Ready to invest in crypto? Take advantage of this month's bonuses from the best crypto exchanges such as our top 5 picks: Plus 500, eToro, Coinbase, and Robinhood.
Investing in cryptocurrency remains popular despite market volatility. Whether you are a seasoned crypto investor or just starting out, having access to the best crypto exchanges and apps can make a significant difference in your trading experience. You can choose from dozens of cryptocurrency exchanges and brokerages. However, the variety of offerings may make it difficult to choose a specific platform. Each cryptocurrency exchange has its own unique benefits and features.
What to look for? Investors should consider several factors such as advanced trading features, low fees, sign-up bonuses and top-tier security. By evaluating where each platform excels, investors can select an exchange that aligns with their individual needs. Check out Benzinga's top picks for the best crypto exchanges and apps this year.
Quick Look: The Best Crypto Exchanges and Apps
- Best for Crypto CFDs: Plus500
- Best Overall in the US: Coinbase
- Best for Sign-up Bonuses: eToro
- Best for Active Traders: BYDFI
- Best for Buying Dogecoin: Robinhood
- Best for Low Fees: Kraken
- Best for Variety: Uphold
- Best for Businesses Wanting Exposure to Cryptocurrency: ICONOMI
- Best for Beginners: iTrustCapital
Best Crypto Exchanges and Apps
Choosing the best crypto exchange is crucial for successful cryptocurrency trading. To help you make an informed decision, here's a list of the top-rated exchanges and crypto apps today.
1. Best for Crypto CFDs: Plus500
82% of retail CFD accounts lose money.
Plus500 offers a platform for trading CFDs (Contracts for Difference) on a wide selection of financial instruments. This means you can speculate on price movements of assets like stocks, commodities, indices, cryptocurrencies and forex without owning the underlying asset itself. We found that it has a user-friendly interface with access to real-time market prices, charts and analysis tools. Its best feature is its demo account which offers users unlimited access to test strategies and practice trading with virtual money up to $40,000.
Why We Love It: We love Plus500 because of its free demo account feature. This allows you to familiarize yourself with the platform, test different strategies and gain confidence before risking real money. Plus, the free demo account has no time limit, giving you the flexibility to practice for as long as you need.
2. Best Overall in the US and Canada: Coinbase
Sum of median estimated savings and rewards earned, per user in 2021 across multiple Coinbase programs (excluding sweepstakes). This amount includes fee waivers from Coinbase One (excluding the subscription cost), rewards from Coinbase Card, and staking rewards. ³Crypto rewards is an optional Coinbase offer. Upon purchase of USDC, you will be automatically opted in to rewards. If you’d like to opt out or learn more about rewards, you can click here. The rewards rate is subject to change and can vary by region. Customers will be able to see the latest applicable rates directly within their accounts.
Coinbase is the most popular cryptocurrency broker in the U.S., with over 100 million users, 3,400 employees and $130 billion in safeguarded assets. Coinbase enjoys a renowned reputation for its security measures and regulatory compliance. Its platform allows trading of more than 250 different cryptocurrencies via solid trading tools while ensuring safety standards are exceeded.
Coinbase provides free crypto to its customers through various means. When you sign up for an account, you can spin a free reward wheel which can yield up to $200 worth of Bitcoin or USD. The Coinbase Learn program also gives users small amounts of crypto for reading about tokens and taking short quizzes. Coinbase also offers staking, allowing users to earn up to 10% APY on your crypto.
Why We Love It: We love Coinbase because of itsupports a wide range of cryptocurrencies, making it a one-stop shop for all of your trading needs. This means that you have plenty of options when it comes to building your digital asset portfolio. Whether you're looking to invest in well-established cryptocurrencies or you want to explore newer altcoins, Coinbase has got you covered.
3. Best for Sign-Up Bonuses: eToro
Cryptocurrency is offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured. Investing involves risk.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
Looking for a big bonus to add to your crypto investments? eToro is currently offering $10 reward to the first 20,000 invited participants who met the promo criteria. To qualify, sign up for an eToro account, deposit at least $100 and complete a crypto trade worth $100 or more. The $10 reward will be automatically credited to your account balance.
