Compare the best cryptocurrency exchanges for trading bitcoin and other assets
Coinbase
Coinbase provides access to over 100 cryptocurrencies, including bitcoin, ethereum, litecoin, dogecoin, and ripple. Additionally, the exchange provides numerous investing possibilities for both individual and institutional clients. Its account features include staking rewards, mobile apps for iOS and Android, and a Coinbase Earn option that pays you in crypto assets for watching educational videos.
Coinbase offers two additional options: Coinbase Pro for sophisticated traders and Coinbase Prime for institutions and high-net-worth customers (individuals with a net worth of at least $1 million). Users of Coinbase Pro have access to additional services such as secure trading bots, charting tools, and real-time order books.
In addition to the Prime cryptocurrency trading platform, institutional clients have access to commerce services, cold storage (offline storage for crypto assets), and an Asset Hub that enables issuers to list and expand their products on the platform.
In addition, Coinbase has just released the beta edition of their NFT trading platform. For a limited time, the site is giving $0 transaction costs to producers and collectors. Considering that many NFT platforms charge 2.5% per transaction, Coinbase’s pricing is extremely competitive.
What to watch for: If you frequently trade using margin accounts, Coinbase is not the greatest option. The exchange does not offer temporary loans for trading crypto assets, nor does it provide futures (legal contracts that give you the choice to exchange a security at a specific price on a forthcoming date).
Abra is a global cryptocurrency exchange that serves individual and institutional dealers in over 150 countries. In addition to the fact that Abra does not charge trading fees (although it does generate revenue from the spread between different assets), the exchange is distinguished by its extensive assortment of crypto products and features.
This includes trading in 80 different cryptocurrencies, interest accounts that allow you to earn up to 10% on qualified assets, crypto-backed loans, over-the-counter (OTC) trading, and numerous educational materials for novices. Its OTC services also provide institutional customers with access to interest-bearing accounts, loans, and individualised account support.
In addition, Abra gives you 3% cash back on CPRX token exchanges and offers loans at 0% interest.
Abra is compatible with iOS and Android smartphones.
Visa and Mastercard transactions incur significant transaction fees.
Why it is distinctive: Kraken offers over 100 cryptocurrencies and a variety of choices for both individual and institutional clients. However, Kraken has a somewhat greater global presence than Binance. US. Currently, the exchange supports merchants from approximately 200 nations.
Additionally, Kraken provides margin trading and futures trading. With its margin accounts, you can trade crypto assets while borrowing up to five times your account’s amount. Futures trading is offered for bitcoin, ethereum, litecoin, bitcoin cash, and ripple. Futures contracts allow you to buy or sell an asset at a fixed price on a future date.
Additionally, the exchange provides its own futures trading platforms. However, institutional customers can benefit from expert insights, one-on-one consultations, account management assistance, and more.
All customers get access to Kraken’s betting prizes, iOS and Android mobile app access, and educational materials.
The mobile futures platform offered by Kraken is presently unavailable to US traders. In addition, only institutional and high-net-worth customers can employ the exchange’s account management and counselling services.
CEX.IO
Why it is distinctive: According to its website, London-based CEX.IO is a global cryptocurrency exchange that supports traders in more than 99% of nations worldwide, including 48 U.S. states. Additionally, the exchange provides access to more than 100 different cryptocurrencies.
All customers have access to CEX.IO’s instant buy feature (only for purchases made with credit or debit cards), mobile app, staking rewards, and crypto-backed loans. However, more skilled traders may prefer the spot trading feature and margin trading accounts on CEX.IO. This feature allows you to place several forms of crypto market orders. It offers aggregator and payment management services to institutions and corporations.
It is also essential to mention CEX.IO’s fee structure. The maker/taker schedule of the exchange is based on your 30-day trading volume. According to CEX.IO, maker orders cannot be executed instantly since there are no other orders to match with them. However, taker orders match instantaneously.
Maker fees range from 0.00 to 0.15 percent, and taker costs range from 0.01% to 0.25 percent. CEX.IO is also accessible on iOS and Android devices.
What to watch for: At CEX.IO, debit and credit card transactions might be costly. For Visa and Mastercard deposits, there is a 2.99% cost; for GBP deposits using UK-issued cards, the fee is only 1.49 percent. Withdrawals using a Visa card incur a service fee of up to 3% plus an extra $1.20 and a commission of up to $3.80 for US residents. Mastercard users should anticipate a service fee of up to 1.8% plus $1.20. In addition, there is a commission of up to 1.2% plus $3.80.
Why it is distinctive: Gemini offers a vast array of cryptocurrency trading services to both consumers and institutions. Multiple platforms are available to traders, including the Gemini web exchange, the Gemini iOS and Android mobile apps, the Gemini Active Trader platform, the Gemini Fund Solutions, and institutional trading tools.
Gemini Wallet, Gemini Earn, Gemini Clearing (brokerage services for off-exchange crypto deals between parties), Gemini Custody, Gemini Pay, and Gemini Dollar are further important features (a digital asset backed by US dollars).
