See More

Top 9 Safest Crypto Exchanges in 2024

15 mins
Updated by Maria Petrova
Join our Trading Community on Telegram

Whether you’re starting or are an expert trader, choosing the right crypto exchange is hugely important. Your funds can be at risk when deposited on centralized exchanges (CEXs). That’s why you should only use platforms that offer top-end protection. We’ve compiled a list of the safest crypto exchanges in 2024, so you know exactly what to look for. 

Top most safe crypto exchanges

  • BingX: A CEX known for offering withdrawal protection, insurance coverage, and ensuring the safety of funds.
  • BloFin: An exchange providing asset transparency, custody with Fireblocks, and full insurance coverage to protect users’ crypto assets.
  • Coinbase: Leading global crypto exchange with high financial transparency, strong asset custody practices, and comprehensive security measures.
  • M2: Regulated exchange in the U.A.E., offering spot trading and virtual asset custody with high-security standards and regulatory compliance.
  • Wirex: Platform integrating advanced anti-fraud technology, multi-signature cold storage, and comprehensive encryption for user data protection.
  • YouHodler: Crypto platform emphasizing asset security with Ledger Vault integration and full insurance coverage.
  • Binance: The world’s largest crypto exchange with advanced security protocols, cold storage, multi-signature wallets, and extensive regulatory compliance.
  • OKX: Top exchange that provides a secure trading environment with cold storage and real-time monitoring for user protection.
  • Bybit: Known for its advanced security features, including multi-signature wallets, stringent data protection and real-time risk management.

1. BingX

Best for derivatives trading
Supported cryptos
640+
Availability
180+ countries
Previously hacked
No
Proof of reserves
Yes

2. BloFin

Best for all types of traders
Supported cryptos
330+
Availability
U.K. & 190+ countries
Previously hacked
No
Proof of reserves
Yes

3. Coinbase

Best for beginners
Supported cryptos
245+
Availability
U.S. & 100+ countries
Previously hacked
Yes
Proof of reserves
Yes

4. M2

Best for yield on investments
Supported cryptos
40+
Availability
E.U. & 150+ countries
Previously hacked
No
Proof of reserves
Yes

5. Wirex

Best for earning cashback
Supported cryptos
250+
Availability
U.K. & 130+ countries
Previously hacked
No
Proof of reserves
No

6. YouHodler

Best for crypto loans
Supported cryptos
50+
Availability
U.K. & 150+ countries
Previously hacked
No
Proof of reserves
No

7. Binance

Best for all users
Supported cryptos
410+
Availability
U.K. & 150+ countries
Previously hacked
Yes
Proof of reserves
Yes

8. OKX

Best for web3 wallets
Supported cryptos
320+
Availability
E.U. & 100+ countries
Previously hacked
Yes
Proof of Reserves
Yes

9. Bybit

Best for altcoins
Supported cryptos
640+
Availability
U.K. & 150+ countries
Previously hacked
No
Proof of Reserves
Yes

How we evaluated the most secure crypto exchanges

When choosing a crypto exchange, consider the following criteria if you are looking to prioritize safety.

  •   Security features
  •   Regulatory compliance
  •   User protection measures
  •   Customer support
  •   Insurance policies

Security features 

Typically, a crypto exchange’s safety is determined by its security protocols. One of the most important things to consider is how a platform holds users’ funds. 

The safest place for an exchange to hold funds is in cold storage. This is the most effective way to prevent hacking, as it means assets are offline. The next measure is to use multi-sig wallets for your stored funds, as these remove the risk of single-point failures. Most established platforms also actively monitor user activities so that they can react in real-time if they detect suspicious activities. 

Since the collapse of FTX, many platforms have added new security features to ensure users know the location of their funds. One notable example is the proof-of-reserves process, which demonstrates that the exchange holds sufficient assets to cover all user balances.

Regulatory compliance 

regulation

In 2024, while regulation is still not satisfactory and will likely evolve, it is possible to choose a platform that is licensed and registered with relevant financial authorities in the jurisdictions in which it operates. 

