Explore The Best New Crypto Exchanges in 2024

Reviewed by

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Mileva Stankovic, Ramsha Naushad

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Available Cryptocurrencies

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Kraken
Exchange Rating
9.5
Available in
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Available Countries

+232

Available Cryptocurrencies

1
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3
+153

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Intro

It's time to explore the best new crypto exchanges that have entered the scene in 2024. 

These platforms bring unique features and better user experiences to the crypto market and crypto traders. 

Join me on this journey as we uncover the most promising newcomers in the world of digital assets.

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: 
Bitcoin
Ethereum
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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7.

Coinbase

Exchange Rating 7.7
Available in
Available in United States
7.7
Description: 

Coinbase, a major player since its inception in 2012, is a user-friendly cryptocurrency exchange offering a secure platform for buying, selling, and managing a variety of digital assets.

General Information

Anonymity

Committed to regulatory compliance, Coinbase adheres to strict KYC and AML protocols, necessitating user identity verification and preventing the establishment of anonymous accounts.

Reputation

With a solid reputation, Coinbase is widely recognized for its reliability, ease of use, and regulatory adherence. As a publicly traded company, it holds a position of trust in the cryptocurrency market.

Pros and Cons

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Disclaimer: The 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?

At Cryptomaniaks, trust is our foundation. We pride ourselves on being your trusted source for cryptocurrency insights. Our dedicated team invests hours meticulously researching every product we encounter. We delve into its reputation, reviews, background, and features.

We go the extra mile by not only registering but also using each website under review. By conducting comparisons, we ensure that you have access to only the finest products. We also have intelligent algorithms to provide unbiased & fair ratings. 
 

Key Takeaways

 

  • Selecting a new crypto exchange means you should be extra careful
  • New crypto exchanges work similarly to existing ones
  • You can choose from centralized, decentralized, and hybrid platforms
  • Look for correct licenses and regulated exchanges to trade

 

Pros and Cons

  Before using a new crypto exchange, consider the following pros and cons:
 

Pros and Cons of New Crypto Exchanges
Pros Cons
New exchanges often introduce innovative features and technologies to attract users New exchanges lack a track record compared to established ones
Some new exchanges may start with lower fees or offer promotions to attract users New exchanges may struggle initially with lower liquidity
New exchanges may be more responsive to user feedback and suggestions New exchanges may not have undergone extensive testing
New exchanges may be quicker to list new and promising tokens While new exchanges may bring innovation, they might lack some of the advanced features or tools offered by more established platforms
To attract users, new exchanges often provide various incentives  
New exchanges can work equally well as established ones  

 

How to Select Your New Crypto Exchange

Selecting the right crypto exchange is a pivotal decision for anyone in the crypto space. It can significantly impact your trading experience, security, and overall satisfaction. 

In this article, I'll guide you through all the considerations and key factors to keep in mind.  
 

Consider the variety of coins offered

Cryptocurrency trading can be complex, but crypto exchanges make it easier. With thousands of different types of cryptos out there, you need to pick the right exchange. Not all exchanges offer every digital asset, so check if they have the ones you want. In general, you can expect to find a selection of the most prominent currencies:
 

  • Cardano
  • Tron
  • Dash
  • Dogecoin
  • Polygon
  • Solana

Look for a list and see if your favorite altcoin is on the trading platform you select. Remember, some exchanges let you trade dozens of obscure coins, but they might not follow U.S. laws or regulations. Be cautious.
 

Ensure the exchange has sufficient liquidity

Liquidity matters in the crypto world. It's how easily you can turn your cash into coins, or the other way around, without paying too much. When prices are going crazy, you want quick and fair trades. Check an exchange's trading volume—the higher the better. 
 

Compare the fees

Crypto exchanges charge fees for depositing, trading and withdrawing. Fees range from 0% to 5% per trade, depending on your trading volume.

Some fees depend on your total trading volume over a 30-day period. Bigger trades often have lower fees.
 

Review security measures

Crypto exchanges can be vulnerable to hacks, so security is a big deal. Most exchanges offer basic protections like two-factor authentication (2FA). Some even use biometric logins with facial or fingerprint recognition.

Exchanges will likely require government-issued identification, adding an extra layer of security.

Look for exchanges with security controls and financial audits in place. Check for Service Organization Control (SOC) reports. These show the exchange's financial and technology systems are in good shape.

