Although cryptocurrency has gained significant popularity in recent years, only a small percentage of Americans have actually engaged in trading it. Bitcoin, Ethereum, and Cardano are among the most popular cryptocurrencies, experiencing fluctuations in prices that attract traders looking to capitalize on the volatility of these speculative assets.
Traders now have a plethora of options to access cryptocurrencies, with new exchanges and trading platforms emerging to cater to the growing interest in crypto. Many people may already have apps on their phones that allow them to trade, such as PayPal or Venmo, which offer the ability to buy and sell a few different cryptocurrencies. However, other apps and exchanges provide access to a wider selection of cryptocurrencies or offer additional benefits like lower costs.
Below are some of the top apps and exchanges for cryptocurrency trading, along with key information you need to know.
Top apps and exchanges for cryptocurrency trading in September 2024
These platforms include specialized crypto exchanges, online brokers, and cash and payment apps. We have included details on pricing and the number of coins available for trading to give you an overview of each app or exchange.
If you are interested in trading primarily in Bitcoin, it may not be ideal to choose an app that offers a wide range of other coins. Conversely, if you prefer to trade a variety of cryptocurrencies, consider an app or exchange with a more diverse selection.
Binance.US
Binance.US, the American branch of the larger Binance organization, stands out as one of the best crypto exchanges due to its low trading costs. Bitcoin traders can enjoy commission-free trades, while trading fees for other coins are based on a sliding scale for high-volume traders. Additionally, using Binance’s native coin, BNB, to pay trading fees grants a 5% discount.
With Binance, you can trade over 150 different cryptocurrencies, making it easy to find the coins you are interested in, especially if you focus on trading the most popular ones.
In June 2023, the SEC filed a lawsuit against Binance, alleging illegal operations as an exchange, broker-dealer, and clearing agency, as well as offering and selling unregistered securities. The lawsuit also accused Binance and its founder of misusing customer funds. Despite this, Binance assured customers that their assets are safe.
In November 2023, Binance and its founder pleaded guilty to separate federal charges and agreed to pay $4.3 billion in fines. The founder also agreed to step down as CEO. The SEC’s case against Binance is ongoing.
- Cost: Free for Bitcoin trades, fees for less common coins start at 0.10% and decrease for high-volume traders. 5% discount available if trading fees are paid with BNB.
- Coins available to trade: Over 150, including Bitcoin, Ethereum, Solana, Cardano, and more
Coinbase
Coinbase is a specialized cryptocurrency exchange that offers a wide range of digital currencies, including hundreds of coins. While the fee structure has become less transparent on the website, users can expect to pay a spread markup of around 0.5% and transaction fees based on transaction size and funding source. Coinbase Advanced Trade offers fees starting at 0.6% for volume under $10,000, decreasing to as low as 0.15% for volume up to $100,000.
In June 2023, Coinbase was sued by the SEC for allegedly operating illegally as an exchange, broker-dealer, and clearing agency, and offering unregistered securities. The lawsuit claimed that Coinbase knowingly violated securities laws designed to protect investors. Coinbase stated that it would continue normal operations.
- Cost: Typically at least 1.99% (lower with Coinbase Advanced Trade)
- Coins available to trade: Hundreds, including Bitcoin, Ethereum, Cardano, and Solana
eToro
eToro is a brokerage platform dedicated to cryptocurrencies (with stock trading available for American traders). Users have access to around 21 cryptocurrencies, including some less common ones like Tezos, Uniswap, and Polygon. The platform charges a flat spread markup of 1% for all trades, regardless of the coin or transaction size.
- Cost: Commission-free, with a spread markup of 1%
- Coins available to trade: 21 cryptocurrencies, including Bitcoin, Ethereum, Dogecoin, and more
Kraken
Kraken is another specialized cryptocurrency exchange offering a wide range of coins, including popular ones as well as some less common ones like Solana, Uniswap, and Cardano. The exchange supports trading in over 280 cryptocurrencies but does not serve residents of Maine, New York, and Washington state.
Commissions on Kraken Pro range from 0.25% to 0.40% for lower volume levels, decreasing to 0% to 0.1% for volume exceeding $10 million in the last 30 days. High-net-worth traders can access margin trading, increasing their buying power. Deposits via ACH are free, while debit or credit card transactions incur a fee. Additionally, a 0.5% online banking processing fee may apply for bank-funded transactions.
In November 2023, the SEC charged Kraken with operating an unregistered securities exchange, broker, dealer, and clearing agency. Kraken refuted the allegations and is contesting the charges in court.
- Cost: Fees start at 0.40%, plus fees for cards and online banking
- Coins available to trade: 284 cryptocurrencies, including Bitcoin, Ethereum, Solana, and Uniswap
Robinhood
Robinhood, known for its stock and ETF trading app, has expanded into cryptocurrencies, offering a commission-free structure. While trading appears free, Robinhood charges a spread markup rather than a direct commission, with costs built into the buy or sell price of the coin. Users can start trading immediately with Robinhood’s instant transfer feature.
- Cost: $0, commission-free, with a spread markup
- Coins available to trade: 15 cryptocurrencies (availability varies by state), including Bitcoin, Dogecoin, and Ethereum
Webull Pay
Webull, known for its trading app, offers stocks, options, ETFs, and cryptocurrencies without commission fees. Similar to Robinhood, Webull uses a spread markup for crypto trades, incorporating costs into the trade itself. Webull’s crypto trading is available on a separate app called Webull Pay, featuring basic coins.
- Cost: Commission-free, with a spread markup of 1%
- Coins available to trade: 8 different cryptocurrencies, including Bitcoin, Ethereum, and Shiba Inu
Cash App
Cash App, primarily known for cash management and stock trading, also offers cryptocurrency trading, specifically Bitcoin. While sending Bitcoin to other users is free, Cash App charges a “small fee” for trading, which is disclosed before the trade. Additionally, a spread markup is included in the trade cost, although the exact fee structure is not transparent.
- Cost: Spread markup plus trading fee
- Coins available to trade: Only Bitcoin
PayPal
PayPal, a widely used payment app, allows users to trade cryptocurrencies, including Bitcoin. The platform charges a fee for trades and incorporates a spread markup into transactions. Trading fees start at 49 cents for trades under $5 and increase gradually up to $2.49 for trades up to $200. For trades over $1,000, the fee transitions to a percentage that decreases to as low as 1.5%. PayPal clearly outlines its fee structure for transparency.
- Cost: Spread markup of about 0.5% plus a trading fee starting at 49 cents and decreasing to 1.5%
- Coins available to trade: Five cryptocurrencies—PayPal USD, Bitcoin, Ethereum, Litecoin, and Bitcoin Cash
Bottom line
The best crypto trading app or exchange for you depends on your trading preferences. Whether you seek a wide range of digital currencies or focus on major coins like Bitcoin and Ethereum, the platforms mentioned here offer diverse options. Consider the costs associated with each platform before making a decision to open an account.
Editorial Disclaimer: All investors should conduct independent research into investment strategies before making decisions. Past performance of investment products does not guarantee future price appreciation.