What are the top cryptocurrency exchanges for beginners? Choosing a cryptocurrency exchange can be both exciting and overwhelming, especially for beginners. There are dozens of platforms available out there and each has its own pros and cons. Hence, it’s important to choose a platform that suits your needs, offers user-friendly features, and ensures security.
To help you make the right choice, MarketsXplora compiled a list of the top 8 cryptocurrency exchanges that are well-suited for newcomers in 2024.
Let’s get started on your crypto journey!
In This Article:
- Changelly
- Binance
- OKX
- ByBit
- MEXC Global
- Huobi
- Gate.io
- dYdX
Which crypto exchange is better?
1# Binance
The world’s most famous centralized exchange, Binance, is seriously outperforming competitors in terms of trading volume. Binance hosts an extensive range of cryptocurrencies for trading, including major ones like Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP), as well as a multitude of altcoins and tokens.
Binance has its native utility token called Binance Coin (BNB), which can be used to pay for trading fees on the platform at a discounted rate. BNB is also utilized in various other aspects of the Binance ecosystem.
The Binance ecosystem includes spot, futures, and OTC trading, a mining pool, staking, landing, and a non-fungible token (NFT) marketplace. For those who prefer to keep their private keys under control, the company offers a non-custodial Trust Wallet.
Why we chose Binance
Binance is one of the best cryptocurrency exchanges for beginners because it offers both a basic and an advanced trading interface, catering to users with different levels of experience. Newbies can start with the simple interface and gradually move to the advanced one as they become more comfortable with trading.
Binance has its “Academy” section, which provides educational material on various aspects of cryptocurrencies and blockchain technology. This is a valuable resource for beginners looking to understand the basics before diving into trading.
Read Full Binance Review
Key figures and data:
- Date of launch: 2017
- Geography: Cayman Islands
- CEO: Richard Teng
- 24h trading volume: $14,991,572,892 (Binance international); $288,223,824 (Binance US)
- Number of supported cryptocurrencies: 350 (Binance International); 147 (Binance US)
Pros:
- Great liquidity
- Low and sometimes zero trading fees
- Convenient mobile application for iOS and Android
- The most profitable P2P rate
- Own database of training materials
Cons:
- Requires mandatory KYC
- There are restrictions for Russian citizens
2# OKX
Although OKX cannot match Binance in terms of trading volume, it still deserves to be on our list of top cryptocurrency exchanges for beginners. The exchange supports a large number of cryptocurrencies and offers a wide range of services – from spot trading to participation in mining pools. OKX also has a MetaX non-custodial wallet for Dapps and NFTs. To date, more than 20 million users from 100 countries use the platform’s services. As a beginner, read our full OXK review to learn everything you need to know to get started.
Why we chose OKX
The exchange boasts a user-friendly and intuitive interface. Newcomers can easily navigate the platform, perform trades, and manage their assets without feeling overwhelmed by complex technicalities.
OKX also prioritizes security, which is especially crucial for beginners who may have concerns about the safety of their funds. The exchange employs advanced security features like multi-factor authentication (MFA), cold storage of funds, and regular security audits to ensure the safety of users’ assets.
Key figures and data:
- Date of launch: 2017
- Geography: Seychelles
- CEO: Star Xu
- 24h trading volume: $917,947,497
- Number of cryptocurrencies supported: 352
Pros:
- Low fees
- Convenient mobile application for iOS and Android
- Own database of training materials
Cons:
- Requires mandatory KYC to withdraw funds
- Unstable technical support
3# Changelly
Changelly is a well-known cryptocurrency exchange that facilitates the seamless exchange of various cryptocurrencies. It was founded in 2015 and has since gained popularity for its user-friendly interface and wide range of supported cryptocurrencies. Unlike traditional exchanges, Changelly operates as a non-custodial service, which means users retain control of their private keys and funds throughout the exchange process.
Why we chose Changelly
Changelly is among the cryptocurrency exchanges ideal for beginners. The platform offers an intuitive interface and a wide range of tools. In particular, on Changelly you can buy cryptocurrency for fiat. The platform supports various payment methods.