The website should also utilize Secure Sockets Layer (SSL). That’s the little padlock you see next to the URL. Additionally, check the platform’s licenses and other documentation regarding security. If those documents are hard to find, it’s better to move on.
 

Does the new exchange offer educational resources?

When choosing a new crypto exchange, consider if it offers educational resources. These resources are crucial for users to make informed decisions and navigate the volatile crypto market.
 

Importance of educational resources

Educational resources play a pivotal role in helping users understand cryptocurrencies. They provide valuable insights, knowledge, and guidance. Having access to educational materials gives you the confidence to navigate and invest wisely.

Risk is inherent in any investment, but crypto comes with its unique set of risks. Educational resources equip users with risk management strategies. By understanding the risks involved, users can take precautions to protect their investments.

Let me remind you, you will likely face various scams and frauds in the crypto space. Exchange’s resources educate you on how to spot and avoid scams. This knowledge can save you from losing your hard-earned money.
 

Types of educational resources

Here’s what to look for:
 

  • Crypto basics: Look for resources that cover fundamental crypto concepts. It includes blockchain technology, Ethereum, and more. These resources help beginners grasp the core principles of the crypto world
  • Trading strategies: Educational materials on trading strategies and tips are very useful. They help users looking to maximize their gains and minimize risks and provide valuable insights into the art of trading in the crypto market
  • Market analysis: Access to market analysis and insights is another important aspect. Look for resources that offer comprehensive analyses of crypto trends, price movements, and market dynamics
  • Variety of formats: Educational resources can come in various formats. They can be blogs, comprehensive guides, a dedicated help center, or simulation trading platforms. Some also have instructive videos, and even an "Academy" section. This ensures that users can choose the learning style that suits them best

 

Evaluating the quality of educational resources

 
  • Accuracy: The accuracy of information provided in educational resources is paramount. Ensure that the content is up-to-date and reliable. Outdated or incorrect information can lead to poor decision-making
  • Accessibility: Educational resources should be easily accessible and understandable, even for beginners. User-friendly resources ensure that users of all levels can benefit from the information provided

When selecting a new crypto exchange, focus on those that offer high-quality educational resources. It will enhance your crypto knowledge and trading skills.
 

Licenses and georestrictions

Several countries, including the United States, classify certain cryptocurrencies as securities. They are subject to the same regulatory requirements as traditional securities. The U.S. SEC regulates Initial Coin Offerings (ICOs) as securities offerings. 

In Europe, crypto exchanges are strictly regulated by state authorities and regulators. 

In countries like Singapore and The Bahamas, they have their own special crypto licenses. These licenses make crypto exchanges and trading completely legal. Singapore even treats Bitcoin like "goods". So they tax it kind of like how they tax regular things Goods and Services Tax (similar to VAT).  

Some countries, like Algeria and Morocco, have outright banned cryptocurrencies. The use and possession is illegal. 

Many countries have introduced AML and KYC regulations. It is to prevent the use of cryptocurrencies for illegal activities. These regulations need exchanges to identify and verify their users.
 

Understanding exchange licenses

A crypto license is a legal authorization to operate a cryptocurrency exchange. Think of licenses like permission slips. They're crucial for exchanges because they show that it is following the rules. Using an unlicensed exchange is like driving without a license—risky business!

Benefits of crypto exchange license 

There are several benefits of using an exchange with a license: 

  • Legal Compliance: It ensures legal compliance, protecting businesses from potential legal repercussions and hefty fines
  • Trust and Credibility: A licensed exchange builds trust and credibility with customers. It assures them of the safety of their investments
  • Increased Customer Base: Licensing attracts a broader customer base and expands the reach of cryptocurrency services
  • Banking Relationships: Licensing facilitates banking relationships, enabling access to essential financial services via bank accounts
  • Expanded Services: With a license, businesses can expand their services, introducing new offerings. I can also help with additional revenue streams
  • International Expansion: Licensing simplifies global operations and attracts a diverse international customer base

 

Key Factors Considered by Regulators

Regulators want to stop bad stuff like money laundering and terrorism funding. They use Anti-Money Laundering (AML) and Know-Your-Customer (KYC) rules.

There are the primary regulatory bodies and government agencies. They are responsible for overseeing cryptocurrency regulation in various countries and regions. These include:
 

Regulatory Bodies
In the United States In the European Union In the United Kingdom
The Securities and Exchange Commission (SEC) The European Securities and Markets Authority (ESMA) The Financial Conduct Authority (FCA)
Commodity Futures Trading Commission (CFTC) National regulatory bodies like BaFin (Germany) and AMF (France)  
Financial Crimes Enforcement Network (FinCEN)    

 
    
 

What products and features are available on the exchange?

