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Cryptocurrencies have skyrocketed in popularity in recent years, but very few Americans have actually traded them. The most popular cryptocurrencies include Bitcoin, Ethereum, and Dogecoin, each of which has seen a lot of movement as its price rises and falls. Appeal to traders? The potential for big profits on the volatility of these highly speculative assets.
There are more and more ways for traders to access cryptocurrencies. New exchanges and trading platforms have been launched in response to widespread interest in cryptocurrencies. In fact, you may already have an app on your phone that allows you to trade. For example, if you use PayPal or the Venmo app, you can buy and sell at least a few different cryptocurrency coins. However, other apps and exchanges give you access to a wider selection of cryptocurrencies (there are literally thousands). Or they offer other advantages such as low cost.
Below are some of the top crypto trading apps and exchanges and some of the important things you need to know.
Top Apps and Exchanges for Crypto Trading in February 2023
The platforms below include professional crypto exchanges, online brokers, cash and payment apps. It includes the price and number of coins you can trade, so you know the range for each app or exchange.
If you’re only interested in trading Bitcoin, the largest cryptocurrency, it may not make sense to use an app that offers dozens of other coins. If you are considering it, consider more variety of apps and exchanges.
Bittrex
Bittrex is an attractive option for cryptocurrency traders thanks to its simple low-cost fees, especially for those who trade high volumes. If you’re trading less than $50,000 every 30 days, you’ll pay a fee of 0.25-0.30 percent, but if you’re trading big money, the fees drop off quickly. Additionally, Bittrex does not charge any fees for his USD deposits or ACH withdrawals.
Hardcore cryptocurrency enthusiasts will also appreciate the trading of nearly 100 cryptocurrencies offered by Bittrex. You can find the most popular coins such as Bitcoin, Ethereum, and Dogecoin, as well as lesser-known lists.
cost: Commissions start at 0.35% and drop sharply for large traders.
Coins that can be traded: About 100 types of coins such as Bitcoin, Ethereum, Dogecoin, Litecoin, etc.
Binance.US
Binance.US, the American division of the larger Binance organization, is one of the best cryptocurrency exchanges due to its low transaction costs. Bitcoin and Ethereum traders have access to commission-free trading, while other coins are priced on a sliding scale for high-volume traders. Get a 25% discount when you pay
And with over 130 different cryptocurrencies to trade on Binance, you’ll have no trouble finding what you’re looking for, especially if you just want to trade the most popular coins.
cost: Bitcoin and Ethereum are free, but fees for less common coins start at 0.45% and lower for high volume traders. Pay transaction fees with BNB and get a 25% discount.
Coins that can be traded: 137 coins including Bitcoin, Ethereum, Solana, Cardano and more
eToro
Broker eToro is always all crypto (at least for American traders, although others can trade stocks). eToro gives you access to around 80 cryptocurrencies, including Tezos, Uniswap, Polygon, and quite a few not typically found in traditional brokerage apps. The app does not charge a direct fee, but a flat spread markup of 1% regardless of the coin or amount you purchase.
cost: No fees, 1% spread markup
Coins that can be traded: 79 cryptos including Bitcoin, Ethereum, Dogecoin and more
coin base
Coinbase is a professional cryptocurrency exchange capable of trading a range of 230 digital currencies in modern numbers. Of course, the range will probably scratch your crypto itch as it includes most of the top coins including Bitcoin. But what do you pay for using the basic service? Additionally, Coinbase has become cautious about what you pay for transactions, and lately its website’s fee structure has been confusing.
When it became visible, the pricing structure was complicated, to say the least. You will pay a spread markup of around 0.5% and a trading fee depending on the size of the trade and the funding source. For Coinbase Advanced Trade, it starts at 0.6% for 30-day volumes below $10,000, decreases to 0.15% for volumes up to $100,000, and drops further thereafter.
cost: Usually at least 1.99% (lower on Coinbase Advanced Trade)
Coins that can be traded: 230 types including Bitcoin, Ethereum, Cardano, Solana
Kraken
Kraken is another professional cryptocurrency exchange that allows you to trade a wide variety of coins, including the most popular coins (Solana, Uniswap, Cardano, etc.) that are not normally available in regular financial apps. In total, the exchange supports trading over 212 cryptos. Kraken does not provide services to residents of the states of New York and Washington.
Kraken Pro’s commissions are competitive, ranging from 0.16 to 0.26 percent at the lowest volume levels, and have decreased over the past 30 days to a range of 0 to 0.1 percent for volumes greater than $10 million. High net worth traders also have access to margin trading, increasing their purchasing power (and risk). You can deposit to Kraken for free via ACH, but he charges a 3.75% fee and 25 cents for debit or credit card transactions.
cost: Fees start at 0.26%, plus card and online banking fees.
Coins that can be traded: 212 including Bitcoin, Ethereum, Solana and Uniswap
robin hood
You may know Robinhood, a sophisticated trading app for stocks, options, and ETFs, but it also extends to cryptocurrencies. Moreover, it brings a commission-free structure to the world of cryptocurrencies. Trading may seem free, but Robinhood charges a spread markup, not a direct commission. In other words, the cost is built into the buying and selling price of the coin. Robinhood’s Instant Transfer feature gets you started almost instantly, so just download and run.
cost: $0, or no commission, but with spread markup
Coins that can be traded: 18 including Bitcoin, Dogecoin and Ethereum (not available in all states)
Webble
Webull may not be your go-to trading app, but its feature set feels like a step above Robinhood. Like its big-name rivals, Webull offers stocks, options, ETFs, and cryptocurrencies with no out-of-pocket fees. Similarly, Webull is working on spread markups for crypto trading, so costs are built into the trade. You can also trade more coins than Robinhood, including Cardano.
cost: No commission, spread markup 1% (100 basis points)
Coins that can be traded: 58 types including Bitcoin, Ethereum, Solana
cash app
When you think of cryptocurrencies, you may not think of Cash App at first. This financial app is known for its cash management accounts and trading features for stocks and his ETFs. However, it also offers the ability to trade crypto, albeit only bitcoin. You can send Bitcoins to other users for free, but Cash App charges what it calls a “minor fee” for coin transactions. This will be disclosed before any transaction is made. This is in addition to the spread markup embedded in the trade itself. Unfortunately, the exact pricing structure has not been published.
cost: Spread markup and transaction fees
Coins that can be traded: Bitcoin only
PayPal
Like Cash App, you may already have PayPal installed on your phone. If so, you can start trading cryptocurrencies literally in seconds now. PayPal charges a fee on all transactions and also charges a spread markup price for the transaction. Fees start at 49 cents for transactions under $5 and gradually rise to $2.49 for transactions up to $200. It then switches to a percentage that drops to 1.5% for trades above $1,000. Luckily, PayPal clearly lists its fee structure for everyone to see. PayPal’s sister app, Venmo, offers the same service on similar terms.
cost: Spread markup of around 0.5% and trading fees down from 49 cents to 1.5%
Coins that can be traded: 4 Different Cryptos — Bitcoin, Ethereum, Litecoin, Bitcoin Cash
Conclusion
The best crypto trading app or exchange for you depends on your needs. If you’re looking to trade a wide range of digital currencies, consider an app or exchange that allows you to do so. But if you mostly prefer to stick with Bitcoin, Ethereum, and a few other major ones, many of the platforms mentioned here can get the job done. Cost is also an important consideration, so keep that in mind before opening an account.
Editorial Disclaimer: All investors are advised to conduct their own research on investment strategies before making any investment decision. Further, investors should be aware that past investment product performance is no guarantee of future price appreciation.
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