Best crypto exchange providers 2024

March 30, 2024 - Cryptocurrency exchanges (platforms where consumers go to buy and sell crypto) have skyrocketed in recent years. 

Crypto education platform BitDegree lists 1,863 crypto exchanges that are currently available. However, due to the lack of regulation in the crypto economy, quality varies hugely.

LiquidityFinder is your tool to find a crypto exchange provider, or even get listed yourself, where you can provide exposure to other like-minded professionals.

We also have listed the largest crypto exchanges by 24-hour daily volume on our site, so you can clearly see the 10 most popular crypto exchanges.

Currently, the 10 largest crypto exchange providers by volume traded are:

1) Binance

2) LBank

3) Bybit

4) OKX

5) Bitget

6) DigiFinex

7) BitMake

8) BingX

9) Bitrue

10) BitVenus

But how do you go about picking the right cryptocurrency exchange?

CEX or DEX?

Whether you decide to go with a centralised exchange (CEX) or a decentralised exchange (DEX) may depend on your personal circumstances, as well as your philosophy. There are advantages to both, and variations between different CEXs and DEXs that you should be aware of before investing any of your money.

Advantages of a CEX

CEXs are usually much more user-friendly, for example, Coinbase, and are the ideal choice for beginners. After KYC (entering your ID), CEXs will only require cash deposits and almost no other work.

CEXs will have extensive customer support, as well as high trading volumes, so will have secure transactions with narrow spreads.

Disadvantages of a CEX

CEXs are susceptible to hacking and theft, as they hold all the users’ funds. CEXs also take higher fees from transactions, so are generally more expensive.

By handing over custody of their funds, users are putting all their faith in the exchange, similar to how they would with a bank, but have no form of protection.

In simple terms, if the CEX you are using goes bust, your money will vanish. FTX was a CEX, and famously went bankrupt, erasing an estimated $8.7 billion of investor money.

Advantages of a DEX

As users have control of their crypto, DEXs are much more secure. While you are still vulnerable to phishing and APP fraud, DEXs are significantly more secure than CEXs as the DEXs don’t hold the users’ funds – the users hold the funds themselves.

This also stays true to the cryptocurrency philosophy of decentralisation. In a decentralised system, no central body owns the money, which is where CEXs have strayed, as they essentially operate in the same way as banks.

A DEX means that all users have agency over their own cryptocurrency, and can contribute to the ecosystem via liquidity pools and earn rewards through yield farming.

Disadvantages of a DEX

The use of wallets and DEXs can be confusing to a beginner. As you hold the funds yourself, to use a DEX, you must use a cryptocurrency wallet. 

DEXs are also relatively new, and if you are a beginner, you could mishandle your funds much more easily. Some DEXs such as PancakeSwap are also starting to gamify their products, touching the boundaries of becoming gambling platforms.

Best centralised exchanges (CEXs)

CEXs are widely available, and are the most accessible option for a beginner. No wallets are required, so you can simply deposit your funds into the platform and start trading.

1. Binance

Binance is the world's largest crypto exchange as of November 2023 and has $111 billion in trading volume according to our crypto volume data. Founded by Changpeng Zhao (often referred to as ‘CZ’) in 2017, Binance has launched itself into the top spot despite some recent legal troubles. 

As of March 2024, the platform is currently banned in:

• Canada
• Malaysia
• Netherlands
• United States

This has mainly been down to challenges with regulatory authorities. 

However, Binance is an ideal platform to start trading with if you are new to the crypto space. It currently hosts 402 cryptocurrencies, 11 fiat currencies and 1,591 crypto trading pairs.

2. LBank

Established in 2015, LBank is another solid CEX for anyone looking to buy or sell crypto. LBank is based in Hong Kong, and primarily serves the Asian and Chinese markets, standing as the second-most popular crypto exchange.

 LBank supports over 800 cryptocurrencies (almost double the amount of Binance) and significantly more fiat currencies, with 149 available. 

This makes LBank a far more accessible trading platform for many users who might be limited from cryptocurrency by an unavailable currency or payment method. LBank is available in over 200 countries – most notably all the ones Binance is currently banned in.

3. Bybit

Established in 2018, and the third-largest crypto exchange, Bybit is a much more advanced trading platform. Offering an ultra-fast matching engine, Bybit is known for its stable service, even during peak trading times and high volatility.

Unfortunately, Bybit is restricted in a few countries, and is currently not available in:

• United States
• United Kingdom
• China (mainland)
• Singapore
• Canada

Bybit offers an extensive range of products, such as spot, derivatives, an NFT marketplace, and options.

Best decentralised exchanges (DEXs)

DEXs are a better option in terms of security and sustainability but are a little more tricky to start with. Firstly, you will need a crypto wallet of your own, as well as a basic understanding of the platform that you are using. Many DEXs, such as Uniswap, will offer their own branded wallet.

1. Uniswap

Uniswap has been changing the DEX space ever since its creation in 2018. Pioneering the automated market maker (AMM) model, Uniswap creates an ecosystem whereby users provide the liquidity themselves, and not a centralised exchange.

Uniswap is the largest DEX by volume and is the leading DEX in terms of innovation and decentralisation philosophy.

2. PancakeSwap

PancakeSwap is a platform making its own waves in the crypto space. Created in September 2020, the DEX has some entirely unique products, looking to gamify and liven up the DEX space, as well as blend it with entertainment. PancakeSwap has not only followed in the footsteps of Uniswap, but carved a unique path with the introduction of NFTs and The PancakeSwap lottery.

According to Cashback Forex, PancakeSwap is the crypto exchange with the most coins, currently hosting 1,777 coins.

3. Sushi

Sushi (formerly SushiSwap) is one of the most accessible and popular DEXs available on the market. Built as a fork of Uniswap, Sushi has prioritised a user-friendly approach, making Sushi the best DEX to start with as a beginner.

Users can join a Pool to start providing liquidity, and at any time consult with the Sushi Academy to learn about where their funds are going and what purpose they’re serving.

Conclusion

Choosing the best crypto exchange depends on your personal circumstances, and how invested you want to be in the crypto space.

Those who are looking for a small amount of exposure might be more interested in a CEX such as Binance or Coinbase. Those looking for a heavier involvement in the crypto space, and also to push the industry in a more sustainable direction, might be more interested in a DEX.

Make sure to keep updated on LiquidityFinder with our volume data for the top 10 cryptocurrency exchanges to keep tabs on the market.

If you’re looking for a crypto exchange provider, then our platform has a growing list which all members have access to.

It takes a few minutes to register with LiquidityFinder, and once you do, you’ll have access to our exclusive network of liquidity providers, as well tools such as our Match Matrix and our multi-provider request form. 

 Stay up-to-date with our Insights too, where we update our audience on everything they need to know in the crypto and liquidity space. 

Author

Caleb is a financial copywriter with a specialisation in fintech and forex. Former copywriter at Barclays and Paysafe. Contributing writer for LiquidityFinder. You can message Caleb here.