Explore The Best Ethereum (ETH) Exchanges in 2024

Reviewed by

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Mileva Stankovic

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Kraken
Exchange Rating
9.5
Available in
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Available Countries

+236

Available Cryptocurrencies

1
2
3
+382

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Intro

Are you looking for the best Ethereum exchanges in 2024.

In today's world, where cryptocurrency is taking the market by storm, everyone wants a piece of the action!

However, you don't need to worry, as we've prepared a detailed guide for you!

By reading it, you’ll discover the best Ethereum exchanges in the market and their pros and cons.

Prepare yourself to learn about:
 

  • Criteria for choosing the best Ethereum exchanges
  • Types of cryptocurrency exchanges
  • How to buy Ethereum

We’ve gathered much more information for you, so let’s start!

Best Sites

1.

Kraken

Exchange Rating 9.5
Available in
Available in United States
9.5
Description: 

Kraken is one of the oldest exchanges out there, having been around since 2011. They offer many trading interfaces and are extremely trustworthy.

General Information

Year founded: 
2011
Coins Available: 
Ethereum
Bitcoin
Tether
Polkadot
Chainlink
Cardano
Bitcoin Cash
Litecoin
Uniswap
USD Coin
XRP
Aave
Stellar
Tezos
Curve DAO Token
Algorand
Monero
Synthetix
Dai
Filecoin
Compound
EOS
The Graph
Cosmos
Keep Network
ICON
yearn.finance
TRON
Qtum
Dash
Basic Attention Token
Zcash
Kusama
OMG Network
Waves
Nano
Dogecoin
Enzyme
Decentraland
Kava.io
Ethereum Classic
Orchid
Kyber Network
Storj
Siacoin
Lisk
Aragon
PAX Gold
Gnosis
Balancer
tBTC
Augur

Anonymity

Kraken is a registered US exchange, so they must follow strict KYC & AML laws. These laws prohibit anonymous accounts from being generated.

Reputation

Kraken has one of the best reputations in the crypto industry. They are the only crypto company in the world to secure an SPDI banking license. 

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DisclaimerThe information provided on this website is for informational purposes only and should not be considered as financial, investment, or legal advice. Cryptocurrency investments are volatile and high-risk in nature. Consult with a qualified financial advisor and/or tax professional before making any investment decisions. We are not responsible for any loss incurred due to the use of information on this website. Do your own research and exercise caution. Don’t invest unless you’re prepared to lose all the money you invest.
 

Why Trust Us?

When it comes to review sites, skepticism is wise. Many offer superficial reviews that lack depth, while some let their biases influence their opinions. These types of sites aren't helpful for those seeking the best ETH exchange.

At Cryptomaniaks, we take a different approach. Our team uses a wide range of data points to create comprehensive reviews. We consider factors like security, product volume, and customer service standards.

After reading our reviews, you'll be well-informed and able to choose the best Ethereum trading platform for your needs. We strive for neutrality and uncovering the truth, even if it doesn't please every Ethereum exchange. What matters most is benefiting our readers.
 

Key Takeaways

 

  • Explore top Ethereum exchanges like Binance, Kraken, eToro, Huobi Global, and KuCoin for varied ratings and features
  • Safeguard your assets by using multiple trading platforms, providing diversification, and enhancing familiarity
  • Understand the differences in ownership, fees, and risk tolerance when deciding between crypto exchanges and brokers
  • Weigh the pros and cons of decentralized (DEX) and centralized (CEX) exchanges to make an informed choice based on preferences
  • Recognize key differences such as fees, customer service, and security when comparing cryptocurrency trading to traditional stock investing
  • Learn secure storage options using software or hardware wallets and explore various ways to utilize Ethereum

 

Pros and Cons of Buying ETH on Crypto Exchanges

Before you buy Ethereum on an exchange, note these pros and cons:
 

