Recent statistics show that over 10,000 cryptocurrency exchanges exist worldwide. The number of exchanges changes daily, with over 500 available in the U.S. Finding the best cryptocurrency exchange can be confusing and time-consuming, so we narrowed the choices for you.
We evaluated 45 top cryptocurrency exchanges to find those available to traders in the United States. We considered each exchange’s security and risk management, fee structure, education resources, ease of use and variety of digital currency offered.
We narrowed our picks down to the 11 best cryptocurrency exchanges: Coinbase, Binance.US, Crypto.com, Bisq, eToro, Kraken, Uphold, Cash App and Robinhood.
Top tips:- If an exchange says it has no trading fees, you’ll likely pay a spread or other fees.
- Look for insured accounts and offline (cold) wallets if you’ll be holding a substantial amount in your account.
- Cryptocurrency transactions can’t be reversed, so always review your order details before finalizing a trade.
Tips for a Wise Buyer
You’ll need to consider several factors to find the best cryptocurrency exchange for your trading needs. High-level security is a must, and you’ll want an exchange that accommodates your knowledge level. If you’re new to crypto investing, an exchange with adequate educational resources and a simple trading platform is a must. Advanced traders need tools like charts, alerts and in-depth market data.
What is a Cryptocurrency Exchange?
A cryptocurrency exchange matches buy and sell orders between traders on the crypto market. The platforms allow you to do your own trading. If you prefer not to trade on your own, a crypto brokerage can help but at a higher cost.
Many exchanges offer trading via a mobile app and web browsers, but some are limited to one or the other. Some cryptocurrency exchange platforms are designed for simplicity, while others provide advanced features. Our list of the best cryptocurrency exchanges includes options appropriate for beginners and experienced traders.
Cryptocurrency exchanges protect assets with high-tech
security. However, profits are not guaranteed,
and losses can be substantial.
Each cryptocurrency exchange has a different fee structure and varying types of cryptocurrency for trading. Some exchanges only allow trading between digital assets, but many blend crypto and fiat transactions. Fiat currency is the official cash in each country, such as dollars, yen and euros.
Types of Cryptocurrency Exchanges
There are two primary types of cryptocurrency exchanges: centralized and decentralized. A third offers a centralized platform with an optional decentralized trading solution.
Decentralized Cryptocurrency Exchanges: These peer-to-peer networks operate without a central authority overseeing transactions. Security is a top priority, and trades are made anonymously with no government censorship. Bisq is an example of a decentralized exchange.
Centralized Cryptocurrency Exchanges: An exchange operator ensures smooth trading on a platform that requires users to have no technical knowledge. Most centralized exchanges require verified accounts with your Social Security number and a photo ID. While these measures remove anonymity, they help maintain security.
You can link your bank account to a centralized exchange to make funding your trading account easier. You can trade several cryptocurrencies and possibly various fiat currencies and stocks or precious metals using the exchange.
| Cryptocurrency Exchanges: Decentralized vs. Centralized | |
|---|---|
| Decentralized | Centralized |
| Direct peer-to-peer trading with no overseeing authority. | Buyers and sellers trade on an easy-to-use exchange maintained by a third party. |
| No personal information required to maintain privacy and anonymity. | Verified accounts are the norm and require personal identifying information. |
| Available to those who don’t use banks. | Requires a bank account to fund initial trades. |
| Transactions can take more time to complete compared to other investments. | Fast transactions. |
| Low fees. | Higher fees pay for development and administration. |
| Irreversible transactions. | Transactions may be reversible if you act quickly, but don’t count on it. |
| Lose your password and seed words, and there’s no way to get into your wallet. | Little to no technical skills required and provides education about cryptocurrency. |
| Limited order types. | Basic order types plus trailing stops, limit orders and margin trading. |
Centralized exchanges have more fees but offer services
to simplify the crypto trading process.
