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12 Best Altcoin Exchanges for Crypto Trading in July 2024

31 mins
Fact Checked
by May Woods
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Finding the best exchange to trade altcoins is crucial for both new and experienced traders. This article lists the top cryptocurrency exchanges, focusing on their offerings like altcoin trading pairs, user-friendly interfaces, and security features. We explore top-rated exchanges known for their low trading fees, high altcoin liquidity, and robust exchange security. Here’s our top selection of the best altcoin exchanges for crypto trading for both beginners and advanced traders. 

Methodology

Best altcoin exchanges in July 2024

1. BingX

Best for trading bots
Suported assets
750+
Availability
100+ countries
Withdrawal limit
N/A
Minimum deposit
$1

2. Coinbase

Best for first-time investors
Supported assets
237
Availability
U.S. & 100+ countries
Withdrawal limit
$100,000/day
Minimum deposit
$2

3. KuCoin

Best for a wide range of altcoins
Supported assets
751
Availability
U.K. & 180+ countries
Withdrawal limit
$150,000/day
Minimum deposit
$1

4. OKX

Best for low-fee trading
OKX.com
OKX.com
Supported assets
316
Availability
E.U. & 100+ countries
Withdrawal limit
$1,000,000/day
Minimum deposit
€1

5. Kraken

Best for security
Kraken.com
Kraken.com
Supported assets
247
Availability
U.S. & 150+ countries
Withdrawal limit
$100,000/day
Minimum deposit
$1

6. Uphold

Best for multi-asset investors
Supported assets
250+
Availability
U.K. & 180+ countries
Withdrawal limit
Up to $10,000/day (ACH)
Minimum deposit
N/A

7. BYDFi

Best for margin trading
Supported assets
360+
Availability
E.U. & 150+ countries
Withdrawal limit
up to 6 BTC/day
Minimum deposit
$30

8. eToro

Best for trading altcoins CFDs
Supported assets
25
Availability
U.K. & 70+ countries
Withdrawal limit
N/A
Minimum deposit
$10 or more

9. Bitpanda

Best secure crypto broker
Supported assets
300+
Availability
Europe
Withdrawal limit
€100,000/day
Minimum deposit
€10

10. Bybit

Best for derivates markets
Supported assets
655
Availability
U.S. & 180+ countries
Withdrawal limit
1,000,000 USDT/day
Minimum deposit
$1

11. Binance

Best for all traders
Supported assets
399
Availability
U.K. & 100+ countries
Withdrawal limit
$50,000/day or more
Minimum deposit
$1

12. Bitget

Best for digital assets trading
Supported assets
655
Availability
U.S. & 180+ countries
Withdrawal limit
$3,000,000/day
Minimum deposit
15 EUR

What is an altcoin?

Think of Bitcoin as the most famous kid in the crypto schoolyard. Altcoins are the other kids who are also trying to become famous. There are two main definitions of an altcoin: some see altcoins as alternative cryptocurrencies to Bitcoin. Others consider other digital currencies besides Bitcoin and Ethereum to be altcoins.

You can trade these altcoins with Bitcoin, Ethereum, or other alts. Altcoins encompass utility tokens, payment tokens, and even memecoins. What’s interesting about altcoins is that they come in many flavors, each with unique features.

Any observant trader will consistently watch for the onset of altcoin season, a period when Bitcoin dominance drops and altcoins experience significant price increases.

Why consider altcoins over Bitcoin?

