Top 6 BEST Crypto Exchanges in 2024: Which Are Safe?!
Published: 2023-11-05
Status:
Available
|
Analyzed
Published: 2023-11-05
Status:
Available
|
Analyzed
Predictions from this Video
Incorrect: 0
Prediction
Topic
Status
Bybit claims to be the third most visited crypto exchange globally.
"The company claims to be quote the world's third most visited crypto exchange"
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Kraken was the first cryptocurrency exchange to conduct a proof of reserves audit in 2014.
"Kraken was in fact the first exchange to Happ have a proof of reserves audit all the way back in 2014"
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KuCoin has an A security rating and ranks 34th, while Coinbase, Kraken, and Bybit have AAA ratings and are in the top 10.
"according to certified an independent security rating group kucoin has an a rating and ranks number 34 in terms of overall security by comparison coinbase Kraken and bybit have AAA ratings and are in the top 10"
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SwissBorg offers 'Thematics,' a product allowing investment in themed crypto asset collections with automatic rebalancing.
"one such product is swissborg thematics which enables users to invest in crypto asset collections based on distinct themes using an automatic rebalancing system"
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Coinbase admitted in 2022 that customer deposits would be lost if the company went bankrupt.
"by comparison coinbase admitted in 2022 that if it goes bust customers would lose their deposits"
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Bybit established its HQ in Dubai and expanded into the EU with Cyprus licensing in 2023, with plans for further jurisdictional expansion.
"in 2023 bibit opened its HQ in Dubai and strengthened its presence in the EU after securing licensing approval in Cyprus although it looks likely to expand into more jurisdiction soon"
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Coinbase launched in Canada after Binance ceased operations there due to stricter regulations.
"coinbase officially launched in Canada this summer just months after binance the world's largest exchange shuttered its operations there because of Canada's increasingly strict regulations"
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Coinbase and Kraken relisted XRP following Ripple Labs's partial legal victory against the SEC.
"coinbase along with Kraken relisted xrp after Ripple labs's partial victory over the SEC earlier this year"
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OKX expanded beyond its exchange services to include DeFi products, NFTs, games, and the metaverse, rebranding by dropping the 'EX' from its name.
"in 2022 OK ex signaled that it's much more than an exchange by dropping the E for ex change in its name as it branched out to decentralized services including defi products nfts games and the metaverse"
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OKX's solvency ratio consistently exceeds 100%, indicating assets surpass liabilities.
"to date okx is solvency ratio consistently exceeds 100% meaning that assets always surpass liabilities"
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OKX stores 95% of coins offline, with individual units limited to $1,000 BTC.
"95% of coins are securely stored offline with individual storage units holding no more than $1,000 BTC"
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KuCoin claims 1 in 4 crypto holders use the exchange, with over 30 million traders from more than 200 countries/regions.
"kucoin boldly claims that one in four crypto holders use the exchange and states that it has over 30 million Traders from over 200 countries regions"
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Coinbase, Kraken, and Bybit hold AAA ratings and are ranked within the top 10 exchanges for security.
"by comparison coinbase Kraken and bybit have AAA ratings and are in the top 10"
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Coinbase Advanced Trade offers limit, stop, and market orders, an API with TradingView charts, and other advanced trading functionalities.
"Advanced trade has a suite of trading tools and features like limit orders stop orders and Market orders as well as this the platform has an advanced trade API which offers interactive charts powered by trading View Advanced order types and other Advanced trading features"
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In 2023, Bybit established its headquarters in Dubai and expanded its EU presence by obtaining a license in Cyprus.
"in 2023 bibit opened its HQ in Dubai and strengthened its presence in the EU after securing licensing approval in Cyprus"
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Kraken is positioned as the second most secure exchange globally and is notable as the only original exchange to have avoided a hack.
"Kraken is the second most secure Exchange in the world and the only OG exchange not to suffer a hack"
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OKX's trading fees for regular users depend on OKB holdings, while VIP users' fees are based on 30-day trading activity and daily asset balance.
"for regular users fees are determined by the amount of okb they hold while VIP users fees are based on their 30-day trading activity and daily asset balance"
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Bybit offers spot and futures trading, along with diverse order types like market, limit, and stop-limit orders.
"in terms of offerings bybit extends a variety of trading options from spot to Futures Traders can also Avail themselves of diverse order types such as Market limit and stop limit orders"
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SwissBorg's 'Thematics' product allows users to invest in themed crypto asset collections that are automatically rebalanced.
"swissborg thematics which enables users to invest in crypto asset collections based on distinct themes using an automatic rebalancing system"
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Bybit employs a range of security measures including penetration tests, bug bounty programs, ISO 271 certification, and fund assurance.