When considering a new crypto exchange, explore the products and features it offers. Understanding these offerings is essential for making the right choice.
 

Trading platforms and tools

Exchanges offer various trading platforms and tools to cater to different traders and investors. The best crypto and BTC exchanges provide user-friendly platforms suitable for beginners. Others have platforms designed for professional traders. 

You will see features like customizable chart analysis tools and detailed insights into order books. Some platforms might also include high-speed order execution. Choose a trading site that aligns with your trading experience and goals.
 

Spot, margin, and futures trading

Exchanges may offer different types of trading, including spot, margin, and futures trading. Spot trading involves buying and selling cryptocurrencies for immediate delivery. Margin trading allows experienced traders to leverage their positions to increase profits. It also has the risk of losses.

Futures trading involves contracts to buy or sell assets at a predetermined price in the future. It offers a way to hedge against market fluctuations.
 

Crypto wallets and storage options

Security is a top priority in the world of cryptocurrency. When choosing an exchange, see the storage options it has for your digital assets. 

Some exchanges offer secure self-hosted crypto wallets. These types of crypto wallets allow you to have full control over your funds. Others provide custodial wallets, where the exchange holds your assets on your behalf. Assess your preferences and risk tolerance when selecting an exchange.
 

Services for individuals

Ethereum exchanges offer a wide range of services for individuals. You can buy and sell a variety of cryptocurrencies on these platforms. It is easy to build and manage your portfolio. Additionally, some exchanges offer incentives like crypto rewards for holding specific assets.
 
For those in need of cash, certain exchanges enable you to borrow fiat. For example, you can use your Ethereum holdings as collateral.
 

DeFi and staking

Besides trading options, a new crypto platform might offer the option of lending and staking. If this is the case, this crypto market will work as your savings accounts. Select the amount of currency you want to stake or lend, so you can receive interest. 

On the other hand, you will also have access to a loan, if the exchange offers it. Just ensure there’s some form of insurance on your holdings. Also, check the fee structure so you know how much you’ll earn or return.
 

Services for businesses

Some exchanges offer institutional solutions tailored to the needs of larger organizations. If your business wishes to accept cryptocurrency payments, many exchanges will help you streamline this process. 

Listing your own assets on the exchange can also be an option. It increases the exposure and liquidity of your tokens. Some exchanges provide access to the futures market to manage their risk effectively.
 

Trading bots

Newer exchanges may introduce features like trading bots. Trading bots can automate trading strategies, and save time to improve trading outcomes. These bots execute trades based on predefined rules and market conditions. Integrating trading bots into your strategy may offer a competitive advantage.
 

NFT support

With the rising popularity of NFTs, newer exchanges may incorporate NFT marketplaces. This enables users to explore, create, buy, and sell NFTs. You can tap into the vibrant world of digital art, collectibles, and unique virtual assets.
 

Mobile app

Many new exchanges recognize the importance of mobile accessibility. As a result, they offer mobile apps that allow users to trade and manage their portfolios on the go. Mobile apps provide convenience and flexibility. These help you stay connected to the crypto market wherever you are.
 

What payment methods are accepted?

Wondering how you can pay on a new exchange? When you're getting into crypto and want to trade or invest, knowing how you can pay is crucial.  Here are some options:
 

PayPal

PayPal is handy for crypto. It's like having a digital wallet.
  

  • PayPal might work on some new exchanges. It can help you deposit money, store it, send it, and withdraw it
  • PayPal offers an extra layer of security through two-factor authentication. That means your funds are better protected

 

Credit card or debit card

 
  • Credit and debit cards like Visa and MasterCard, are widely accepted in the world of exchanges. They make it easy to use money directly from your bank account
  • Credit and debit cards also often come with security features. These keep your transactions safe

 

Bank transfer or wire transfer

Bank transfers can be a good choice, especially in places where credit cards aren't as common or easy to use.
  

  • In some cases, bank transfers process pretty much instantly. That means you can get trading or investing without much delay
  • Banks are known for their reliability, which can be reassuring when dealing with your money

 

Digital tokens

Cryptocurrencies are the go-to payment method on platforms that deal exclusively in crypto.
  