Pros and Cons of ETH Exchanges
Pros Cons
Wide availability on numerous cryptocurrency platforms Varying fees, including trading and withdrawal fees, depending on the exchange
High liquidity minimizes slippage risks during trades Regulatory uncertainties may impact the services provided by exchanges
Diverse trading pairs against cryptocurrencies and fiat currencies Potential vulnerability to hacking attempts despite security measures
Advanced features like margin trading and futures contracts offered on many exchanges KYC requirements compromise user anonymity on many platforms
Robust security measures implemented by reputable platforms Customer service quality varies among exchanges, leading to reported challenges for some users
User-friendly interfaces cater to both beginners and experienced traders  

 

Choosing the Best ETH Exchange: A Simple Guide

Choosing best ethereum exchange

If you're looking for a crypto trading platform to buy crypto, here's a detailed guide to help you pick the right one for your needs:
 

Consider liquidity

Find an exchange with good liquidity, where there are enough buyers and sellers. This makes it easier to buy and sell cryptocurrencies at fair prices.
 

Prioritize security

Look for exchanges that use strong security measures like encryption, two-factor authentication (2FA), and cold storage for storing cryptocurrencies. This protects your coins from hacks and theft.
 

Check licensing and reputation

Ensure the ETH exchange is licensed and regulated, as this provides more trust and assurance. Also, research user reviews and feedback to gauge its reputation and reliability.
 

Look for educational resources

Choose an exchange that offers educational tools like tutorials, guides, or blogs. These resources can help you understand cryptocurrency trading and navigate the platform confidently.
 

Compare fees

Pay attention to the fee structure of the exchange, including transaction, deposit, and withdrawal fees. Compare fees across different platforms to find the best fit for your trading volume and frequency.
 

Consider crypto variety

Investigate the number and types of cryptocurrencies available for trading. A wide selection allows you to explore different investment opportunities and diversify your portfolio.
 

Check payment methods

Ensure the exchange supports convenient and accessible payment methods for you, such as credit cards, debit cards, eWallets, and cryptocurrencies. Having various options makes depositing and withdrawing funds easier.
 

Products to consider

The best Ethereum exchanges provide different products and features. Here are a few common ones to look for:
 

Spot trading

Basic buying and selling of cryptocurrencies at the current market price. You can exchange between cryptocurrencies or trade with fiat currencies like USD or EUR.
 

Margin trading

Borrow funds to amplify your trades and use more capital than you have. It comes with higher potential profits and risks.
 

Futures contracts

These are trading agreements to buy or sell at a set price on a specific date, allowing speculation on future price movements without owning the actual assets.
 

Options trading

Gives you the right, but not the obligation, to buy or sell cryptocurrencies at a specified price within a set time frame.
 

Staking and lending

Employing these actions, you earn rewards by holding and validating certain cryptocurrencies through staking. You also get to lend your coins to others for interest earnings.
 

Initial coin offerings (ICOs) and token sales

These allow you to participate in the launch of new cryptocurrencies or tokens and acquire them during sales events.
 

Cryptocurrency savings accounts

With these storage units, you can deposit coins and earn interest, similar to traditional bank accounts but with potential for higher returns.

 

Crypto payment solutions

Some exchanges offer solutions for businesses to accept digital assets as customer payments, bridging the gap between traditional finance and cryptocurrencies.

Remember, not all exchanges offer all these products. Research and choose an ETH exchange that offers the products and features that meet your trading goals and preferences.
 
 

Guide to Crypto Exchange Fees

When you buy or sell crypto, there are two types of fees you need to know about: trading fees and withdrawal fees.
 

Trading Fees

Trading fees are charges you pay when you make a trade on the best crypto and BTC exchange. These fees can be a percentage of the amount you trade or vary, depending on whether you're a maker or a taker. Makers add liquidity to the exchange, while takers fulfill existing orders. Some exchanges offer lower fees for makers.

It's important to look at overall fees and consider any discounts available to trade a certain amount or hold the exchange's native cryptocurrency. Don't get too caught up in the maker and taker details, since you can't control how your order is processed.
 

Withdrawal Fees

Exchanges may also charge fees when you want to move your crypto off their platform. These fees vary depending on the cryptocurrency you're withdrawing. If you plan to move your crypto to a secure wallet or another exchange, choose a platform that allows fee-free withdrawals or offers reasonable withdrawal fees.
 

