Best Crypto Exchanges And Apps Of April 2024

After conducting extensive testing of the main exchanges for over a year, we are finally prepared to rank the best crypto exchanges and apps based on our proprietary metric, the blockdyor Score. This metric evaluates the security functions and features of each exchange comprehensively.

Given the volume of exchanges reviewed, in this guide we'll focus only on those implementing standard KYC verification processes. This means users must undergo identity verification by submitting documents before buying or selling Bitcoin or other cryptocurrencies.

While KYC verification processes enhance security, they come with tradeoffs. While they simplify usage, most of the times they imply custodial solutions. Hence, it's advisable to practice self-custody by periodically transferring your coins off exchanges.

Best Crypto Exchanges and Apps of April 2024

This list isn't about favoritism toward any particular exchange; rather, it's the result of thorough testing across various metrics (more on that after the list).

Bitfinex

Key Specs

Why We Chose It

Bitfinex stands as one of the oldest and most established cryptocurrency exchanges, offering a wide set of features. Its comprehensive platform includes spot trading, leverage trading, peer-to-peer trading, lending services, and innovative withdrawal options. Users can withdraw cryptocurrencies like Bitcoin via the main network, Lightning network, or Liquid network, offering an ideal solution to save on fees, especially during periods of high mempool congestion.

Pros & Cons

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blockdyorKate Porter

👉 Click here to open an account on Bitfinex and get a 6% rebate fee.

Kraken

Key Specs

Why We Chose It

Kraken has achieved widespread availability across numerous countries, making it accessible to users worldwide. Renowned for its impeccable security record, Kraken has never experienced a hack throughout its years of operation. Moreover, it has consistently kept pace with the evolving crypto landscape by introducing an increasingly diverse range of investment tools.

Kraken offers two main platforms: Kraken Pro, favored by experienced traders due to its low trading and withdrawal fees, and the Kraken "classic", which provides a simpler interface with also convenient dollar-cost averaging (DCA) options. With its broad reach spanning the USA, Canada, Europe, Asia, and beyond, Kraken stands out as a versatile solution suitable for traders of all levels.

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blockdyoradmin

👉 Click here to open an account on Kraken and get started in minutes with as little as $10.

OKX

Key Specs

Why We Chose It

Originally known as OKEx, OKX is a cryptocurrency and derivatives exchange headquartered in Malta. Noteworthy for its significantly lower fees, rapid transactions, robust features, OKX appeals to users with a deeper understanding of the crypto landscape.

It offers several functionalities, including copytrading, earning, loaning, Web3 wallet services, and a unique feature - demo trading. This platform is for those looking to expand their crypto experience and explore more investment opportunities.

Pros & Cons

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blockdyorKate Porter

👉 Click here to open an account on OKX and get a 10% discount on fees with the BLOCKDYOR code.

Binance

Key Specs

Why We Chose It

Binance quickly ascended to popularity as the largest crypto exchange by trading volume. It boasts an extensive selection of cryptocurrencies and features, including trading, leveraged trading, P2P trading, copy trading, trading bots, and the innovative Binance Card.

With very low trading fees and their Lite and Pro interfaces, Binance is for the needs of both novice and experienced users alike.

Pros & Cons

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blockdyoradmin

👉 Click here to register on Binance and get a 100 USDT cashback voucher.

Coinbase

Key Specs

Why We Chose It

Coinbase stands as one of the oldest and most widely accessible crypto exchanges globally, owing to its robust regulatory compliance. Established in 2012, Coinbase has continuously evolved, achieving significant milestones such as being the first (and currently the only) crypto exchange listed on the NASDAQ. Furthermore, in 2024, it emerged as the primary custodian for the Spot Bitcoin ETFs.

Offering two distinct interfaces, Coinbase caters to a diverse user base. The standard interface, simply known as Coinbase, provides a user-friendly experience suitable for beginners. Conversely, Coinbase Pro, formerly known as GDAX, targets advanced users seeking a more nuanced approach to trading, with features tailored to meet the demands of experienced traders.

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blockdyoradmin

👉 Click here to open an account on Coinbase and get a €/£/$10 bonus.

Uphold

Key Specs

Why we chose it

Uphold stands out among exchanges with its unique interface, diverging from the conventional model to prioritize user-friendliness. Its adoption of a spread model over commission-based fees simplifies comprehension, particularly for beginners.

Additionally, Uphold's availability in the USA, Europe, and the UK positions it as a widely accessible and regulated solution, conducive to mass adoption. Offering access to over 250 cryptocurrencies, Uphold is esteemed by a diverse range of users globally.

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blockdyorKate Porter

👉 Click here to open an account on Uphold and start trading with zero fees.

Terms Apply. Cryptoassets are highly volatile. Your capital is at risk.

Bybit

Key Specs

Why We Chose It

Bybit swiftly rose to prominence as a major player in the cryptocurrency derivatives trading sector. While it does provide spot crypto trading and entry-level solutions, its extensive array of tools suggests it caters predominantly to advanced users.