Decentralized cryptocurrency exchanges offer freedoms the original developers intended, but most people should start with a centralized network to avoid frustrations. You can always switch to a decentralized network later if you’re intrigued by the values these exchanges hold.
Types of Cryptocurrency Trades
A decentralized exchange typically only offers spot trading to buy or sell cryptocurrency. Centralized exchanges provide spot trading and other ways to buy cryptocurrency.
- Spot markets are open financial markets where assets are traded immediately. A familiar spot market is the Nasdaq stock exchange. Spot trades are the simplest, most straightforward crypto trades.
- OTC desks are reserved for high-volume trading. Trades are not on the open exchange to avoid disrupting the market.
- Margin trades involve taking out a loan using a portion of your assets as collateral so you can buy more cryptocurrency. While this adds liquidity to your account, it’s also very risky. At the very least, you need to consider if potential earnings will offset the margin interest you must pay.
- Limit orders are similar to placing a limit order for equities through a stockbroker. Setting a limit order allows you to buy or sell a cryptocurrency at a set price or better. Your buy order will be executed at your limit price or lower. A sell limit order goes through at your limit price or higher.
- Trading pairs allow you to buy or sell one cryptocurrency (like bitcoin) in exchange for a different currency (like ethereum). Crypto-to-crypto trading can only happen between the established pairs. Without pairing, you’ll have to sell some of the digital currency you’re holding then place a buy order.
Cryptocurrency Exchange Fees
Fees can vary a great deal between cryptocurrency exchanges. We found that the exchanges offering more services charged slightly higher fees, but the cost is justified.
Many cryptocurrency exchanges charge a spread, a fee based on the difference between the bid and the offer price. The cost is a small percentage per transaction, but it reduces the amount of crypto you own. The alternative is flat-fee trades.
Most exchanges charge deposit and withdrawal fees, but not if you use ACH transfers. An example of an ACH electronic transaction is direct deposit.
You may be able to lower your trading fees if your exchange uses the maker-taker model. If you place an order that’s immediately filled, you’re a taker and pay regular fees. If you place a limit order, you are a maker, short for market maker. Makers help stabilize the crypto exchange market and are typically rewarded with lower fees.
Making Money without Trading on a Cryptocurrency Exchange
Cryptocurrency exchanges offer a variety of ways to make a few dollars when you’re not trading. You may earn cryptocurrency rewards for using a credit or debit card associated with your account.
One of our top crypto exchanges, Coinbase, pays cryptocurrency for completing tutorials. Staking and stablecoins also can put a bit of cryptocurrency in your account.
Stake some cryptocurrency.
Designate some of your cryptocurrency to a staking account for a set time frame to earn a percentage on the balance. Cryptocurrency exchanges use staking to ensure transactions are secured without a bank or payment processor.
Hold stablecoins.
Stablecoins are cryptocurrencies with values tracking a fiat currency, commodity or other cryptocurrencies. Stablecoins help keep cryptocurrency prices from fluctuating wildly. Most exchanges pay monthly interest on stablecoins held in your account.
Tether and USD Coin are stablecoins tied to the U.S. dollar’s value. TrueUSD is backed by the dollar, and digix gold token (DGX) tracks gold prices.
Binance USD is a stablecoin with reserves backing every coin that exists. BUSD is on the New York State Department of Financial Services greenlist, which means it’s stable enough for banks to use.
Lend some of your crypto.
Lending your cryptocurrency is not for the faint of heart because it utilizes an emerging technology called DeFi. However, the interest you’ll receive on the loan has potentially higher yields compared to other peer-to-peer lending networks.
Cryptocurrency Exchange Customer Service
These peer-to-peer networks operate without a central authority overseeing transactions. Security is a top priority, and trades are made anonymously with no government censorship. Bisq is an example of a decentralized exchange.
If you prefer a high customer service level,
consider brokerage services instead of an exchange.
