Yahoo Finance Best Cryptocurrency Exchanges of March 2024
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Understanding cryptocurrencies alone can be daunting, and if you're new to crypto trading, finding the right brokerage to buy and sell popular assets like bitcoin, ether, and dogecoin can be another challenge.
The best cryptocurrency exchanges allow crypto-enthusiasts access to blockchain trading, advanced charting tools, portfolio customizations, and low trading fees.
Featured Cryptocurrency Exchanges from Our Partners
Best Cryptocurrency Exchanges
Most of the best cryptocurrency apps provide low fees, margin trading, and other features like staking rewards (interest rewards for holding crypto assets for a set period).
If you don't want to use your exchange's built-in wallet (if applicable), you'll need to set up an external crypto wallet, such as one of the best bitcoin wallets, to store your assets securely.
Coinbase: Best crypto exchange for Bitcoin-oriented traders
Abra: Best crypto exchange for low fees
Kraken: Best crypto exchange for futures and margin traders
CEX.IO: Best crypto exchange for cryptocurrency selection
Gemini Investing: Best crypto exchange for bitcoin and ether traders
eToro USA: Best crypto exchange for all types of traders
Here are the best cryptocurrency exchanges for low fees, human advisor access, and more in 2024.
The best cryptocurrency exchanges offer low fees, a large range of crypto availability, staking rewards, built-in wallets, educational resources, and more. Many of the other best online brokerages also offer cryptocurrency trading as an option alongside stocks, bonds, ETFs, and more.
Compare the Best Cryptocurrency Exchanges
We've compiled some of the best cryptocurrency exchanges for buying and selling crypto assets. Keep reading to find the best crypto trading platform for you.
Best Cryptocurrency Exchange for Bitcoin-oriented Traders
Coinbase
Coinbase offers over 250 cryptocurrencies, including bitcoin, ether, litecoin, dogecoin, and ripple. The exchange also offers multiple investment options for individual and institutional clients. Some of its account features include staking rewards, mobile apps, and a Coinbase learning rewards account option that pays you crypto assets for watching educational videos.
Coinbase offers a few other options: Coinbase Pro and Coinbase Advanced Trade for experienced traders and Coinbase Prime for institutions and high-net-worth clients (individuals with at least $1 million). Coinbase Pro users get access to more advanced features like secure trading bots and real-time order books.
Plus, Coinbase also launched the beta version of its NFT trading platform. For a limited time, it's offering no transaction fees for creators and collectors who use the platform. Many NFT platforms charge 2.5% per transaction, so Coinbase's offerings are highly competitive when it comes to pricing.
What to look out for: If you regularly use margin accounts to trade, Coinbase isn't the best choice. The exchange doesn't let you temporarily borrow money to trade crypto assets or offer futures (legal contracts that give you a choice to exchange security at a specific price on a forthcoming date).
Best Cryptocurrency Exchange for Low Fees
Abra
Abra is a global crypto exchange serving individual and institutional traders in more than 150 countries. Along with the fact that Abra doesn't charge any trading fees (though it earns income from the spread between different assets), the exchange also stands out due to its expansive selection of crypto products and features.
This includes trading for 75 cryptocurrencies, interest accounts that let you earn up to 10% on eligible assets, crypto-backed loans, over-the-counter (OTC) trading, and multiple educational guides for beginners. Its OTC services also give institutional clients access to interest-earning accounts, loans, and one-on-one account support.
In addition, Abra pays you 3% cash back for CPRX token trades, and the exchange offers 0% interest loans.
What to look out for: Visa and Mastercard transactions have high fees.
Important: Avoid the high-volatility and risk of directly investing on the blockchain with bitcoin ETFs. Following the SEC's approval to allow spot bitcoin ETFs to be traded on the traditional market, more investors can get exposure to the crypto market with slightly more stability. But keep in mind that there's still substantial risk involved in investing in crypto ETFs.