It is also worth noting a wide selection of cryptocurrencies and a low fixed commission of 0.25% for cryptocurrency transactions. Unlike Changelly, fees are dynamic on many other platforms. This scheme of commission formation can confuse beginners.
Transactions under $150 on Changelly do not require KYC. Another advantage of the platform is the non-custodial nature. The crypto exchange does not store user funds.
Key figures and data:
- Date of launch: 2015
- Trading volume: $526 million
- Number of supported cryptocurrencies: over 500
- Type of crypto exchange: centralized
- Geography: Malta
Pros:
- Wide range of cryptocurrencies
- Simple interface
- 24/7 online support
- The best cryptocurrency rates available on the platform
Cons:
- Technically, Changelly is an exchange. At the same time, the item can hardly be called a minus, since such a scheme of work opens access to the best cryptocurrency rates
4# Huobi
The Chinese exchange Huobi supports spot, margin, futures and p2p trading and allows you to make transactions with a large number of cryptocurrencies, including those paired with fiat. The creators of the platform are constantly working to attract new users – they include fiat currencies of different countries in the listing and open representative offices around the world.
Why we chose Huobi
One of Changelly’s key features is its ability to provide instant swaps between cryptocurrencies without the need for users to create an account. This approach simplifies the trading experience, making it accessible even to those new to the crypto space. Additionally, Changelly offers competitive exchange rates, aiming to provide users with the best possible value for their trades.
Changelly supports over 600 cryptocurrencies, allowing users to trade between a diverse range of digital assets. This makes it a convenient platform for users looking to diversify their crypto portfolio or access lesser-known tokens.
Key figures and data:
- Date of launch: 2013
- Geography: Seychelles
- CEO: Du Jun
- 24h trading volume: $292,279,798
- Number of cryptocurrencies supported: 622
Pros:
- You can trade without going through KYC
- Supports a large number of cryptocurrencies
- Convenient mobile application for iOS and Android
- Own database of training materials
Cons:
- KYC may take longer than other exchanges
5# ByBit
ByBit is one of the most well-known futures trading platforms on the market. This top cryptocurrency exchange for beginners stands out from the background of others due to the stability of its work and the absence of serious technical problems: it has never been hacked during its entire existence.
The founders of ByBit pay great attention to feedback, and the results of internal surveys among the site’s clients influence the listing of new cryptocurrencies.
Listing involves the process of adding securities, or in the context of cryptocurrency platforms, digital currency, to the trading roster of the exchange.
Currently, this crypto exchange has more than 21 million users worldwide and is growing at a fast pace.
Why we chose ByBit
For beginners who might have questions or face issues, Bybit offers responsive customer support. Having a reliable support team can be reassuring for those who are just starting out and may need assistance.
Bybit’s mobile app also makes trading accessible on the go. This is beneficial for new traders who may prefer to monitor their trades and manage their portfolios from their smartphones.
Read our Full Bybit Review
Key figures and data:
- Date of launch: 2018
- Headquaters: Dubai, United Arab Emirates
- CEO: Ben Zhou
- 24h trading volume: $22,659,879,586
- Number of cryptocurrencies supported: 973
Pros:
- One of the top three in terms of trading volume of cryptocurrency derivatives
- You can trade without going through KYC
- Low fees
- Supports copy trading
- Convenient mobile application for iOS and Android
- Own database of training materials
Cons:
- Limited number of supported assets
- No fiat trading pairs
6# MEXC
MEXC is a popular multi-currency fiat-backed crypto exchange that provides access to spot, margin, futures and peer-to-peer trading. In addition, the platform allows you to trade index ETFs and ETFs with leverage. Another interesting MEXC tool is Kickstarter: it allows you to vote for projects that will be added to the listing of the exchange and receive tokens for this.
Why we chose MEXC
Today, MEXC operates in more than 70 countries, and about 6 million users trust it with their funds. It is suitable for those who need a crypto exchange without verification.
MEXC understands the importance of education for beginners. The platform provides educational resources such as tutorials, articles, and guides to help new users understand the fundamentals of trading and blockchain technology.