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blockdyorKate Porter

👉 To register on Bybit and get up to 5,030 USDT in bonuses, click here.

KuCoin

Key Specs

Why We Chose It

KuCoin is a cryptocurrency platform renowned for its emphasis on altcoins, often referred to as "hidden gems." Alongside offering a robust automated trading solution and a KuCoin card to spend crypto, the platform boasts various additional features.

Since its inception, KuCoin has burgeoned into one of the foremost exchanges worldwide, boasting significant trading volume and amassing a vast user base exceeding 10 million individuals across over 200 nations. However, despite its widespread global presence, KuCoin is not accessible to residents of the United States due to a lack of licensing to operate within the country.

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blockdyorKate Porter

👉 Click here to open an account on KuCoin and get a 20% discount on trading fees.

Young Platform

Key Specs

Why We Chose It

Accessible in select European countries, Young Platform has gained recognition for its excellent educational resources and diverse range of altcoins. It primarily caters to crypto beginners, with a focus on buy-and-hold strategies or spot trading (Pro app is also available). Additionally, it offers staking options for users interested in earning rewards with altcoins.

Pros & Cons

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blockdyorAndrea Carnimeo

👉 Click here to open an account on Young Platform.

BitMEX

Key Specs

Why We Chose It

BitMEX is dedicated to professional traders often explore advanced strategies like leveraged contracts, margin trading, and derivatives to maximize gains in the crypto markets and it's actually the best of it. Thanks to their taker/maker fees very low, it's a great options for crypto traders.

Pros & Cons

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blockdyorAndrea Carnimeo

👉 Click here to join BitMEX and receive a 10% fee discount for the first six months.

Gemini

Key Specs

Why We Chose It

Founded by the Winklevoss twins, Gemini is one of the oldest platforms in the cryptocurrency industry. Despite facing challenges with the Gemini Earn crypto asset lending program, the platform has persevered and maintained its reputation for excellence. Gemini caters to both beginners and professional traders, offering a user-friendly experience and a Pro version app for advanced users. It is recognized as one of the largest exchanges in both Europe and the USA. While Gemini's customer support could be improved, it remains a top choice for individuals seeking a reliable and reputable cryptocurrency exchange.

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blockdyorAndrea Carnimeo

👉 Click here to sign up for Gemini and trade at least $100 to get free crypto.

Nexo

Key Specs

Why We Chose It

Nexo is not just a crypto exchange but a comprehensive financial platform offering borrowing capabilities, a crypto rewards card, and other unique features. With over 5 million users across 200 countries, Nexo navigates global markets, though certain products are restricted in regions like the US due to regulatory considerations. Despite limitations, Nexo maintains a strong value proposition with stringent security, zero-fee trading, and over 60 cryptocurrencies available for borrowing.

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blockdyorAndrea Carnimeo

👉 Click here to join Nexo and get up to 0.5% in crypto rewards on your purchase. Sign up now.

Bitstamp

Key Specs

Why We Chose It

Although one of the oldest exchanges, Bitstamp remains a viable option, albeit lacking certain features found on other platforms. Nevertheless, for those seeking to buy and profit from a select range of cryptocurrencies, Bitstamp reliably fulfills its purpose. Its longevity and favor among OG investors attest to its enduring reliability.

Pros & Cons

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blockdyorKate Porter

How To Choose The Best Crypto Exchange

For those looking for the optimal, most cost-effective, and secure method to purchase Bitcoin or other cryptocurrencies, using a crypto exchange is paramount. While alternative avenues such as peer-to-peer transactions or ATMs are available, exchanges offer a more convenient and reliable option, particularly for frequent traders.

Crypto exchanges, particularly those with Know Your Customer (KYC) protocols mentioned in this guide, typically feature significantly lower fees compared to peer-to-peer alternatives. However, this convenience often comes at the expense of privacy, as users are required to submit personal identification information for transactions.

Regulated exchanges, such as those highlighted here, offer the utmost security and compliance standards for obtaining crypto assets. Yet, there are additional compelling reasons to opt for these platforms:

• Accessibility: Crypto exchanges facilitate buying and selling through web-based or mobile applications, ensuring convenient access for users across devices.
• Diverse Offerings: Many exchanges not only support Bitcoin but also offer a wide array of tokens and commodities, enabling investors to diversify their portfolios.
• Security Measures: Leading exchanges prioritize security by storing user funds in multisignature cold storage vaults, bolstering the safety of assets. Some even provide periodic proof of reserves for added transparency.
• Regulatory Compliance: The majority of exchanges adhere to KYC/AML regulations and other financial standards, with some holding banking licenses. This regulatory framework minimizes the risk of fraudulent activities, although it's essential to remain cautious given historical instances of crypto bankruptcies.

By selecting a reputable and regulated crypto exchange, users can navigate the cryptocurrency market with confidence, leveraging the benefits of accessibility, diversity, security, and compliance.

