Top Safest Crypto Exchanges in 2024

In 2022, the Ronin Network was hacked and $615 million was taken away. That same year, FTX was hacked when it declared bankruptcy, and over $600 million vanished. 

Despite the security advantages blockchain technology brings, crypto exchanges are not invulnerable, and a malicious exploit can see your funds changing hands. Sometimes, the danger is not from hackers, but from fraudulent backers pulling a rug pull, like in the Multichain case.

Related: Can you Trust Crypto Exchanges After the Collapse of FTX?

As such, it's important to find a crypto exchange that can truly protect your funds before making a choice. With the safest crypto exchange reviews we’ll be providing in this article, you’ll be aware of the platforms that keep your assets safe.

Criteria for Evaluating Exchange Safety

In this article, we’ll recommend the platforms with the best exchange security features. Before that, however, we’ll show you the factors we considered before including any exchange in our list.

Regulation

The first thing we consider before choosing a crypto exchange is to check if it’s licensed. After all, regulated crypto trading sites are guided by strict legal and financial standards, which means they won’t engage in fraudulent activities. Some of the regulatory bodies in the cryptocurrency world are the Securities and Exchange Commission (SEC) and the Financial Conduct Authority (FCA).

Security Measures

The next thing we look at are the tools that the exchange has for keeping out hackers. The most common ones are two-factor authentication and cold storage (which is a physical vault for storing these crypto assets). After all, a hacker can’t get to your funds if they’re not actually on the internet. Other less common security features we’ll consider include regular security audits and IP whitelisting, which only allows approved IP addresses to access the exchange.

Reputation

An exchange with positive user experiences is more likely to be reliable and keep your funds safe than one with the opposite. Most crooked exchanges won’t waste time attending to customer issues or spend money to improve the user experience.

So, we went on social media platforms like X, Reddit, and Discord to see what users were saying about these exchanges. These gave us a general idea of the reputation that they have online.

Insurance

Now this might seem weird for a cryptocurrency exchange, but secure cryptocurrency platforms insure their assets. This acts like a security blanket in case something goes wrong, like a hack, or when the platform founders vanish mysteriously.

Top Safest Crypto Exchanges in 2024

After lots of research, we were finally able to compile the list of the safest crypto exchanges 2024, and you’ll find them below:

Crypto.com

Few crypto exchanges are as popular as Crypto.com, which started out in 2016. This exchange supports more than 350 cryptocurrencies on its platform and boasts a full-fledged mobile app.

As one of the most trusted crypto trading platforms, Crypto.com offers cold storage for user funds. It also provides multi-factor authentication options like biometrics and authentication codes and has qualified for security certifications, like ISO/IEC 27701:2019. Crypto.com also provides insurance for user funds and features 24/7 customer support.

Coinbase

Coinbase is one of the most secure bitcoin exchanges on the internet, and it was established in 2012. After being in the industry for so long, this exchange features many methods to protect user assets.

There is a multifaceted risk management program that protects user funds and prevents Coinbase from accessing it without permission. Users also enjoy two-factor authentication, multi-approval withdrawals, password protection, and other advanced security features.

April 2021 made Coinbase one of the largest crypto companies out there, and this comes with the required financial transparency for such companies. So, this exchange is audited regularly by third parties, and it’s required to publish quarterly financial statements.

Kraken

Founded in 2011, Kraken has a reputation as one of the oldest cryptocurrency exchanges and one of the most reputable ones. This platform’s approach to security is comprehensive.

First, its security team is world-class, composed of experts with decades of experience in building security programs and investigating data breaches. Kraken works with external auditors to provide regular proof of reserve for customers. As an ISO/IEC 27001:2013 certified company, Kraken encrypts all user information.

This crypto exchange also offers two-factor authentication, granular API permissions, email confirmations for withdrawals, and global settings time lock. Unlike other secure cryptocurrency platforms, Kraken works with no SMS or phone account recovery.

YouHodler

This is a fintech company that was founded in 2018 to help people navigate the future of finance. As a company that prides itself on transparency, YouHodler has a glowing global reputation among users. Most reviews regarding this firm are usually about customers praising it and its 24/7 customer support.

