Although cryptocurrency has exploded in popularity in recent years, only a minority of Americans have actually traded in it. Among the most popular cryptos are Bitcoin, Ethereum, and Cardano, each of which has seen a lot of action as prices rise and fall. The appeal for traders? The potential to make significant money from the volatility of these highly speculative assets.
Increasingly, traders have more and more ways to access cryptocurrencies. New exchanges and trading platforms have started in response to the widespread interest in crypto. You may even already have an app on your phone that allows you to trade. For example, if you have the PayPal or Venmo apps, you can buy and sell at least a few different cryptocurrency coins. But other apps and exchanges give you access to a wider selection of cryptocurrency – there are literally thousands of them – or they offer other benefits, such as lower fees.
Below are some of the best apps and exchanges for crypto trading and some of the most important things you need to know.
Top apps and exchanges for cryptocurrency trading in May 2024
The platforms below include specialist crypto exchanges, online brokers and cash and payment apps. We’ve listed both prices and the number of coins you can trade so you can get an idea of the scope of each app or exchange.
If you are interested in exclusively trading the largest cryptocurrency, Bitcoin, it may not make sense to choose an app that offers you dozens of other coins. On the other hand, if you want to trade what’s popular right now, consider an app or exchange with more variety.
Binance.US
Binance.US, the American branch of the larger Binance organization, is one of the best crypto exchanges due to its low trading fees. Bitcoin traders have access to commission-free trades, while other coins are priced on a sliding scale for high-volume traders. Additionally, you get a 5 percent discount if you use Binance’s in-house currency, BNB, to pay trading fees.
You can also trade over 150 different cryptocurrencies at Binance, so you won’t have any trouble finding what you’re looking for, especially if you just want to trade the most popular coins.
The SEC sued Binance in June 2023, alleging it had illegally operated as an exchange, broker-dealer and clearing agency and had offered and sold unregistered securities. The lawsuit also accused Binance and founder Changpeng Zhao of misusing customer funds. SEC Chairman Gary Gensler warned against using Binance platforms, while Binance said customers’ assets are safe.
In November 2023, Binance and Zhao pleaded guilty to separate federal charges and agreed to pay $4.3 billion in fines. Zhao also agreed to step down as CEO of Binance. The SEC’s case is still ongoing.
- Cost: Free for Bitcoin, but fees for less common coins start at 0.57 percent and drop for high-volume traders. A 5 percent discount is available if you pay trading fees with BNB.
- Coins available for trading: Over 150 coins including Bitcoin, Ethereum, Solana, Cardano and more
Coin base
Coinbase is a specialized cryptocurrency exchange that allows you to trade a number of digital currencies, hundreds at the latest. That range will probably scratch your crypto itch as it covers most of the top coins, including Bitcoin of course. But what do you pay for using the basic service? Unfortunately, Coinbase has become more cautious about what you pay to trade, recently making the fee structure on its website unclear.
When it became visible, the fee structure was complex, to say the least. You pay a spread surcharge of approximately 0.5 percent and transaction costs that depend on the size of the transaction and the source of financing. For Coinbase Advanced Trade, you pay fees that start at 0.6 percent for 30-day volume under $10,000 and drop to as low as 0.15 percent for volume up to $100,000, before going even lower.
The SEC charged Coinbase in June 2023, alleging it illegally operated as an exchange, broker-dealer and clearing agency, and offered and sold unregistered securities. According to the lawsuit, Coinbase knowingly violated securities laws designed to protect investors. Coinbase said it would continue operations as usual.
- Cost: Normally at least 1.99 percent (lower with Coinbase Advanced Trade)
- Coins available for trading: Hundreds, including Bitcoin, Ethereum, Cardano and Solana
eToro
The broker eToro is always crypto (at least for US traders, although others can trade in stocks). At eToro you have access to around 25 cryptocurrencies, including quite a few, like Tezos, Uniswap and Polygon, that you won’t normally find in traditional brokerage apps. The app does not charge an immediate commission, but rather a flat 1 percent spread regardless of which coin you buy or how much.