Another important feature on eToro is called CopyTrader, which allows you to view and copy the trades of others on the platform. While you should always do your own research before investing in crypto, CopyTrader is a useful feature for new investors. Apart from directly copying trades, it can allow beginners to see others’ trades and begin to understand what people look for in trading opportunities. However, it is important to note that even professional traders face a run of bad luck, so keep that in mind when copy trading.
Why We Love It: We love eToro because of its copytrading feature. This feature is perfect for beginners who may not have the time or expertise to actively trade on their own, as it allows them to mimic the trading strategies of successful investors in real-time.
4. Best for Active Traders: BYDFI
Investors that get started with BYDFI, can trade crypto on a streamlined platform that’s right for you. You gain access to 400+ spot crypto trading pairs and 100+ derivative products that include leveraged tokens and instruments that work for beginners and advanced traders.
You can choose between the classic and advanced account types, access advanced charting options, copy trading, “mystery box” rewards that come with random tokens and much more. You even get a welcome bonus when you sign up.
Competitive fees and a simplified dashboard make it possible to grow your portfolio, learn about trading crypto and generate returns that match your strategy.
Why We Love It: We love BYDFI because of its low fees. With competitive trading fees and no hidden charges, users can maximize their profits without worrying about excessive fees cutting into their earnings.
5. Best for Buying Dogecoin: Robinhood
Robinhood is known for offering low to no-cost trading options for the public, allowing for low minimums and a range of assets from which you may choose. Recently, Robinhood went into the crypto space by offering a few benefits that you will enjoy:
- The lowest cost to trade on the market
- 24/7 support
- Industry-leading cold storage
- Crime insurance to protect against breaches or theft
In addition to this, Robinhood as made a major move in the world of cryptocurrency by partnering with Uniswap. This partnership allows users to buy a variety of different meme coins directly from the app, expanding the opportunities for cryptocurrency investors.
Why We Love It: We love Robinhood because of its commission-free trading. While some exchanges charge hefty fees for each trade, Robinhood allows you to buy and sell cryptocurrencies without any extra costs. This can save you a significant amount of money in the long run, especially if you're a frequent trader.
6. Best for Low Fees: Kraken
If you are looking for an affordable, all-in-one crypto exchange platform, Kraken may be the best crypto brokerage for you. Not only does Kraken reward its users in several ways, but the platform offers over 200 different cryptocurrencies to invest in.
Like Uphold, Kraken offers interest-bearing accounts. You can earn up to 28% APY on your holdings. With cash (or crypto) rewards available alongside high-interest-bearing accounts, Kraken is a no-brainer for many cryptocurrency investors.
Out of all trading platforms, Kraken has some of the lowest fees on most crypto transactions, plus they get lower the more you trade.
Why We Love It: We love Kraken because of its interest-bearing account option, which allow users to earn up to 28% yearly by staking crypto. The interest rates offered by Kraken vary depending on the cryptocurrency and the length of time you choose to hold it in your account. Additionally, the interest earned is paid out on a regular basis, providing a consistent source of passive income.
7. Best for Variety: Uphold
Terms Apply. Cryptoassets are highly volatile. Your capital is at risk.
Uphold is the best cryptocurrency exchange for traders looking to trade a variety of different assets, especially for U.S. users. It supports more than 250 different cryptocurrencies including Bitcoin, Ethereum, Solana, XRP, Dogecoin and more. Uphold also offers a staking service, allowing users to earn up to 14% APY on their tokens. It offers trading of other assets, such as national currencies and precious metals. Uphold trading fees aren't the lowest in the market, but they are close to it. New users can earn a $50 bonus for completing a few activities.
Why We Love It: We love Uphold because aside from cryptocurrencies, it also supports the trading of traditional assets such as stocks, precious metals and fiat currencies. This unique feature sets Uphold apart from other exchanges, providing users with the ability to easily invest in a wide range of assets all within one platform.
