Traders have more and more ways to access cryptocurrencies. New exchanges and trading platforms have sprung up in response to the widespread interest in cryptocurrencies. Here is a review of some of the best apps and exchanges for cryptocurrency trading.
The best apps and exchanges for cryptocurrency trading in April 2024
The platforms below include specialized cryptocurrency exchanges, online brokers, as well as cash and payment apps. If you’re interested in trading exclusively the largest cryptocurrency, Bitcoin, it may not make sense to use an app that offers dozens of other coins. On the other hand, if you want to trade what’s relevant at the moment, consider an app or exchange with more variety.
Binance
Binance is one of the best cryptocurrency exchanges because of its low trading costs. Bitcoin traders can access trades with no commission, while other coins are priced on a sliding scale for large traders. Additionally, if you use Binance’s own coin, BNB, to pay trading fees, you’ll receive a 5 percent discount.
Binance supports trading in more than 150 cryptocurrencies, so there are no problems with search and variety.
Cost: БFree for Bitcoin, but commissions for less common coins start at 0.57 percent and are discounted for large traders. There is a 5 percent discount if you pay trading commissions with BNB.
Coins available for trading: Over 150 coins including Bitcoin, Ethereum, Solana, Cardano and more
Coinbase
Coinbase is a specialized cryptocurrency exchange that allows you to trade a multitude of digital currencies, including top ones like Bitcoin. Unfortunately, Coinbase has become more cautious about how much a customer will pay to trade, recently hiding the commission structure on its website.
Initially, the commission structure was complicated. For example, you had to pay a spread premium of about 0.5 percent and a transaction fee that depended on the size of the transaction and the funding source. For Coinbase Advanced Trade, customers pay a fee that starts at 0.6 percent for 30-day volume under $10,000 and drops to 0.15 percent for volume up to $100,000, and then drops even lower.
Cost: Generally, at least 1.99 percent (lower with Coinbase Advanced Trade)
Coins available for trading: hundreds, including Bitcoin, Ethereum, Cardano and Solana
eToro
The eToro broker is able to trade in a cryptocurrency on a regular basis. There are approximately 25 cryptocurrencies available on eToro, including Tezos, Uniswap, and Polygon, which you don’t typically see represented on traditional brokerage apps. The app doesn’t charge a direct commission, but rather a flat 1 percent spread premium, no matter what coin is bought or for how much.
Cost: No commission, but a 1 percent spread premium
Coins available for trading: 25 cryptocurrencies including Bitcoin, Ethereum, Dogecoin and more
Kraken
Kraken is another specialized cryptocurrency exchange that allows trading of many different coins, including the most popular ones, as well as some (Solana, Uniswap, Cardano, and others) that are not usually available on regular financial apps. In total, the exchange supports trading in more than 230 cryptocurrencies.
Commissions on Kraken Pro are competitive, ranging from 0.16 to 0.26 percent for minimum volumes and dropping to a range of 0 to 0.1 percent for volumes of $10 million or more in the last 30 days. Wealthy traders can also access margin trading, which increases their purchasing power (and risk). It’s free to deposit money via ACH into Kraken, but debit or credit card transactions are subject to a 3.75 percent fee plus 25 cents, and last check may incur a 0.5 percent online banking processing fee.
Cost: Commission fees start at 0.26 percent plus card and online banking fees
Coins available for trading: 236 in total, including Bitcoin, Ethereum, Solana and Uniswap
Robinhood
Robinhood has a handy app for trading stocks, options, and ETFs, and it also covers cryptocurrencies. While trading may look free, Robinhood charges a spread premium rather than a direct commission, which means that costs are built into the price of buying or selling a coin. Getting started is easy – you can start trading almost immediately with Robinhood’s instant transfer feature.
Cost: $0 or no commission, but with a spread premium
Coins available for trading: 15 (some not available in all states), including Bitcoin, Dogecoin and Ethereum
Webull Pay
Webull may not be a benchmark trading app, but its feature set is a step above Robinhood. Like its well-known competitor, Webull offers stocks, options, ETFs, and cryptocurrencies with no out-of-pocket fees. Similarly, Webull works with a spread premium for its cryptocurrency trades, so costs are factored into trading. Webull has moved cryptocurrency trading to a separate app called Webull Pay and offers trading of the underlying coins.
Cost: no commission fee, but a 1 percent (100 basis points) spread premium
Coins available for trading: 8 different types including Bitcoin, Etherium and Shiba Inu
Cash app
The Cash financial app is better known for its cash management account or even the ability to trade stocks and ETFs. But it also offers the ability to trade Bitcoin. You can send bitcoins to other users for free, but the Cash app charges what it calls a “small fee” for exchanging the coin, which it will tell you before you make the trade. This is on top of the spread premium built into the transaction itself. Unfortunately, the exact commission structure is not disclosed.
Cost: Spread premium plus trading fee
Coins available for trading: Bitcoin only
PayPal
PayPal allows you to trade cryptocurrency, charges a commission for any transaction, and also takes into account a spread premium on trades. The commission starts at 49 cents for transactions up to $5, then gradually rises to $2.49 for transactions up to $200. It then switches to a percentage that drops to 1.5 percent for transactions over $1,000. By the way, PayPal clearly states its commission structure for all to see. PayPal’s subsidiary app Venmo offers the same services under similar terms.
Cost: The spread premium is about 0.5 percent plus a trading fee that starts at 49 cents and goes down to 1.5 percent
Coins available for trading: Bitcoin, Ethereum, Litecoin and Bitcoin Cash