For instance, in the U.K., exchanges should be regulated by the Financial Conduct Authority (FCA). In the U.S., the Securities and Exchange Commission (SEC) oversees financial operations. There are other institutions that may operate in your country. It’s important to make this distinction because the top cryptocurrency exchanges in the U.S.A. might not be the same as the top crypto exchanges in Europe or even match any of the safest crypto exchanges in Australia.

Since crypto platforms also use and store users’ personal information, make sure that the exchange you are using adheres to global regulatory standards and best practices. This includes compliance with the General Data Protection Regulation (GDPR) for data protection and other relevant international regulations.

The most secure crypto exchanges are transparent about all these policies and offer users clear and relevant information on their websites. 

User protection measures

It’s important to note that both the exchange and the user are responsible for the security of funds. 

In 2024, some of the most popular and useful user protection measures are two-factor authentication (2FA), end-to-end data encryption, real-time monitoring, know-your-customer (KYC) policies, security notifications, and anti-phishing measures. Note that there are still some reputable no-KYC crypto exchanges for users who want to preserve anonymity, but such platforms often lack essential security features. 

Customer support

In the unfortunate event of a breach or hacking, it’s important to have the option to talk to customer support. A reliable platform should offer 24/7 support and various communication channels such as live chat, email, phone support, and social media. 

It may also help if the platforms offer a detailed and up-to-date help center or FAQ section to cover all the common issues, from account setup and security to trading and withdrawals.

The biggest platforms also have educational resources to prevent any issues and multilingual support to assist users who are not proficient in English. Don’t overlook the importance of user resources and communication channels. These are crucial for assistance if you lose funds.

Insurance policies

Larger exchanges that have been in business for years are more likely to try to assure users of their legitimacy and offer extra insurance policies, such as asset insurance and cold storage insurance. However, this is not yet a widespread practice. 

While everyone has to be careful when picking a crypto platform, users who fund their accounts with considerable amounts of cash or crypto should always be aware of a platform’s insurance.

Be sure to check the requirements and limitations of those insurance plans and the coverage limits. We found that platforms were most likely to lack transparency on this topic.

Different traders have different needs

different traders

As we’ve already mentioned, there are many different considerations when choosing a safe crypto exchange. Always start by checking the latest user reviews of platforms and try to identify the most common complaints. 

The most important thing to remember is to choose a platform to suit your personal needs. Let’s explore what a beginner, experienced, or high-volume trader might want to consider when choosing a safe crypto exchange

Beginners

If you are a beginner, it’s important to look for an exchange with a simple, intuitive interface. User protection also comes from understanding and implementing the available security features, such as two-factor authentication (2FA) and anti-phishing measures.

Beginners also need a platform that offers tutorials and educational resources to help them learn about crypto exchanges and day trading

If you are new to crypto, only use exchanges regulated in the U.S. or your country.

Clem Chambers, CEO of Online Blockchain and Seeking Alpha and Forbes columnist

As a beginner, you should also select a platform with stellar customer support that can assist you with any issues that may arise. Check out our guide to the best crypto apps for beginners if you are not sure where to start. 

Experienced traders

As an experienced trader, you will likely seek platforms that offer advanced trading options like margin trading and futures. To assist in these trades, you might need access to comprehensive charts, technical analysis tools, and real-time market data. All of these tools are crucial for making informed decisions. 

Experienced traders also need to carefully assess the fee structure of the platform and choose the best option to keep costs down. Keep in mind that some platforms claim to have no trading fees but instead operate on spreads. If such a platform fits your needs, then be sure to choose a crypto exchange with low spreads. If you are using advanced third-party trading tools, then you also need API access. 

High-volume traders

As with everything else, with great value, and in this case, volume, comes great responsibility. One of the most obvious risks of high-volume trading is the lack or limitation of an insurance policy in the event of a security breach, which may lead to losses.

Not all crypto exchanges are suitable for holding large amounts of assets. Those that do should always offer institutional-level security, including cold storage and multi-signature wallets. 

Since trading is the main reason for keeping a large sum on an exchange, it’s important to ensure that your chosen platform offers high liquidity so that trades can be executed. If you’re not trading, you should not leave large sums of crypto on any exchange. Instead, choose a secure, non-custodial wallet.

