Best Bitcoin Trading Platforms: 2024 Review

While Bitcoin has historically experienced wild price fluctuations, it’s important to consult current market data before making investment decisions. Its unpredictable nature means staying informed is critical for success.

In recent years, cryptocurrency exchanges have rapidly expanded their offerings to meet the demand for Bitcoin trading. These now include swing and position trading, futures, and margin trading – each carrying varying levels of risk.

If you’re considering Bitcoin trading in 2024, do your research! The best platform for you depends on your risk tolerance and experience. It’s vital to find trustworthy sources with the most recent information, as the cryptocurrency landscape evolves quickly.

What to keep in mind when choosing a Bitcoin trading platform

Every exchange with trading functionalities has its own set of unique attributes and financial products. That being said, there are some platforms that are safer (and cheaper) to use. Among others, consider the following factors when choosing a trading platform:

Factor 1: Liquidity of the platform

A platform’s liquidity determines its ability to execute your spot order.

• High liquidity means that a specific coin or platform has many open orders and users that are actively buying and selling.
• Low liquidity could mean that your order will not be fulfilled for a long time, making you lose money-making opportunities.

The best Bitcoin trading platforms are high liquid. This ensures that your attempts to trade the market in real-time will be successful every single time. You can check the exchanges with the highest liquidity by looking at their average liquidity score.

Factor 2: Reliability & Trustworthiness

Knowing which platform to trust most often comes through personal experience and industry observation. Here are some good questions to ask yourself when it comes to this:

• Has the exchange ever been hacked? If so, did they refund customers that were hurt?
• Has the platform ever artificially inflated its trading volumes to acquire more customers?
• Have there ever been unresolved problems regarding withdrawals and deposits?
• What are existing customers saying about the platform?
• Is the platform responsive and available 24/7?

The answers to these questions will discover the best Bitcoin trading platforms. You will obviously need to do some research upfront, but it is best you do this earlier rather than later.

Factor 3: Trading fees & withdrawal fees

The fees you pay when trading will have to be subtracted from the profits you can potentially make. While the amount may seem minuscule at first, it can quickly pile up and cost you a lot of money. Ideally, you’d want to find a platform that is able to provide discounted transaction fees if some requirements are met (e.g. Binance gives a 25% discount to users that use BNB to pay their fees).

As for withdrawal fees, these are important for traders who are looking for arbitrage opportunities and those who regularly send their coins over to cold storage. In both cases, each withdrawal will cost you approximately 0,0004 BTC, and anything above that should be questioned.

Factor 4: Charting tools

We have previously written an in-depth guide on cryptocurrency trading basics. In the guide, you will come across all kinds of charting methods and indicators that help traders time the market. A simple candle chart across different timeframes may help traders estimate trends and catch local tops, but is not nearly enough when looking at the available options.

Ideally, you should be able to compare Bitcoin against different cryptocurrencies and FIAT currencies (trading pairs) and utilize different tools for technical analysis. When using the best Bitcoin trading platforms, you should be able to analyse price action and trading volume, customize charting patterns, add or remove technical indicators, and implement other charting functionalities.

Factor 5: Selection of financial products

Trading is not limited to buying Bitcoin and selling it at different price points. There are many more products that affect your capital’s growth. For example:

• Certain platforms allow you to trade with leverage (up to x125)
• Some offer futures products
• You can also benefit from new coin listings and IEOs to grow the amount of BTC in your wallet.

Overall, a good rule of thumb to keep in mind is that more popular platforms have a higher selection of financial products. Binance, for example, is consistently coming out with new options for its audience, the latest of which is the Launchpool. This helps traders benefit from every opportunity and market trend.

Factor 6: Community growth

A healthy level of Social Media engagement indicates that a trading platform has a good reputation and satisfied customers. Most reputable platforms will bet big on the growth of their community, giving large financial rewards to their users on a weekly basis. And that is not just limited to one platform – a great exchange should be available at all channels that their audience is using.

If a platform claims to have high liquidity and average daily trading volumes but no engagement whatsoever on Social Media, then there is probably something sketchy going on. This was proven a little more than a year ago by Bitwise’s report for SEC, which outlined unethical exchange practices and how these were performed.

Remember, the best Bitcoin trading platforms have a high level of social engagement and are often rewarding their users through these channels for doing many different activities.

With this information in mind, it’s time to list the best Bitcoin trading platforms according to our own personal research. Before you choose to join any of the following platforms, make sure you perform further research in order to make an educated decision.