Cryptocurrency trading on an exchange is a do-it-yourself endeavor. You’ll need to use a white-glove program like Coinbase Private Client or a broker for one-on-one assistance. Look for an exchange that provides understandable documentation about using the platform and the crypto market. Some exchanges have online user groups that can help, but you should verify what you learn.
Our Search for the Best Cryptocurrency Exchanges
Our best cryptocurrency exchange reviews explain what you can expect from each one. Some platforms are appropriate for all experience levels, and others are best for advanced investors. Most include a crypto wallet for storing assets. Our reviews let you know if an exchange is not available in your state due to regulations.
We evaluated the 45 most trusted cryptocurrency exchanges using these steps:
- We examined security and risk management policies.
Hackers have historically breached cryptocurrency exchanges from time to time. Investors can lose everything unless the exchange provides insurance. We selected platforms that constantly adapt security technology to nearly eliminate the possibility of hacking.
- We considered consumer and expert reviews for the top cryptocurrency exchanges.
We assessed the top cryptocurrency exchanges based on expert and consumer reviews.
We search for the best cryptocurrency exchanges in terms of value, design, trading options and customer education. We removed those with a 3-star rating or below from consideration.
- We gathered information about fees and available cryptocurrency.
We evaluated each exchange based on the variety of cryptocurrencies offered. We took a look at how easy the mobile or online app is to use and compared fees.
- We ensured each exchange we chose did not make unrealistic promises.
Any cryptocurrency exchanges advertising get-rich-quick strategies were disqualified from our search.
Cryptocurrency Exchange Reviews
After our evaluation, we chose the 11 best cryptocurrency exchanges: Coinbase, Binance.US, Crypto.com, Bisq, eToro, Kraken, Uphold, Cash App and Robinhood. Each exchange emphasized secure asset protection and was intuitive to use.
Coinbase Review
Great Beginner and Advanced Platforms |
Coinbase is the largest cryptocurrency exchange in the U.S. and the first major crypto company listed on the Nasdaq stock exchange.
The Coinbase app is easy to use, and the website provides a wealth of understandable cryptocurrency information. The exchange currently has over 73 million verified users. We counted 152 digital assets available with Coinbase and over 250 for Coinbase Pro. You can also convert any of your holdings to another cryptocurrency.
Other Coinbase services for individuals include:
- Learn and earn cryptocurrency by completing tutorials.
- Coinbase Wallet stores crypto and NFTs in one place with support for over 4,000 assets and decentralized apps (dApps).
- Coinbase Visa debit cards are used to spend assets in users’ Coinbase portfolios while earning rewards for purchases.
- Coinbase loans are no-fee margin accounts (you’ll pay interest) with no credit check.
- Coinbase Pro charges lower fees for higher-volume trades with tools advanced traders need.
- Private Client personalized service provides a dedicated account manager and trading desk to support a tailored investment strategy for ultra-high net worth individuals.
We found Coinbase fees from 0.5% to 3.99%, although some review sites say costs go up to 4.5%. Coinbase’s fee schedule is somewhat confusing, but fees are confirmed before executing a trade. Coinbase is available in all states except Hawaii.
Binance.US Review
Great Low Fees |
Binance is the world’s largest cryptocurrency exchange by trading volume. The company was founded in China in 2017, and Binance.US became available in 2019. The two companies operate separately, both using Binance wallet technology.
Binance.US supports limit, market and automated recurring orders. The mobile app looks easy to use, although Apple App Store reviews are much higher than Google Play reviews.
When researching Binance.US, we found reports indicating the SEC is investigating the cryptocurrency exchange. The issue is nondisclosure of the relationship between Binance.US and two trading firms with ties to Binance CEO Changpeng Zhao.
Binance.US charges nothing to transfer funds with an ACH wire or bank transfer. There are no deposit fees. Withdrawal fees vary widely depending on the currency, and there’s a 0.1% or less spot trading fee. Customers are automatically eligible for flexible staking and earn rewards for digital assets held in their accounts.
