As the world of cryptocurrency continues to grow, more people are looking for ways to get in on the action.
Whether you want to trade Bitcoin, Ethereum, Litecoin, or any other type of cryptocurrency, there are plenty of apps out there that can help you do it. The trick is finding the right app for your needs.
In this article we’ll go over some of the best apps for trading cryptocurrencies and give you some tips on how to use them.
Best Apps For Trading Cryptocurrency
Cryptocurrencies have become far more accessible for the average American after their recent rise in popularity. Several brokerage firms now allow investors to buy and sell cryptocurrencies right alongside their stocks, mutual funds, and other investments. Some of the top cryptocurrency exchanges have made the process more user-friendly than ever, especially those with the best cryptocurrency trading apps.
Investing in cryptocurrencies may not be right for everyone, as they’re still a somewhat speculative investment. Whether or not they make money in the long term, investors can expect a roller coaster ride. That said, if you believe in the long-term potential of cryptocurrencies and have a fairly high risk tolerance, there’s nothing wrong with holding some digital currency as a long-term investment.
With that in mind, here are some of the best crypto exchanges for May 2022. These include brokers, exchanges, and apps you can use to start building your own cryptocurrency portfolio today.
The Ascent’s best cryptocurrency apps and exchanges:
Show The List [+]
Ratings Methodology
Coinbase
Coinbase
OPEN ACCOUNT Double arrow
Our Rating:
Rating image, 4.50 out of 5 stars.
4.50 stars
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. = Best
= Excellent
= Good
= Fair
= Poor
BOTTOM LINE
Coinbase shines with its vast array of cryptocurrencies available. There’s also an advanced trading platform for serious cryptocurrency enthusiasts. Plus, you can earn some free cryptocurrencies if you’re willing to take some educational courses.
Read Full Review
FEES:
$0.99-$2.99 (Coinbase), 0%-0.50% (Coinbase Pro)
ACCOUNT MINIMUM:
$2
SPECIAL OFFER
Earn $5 in bitcoin when you place your first trade.
Open Accountfor Coinbase
Gemini Exchange
Gemini Exchange
OPEN ACCOUNT Double arrow
Our Rating:
Rating image, 4.50 out of 5 stars.
4.50 stars
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. = Best
= Excellent
= Good
= Fair
= Poor
BOTTOM LINE
Offers a nice range of cryptocurrencies and a simple-to-use app experience. The Gemini Earn feature is also a standout perk and pays interest on idle cryptocurrencies at high rates.
Read Full Review
FEES:
$0.99-$2.99 for orders under $200, 1.49% for orders greater than $200
ACCOUNT MINIMUM:
$0
SPECIAL OFFER
New users: Earn $50 BTC when investing $1,000 or more within 30 days
Open Accountfor Gemini Exchange
Robinhood
Robinhood
OPEN ACCOUNT Double arrow
Our Rating:
Rating image, 4.50 out of 5 stars.
4.50 stars
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. = Best
= Excellent
= Good
= Fair
= Poor
BOTTOM LINE
Among the best apps to buy cryptocurrencies and traditional investments like stocks and options under one roof. It has wide array of popular cryptocurrencies and gives immediate access to deposits. Plus, cryptocurrency trading on Robinhood is 100% commission free.
Read Full Review
FEES:
$0 for stocks, ETFs, options, and cryptocurrencies
ACCOUNT MINIMUM:
$0
Open Accountfor Robinhood
Certain Limitations Apply
SoFi Active Investing
SoFi Active Investing
OPEN ACCOUNT Double arrow
Our Rating:
Rating image, 4.00 out of 5 stars.
4.00 stars
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. = Best
= Excellent
= Good
= Fair
= Poor
BOTTOM LINE
SoFi Active Investing has a well-rounded financial ecosystem. SoFi Members can buy and sell five different cryptocurrencies. They can take out loans, save, and trade stocks. SoFi does charge a markup, but the all-in-one convenience of the platform could still make it worth a look.
Read Full Review
FEES:
$0 for stocks, 1.25% for cryptocurrencies
ACCOUNT MINIMUM:
$1
SPECIAL OFFER
Get up to $100 in crypto with a qualifying first trade
Open Accountfor SoFi Active Investing
eToro
eToro
OPEN ACCOUNT Double arrow
Our Rating:
Rating image, 4.00 out of 5 stars.
4.00 stars
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. = Best
= Excellent
= Good
= Fair
= Poor
BOTTOM LINE
eToro has a good selection cryptocurrencies on its platform. It also offers some unique offerings, such as social network-like commentating capabilities and the ability to follow and match the investments of other cryptocurrency traders.
