3 Safest Crypto Exchanges for 2024

While there are many safe crypto exchanges to choose from, we analyzed 25 platforms and narrowed down the top 3.

Updated: Feb 21, 2024

Safest Crypto Exchanges

Highlights

  • At RankFi, we compared 25 of the world's most popular cryptocurrency exchanges across hundreds of data points.
  • Many factors go into choosing a safe crypto exchange. You should consider things like the platforms age, cold storage practices, and number of security breaches.
  • We consider the safest crypto exchanges in the world to be Coinbase, Binance and Kraken. However, many other "safe" platforms exist as well. 

While there are many "safe" crypto exchanges, we rounded up the industry leadersVarious factors were considered such as reputation, features, regulatory status, cold storage practices, insurance, how long they've been operating, hacks, and more.

While choosing a safe crypto exchange is important, taking self-custody of your funds and following best security practices will always be the best way to keep your digital assets secure. Now, here are our safest crypto exchanges.

Coinbase

Coinbase

200+

Coins

Varies

Trading Fee

2012

Founded

Coinbase tops the list because it's a household name in the crypto world with over 100M users and has a great track record since 2012. They hold dozens of U.S. licenses and are compliant in over 100 countries.

They are also Coinbase a publicly traded company in the United States (NASDAQ: COIN). While they don't have a proof of reserves system, the companies financials are public and they undergo frequent audits. On the user side, you can set up 2FA, address whitelisting, and all the standard security measures.

Coinbase is easily one of the safest platforms in the world. On the downside, it's also one of the most expensive cryptocurrency exchanges which is something to keep in mind. Find our full Coinbase review here.

  • Publicly traded company
  • Founded in 2012 (longer track record than most exchanges)
  • Compliant in 100+ countries
  • $255M insurance policy on their cold storage assets
  • Known for high fees
  • One incident in 2021 where 6,000 customers were affected. However, nothing major

Binance

Binance

400+

Coins

0.10%

Trading Fee

2017

Founded

With 170M+ users and the highest trading volume in the world, Binance is one of the largest and most trusted crypto exchanges in the world. 

Binance has a SAFU insurance fund which at one point, held over $1 billion worth of Bitcoin. The insurance fund takes a portion trading fees from the exchange and stores it in a wallet in case of a hack or emergency. In 2019, Binance had a hack for $40M but no users lost funds thanks to the SAFU fund.

According to an interview wth CZ, the founder, Binance is now the most regulated exchange in the world which may be a surprise to some. It now has regulatory approval in France, Australia, USA, and many other jurisdictions. On top of being safe, Binance is also one of the cheapest crypto exchanges in the world which is why it tops our list. Read our full Binance review.

  • Best combination of safety, low fees, and features
  • SAFU insurance fund in case of hacks or incidents
  • Largest exchange in the world by trading volume (has 170M+ users)
  • Getting regulatory approval in many countries
  • Overwhelming for beginners
  • Not available in all regions such as Ontario
  • Doesn't support all fiat currencies

Kraken

Kraken

230+

Coins

0.16% / 0.26%

Trading Fee

2011

Founded

Founded in 2011, Kraken is the oldest platform on this list. It's also the only one with a perfect track record and no hacks.

95% of crypto is held in cold storage and and they are compliant in all 100+ countries they operate in. Kraken is regarded as one of the safest platforms in the industry and their track record proves it. Read our full Kraken Review.

  • Founded in 2011 and has had 0 hacks
  • 95% of deposits held in cold storage
  • High priority 24/7 live chat
  • Compliant in every jurisdiction they operate in
  • Communicates their security practices well
  • Higher trading fees
  • Not the most coins or features

Methodology

Here is some of the data used to create these rankings. Compare 21 platforms across 200+ security-related data points:

Name

Year Founded

Uses Cold Storage?

Insurance Policy?

Any Hacks or Incidents?

2FA

Address Whitelisting

KYC?

Publicly Traded?

2018

Yes

Yes - 2021

Yes

Yes

Partial

No

2017

Yes

Yes - 2019

Yes

Yes

Yes

No

2012

Yes

Yes - 2016

Yes

Yes

Partial

No

2017

Yes

Uknown

Yes - 2021

Yes

No

Yes

No

2011

Yes

Yes - 2015

Yes

Yes

Yes

No

2014

Yes

No

Yes

Yes

Yes

No

2018

Yes

No

Yes

No

Partial

No

2012

Yes

Yes - 2021

Yes

Yes

Yes

Yes (COIN)

2017

Yes

No

Yes - 2020

Yes

No

Yes

No

2016

Yes

Yes - 2022

Yes

Yes

Yes

No

2007

Yes

Yes - 2020

Yes

?

Yes

No

2013

Yes

Yes - 2014, 2015

Yes

Yes

Yes

No

2014

Yes

No

Yes

Yes

Yes

No

2013

Yes

No

Yes

Yes

Partial

Yes (1611.HK)

2011

Yes

No

Yes

Yes

Yes

No

2017

No Info

Yes - 2020

Yes

Yes

Partial

No

2017

Yes

No

Yes - 2020

Yes

No

Yes

No

2014

Yes

Yes - 2014

Yes

Yes

Partial

No

2013

Yes

No

Yes

No

Yes

No

What We Learned

After collecting all this info, we learned 13 out of 21 platforms have had a hack or incident (62%). 100% of platforms offer 2FA and 2 out of 21 are publicly traded entities (10%). Hacks are very common in this industry but most platforms have repaid their users or recovered the funds so no users actually lost any funds.

Author

At RankFi.com, our goal is to be your trusted source for crypto reviews, guides and research. We seek out researchers with extensive crypto knowledge and firsthand experience using dozens of CeFi and DeFi platforms.

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