How to keep your crypto safe on a CEX

According to a 2024 Chainalysis report, over 25% of all crypto stolen in 2023 happened on CEXs. It’s important to know which platforms have suffered hacks and closely examine their security protocols. However, users are also responsible for ensuring the security of their funds when interacting with centralized services. 

crypto hacks chainalysis
Crypto stolen by platform type: Chainalysis

Even if a platform has top-tier user reviews and an impeccable security record, it is up to you, the end user, to make the best personal choices regarding crypto security. 

Here are the security practices you must follow to ensure the safety of your crypto funds on a CEX. 

1. Account security measures

Create strong, complex passwords that are difficult to guess. Use a different password for each account to minimize the risk of multiple accounts being compromised. Private key compromises are unfortunately common:

Always activate two-factor authentication (2FA) for an added layer of security. This ensures that even if your password is compromised, unauthorized access to your account is prevented.

An obvious recommendation is never to share your credentials with third parties. Keep your account details safe and stored away when nobody else can access them. 

2. Transaction and access security

Keep an eye on your account activity and set up notifications for any significant actions, such as withdrawals or login attempts from new devices. This will help you detect any malicious activity in real-time. 

Set up withdrawal whitelists to ensure that funds can only be sent to pre-approved addresses. This adds an extra layer of protection against unauthorized transactions.

Avoid accessing your crypto exchange account over public Wi-Fi networks. These networks can be less secure and more susceptible to hacking. If you’re on the move, consider using a VPN

3. Ongoing security practices

The number one concern around security on centralized exchanges is phishing. Nowadays, hackers are more agile than ever and use social engineering hacks to access your financial information. Even well-versed and experienced users can be fooled. That’s why it is essential to verify the authenticity of emails and websites. Avoid clicking on suspicious links, and ensure that you are on the correct website before entering login details.

Another step to make sure you don’t fall prey to hackers is to ensure that your devices, browsers, and any crypto-related software are up-to-date with the latest security patches to protect against vulnerabilities.

Stay informed about the latest security practices and threats. Utilize resources provided by the exchange, such as security guides and tutorials.

One size does not fit all in crypto

The reality is that the responsibility of keeping funds safe is divided between the exchange and the user. Because every trader has different needs, we can’t recommend the ultimate safe crypto exchange — the answer will differ depending on your personal requirements. However, we strongly encourage users to research a platform’s history and read crypto exchange reviews before committing.

Always be vigilant about crypto scams and fraud, as not even the most secure exchange is entirely foolproof against sophisticated phishing attacks or social engineering.

Frequently asked questions

What is the safest cryptocurrency exchange in 2024?

How do crypto exchanges ensure user security?

What are the common security features of top exchanges?

Why is regulatory compliance important for crypto exchanges? 

Can exchanges insure user funds?

What is the most stable cryptocurrency exchange?

Top crypto projects in the US | July 2024
Harambe AI Harambe AI Explore
Uphold Uphold Explore
Exodus Exodus Explore
Coinbase Coinbase Explore
Chain GPT Chain GPT Explore
Top crypto projects in the US | July 2024
Harambe AI Harambe AI Explore
Uphold Uphold Explore
Exodus Exodus Explore
Coinbase Coinbase Explore
Chain GPT Chain GPT Explore
Top crypto projects in the US | July 2024

Trusted

Disclaimer

In line with the Trust Project guidelines, the educational content on this website is offered in good faith and for general information purposes only. BeInCrypto prioritizes providing high-quality information, taking the time to research and create informative content for readers. While partners may reward the company with commissions for placements in articles, these commissions do not influence the unbiased, honest, and helpful content creation process. Any action taken by the reader based on this information is strictly at their own risk. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

Iulia_Vasile_vertical.png
Iulia Vasile
Iulia Vasile is a seasoned professional in the cryptocurrency and blockchain industry, working full-time in the field since 2017. With a background in computer engineering, she has the unique ability to write about complicated topics, including DeFi, NFTs, trading, and AI, in a way that is easy to understand. Iulia learned multiple programming languages while completing her Software Engineering degree in Bucharest at Politehnica University. Iulia brings her expertise and personal...
READ FULL BIO
Sponsored
Sponsored