Read Full Review
FEES:
1% fee for buying or selling crypto
ACCOUNT MINIMUM:
$50
SPECIAL OFFER
Trade $100 get $10
Open Accountfor eToro
eToro USA LLC; Investments are subject to market risk, including the possible loss of principal.
Cash App Investing
Cash App Investing
Our Rating:
Rating image, 4.00 out of 5 stars.
4.00 stars
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. = Best
= Excellent
= Good
= Fair
= Poor
BOTTOM LINE
Square’s Cash App only offers bitcoin. But it could be a smart choice for people who only want to buy, sell, and hold the leading cryptocurrency. Plus, the popular finance app has some other great features, such as stock trading and person-to-person payments.
FEES:
$0 for stocks, fees vary for cryptocurrencies
ACCOUNT MINIMUM:
$0
Read Review
TIP
The right crypto investing mindset
Investing in crypto can be extremely risky. We think investors should approach these assets like any other technological investment — with a long-term mindset and the expectation of ups and downs. The Fool realizes there may be opportunities for investors. We do actively recommend select cryptocurrencies to our community. But we encourage everyone to be well versed prior to investing to understand the potential risks and rewards.
Where can you buy cryptocurrency?
If you’re wondering where to buy cryptocurrency, you have several options. The best places to buy cryptocurrency can generally be separated into two main baskets:
Brokerages. A brokerage is a company that facilitates the purchase and sale of investments, such as stocks, bonds, and mutual funds. Several of the best stock brokers now offer cryptocurrency trading through their platforms. These can be desktop-based, app-based, or both.
Exchanges. A cryptocurrency exchange facilitates the buying and selling of digital currencies. The biggest difference is that brokerages offer other investment vehicles. Cryptocurrency exchanges don’t.
Whether you go with a broker or an exchange, make sure it has the functionality you need. For example, if you want to buy cryptocurrency on your mobile, look for the best cryptocurrency app.
It’s also possible to buy cryptocurrencies directly from other people. This used to be far more popular in the early days of Bitcoin. However, that can get a little complicated and is beyond the scope of this discussion.
What is a cryptocurrency exchange?
A cryptocurrency exchange is a company that facilitates cryptocurrency transactions. Cryptocurrency exchange customers can buy and sell various digital currencies. They may also be able to do the following through the exchange’s platform (not an exhaustive list):
Exchange one type of cryptocurrency for another at prevailing exchange rates.
Exchange cryptocurrency for fiat currency (like U.S. dollars), or for cryptocurrencies tied to fiat currencies.
Spend cryptocurrencies, for example, using a linked debit card.
Access educational resources to learn about digital currencies.
Many of the best crypto exchanges have mobile apps which offer convenience if you plan to trade digital assets on the go
TIP
Our top crypto play isn’t a token – Here’s why
We’ve found one company that’s positioned itself perfectly as a long-term picks-and-shovels solution for the broader crypto market — Bitcoin, Dogecoin, and all the others. In fact, you’ve probably used this company’s technology in the past few days, even if you’ve never had an account or even heard of the company before. That’s how prevalent it’s become.
Sign up today for Stock Advisor and get access to our exclusive report where you can get the full scoop on this company and its upside as a long-term investment. Learn more and get started today with a special new member discount.
Features of the best cryptocurrency apps and exchanges
There are several great cryptocurrency apps on the market. To choose the best exchange, you’ll need to decide on which features matter most to you.
Here are a few to consider:
Security. Look at the exchange’s security features to see how many of its assets are kept offline in cold storage, whether it has private insurance, and whether it is part of a bug bounty program that encourages ethical hackers to report any weaknesses. You can also find out whether the exchange has ever been hacked.
Customer service. If you’re new to cryptocurrency investing, 24/7 customer service is a must. Nobody wants to wade through pages of FAQ to get help because money hasn’t arrived in their account.
Range of currencies. There are over 4,000 cryptocurrencies, but even big exchanges only offer 50 to 150 coins. On most platforms, you’ll likely be able to buy Bitcoin and one or two other major currencies. But if you want to buy a specific currency or plan to invest in some of the smaller coins, you’ll need an exchange that has some variety.
Ease of use. Cryptocurrency apps have developed rapidly as more people want to invest. However, at times that fast development has come at the cost of user-friendliness. Make sure the app has the features you want to use, and if you’ve never traded before, pick one that is beginner-friendly.
Fees. Paying unnecessary fees is throwing money away, whether you’re choosing a bank, a brokerage, or the best cryptocurrency exchange. Check how much it costs to deposit, withdraw, and trade before you open an account. It’s also worth checking the withdrawal and deposit options to make sure they work for you.
