Best Cryptocurrency Brokers

Benzinga’s picks for the best crypto brokers for this month include Coinbase and eToro.

Choosing a reliable crypto broker is crucial in today's rapidly evolving digital asset landscape. As new brokers emerge with innovative features to cater to the growing demand for digital currencies, navigating the multitude of choices can become overwhelming. It's important to select a broker with a user-friendly platform, competitive fees, diverse cryptocurrency options and dependable customer support. To help you simplify the search and find the ideal broker that aligns with your crypto trading goals and preferences, Benzinga reviewed the top crypto brokers available in the market today.

The Difference Between a Crypto Broker and an Exchange

A cryptocurrency broker is a company or individual that facilitates buying and selling of cryptocurrencies for a fee. They typically offer a more personalized service and may set their own prices. On the other hand, a cryptocurrency exchange is a platform where users can trade cryptocurrencies with each other. Exchanges have order books and allow for more direct trading between users.

Quick Look at the Best Crypto Brokers in 2024:

• Best Bitcoin Broker: Coinbase
• Best for Mobile Users: Plus500
• Best for Social Investing: eToro
• Best for Web3: ZenGo
• Best for Buying and Selling Dogecoin: Robinhood
• Best for Crypto Futures Traders: Kraken
• Best for Active Traders: Interactive Brokers
• Best for New Crypto Traders: Caleb & Brown
• Best for Copy Trading: AvaTrade
• Best for Businesses: ICONOMI
• Best for Auto Trade: Carbon DeFi

Best Online Brokers for Cryptocurrency Trading

When choosing a crypto broker, it is important to consider their services and strengths. Some cryptocurrency brokers offer social trading platforms and a wider selection of altcoins for trading. The best crypto broker for you will depend on your specific trading or investing style.

1. Best Bitcoin Broker: Coinbase

Coinbase is the most popular and one of the best brokers for trading crypto in the United States and has served over 100 million users. It is well-known for its security and compliance with regulators. You can trade more than 200 cryptos on the platform with industry-standard trading tools and premier security. Coinbase also gives its users free crypto in a few different ways. 

When you sign up for an account with Coinbase you get a chance to spin a reward wheel for a prize of up to $200 in Bitcoin or USD. Coinbase also has a great program called Coinbase Learn. It allows you to earn a small amount of crypto by just reading about a token and taking a very short quiz. There is usually only about $20-$30 worth of crypto to earn from this, but it's much better than nothing. You can also stake your cryptos on the platform with ease to earn passive income on your tokens.

Why We Picked It: Coinbase offers a user-friendly interface, strong security measures and reputation for reliability. This makes it a solid choice for anyone looking to get started in the world of Bitcoin trading.

2. Best for Mobile Users: Plus500

Plus500 is a global multi-asset fintech group that operates trading platforms globally, offering a range of trading products, including CFDs, Share dealing and Futures trading (US).

Highlights of the platform include:

• Quick onboarding
• Simplified mobile trading
• Easy-to-use platform
• CFDs for indices, ETFs, shares, forex, commodities, options and cryptocurrency
• Free deposits and withdrawals
• $100 minimum investment
• 0.7% currency conversion fee per transaction, when the currency in your account is different from those traded

However, Plus500 is not a platform for novices as it solely makes money from spreads and does not charge a commission. You may start trading Plus500 right away, leverage your experience, expand your portfolio,and start making money right away.

Why We Picked It: Benzinga enjoys how Plus500 helps investors build multi-asset portfolios that can be tasked to save for the future, produce income now or something in between, including its intuitive interface and rich cache of information.

3. Best for Demo Accounts: eToro

eToro fundamentally changed the way many people trade and invest with its social trading platform. Social trading involves mirroring another trader or investor’s transactions in a special social trading account. While you make the same amount proportionally as the trader you’re copying, you also take the same percentage of losses the trader takes. You can trade traditional investments like stocks and exchange-traded funds and cryptos on the same platform with eToro, making it a fantastic all-around platform.

Winner of Benzinga's FinTech Awards for Best Multi-Asset Platform.

Why We Picked It: eToro is one of the best options for those looking to practice trading due to its unlimited demo account, real-time market data, user-friendly interface and seamless transition to live trading. Whether you are a beginner looking to learn the ropes or an experienced trader testing new strategies, eToro's demo account provides a safe and risk-free environment to hone your trading skills.

4. Best for Web3: ZenGo

ZenGo is one of the most powerful crypto wallets on the market, which also allows you to trade on the go. You can get started and avoid a private key, keep your investments safe and manage your crypto from anywhere.

You get incredible customer care that is available to you 24/7, but remember that some features may not be available where you live. Buy, sell, swap, send and stake all in the same place without overcomplicating your crypto investments.

Why We Picked It: Benzinga chose ZenGo in this position because it provides the highest level of security and allows for management of your assets on the go.

5. Best for Buying and Selling Dogecoin: Robinhood

Robinhood is a popular commission-free trading app that allows users to buy, sell and trade a variety of cryptocurrencies, including Dogecoin (DOGE). With its user-friendly interface, additional financial services, 24/7 customer support and crime insurance to safeguard against breaches or theft, Robinhood makes it easy to invest in the world of cryptocurrency.