  • These tokens offer their own set of perks, such as decentralization, and strong cryptography. You can make transactions while keeping your identity unknown
  • Many users appreciate the control and privacy that digital tokens provide

 

Impact of payment method on fees

Remember, the way you choose to pay can have an impact on the fees you'll end up paying. Here's how:
 

  • If you use digital coins for your deposits, you'll often find that it's the most cost-effective option
  • On the other hand, certain payment methods, like PayPal, might come with additional withdrawal fees

So, when deciding how to pay, think about how it could affect your wallet and your overall expenses. 
 
 

Different types of new crypto exchanges

Navigating the world of cryptocurrency exchanges can feel like choosing a vehicle. There are different types of platforms to suit your needs, each with its own set of advantages and disadvantages. Let's take a ride through the main types:
 

Centralized Exchanges (CEX)

These are like the traditional car dealerships of the crypto world. You've probably heard of some big names like Coinbase and Binance. Here's what you need to know about CEXs:

Pros:
 

  • User-friendly: CEXs are often easier for newcomers
  • Liquidity: They usually have higher trading volumes
  • Customer support: They often provide good customer support for your questions or issues

Cons:
 

  • Prone to attacks: Your assets are held by the exchange, making them a target for hackers
  • Privacy: They often require lots of personal information due to regulations
  • Fees: Transaction fees or trading fees can add up

 

Decentralized Exchanges (DEX)

Now, think of DEXs as the DIY of crypto trading. They're like those custom-built cars you see in movies - a bit more hands-on.

Pros:
 

  • Control: You're in charge of your assets. No middleman
  • Privacy: You don't always need to reveal your identity
  • Security: Since your assets are in your control, they're less of a target

Cons:
 

  • Learning curve: They can be tricky for beginners
  • Liquidity: Smaller trading volumes can mean less liquidity, so it might be harder to trade large amounts
  • No safety net: If you make a mistake, there's often no customer support to help you out

 

Hybrid Exchanges (HEX)

These are like the best of both worlds - a mix of CEX and DEX. They aim to combine ease of use with control.

Pros:
 

  • Ease and control: You get some control over your assets without the steep learning curve
  • Privacy options: Some hybrids offer privacy features
  • Liquidity: They often have decent liquidity

Cons:
 

  • Not fully decentralized: They might not offer the same level of control as a pure DEX
  • Fees: You might still encounter transaction fees

Each type of exchange suits different needs. Keep your preferences and goals in mind when you're picking your crypto exchange.

 

How do New Crypto Exchanges Work?

Picture a bustling marketplace, much like a farmer's market in your neighborhood. In the crypto world, we have something quite similar, known as a crypto exchange. It is a blockchain-based website. It enables:
 

  • Crypto payments 
  • Intermediary-free exchange of goods between sellers and buyers

What is a crypto marketplace?

A crypto marketplace is like a digital hub where people gather to buy and sell cryptocurrencies. Instead of fresh produce or handmade crafts, they're trading digital assets like Bitcoin, Ethereum, and countless other cryptocurrencies.

Supply and Demand at Play

Now, let's break down how it works. At its core, a crypto marketplace is a meeting point for supply and demand. It's where people who want to buy crypto (the demand) connect with those willing to sell it (the supply).

Here's how this plays out:

  • Buyers and sellers: You have buyers looking for specific cryptocurrencies. They might want to invest in Bitcoin, for instance. On the other side, you have sellers who own Bitcoin and are ready to sell it
  • Order book: All these buy and sell requests are recorded in something called an order book. Think of it as a ledger that keeps track of who wants to buy and sell what, at what price, and how much
  • Matching orders: The magic happens when a buyer's offer matches a seller's offer. When they agree on a price, the trade is executed, and the cryptocurrency changes hands
  • Price discovery: The prices of cryptocurrencies in these markets are determined by the law of supply and demand. If more people want to buy Bitcoin, its price goes up. If more want to sell, the price goes down
  • Market dynamics: Crypto marketplaces are alive and buzzing 24/7. Prices can change rapidly, responding to news, events, and global trends

Exchange as the Facilitator

The exchange itself acts as the facilitator. It makes sure these transactions happen smoothly and securely. It's like the market manager who ensures vendors and buyers follow the rules.
 

Author Tip: Try A Few Options

When it comes to trading your crypto assets, it's often a smart move to try out different exchanges. Why? Well, let's take a look at the benefits of being a bit adventurous in the crypto world.