Key figures and data:
- Date of launch: 2018
- Geography: Seychelles
- CEO: Metin Mehmet Durgun
- 24h trading volume: $1,863,443,348
- Number of supported cryptocurrencies: 1489
Pros:
- Can trade without KYC
- Supports a large number of cryptocurrencies
- Supports copy trading
- Convenient mobile application for iOS and Android
Cons:
- High Commissions
7# Gate.io
This Chinese trading platform also made our list of top cryptocurrency exchanges for beginners. The project was launched in 2013. Four years later, the platform team carried out a rebranding, thanks to which the project acquired its current look. Gate.io features a stable engine, advanced security settings, an efficient support team, and a wide range of tools.
In particular, users of the crypto exchange have access to trading with leverage, various earning programs and loans.
Why we chose Gate.io
Gate.io provides users with the ability to stake certain cryptocurrencies, earning rewards over time. Staking can be a way for newcomers to passively earn additional tokens as they hold and support the network.
This exchange also offers perpetual contracts, which are a form of derivative trading that allows users to speculate on the price movement of cryptocurrencies without actually owning them. This can be an attractive option for those interested in trading without the need to hold the underlying asset.
Key figures and data:
- Date of launch: 2013
- Trading Volume: $1,227,816,046
- Number of supported cryptocurrencies: 1534
- Geography: Cayman Islands
- Type of crypto exchange: centralized
Pros:
- Low commissions. For example, buying bitcoin will cost 0.01–0.2% of the amount
- Wide functionality
- Crypto exchange privately tops the rankings of the best trading platforms for cryptocurrencies
- High security
Cons:
- No fiat deposits
8# dYdX
dYdX is a decentralized crypto exchange on the blockchain of the second-largest Ethereum cryptocurrency in terms of capitalization. The trading platform was confused in 2017. As of this writing, dYdX is one of the largest and most popular decentralized crypto exchanges on the market.
Why we chose dYdX
dYdX is well-known for its robust margin trading and perpetual contracts features. Margin trading allows users to borrow funds to increase their trading positions, potentially leading to higher profits. Perpetual contracts are similar to futures contracts, but they don’t have an expiry date, which can provide flexibility for traders.
The exchange also boasts a substantial level of liquidity across various markets. This means that users are more likely to find suitable counterparties for their trades, which can help facilitate smoother and more efficient trading experiences.
Key figures and data:
- Date of launch: 2018
- Trading Volume: $1,186,493,374
- Number of cryptocurrencies supported: 10
- Type of crypto exchange: decentralized
- Geography: The headquarters of the project is located in San Francisco, but the development is carried out from the Swiss Zug
Pros:
- dYdX is one of the largest and most popular decentralized crypto exchanges.
- The platform conducts transactions automatically
- The nature of the crypto-exchange allows you to abandon the centralized storage of users’ cryptocurrencies, which increases the security of the platform
Cons:
- The platform is inferior in terms of functionality to its centralized competitors
- Limited amount of available cryptocurrencies
- No fiat deposits
Tips for beginners
- Research: Take time to research each exchange’s features, fees, and supported cryptocurrencies before making a decision.
- Security: Prioritize exchanges with strong security measures, including two-factor authentication and cold storage of funds.
- Ease of Use: Opt for exchanges with user-friendly interfaces to ease your trading experience.
- Education: Look for platforms that offer educational resources, tutorials, and customer support to help you understand the basics of trading.
- Start Small: Begin with a small investment to familiarize yourself with the platform and the cryptocurrency market.
Which of the top cryptocurrency exchanges for beginners is best?
If you plan to actively trade in the spot or futures market, you should take a closer look at the leaders in derivatives trading volume – Binance, OKX, Gate IO, and ByBit. All three exchanges have a large supply of liquidity, which means that you will not have any problems buying or selling assets. In addition, these sites often host tournaments and competitions for traders with an impressive prize pool.
For those who care about mobility, the Chinese exchange Huobi is suitable – working with it from a smartphone is just as convenient as from a desktop. Well, if you want to get access to cryptocurrency index funds trading and the opportunity to participate in airdrops, MEXC Global is a good choice. Users who appreciate a decentralized approach to work should take a closer look at dYdX.
And for those who want to simultaneously work with various digital assets, you should pay attention to Changelly.