Research. Cryptocurrencies are a relatively new kind of investment, so the more you can learn, the better. Some apps include cryptocurrency learning centers as well as information on specific coins.
Interest earning. Several cryptocurrency exchanges offer ways to earn interest on your coins. Make sure you understand and are comfortable with how the interest is generated. The exchange may loan out your money, or it may pay you staking fees if you commit to leaving your coins alone for a set period.
Location. Some exchanges cannot operate in every U.S. state. Make sure the exchange you choose covers your state and complies with U.S. crypto regulations.
Learn more about the best crypto exchanges
Compare top exchanges, view our expert reviews, and find the right platform for your needs.
Cryptocurrency Reviews
Cryptocurrency exchanges vs. brokers
By definition, a broker is an intermediary between two parties. It typically involves a financial transaction. For example, a real estate broker facilitates transactions between buyers and sellers of real estate.
So, technically speaking, cryptocurrency exchanges can be considered brokers. However, as we discussed above, there are two different types of intermediaries that facilitate the buying and selling of cryptocurrencies. Cryptocurrency exchanges, which allow users to buy and sell cryptocurrencies only. And brokerages that offer cryptocurrency trading alongside other investments like stocks and bonds.
They are all technically brokers. But there are two distinct types of businesses you can use to buy and sell cryptocurrencies.
What is the best Bitcoin trading app?
Binance.US won The Ascent’s 2022 award for best cryptocurrency exchange for Bitcoin. It has excellent security credentials, and offers a wide range of features for beginner and advanced traders.
Outside of focusing on just Bitcoin, Gemini stands out as one of the best cryptocurrency trading apps because you can do more than just buy Bitcoin. Gemini Earn pays interest on cryptocurrencies, and Gemini Pay lets you spend your Bitcoin at over 30,000 stores.
The best Bitcoin trading app depends on your personal needs, and there are many good apps on the market. Before you download an app, think about everything you want it to do. For example, if you want to buy and hold Bitcoin, your needs are different from those of a person who plans to build up a diverse portfolio of coins.
Learn more: Best Places to Buy Bitcoin in 2022
Do you need a cryptocurrency wallet?
Cryptocurrency wallets are a safe way to store your digital assets, but you really only need one if you plan to amass large amounts of crypto assets or want to spend your crypto easily. The cryptocurrency you own is protected by public and private keys — a bit like your PIN and bank account number. You use a wallet to store your encrypted keys and keep them safe.
There are two types of wallet:
Cold wallet. This is usually a piece of hardware that is kept offline, making it extremely difficult to hack. Cold wallets cost between $50 and $150, and are often considered the safest way to store digital currencies.
Hot wallet. Hot wallets are connected to the internet, so they are not as secure. However, like normal wallets, they are a convenient place to keep small amounts of crypto you might want to use.
Until recently, when cryptocurrency became more mainstream, wallets were a lot more necessary. In the early days, several cryptocurrency exchanges fell victim to hacks. And at that point, if your crypto was stolen, there was no way to get it back. So long-term crypto enthusiasts use exchanges only for trading, and store their coins in their own wallets.
However, these days, it is a lot safer to leave your coins with the exchange or brokerage where you bought them. The best app for cryptocurrency will have excellent security and store your assets offline in cold storage. Several companies also insure the crypto assets they hold.
Moreover, some platforms don’t give you the option to move your digital currencies. For example, the crypto platforms offered by Robinhood or SoFi Active Investing are designed for investment purposes. So if you bought Bitcoin with them, you wouldn’t be able to move it out of your account.
In contrast, some of the best exchanges, like Coinbase and Gemini, have built-in wallets. Like any good exchange, each lets you transfer your currency to an external wallet as well, though you may have to pay a withdrawal fee. You may have to find a wallet that is compatible with your exchange.
Think about what you plan to do with your cryptocurrencies before you buy them. If you are investing long term and want to buy and hold, you may be happy to entrust your crypto keys to the exchange or brokerage. But if you plan to trade regularly or want to spend your coins, a wallet may make sense. In which case, you’ll need to look for the best app for trading cryptocurrency that will connect easily to your wallet.
Learn more: How to safely store cryptocurrency
What fees can you expect with the best cryptocurrency exchanges?
If you’re looking for the best cryptocurrency app, fees play an important role.
Here are some fees to watch out for:
Trading fees. Fees vary depending on the exchange and type of trade. You can find fee-free trading, but you’re more likely to have to pay between 0.1% and 0.5% per trade. Fees usually get lower if you trade high volumes, and you can sometimes reduce the cost further by using the exchange’s native coin.