Binance.US is not available in Hawaii, Idaho, Louisiana, New York, Texas and Vermont.
Crypto.com Review
Excellent Cryptocurrency Selection |
Crypto.com serves over 10 million customers with over 250 cryptocurrencies and 20 fiat currencies. The currencies selection is phenomenal, but you can’t directly convert one asset to another. Crypto.com offers services for beginner and advanced trading.
Crypto.com security combines a “zero-trust” and Defense in Depth security strategy implemented across all systems and platforms. The exchange heavily markets a prepaid debit card. Rewards range from 1% to 8% for staking CRO (Crypto.com’s native token). Other programs include:
- Crypto Earn: Receive up to 14.5% interest for holding stablecoins.
- Cryto.com Pay: Shop at over 20 retailers, buy gift cards from over 300 brands and send cryptocurrency to friends.
- Crypto.com NFT: Buy digital collectibles.
- DeFi Swap: Advanced clients swap and farm DeFi coins.
Crypto.com is available in all states except New York.
Bisq Review
Great Peer-to-Peer Network |
Bisq is for those who want a high level of control and privacy while making crypto trades. The decentralized, open-source exchange offers trading of all national currencies and dozens of cryptocurrencies and tokens. Bisq users trade directly with one another by searching for appealing offers on the network.
Traders can only access Bisq’s peer-to-peer network after downloading its desktop software. There’s no mobile app or trading website. Using a desktop client provides decentralized service that is highly resistant to hacking with no personal information. Bisq has downloads for Windows, Mac, three versions of Linux and Qubes OS.
Bisq works with various cryptocurrencies and 20 payment methods like Zelle, Moneygram, Western Union and others. Bisq does not work with PayPal, Venmo or other methods that use chargebacks. You do not need to verify your identity to use Bisq.
You pay Bisq fees with bitcoin or Bisq’s native coin, BSQ. You’ll save around 50% on fees if you opt to use BSQ. Costs fluctuate and include a trading fee, a mining fee, refundable security deposits and transfer fees if your bank charges them. Bisq is available in all states.
eToro Review
Flexible Copy Trading |
eToro is a social investment network with more than 25 million registered accounts worldwide. eToro clients share their investment strategies so others can try the most successful cryptocurrency trading plans. eToro offers stock, ETF and cryptocurrency investing on one platform. eToro’s contract for differences (CFD) is not available in the U.S.
Trade on eToro’s website or use the mobile app. If you’re new to cryptocurrencies, use the virtual portfolio to practice real-time trading.
eToro offers 35 cryptocurrencies, 1,765 stocks and 221 ETFs, along with some unique services:
- CopyTrader: Replicate the trades of top-performing eToro traders automatically in your portfolio. You can copy the trades of one or multiple experienced traders.
- CopyPortfolio: Like mutual funds, these ready-made portfolios bundle together a collection of assets chosen to meet a particular strategy. CopyPortfolios are rebalanced regularly.
- Fractional stock investments.
- Combine traditional and crypto investments in one portfolio.
eToro charges a “round trip” spread, or small percentage, covering both the buy and sell for cryptocurrency trades. Sample fees are 0.75% on bitcoin, 2.90% on dash and dogecoin and 3.90% on BAT. Stock trades are free.
eToro is available in all states except Hawaii, Minnesota, Nevada, New York and Tennessee and some U.S. territories.
Kraken Review
Advanced Crypto Trading |
Kraken is one of the largest and most established bitcoin exchanges globally, offering over 100 cryptocurrencies. Kraken is based in San Francisco with offices worldwide, and it serves over 6 million clients. This cryptocurrency exchange is one of few to offer margin trading.
Kraken caters to advanced crypto traders, although less experienced traders should find Kraken’s Crypto Guides useful. The mobile app is easy to use, and trading fees are low to reasonable. There are four verification levels with various deposits, withdrawals and advanced trading limits.