Investing in altcoins instead of Bitcoin can be a strategic choice: 

  • Diversification: While Bitcoin is the pioneer and the most well-known cryptocurrency, altcoins offer a broader range of options. Investing in different altcoins can spread your risk across various projects and technologies, reducing the impact of a single asset’s price fluctuations.
  • Potential for higher returns: Some altcoins have shown the potential for rapid price appreciation. Early investments in altcoins like Ethereum, Binance Coin, or Cardano have yielded substantial returns for investors.
  • Innovation: Altcoins often bring innovation and new features to the cryptocurrency space. They may have unique use cases or advanced technologies that set them apart from Bitcoin. For example, Ethereum introduced smart contracts, which opened up a world of decentralized applications (DApps).
  • Specialization: Altcoins can cater to specific niches or industries. For instance, Ripple (XRP) focuses on cross-border payments, while Chainlink (LINK) is all about providing reliable data for smart contracts. If you believe in a particular industry’s potential, there might be an altcoin tailored to it.
  • Lower entry costs: While Bitcoin’s price can be intimidating for new investors, many altcoins are more affordable, making them accessible to a wider audience. This allows you to buy more tokens for your investment budget.
  • Timing and research: Being well-informed and timing your investments right can be rewarding with altcoins. Researching projects, their teams, and their roadmaps can help you identify promising altcoins before they gain significant attention.

Risks and rewards of altcoin trading

Trading altcoins can be an exciting venture, but it’s important to be aware of the potential risks and opportunities involved:

Altcoin trading: Rewards

  • High growth potential: Altcoins have shown the potential for rapid price appreciation. Early investments in the right projects can result in substantial profits. For instance, some altcoins have experienced significant price surges in a short period.
  • Diversification: Trading altcoins allows you to diversify your cryptocurrency portfolio. By investing in a variety of altcoins with different use cases, you can spread risk and potentially benefit from various market trends.
  • Innovation: Altcoins often introduce innovative features and technologies. For example, DeFi (decentralized finance) coins offer financial services without traditional intermediaries, and NFTs (non-fungible tokens) are revolutionizing digital ownership. These innovations can provide unique investment opportunities.
  • Low entry barrier: Many altcoins are more affordable than Bitcoin, making them accessible to a broader audience. You can start trading with a smaller budget and gradually expand your portfolio.

Altcoin trading: Risks

  • Volatility: Altcoins tend to be more volatile than Bitcoin. Price fluctuations can be rapid and substantial, leading to both significant gains and losses. It’s crucial to be prepared for price swings.
  • Lack of regulation: Altcoins are often less regulated than established cryptocurrencies like Bitcoin. This can lead to higher risks of fraud, scams, and unreliable projects. Due diligence is essential to avoid falling victim to such risks.
  • Market sentiment: Altcoin prices can be heavily influenced by market sentiment and speculation. Hype-driven investments can lead to price bubbles that eventually burst, causing losses for investors.
  • Liquidity issues: Some altcoins may have lower trading volumes, which can result in liquidity issues. It may be challenging to buy or sell large amounts of certain altcoins without significantly impacting the market price.
  • Project reliability: Not all altcoin projects are created equal. It’s essential to research and assess the credibility of the team, the technology, and the roadmap of the altcoins you consider trading. Investing in poorly managed or fraudulent projects can lead to losses.

What is an altcoin exchange?

An altcoin exchange is like a digital marketplace where you can buy, sell, and trade different cryptocurrencies besides Bitcoin. It’s a platform that allows you to exchange Bitcoin and other cryptocurrencies for various alternative coins.

Altcoin exchanges offer trading pairs, which are combinations of cryptocurrencies that you can exchange with each other. For example, you might trade Bitcoin or Ethereum for a lesser-known altcoin.

Unlike traditional stock markets, where you buy and sell shares of companies, altcoin exchanges deal with a wide range of digital assets. To use an altcoin exchange, you typically need to create an account and provide identification as part of the exchange’s security measures.

You’ll also need a cryptocurrency wallet to store your altcoins. Some exchanges offer built-in wallets, while others require you to have your own. Keeping your wallet secure is crucial because it contains your digital assets. Here are three of BeInCrypto’s top tried-and-tested picks if you’re looking for the best place to store your altcoins.