Paybis

Fees

Paybis generally charges a minimum of 2 USD for the services provided. The overall fees also depend on the payment method. For instance, bank transfers (in the countries where it is available), tend to be more economical in comparison to credit cards or other such payment methods.

The choice of your currency also varies the fee payment which is directly proportional to the conversion rate. Widely accepted currencies like EUR, GBP, and USD may incur lower fees than others as these currencies have lower conversion rates.

Paybis doesn’t charge any hidden fees whatsoever. In case you want to check the fees, you can do it easily on the homepage.

Proof of Reserves

Paybis is your entry point to the crypto world. We prioritize security by encouraging you to move your cryptocurrency to your own on-chain or non-custodial wallet. With our hybrid wallet solution, your funds are always accessible. This transparent model means you don’t need to rely on ‘Proof of Reserves’ like with traditional exchanges.

Available Countries and Regulations

Paybis covers over 180 countries and 48 USA states ensuring seamless access to your crypto regardless of your physical location. Moreover, Paybis holds regulatory compliance from the FinCEN Department of the United States accrediting additional credibility to the platform.

Additionally, 24/7 multi-language support ensures that you can get a quick resolution to your challenges in the language of your preference.

Available Features

Fiat Payments

Paybis allows you to purchase crypto using over 50 your payment methods including credit & debit cards, and bank transfer making the entire process convenient.

Non-Custodial and Custodial Hybrid Wallet

One of the core USPs of Paybis Wallet is its hybrid nature. This means that it offers the best of custodial and non-custodial wallets.

All the transactions happen on-chain giving you access to monitor your assets at any time by simply inputing your wallet address in a Blockchain explorer.

Additionally, Paybis Wallet is multi-chain offering seamless support to all the 80+ cryptocurrencies that you can buy on the platform.

Paybis also enforces a strict KYC process when you need to make major transactions on the platform. For applicable users, smaller transactions can be completed without extensive documentation.

Security

Paybis is committed to preventing illegal activities like money laundering and terrorist financing. We verify your identity to maintain a safe environment.

Paybis requires various documents like government-issued IDs, proof of address (utility bill, bank statement), and a photo ID verification for enhanced security. This multi-step verification helps keep unauthorized users at bay.

Paybis also uses TLS encryption to protect all data and transactions on its platform. TLS encryption prevents unauthorized access to sensitive information, such as user account identifiers and payment details. This ensures that all data transmitted between the user’s device and the Paybis server is secure and cannot be intercepted by third parties.

Paybis is also a licensed and regulated cryptocurrency exchange platform, registered with the Financial Crimes Enforcement Network (FinCEN) in the USA, and FINTRAC in Canada. The platform is also registered as a VASP in Poland.

Easy-To-Use Interface

The technical complexities and intricate interfaces often deter new users and frustrate existing ones. However, Paybis has shattered this norm with its straightforward and user-friendly interface.

Essential functions such as fee conversion and the registration process are prominently displayed on the homepage. This design choice aims to minimize the time spent navigating the platform, allowing users to focus more on trading activities.

OKX

Fees

Spot limit orders for USDT pairs come in at just 0.08%, significantly lower than both Binance Advance Trade (0.1%) and Coinbase Advanced (a hefty 0.6%). For popular choices like USDC, BTC, and ETH, OKX slashes fees even further, with limit orders as low as 0.05% and market orders at just 0.07%.

Proof of Reserves

OKX maintains a 1:1 reserve of all users’ funds on our platform and periodically performs proof of reserves reports aimed at generating greater transparency in the assets held on our exchange.

According to the 17th consecutive Proof of Reserves (PoR) monthly reports published on the website, OKX holds $22.1 billion in primary assets ensuring backup for all funds locked on the platform.

Available Countries and Regulations

OKX is available in over 100 countries covering almost all major countries. However, it’s not available in the US due to restrictions.

Additionally, OKX has over 350 cryptocurrencies and 500 trading pairs listed on the platform.

Also, they adhere to regional financial laws, ensuring responsible operations. This might involve some access restrictions in specific regions like the US and Singapore.

OKX prioritizes user protection through robust security measures. This includes enforcing KYC (Know Your Customer) procedures and achieving the SOC 2 Type II certification, a respected industry benchmark for security practices.

Available Features

Wide trading options and staking

OKX offers a wide range of trading options, including spot, futures, margin trading, and trailing stop orders, catering to traders with diverse strategies.

You can also stake your crypto on OKX with high APY where you can earn rewards on your crypto holdings.