Best Cryptocurrency Exchange for Futures and Margin Traders
Kraken
Kraken has 185+ cryptocurrencies with an array of options for both retail and institutional investors. But regarding global support, Kraken has a bit more reach than Binance.US. The exchange supports traders in nearly 200 countries.
Kraken also offers margin trading and futures trading. With its margin accounts, you can borrow up to five times your account balance to trade crypto assets. Futures trading — contracts that allow you to buy or sell an asset at a set price on an upcoming date — is available for bitcoin, ether, litecoin, bitcoin cash, and ripple.
The exchange also offers its own futures trading platforms. However, institutional clients can use expert insights, one-on-one consultations, account management support, and more.
All clients can utilize Kraken's staking rewards, iOS and Android mobile app access, and educational resources.
What to look out for: Kraken's futures mobile platform isn't currently available to US traders. In addition, only institutional and high-net-worth clients can utilize the exchange's consultation and account management services.
Best Crypto Exchange for Cryptocurrency Selection
CEX.IO
Based in London, CEX.IO is a global crypto exchange supporting traders in more than 99% of countries worldwide, including 48 US states, according to its website. The exchange also gives you access to bitcoin and more than 100 other crypto assets.
All users can access CEX.IO's instant buy feature (this is only for credit and debit card purchases), mobile app, staking rewards, and crypto-backed loans. But more advanced traders might prefer CEX.IO's spot trading feature (this option lets you place different types of crypto market orders) and margin trading accounts. Institutions and businesses can use its aggregator and payment management services.
It's also important to point out CEX.IO's fee schedule. The exchange has a maker/taker schedule based on your 30-day trading volume. Maker orders can't be executed immediately since there are no other orders to match with them; however, taker orders match immediately, according to CEX.IO.
Its maker fees range from 0.00-0.15%, and its taker fees span from 0.01-0.25%. You can also access CEX.IO on iOS or Android devices.
What to look out for: Transactions with debit or credit cards can be pricey at CEX.IO. For Visa and Mastercard deposits, you'll have to pay a 2.99% fee (it only requires 1.49% for GBP deposits with UK-issued cards). Withdrawals for US residents using a Visa card include a service charge of up to 3% plus an additional $1.20 and a commission of up to $3.80. Mastercard users can expect a service charge of up to 1.8% plus an additional $1.20. There's also a commission of up to 1.2% plus $3.80.
Best for Bitcoin and Ethereum Traders
Gemini
*Note: In response to the FTX crisis, Gemini's lending partner, Genesis Global Trading, recently announced it is suspending redemptions and new loan originations. As a result, Gemini has currently paused withdrawals on its Gemini Earn account.
Gemini offers a wide variety of crypto trading services for individuals and institutions. Traders can use multiple platforms, including the Gemini web exchange, Gemini mobile apps, Gemini Active Trader platform, Gemini Fund Solutions, and institutional trading tools.
But the exchange also provides a few other notable features: Gemini Wallet, Gemini Earn, Gemini Clearing (brokerage services for off-exchange crypto trades between parties), Gemini Custody, Gemini Pay, and Gemini Dollar (a digital asset backed by US dollars).
Though Gemini isn't strictly a personal wallet service, its two storage and custody options — Gemini Wallet and Gemini Custody — give you the choice of online or institutional offline storage for your crypto assets. Gemini Custody also offers $200 million in cold storage insurance coverage.
Gemini Earn allows you to receive up to 8.05% interest on your crypto balance, while Gemini Pay allows you to use your assets for purchases at more than 30,000 retail facilities across the US.
What to look out for: Gemini has multiple fee schedules for different accounts and account actions. While you won't be charged for transferring funds through ACH or wire methods, credit or debit card transfers have a 3.49% fee. The exchange also has a limited number of cryptocurrencies (see its full list of supported assets here).
Best Cryptocurrency Exchange for All Types of Traders
eToro USA
The eToro USA crypto exchange offers a highly secure and easily navigable interface that gives you access to over 25 crypto assets. The exchange also supports traders in 140 countries; you'll need at least $100 to trade.
