The right choice, in terms of a place for buying and selling altcoins, is totally dictated by the ever-changing cryptocurrency market. This helps you to maximize gains while reducing risks. You may wonder, “what is an altcoin exchange?” but don’t worry, the Bitcoinsensus Team is here to help you!
There are enormous options where you can trade altcoins, each featuring unique characteristics, fee structures, and listings of altcoins that you can trade. This makes it really daunting to decide which exchange for altcoins best suits your trading goals.
Below, we whittle down the eight best altcoin exchanges of 2024: KuCoin, Bitfinex, Huobi, Binance, Kraken, Coinbase, MEXC, and Bybit. We go into great detail with explanations of the pros and cons of each of these exchanges, which will give a better look at what is the best altcoin exchange for trading your favorite altcoins.
KuCoin – Best for Altcoin Variety and Passive Income
Moreover, the variety of the asset class of KuCoin is very wide. In fact, it hosts over 750 varieties of altcoins on its platform. In addition, it also offers one of the lowest trading fees at 0.1%, making it the cheapest exchange for altcoins, especially for active traders.
Probably, one of the most striking features KuCoin provides is KuCoin Earn, in which users can stake their altcoins and receive interest.
That does make passive income generation pretty easy. The margin trading and futures this platform supports turn it into a suitable place for advanced traders who want to leverage their trades. It is not licensed in the U.S., which would hamper access to it by U.S. citizens, and advanced features on the platform make it a little too hard for beginners.
Pros:
- More than 750 altcoins available
- Trading fees as low as 0.1%
- Staking is available, including passive income
- Margin and futures trading supported
Cons:
- Not available in the U.S.
- Overwhelming for any starting trader
Bitfinex – Best for Advanced Traders
Bitfinex is a well-known name among professional traders. Also, the exchange for altcoins provides margin trading options, lending, and high-frequency trading. There is an enormous amount of over 200 altcoins supported by this altcoin exchange, and for all the majors, including Ethereum and Solana, its liquidity is among the best in the industry.
Pros:
- Great liquidity of major altcoins
- Advanced trading options once you’re experienced
- Competitive maker/taker fees
- Robust security and transparency
Cons:
- Not ideal for absolute beginners
- Smaller altcoin selection compared to some rivals
Huobi – Great Option for High Volume and Staking
Huobi is an extremely established global altcoin exchange that carries over 500 altcoins to trade. The fees are competitive at 0.20% per trade. Huobi shines for offering great high-volume trading and staking options.
Pros:
- Over 500 altcoins listed
- Excellent staking options available
- High liquidity and volume
- Supported futures and margin trading
Cons:
- Not available in the U.S.
- Regulatory obstacles in some regions
Binance – For Low Fees with High Liquidity
People have touted Binance as the most active cryptocurrency exchange for altcoins in the world in terms of trading volume. It supports over 350 altcoins, and its trading fees are among the lowest, at just 0.10%. Perhaps the most impressive feature this best exchange for altcoins boasts is its liquidity: Binance can ensure that users’ orders will be filled even if the markets become highly volatile.
If you are curious about withdrawing from this platform, we have a guide for you.
Pros:
- Over 350 altcoins
- Ultra-low 0.10% trading fees
- High liquidity across all pairs
- Margin, futures, and staking offered
Cons:
- Fewer altcoins on Binance.US
- Binance.US offers fewer features
- Could be tricky for beginners
Kraken – Best for Security and Fiat Support
Kraken is featured as the most secure altcoin exchange, which ranks first among traders who would never compromise on their asset security. Among many other things, the platform boasts over 250 altcoins, besides being quite well-recognized for its heavy security system, 2FA, and storing funds in cold storage.
Pros:
- More than 250 altcoins available
- Top-of-the-line security
- Competitive maker/taker fees
- Supports deposit/withdrawal via fiat
Cons:
- Slightly higher fee compared to some competitors
- Longer deposit/withdrawal time for some fiat currencies
Coinbase – Best for Beginners and Regulatory Compliance
Coinbase is probably one of the most famous altcoin exchanges around the world and in the United States due to how easy it is to start using right away and how highly regulated it is. Up to 248 different altcoins can be traded by its users from this platform. Indeed, this is the ideal altcoin exchange for starters wanting to get their feet wet but with speed and safety.
Pros:
- Easy-to-use platform: great for beginners
- 248 altcoins available
- Industry-leading regulatory compliance and security
- Staking supported to earn passive income
Cons:
- Extremely high trading fees of 1.49%
- Complete lack of advanced trading tools
MEXC – Best for Altcoin Variety and Most Reasonable Fees
MEXC is among the fastest-growing altcoin exchanges out there, with one of the largest altcoin varieties, having more than 2,500 altcoins available for trading. It has very low fees of 0.10%, hence it is among the most reasonable options for altcoin traders.Trading with MEXC has different advantages.
Pros:
- Over 2,500 altcoins
- 0.10% trading fees
- You can leverage trade up to 200x
- Staking and yield farming available
Cons:
- Not available in the U.S.
- May be a little bit too much for a complete newbie to handle
Bybit – Best for Derivatives and High Leverage Trading
Bybit is among the largest altcoin exchanges for trading derivatives, featuring an astonishing 610 altcoins with some super heavy futures. This is actually a high-risk and high-reward site; the fees are ultra-low, at 0.10%, while the leverage goes as high as 100x.If you have a Bybit coupon and you don’t know how to use it, you should read this.
Pros:
- 610 altcoins available
- The trading fee is low at 0.10%
- Leverage trading of as much as 100x
- Ease of use regarding the interface for derivative trading
Cons:
- Not available in the U.S.
- A few fiat deposit options
Conclusion
The choice of what altcoin exchange to utilize is probably the most key decision that an active altcoin trader makes. All of the aforementioned exchanges for altcoins—KuCoin, Bitfinex, Huobi, Binance, Kraken, Coinbase, MEXC, and Bybit—each have their own unique characteristics and strengths, yet some flaws as well.