Other Fees

If you're into advanced trading strategies like margin trading, there may be additional fees for borrowing money. Beginner-friendly exchanges often charge higher fees for quick buy features using credit or debit cards. It's usually better to buy crypto with cash or wire transfers to avoid these premium fees.

Remember to consider the different fees and choose an exchange that aligns with your trading needs and budget.
 
 

How do ETH Trading Platforms Work?

An Ethereum exchange is a platform where you can buy cryptocurrencies, similar to stock trading platforms for buying and selling stocks. Here's a simple overview of how they work:
 

  • Getting set up: To use an Ethereum trading platform, you create an account and set up a wallet, which is like a digital bank account to hold cryptocurrencies. You deposit money into the exchange from your traditional bank account
  • Placing orders: On the exchange, you can browse different cryptocurrencies and place orders to buy or sell at specific prices, just like placing buy or sell orders for stocks
  • Order matching: The exchange matches your order with someone who wants to sell or buy at the same price. If there's a match, the trade goes through, and ownership of the crypto assets is transferred between the parties
  • Monitoring prices: Crypto prices can change rapidly, so the exchange shows you the current market prices. This helps you track the value of your holdings and make informed decisions
  • Making withdrawals: To move your crypto from the exchange to your wallet, you withdraw funds, just as you would transfer money from a bank account to your pocket

Stock trading platforms are similar to crypto exchanges. That being said, it's important to understand that cryptocurrencies and stocks are different asset classes with unique characteristics and regulations.  As a result, when you trade cryptocurrencies, it's essential to be aware of their specific nature.

 
 

Using an Exchange Vs a Broker

When it comes to buying and selling cryptocurrencies, there are two main options: exchanges and brokers. Let's break it down.
 

Exchanges

These platforms allow you to directly buy, sell, and trade cryptocurrencies like Ethereum. They are best for people who want to be actively involved in the trading process. You actually own the cryptocurrencies you buy on the exchange. However, exchanges may charge fees for their services.
 

Brokers

Brokers are a better choice if you prefer to have an expert handle your investments. With brokers, you don't actually own the cryptocurrencies. Instead, you trade contracts based on their value. Leveraged products offered by brokers can amplify your potential profits, but they also come with increased risk.

Contracts For Differences (CFDs) and Futures are types of contracts that allow you to speculate on the rise or fall of Ethereum's value. Perpetuals are similar to Futures, but have no specific expiration date.

It's important to consider your trading preferences and risk tolerance when deciding between an exchange or a broker.

   
 

Types of Ethereum Exchanges: Decentralized vs. Centralized

There are two main types of Ethereum exchanges: decentralized exchanges (DEX) and centralized exchanges (CEX). Let's explore the advantages and disadvantages of each.
 

Decentralized Exchanges (DEX)

DEXs allow users to trade cryptocurrencies directly with each other, without intermediaries. Here are the pros and cons of using DEXs:
 

Benefits of DEXs

 
  • Control: Users have more control over their funds as DEXs usually operate through smart contracts, eliminating the need to deposit funds onto the exchange
  • Privacy: DEXs often prioritize user privacy, as they don't require extensive personal information
  • Security: DEXs operate on the blockchain, making them less vulnerable to hacking or centralized system failures
  • Access: DEXs are generally accessible to anyone with an internet connection, allowing participation from anywhere in the world
  • Trustless: DEXs remove the need to trust a centralized authority by using smart contracts and blockchain technology for trades

   

Issues with DEXs:

 
  • Liquidity: DEXs may have lower liquidity compared to centralized exchanges, resulting in fewer buyers or sellers for certain assets
  • User experience: Some DEXs might have a steeper learning curve or a less user-friendly interface than CEXs
  • Limited offerings: DEXs may not support all cryptocurrencies or trading pairs, limiting the range of available options
  • Speed: Trading on DEXs can be slower due to the reliance on blockchain confirmations for each transaction
  • Price impact: Lower liquidity on DEXs can lead to price slippage, affecting the execution price of trades

