BEST OF
By Andy Rosen
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Choosing a cryptocurrency exchange is often the first step investors take when exploring the word of digital assets. While there are many ways to exchange cryptocurrencies for one another, centralized exchanges provide a relatively easy way to convert cash into coins and tokens.
There are many exchanges to choose from — some with a longer track record than others. When comparing exchanges, investors can look at fees, cryptocurrency selection, advanced trading options and customer service offerings. But it's also important to keep in mind some caveats.
Though some stock brokers also offer crypto exchanges (these are noted below as "Our pick for online brokers"), crypto trading is not subject to the same investor protections you get when working with traditional investments. U.S. Securities Investor Protection Corp. insurance doesn't apply to cryptocurrency, so if your exchange fails (as FTX did in the fall of 2022), you could lose your investment. For this reason, some users prefer not to store assets on exchanges unless they're actively trading. You can use your owncrypto walletin many cases to store, trade and carry out transactions using cryptocurrency.
There are several ways and places to invest in cryptocurrency. Our list considers crypto exchanges, platforms and online brokers that offer crypto.
Choosing a cryptocurrency exchange is often the first step investors take when exploring the word of digital assets. While there are many ways to exchange cryptocurrencies for one another, centralized exchanges provide a relatively easy way to convert cash into coins and tokens.
There are many exchanges to choose from — some with a longer track record than others. When comparing exchanges, investors can look at fees, cryptocurrency selection, advanced trading options and customer service offerings. But it's also important to keep in mind some caveats.
Though some stock brokers also offer crypto exchanges (these are noted below as "Our pick for online brokers"), crypto trading is not subject to the same investor protections you get when working with traditional investments. U.S. Securities Investor Protection Corp. insurance doesn't apply to cryptocurrency, so if your exchange fails (as FTX did in the fall of 2022), you could lose your investment. For this reason, some users prefer not to store assets on exchanges unless they're actively trading. You can use your owncrypto walletin many cases to store, trade and carry out transactions using cryptocurrency.
There are several ways and places to invest in cryptocurrency. Our list considers crypto exchanges, platforms and online brokers that offer crypto.
Best Crypto Exchanges and Apps
| Broker | NerdWallet rating | Fees | Account minimum | Promotion | Learn more |
|---|---|---|---|---|---|
Coinbase Learn more on Coinbase's website | 4.8/5 Best for crypto exchanges | 0% - varies by type of transaction; other fees may apply | $0 | Get $200 in crypto when you sign up. Terms Apply. | Learn more on Coinbase's website |
Robinhood Crypto Learn more on Robinhood's website | 3.9/5 Best for online brokers | $0 per trade | $0 | None no promotion available at this time | Learn more on Robinhood's website |
eToro Learn more on eToro's website | 3.7/5 Best for crypto exchanges | 1% for cryptocurrency | $0 | Get a $10 bonus when you buy $100 worth of crypto (U.S. only). | Learn more on eToro's website |
Gemini Read review | 4.6/5 Best for crypto exchanges | 0.5% - depending on payment method and platform | $0 | $20 of BTC for new users after trading $100 or more within 30 days | Read review |
Binance.US Read review | 3.7/5 Best for crypto exchanges | 0% - depending on payment method | $0 | None no promotion available at this time | Read review |
Our pick for
crypto exchanges
NerdWallet rating
4.8/5on Coinbase's website
Fees
0% - 3.99%
varies by type of transaction; other fees may apply
Account minimum
$0
Pros
Offers access to more than 200 cryptocurrencies.
Low minimum to fund account.
Quick crypto withdrawals.
Cons
Higher fees than other cryptocurrency exchanges.
Why We Like It
Coinbase is the largest U.S.-based cryptocurrency exchange, trading more than 200 cryptocurrencies. Its fees, however, can be confusing and higher than some competitors.
NerdWallet rating
3.7/5on eToro's website
Fees
1%
for cryptocurrency
Account minimum
$0
Promotion
Get a $10 bonus
when you buy $100 worth of crypto (U.S. only).
Pros
Social investing: Ability to match moves of popular traders.
Advanced trading features in mobile app.
Cons
Service not available in all states.
No crypto-to-crypto trading pairs.
Why We Like It
Users on eToro can begin trading cryptocurrency, stocks and ETFs for as little as $10, and its innovative trading platform lets investors mirror select traders with successful track records, move-by-move.
Our pick for
online brokers
Several brokers offer cryptocurrency trading in addition to stocks, funds and other asset classes.