MetaMask

MetaMask
Go to wallet
Wallet type Browser and app
Price Free
Incorporated exchange Yes
Blockchains supported Ethereum & 10+

Coinbase Wallet

Coinbase Wallet
Go to wallet
Wallet type Browser and app
Price Free
Incorporated exchange Yes
Blockchains supported Ethereum & 15+

OKX Wallet

OKX Wallet
Go to wallet
Wallet type Browser and app
Price Free
Incorporated exchange Yes
Blockchains supported Ethereum & 70+

For those interested in more dynamic trading activities, identifying a reliable crypto exchange for day trading can be beneficial. This will ensure a platform offers the tools and speed necessary for the quick pace of day trading in the cryptocurrency market.

Altcoin exchanges vs. traditional exchanges: What sets them apart?

Altcoin exchanges and traditional exchanges serve distinct purposes and operate in different ways. Here are the key differences between the two:

Digital vs. traditional assets

  • Altcoin exchange: Altcoin exchanges deal exclusively with digital cryptocurrencies, including Bitcoin and various alternative coins. These assets exist purely in digital form and operate on blockchain technology.
  • Traditional exchange: Traditional exchanges, such as stock exchanges, primarily handle traditional financial assets like stocks, bonds, and commodities. These assets represent ownership in physical or established companies.

Accessibility and hours

  • Altcoin exchange: Altcoin exchanges operate 24/7, allowing users to trade cryptocurrencies at any time, day or night, without geographical restrictions. They offer accessibility to a global user base.
  • Traditional exchange: Traditional exchanges typically have specific operating hours and are closed on weekends and holidays. They are location-dependent, with different exchanges catering to specific regions.

Regulation and oversight

  • Altcoin exchange: Many altcoin exchanges operate in a less regulated environment compared to traditional financial markets. The level of oversight can vary widely by jurisdiction, leading to potential risks related to fraud and market manipulation.
  • Traditional exchange: Traditional exchanges are subject to rigorous government regulations and oversight by financial authorities. These regulations aim to ensure fairness, transparency, and investor protection.

Asset variety

  • Altcoin exchange: Altcoin exchanges offer a vast array of cryptocurrencies, each with its own unique features and purposes. Users can trade between different digital assets, creating a diverse portfolio.
  • Traditional exchange: Traditional exchanges primarily focus on a limited range of asset classes, such as stocks, bonds, and commodities. While these assets may vary, they are typically well-established and have a longer history.

Market dynamics

  • Altcoin exchange: Cryptocurrency markets are known for their high volatility, with prices often subject to rapid fluctuations. Speculation and sentiment play significant roles in these markets.
  • Traditional exchange: Traditional financial markets tend to be more stable and are influenced by a broader range of economic factors, including corporate earnings, economic indicators, and geopolitical events.

Accessibility to new investors

  • Altcoin exchange: Altcoin exchanges are generally more accessible to new and individual investors due to lower entry barriers, allowing people to start trading with smaller budgets.
  • Traditional exchange: Traditional financial markets may require higher capital, making them less accessible to individual investors, particularly those with limited resources.

Understanding altcoin exchange fees

When using altcoin exchanges, it’s essential to be aware of the various fees associated with trading cryptocurrencies. Here’s a breakdown of the common fees you might encounter:

1. Trading fees

  • Maker fees: These fees are incurred when you add liquidity to the order book by placing a new order that doesn’t immediately get matched with an existing one. Maker fees are typically lower than taker fees and are designed to encourage market makers.
  • Taker fees: Taker fees are charged when your order matches an existing order on the order book, removing liquidity from the market. Taker fees are usually higher than maker fees. The specific fee rates vary between exchanges and can depend on your trading volume.

2. Withdrawal fees:

  • Cryptocurrency withdrawal fees: When you transfer your cryptocurrencies from the exchange to your personal wallet, you may incur withdrawal fees. These fees vary depending on the type of cryptocurrency you’re withdrawing and the exchange’s policies. Some exchanges have fixed withdrawal fees, while others calculate them based on network transaction fees.