Deposit fees. A lot of the best cryptocurrency trading apps let you transfer money from your bank account for free. But it is worth checking, as some will charge up to 1.5%, especially if you use a debit card. If you want to pay by credit card, be aware that you’re likely to get charged at least 3.5% and your bank may also treat it as a cash advance.
Withdrawal fees. As we saw above, you can’t currently withdraw your digital assets from traditional brokerages that are trading cryptocurrencies. The exchanges usually charge a set fee depending on the currency you want to withdraw. You can check the exact fees on their websites.
Fees can really eat into your profits, especially if you trade regularly. The best cryptocurrency trading app will let you trade, deposit, and withdraw your money at a minimal cost.
Are cryptocurrencies safe?
There are two components to cryptocurrency safety — security and investment volatility.
Let’s first look at the security of your cryptocurrency investments.
Security
The cryptocurrency you hold in your account in a broker or exchange is typically very secure. That’s as long as you use a reputable exchange or broker (like all of those mentioned here). Indeed, one of the selling points of Bitcoin’s blockchain is its security.
Most of the top cryptocurrency exchanges keep the bulk of their digital assets in “cold storage.” This means they are stored offline and aren’t at risk of being hacked or stolen. In the earlier days of cryptocurrencies, there was a risk of exchanges being hacked, but these issues have largely been dealt with.
Alternatively, as discussed above, you can opt to keep your cryptocurrencies in a separate digital wallet of your own. You could even use one to create your own offline storage. However, the security and functionality of the major exchanges should be enough for most investors. Bear in mind that you’ll need to take steps to secure your account too — even the best app for cryptocurrency won’t be protected if you don’t enable two-factor authentication and set up strong passwords.
Now let’s consider safety from an investment perspective.
Investment volatility
It’s important to point out that cryptocurrencies — even Bitcoin, the largest and most-established one — are a young asset class and are rather volatile. This is especially true for the smaller cryptocurrencies in the market. So, you need to be ready to withstand major price swings over time. And, just as with other investments, don’t invest money you can’t afford to lose.
OFFER BEST FOR COMMISSIONS NEXT STEPS
Coinbase Offer Image
Coinbase
Rating image, 4.50 out of 5 stars.
Trading platform and crypto selection
$0.99-$2.99 (Coinbase), 0%-0.50% (Coinbase Pro)
Open Accountfor Coinbase
Gemini Exchange Offer Image
Gemini Exchange
Rating image, 4.50 out of 5 stars.
Investing simplicity and high interest rates
$0.99-$2.99 for orders under $200, 1.49% for orders greater than $200
Open Accountfor Gemini Exchange
Robinhood Offer Image
Robinhood
Rating image, 4.50 out of 5 stars.
Diversified investing needs
$0 for stocks, ETFs, options, and cryptocurrencies
Open Accountfor Robinhood
Certain Limitations Apply
SoFi Active Investing Offer Image
SoFi Active Investing
Rating image, 4.00 out of 5 stars.
Membership ecosystem
$0 for stocks, 1.25% for cryptocurrencies
Open Accountfor SoFi Active Investing
eToro Offer Image
eToro
Rating image, 4.00 out of 5 stars.
Finding new cryptocurrency investing strategies
1% fee for buying or selling crypto
Open Accountfor eToro
eToro USA LLC; Investments are subject to market risk, including the possible loss of principal.
Cash App Investing Offer Image
Cash App Investing
Rating image, 4.00 out of 5 stars.
Investing and peer-to-peer payment
$0 for stocks, fees vary for cryptocurrencies
Read Review
best cryptocurrency trading platform
If you want to buy or sell cryptocurrencies, opening an account with a cryptocurrency exchange is a great way to start. Crypto exchanges function similarly to online brokerage platforms, providing you with the tools you need to buy and sell digital currencies and tokens like Bitcoin, Ethereum, and Dogecoin.
When choosing a cryptocurrency exchange, it’s important to look at factors such as supported assets, fees, payment methods, and security. To help you find the right exchange, we considered these factors when selecting this list of the best cryptocurrency exchanges.
Best Crypto Exchanges of 2022
Best Overall and Best for Beginners: Coinbase
Best Mobile App: Crypto.com
Best for Security: Gemini
Best for Altcoins: BitMart
Best for Low Fees and Best for Experienced Traders: Kraken
Best for Bitcoin: Cash App
Best Decentralized Exchange: Bisq
Investing in cryptocurrencies, Decentralized Finance (DeFi), and other Initial Coin Offerings (ICOs) is highly risky and speculative, and the markets can be extremely volatile. Consult with a qualified professional before making any financial decisions. This article is not a recommendation by Investopedia or the writer to invest in cryptocurrencies nor can the accuracy or timeliness of the information be guaranteed.
