain, Sweden, Australia, etc. The exchange also caters to U.S. residents, but not in all 50 states. Some or all trading options are restricted to residents of New York, Hawaii, Texas, and Vermont.

Supported Assets

Binance offers over 350 cryptocurrencies to trade for users worldwide. However, only 150 crypto assets and coins are available to U.S. residents. Ripple's XRP is a notable restricted cryptocurrency for U.S. customers. Nevertheless, users trading from the U.S. can engage in transactions involving some of the most popular assets globally, just like traders from other parts of the world.

The long list of cryptocurrencies available on Binance includes Bitcoin, Ethereum, Cardano, Solana, Dogecoin, Polkadot, etc. Many users trade with Binance Coin (BNB), the platform’s native cryptocurrency launched in 2017, for additional benefits. For example, it lowers trading fees by 25% for Binance.US traders.

Security

Binance employs a high-security system that it periodically tests and upgrades accordingly. Users enjoy a robust level of safety thanks to several protection features, including:

• Two-factor authentication provided by Google Authenticator
• Additional authentication options via SMS and passkeys
• Address whitelisting
• The option to restrict device access

Unlike other crypto exchanges, Binance does not provide a native Wallet option. The platform functions primarily as a crypto exchange, and thus, it encourages the use of secure, third-party storage options. This feature increases the security of user funds and empowers users with more responsibility. Nevertheless, the exchange has been the victim of multi-million hacks, such as the 2019 attack that saw the platform lose $40 million in BTC.

Fees

Similar to Coinbase, Binance practices a multi-tier taker/maker fee system. However, unlike its competitor, Binance imposes it simply and clearly. So, even beginners can grasp it from the very first use. Generally, high trading volumes result in lower fees. Here’s how it works for Binance US users:

Prospective traders should check how Binance classifies asset pairs in tiers before placing orders. Users can obtain fee discounts by using BNB, referral bonuses, or attaining VIP status.

Binance does not charge deposit fees, but it takes small crypto withdrawal fees, which differ depending on the cryptocurrency. Withdrawing fiat involves a 2% fee when transferring funds to your debit card. Meanwhile, a fiat withdrawal via wire transfer varies depending on the currency. Cryptocurrency conversions do not involve any fees.

User Experience

The overall reputation of Binance services is positive. Users appreciate its vast offer of tradeable cryptocurrencies, low fees, and prompt customer assistance. The exchange provides fast customer support via chat on the platform and social media. A third option is receiving help by email. It is slower than the other two but equally effective.

That being said, becoming the no.1 crypto exchange has its costs. Binance developed over the years to cater more to experienced traders and crypto enthusiasts. This is visible in the platform's complex layout, which may stall navigation for beginners. Fortunately, the exchange provides several educational resources and a comprehensive Glossary for new users to better understand how to use its services.

Overall, Binance is a suitable option during this bull run. However, its lack of a native wallet and jurisdiction restrictions could impede some prospective customers, including some U.S. users. Also, the company's recent problems with the law are worth monitoring should they escalate and lead to a fall from grace for the world’s most popular crypto exchange.

OKX

OKX is a widely used crypto exchange headquartered in Seychelles and with offices in Hong Kong, Singapore, the UAE, and the Bahamas. While it caters to traders worldwide, the platform is not available in the U.S. OKX stands out through low trading fees, multiple supported cryptocurrencies, top-shelf security, and a versatile product offering. On the other hand, it has a history of low liquidity for certain assets and poor customer reviews.

Trading Options

OKX has a simple approach to cryptocurrency trading, which attracts many beginner traders. Users can quickly engage in swap transactions, conversions, and low-fee trades. Expert users can access more complex options, such as market, limit, and stop orders. Also, they can opt for advanced trades, which are conditional or durational and require a better understanding of market signals.

Novice and seasoned traders can rely on OKX for extensive market research, analyses, and real-time charts. This data helps them make better-informed decisions when placing orders. Additionally, they can access OKX staking for high-interest returns when locking their holdings.

Other OKX products enable users to trade derivatives, futures, and Perpetual Swaps. The latter is the practice of trading futures with no expiry time. These trading options, while potentially highly profitable, best suit expert traders and require exceptional risk management.