   

Centralized Exchanges (CEX)

CEXs are traditional crypto exchanges where buyers and sellers trade through a centralized platform managed by a company or organization. Here are the advantages and disadvantages of using them:
 

Benefits of CEXs

 
  • Liquidity: CEXs typically have higher liquidity, making it easier to buy and sell coins
  • User-friendly: Many CEXs offer intuitive interfaces and features designed for easy trading, especially for beginners
  • Wide range of assets: CEXs often support various cryptocurrencies and trading pairs, providing more options for users
  • Customer support: CEXs usually provide customer support services, allowing users to seek assistance when needed
  • Advanced trading features: Some CEXs supply advanced tools like margin trading and stop-loss orders for more experienced traders

   

Issues with CEXs

 
  • Centralization: Users must trust the exchange with their funds, as these are stored on the exchange's platform
  • Privacy concerns: CEXs often require users to go through identity verification processes, which can compromise privacy
  • Security risks: CEXs are attractive targets for hackers and can experience internal security breaches
  • Dependency: Trading on CEXs relies on the continuous operation of the exchange, which can be affected by technical issues or maintenance
  • Regulatory risks: CEXs are usually subject to regulatory requirements and restrictions, limiting availability in certain locations

Consider these factors and your personal preferences when you choose between DEXs and CEXs. Each option has its own advantages and disadvantages.
 
 

The Benefits of Using Multiple Trading Platforms

Using multiple Ethereum exchanges is a smart choice for a few reasons. Here are three key advantages:
 

  • Asset Protection: Having accounts on different platforms safeguards your investments in case of a catastrophic event. If one exchange fails, you still have a backup to rely on. Keeping all your coins in a single exchange puts you at risk of losing everything
  • Diversification: Just like with traditional investments, spreading your holdings across various platforms reduces risk. Each exchange has its own strengths, features, and security measures. By using multiple sites, you can enjoy the benefits offered by each platform
  • Familiarity: Using different exchanges allows you to become familiar with how each platform works. Each cryptocurrency exchange has its unique user interface, tools, and features. By gaining experience with multiple sites, you can make informed decisions and adapt to market changes. This knowledge is valuable in navigating the cryptocurrency landscape

  

How Do I Open A Crypto Exchange Account?

To open a crypto exchange account, go to the exchange's website or download their app.

The registration process varies for each exchange. Some may let you create an account and trade small amounts of crypto without verifying your identity or sharing much personal information.

However, due to government regulations, you'll probably need to provide certain details to prevent money laundering and fraud. This includes your name, date of birth, mailing address, and Social Security number. You may also need to submit a photo or scan of a government-issued ID to verify your identity.
 
 

How to Buy Ethereum

Buying Ethereum on an exchange is quick and easy. Just follow these steps:
 

1. Choose a reputable exchange

Research and select a well-known cryptocurrency exchange like Coinbase, Binance, or Kraken that supports Ethereum trading.
 

2. Create an account

Sign up on the chosen exchange platform, provide your personal information, and set up security measures like two-factor authentication (2FA).
 

3. Select your payment method

Choose your preferred payment method, such as bank transfers, credit/debit cards, or digital payment platforms like PayPal, depending on what the exchange supports.
 

4. Deposit funds

Navigate to the deposit section of the exchange platform and follow the instructions to transfer funds from your bank account or use your chosen payment method to deposit money into your exchange account.
 

5. Find the ETH market

Locate the Ethereum market on the exchange platform under the trading section, usually listed as ETH/USD or ETH/BTC.
 

6. Place a buy order

Decide the amount of Ethereum you want to buy, enter the details in the order form, specify the price or choose the market price, review the details, and confirm the order.
 

7. Store your ETH

After your buy order is executed, the purchased Ethereum will be credited to your exchange account.

For better security, it's recommended to move your ETH to a personal wallet. You have two options:
 

  • Create a wallet on your computer: Follow the instructions provided by a trusted wallet provider to create and store your Ethereum securely.
  • Use a hardware wallet: Consider using a hardware wallet, which provides added protection for your ETH. Follow the instructions from the hardware wallet manufacturer to set it up.