When it comes to trading, you can either take the DIY approach or use one of eToro's two hands-off options. The first, known as the CopyTrader™ system, allows you to mirror the investment portfolios of other successful traders. US clients can currently only mimic other US investors' portfolios, and you'll need at least $200 to do so.
The second option is SmartPortfolios. The exchange offers access to four pre-built portfolios — CryptoEqual, CryptoPortfolio, Crypto-currency, and TheTIE-LongOnly SmartPortfolio — that eToro regularly rebalances for you.
Finally, eToro offers something that many crypto exchanges don't — stock and ETF trading. Users can exchange both full and fractional shares of stocks and ETFs without commissions.
What to look out for: eToro doesn't support traders in New York, Minnesota, Nevada, Puerto Rico, Tennessee, Hawaii, Guam, American Samoa, Northern Marianas, and the US Virgin Islands.
Cryptocurrency Exchanges Frequently Asked Questions (FAQs)
Which crypto exchange is best?
Coinbase is one of the best cryptocurrency exchanges for buying cryptocurrencies as it currently supports about 250 different coins, including bitcoin, ether, and many more. Review the Coinbase investment platform to determine if it's a good choice for you.
How do I exchange crypto for cash?
You can exchange crypto for cash by selling crypto-assets (like Bitcoin or ether) using an exchange or brokerage. Peer-to-peer trading is another way to exchange crypto for cash, along with Bitcoin ATMs.
Are there any crypto exchanges in the US?
Yes. Coinbase, Kraken, and Binance US are some of the largest crypto exchanges available in the US. Like a brokerage account, you can open a crypto account with an online or traditional broker offering cryptocurrency trading as an investment option. Some online brokerages require a minimum requirement in your account or additional fees to access crypto trading.
What Does a Crypto Exchange Do?
A cryptocurrency exchange is like an online brokerage for cryptocurrencies, tokens (virtual assets created through existing blockchains), and other digital assets. Many of these exchanges offer investment options for active traders looking to buy, sell, or hold digital assets like bitcoin, ether, and litecoin.
Most exchanges also offer custody and storage options for users looking to protect their crypto assets against theft and hacks safely. But then again, most exchanges aren't solely personal wallet services. If you want to set up an external wallet with a bitcoin wallet provider or another storage wallet service, you can do so while maintaining your crypto exchange account. You can simply transfer assets between your exchange account and crypto wallet when necessary.
Are Cryptocurrency Exchanges Worth It?
This depends on your investment goals and needs. You can invest in cryptocurrencies in more than one place.
And if you're interested in low-cost options, note that you can also trade cryptocurrencies with fee-free brokerages like Webull and Robinhood. The catch with taking this route is that you won't have as many crypto-specific features as you would with a Kraken or Gemini.
You would essentially sacrifice a wider range of investments and account features for lower fees and limited cryptocurrency options. A cryptocurrency exchange may be the best option if you want a wider range of cryptocurrency-specific trading tools and account features.
Why You Should Trust Us: Our Expert Panel For The Best Cryptocurrency Exchanges
We interviewed the following investing experts to see what they had to say about cryptocurrency exchanges.
Sandra Cho, RIA, wealth manager, and CEO of Pointwealth Capital Management
Tessa Campbell, Investment and retirement reporter at Personal Finance Insider
What are the advantages/disadvantages of investing through a cryptocurrency exchange?
Sandra Cho:
"The advantages to investing through a cryptocurrency exchange are the ease of trading and functionality. These exchanges are built for cryptocurrency are are made as such.
"The disadvantages, however, are important. Recently, several cryptocurrency exchanges have gone under, and investors have lost significant amounts of money. Given that this industry and asset class is still relatively new, there are unique risks that are nor present in traditional investments like stock and bonds. Investing through a cryptocurrency leaves you at the will of the exchange itself, which has a non-zero possibility of going defunct."