Supported Assets

OKX supports buying, selling, and trading over 300 different cryptocurrencies. The number of available currencies increases exponentially when fiat currencies and other digital assets are added. Users can easily swap the most popular cryptos, including Bitcoin, Ethereum, TRON, XRP, Solana, Shiba Inu, etc.

Security

OKX prioritizes security for its users and their assets and employs advanced safety measures, such as:

• Two-factor authentication via Google Authenticator or SMS
• Offline storage for assets and user data
• The OKX Risk Shield holds a percentage of earnings in an asset risk reserve fund
• Semi-offline and multiple-signature requirements for deposits and withdrawals
• It stores private keys in RAM instead of the permanent memory
• Anti-phishing mechanisms that secure email communication with clients
• An emergency backup procedure for the worst possible malicious attacks

More importantly, OKX follows a recent industry trend in which crypto exchanges provide proof of how safely they store users' assets. To this end, it has Proof of Reserves (PoR), which matches the users' assets employed in operations on the platform with its reserves.

Fees

As we mentioned initially, finding two crypto exchanges offering identical services and experiences is almost impossible. OKX has a multi-tier pricing system for fees, classifying cryptocurrencies according to trade volume and account holdings. Users are also separated into market makers and takers based on their operations.

Market makers receive discounts if they generate over $100,000 in BTC over 30 days. While the system is not as elaborate as those on Binance and Coinbase, it confirms that normal users can pay a maximum of 0.06% fee on spot trades. That is quite low, and it makes OKX one of the least expensive platforms for swaps and spot trading.

The exchange favors high-volume traders and bestows them the VIP title with several perks, such as fee discounts. For example, users trading at least 5,000 BTC via perpetual swapping become VIPs and enjoy higher maker rebates. Similarly, users trading options can become VIPs when trading at least 1,000 BTC, which results in smaller maker fees.

OKX allows users to deposit fiat or crypto free of charge. You can fund your account with fiat via debit or credit card. Alternatively, you can use the services of third-party partners like Koinal or Simplex. Depending on your location, bank transfers are also available via iDEAL, Advcash, Apple Pay, SEPA, Sofort, and Google Pay.

Withdrawing earnings is also free of charge as long as you don’t make an on-chain withdrawal. When taking funds out of your OKX account follows a specific process. Firstly, you must set up a funds transfer, which acts as a unique password you will later use to confirm withdrawals. Next, you must fit within the limits set by your user tier and KYC verification status.

Withdrawing crypto from OKX is possible in most jurisdictions. However, taking out fiat may not be possible in some countries. Make sure you check the platform’s specifics on this matter before creating an account.

User Experience

OKX requires KYC verification for all users. This means you must provide your name, proof of residence, and copies of your I.D. documents. This foray into personal data makes some users turn away from the exchange even if the platform has low fees and a broad offer of trading options.

Other aspects that discourage potential users are that OKX often deals with liquidity issues and may decide to close shop in some jurisdictions. For example, OKX announced it would stop operating in Nigeria in August 2024 due to new regulations coming into effect in the African country.

Lastly, poor customer reviews point toward underachieving customer support service. If you can overcome these issues and are not a U.S. resident, OKX can be a reliable crypto exchange for multiple trading opportunities.

Bybit

Bybit is a prominent brand in the crypto industry. It has a global reach, boasting over 20 million users in the 160 nations where it operates. Unfortunately, U.S. residents are not among them since the exchange is banned in most crypto-enthusiastic countries. Nevertheless, Bybit enjoys increasing popularity everywhere else with its low fees, advanced trading options, high security, and lucrative copy trading programs.

Trading Options

Bybit was established in 2018 as the go-to exchange for highly experienced traders. It offers advanced trading options via a hyper-fast matching engine and almost instant trade execution. Over the years, however, it has developed into an all-encompassing crypto exchange platform, catering to less-experienced users as well.

First and foremost, Bybit specializes in leveraged trading, which allows users to provide only a small percentage of the initial position as collateral. So, for a trade with 100x leverage, you only need to place a margin of 1%. The 100x leverage is available for most trading options on Bybit. However, it is not constant and fluctuates to reduce risk.

On Bybit, you can buy, sell, trade, and hold cryptocurrencies. The exchange provides comprehensive market analyses to help users trade derivatives and futures and engage in spot trading. The platform has a dedicated area only for trading perpetual contracts. This section includes USDT Perpetuals, USDC Perpetuals, Inverse Perpetuals, and USDC Options.