"bybit has a gamut of security procedures including penetration tests a bug Bounty ISO 271 certification and funds Assurance"
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Bybit stores 100% of trader-deposited assets in a multi-signature cold wallet.
"it uses an industry-leading and multi- signature cold wallet to store 100% of its Traders deposited assets"
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Coinbase has limited coin support to avoid listing assets that the SEC might classify as securities.
"coinbase is not known for its extensive coin support as it tries not to list anything these Securities and exchanges commission might label as a security"
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Coinbase and Kraken relisted XRP after Ripple Labs's partial victory against the SEC.
"coinbase along with Kraken relisted xrp after Ripple labs's partial victory over the SEC earlier this year"
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Coinbase has limited coin support to avoid listing assets that the SEC might classify as securities.
"coinbase is not known for its extensive coin support as it tries not to list anything these Securities and exchanges commission might label as a security"
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Coinbase stores 98% of user coins offline in cold wallets for security.
"98% of coins are stored securely offline in cold wallets"
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Coinbase experienced a security breach in March 2021 affecting 6,000 accounts; however, the issue was resolved, security was improved, and customers were reimbursed.
"March 2021 the company experienced a breach where hackers accessed 6,000 customer accounts however the way the company dealt with the issue shows maturity the issue was promptly resolved security procedures were improved and affected customers were reimbursed for any losses"
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Coinbase Advanced Trade offers limit, stop, and market orders, an API with TradingView charts, and other advanced trading functionalities.
"Advanced trade has a suite of trading tools and features like limit orders stop orders and Market orders as well as this the platform has an advanced trade API which offers interactive charts powered by trading View Advanced order types and other Advanced trading features"
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Coinbase supports fiat deposits in USD, GBP, and EUR.
"to buy crypto on coinbase you can only use three Fiat options US Dollars British pounds and Euros"
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Coinbase and Kraken relisted XRP following Ripple Labs's partial legal victory against the SEC.
"coinbase along with Kraken relisted xrp after Ripple labs's partial victory over the SEC earlier this year"
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Coinbase is the largest cryptocurrency exchange in the US by trading volume.
"coinbase is the largest Exchange in the US by trading volume"
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US customer balances on Coinbase are FDIC insured up to $250,000.
"US customers have balances insured by the FDIC a federal agency that aims to maintain stability and public confidence in the US Financial system to the tune of $250,000"
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Coinbase stores 98% of user coins offline in cold wallets for security.
"98% of coins are stored securely offline in cold wallets"
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Users should always practice self-custody of their crypto, regardless of exchange security.
"no matter how secure you think an exchange is you should always practice self- custody"
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Being listed on the NYSE, Coinbase must adhere to stringent regulations designed to protect customer assets.
"this means not only does it have access to increased liquidity but it also has to comply with a lot of red tape aimed at protecting customer assets"
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Coinbase is considered an established and foundational player in the cryptocurrency exchange industry.
"this one is an industry stall war coinbase is one of the ogs among crypto exchanges"
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For US customers, ACH transfers are the cheapest method for depositing funds on Coinbase, and are free.
"for us customers the cheapest method is through a which is free"
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Coinbase uses a maker-taker fee model, with rates varying based on 30-day trading volume.
"coinbase operates a Mak take a model with different tiers based on your trading volume over the past 30 days"
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Coinbase Advanced Trade, which replaced Coinbase Pro, offers features like limit, stop, and market orders.
"the grandfathered coinbase pro which you'll remember from last year Advanced trade has a suite of trading tools and features like limit orders stop orders and Market orders"
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Coinbase has limited coin support to avoid listing assets that the SEC might classify as securities.
"coinbase is not known for its extensive coin support as it tries not to list anything these Securities and exchanges commission might label as a security"
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Coinbase is available in over 100 countries, excluding sanctioned nations and Hawaii due to strict crypto laws.
"coinbase operates in over 100 countries pretty much every country you can think of except for those sanctioned by the US government curiously it's also not available in Hawaii where crypto laws are pretty strict"
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Coinbase stores 98% of user coins offline in cold wallets for security.
"98% of coins are stored securely offline in cold wallets"
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Coinbase offers an 'Advanced Trade' option for users seeking more detailed trading functionalities.
"for those seeking more detailed trading options you can try coinbase Advanced trade"
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Following a 2021 breach, Coinbase resolved the issue, enhanced security, and reimbursed affected customers.
"the issue was promptly resolved security procedures were improved and affected customers were reimbursed for any losses"
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Being listed on the NYSE, Coinbase must adhere to stringent regulations designed to protect customer assets.
