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5 Best Ethereum Exchanges to Use in 2024
Choosing the best exchange is one of the most important steps of buying cryptocurrency. A good exchange offers low fees, excellent customer service and a user-friendly interface that will streamline your trading experience. In this guide, we take a look at the best Ethereum exchanges to use in 2024.
An Overview of The 5 Best Ethereum Exchanges
| Coinbase | – User-friendly interface – Native crypto wallet – Earn interest on your crypto – Low account minimum | Beginners looking to trade large-cap coins. |
| eToro | – Access stocks and crypto in one place – Copy the trades of experts – Regulated by global bodies – Access Bitcoin Spot ETF | Investors who want to buy crypto and stocks. |
| Kraken | – Cold wallet storage – Trade with leverage up to 5x – Advanced traders can access – Kraken Pro with sophisticated trading tools – Over 200 cryptocurrencies available | Advanced traders who are interested in margin trading. |
| Crypto.com | – Excellent mobile app – Users can receive trading discounts by holding CRO – Native decentralized wallet – Over 350 cryptocurrencies available | Traders who want to manage their portfolio on their mobile phones. |
| Binance | – Over 500 cryptocurrencies available – Extensive range of educational materials – Automated trading | Users who are looking to build a diverse portfolio with lots of different cryptos. |
What Is an Ethereum Crypto Exchange?
An exchange is like a marketplace where you can buy and sell Ethereum. You can also use these exchanges to trade different cryptocurrencies for each other.
However, you don’t need to already have cryptocurrencies to use these exchanges. You can also quickly and easily trade fiat currency, such as the U.S. Dollar, for Ethereum.
How Do Ethereum Exchanges Work?
There are two main ways you can trade Ethereum on an exchange:
Market Orders:
With a market order, you buy or sell Ethereum at the best available price at that time on the exchange.
Limit Orders:
With a limit order, you get more control over when and how you sell Ethereum. If you want to sell at a higher price than the exchange’s current rate, the trade will automatically occur after meeting your criteria. This is also true when you want to buy at a lower price point.
How Do I Use an Ethereum Crypto Exchange?
To use an Ethereum crypto exchange, you’ll need to create an account. The process isn’t too different from creating an eBay account or any other account on an online exchange platform. Below are steps that will walk you through creating an account and purchasing Ethereum on a crypto exchange:
Step 1: Create an account and verify it
Create an account on your chosen exchange and verify your identity.
Step 2: Connect your payment method
Connect your payment method to that account, or pay an amount directly into it.
Step 3: Go to the buying section
Go to the buying section of the website and select the option to buy Ethereum.
Step 4: Buy the coins
Choose your payment method and buy the coins.
Our Reviews of The Best Ethereum Exchanges in 2024
In the following section, we will go into a bit more detail about why we chose the above 5 exchanges. As part of our review process, we considered our own experience of platforms that we have used first-hand, we read user reviews and watched YouTube rundowns that cover the key features of each exchange.
Here’s what we found.
1. Coinbase – The best Overall Ethereum exchange
After reviewing several platforms, Coinbase came out on top as the best Ethereum exchange to consider in 2024 for a few reasons.
Firstly, the platform is by far the easiest to use, even for beginners. Coinbase is known for its simple interface and user-friendly dashboard. The exchange is also available as a mobile app for managing your portfolio on the go.
Although the main exchange is designed for beginners, Coinbase also offers an advanced interface, Coinbase Pro, that is suitable for experienced traders who want to implement more complex strategies. Coinbase Pro offers in-depth price charts, technical indicators, and a wide range of crypto CFD trading pairs.
Cryptocurrency CFDs are not available to US customers.
2. eToro – The most trusted Ethereum broker
Although every exchange on our list has a strong reputation, eToro stood out as the most trusted Ethereum broker because it is licensed in 7 jurisdictions. These include the UK’s Financial Conduct Authority and Europe’s CySEC.
eToro is a multi-asset broker which means that you can access both the crypto market and the stock market through the platform. This is particularly useful for traders who want to diversify their holdings.
eToro is also known for offering market-leading copy trading tools which allow you to automate your strategy by coping the trades of professionals. You can also use Smart portfolios to simplify the process of choosing investments and build a diverse portfolio.