How to Register for a Crypto Exchange

Signing up for an exchange is a straightforward process, not much different from opening a brokerage or bank account. In fact, it's often faster and simpler. Before proceeding, ensure you have an identification document handy, such as your driver's license or passport, and access to a device with a webcam or smartphone, as you may be required to take a photo of your document or use a facial recognition system.

Here are the general steps every investor should follow:

1. Account Registration: Begin by opening an account. Typically, you'll need to provide your email and choose a password. Afterward, you'll receive a confirmation email to verify your ownership of the provided email address. Some exchanges may also require the use of a two-factor authentication (2FA) app like Google Authenticator or Authy. Enter all required information and securely store your login credentials, perhaps using a password manager like Bitwarden. Alternatively, consider solutions like the Black Seed Ink Cold Wallets for storing passwords offline.
2. Personal Information: Next, you'll be prompted to provide personal details, such as your name, address, phone number, and in some cases, a scan or photo of your passport or driver's license.
3. Verification Process: Once you've submitted your information, you'll need to wait for the verification process to complete. This could take minutes, hours, or even days, depending on the exchange. Once verified, you'll gain full access to the exchange's features.
4. Account Funding: After verification, it's time to fund your account. You can do this by depositing fiat currency or cryptocurrency, depending on your preference.

How We Rate The Exchanges

You might ask yourself what is the criteria used for creating the list of the crypto exchanges up here. It's very simple, we created a blockdyor Score, which we used to evaluate every single exchange: KYC or Non-KYC and we filtered just the KYC exchanges offering diverse altcoins.

These metrics can be broadly categorized into two main groups: Privacy & Security and Features.

These two categories have sub categories. For example, under features there are Fees, Withdrawal methods supported. And under security you will find the presence or not of the KYC process or the non custodial features and more. The higher the score in these categories, the better the exchange performs. Let's deep dive into the list.

The blockdyor score is a composite evaluation of a crypto exchange based on two main categories: Privacy & Security and Features. Each category is further broken down into specific features, and each feature is assigned a score out of a predetermined maximum score. The higher the score in these categories, the better the exchange performs. Let's deep dive into the list. Let's deep dive into the list.

1. Privacy & Security (50 points max):
   • Non-KYC: Indicates whether the exchange enforces Know Your Customer (KYC) procedures for every user.
   • Non-Custodial: Determines whether the exchange is non-custodial, meaning the users own the private keys and/or can withdraw their funds independently.
   • Peer To Peer: Indicates whether the exchange offers peer-to-peer trading.
   • Decentralization: Determines whether the exchange is centralized or decentralized.
   • Encryption: Evaluates the level of encryption used for confidential data transfers.
   • TOR Connection: Indicates whether it's possible to connect to the exchange using TOR.
   • Open Source: Determines if some software used by the exchange is open source.
   • 2FA: Evaluates whether the exchange offers two-factor authentication.
2. Features (50 points max):
   • User-Friendly UX: Assesses the ease of use of the exchange's user interface.
   • Fiat Onramp/Offramp: Determines the availability of fiat currency deposit and withdrawal methods.
   • Taker Fee: Evaluates the fee charged for market orders.
   • Maker Fee: Evaluates the fee charged for limit orders.
   • Withdrawal Fee: Assesses the fee for withdrawing funds from the exchange.
   • Customer Service: Evaluates the availability and responsiveness of customer support.
   • Documentation: Assesses the availability and comprehensiveness of documentation on the exchange's official website.
   • Altcoins: Determines the variety of alternative cryptocurrencies supported by the exchange.
   • Lightning Network Withdrawal/Deposit: Indicates whether the exchange supports Lightning Network for Bitcoin withdrawals and deposits.
   • Liquid Network Withdrawal/Deposit: Determines whether it's possible to withdraw or deposit Bitcoin using the Liquid Network.

At blockdyor, we meticulously examined each exchange featured in this article, arranging them based on their blockdyor Score. This approach enables us to craft impartial and thorough reviews, empowering you to make informed investment decisions.

Our team rigorously assessed numerous exchanges and compiled extensive data points to identify our top recommendations. These selections were made considering 18 weighted criteria, such as KYC enforcement (weighted 10%), non-custodial features (weighted 10%), taker/maker fees (weighted 10%), peer-to-peer availability (weighted 5%) and more.

Each feature is rated and contributes to the overall blockdyor Score, which provides an objective measure of the exchange's performance in terms of privacy, security, and features. The final blockdyor score reflects the cumulative assessment of these factors, helping users make informed decisions about the exchange's suitability for their needs.

Bottom Line

Although our current selection focuses solely on KYC-compliant exchanges, future guides will explore additional exchange categories, including Bitcoin-only platforms and P2P-exclusive exchanges. This initial compilation serves as a strong foundation for entering the world of cryptocurrency trading.

Many of these companies have established themselves over several years and are recognized as leaders in the industry, offering sophisticated solutions for buying, selling, lending, borrowing, and more. Embrace this starting point with confidence, as these exchanges represent the pinnacle of excellence in the crypto sphere, ensuring a seamless and advanced experience for all users.

Frequently Asked Questions (FAQ)