- Cost: Commission-free, but staggered surcharge of 1 percent
- Coins available for trading: 25 cryptos, including Bitcoin, Ethereum, Dogecoin and more
Cracking
Kraken is another specialized cryptocurrency exchange that lets you trade a ton of different coins, including the most popular and some (Solana, Uniswap, Cardano and more) that aren’t typically available in the usual finance apps. In total, the exchange supports trading in more than 230 cryptos. Kraken does not offer its service to residents of New York State and Washington State.
Commissions on Kraken Pro are competitive, ranging from 0.16 to 0.26 percent at the lowest volume levels and dropping to a range of 0 to 0.1 percent with volume of $10 million or more in the past 30 days. Wealthy traders also have access to margin trading, which increases their purchasing power (and risk). While you can deposit money into Kraken for free via ACH, debit or credit card transactions incur a 3.75 percent fee plus 25 cents, and you can incur a 0.5 percent online banking processing fee if you final check via an bank finances.
In November 2023, the SEC charged Kraken with illegally operating an unregistered securities exchange, broker, dealer, and clearing agency. The SEC alleges that Kraken’s business practices, including commingling customer funds with their own, pose a significant risk to customers. Kraken disputes the allegations and is fighting the charges in court.
- Cost: Fees start at 0.26 percent, plus card and online banking fees
- Coins available for trading: 236 of them, including Bitcoin, Ethereum, Solana and Uniswap
Robin Hood
You may know Robinhood for its slick trading app for stocks, options and ETFs, but it has also expanded into cryptocurrencies. Moreover, it brings its commission-free structure to the crypto world. While trading may look free, Robinhood charges a spread markup instead of an outright commission, meaning the fees are built into the buying or selling price of a coin. You can get started with Robinhood’s instant transfer feature almost immediately, so all you have to do is download and go.
- Cost: $0, or commission-free, but there is a spread markup
- Coins available for trading: 15 of them (some not available in all states), including Bitcoin, Dogecoin, and Ethereum
Webull Pay
Webull may not be the model for trading apps, but its feature set feels a step above Robinhood’s. Like its well-known rival, Webull offers stocks, options, ETFs and cryptocurrencies without its own commission. And similarly, Webull is working on a spread markup for its crypto trades so that your fees are built into the trade. Webull has moved its crypto trading to a separate app called Webull Pay and offers trading on basic coins.
- Cost: Commission-free, but spread surcharge of 1 percent (100 basis points)
- Coins available for trading: 8 different types, including Bitcoin, Ethereum and Shiba Inu
Cash App
When you think of cryptocurrency, you might not initially think of Cash App. The financial app is more known for its cash management account or even its ability to trade stocks and ETFs. But it also offers the opportunity to trade crypto, albeit only one: Bitcoin. Although you can send Bitcoin to other users for free, Cash App charges a so-called “small fee” for trading the coin, which it will disclose before you place the trade. That’s in addition to a spread markup built into the trade itself. Unfortunately, it does not disclose the exact fee structure.
- Cost: Spread markup plus trading fees
- Coins available for trading: Bitcoin only
PayPal
Like Cash App, you may already have PayPal installed on your phone and if so, you can get started trading cryptocurrency in seconds. PayPal charges fees for each transaction and also applies prices in a spread markup on transactions. The fee starts at 49 cents for transactions under $5, then gradually increases to $2.49 for transactions up to $200. Then it switches to a percentage that drops to just 1.5 percent for transactions over $1,000 . It is useful that PayPal makes the fee structure clearly visible to everyone. PayPal’s sister app Venmo offers the same services on similar terms.
- Cost: Spread markup of approximately 0.5 percent plus trading fees that start at 49 cents and go down to 1.5 percent
- Coins available to trade: Four different cryptos: Bitcoin, Ethereum, Litecoin and Bitcoin Cash
In short
The best crypto trading app or exchange for you depends on your needs. If you want to trade a wide range of digital currencies, consider an app or exchange that allows you to do so. But if you’d rather stick with the big ones, like Bitcoin, Ethereum, and a handful of others, many of the platforms mentioned here can get the job done. But fees are also an important consideration, so keep that in mind before opening an account.
Editorial Disclaimer: All investors are advised to conduct their own independent research into investment strategies before making any investment decision. In addition, investors are advised that the past performance of investment products does not guarantee future price increases.