1. Get comfortable with different interfaces

Imagine if you only ever drove one type of car your whole life. You'd be in for quite a surprise when you stepped into a different vehicle. The same goes for crypto exchanges. Each one has its own interface, features, and quirks. 

By trying out several exchanges, you can get comfortable with different platforms. This familiarity can be a game-changer, especially during fast-paced trading moments. It's like being able to drive both an automatic and a manual car - you're versatile.

2. Diversify your investment

If you put all your eggs in one basket and that basket falls, you're in trouble. By using multiple exchanges, you can diversify your investments. You can buy some Bitcoin here, a bit of Ethereum there, and maybe even dabble in some altcoins on another exchange. 

Diversification can help spread the risk and protect your investments. Just like you wouldn't want to bet everything on a single stock, you don't want to rely solely on one exchange.

3. Reduce the risk of total loss

Let's face it; no one likes to think about it, but exchanges can get compromised. Hacks and security breaches happen. However, if you're using multiple exchanges, you're saving some of your assets during risk.

If one exchange faces a security issue, you still have your assets on others. It's a bit like having your money in different banks. If one bank has a problem, you can still access your funds elsewhere.

So, the next time you're considering which crypto exchange to use, don't hesitate to try a few options. It's a great way to familiarize yourself with different interfaces, diversify your investments, and reduce the risk of total loss. 

 

So You’ve Selected a New Crypto Exchange, What To Do Next?

Congratulations on choosing a new crypto exchange to start your digital asset journey! Now that you've taken this step, ensure that your crypto adventure begins on the right foot. I will guide you on what to do next:

1. Secure your account

While exchanges are generally secure, it's not advisable to keep all your cryptos there. Consider moving a significant portion to a more secure cold wallet (offline wallet). This cold storage is like a vault for your digital assets. It protects them from online threats.

2. Stay vigilant against scams

The crypto world can be a bit wild, and scams are unfortunately common. Be cautious of offers that seem too good to be true. Double-check the legitimacy of projects and investment opportunities.

Watch out for phishing attempts. Scammers often send fake emails or create deceptive websites to steal your login credentials or private keys. Always verify the source and never share sensitive information through unsecured channels.

3. Diversify your portfolio

If you haven't already, consider diversifying your crypto portfolio. Invest in a variety of cryptocurrencies to help spread risk.

Explore and research new cryptocurrencies beyond Bitcoin and Ethereum. Some promising projects may offer excellent investment opportunities.

4. Stay informed

Cryptocurrency markets are highly dynamic. Keep an eye on market trends, price movements, and emerging coins. Staying informed can help you make informed decisions about buying or selling.

Crypto regulations can vary widely from one region to another and can change. Stay updated to ensure compliance and protect your investments.

Frequently Asked Questions

What is a cryptocurrency exchange?

A cryptocurrency exchange is an online platform where users can buy, sell, and trade digital assets. These exchanges provide a secure and convenient way for users to buy and sell cryptocurrencies.
 

How do I know which cryptocurrency exchange is right for me?

Choosing the right cryptocurrency exchange for you can be a difficult decision. Consider fees, security, customer service, and the availability of cryptocurrencies. Before you decide on an exchange, do your research. Read reviews, compare fees, and look into the security measures the exchange has in place.
 

Who controls cryptocurrency exchanges?

It depends on the type of cryptocurrency exchange. For centralized exchanges, the exchange itself is the primary controller. It is responsible for setting the rules and regulations of the exchange, fees, and managing the platform security.
 

What are the benefits of using a cryptocurrency exchange?

Cryptocurrency exchanges provide a secure way to buy, sell, and trade digital assets. Users can access a wide variety of digital assets, including Bitcoin, Ethereum, Litecoin, and other major cryptos. It also offers a variety of features that make trading easier and more efficient. 
 

What are the risks of using a cryptocurrency exchange?

You can face security risks and operational risks. Security risks are the risks associated with the security of the exchange itself. These include the risk of theft of funds, the risk of hacking, and the risk of fraud. Operational risk represents the change that occurs in the company.
 

Where do I go to find a reputable cryptocurrency exchange?

It is important to look for an exchange that is regulated and compliant with the laws and regulations of the country in which you are located. Look for one with a good reputation and ensure it is well-known in the crypto community. 
 

Written by

Ramsha Naushad

Ramsha is all about this new thing called cryptocurrency since the global pandemic of 2019 happened. She's convinced it's the future of money.

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