Best Bitcoin Exchanges for July 2024: Which Wins & What to Know (2024)

Education

With somany Bitcoin exchanges tochoose from, how doyou know which isright one foryou? Weare here tohelp choose between three ofthe best Bitcoin exchanges inJuly of2024: Swan Bitcoin, Coinbase and Binance.

Choosing the best Bitcoin exchange isessential. The following review breaks down two ofthe most popular exchanges Coinbase, Binance, and Swan Bitcoin, aBitcoin-only exchange inthe United States.

Let’s getstarted…

TL; DROverview

Swan Bitcoin

Account Minimum: Nominimum balance requirements
Investment Options: Bitcoin-only
Fees: 0.99%*
Custody Provider: BitGo Trust Company
Trustpilot Rating: 4.6 / 5 from 1,136 reviewsApple Store App: 4.8 / 5 from +1.5k reviews
Google Play Store: 4.5 / 5 from 61 reviews, +50,000 downloads

Binance

Most Popular International Bitcoin Exchange

Account Minimum: None, but $10 trade minimum
Investment Options: 137 cryptocurrencies (changes often)
Fees: Start at0.6%. fees of0.5% for instant buys and debit card fees of3.75%
Custody Provider: Ceffu
Trustpilot Rating: 2.1 / 5 from 4,4779 reviews
Apple Store App:4.2 / 5from +108.5k reviews (#61 inFinance)
Google Play Store:4.6 / 5 from +2.21M reviews, +100M downloads

Coinbase

Most Popular U.S. Bitcoin Exchange

Account Minimum: $2
Investment Options: +150 alternative cryptocurrencies
Fees: 0.5% to4.5%
Custody Provider: Coinbase Custody Trust
Trustpilot Rating: 1.9 / 5 from 9,351 reviews
Apple Store App:4.7 / 5 from +1.7M reviews (#13 inFinance)
Google Play Store:4.5 / 5 from +838k reviews, +10M downloads

Bitcoin-only Exchangesvs. Cryptocurrency Exchanges

Cryptocurrency exchanges are online platforms that facilitate the buying, selling, and trading Bitcoin, altcoins, stablecoins and other digital assets.

Exchanges serve asintermediaries, connecting buyers and sellers and providing amarketplace for individuals toexchange their fiat currency (U.S. dollars, Euros, etc.) for Bitcoin and vice versa.

Altcoins refer toANY cryptocurrency other thanBitcoin. These alternative digital assets are often funded through pre-sale token agreements and usually donot have clear legal definitions. Many ofthese ICO-launched networks are Ponzi-like and one-hit wonders.

Several types ofexchanges exist for different investors, making choosing the best Bitcoin exchange even more challenging.

Swan Bitcoin

Founded in2019 and headquartered inLos Angeles, California, Swan Bitcoinhas made buying and owning Bitcoin abreeze.

Swan removes the complexity and confusion surrounding Bitcoin IRA investing and isaccessible toabroader audience for low fees and offers investorsfree withdrawals into self-custody ofpurchased Bitcoinwith asecure, non-custodial wallet.

This gives investors complete control over their digital assets and anadded layer ofsecurity.

Key Features

1. Enhanced knowledge base: Swan’s knowledge base includes comprehensive educational resources, in-depth market analysis, and up-to-date information onBitcoin.

2. Unparalleled expertise inBitcoin: Whether understanding technical aspects, market trends, orpotential risks, Swan’s experts work round the clock toguide you every step oftheway.

3. Advisor services: Besides its expert team, Swan now offers Swan Advisor Services tohelp financial advisors integrate Bitcoin into their clients' investment portfolio’sseamlessly.

4. Personalized consultation: Investors get advice and strategic recommendations tailored totheir financial goals and risk tolerance, ensuring Bitcoin becomes anaccessible and beneficialasset.

5. Reliable self-custody options: Swan’s Specter Labs offers arange ofsafe and easy-to-use self-custody options for Bitcoiners who prefer tobeindirect control oftheirwealth.

Best Bitcoin exchange alternative toCoinbase

One ofSwan’s key features that makes iteasy for newcomers isthe ease ofsetting upautomate recurring Bitcoin purchases (with private key ownership) atregular intervals, helping create adisciplined, low-time preference investment strategy tobuild wealth over time.