"this means not only does it have access to increased liquidity but it also has to comply with a lot of red tape aimed at protecting customer assets"
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OKX secures 95% of its coins offline.
"95% of coins are securely stored offline"
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OKX limits individual cold storage units to a maximum of $1,000 BTC.
"individual storage units holding no more than $1,000 BTC"
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OKX supports over 350 digital currencies, surpassing Coinbase's offering.
"when it comes to coin support okx fares better than coinbase with over 350 digital currencies"
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OKX is considered a cost leader in the industry with competitive trading fees.
"when it comes to trading fees okx performs very well it is in fact one of the cost leaders in the space"
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OKX's platform is geared towards experienced traders, featuring a comprehensive interface with numerous trading options.
"okx is more targeted at season Traders rather than novices it has a comprehensive and interactive user interface with an expansive array of trading options"
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OKX expanded beyond its exchange services to include DeFi products, NFTs, games, and the metaverse, rebranding by dropping the 'EX' from its name.
"in 2022 OK ex signaled that it's much more than an exchange by dropping the E for ex change in its name as it branched out to decentralized services including defi products nfts games and the metaverse"
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OKX's solvency ratio consistently exceeds 100%, indicating assets surpass liabilities.
"to date okx is solvency ratio consistently exceeds 100% meaning that assets always surpass liabilities"
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OKX stores 95% of coins offline, with individual units limited to $1,000 BTC.
"95% of coins are securely stored offline with individual storage units holding no more than $1,000 BTC"
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OKX implements a security protocol where individuals accessing vaults cannot travel together in the same vehicle.
"the two individuals who are granted access to vaults are not allowed to travel in the same vehicle together"
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Bybit reportedly grew its user base from 10 million to over 15 million in under a year.
"bibit reportedly expanded from 10 million users to over 15 million in less than a year"
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In 2023, Bybit established its headquarters in Dubai and expanded its EU presence by obtaining a license in Cyprus.
"in 2023 bibit opened its HQ in Dubai and strengthened its presence in the EU after securing licensing approval in Cyprus"
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Bybit guarantees 1:1 backing of customer assets and uses Merkel Tree Proof of Reserves to demonstrate this.
"bybit guarantees customer assets are backed one to one like other exchanges bar coinbase it uses Merkel tree proof of reserves to demonstrate This"
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Bybit employs a range of security measures including penetration tests, bug bounty programs, ISO 271 certification, and fund assurance.
"bybit has a gamut of security procedures including penetration tests a bug Bounty ISO 271 certification and funds Assurance"
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Bybit stores 100% of trader-deposited assets in a multi-signature cold wallet.
"it uses an industry-leading and multi- signature cold wallet to store 100% of its Traders deposited assets"
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Bybit allows users to purchase crypto via credit/debit card, Express checkout, and P2P trading.
"The Exchange offers several ways to buy crypto including via credit and debit card Express checkout and P2P trading"
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Bybit boasts impressive transaction speeds, handling 135,000 transactions per second, particularly for derivatives trading.
"bybit is recognized for its impressive transaction speeds clocking in at 135,000 transactions per second primarily for derivatives trading"
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Kraken, founded in 2011 as an alternative to the collapsed Mt. Gox, is considered an original cryptocurrency exchange.
"kraken is the OG it was founded in 2011 as an alternative to the one and only Mount GA which was once the biggest Exchange in the world before it collapsed in 2014 nearly taking the whole industry down with it"
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Kraken was the first cryptocurrency exchange to conduct a proof of reserves audit in 2014.
"Kraken was in fact the first exchange to Happ have a proof of reserves audit all the way back in 2014"
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Kraken periodically conducts proof of reserve audits, including liabilities, to provide a comprehensive view of its financial health.
"Kraken now carries out proof of Reserve audits periodically most recently in early 2022 however Kraken not only verifies reserves but also liabilities as the company notes exchanges need to carry out both in order to paint a more complete picture of the platform's overall health"
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Kraken is ISO 271 certified, indicating that security is integrated into its design and operations.
"Kraken is ISO 271 certified which is an international standard that verifies that security is baked into into its design and operation"
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Kraken possesses SOC 2 certification, signifying that its data protection controls have undergone auditing.
"it also has a sock 2 certification meaning that its data protection controls have been audited"
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Kraken's Security Labs division assists other Web3 companies in improving their security measures.
"Kraken takes security so seriously that it even has a division called security Labs that helps other web three companies enhance their security"
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Kraken is positioned as the second most secure exchange globally and is notable as the only original exchange to have avoided a hack.
"Kraken is the second most secure Exchange in the world and the only OG exchange not to suffer a hack"
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Kraken supports over 200 different cryptocurrencies and tokens.