Best Crypto Exchanges
Coinbase
Crypto.Com
Gemini
BitMart
Kraken
Cash App
Bisq
Final Verdict
Compare Companies
How To Choose
FAQs
Methodology
BEST OVERALL AND BEST FOR BEGINNERS
Coinbase
Investopedia’s Rating
4.8
Coinbase
No. Currencies Available for Trade: 150+
Transaction Fees: 0.00% to 0.60%
Minimum Deposit or Purchase: $2
OPEN ACCOUNT
Get $10 of BTC by signing up with promo code: INVESTO10
Why We Chose It
Coinbase is our pick for best crypto exchange overall and best crypto exchange for beginners. It offers a large number of supported cryptocurrencies and a high level of security. In addition to being a beginner-friendly platform, Coinbase also provides an advanced trading platform—Coinbase Pro—making it a good option for professional traders as well.
Pros and Cons
Pros
Large number of cryptocurrencies and trading pairs
Offers both beginner-friendly and advanced trading platforms
Highly liquid exchange
Cons
Lack of high-quality customer service
Coinbase.com is a custodial account meaning you don’t control the private keys
Overview
Coinbase was founded in 2012 to enable people to seamlessly buy, sell, and store Bitcoin. Fast-forward to today, and Coinbase is a publicly-traded cryptocurrency exchange with a total market value of over $36 billion.1
The originally San Francisco-based crypto exchange is now a geographically decentralized company with no headquarters and available in 100+ countries. It stands out for providing a user-friendly trading experience, robust security, and a range of advanced features for experienced traders. Because of its large number of supported assets (150+) and easy-to-use platform, Coinbase has become the go-to exchange for many first-time crypto buyers. The platform has the look and feel of an online banking app, which most people are using already, making the transition to crypto investing simple.
Coinbase also insures the digital funds it holds on behalf of users and stores U.S dollar balances in Federal Deposit Insurance Corporation (FDIC)-insured bank accounts to prevent a loss of user funds in the case of a security breach. Trading accounts can be funded with a wide range of payment methods, including wire transfer and ACH transfer.
What’s more, Coinbase also offers options for storing crypto. The first is a custodial option for new investors: storing your coins on the Coinbase.com exchange. The second is a non-custodial wallet (Coinbase Wallet) for experienced crypto users. When storing your crypto on Coinbase.com, Coinbase holds the private keys and effectively stores funds on behalf of the user. With Coinbase Wallet, the user has complete control over their funds as they hold the wallet’s private keys.
While Coinbase can be a good exchange for both new and advanced crypto investors, trading fees can be relatively high, ranging from 0% to 0.60% depending on trade volume. In addition, Coinbase’s user feedback is relatively poor. For instance, several Trustpilot users mention problems with customer support. Additionally, there are numerous stories of unexpected account closures that have tainted the exchange’s image.
Despite these drawbacks, Coinbase is still worth considering due to its many positive features.
BEST MOBILE APP
Crypto.com
Investopedia’s Rating
4.7
Crypto.com
No. Currencies Available for Trade: 250+
Transaction Fees: 0.04% to 0.4%
Minimum Deposit or Purchase: $1
OPEN ACCOUNT
Why We Chose It
We chose Crypto.com as the best mobile crypto exchange app because it provides an extensive digital asset trading and investing ecosystem that you can access easily from your smartphone.
Pros and Cons
Pros
Supports over 250 cryptocurrencies
Provides a range of cryptocurrency products
Cons
Relatively high fees
Poor customer support
Overview
Launched in 2016, Crypto.com has established itself as one of the leading global crypto exchanges. It’s now available in 90 countries worldwide, and it supports over 250 cryptocurrencies.
In addition to offering a large number of supported assets, Crypto.com provides a vast digital asset ecosystem composed of its own blockchain, Crypto.org Chain; a native token called CRO; a crypto visa card; yield-generating crypto products; and more.
What stands out the most, however, is the Crypto.com mobile app. While many crypto exchange mobile apps provide a watered-down version of the exchange’s web-based platform, Crypto.com put a strong focus on building an app that offers a wide range of products and features so users can benefit from this exchange’s ecosystem on the go. Mobile app users can buy, sell, trade, and earn interest on their crypto, as well as pay with crypto.
While Crypto.com offers an impressive amount of products and features, customer support is lacking, according to TrustPilot reports from former and existing users who leave poor reviews. Additionally, unless you trade at higher volumes, you will end up paying relatively high trading fees of up to 0.40%.