Remember, you're not limited to using a centralized exchange (CEX) to acquire cryptocurrency. You can also explore other options like peer-to-peer (P2P) platforms, cryptocurrency ATMs, or decentralized exchanges (DEXs).

Each method has its own benefits and things to consider. Do thorough research to choose the option that suits your preferences and needs best.
 
 

All About Ethereum

Ethereum, created by Vitalik Buterin in 2015, is a popular cryptocurrency platform. Buterin came up with the idea as a teenager and turned it into a reality with the help of a team of developers.

Ethereum goes beyond Bitcoin by enabling the creation of decentralized applications. It has become one of the most influential and widely used blockchain platforms worldwide.
 

What can ETH do?

Ethereum is a digital platform that allows you to create and use applications without relying on a central authority like a bank or government. It's like a global computer accessible to anyone via the Internet.

What makes Ethereum unique are its "smart contracts," which automatically carry out transactions based on predefined conditions. This means transactions can take place without intermediaries like lawyers or banks, making things faster and potentially more secure.

Ether (ETH) is Ethereum's cryptocurrency, used within the Ethereum network similar to physical money for buying goods or services, but in a digital form.

On Ethereum, people can build and run "decentralized applications" (dApps) offering various services like decentralized finance, games, and social networks.

Ethereum's developers and enthusiasts worldwide all collaborate to enhance its security, efficiency, and usefulness. This makes it an open platform for anyone to create and deploy their own dApps.
 

Advantages of Ethereum

 
  • Community support: Ethereum has a strong community of developers and users who can help you on your crypto journey.
  • Lots to do with Ethereum: You can do many things with Ethereum tokens, thanks to its thriving dApp ecosystem. Creating and publishing your own tokens is also easy, which can help with fundraising and testing ideas.

 

Disadvantages

 
  • Scalability issues: Ethereum has trouble handling a large number of transactions quickly. Compared to VISA, which can handle a lot, Ethereum is slower, processing only 25 transactions per second.
  • Smart contract risks: There have been cases of smart contract hacks on Ethereum. It's important to be cautious when trusting your funds with smart contracts. However, the developer community actively fixes these issues.

   

How Is Investing In Crypto Different From Investing In Stocks?

Trading cryptocurrencies is not like traditional investing in a few important ways. Here are a few examples:
 

Fees

Unlike stocks, trading cryptocurrencies can be more expensive. You may pay high fees, up to 5% or more, depending on the payment method, when trading Bitcoin. On the other hand, many online brokers no longer charge commissions for stock trading.
 

Customer Service

The customer service in the crypto industry is not as advanced as in traditional brokerages. If you have questions or issues with your account, it may be harder to find a person to talk to at a crypto exchange. Many pure crypto exchanges don't offer that service.
 

Security

When it comes to protecting your crypto, you have more responsibility, especially if you use your own digital wallet. While exchanges protect you from site-wide hacks, they may not offer the same back-up for individual attacks, such as phishing emails that trick you into revealing your passwords. This means that you need to be careful and take extra steps to secure your crypto.
 

What Can I Do with My Crypto?

Once you have Ethereum, here are a few things you can do with it:
 

Hold as an investment

Keep your Ethereum with the hope that its value will increase over time, similar to holding stocks or other assets.
 

Trade on exchanges

Use your coins to trade for other cryptocurrencies on different exchanges, exploring various investment opportunities and potentially making profits.
 

Participate in decentralized finance (DeFi)

Use your Ethereum on DeFi platforms to lend, borrow, earn interest, or participate in liquidity provision without banks, offering new ways to manage and increase your assets.
 

Invest in NFTs

Use ETH to buy, sell, or invest in unique digital assets like artwork, collectibles, or virtual real estate, participating in the growing NFT market.
 

Support blockchain projects

Get involved in token sales and decentralized platforms, supporting developers and communities building on the Ethereum platform.
 