Kraken offers a great selection of cash-to-cash, cash-to-cryptocurrency and crypto-to-crypto pairs for trading between currencies. The staking program offers rewards for holding euros, U.S. dollars or any of 13 select cryptocurrencies with rewards from 0.25% to 23%. Advanced features include:
- Margin trading can leverage up to five times your account value to buy or short a cryptocurrency.
- Crypto futures trading on a regulated venue, Crypto Facilities MTF.
- Kraken OTC Desk for large private orders without causing a price disruption on the public exchange.
- Business accounts with discount schedules that reward frequent and high-volume activity.
- Kraken Dark Pool is a separate order book that allows large anonymous buy or sell orders. Dark Pool is listed on Kraken’s website with a notation that it is currently unavailable.
With so many ways to trade cryptocurrency, Kraken lists several fee schedules. Kraken fees are reasonable and reduce as you trade more. Typical trading fees range from 0% to 0.26% of your order value.
Kraken is available in all states except Washington and New York. Not all cryptocurrencies are available to U.S. residents.
Uphold Review
One-Step Multiple Asset Trading |
Uphold is a multi-asset cryptocurrency exchange with frictionless trading between new and traditional asset classes. Uphold has processed more than $4 billion in transactions since launching in 2015. Clients directly trade over 70 digital currencies, stocks, many national fiat currencies, gold and other precious metals.
Uphold is particularly attractive for convenient “Anything-to-Anything” trading. The platform does away with the need to sell an asset, like silver or stock, to fund a bitcoin purchase. Instead, you avoid the conversion process and buy the cryptocurrency using the value of silver in your portfolio.
While the fiat and digital currencies selection is impressive, we counted only 40 available stocks on Uphold’s equities list. All stocks are from high-quality companies, and Uphold supports fractional shares.
Precious metals: Trade or hold gold, silver, platinum and palladium with instant liquidity to cash and no custodial fees.
Environmental assets: Socially responsible investing that benefits the environment or has a social impact.
Automated transactions: Place up to 50 limit orders or use Uphold AutoPilot to set up automatic recurring buy or sell orders.
Using funds held in any form in your Uphold account is easy. The Uphold debit Mastercard automatically converts cryptocurrency or precious metals in your account to U.S. dollars. You can also send the currency of your choice via email converted from your Uphold account.
Uphold charges a spread on all transactions, ranging from 0.8% for bitcoin to 3.95% for XPG. Other low fees apply depending on the transaction, but you’ll always know what you’re paying before you trade. Uphold is available in all states.
Cash App Review
Easy Bitcoin Investing |
Cash App’s cryptocurrency exchange is limited to bitcoin trading, but the app is the most user-friendly on our list. Primarily designed for direct peer-to-peer payments, you can also buy and sell 1,600 stocks on your smartphone. Transaction types are clearly laid out in the mobile app, and it takes just a few taps to complete transactions.
You fund your Cash App by linking it to your bank account. Cash App accounts have a routing number, so you can accept direct deposits from paychecks, tax returns and other eligible transfers. Fund your account and use the cash balance to:
- Buy stock for as little as $1 using fractional shares.
- Send and receive bitcoin when both parties use Cash App.
- Send cash via email, text or $Cashtag (a unique identifier for each Cash App user).
- Use the Cash Card to pay from your Cash App balance wherever Visa is accepted.
- Cash out to transfer funds from Cash App to your bank account.
Cash App does not publish bitcoin trading fees and charges no commission for stock trades. Cash Card ATM transactions incur a $2 fee, which is refundable if you set up a direct deposit of at least $300. There are no fees to send funds internationally, although the exchange rate applies.
Cash App is available in all states, but it may not provide the same services in each state due to regulations.