If you are looking for an excellent mobile crypto trading experience, Crypto.com is arguably the best option thanks to its range of products and features, as well as its large number of supported assets.
BEST FOR SECURITY
Gemini
Investopedia’s Rating
4.6
Gemini
No. Currencies Available for Trade: 75+
Transaction Fees: $0.99 to $2.99 for small purchases, 1.49% of orders over $200
Minimum Deposit or Purchase: Varies with the asset
OPEN ACCOUNT
Why We Chose It
We have picked Gemini as the crypto exchange with the best security because it has robust security protocols, insures user funds, and is SOC 2-certified.
Pros and Cons
Pros
Available to users in all 50 U.S. states
Highly liquid exchange
Insures funds held in hot wallet
Strong security framework
Cons
High fees on many trades
Supports fewer cryptocurrencies than many competitor exchanges
Overview
Launched in 2014 by Tyler and Cameron Winklevoss, Gemini stands out for putting a strong emphasis on security and compliance. The New York-based exchange has hot wallet insurance to make sure user funds remain safe in the case of a security breach. Additionally, it requires users to complete an identity verification process to reduce the potential for fraud.
Gemini also encourages users to utilize two-factor authentication to secure their accounts and provides the option to review and approve devices used to log onto the trading account. Another standout security feature of Gemini is that it is SOC 2-certified, which means that third-party auditors have verified the company’s security and compliance frameworks.
Built with advanced traders in mind, Gemini provides a professional-grade trading dashboard and supports over 75 digital currencies and tokens. Gemini also offers a cryptocurrency reward card and allows users to pay for goods and services with crypto.
Gemini’s main platform and active trader platform use different fee structures. The primary platform charges fixed amounts for smaller trades and a very high 1.49% on trades above $200. The active trader platform charges maker-taker fees up to 0.4% with reductions as your volume grows. These are also on the high side. However, paying the comparatively high fee may be a small price to pay for Gemini’s highly robust security.
Traders and investors who prefer to trade on a highly secure platform will appreciate what Gemini has to offer.
BEST FOR ALTCOINS
BitMart
Investopedia’s Rating
4.4
BitMart
No. Currencies Available for Trade: 1,000+
Transaction Fees: 0.045% to 0.25%
Minimum Deposit or Purchase: $30 when buying from Bitmart, undisclosed for spot trading.
OPEN ACCOUNT
Why We Chose It
BitMart is our top pick in the best for altcoins category because it allows users in 180+ countries to buy and sell over 1,000 cryptocurrencies.
Pros and Cons
Pros
Supports a very large number of cryptocurrencies
Provides crypto earning opportunities
Offers a simple buy/sell cryptocurrency feature
Cons
Experienced a large-scale hack in 2021
Has received poor feedback from customers
Overview
Founded in 2017, BitMart is a global cryptocurrency exchange that’s available in over 180 countries. It allows users to buy, sell, and store over 1,000 digital currencies and tokens.
Incorporated in the Cayman Islands, BitMart has established itself as a leading trading venue for small and mid-cap cryptocurrencies. BitMart offers more assets and trading pairs than its market-leading peers, so Investors looking to add newly launched or obscure crypto assets to their portfolios will likely find what they are looking for on this exchange.
Additionally, BitMart customers can use the exchange’s Earn feature to receive interest on crypto assets held with the exchange. Users can also access trading fee discounts when holding the exchange’s native token, BMX.
While BitMart has a lot to offer for experienced crypto traders, the exchange has received some poor customer feedback over the years. For instance, several complaints from Trustpilot users reported withdrawal issues, poor customer support, and a lack of transparency. However, there are at least some positive reviews as well.
Moreover, BitMart suffered a security breach in December 2021 that resulted in the loss of $196 million in user funds.2 While BitMart has promised to reimburse users, the hack has made a substantial dent in the exchange’s reputation.
Despite these drawbacks, crypto enthusiasts interested in trading a wide range of lesser-known cryptocurrencies will find what they are looking for on BitMart.
BEST FOR LOW FEES AND BEST FOR EXPERIENCED TRADERS
Kraken
Investopedia’s Rating
4.2
Kraken
No. Currencies Available for Trade: 120+
Transaction Fees: 0.00% to 0.26%
Minimum Deposit or Purchase: $1, but may vary with different methods
OPEN ACCOUNT
Why We Chose It
Kraken’s professional-grade trading platform, Kraken Pro, is our pick for the best low-fee exchange because it charges some of the lowest fees in the crypto exchange landscape. It’s also our top choice for experienced traders, as it offers advanced order types and supports margin and futures trading.
