The landscape of modern investing is undergoing a significant transformation with the gradual integration of digital assets into portfolios. Recent data underscores this shift, revealing a staggering 420 million crypto owners as of 2023.
However, amidst this burgeoning interest, both novices and seasoned investors grapple with the challenge of identifying the most reliable crypto exchanges for seamless buying and selling of cryptocurrencies. In this article, we will highlight the top 3 most competitive crypto exchanges to buy crypto assets in 2024.
While the selection of which platform to trade on will ultimately vary from one entity or individual to another, depending on specific needs, the exchanges we’ll review stand out for factors such as global availability, liquidity, trading pairs, transaction fees, and the team’s expertise in dealing with structured financial products.
MultiBank.io is a novel crypto exchange pioneered by MultiBank Group, which was established back in 2005 and is currently one of the leading global financial derivatives brokers.
Although a new player in the crypto sphere, MultiBank Group touts rich expertise in the traditional finance market, facilitating close to $12.1 billion in daily trading volumes. This background, coupled with the need to introduce a secure and regulated trading ecosystem for the digital asset market, is what drove the Group to launch a crypto exchange.
Here are some of the unique features that the MultiBank.io crypto exchange will offer to prospective clients looking to gain exposure in the crypto market:
- Spot and leverage trading with up to 125x
- Credit card and bank transfers: MultiBank.io will allow its users to deposit and withdraw funds in both USD and EURO.
- Fiat to crypto conversions: With MultiBank.io, converting from fiat to crypto and vice versa is a three-step seamless process.
- Global presence: The MultiBank Group has licences to operate across 25 jurisdictions and is set to acquire a VARA licence to offer its crypto exchange services in Dubai.
- Security of funds: Besides a longstanding history of compliance, the MultiBank.io exchange has been designed with multi-party computation, offering a secure digital asset custody platform.
CoinMENA is an emerging crypto exchange that provides individuals and businesses with access to the crypto market, with a specific focus on the Middle East and North Africa (MENA) region. The exchange holds licences as a Virtual Asset Service Provider (VASP) from the Central Bank of Bahrain and possesses a VARA licence enabling the provision of broker-dealer services in Dubai.
What particularly stands out about this crypto exchange is its over-the-counter (OTC) desk designed for clients looking to transact sizable amounts. The OTC desk comes with additional perks such as reduced fees, preferential pricing, and a dedicated account manager with 24/7 availability through email, phone, or WhatsApp.
Other features offered by the CoinMENA crypto exchange include:
- Crypto trading with local currencies: CoinMENA allows users to trade digital assets against several fiat currencies, including EGP, QAR, OMR, KWD, USD, AED, and BHD.
- Instant deposits and withdrawals: With CoinMENA, one can easily top up their account through a credit or debit card.
- Over 52 digital asset trading pairs: Alongside BTC, this crypto exchange features other prominent cryptocurrencies, including ETH, XRP, and DOGE.
The only major limitation of CoinMENA is global accessibility, as the exchange currently offers its services only in the MENA region.
Founded in 2012, Coinbase has established itself as one of the leading crypto exchanges globally. The company has a presence in over 100 countries and is publicly listed on the Nasdaq stock exchange under the ticker ‘COIN’.
It is also noteworthy that Coinbase is one of the firms boldly advocating for U.S. authorities to clearly define a regulatory framework for the larger crypto market. Last year, the exchange took the SEC to court after the agency denied a previous request to create defined rules that would allow the exchange to run its business.
Some of the advanced features that Coinbase offers compared to other crypto exchanges include:
- Non-custodial wallet: Coinbase offers an option for users to store their crypto off-chain through the Coinbase wallet.
- Over 300 crypto trading pairs: This crypto exchange is perhaps one of the most diverse when it comes to the number of trading pairs listed on the platform.
- Federal Deposit Insurance Corporation (FDIC) insurance: Following the U.S. regulatory framework, Coinbase ensures the digital funds it holds on behalf of its clients.
However, on the downside, Coinbase can be a little pricey with trading fees sometimes going as high as 0.6%.
The crypto market is often dubbed the Wild West, and for good reason. As of writing, there are over 900 crypto exchanges, most of which are hanging by a thread. Given the recent events last year where both Kraken and Binance were heavily fined by U.S. regulators, one cannot truly say that their funds are safe with crypto exchanges.
However, as highlighted in this article, several options stand out. Decentralized Exchanges (DEXs) such as Uniswap are a no-brainer for any crypto guru, but for those starting out, the aforementioned exchanges offer a great starting point depending on the factors one is looking for in a crypto exchange.