 

Why Buying Several Coins is Important

Buying multiple cryptocurrencies, not just Ethereum, is crucial for diversification. Each cryptocurrency has different characteristics and price movements. By investing in a variety of coins, you can balance potential losses and maximize potential gains.
 

How to store your coins

There are two types of wallets to store your coins securely:
 

  • Software wallets: Install applications like MetaMask, MyEtherWallet, or Trust Wallet on your computer or smartphone. These wallets allow you to send, receive, and store your coins with enhanced security.
  • Hardware wallets: Utilize physical devices such as Ledger or Trezor to store your coins offline. They provide extra security by safeguarding your private keys.

To maximize security:
 

  • Choose a reputable wallet.
  • Use strong passwords.
  • Enable two-factor authentication (2FA).
  • Keep backups of your wallet information.

Storing your coins in a personal wallet offers more control and security compared to keeping them on an exchange, which carries a higher risk of hacking.
 
 

Final Word

To sum up, Ethereum exchanges are a good option to start if you are new to crypto. However, you should collect all information and make a well-informed decision.

Our guide is a perfect way to start learning about the best ETH cryptocurrency exchanges, their pros and cons, and much more. 

Stick with ETH exchanges that educate readers while boosting your knowledge and trading success.

Remember the risks in crypto trading and use money only if you can afford to lose.

Frequently Asked Questions

How many ETH exchanges exist?

There are currently hundreds of ETH exchanges in existence. It is estimated that there are close to 600 crypto trading platforms actively operating. These exchanges provide a variety of options for buying, selling, and trading Ethereum. However, it's important to note that not all exchanges are equal in terms of reputation and reliability. 

Due to the lack of regulation in the industry, it is essential to research and choose a reputable exchange before registering. Additionally, the number of ETH exchanges may fluctuate over time, as new platforms emerge and others cease operations.

What services do Ethereum exchanges offer?

In addition to their main role of facilitating crypto buying and selling, exchanges provide some extra services. One of these is the ability to earn rewards by lending out your crypto. If you don't want to manage your own wallet, many exchanges can hold your crypto for you.

However, it's important to be aware that some exchanges have faced problems with these additional services. For example, they may freeze withdrawals from rewards programs if they experience liquidity issues. Also, keeping your crypto in an exchange's wallet can be risky in case of exchange failure or cyberattacks.

How much money is needed for an Ethereum trading platform?

If you're new to crypto and want to try it out, you don't need to risk all your savings to understand how it works.

Crypto exchanges recommended by Cryptomaniaks usually don't require a minimum account balance. This means you can create an account and explore without spending any money. And if you decide to buy crypto, you don't have to buy a large amount. Many exchanges allow purchases as low as one dollar.

Are Ethereum exchanges safe?

In general, yes. If you pick a secure Ethereum exchange, your money should be protected. Make sure the exchange has important security features like audited proof of reserves, Two-Factor Authentication for logging in, and a license from a financial regulator if possible.

However, even with these security measures, it's a good idea to transfer your money to a dedicated Ethereum wallet if you want to hold your coins for a long time. Wallets offer more security because they give you full control over your money.

Will I have to pay for deposits and withdrawals?

Generally, no. When you send coins to another wallet or exchange, you'll only need to pay transaction fees on the Ethereum blockchain, called "gas" fees. Gas fees have become much lower after Ethereum switched to a cheaper blockchain called proof-of-stake in 2022.

Nowadays, transaction fees are usually very small, often less than $1 worth of Ether. However, some exchanges may have a small withdrawal fee, like Binance, which charges a 0.01 Ether withdrawal fee.

How do I buy Ethereum with fiat currency?

To buy Ethereum with fiat currency in [current:year], use a reputable cryptocurrency exchange supporting Ethereum and fiat transactions. Create an account, complete verification, deposit fiat, and purchase Ethereum at the market price. Peer-to-peer platforms may offer alternative options. Ensure to choose a reliable platform with competitive fees and secure fund handling.

Written by

Mileva Stankovic

When Mileva invested in Bitcoin at the end of 2017, she never believed she’d end up becoming so focused on crypto. Today, she's investing in various coins and playing Texas Hold 'em with passion. 

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