Pros and Cons
Pros
Large number of supported cryptocurrencies
Low fees on Kraken Pro
Highly liquid exchange
Cons
Not available in all U.S. states
Limited account funding options
Overview
Established in 2011 and available in most of the world, Kraken is one of the most reputable cryptocurrency exchanges in the world. The San Francisco-based exchange enables investors to buy, sell, and store over 120 cryptocurrencies while charging low fees on its professional-grade trading platform, Kraken Pro.
This feature-rich crypto exchange established itself as the go-to platform for professional investors in the early days of the crypto market, and it’s maintained its reputation as a reliable and professional trading venue.
Kraken offers two platforms, its main trading platform and its professional platform, Kraken Pro. The exchange’s Pro dashboard provides highly customizable chart analysis tools, detailed insight into the order books, 13 order types, and high-speed execution. In addition to spot trading, Kraken users can also trade cryptocurrency using margin and execute crypto derivatives trading strategies.
While instant buy fees on Kraken’s main platform are quite high—up to 1.5%—fees on Kraken Pro are very low. Kraken Pro offers a tiered fee structure that allows high-volume traders to save on trading fees. For traders with 30-day volumes of less than $50,000, Kraken Pro’s maker fees start at 0.16% and taker fees start at 0.26%. However, maker fees can drop as low as 0%, and taker fees can drop as low as 0.10% (for traders with 30-day rolling volumes of over $10 million).
Moreover, Kraken has limited funding options, with wire transfers being the primary payment method for Kraken users. ACH transfers are not supported.
BEST FOR BITCOIN
Cash App
Investopedia’s Rating
4.2
CashApp
No. Currencies Available for Trade: 1
Transaction Fees: Varies
Minimum Deposit or Purchase: $1
OPEN ACCOUNT
Why We Chose It
We chose Cash App as our top pick among Bitcoin-only exchanges as it allows you to seamlessly and securely buy, sell, and store Bitcoin from your smartphone.
Pros and Cons
Pros
Easy-to-use interface
Withdraw to wallets
Supports the Bitcoin Lightning Network
Cons
Only supports Bitcoin
Custodial wallet
Various limits on deposits, sales etc.
Overview
Launched in 2013 by Block, Inc. (formerly Square, Inc.), Cash App allows individuals in the United States and the United Kingdom to send, spend, bank, and invest. It’s essentially a mobile banking app geared towards peer-to-peer payments, but it also has an investment component. Users can invest in stocks, ETFs, and Bitcoin through Cash App. Unlike its peers, such as Robinhood and Venmo, Cash App also lets users withdraw their Bitcoin to third-party wallets, which makes it stand out from its competition.
In early 2022, Cash App’s CEO Jack Dorsey announced that the company has started to roll out support for the Bitcoin Lightning Network to enable near-instant Bitcoin transfers at almost no cost.
The main drawback of using Cash App to buy and store Bitcoin is that the in-app wallet is custodial, which means the company holds your virtual currency on your behalf. While custodial wallets can be convenient, they are also regarded as less secure than non-custodial wallets. However, since you can withdraw your Bitcoin from Cash App, you can move your crypto into a personal wallet to which you hold the private keys.
Cash App’s Bitcoin trading fees vary and are only shown when you are asked to confirm your buy or sell transaction. When you trade bitcoin, Cash App uses the mid-price and adds a spread fee.
BEST DECENTRALIZED EXCHANGE
Bisq
Investopedia’s Rating
3.3
Bisq
No. Currencies Available for Trade: 100+
Transaction Fees: 0.10% to 0.70%
Minimum Deposit or Purchase: N/A
OPEN ACCOUNT
Why We Chose It
Bisq is our pick for best decentralized exchange because it allows users anywhere in the world to securely and privately buy and sell cryptocurrencies.
Pros and Cons
Pros
Available globally
Offers a high degree of privacy, no ID verification required
50+ different payment options
Cons
Transaction speed can be slow
Trading volumes can be low
Not designed for active trading
Overview
Launched in 2014, Bisq is an open-source cryptocurrency trading software that enables individuals from across the globe to trade a range of digital currencies and tokens in a peer-to-peer manner. It currently supports over 100 digital assets.
This decentralized exchange does not require users to complete a Know Your Customer (KYC) identity verification process, nor is the trading software limited to users in specific jurisdictions. On Bisq, users can buy and sell Bitcoin and other cryptocurrencies using various payment methods, including bank wire transfers, ACH transfers, and cash deposits.