Demo Account for new traders

If you are a new crypto user, you can start your journey by using their demo account loaded with demo tokens of popular cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH). This lets you practice buying and selling (spot trading), leverage futures trading, or even automate your trades with trading bots.

OKX goes a step further with copy trading. Learn from experienced traders by mimicking their moves and gaining valuable insights as you develop your trading strategies.

Security

Secure online and offline storage systems with multi-sig protection and multiple backups mean one of the best security features in the market. They also have the ultimate safety net for its users in the form of OKX Risk Shield. This Risk Shield is an asset reserve fund funded by a percentage of the platform earnings towards protecting the user funds.

Binance

Fees

Binance.US caters to traders of all levels with a tiered fee structure. This system ensures you pay the most suitable fees depending on the size of your transactions.

A normal user with transaction volume for 30 days under $10,000 just need to pay 1% commission for both takers and makers fees.

You also get commission-free trading on select Bitcoin pairs like BTC/USD and BTC/USDC. However, this benefit is limited to these specific pairs.

Additionally, holding BNB unlocks a 25% discount on all your trading fees, making it an attractive option for active traders. Also, high-volume traders who qualify for VIP status on Binance.US and can benefit from additional reductions on maker and taker fees.

Proof of Reserves

Binance prioritizes the security of your cryptocurrency holdings through a comprehensive reserve system. They maintain a minimum reserve ratio of 1:1, meaning for every Bitcoin (or any other cryptocurrency) deposited by a user, Binance holds at least one equivalent unit in reserve. This ensures your crypto is readily available for withdrawal whenever you need it.

But Binance goes beyond the basic 1:1 ratio. They also maintain additional reserves, providing an extra layer of security for your assets. This commitment to over-collateralization demonstrates their dedication to user protection. Furthermore, Binance operates with a debt-free capital structure, contributing to overall financial stability.

As an added layer of security, they’ve established a Secure Asset Fund for Users (SAFU) to act as a buffer in unforeseen circumstances. In short, by combining a strong reserve system, debt-free operations, and a dedicated emergency fund, Binance offers a secure environment for your cryptocurrency investments.

Available Countries and Regulations

Binance is one of the largest crypto trading platforms that operates globally across several countries. According to the website, Binance is available in over 100 countries covering Africa, America, Asia & Pacific, Europe, and Middle East, etc.

Additionally, Binance has various approvals and accredits from various regulatory bodies spread across several countries. It’s registered as a Digital Asset Service Provider (DASP) in France and Italy. It also has various accreditations from countries including Lithuania, Spain, Poland, Sweden, Kazakhstan, Abu Dabhi, Bahrain, Australia, Japan, Indonesia, New Zealand, Thailand, Mexico, El Salvador, etc.

Available Features

While Binance is renowned for its cryptocurrency exchange, it offers a diverse range of products and services that extend far beyond simple trading.

Binance Earn

Grow your crypto holdings through Binance Earn. This platform allows you to deposit stablecoins and earn interest. Flexible options with varying interest rates cater to different investment goals and timeframes.

Binance Visa Card

The Binance Visa Card bridges the gap between crypto and traditional finance. Convert your crypto to fiat currency and use it for everyday purchases – all without administrative fees from Binance (though standard payment network fees may apply).

Margin Trading

Binance caters to advanced traders with its lending service. While the interest rates are calculated based on the borrowing period, you can borrow crypto for spot, futures, or margin trading with flexible terms ranging from 7 to 180 days.

Binance Pay

Binance Pay is a superior product that allows you to use your cryptocurrency to pay for goods and services worldwide, directly through the Binance Marketplace. Moreover, you can execute your global transactions using Binance Pay by paying zero fees.

Launchpad

The Binance Launchpad empowers groundbreaking blockchain projects by offering them a platform to reach a wider audience. As of July 2023, over 70 projects have successfully launched through Binance Launchpad.

KuCoin

Fees

KuCoin stands out with its tiered maker-taker fee model. Fees start at a low 0.1% and can even decrease to as low as -0.005% for makers (those who add liquidity to the order book) depending on your tier level. This is significantly lower compared to some competitors who charge up to 0.50% per trade.

Holding KuCoin Tokens (KCS) allows you to unlock even lower trading fees, making the platform even more attractive for budget-minded traders.

While deposits are free on KuCoin, withdrawal fees apply and vary depending on the specific cryptocurrency and current market conditions.

Additionally, KuCoin is currently offering limited options for depositing traditional currencies like USD or EUR directly.

Proof of Reserves

According to the latest information published on the KuCoin website via a third-party report, KuCoin holds a 1:1 on-chain reserve for all user assets fostering trust and confidence among users.