Bybit also provides copy trading, enabling novice users to copy the strategies of more experienced traders. Traders can also use the platform's cutting-edge trading bot to build a futures portfolio automatically and without following market signals 24/7.

Supported Assets

Bybit supports over 100 cryptocurrencies, including the most used coins globally, such as Bitcoin (BTC), Ethereum (ETH), Tether USD (USDT), Cardano (ADA), Dogecoin (DOGE), etc. Furthermore, the exchange allows users to deposit funds in 20 different fiat currencies, including USD, EUR, GBP, and more. However, they can only withdraw their earnings in 11 fiat currencies. Deposit and withdrawal options include SEPA bank transfers, Easy Bank, Advcash, PIX, Zen.com, and Faster Payment Service, among others.

Security

Bybit stays true to its great reputation and reassures users with high-security measures, such as:

• It stores the bulk of crypto reserves, including client funds, in a cold “air-gapped” storage location
• Only a tiny percentage of Bybit's coins are in hot wallets to service the traders’ needs on the platform
• Multi-signature wallets for the platform’s transactions from one wallet to another
• SSL-encrypted communication
• Two-factor authentication for user logins
• Anti-phishing codes in exchange-user communication
• A withdrawal lock for new addresses.
• The Bybit Authenticity Check

Fees

Bybit also employs the Maker/Taker fee system, through which makers pay smaller fees than takers. Also, as with other prestigious exchanges, users bringing more liquidity to the platform earn VIP status. This honorable title gives them several perks, including discounts on the trading fees they pay.

Generally, non-VIP users engaging in perpetual and futures trades will pay a 0.020% fee as makers and 0.055% as takers. Users must also pay the "funding rate" fee to maintain a position overnight. The funding rate is determined by market conditions and interest rates.

One of the main advantages of using Bybit is that you don't have to pay exchange-imposed fees on crypto deposits or withdrawals. Still, you will have to pay a miner fee when withdrawing coins, which is standard in an industry based on blockchain mining.

User Experience

The broad and versatile offer of trading options attracts many users to Bybit. Other factors responsible for the platform’s increase in popularity and members are its low fees and newfound openness toward beginner traders.

On the other hand, Bybit requires KYC and AML verifications for all its users. To open an account, you must submit your name, phone number, and email address. This aspect may prevent many potential customers from trading on the platform if they don't want to share their personal data.

Bybit provides 24/7 customer support via live chat and email. User reviews regarding Bybit customer assistance are mixed, with some praising it while others complaining about the prolonged periods they have to wait to receive answers to their queries.

All in all, Bybit is an option worth considering for the ongoing bull run. The exchange has plenty to offer, especially to expert users and high-volume traders. But, if you wish to maintain your crypto trades anonymous, you may want to look elsewhere.

How We Chose the Top 5 Cryptocurrency Exchanges for This Bull Run

Our methodology of finding the top 5 cryptocurrency exchanges to use this bull run involved the following aspects:

Trading options

With the ongoing bull run, you will want to trade on an exchange with as many trading options as possible. This way, you can access various lucrative opportunities from the same platform. Liquidity options and trading volumes also significantly determine the best crypto exchange in 2024.

Supported Assets

The number and popularity of trading pairs play a major role in determining the quality of an exchange. A high number of trading options attracts more users, which increases the available liquidity and the daily trading volume, which factor immensely into a platform's success.

Security

The crypto industry constantly races to equip itself with the best cybersecurity measures. Crypto exchanges are often targeted by hackers and malicious groups. Therefore, security is one of the primary aspects when choosing a trading platform.

Fees

Crypto exchanges impose various fees without following an industry standard. Therefore, each platform may charge users various percentages of trading, deposit, and withdrawal fees. Moreover, some exchanges have hidden fees that can add to your charges and drastically reduce returns.

User Experience

Last but not least, the user experience determines how likely you are to continue doing business on the same exchange. Various factors combine to create a safe and pleasant user experience, such as the quality of trading tools and customer support. Accessibility, multi-device flexibility, and earning programs are also equally important.

Additionally, we took into account industry reputation, user reviews, and each exchange's educational impact on the broader crypto community. At the time of writing, this list showcases the prime crypto exchange options to consider during a bull run.

Keep in mind that online trading on any financial market involves several risks. Make sure you fully understand the economic consequences of using a cryptocurrency exchange and practice adequate risk management.