Best Crypto Exchanges for September 2022: Buy and Sell Bitcoin, Ether and More
The best cryptocurrency exchanges make it simple to trade coins and tokens while keeping your assets secure and fees cheap.
Best cryptocurrency exchange for fees
Despite price drops in the first half of 2022, the buying and selling of cryptocurrencies continue apace as the “crypto winter” begins to thaw. Scams continue to plague crypto investors, making it more crucial than ever to locate a trustworthy platform for buying and trading bitcoin.
The majority of crypto traders purchase and sell bitcoin, ether, dogecoin, and other cryptocurrencies on crypto exchanges. In its purest and most decentralized form, cryptocurrencies are difficult to acquire and utilize. Crypto exchanges facilitate the trading of all types of crypto tokens and coins.
The finest crypto exchanges will store your crypto assets safely, provide you complete control over your assets, and make buying, selling, sending, receiving, and exchanging crypto easy and inexpensive.
Some investors may demand more complex capabilities from cryptocurrency exchanges, such as the capacity to earn interest, access more esoteric kinds of cryptocurrency, or purchase, store, and display non-fungible tokens (NFTs). (It’s important to note that the safest place to store your cryptocurrency is in a cold storage wallet that you exclusively control.)
Here, we’ll concentrate on the fundamentals, emphasizing the exchanges that make it simple to sign up, get started, and conduct transactions without incurring excessive costs. As with any investment, high fees can eventually diminish returns, and some exchanges provide more competitive fees than others.
Whether you’re a newcomer seeking an easy entry point into crypto or a high-volume trader seeking the lowest “maker” and “taker” fees, we have the information you need to select the best crypto exchange for you.
Note: Regularly, crypto exchanges list and delist crypto tokens. Our data for “number of supported tokens” is derived from each exchange’s website as of July 25, 2022.
Top cryptocurrency exchange for beginners
• Available in all US states except Hawaii
• The number of tokens supported is 207
• Spot trading costs range from $0.99 to $2.99, or 1.49% for transactions exceeding $200.
• Credit/debit card fee: 3.99%
Coinbase offers a straightforward and simplified interface that makes it simple to buy, sell, trade, and send bitcoin, ether, and a range of other cryptocurrencies. As a publicly traded corporation, it is among the most established, well-capitalized, and popular players; nonetheless, trading fees are greater and more difficult than on other exchanges. We believe the platform’s simplicity and ease-of-use are worth the extra fees only if you intend to conduct occasional and modest transactions.
Coinbase asserts that it has never lost user funds and that it stores 98% of its crypto assets in offline cold storage. The FDIC insures Coinbase account balances in US currency, and Coinbase has a $320 million private insurance coverage for all crypto assets it controls. Coinbase’s first-quarter earnings report raised eyebrows with a new disclaimer noting that custodial cryptocurrencies could be used to pay off creditors in the event of bankruptcy.
Unlike most crypto exchanges, Coinbase offers live phone service in addition to email support, which may provide new crypto investors with an additional degree of comfort. There is also a library of well-written and useful content for beginners. Except for Hawaii, Coinbase is available to residents of all US states.
For spot trades (real-time cryptocurrency transactions), Coinbase charges between $0.99 and $2.99 for trades up to $200, and a flat 1.49% for trades above $200. In addition, Coinbase adds a 0.5% “spread” fee.
And debit card purchases of cryptocurrency incur a high 3.99% fee. However, funding your Coinbase account with an ACH transfer is free. A deposit by wire transfer costs $10.
The advancedPro version of the platform, which operates on a separate app and website, has cheaper costs but a less intuitive design that is not suitable for novices.
Best cryptocurrency exchange for expert trading
• Available in all states except Hawaii, New York, and Washington in the United States
• There are 191 supported tokens
• Credit/debit card fee: No credit/debit card purchases in the U.S.
Kraken, one of the oldest cryptocurrency exchanges in operation since 2013, is particularly popular to high-volume traders due to its low costs. Kraken also provides riskier and more sophisticated trading options, including as margin trading and on-chain staking, with biweekly payments.
The exchange facilitates the buying and sale of about 130 crypto assets in the United States. Additionally, it offers over 100 crypto pairings — two crypto tokens that can be swapped for one another.
Kraken does not offer insurance on cryptocurrency deposits placed in hot wallets, but claims to store 95% of digital assets offline with sufficient liquidity to permit users to withdraw at any moment. The Kraken cryptocurrency exchange has never been compromised.
Kraken is accessible to the majority of US crypto investors, however its crypto services are not licenced in New York, Washington state, or Hawaii.
• US availability: All 50 states
• There are 101 supported tokens
Spot trading costs range from $0.99 to $2.99, or 1.49 percent for deals exceeding $200.
• Credit/debit card fee: 3.49%
Gemini offers reasonable trading costs, support for nearly 100 currencies, and 20 crypto pairs; nonetheless, the exchange’s educational tools may be most appealing to beginners. In fact, it is the only exchange on this list that operates in all fifty states.