Available Countries

KuCoin serves customers globally catering to over 200+ countries and 20+ languages according to the website. Also, with more than 700 coins supported by the KuCoin platform, new and experienced investors can find pretty much any cryptocurrency they are interested in purchasing or trading.

KuCoin operates globally under a license from the Seychelles’ FSA (Financial Services Authority). This license allows them to function as a digital asset exchange for a worldwide audience. They also hold licenses from the MFSA (Malta Financial Services Authority) and CIMA (Cayman Islands Monetary Authority) to cater to residents of those regions.

However, KuCoin needs more regulatory affiliations from different countries to boost its market reputation and enhance the security of customer’s funds.

Available Features

Margin Trading, Crypto Lending & Trading Bots

KuCoin stands out as one of the few exchanges where U.S. residents can access crypto margin accounts. Margin trading allows you to borrow funds from the exchange to amplify your potential returns in the cryptocurrency market. While this can magnify profits, it also significantly magnifies potential losses.

However, for a more passive approach, KuCoin Lending lets you earn interest by loaning your crypto to margin traders. While interest rates and terms are flexible, be mindful of the inherent risks: crypto volatility could impact your loaned assets, collateralized loans don’t eliminate potential losses from price drops, and KuCoin itself offers limited guarantees in its terms.

Additionally, you can also utilize Kucoin’s trading bots to execute trading actions on your behalf. All you have to do is specify the market conditions and the actions will automatically execute when those conditions are met.

Security

KuCoin prioritizes security for your digital assets. They partner with Onchain Custodian, a Singapore-based crypto security platform, which safeguards KuCoin’s cryptocurrency holdings. Additionally, these assets are further backed by insurance from Lockton, a reputable private brokerage.

For enhanced protection, KuCoin employs standard security measures like identity verification, unique trading passwords, and anti-phishing phrases to shield you from fraudulent activities.

However, due to KYC (Know Your Customer) verification limitations, U.S. accounts may have restricted access to certain security features. This means unverified U.S. accounts might not receive the same level of fraud and hacking protection as verified international accounts.

Kraken

Fees

Kraken offers buying options for both crypto newbies and veterans. Their Instant Buy feature allows for quick and easy purchases using credit or debit cards amongst other methods.

Kraken maker and taker fees can vary from 0.25% to 0.00% and 0.4% to 0.1% respectively depending on your transaction volume using Kraken Pro.

Kraken charges a displayed fees and a 3% additional charges for for converting the balances lower than the minimum order size.

Proof of Reserves

According to the official website, Kraken holds the complete amount for all the assets held on the platform on November 30, 2023. The recent Proof-of-Reserve information details that the most widely held cryptocurrencies including BTC, ETH, USDC, USDT, XRP, and ADA are completely covered along with open margin positions, on-chain staked amounts, and future balances.

Moreover, you can log in to your account and verify if your assets are covered in the recent reserves or not on a live-time basis. They also have regular 3rd party audits to ensure transparency and security for its users.

Available Countries and Regulations

Kraken has a firm base in over 190 countries catering to over 10 million users offering 200+ cryptocurrencies for trading and holding. Kraken supports this availability with round-the-clock global support.

Additionally, it is one of the most secure exchanges with several legal compliances. It maintains a status of Money Service Business with FinCEN. It holds the status of MSB in Canada as well as FINTRAC.

Kraken also operates in the United Kingdom as a Financial Conduct Authority (FCA) registered Cryptoasset firm under the money laundering regulations. It also offers crypto asset-related services through its subsidiary Crypto Facilities Ltd. authorized as an investment firm by FCA.

Kraken also holds several other regulatory compliance approvals in Italy, Australia, and Abu Dhabi.

Available Features

Core Trading Activities

Kraken caters to a diverse range of crypto users, from beginners to seasoned traders. Here’s a breakdown of their offerings:

• Spot Trading: Buy and sell a wide variety of cryptocurrencies directly, including popular options like Bitcoin (BTC) and Ethereum (ETH).
• Margin Trading: Kraken offers margin trading options allowing you to borrow funds from Kraken to trade select crypto pairs.
• Futures Trading: The option of futures trading is available on select trading pairs.
• Over-the-Counter (OTC) Trading: Kraken facilitates large cryptocurrency transactions for institutional and big investors.
• Staking: Earn rewards simply by holding certain cryptocurrencies in your Kraken account.
• Developer Tools (APIs): Developers can leverage Kraken’s APIs to integrate their cryptocurrency applications with Kraken’s services.