8. Best for Businesses Wanting Exposure to Cryptocurrency: ICONOMI
ICONOMI is a unique crypto site that helps businesses individually enter the crypto sector. For example, when you visit the site, you’re posed with a simple question: do you want to trade crypto and automate your portfolio, or do you want to copy the strategy of a professional? This choice allows businesses to consider their goals and overall strategy for integrating crypto into their business.
The site offers a variety of strategies and features for all types of businesses and levels of exposure to crypto. From there, all you need to do is fund your account and get to work on your portfolio.
You can also earn money by sharing your strategy with other users. Several bonuses and benefits are available, such as referral bonuses and business accounts. The business accounts are specifically designed for business use, such as company trading or financial advising.
ICONOMI's powerful platform allows for information to flow freely through information sharing and a learning section, as well as clear pricing. Opening an account is free, and you can start trading right away.
Why We Love It: We love ICONOMI because it offers a range of investment options that cater to the needs of both individual and institutional investors. Whether you are looking to buy and hold cryptocurrencies for the long term, or actively trade digital assets on the market, ICONOMI has the tools and features to help you achieve your investment goals.
9. Best for Beginners: iTrustCapital
iTrustCapital may be the most unique trading platform on this list, as it allows you to trade cryptocurrencies from an Investment Retirement Account (IRA). IRAs have significant tax benefits, particularly as it relates to capital gains taxes. However, you have to hold the assets in the account for some time to see the full benefits of an IRA. So, if you plan on being invested in crypto in the long run, it may be a good idea to use iTrustCapital to manage your digital assets. The platform offers over 30 of the top cryptocurrencies to add to your IRA.
iTrustCapital is also secure –– it uses Coinbase Custody to store digital assets, which holds crypto offline in hardware wallets. In addition, the site has a $320 million insurance policy.
Why We Love It: We love iTrustCapital because it allows investors to trade cryptocurrencies within a tax-advantaged Individual Retirement Account (IRA). By utilizing a self-directed IRA with iTrustCapital, investors can buy, sell, and trade cryptocurrencies without incurring immediate tax liabilities. Instead, taxes are deferred until funds are withdrawn from the IRA, potentially resulting in significant tax savings over time.
What is a Cryptocurrency Exchange?
Cryptocurrency exchanges allow users to buy and sell crypto assets. Most exchanges use order books, which allow users to buy and sell crypto at a given price. Cryptocurrency exchanges hold custody of your digital assets, so you can not use the crypto to access decentralized applications (dApps).
A cryptocurrency brokerage, which is comparable to a cryptocurrency exchange, is another option. For a modest fee, users of cryptocurrency brokerages can trade the asset's market price. The supply and demand of investors directly affects the price of cryptocurrency on exchanges. While Coinbase Pro and other exchanges are cryptocurrency exchanges, Robinhood's cryptocurrency section operates as a broker.
How do Crypto Exchanges Work?
Tip for Crypto Traders: Ask yourself, are you a cryptocurrency trader or investor? If you’re a trader, you’ll want to place more value on the fee structure, as you will likely be consistently entering and exiting trades. Conversely, if you’re an investor, fees won’t matter as much. Fees typically are incurred when you buy or sell crypto, so these will matter more if you are actively trading.
Cryptocurrency exchanges work in a similar way to stock exchanges. Investors can place a limit order or a market order, creating depth and liquidity for the order book for the other investors on the exchange.
Buy and sell orders can be placed as market or limit orders. Market orders will automatically buy or sell crypto at the given market price. Limit orders will buy or sell crypto at the price specified by the investor. If the market price does not reach the limit price, then the order will not execute.
Types of Crypto Exchanges
Two main types of cryptocurrency exchanges exist: centralized exchanges and decentralized exchanges. Most cryptocurrency exchanges investors use are centralized exchanges, meaning they are run by a central company. Some popular centralized exchanges are Coinbase, Gemini, Binance and eToro. Decentralized exchanges create markets for peer-to-peer (P2P) transactions. Popular options are Uniswap and Sushi Swap.