Last but not least, eToro offers a free demo trading account. Here, you can familiarise yourself with the exchange by trading with virtual funds in real-life market conditions.
3. Kraken – The best Ethereum exchange with deep liquidity
Kraken is a popular Ethereum exchange that offers deep liquidity, 24/7 customer service, institutional staking features, and advanced trading features.
The exchange is a great option for traders who want to access advanced features but still want the comfort of a user-friendly platform.
Much like the other exchanges that we have reviewed, Kraken offers a user-friendly interface that is easy to navigate. Whatsmore, the exchange is available as a mobile app which offers a flexible experience.
You can start trading with as little as $10 and access advanced features such as OTC trading, spot trading and futures trading.
So, if you’re still a relatively new trader but want to work your way into advanced crypto trading, this could be the platform for you.
4. Crypto.com – Access over 350 cryptocurrency including Ethereum
Crypto.com made the cut because it offers one of the widest selections of cryptocurrencies that we came across. You can trade over 350 cryptocurrencies on the platform, including Ethereum.
Crypto.com has a seamless design and is suitable for both beginners and advanced traders. You can use the exchange on your desktop or on your mobile, through the native mobile app. Both versions of the platform work well and offer a plethora of great trading features such as market insight, in-depth charting tools and 24/7 customer support.
For advanced traders, Crypto.com offers spot trading, OTC trading and futures trading. The exchange also supports crypto trading robots which allow you to automate your strategy and take advantage of the market around the clock.
5. Binance – The world’s largest crypto exchange
Binance is one of the most well-known cryptocurrency exchanges for both good and not-so-good reasons. The exchange offers some of the lowest trading fees that you will find, has a simple interface and provides excellent customer support.
However, the company has come under regulatory scrutiny over the past few years which is something to be aware of before you sign up.
Nevertheless, Binance is a reputable option for both beginners and advanced traders who prioritise low fees. The exchange also provides access to extra features such as staking, lending, saving, OTC trading and futures trading.
Binance is supported by the native BNB coin. Holding BNB will make you eligible for discounts, staking rewards and ecosystem access.
What Should I Look for in an Ethereum Exchange?
There are several factors to consider when choosing which exchange to use to trade or buy Ethereum. These include:
Accepted Payment Methods
Not every exchange will accept the same forms of payment. For example, it can be tough to find platforms that accept PayPal. Make sure you use an exchange that lets you pay with your desired provider.
Exchange Rate
The exchange rate is probably the most critical factor. You want to get the most Ethereum for your buck, so finding an exchange with a reasonable rate is essential.
Geographic Restrictions
Not all exchanges are freely available in all countries. Check that the one you want to use is available where you are.
Fees
Fees you will need to pay vary depending on your exchange along with the payment method you choose. Research these beforehand to ensure that your profits aren’t too harshly impacted by the fees charged.
Design and Ease of Use
When picking an exchange, you want a website that’s well-designed and easy to use. How can you focus on buying Ethereum if you’re trying to work out all of the website’s confusing functions?
Reputation
When choosing an exchange, customer experience and safety are paramount. Look to see what others have said about the platform before signing up.
Do I Have to Verify My Account on an Exchange?
Yes, you’ll have to verify your identity when signing up for an exchange. Exchanges are regulated, and they need to know who the users are that are transacting within them.
Ethereum exchanges will usually ask you to provide two forms of ID, such as a passport or driver’s license. Often, you’ll also need to take a selfie of yourself holding one of these documents to prove that it belongs to you.
Are Ethereum Exchanges Secure?
Ethereum exchanges have many security features but are a big target for online attacks. We recommend that you don’t hold more than a small amount of Ethereum at any time on your exchange account.