3. Deposit fees:

  • Cryptocurrency deposit fees: Some exchanges charge fees for depositing cryptocurrencies into your exchange account. The fees can vary depending on the cryptocurrency and the exchange’s policies.

4. Conversion fees:

  • Fees for trading pairs: If you’re trading between different cryptocurrencies (e.g., Bitcoin to Ethereum), you may encounter conversion fees. These fees are often expressed as a percentage of the transaction amount.

5. Margin trading fees

  • Interest rates: If you engage in margin trading (borrowing funds to trade with leverage), you may be subject to interest or financing fees on the borrowed amount. These rates can vary based on the exchange and the specific trading pair.

6. Inactivity fees

  • Account maintenance: Some exchanges impose inactivity fees if your account remains dormant for an extended period. To avoid these fees, it’s essential to log in and perform a trade or other account activity regularly if required by the exchange.

7. VIP or tiered fee structures

  • Volume-based discounts: Many altcoin exchanges offer tiered fee structures based on your trading volume over a specified time frame. Higher trading volumes often lead to lower fees, which can be advantageous for active traders.

Are altcoin exchanges safe?

The safety of altcoin exchanges varies from one platform to another. While some exchanges prioritize security and implement robust measures to protect user funds, others may have vulnerabilities that can pose risks. 

Here are key factors to consider when assessing the safety of altcoin exchanges:

  • Regulatory compliance
  • Security measures
  • Reputation and track record
  • Insurance
  • Customer support
  • Withdrawal policies
  • Avoiding phishing and crypto scams

How do altcoin exchanges work?

Altcoin exchanges provide a platform for users to trade a wide range of cryptocurrencies. Users can register, deposit funds, explore trading pairs, place orders, and execute trades. Security, fees, market analysis, and liquidity are essential factors to consider when using these exchanges for cryptocurrency trading.

Here’s a step-by-step overview of how these exchanges work:

  • User registration: This process may involve providing personal information and completing identity verification procedures (KYC/AML) to comply with regulatory requirements.
  • Deposit funds: These funds can be in the form of cryptocurrencies, such as Bitcoin or Ethereum, or fiat currencies, like USD, EUR, or other local currencies.
  • Exploring trading pairs: These trading pairs determine which cryptocurrencies you can trade against each other.
  • Placing orders: Users can place different types of orders, such as market orders or limit orders. 
  • Matching orders: Altcoin exchanges match buy and sell orders from users. a
  • Order book and order types: Traders can see the current market conditions and decide when and at what price to place their orders.
  • Trading fees: Users may incur trading fees when executing orders.
  • Wallets: Altcoin exchanges often provide wallets where users can store their cryptocurrencies. 
  • Crypto withdrawals: This step is essential to enhance security by storing assets in a more secure environment.

Types of altcoin exchanges

In the decentralized asset trading world, two primary types of crypto exchanges stand out: decentralized exchanges (DEXs) and centralized exchanges (CEXs).

Decentralized exchanges (DEX)

DEXs facilitate direct peer-to-peer cryptocurrency transactions online securely and without the need for an intermediary. They are known for enhancing exchange security and preserving user anonymity. DEXs offer a diverse range of altcoin trading pairs, allowing users to trade altcoins directly with others. However, they might lack the user-friendly interfaces and high altcoin liquidity seen in some top-rated exchanges.

Centralized exchanges (CEX)

These are the best exchanges for users looking to trade altcoins more conveniently. CEXs are managed by companies that provide platforms for trading various cryptocurrencies, including Bitcoin and Ethereum. 

CEXs typically offer lower trading fees, more altcoin trading volume, and user-friendly interfaces. They also often support fiat currency transactions, allowing users to buy altcoins with a credit card. While they provide high liquidity and advanced altcoin exchange features, users must trust the exchange’s security measures.