Gemini is not exactly a personal wallet service, but its two storage and custody alternatives — Gemini Wallet and Gemini Custody — allow you the option of storing your crypto assets online or offline at an institution. Gemini custody also offers cold storage insurance coverage of $200 million.
Gemini Earn allows you to earn up to 8.05% interest on your crypto balance, while Gemini Pay allows you to utilise your assets to make purchases at over 30,000 retail locations in the United States.
Gemini has several cost structures for different account types and account operations. In contrast to ACH and wire transfers, which are free, credit and debit card transfers incur a 3.49 percent fee. Additionally, the exchange has a restricted selection of cryptocurrencies.
eToro USA
The eToro USA cryptocurrency exchange provides a highly secure and user-friendly interface with access to more than 25 cryptocurrencies. Additionally, the exchange supports dealers from 140 countries, and a minimum of $10 is required to trade.
eToro provides two hands-off trading choices in addition to the do-it-yourself strategy. The CopyTraderTM technology enables you to replicate the portfolios of other successful traders. US clients can now only imitate the portfolios of other US investors, and it costs at least $200 to do so.
SmartPortfolios represents the second choice. The exchange now provides access to four pre-built portfolios, which eToro rebalances on a regular basis: CryptoEqual, CryptoPortfolio, Crypto-currency, and TheTIE-LongOnly SmartPortfolio.
Finally, eToro offers something that many other cryptocurrency exchanges do not: trading in stocks and ETFs. Users can swap complete and partial shares of stocks and ETFs commission-free beginning in January 2022.
eToro does not presently support traders in the states of New York, Minnesota, Nevada, Puerto Rico, Tennessee, Hawaii, Guam, American Samoa, Northern Mariana Islands, and the US Virgin Islands.
Other platforms we thought about
Binance.
The United States supports more than 50 cryptocurrencies and offers both individual and institutional investing possibilities. In addition to staking incentives, recurring purchases, OTC trading, crypto trading pairs, and stablecoins, its account bonuses include staking rewards, recurrent purchases, and OTC trading (assets that are backed by US dollars). However, it may not be the greatest option for novice traders due to its limited teaching resources.
• Bitstamp: Bitstamp is a Luxembourg-based corporation that offers choices for expert traders and institutional traders in addition to more than 60 cryptocurrencies. Through its subsidiary, Bitstamp USA, US consumers can trade crypto assets. The lowest costs begin at 0.5%, and a minimum investment of $10 is required to trade.
• SoFi: SoFi is more of an online brokerage than an exchange for cryptocurrencies, however it now offers Bitcoin, Ethereum, and Litecoin. The investment app also imposes a 1.25 percent markup on all crypto transactions, which means you’ll receive an additional 1.25 percent on the final share price (s). SoFi’s crypto selections are restricted, and its costs are slightly higher than those of other exchanges.
Bittrex is impossible to surpass when it comes to account security. In addition to two-factor authentication, the exchange claims to employ a multi-stage wallet technique to ensure that all money are stored in cold storage (offline storage). Bittrex’s transaction fees are significantly cheaper than those of competing exchanges. Keep in note, however, that Bittrex is unavailable to New York, Connecticut, Vermont, and Hawaii citizens.
This online brokerage costs only $1 to begin trading cryptocurrencies, but its investing options are limited. If you wish to trade cryptocurrencies other than bitcoin, dogecoin, bitcoin cash, ethereum, litecoin, zcash, and stellar, Webull may not be your best option.
• Robinhood: This brokerage’s commission-free structure is appealing to people who want low-cost investing. However, like SoFi and Webull, Robinhood’s cryptocurrency offering is limited. The investment app only supports eleven cryptocurrencies, such as bitcoin, bitcoin cash, bitcoin SV, ethereum, and dogecoin.
How the winners were selected
We investigated over a dozen exchanges in order to identify the top solutions for cryptocurrency availability, low fees, asset/account security, user interfaces, and mobile accessibility.
In addition, we investigated whether exchanges provided services for both individuals and institutions, and we paid particular attention to other account choices such as stake incentives, margin trading, and Stablecoin support.
Questions asked frequently
Why should you trust us?
Personal Finance Insider aims to assist intelligent individuals in making the most prudent financial decisions. We are also aware that the term “best” is highly subjective, thus we emphasise both the advantages and disadvantages of crypto exchanges.
So that you don’t have to, we spent countless hours contrasting the features and product offerings of various cryptocurrency exchanges.
What is a digital asset exchange?
A cryptocurrency exchange is comparable to an online brokerage for cryptocurrencies, tokens (virtual assets created by existing Blockchains), and other digital assets. Active traders seeking to purchase, sell, or hold digital assets such as bitcoin, Ethereum, and Litecoin have access to a number of investment possibilities on these exchanges.
The majority of exchanges now provide custody and storage solutions for individuals who wish to safeguard their crypto assets from theft and hacking. However, the majority of exchanges are not exclusively personal wallet services. You can set up an external wallet with a bitcoin wallet provider or another storage wallet service while keeping your cryptocurrency exchange account. When necessary, you can easily move assets between your exchange account and cryptocurrency wallet.