Tessa Campbell:
"Investing through a cryptocurrency exchange offers several advantages, including access to real-time market data and research, trading strategies, and multiple cryptocurrency options to add to individual brokerage accounts, retirement accounts, and more.
"Some disadvantages include high trading fees, limited resources, and frequent fraudulent activity. These platforms are often criticized for their inadequate security measures, risky trading, and subpar customer support."
Who should consider investing through a crypto exchange?
Sandra Cho:
"Investors with an extremely high-risk tolerance and those that understand the inherent risks in investing through cryptocurrency exchanges may want to consider using an exchange. However, they should be wary of the risks and the lack of oversight that is apparent in the industry."
Tessa Campbell:
"You may want to consider investing through a crypto exchange if you're primarily focused on trading crypto and other decentralized currencies. Moreover, you'll want to have a high investing risk tolerance and a hands-on trading approach."
Is there any advice you'd offer someone who's considering investing in cryptocurrencies through a crypto investment app?
Sandra Cho:
"I would tell them to first potentially reconsider dealing with cryptocurrencies at all. The asset class is extremely volatile and unregulated. If they insisted, I would then tell them to do their research on the relevant exchanges and choose the one that is safest and best backed. As mentioned, many crypto exchanges have gone under recently, which is a huge risk to the investor."
Tessa Campbell:
"Make sure you fully understand the risks involved in purchasing highly volatile cryptocurrencies like bitcoin, ether, or dogecoin. You should also ensure that the cryptocurrency exchange you're investing through is free of scams, bad business practices, or public scandals. One way to check this is with the Better Business Bureau's grading system."
Other Cryptocurrency Exchanges We Considered
Binance.US: Binance.US supports more than 125 cryptocurrencies and offers investment options for both individuals and institutions. Its account perks include staking rewards, recurring buys, OTC trading, crypto trading pairs, and stablecoins (assets backed by US dollars). However, it may not be the best choice for beginner traders since its educational offerings are limited.
Bitstamp: Bitstamp is a Luxembourg-based company offering more than 60 cryptocurrencies, with options for advanced traders and institutional traders. US clients can trade crypto assets through its subsidiary, Bitstamp USA. The lowest fees start at 0.5%; you'll need at least $10 to trade.
Bittrex: When it comes to account security, Bittrex is difficult to beat. In addition to two-factor authentication, the exchange uses a multi-stage wallet strategy to ensure funds are kept in secure, cold storage (offline storage). Bittrex's transaction fees are also notably lower compared to other exchanges. Keep in mind, though, that Bittrex isn't available for residents of New York, Connecticut, Vermont, or Hawaii.
Webull: This online brokerage only requires $1 to start trading crypto, but its investment selection is limited. Webull may not be the best crypto option if you want to trade assets other than bitcoin, dogecoin, bitcoin cash, ether, litecoin, zcash, or stellar.
Robinhood Investing: This brokerage's commission-free structure appeals to those who prefer low-cost investments. Plus, while Robinhood Gold members can earn interest on their brokerage cash, non-Gold members can still earn . But like Webull and Robinhood, cryptocurrency selection is on the shorter side. The investment app only offers 17 cryptocurrencies, including bitcoin, bitcoin cash, bitcoin sv, ether, dogecoin, and others.
Uphold: This multi-asset digital investing platform offers "Anything-to-Anything" trading between different asset classes. It offers cryptocurrencies, stablecoins, environmental assets, and precious metals. You can open an account for just $10.
Our Methodology: How We Rated the Best Cryptocurrency Exchanges
We applied Insider's rating methodology for investing platforms to over a dozen exchanges to find the best options for cryptocurrency availability, low fees, asset/account security, user interfaces, and mobile access. Investment platforms are given a rating between 0 and 5.
We also explored whether exchanges offered services both for individuals and institutions, and we paid close attention to other account options like staking rewards, margin trading, and Stablecoin support.
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