Transferring your Ethereum into a personal wallet is a better way to keep your coins safe.
How Fast Are Ethereum Transactions on Exchanges?
Transactions on exchanges are instant. As soon as you make the payment, you’ll see the coins in your account.
When transferring between exchanges, transactions might take a little longer. This is because the blockchain must first verify the transaction.
What Payment Methods Can I Use to Buy Ethereum on Exchanges?
The answer to this question depends on the exchange you use. Typically, you can use your debit card, or make bank transfers, on almost every exchange. Some exchanges will also accept credit cards or PayPal payments, but this is less common.
If you use an exchange that supports several different cryptocurrencies, you can also use other coins, such as Bitcoin and Ripple, to buy Ethereum.
Do Exchanges Charge Fees for Buying and Selling Ethereum?
Yes. Typically, you’ll need to pay attention to several fees when making transactions on exchanges, especially if you buy coins directly with your card.
Fees usually range between 0.25% and 1.5% depending on the platform, the payment method, and how much you’re spending. You can often avoid fees altogether by transferring money into your account via bank transfer and using that money to buy coins.
Are There Fees for Transferring Coins in and Out of My Account?
When transferring coins to another wallet or exchange, you’ll pay the transaction fees associated with the blockchain (also known as miners’ fees). These vary depending on the number of transactions happening at that time.
However, the exchange typically won’t charge extra fees on top of this.
Do I Need a Wallet to Use an Ethereum Exchange?
No. Usually, you’ll have an account within the exchange and you can hold your coins there.
However, we strongly recommend that you transfer your coins from your exchange account to a personal wallet if you do not intend to trade them soon, especially if you hold several Ethereum coins. You’ll keep your coins more secure if you do this.
What Are the Other Platforms That I Can Use to Buy and Sell Ethereum?
If you don’t want to use an Ethereum exchange, you’ve got a few alternatives to choose from. Contract for difference (CFD) trading platforms are popular, and so are brokerages.
Brokerages manage your buying and selling for you, whereas CFD platforms are more focused on making quick trades to take advantage of market fluctuations.
Final Thoughts
As the world’s second-largest cryptocurrency by market cap, you won’t be stuck for options when it comes to finding a good Ethereum exchange. The best platforms should provide a user-friendly interface, low fees, 24/7 customer support options and advanced features to maximize your trading.
Our top picks for 2024 are Coinbase, eToro and Kraken. The best exchange for you will depend on your experience, your trading strategy and your long-term goals.
FAQs
Can I use an Ethereum exchange on my mobile phone?
Yes, many exchanges have apps for both iOS and Android devices.
What are the differences between exchanges and broker platforms?
When using an exchange, you can buy and trade several cryptocurrencies. While broker platforms allow you to trade against the value of Ethereum without actually owning a coin.
Are cryptocurrency exchanges legal?
Yes, for the most part. In the UK, for example, Ethereum exchanges are legal. This is also the case in most other countries, but it’s a good idea to check local regulations for where you live.
How do exchanges determine the price of Ethereum?
Exchanges are a marketplace in which people agree to buy and sell Ethereum at specific prices. Like any other asset, the price fluctuates as people are willing to spend more or less fiat money buying Ethereum coins.
What happens if an exchange gets hacked or closes down?
This is a risk with exchanges, as they’re an attractive prospect for hackers. One of the most famous incidents was the closure of the Mt Gox exchange in 2014.
If something similar happened today, you’ll probably permanently lose any coins you’ve got on the exchange. This is why we recommend that you keep your money in a personal wallet if you don’t plan on trading them in the near future.
Can I access my transaction history on an exchange?
Yes. Through the exchange you use, you can see a history of every transaction you’ve made. The platform will usually have a dedicated area in your payment settings where you can find this.
Do Ethereum exchanges have maximum or minimum deposit and withdrawal limits?
This will depend on various factors, such as the platform you use, your account age, method of payment used, and transaction history.
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