This fintech firm incorporates Ledger Vault’s technology to provide advanced security for its users. One of these security benefits from this partnership is a $150 million crypto asset insurance. Another partnership that YouHodler has to provide adequate security is with Elliptic and CipherTrace.

YouHodler is one of the top regulated crypto exchanges with licenses in multiple European countries. It also boasts numerous offices in many countries, making customer support a breeze.

OKX

OKX is a global cryptocurrency exchange that opened its door to customers in 2017. We recommend this platform as it not only boasts reliable platform security, it also provides reliable wallet security.

Although cold storage and cold wallets will forever be the safest cryptocurrency storage mechanisms, they don’t work well with regular traders. OKX provides a semi-offline multi-signature security feature for secure and convenient transactions. This hot wallet feature makes it one of the most secure cryptocurrency wallets.

OKX makes two-factor authentication compulsory on its platform, improving all-around security. It offers cold storage with multiple backups and also provides proof of reserve regularly to show its reliability.

BloFin

Although it's not a well-known cryptocurrency exchange, BloFin is a platform that was founded in 2019. It has never been hacked all the while, which shows how serious it takes security.

BloFin features a 1:1 reserve system for full transparency and regularly audits its platform for the same purpose. It’s one of the cryptocurrency exchanges that provides regular proof of reserves for its users, and it uses a Merkle Tree for this. Crypto asset safety is also enhanced with the wallet-as-a-service feature offered on this exchange.

BingX

With over 10 million users worldwide, BingX has secured its place as a popular exchange, since it opened its doors in 2018. This popularity also has its roots in the security solutions of the platform, as BingX believes in bank-grade custody solutions.

First, the systems at this exchange are protected with advanced firewalls and encryptions. Dynamic monitoring of crypto price changes is also used to protect users from volatile digital coins. Two-factor authentication is also present on BingX, along with continuous monitoring for potential security threats.

BingX has also taken out insurance to further protect its customers and compensate for unpredictable risks. This platform also has an incident response strategy in the event of a security breach.

Binance

When it comes to popularity, few cryptocurrency exchanges can compare to Binance. This crypto exchange started business in 2017, supports more than 400 digital coins, and offers its services to more than 150 countries.

Binance is one of the safest Ethereum exchanges around, with its strict data privacy controls and robust security systems. This crypto exchange offers two-factor authentication and real-time monitoring of user assets to track any suspicious activity. The Binance wallet comes with threshold signature schemes and multi-signature security features, making it one of the most secure cryptocurrency wallets.

The advanced data encryption services on this site secure data while it’s in storage and in transit.

Bybit

When it comes to trading crypto derivatives, few do it better than ByBit. Bybit is a crypto exchange that started business in 2018 and boasts 360-degree platform security.

This cryptocurrency exchange works with international regulators and adopts industry-leading security solutions to enhance user protection. As one of the most trusted crypto trading platforms, Bybit offers security features like multi-signature schemes, threshold signature schemes, and a trusted execution environment.

There is also advanced data protection, privacy protection, and real-time account monitoring active on this platform. Bybit is also partnered with Hackerone to uncover security holes with the Bug Bounty Program.

Gemini

Gemini is a cryptocurrency exchange that began business in 2014 and strives to create a haven for secure asset management. It's the first cryptocurrency exchange to complete a SOC 2 Type 2 and SOC 1 Type 2 exam and get certified for them.

User accounts are protected using two-factor authentication and hardware security keys. Multiple signatories are required in Gemini to perform sensitive functions like permitting the transfer of cryptocurrency.

The security features also go on to include a background check on all employees at this firm, to ensure that they’re clean. Gemini doesn’t use any hardware security modules that are rated lower than FIPS 140-2 Level 3 to ensure sufficient asset security.

Conclusion

In the world of cryptocurrency, everyone (users and exchanges) plays their part in securing user funds. Your responsibility as a user starts with making sure you choose secure cryptocurrency platforms to deposit your assets. So, we’ve made things easier by providing the safest crypto exchanges 2024; the choice to make is up to you.

Disclaimer: All materials on this site are for informational purposes only. None of the material should be interpreted as investment advice. Please note that despite the nature of much of the material created and hosted on this website, HODL FM is not a financial reference resource and the opinions of authors and other contributors are their own and should not be taken as financial advice. If you require advice of this sort, HODL FM strongly recommends contacting a qualified industry professional.