This cryptocurrency exchange offers robust security features, such as FDIC insurance for US dollar deposits, private insurance for hot wallets storing crypto assets on the blockchain, and compatibility for U2F hardware keys. ActiveTrader provides charting, different order types, auctions, and block trading for high-volume traders. Gemini, which in 2019 bought the NFT marketplace Nifty Gateway, allows users to buy and sell crypto collectibles and digital art.
Gemini has the best instructional resources of any cryptocurrency exchange. Its Cryptopedia section contains extensive information about cryptocurrencies and the underlying technologies. Cryptopedia contains an abundance of entries on a wide variety of crypto issues, ranging from basic explanations of bitcoin and blockchain to more advanced topics such as real-world applications of smart contracts, the NFT marketplace model for music, and decentralised cloud computing.
• Available throughout the United States except New York
• The number of tokens supported is 333
• Trading fees: 0.04% to 0.4% for the maker and 0.1% to 0.4% for the taker
• Credit/debit card fee: 2.99%
Crypto.com has the greatest variety of cryptocurrencies of all the exchanges on this list, with transactional support for over 300 cryptocurrencies. In addition, it lists support for over 80 trading pairs.
Crypto.com asserts that it has acquired $750 million in crypto insurance and that all user cryptocurrencies are maintained offline in cold storage. Additionally, the exchange claims that all online monies in its custodial wallets are generated by the company itself to pay user withdrawals, indicating that customer crypto assets are secure offline. The FDIC insures Crypto.com account balances held in US dollars by the Metropolitan Commercial Bank.
For all crypto transactions, Crypto.com employs multifactor authentication, including password, biometric, email, phone, and authenticator verification. Crypto.com also needs all external email addresses to be whitelisted via email verification. Consequently, you will be required to expressly authorise any crypto wallets or bank accounts for withdrawal, protecting your crypto assets against accidental or malicious withdrawals.
Crypto.com, along with Gemini and bitFlyer, is one of just fifteen exchanges permitted to operate in Hawaii. Except for New York, residents of every US state can utilise Crypto.com.
bitFlyer
• Available in all U.S. states except West Virginia and Nevada
• Number of supported tokens: 15 • Maker/taker fees ranging from 0.03% to 0.1%
• Credit/debit card fee: 1.95%
BitFlyer is a private startup that debuted its cryptocurrency exchange in Japan in 2014 before expanding to the United States in 2017. bitFlyer supports 11 cryptocurrencies, including bitcoin, ether, litecoin, and Stellar Lumens, despite having a much lower trading volume than the major exchanges. According to CoinMarketCap, bitFlyer ranks in the top 20 for average liquidity, despite having a much lower trading volume than the major exchanges (XLM).
BitFlyer has the lowest trading fees of all the listed exchanges. There are two ways to buy and sell cryptocurrency on bitFlyer: the quick buy/sell platform and Lightning Network transactions.
After identification verification and account funding, maker and taker costs on the bitFlyer Lightning Network are capped at 0.1% for transactions under $50,000. This is even less than Kraken’s standard fees of 0.2% for makers and 0.5% for takers, and far less expensive than Coinbase Pro’s 0.4% for makers and 0.6% for takers.
BitFlyer’s immediate buy and sell platform does not charge any transaction fees, which makes it an enticing option; nevertheless, spread costs can range from 0.1% to 6%. BitFlyer will display the spread charge for each transaction prior to its completion. It has the lowest credit card and debit card transaction charge on our list, at 1.95 percent.
During the registration procedure, we observed a few small glitches, including unexplained error messages and missing 2FA codes, as well as a more rudimentary UI than other exchanges. Noting that the smaller amount of transactions on the bitFlyer exchange may affect your capacity to execute trades at the desired prices is important.
BitFlyer is available to all US citizens with the exception of those residing in West Virginia and Nevada.
How do Binance and Binance.US compare?
According to CoinMarketCap, Binance is the largest cryptocurrency exchange in the world. In anticipation of the Chinese cryptocurrency prohibition, the exchange relocated its servers and operations to Japan a few months after launching in China in 2017.
Due to heightened enforcement of rules, Binance was banned in the United States in 2019. Eventually, the existing cryptocurrency exchange spun off Binance.US as a new entity that now operates in 45 states. The sister firms Binance and Binance.US have unique ownership structures.
Binance.US has a similar layout and user experience as Binance and some of the lowest costs among the main cryptocurrency exchanges. However, the business has a troubled history and an unclear future.
Bloomberg reported in May 2021 that the Justice Department and the Internal Revenue Service were investigating Binance for alleged links to money laundering and tax evasion. In September, Bloomberg reported that the Commodity Futures Trading Commission was investigating Binance’s ties to insider trading and market manipulation.
In April, Reuters reported that Binance had provided the Russian Federal Security Service, or FSB, with information regarding crypto donations made to Alexei Navalny, a political opponent of Vladimir Putin.