Robinhood Review
Convenient Cash Management |
Robinhood is a user-friendly mobile app used to trade bitcoin, ethereum, dogecoin, litecoin, ethereum classic, bitcoin cash and bitcoin SV. Other investment options include over 5,000 stocks and ETFs, access to over 650 global stocks and options trading.
Robinhood is a cryptocurrency broker and is not a true exchange, but it makes cryptocurrency trading on your own easy. Buying and selling assets just takes a few taps in the mobile app.
Robinhood Cash Management is an online banking feature that allows customers to use uninvested cash to pay bills or for other spending. Cash Management works with a Mastercard debit card, Apple Pay, Google Pay and Samsung Pay. You can set up direct deposits to the account.
Sending and receiving crypto is free with Robinhood, but you’ll pay a minor fee. There’s also a network fee for sending digital currency. Trading equities and ADRs is free other than the required regulatory fees and custodial fees. Robinhood Gold, an optional service, is $5 per month for in-depth stock research and margin trading privileges.
Robinhood is available in all states except Hawaii, Nevada, New Hampshire and West Virginia.
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Frequently Asked Questions About Cryptocurrency Exchanges
Do I have to pay taxes on cryptocurrency exchange transactions?
Yes. As of 2014, the IRS classified virtual currency as property for tax purposes via Notice 2014-21. You must report staking rewards, referral and affiliate bonuses, airdrops, and DeFi interest as ordinary income on your tax return. Report asset sales and exchanges as a capital gain or capital loss for U.S. income tax purposes.
How does trading volume figure into choosing a cryptocurrency exchange?
Exchanges with high trading volume reduce market volatility and keep the market moving. If cryptocurrency becomes scarce, the price goes up and market activity slows. If the market floods with a particular currency, the value reduces.
An active exchange has enough buyers and sellers to generate buy and sell orders under just about any circumstances. High-volume exchanges can reduce steep fluctuations across the crypto markets.
Is there any benefit to trading on multiple cryptocurrency exchanges?
Experienced active traders may profit by trading between two or more crypto exchanges. The strategy is called arbitrage, and it works when a cryptocurrency is trading at a higher or lower price across multiple exchanges.
Profitable crypto arbitrage involves fast trades, typically using a thinly-traded digital currency. Volume levels and transaction verification time can shatter profits, and fees from two or more exchanges reduce earnings.
Can I use a cryptocurrency exchange for retirement investing?
You can add cryptocurrency to your retirement investment strategy, but you’ll need to set up a self-directed IRA if you want to take advantage of the tax benefits available for retirement investments. See our Cryptocurrency IRA Guide for recommendations. Some IRA providers listed provide access to an exchange to do your own trading.
What is an NFT, and how is it related to cryptocurrencies?
An NFT, or non-fungible token, is a unique digital asset traded on the blockchain along with cryptocurrencies. NFTs are verifiable assets like art, music, videos and in-game items. For example, anyone can screenshot a digital image, but an NFT allows the buyer to own the original. Blockchain proves ownership and requires a digital wallet to maintain authentication.
Conclusion
Bottom line:
Whether you are an expert or beginner, there is a platform for you.
Cryptocurrency exchanges make trading digital assets relatively easy on a platform you can navigate without technical knowledge. Each of our best cryptocurrency exchange picks employs multiple security layers, various order types and other great features. Cryptocurrency investments aren’t for everyone but present a great way to diversify your portfolio when approached with knowledge and caution.
The Best Cryptocurrency Exchanges
| Company | Expert Review | |
|---|---|---|
| 1 | Coinbase | Great for Beginners and Advanced |
| 2 | Binance.US | Great Low Fees |
| 3 | Crypto.com | Excellent Selection |
| 4 | Bisq | Peer-to-Peer Network |
| 5 | eToro | Flexible Copy Trading |
| 6 | Kraken | Advanced Crypto Trading |
| 7 | Uphold | Multiple Asset Trading |
| 8 | Cash App | Easy Bitcoin Investing |
| 9 | Robinhood | Convenient Cash Management |