While Bisq is popular among early cryptocurrency adopters as it stays true to many of the values that Bitcoin was built on, such as decentralization, privacy, and sovereignty, the exchange is not very beginner-friendly. The escrow mechanism used in the peer-to-peer trading process may be challenging for new users while the comparatively slow trade execution could deter first-time users and active traders. Additionally, the exchange is more targeted at making smaller trades as trading volumes are lower than on centralized global exchanges.
However, for experienced crypto investors who prefer to trade on a decentralized, KYC-free platform, Bisq offers everything you need to buy and sell cryptocurrency.
Final Verdict
If you’re looking to get started with cryptocurrency trading or investing, choosing the best exchange for your specific needs is essential. Whether you want a large number of digital assets to trade, the lowest possible fees, or the most beginner-friendly user experience, there is a good option for you.
Our best overall choice, Coinbase, could be the right exchange for you if you’re seeking a user-friendly platform that supports a large number of cryptocurrencies. And if low fees are important to you, Kraken Pro may be a good choice. Consider your goals and priorities, and choose the exchange that best fits your needs.
Compare the Best Cryptocurrency Exchanges
Company Transaction Fees Currencies Minimum Deposit or Purchase Trade Limits
Coinbase Best Overall and Best for Beginners 0% to 0.60% 150+ $2 Yes
Crypto.com Best Mobile App 0.04% to 0.4% 250+ $1 Yes
Bisq Best Decentralized Exchange 0.1% to 0.70% 100+ Not disclosed No
BitMart Best for Altcoins 0.045% to 0.25% 1,000+ $30 for Bitmart purchases No
Kraken Best for Low Fees & Experienced Traders 0.00% to 0.26% 120+ $1 No
Gemini Best for Security 0.0% to 0.40% for active trader, 1.49% for most transactions on regular platform 75+ Varies Yes
Cash App Best for Bitcoin Varies KrakenKraken 1 $1 Yes
Guide for Choosing the Best Crypto Exchanges
Are Crypto Exchanges Worth It?
If you are looking to purchase cryptocurrencies, signing up for a crypto exchange can be your best option to get started.
While buying a few hundred dollars worth of Bitcoin from a local Bitcoin ATM may be convenient, it makes more sense to use an exchange if you are looking to invest a larger amount or you’re interested in buying a range of cryptocurrencies.
Crypto exchanges are the safest and most legal way to obtain cryptocurrency. But that’s not the only reason using an exchange is most suitable. Here are some of the reasons crypto exchanges are worth it.
Crypto exchanges let users buy and sell cryptocurrencies online or using a mobile app, making it easy to access the crypto markets from anywhere.
Most cryptocurrency exchanges offer a range of digital currencies and tokens, providing numerous options for investors that want to build a diversified portfolio of digital assets.
Leading crypto exchanges typically hold user funds in cold storage to ensure the safety of assets.
Global crypto exchanges usually comply with Know Your Customer and Anti-Money Laundering (KYC/AML) rules as well as financial regulations. Therefore, users can be assured they’re not dealing with a fraudulent company or malicious market participants.
Comparing Crypto Exchange Platforms
When choosing a crypto exchange that meets your needs, there are several factors to consider. The most important things to look at are:
Supported assets: If you are looking to buy cryptocurrencies other than Bitcoin, look at the list of supported assets before deciding on an exchange. Some only support a few cryptocurrencies, while others allow you to trade hundreds.
Payment methods: Crypto exchanges typically offer a handful of ways to fund your account or purchase cryptocurrencies directly. While most exchanges support wire transfers, some platforms also allow you to buy crypto using credit cards, debit cards, and other digital payment methods.
Fees: High fees can eat into your investment returns, which is why it is important to research crypto exchange fees before you open an account. Crypto exchanges typically charge trading fees and withdrawal fees, but other fees can also pop up.
Security: Unfortunately, crypto exchanges are a prime target for hackers looking to get their hands on cryptocurrency. Security breaches and cyber theft are common in the crypto exchange landscape, which is why it is essential to choose an exchange with strong security measures in place.
Customer service: If you are new to cryptocurrency or investing, you may have questions or need help getting started. In that case, choosing an exchange with excellent customer support is probably the right move.
Reputation: Before you sign up for an account on a crypto exchange, it’s a good idea to research that exchange’s reputation first. Read customer reviews, look into the exchange’s history, and look for any recent news stories that might provide some valuable insight.
Conclusion
Let us know your thoughts in the comment section below.
Check out other publications to gain access to more digital resources if you are just starting out with Flux Resource.
Also contact us today to optimize your business(s)/Brand(s) for Search Engines