Coinbase offers this feature, BUT the exchange maintains control over the private keys.

Swan Education

Swan Signal Blog

Swan YouTube Channel

Swan Private Insight

Welcome toBitcoin: 101 Series

Swan Bitcoin IRA

SwanBitcoin IRA offers atax-deferred ortax-free solution toincorporating Bitcoin into aretirementportfolio. Swan offers self-managed Traditional orRoth IRAs, with Bitcoin held inalegal, regulated trust account maintained byaqualified and authorized custodian.

What toknow: The best Bitcoin exchanges provide unique products and services like anIRA product tohelp them differentiate themselves from major competitors.Neither Binance nor Coinbase offer atax-free IRA product.

Swan Support: Best inIndustry Customer Support

Exceptional customer service

Swan uses achatbot feature and instantly connects users toaSwan representative. This functionality allows users toengage inreal-time conversations, enabling swift access toassistance and support.

Swan Support israted the best inthe industry bymany. Ifyou ever have any problems, you can usually reach aSwan Support customer service representative in10 minutes orless.

What toknow: For U.S. citizens, this isnot possible onCoinbase.The best Bitcoin exchanges offer exceptional levels ofcustomer service.

Swan Private

Ifyou’re ahigh net-worth individual, family office, orcorporation looking tobuy $100,000 ormore worth ofBitcoin, you can sign upwith Swan Privatefor customizedservices. The Swan Private team produces amonthly research report tokeep you updated and educated about the latest Bitcoin developments and the broader financial world.

Swan Force

Swan Forceisanother Swan entity toearn Bitcoin byhelping other users and businesses engage with the Bitcoinecosystem.

Swan Bitcoin-only Trust

OnSeptember 14th, 2024, Swan revealed plans for the first Bitcoin-only trust company inthe United States.

This strategic partnership aims tomeet the increasing demand for Bitcoin-specific solutions while addressing the crucial security and custody needs within the Bitcoin ecosystem. BitGo has been safeguarding Swan users' Bitcoin incold storage custody since June, 2023— apractice that will continue.

Swan Vault

OnOctober 5, Swan Bitcoin and Blockstream announced Swan Vault. With Blockstream Jade’s support, Swan Vault provides Bitcoin investors with robust and user-friendly solutions tothe complex challenges ofsecure andsafe Bitcoincustody.

See the press releasehere.

The Daily Bitcoiner

One curated piece ofBitcoin content, ajob listing inthe Bitcoin industry, thought provoking quote and Bitcoin-only event— published every weekday. Only the highest quality articles, podcasts, and videos make thecut.

Employee Bitcoin Benefit Plan

The Bitcoin Benefit Plan makes iteasy togive your teamBitcoin.Swan will automatically deposit aset amount ofBitcoin into your team’s accounts everymonth.

Fees

Swan charges ZERO onyour next orfirst $10k purchase— only a0.99% fee onall Bitcoin buys thereafter; that’sall. Nodeposit fees, nowithdrawal fees, nohidden fees.

Low and transparent fees

Swan’s exclusive focus onBitcoin allows ittocut costs and pass onthe savings inlower fees, making itagreat Coinbase alternative for users who prioritize low fees and wish tofocus onBitcoin-only.

The best Bitcoin exchanges offer low fees and don’t charge their customers hidden fees like spread fees.

Swandoes not charge aspread toits customers.This dramatically reduces the hardware, software, and staff costs required tosupport multiplecoins. There are noinactivity fees, withdrawal fees, overdraft fees, custody fees** orfiat withdrawal fees involved.

Let’s take alook atthe two leading alternative cryptocurrency exchanges: Binance and Coinbase.

Binance

Founded byChangpeng Zhao (CZ) in2017, Binanceisapioneering cryptocurrency exchange, considered bymany tobethe best Bitcoin exchange that has quickly grown into one ofthe industry’s largest and most influential platforms since itslaunch.

Key Features

Binance boasts avariety ofkey features that have contributed toits popularity:

1. Wide range ofcryptocurrencies: Binance provides access toanextensive list ofcryptocurrencies for trading, allowing users todiversify theirportfolio.

2. Binance Launchpad: Aplatform within Binance that hosts token sales for new projects, enabling users toinvest inpromising blockchainstartups.