Both DEX and CEX cater to different needs in the cryptocurrency trading ecosystem, with choices often depending on the trader’s preference for convenience, security, and available trading pairs.

Altcoin exchanges vs brokers

Altcoin exchanges and brokers serve different functions in cryptocurrency trading. Here are the main differences between the two types of platforms. 

Altcoin exchanges

These platforms facilitate direct trading of cryptocurrencies, including altcoins. Users can trade various altcoin pairs, with the exchange acting as a middleman. Exchanges often offer a wide range of trading pairs, high liquidity, and sometimes user-friendly interfaces. They may charge trading fees for each transaction and typically offer robust security measures.

Brokers

Brokers offer a service where they execute trades on behalf of their clients. They might provide access to altcoins, Bitcoin, Ethereum, and other cryptocurrencies. Unlike exchanges, brokers set their own prices, which may include a markup. They are known for ease of use, often allowing purchases with credit cards and providing a simplified trading experience, especially for beginners. However, their fees might be higher compared to exchanges.

What should you consider when choosing an altcoin exchange? 

When choosing an altcoin exchange, consider these factors:

  • Security: Look for strong security measures to protect your funds.
  • Trading fees: Compare fees for trades and withdrawals.
  • Altcoin variety: Ensure the exchange supports a wide range of altcoins.
  • Liquidity: Higher liquidity means easier and faster trades.
  • User interface: A user-friendly interface simplifies trading.
  • Customer support: Reliable support is crucial for resolving issues.
  • Regulatory compliance: Ensure the exchange adheres to relevant regulations for safer trading.

Altcoin trading: a quick guide 

To get started with an altcoin exchange:

  • Choose an exchange: Select a reliable altcoin exchange with good security, low fees, and a variety of altcoins. Make sure it supports a number of the top cryptocurrencies to invest in. 
  • Sign up: Create an account by providing the required personal information.
  • Verification: Complete any necessary verification processes for identity and security.
  • Deposit funds: Add funds to your account, either in fiat currency or cryptocurrency.
  • Start trading: Explore the platform, select altcoins, and begin trading.

Best altcoin exchanges for crypto trading compared

RegulationMin. depositTrading feesNo. of coins
BingXFSIC$10.1% or less750+
CoinbaseFCA, most U.S. states$50Up to 0.6% + spread150+
KuCoinNone$50.3% or less700+
OKXVARA$100.1% or less343+
KrakenFCA$10.16% maker 0.26% taker247
UpholdFinCENN/A0.25% – 2.5%250+
BYDFiU.S. and Canada MSB dual license$300.1% maker 0.3% taker360+
eToroFCA, CySEC$101% + spread70+
BitpandaAMF, BDE$101.49% premium199+
BybitCySEC$10.10%520+
BinanceAMF$10.1% or less600+
BitgetNone$10.10%650+

Time to make your altcoin exchange choice

When diving into altcoin trading, selecting the right exchange is crucial. Whether it’s a DEX or CEX, consider factors like trading fees, security, user interface, and altcoin variety. Remember, the best exchange for you is personal and will align with your specific trading needs and preferences. As you venture into this journey, always prioritize security and stay informed about market trends to maximize your altcoin trading experience.

Frequently asked questions

Which exchange is best for altcoins?

What is an altcoin exchange?

What are the top 10 altcoins?

What are the top three cryptocurrency exchanges?

What is the safest crypto exchange?

How do you trade altcoins?

Can you trade options on altcoins?

How do altcoin exchanges manage private keys?

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Iulia Vasile
Iulia Vasile is a seasoned professional in the cryptocurrency and blockchain industry, working full-time in the field since 2017. With a background in computer engineering, she has the unique ability to write about complicated topics, including DeFi, NFTs, trading, and AI, in a way that is easy to understand. Iulia learned multiple programming languages while completing her Software Engineering degree in Bucharest at Politehnica University. Iulia brings her expertise and personal...
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