Bloomberg reports that the Securities and Exchange Commission is investigating Binance for possible violations of US law when it began selling its native cryptocurrency BNB in 2017 to support its worldwide exchange. In addition, a separate report by Reuters suggests that between 2017 and 2021, Binance processed $2.35 billion in cryptocurrencies originating from “hacks, investment frauds, and illegal drug transactions.”
The 2019 Binance hack resulted in the theft of 7,000 bitcoin worth around $40 million, while the exchange reimbursed individuals who lost money using its Secure Asset Fund for Users. Several investors who were prevented from trading in 2021 and incurred significant losses intend to file a class action lawsuit against Binance.
Even though Binance.US delivers a quality experience on mobile and desktop and has cheap trading costs, we do not advocate utilising the crypto exchange until the legal investigations are concluded and Binance.US gives greater information on its activities to authorities and users.
FAQs
What exactly is a cryptocurrency exchange?
A cryptocurrency exchange is a platform for buying and selling digital assets and cryptocurrencies such as bitcoin and ether. Some may also support the purchasing, selling, and trading of non-fungible securities.
Crypto exchanges typically allow users to deposit and withdraw funds in either fiat (such as US dollars) or cryptocurrencies, buy cryptocurrencies with US dollars or another currency, trade one cryptocurrency for another, send cryptocurrencies to another individual (or business), and sell cryptocurrencies for US dollars.
What are the dangers associated with purchasing, trading, and selling cryptocurrencies?
There are several. Cryptocurrency is decentralised, meaning that it is not governed or controlled by a central body. There is no backing from a central bank. And your possessions have significantly less security than conventional assets such as stocks, bonds, and mutual funds. In fact, it merits repetition: The crypto markets are mostly unregulated, prices are extremely unpredictable, and frauds and hacks are common.
Similar to bank accounts, some of the biggest crypto exchanges provide up to $250,000 in FDIC insurance. However, this insurance only covers deposits in US dollars. A few of crypto exchanges offer separate insurance for digital assets.
What is the distinction between a crypto exchange and a crypto brokerage? In theory, exchange rates are determined by market pricing.
In a similar fashion, a cryptocurrency brokerage acts as an intermediary between buyers and sellers, but the broker sets the prices. Brokerages typically support fewer cryptocurrencies than exchanges but charge lower fees. For instance, Robinhood offers only seven cryptocurrencies (bitcoin, ethereum, dogecoin, litecoin, ethereum classic, bitcoin cash, and bitcoin SV) but does not charge any transaction fees.
How much does trading cryptocurrencies cost?
As with any investment, it is vital to evaluate the costs associated with purchasing, selling, and trading cryptocurrencies; high fees can erode gains over time. Typically, exchange fees depend on how you buy, sell, or trade.
Spot transactions, often known as “immediate” transactions, entail purchasing or selling from or to an exchange at a predetermined price in real time. The majority of exchanges impose a somewhat high fee for these transactions, often around 1.5% of the transaction value.
Using “buy” and “sell” orders is a more complex and difficult method of trading, particularly for novices. However, these transactions are far cheaper, with “maker” and “taker” fees ranging from 0.1% to 0.5% of the transaction value. Using this strategy, you determine the price at which you wish to buy or sell, and a transaction clears only when the market identifies a buyer or seller willing to buy or sell at your desired price.
Where else may Bitcoin and other cryptocurrencies be purchased?
In addition to crypto exchanges and brokerages such as Robinhood, some payment services allow users to purchase and sell cryptocurrencies. However, your options for tokens will be more limited, and you often won’t be able to transfer bitcoin from your payment service account to a private wallet.
Cash App, Venmo, and PayPal all allow users to purchase bitcoin using their own payment apps. Cash App only buys and sells bitcoin, but it is the only payment service that allows customers to withdraw bitcoin to their personal wallets. Cryptocurrency fees are not displayed on Cash App and vary from transaction to transaction. Cash App charges lower fees than the majority of cryptocurrency exchanges for smaller transactions, but higher percentage fees for larger transactions.
PayPal and Venmo accept bitcoin, bitcoin cash, ethereum, and litecoin. Similar to Coinbase, both have a tiered fee system for cryptocurrencies: $0.49 to $2.49 on transactions up to $200, 1.8% on transactions between $200 and $1,000, and 1.5% on transactions over $1,000. In addition, both sites charge undefined distribution fees estimated at 0.5%. You can send cryptocurrency to other Venmo or PayPal users, but you cannot move cryptocurrency into your own wallet.
Why are there so few cryptocurrency exchanges in the United States?
In the United States, cryptocurrency regulations are more stringent than in other nations and vary from state to state.
In recent years, the SEC and cryptocurrency exchanges have repeatedly fought, with some exchanges facing SEC investigations. Principally contentious is the SEC’s classification of virtual currency. In 2017, the SEC declared that some crypto tokens constituted investment securities that must be registered with the SEC. Additionally, the agency stated that crypto exchanges should register with the SEC as venues for trading securities.
Several cryptocurrency exchanges have exited the US market in response to the increased regulatory requirements and SEC litigation threat.