Centralized exchanges (CEXs)
- Owned by a central company
- Often more efficient and easier to use
- Faster and cheaper transactions
Decentralized exchanges (DEXs)
- Direct ownership through a crypto wallet
- Code is immutable and uncontrolled by a single entity
- Access to governance and other DeFi capabilities
Crypto Exchanges vs. Crypto Wallets
Cryptocurrency exchanges let you easily trade crypto. Since these exchanges hold direct ownership of your funds and assets, security should be an important concern. Over the past several years, there have been numerous hacks of crypto exchanges, so this is a relevant concern to look into. To eliminate this risk, you can use a crypto wallet.
Cryptocurrency wallets exist as either hardware or software wallets. Software wallets are computer programs that securely store your crypto online, and hardware wallets are physical devices that store your crypto offline. Hardware wallets require a physical device to send crypto, so they are inaccessible to online hackers.
If you're looking to get a cryptocurrency wallet, you should consider the security features, price (for hardware wallets), tokens and chains offered and capabilities. Benzinga’s choice for the best all-around crypto wallet is the Ledger Nano S Plus. The hardware wallet supports thousands of different cryptocurrencies. With a Ledger hardware wallet, you'll be able to securely store your crypto assets in one place.
How to Choose the Best Crypto Exchange
Keep these things in mind when choosing a cryptocurrency exchange:
- Security: Security should be your top priority when choosing a crypto exchange. Look for an exchange that offers two-factor authentication, cold storage for funds and a secure login process. Make sure the exchange has a good reputation for security and has never been hacked.
- Fees: Different exchanges have different fee structures for trading cryptocurrencies. Some exchanges charge a flat fee per trade, while others charge a percentage of the trade amount. Make sure to compare fees across different exchanges and choose the one that offers competitive rates.
- Services offered: Take into account the financial services offered by the cryptocurrency exchange you wish to use. Certain exchanges solely deal in cryptocurrencies; you cannot use them to buy stocks or commodities. Some allow you to earn interest on your cryptocurrency holdings, making them great options for long-term and bullish investors.
- Coin selection: Different exchanges offer different cryptocurrencies for trading. Make sure the exchange you choose offers the coins you want to trade. Some exchanges have a wider selection of cryptocurrencies, while others may only offer the most popular ones.
- User interface: A user-friendly interface is important for beginners and experienced traders alike. Look for an exchange that is easy to navigate, with clear charts, order books and trading tools. A mobile app is also a bonus for trading on the go.
- Customer support: It’s important to choose an exchange that offers responsive customer support. Look for an exchange with a support team that is available 24/7 via live chat, email or phone. Good customer support can help resolve any issues or concerns you may have while trading.
Find the Best Crypto Exchange for Your Needs
With the rise of cryptocurrencies and the increasing popularity of trading digital assets, choosing the best crypto exchange is crucial for anyone looking to get involved in the world of digital currencies. Remember to do your own research and take your time in selecting an exchange that meets your requirements. But exchanges aren’t the only way to buy cryptocurrency. For most investors, using a dedicated crypto exchange is better than some of the alternatives for crypto trading. Despite this, cryptocurrency brokerages are another popular option and are similar to crypto exchanges. Some good brokerages you may want to consider are Webull, Coinbase and Robinhood. Happy trading!
Frequently Asked Questions
What is the difference between a crypto exchange and a brokerage?
Though the two are similar, crypto brokerages act as an intermediary to set the price of crypto assets based on the market price, while crypto exchanges determine the price of cryptocurrencies directly through investors’ supply and demand.
Are all the top cryptocurrency exchanges based in the United States?
Many top crypto exchanges are based in the United States. For example, Coinbase and Gemini are based in the United States but also offer services in a variety of other countries. Other exchanges operate globally because of easier regulation.
What is the best exchange for crypto?
According to Reddit users, Kraken and Coinbase are some of the best exchanges for crypto.
Which exchange has the lowest fees?
The crypto exchange with the lowest fees can vary based on the type of transaction and the amount being traded. However, some popular exchanges known for their low trading fees include Binance, Kraken and Coinbase Pro. It is always recommended to compare fees across different exchanges before making a decision.
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