NerdWallet rating
3.9/5on Robinhood's website
Fees
$0
per trade
Account minimum
$0
Promotion
None
no promotion available at this time
Pros
No fees for crypto trades.
Convenient if you already have a Robinhood brokerage account.
Cons
Comparatively fewer cryptocurrencies offered.
No crypto-to-crypto trading.
Why We Like It
Robinhood brings its no-fee ethos to cryptocurrency trading, but currently offers fewer cryptocurrencies compared to pure-play crypto platforms.
Want to compare more options? Here are our other top picks:
Gemini
Binance.US
Webull Pay
Kraken
Crypto.com
Fidelity Crypto
Interactive Brokers Crypto
Last updated on February 1, 2024
Methodology
How do we review cryptocurrency platforms?
NerdWallet’s comprehensive review process evaluates and ranks platforms and companies that allow U.S. customers to buy and/or sell cryptocurrency. Our aim is to provide an independent assessment of providers to help arm you with information to make sound, informed judgements on which ones will best meet your needs. We adhere to strict guidelines for editorial integrity.
We collect data directly from providers through detailed questionnaires, and conduct first-hand testing and observation through provider demonstrations. The questionnaire answers, combined with demonstrations, interviews of personnel at the providers and our specialists’ hands-on research, fuel our proprietary assessment process that scores each provider’s performance across more than 20 factors. The final output produces star ratings from poor (one star) to excellent (five stars).
For more details about the categories considered when rating brokers and our process, read our full methodology.
To recap our selections...
NerdWallet's Best Crypto Exchanges and Apps of February 2024
- Coinbase: Best for crypto exchanges
- Robinhood Crypto: Best for online brokers
- eToro: Best for crypto exchanges
- Gemini: Best for crypto exchanges
- Binance.US: Best for crypto exchanges
- Webull Pay: Best for online brokers
- Kraken: Best for crypto exchanges
- Crypto.com: Best for crypto exchanges
- Fidelity Crypto: Best for online brokers
- Interactive Brokers Crypto: Best for online brokers
Frequently asked questions
Trading cryptocurrencies is different from traditional investing in several ways. A few examples:
Compared to traditional investing, which has seen fees steadily decline in recent years, trading in cryptocurrencies costs much more. For example, depending on the method of payment, you could pay 5% or more in fees when trading Bitcoin. Most online brokers no longer charge a commission to trade stocks.
Crypto is still a relatively new and burgeoning industry, and customer service has lagged behind what's available at traditional brokerages. Want to speak to a person concerning questions or account issues at crypto exchange? Many pure crypto exchanges don't offer that service.
You have more responsibility for protecting your crypto from theft with cryptocurrency exchanges, especially if you use your own digital wallet. While exchanges protect you from losses due to site-wide hacks, you won’t be protected from individual attacks on your account — for example, a phishing email attack in which you unwittingly reveal your passwords to cybercriminals.
A crypto exchange is, very basically, a place where you can purchase a cryptocurrency using either cash or another kind of digital asset.
This roundup primarily discusses a type of crypto exchange known as a centralized exchange. A centralized exchange is a marketplace operated by a business entity that buys, sells and facilitates transactions in cryptocurrency.
If you're new to cryptocurrency, or if you just need to convert fiat currency into crypto, you'll likely be using a centralized exchange.
Another way to get crypto is through what is known as a decentralized exchange. These are largely automated, blockchain-based programs that allow users to swap certain kinds of cryptocurrency for one another. While these can have lower transaction costs, they also require more technical expertise. And if you don't already have cryptocurrency, your options are limited.
Aside from their primary role at the center of crypto sales and purchases, exchanges have added a handful of other offerings. Among those are services that pay rewards to people who lend out their crypto. Many crypto exchanges will hold your crypto for you if you don't want to set up a wallet that you control by yourself.
It's important to note that some crypto exchanges have had issues with these secondary services. For instance, some have had to freeze withdrawals from their rewards programs amid liquidity issues. And storing crypto in an exchange's wallet can leave you vulnerable to losses if an exchange fails or suffers a cyberattack.
If you're just thinking about dabbling in crypto, it's good to remember that you don't have to put your life's savings on the line to get a sense of how it works.
Crypto exchanges reviewed by NerdWallet generally have no account minimums, which means you're free to create an account and look around without spending a dime. And if you decide to buy some crypto, you don't have to buy a lot. Many exchanges have a minimum purchase around a dollar.