Security

Kraken takes the security very seriously. It has numerous security checks and protocols in place for all its users. It has 2FA verifications, self-serve account lock, configurable timeout, global settings time lock, and SSL Encryption amongst other features.

Gate.io

Fees

Unlike other platforms, Gate.io doesn’t charge makers and takers separately. Instead, they use a Fiat Fee Model with fiat trading fees set at 0.20% against the approximate industry average of 0.25%. The minimum order size for a transaction is $10. But, it doesn’t charge you any withdrawal or deposit fees.

However, this platform doesn’t support fiat and the only way to add or withdraw funds from your wallet is through cryptocurrency.

Proof of Reserves

As per the latest Proof-of-Reserve audit report, Gate.io holds 115.49% of the total assets on the platform as reserve securing all the users and covering almost all the popular cryptocurrencies. It regularly publishes these reports verified by 3rd parties to promote transparency.

You can also check whether your funds are secured under Proof-of-Reserve easily on the website.

Available Countries

With over 1700 cryptocurrencies listed on the platform, Gate.io caters to over 14 million registered users across 180+ supported countries with a 24-hour helpline for quick resolution. However, the platform doesn’t support fiat currencies and you need to transfer crypto to your Gate.io account.

Additionally, Gate.io holds a Virtual Financial Assets (VFA) Service Provider license in Malta helping it establish its foothold in Europe. It also holds a Trust or Company Service Provider (TCSP) License in Hong Kong.

Available Features: Gate.io offers a range of trading options, including spot trading, futures contracts, margin trading, lending, and more.

Gate.io equips you with a comprehensive suite of tools to navigate the ever-evolving crypto landscape.

Trading Activities

• Spot Trading: Dive straight in! Buy and sell cryptocurrencies instantly with over 1,700 trading pairs at your fingertips.
• Margin Trading: Amplify your returns (and risks) by leveraging borrowed funds from the exchange for select crypto pairs.
• Futures Contracts: Predict the future and lock in profits with futures contracts, allowing you to buy or sell crypto at a predetermined price on a specific date.
• Leveraged Tokens: Trade crypto assets that mirror market movements, offering enhanced exposure with built-in leverage.
• Peer-to-Peer Trading: Bypass intermediaries and trade directly with other users for Bitcoin, Tether, and Ethereum.
• Crypto Lending: Put your idle crypto to work and earn interest by lending it to others.
• Flash Swaps: Need to exchange crypto quickly? Gate.io’s flash swaps let you seamlessly switch between assets without order book delays.
• Copy Trading: Mirror the success of seasoned traders by copying their strategies.
• Crypto Baskets: Invest in pre-assembled crypto bundles that align with your risk tolerance and market outlook.
• Your NFT Hub: Explore and purchase a vast array of NFT collections on Gate.io’s dedicated NFT platform.
• NFT Drops & Auctions: Be a part of the excitement – participate in NFT drops and auctions to secure exclusive digital collectibles.
• Gas-Free NFT Minting: Create your NFTs without worrying about gas fees, a common barrier on other platforms.
• Multi-Chain NFT Bridge: Gate.io seamlessly bridges NFTs across prominent blockchains like Ethereum, Polygon, Solana, and Tron.

Security

Gate.io prioritizes the security of your cryptocurrency holdings through a multi-layered approach. Two-factor authentication (2FA) via SMS or email adds an extra hurdle for unauthorized login attempts.

Furthermore, a unique withdrawal password is required specifically for taking funds out of your account, providing an additional layer of protection. Gate.io even goes beyond standard measures by offering bug bounty rewards to incentivize the security community to discover and report vulnerabilities in the platform.

They adhere to industry best practices by storing the majority of user assets offline in secure cold storage, minimizing the risk of theft from online attacks. Gate.io is very particular about the financial standards and local law enforcement. So, they have mentioned the countries and the corresponding restricted services on the website.

Final Thoughts

Bitcoin trading is a complex and risky endeavor, and it is important to do your research before you start.

In this article, we discussed some of the factors to consider when choosing a Bitcoin trading platform. These include liquidity, reliability and trustworthiness, trading fees, charting tools, selection of financial products, and community growth. We also provided a list of some of the best Bitcoin trading platforms according to our own personal research.

Note that this information is subject to change, so it is always a good idea to check for updates. If you are new to Bitcoin trading, it is important to start with a small amount of money and learn the ropes before you invest more. With careful research and a sound strategy, Bitcoin trading can be a profitable venture.

Always do your own research and follow the Paybis blog for more Bitcoin trading knowledge.