3. Binance Smart Chain: Aparallel blockchain network that supports decentralized applications (DApps) and smart contracts, offering analternative toEthereum.

4. Binance Earn: Aservice allowing users toearn interest orrewards byparticipating incryptocurrency-related activities, such asstaking orlending.

5. Binance Visa Card: Acryptocurrency debit card that allows users tospend their cryptocurrencies atmerchants that acceptVisa.

Fees

Binance operates with acompetitive fee structure, offering some ofthe lowest trading fees inthe industry, making itattractive for retail and institutional traders.

• Binance charges different fees based ontrading volume and whether users hold its native cryptocurrency, Binance Coin (BNB).

• Byusing BNB topay trading fees, users can enjoy additional discounts.

• You’ll incur 0.1% trading fee, and Instant buy/sell will incur a0.5% fee.

Binance has anumber ofhidden fees such asdifferent withdrawal fees for every type ofcurrency.

• For BTC this fee is0.0001— 0.0005 ofthe amount you are withdrawing.

The fees start toget more complex and higher once you start trading odd altcoins and cryptocurrencies.

• Trade fees start ata0.6% taker and 0.4% maker fee for trading non Bitcoin crypto worth less than $10,000 ina30-day period.

You can check out the complete fee schedule ontheirwebsite.

Customer Service

• Comprehensive and fast customersupport.

• Extensive FAQ section, aticketing system for specificinquiries.

• Live chat feature for real-timeassistance.

What toknow: The best Bitcoin exchanges include alive chat feature for their customer base.

Custody

Binance offers arange ofcustody solutions for institutional clients and high-net-worth individuals who require secure storage for their digitalassets. Binance Custody became Ceffu inFebruary of2023.

Regulatory Clarity

Asignificant portion ofthe cryptocurrency industry operates inaregulatory gray area inmany jurisdictions. Binance has faced scrutiny from regulatory authorities indifferentcountries. Recently, the SEC filed lawsuits againstBinance. Inthe suit, the SEC names atleast (67) alternative cryptocurrencies itbelieves are unregisteredsecurities.

Coinbase

Founded in2012 byBrian Armstrong and Fred Ehrsam, Coinbase emerged asaresponse tothe need for asecure and user-friendly platform for buying, selling, and storing cryptocurrencies. Coinbase provides astraightforward interface and services catering toindividual retail investors and institutional clients.

Many consider Coinbase the best Bitcoin exchange for U.S. citizens.

Why Coinbase isSoPopular

Coinbase Wallet

Adigital walletfor securely storing cryptocurrencies.

Coinbase Pro

Aplatformdesigned tocater toexperienced traders who require more sophisticated trading tools than what isoffered onCoinbase’s basic platform.

• Advanced order types

• Real-time market data

• Charting tools

• High liquidity

Coinbase Custody

• Offers secure storage solutions for institutional investors and high-net-worth individuals.

• Designed tomeet clients' needs, requiring ahighly safe and reliable custodial solutionfor their digitalassets.

Fees

Coinbase fees are considered much higher than other exchanges, likeSwan. Still, Coinbase’s ease ofuse makes itanattractive option for users looking for areliable onboarding experience and most new retail investors don’t pay close attention tothe feedifference.

Coinbase Security Measures

Coinbase has implemented several security protocols and practices toprotect user funds and safeguard against hacking attempts and cybersecurity threats.

Two-factor authentication (2FA)

Coinbase encourages users toenable 2FA, which adds anextra layer ofsecurity byrequiring aunique code generated onamobile device and apassword.

Third-party audits

Coinbase undergoes regular security audits conducted byreputable third-party firms.

What toknow: The best Bitcoin exchanges conduct multiple audits annually.

Coinbase Issues with User Funds Protection

Offline storage (cold storage)

Coinbase employs multiple layers ofsecurity tostore and secure userfunds. The majority ofcustomer funds held byCoinbase are stored inoffline, cold storage wallets.

What toknow: The best Bitcoin exchanges hold their customers' funds incold storage wallets.

Multi-signature technology

Coinbase previously offered amulti-signature mechanism for itswallets. However, itnolonger providesthis service.

Insurance

Incase ofasecurity breach orloss offunds, Coinbase has specific options available tousers. Itprovides insurance coveragefor cryptocurrency holdings stored inits custody provider.