"Kraken supports over 200 coins and tokens"
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Kraken Pro offers spot, margin, and futures trading for advanced users.
"if you're the latter definitely check out Kraken Pro whether it's spot margin or Futures Trading Kraken Pro has you sorted"
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For traders with under $50,000 in 30-day trading volume on Kraken, maker fees are 0.16% and taker fees are 0.26%.
"for instance if your 30-day trading volume is under $50,000 you'll be paying make or takea fees of1 16% and. 26% respectively"
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KuCoin was launched in 2017 by Johnny Lou and is headquartered in the Seychelles, similar to OKX.
"this exchange was launched in 2017 by Johnny louu its current CEO like okx it's headquartered in the SE shelles"
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KuCoin ranks fifth among top crypto spot exchanges according to CoinMarketCap, following Coinbase, Kraken, and Bybit.
"kucoin is a major exchange ranking fifth in coin market caps top crypto spot exchanges behind coinbase Kraken and bybit"
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KuCoin claims 1 in 4 crypto holders use the exchange, with over 30 million traders from more than 200 countries/regions.
"kucoin boldly claims that one in four crypto holders use the exchange and states that it has over 30 million Traders from over 200 countries regions"
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KuCoin demonstrates transparency regarding solvency by periodically obtaining third-party certification of 1:1 on-chain reserves for user assets and conducting proof of reserves.
"when it comes to transparency kucoin is doing very well the exchange is very clear in how it evidences solvency it periodically requests an independent third-party institution to certify that there are one: one onchain reserves for all user Assets in addition it carries out proof of reserves"
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KuCoin has an A security rating and ranks 34th, while Coinbase, Kraken, and Bybit have AAA ratings and are in the top 10.
"kucoin has an a rating and ranks number 34 in terms of overall security by comparison coinbase Kraken and bybit have AAA ratings and are in the top 10"
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KuCoin offers an extensive selection of cryptocurrencies, with over 700 coins and tokens available.
"on the other hand kucoin is in another League when it comes to the coins and tokens on offer at our latest count it offers over 700"
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KuCoin has a tiered maker-taker fee model for spot trading, starting at 0.1% for both maker and taker, decreasing to 0.005% at higher tiers.
"kucoin offers a tiered makeer taker fee model K coin's fees for spot trading are very simple with a fee of. 1% for both maker and taker at the first tier they then drop across tier to a low of 0.005%"
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KuCoin provides an advanced trading bot for automating trading strategies.
"it also offers an advanced trading bot that allows traders to automate their trading strategies"
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KuCoin offers highly competitive fees compared to other cryptocurrency exchanges.
"one of the most competitive fees among cryptocurrency exchanges"
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SwissBorg is a mobile-first crypto investment platform, distinguishing itself from traditional exchanges.
"swissborg is not your typical exchange rather it's a mobile first crypto investment platform"
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SwissBorg is licensed and regulated in Switzerland, France, and Estonia.
"swissborg is licensed and regulated in Switzerland France and Estonia"
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SwissBorg has launched a proof of liabilities protocol, enabling users to verify that their liabilities are accounted for.
"this year swissborg released a proof of liabilities protocol which essentially allows users to confirm that their liabilities have been accounted for in the total"
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SwissBorg utilizes Multi-Party Computation (MPC) technology to eliminate single points of failure in its custody system.
"swissborg uses so-called multiparty computation MPC technology to prevent any single point of failure in its custody"
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SwissBorg segregates customer deposits from company accounts, meaning customers would not suffer losses if the company went bankrupt.
"this means that on the off chance that swissborg goes bankrupt customers should technically not suffer any losses"
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SwissBorg lists 71 cryptocurrencies, including all major ones.
"lists 71 cryptocurrencies at the time of writing including all the major ones"
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SwissBorg's 'Thematics' product allows users to invest in themed crypto asset collections that are automatically rebalanced.
"one such product is swissborg thematics which enables users to invest in crypto asset collections based on distinct themes using an automatic rebalancing system"
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Using SwissBorg's 'Thematics' feature incurs higher fees compared to direct trading.
"the trade-off to this feature is that it comes with higher fees than if you were to trade on your own"
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SwissBorg offers an integrated solution for cryptocurrency payments.
"provides an integrated solution for crypto payments"
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It is crucial to practice self-custody and store crypto, preferably in a hardware wallet, regardless of exchange security.
"no matter how secure you think an exchange is it's important to practice self- custody so keep your coins and tokens preferably in a hardware wallet"
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A reminder that control over private keys is essential for true ownership of cryptocurrency ('Not your keys, not your crypto').
"not your keys not your crypto"
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