Coinbase carries crime insurance that protects aportion ofdigital assets held across our storage systems against losses from theft, including cybersecurity breaches.

However,its policy DOES NOT cover any losses resulting from unauthorized access toyour personal Coinbase orCoinbase Pro account (s) due toabreach orloss ofyour credentials.

Itisyour responsibility touse astrong password and maintain control ofall login credentials you use toaccess Coinbase and Coinbase Pro.

• Cryptocurrency isnot legal tender and isnot backed bythe government.

• Coinbase isNOT anFDIC-insuredbank.

• Cryptocurrency isNOT insured orguaranteed byorsubject tothe protections ofthe Federal Deposit Insurance Corporation (“FDIC”) orSecurities Investor Protection Corporation (”SIPC“), and may lose value.

Account recovery

Coinbase has account recovery procedures inplace tohelp users regain access totheir accounts incase ofunauthorized access orloss ofaccount credentials. Users can follow the account recovery process, which typically involves identity verification and account ownership confirmation.

Coinbase Customer Service: Problematic, AtBest

Coinbase has anotorious reputation for its poor customerservice. Many users have reported issues with frozen orsuspended accounts without explanation and noability toreceive personalized responses.

InAugust, 2021 CNBC wrote ahighly shared article about Coinbase customer support problems.

Customers regularly complain about this onTwitter, Trustpilot, and forums likeReddit. Coinbase offers nolive chat feature other than abot with limited capabilities.

Many users have towait several days for answers ifthey receive them atall.

Outages and technical issues

Coinbase regularly experiences:

• Slow loading times

• Long outage periods

• Transaction delays

• Server errors

… especially during periods ofhigh volatility, making taking advantage ofmarket volatility amassive pain point for investors.

Recent examples

In2021, hackers stole crypto assets and user informationfrom atleast 6,000 Coinbase customers.

OnFebruary 28th, 2024 Coinbase suffered another glitch that left many users seeing azero balance intheiraccount.

Frozen and suspended accounts

Coinbase hassometimes frozen orsuspended user accountsdue tosuspected fraudulent orsuspiciousactivity. Many users have expressed frustration over account freezes, citing difficulties inresolving suchissues.

Help center

• Coinbase provides a‘Help Center’ onitswebsite.

• Offers customer support through email and aticketingsystem.

• Many Coinbase customers complain about the poor service and response time they receive from the Help Center.

Ifyou are looking for aBinance orCoinbase alternative, Bitcoin-only Swan Bitcoin might beright for you.

Regulatory clarity

Asignificant portion ofthe cryptocurrency industry operates inaregulatory gray area inmany jurisdictions.

• Recently, the SEC filed lawsuits against Coinbase.

• Inthe suit, the SEC names atleast (67) alternative cryptocurrencies itbelieves are unregistered securities.

• Coinbase platforms and markets many ofthe tokens included inthe lawsuit.

• Some ofthese tokens are included inCoinbase education rewards for watching videos and answering questions correctly.

Altcoins are highly speculative and carry numerous unique risks.

When investing inanon-Bitcoin crypto IRA, understand that the development team typically retains aguaranteed token stake atlaunch, similar tohow aninitial public offering (IPO) operates inthe traditional stock market.

Swan Bitcoin Advantages > Binance and Coinbase

Using Swan and buying only Bitcoin has several advantages:

Clear blue regulatory skies

The SEC has publicly stated that Bitcoin isn’t asecurity and doesn’t fall under the SEC’s regulatory mandate.Swan Bitcoin focuses onrecurring Bitcoin purchases for long-term investments, emphasizing simplicity andregulatory clarity.

What toknow: The best Bitcoin exchanges are completely transparent about their regulatory standing and avoid cryptocurrencies that could present significant legal problems.

Bitcoin-only isbetter

Being aBitcoin-only company, Swan avoids the risks ofvolatile altcoins.

Fewer account restrictions

Unlike Binance and Coinbase, Swan has afew account restrictions and atransparent framework openlyavailable tothe public.

Let’s Wrap Up

So, what isthe best Bitcoin exchange for you?

ABitcoin-onlyexchange. Bitcoin isafully decentralized, legally recognized commodity with nocentral authority, issuer, orsingle point offailure.

Sign up for Swan today!