One of the key features of Robinhood is its mobile accessibility, making it easy for users to trade anytime, anywhere. The mobile app, available for both iOS and Android devices, allows for seamless navigation and quick execution of trades. With a few taps on your smartphone, you can place orders, track your portfolio performance, and stay up to date on market news and trends.

Why We Picked It: With its commission-free trading, real-time market data and security features, Robinhood provides a comprehensive platform for trading popular cryptocurrencies including Dogecoin.

6. Best for Crypto Futures Traders: Kraken

Kraken offers a range of business-friendly offerings and access to tough-to-find tokens like Gnosis, Kava and Dogecoin. In addition to these tokens, there are a total of over 50 to trade that allow you to diversify your portfolio as much as you like. You can set up a business account easily, hold your personal portfolio with Kraken and enjoy 24/7 customer service. 

There’s also the Kraken Trade Desk and Kraken Account Management for corporate clients, making this platform much simpler for futures traders and corporate financial managers to use.

Why We Picked It: Kraken's combination of security, variety of trading options and regulatory compliance makes it one of the top crypto brokers in the market.

7. Best for Active Traders: Interactive Brokers

Interactive Brokers provides active crypto traders with numerous advantages over competitors. Did you know that most crypto exchanges charge a spread on your buy or sell orders? This means that you are paying extra for your crypto. Interactive Brokers charges no added spreads, markups or custody fees and charges low commissions. Interactive Brokers Crypto currently offers Bitcoin, Bitcoin Cash, Ethereum, Litecoin and more digital tokens from Paxos Trust Company.

Listmaker of Benzinga's FinTech Awards for Best Day Trading Software, Best Broker for Short Selling & Winner for Best Paper Trading Platform.

Why We Picked It: Interactive Brokers provides active traders with everything they need to succeed in today's fast-paced and competitive trading environment. It offers low-cost structure, a diverse range of asset classes and advanced trading tools to help you in your trading journey.

8. Best for New Crypto Traders: Caleb & Brown

Caleb & Brown is a premier team of cryptocurrency brokers that offers support for all crypto account holders. Uniquely, this company wants to work with crypto newbies to help them learn how the markets work and what can be done to build a better portfolio. The crypto broker can easily facilitate large transactions, offer instant information on spot prices and provide the clients with customer support as needed.

With a personalized path to building a crypto portfolio, you can use Caleb & Brown for support when you don’t have time to build a portfolio. Plus, you can work directly with a dedicated broker who is going to get to know you and your needs. There are over 300 assets in which you may invest and industrial security measures.

Why We Picked It: Caleb & Brown is a top choice for the best crypto broker for beginners looking for a reliable, personalized and secure trading experience. With their focus on client satisfaction and commitment to excellence, Caleb & Brown sets itself apart as the best option for new crypto traders.

9. Best for Copy Trading: AvaTrade

AvaTrade offers traders a diverse range of assets that includes crypto. Plus, you can add to your portfolio with assets including more than 50 currency pairs, stocks and much more. You can use MT4 and automated trading software for copy trading, or you can try their proprietary trading platform. There are more than 90 indicators to try along with several charts. If you want to learn more there are educational tools, or you can try SharpTrader for more formal training.

Why We Picked It: AvaTrade offers a diverse range of copy trading options, user-friendly interface, transparency and security measures. Whether you are a beginner or an experienced trader, AvaTrade provides the tools and resources you need to succeed in copy trading.

10. Best for Businesses: ICONOMI

ICONOMI is a unique crypto site that allows you to enter the crypto market at your own pace. For example, when you visit the site, it asks simple questions: do you want to trade crypto and automate your portfolio, or do you want to copy the strategy of a professional? 

You can look through all the features on the site or check out trading strategies that could benefit you. From there, you fund your account using a debit card, credit card or transfer from your bank account, and get to work on your portfolio. This platform works like a crypto broker in that you can set up everything on the site, but it strays away from a traditional crypto brokerage in offering unique options.

You can also earn money by sharing your strategy with other users or through referral bonuses. Business crypto accounts are available if your company is trading or if you are a financial planner or advisor. Pricing is clearly noted on the site. You can open a crypto brokerage account for free, start trading and enter the crypto market right away.

Why We Picked It: Given its diversified investment options, transparent and secure platform, access to professional management and cost-effective solutions, Iconomi provides businesses with the tools they need to succeed in today's digital economy.

11. Best for Auto Trade: Carbon DeFi

Carbon DeFi is a decentralized exchange (DEX) that offers custom trading bots on the Ethereum blockchain. What does this mean for you? This platform operates much like a traditional broker because it uses linked orders to mimic grid trading, giving you a better experience.

You can create fully transparent, automated trading strategies that take advantage of the movement of the market, current pricing and quick execution to increase profits and reduce losses. This is no different than using bracket orders through a traditional broker. Plus, the interface is just as simple as one you would find through a standard broker.

Orders move in one direction on this platform. This allows active crypto traders to take advantage of market movements to buy a token low and sell high. There are no counterparty risks, zero fees charged on trades and it supports ERC-20 tokens like ETH, MATIC, LINK and USDC.

Your bots are fully customizable, and you can adjust in or out of trends as you need. Carbon DeFi may be built for those who have a clear understanding of the DeFi space, but it can work well for those in the know.

Why We Picked It: Carbon Defi offers a modern and innovative way to trade digital assets. This is similar to a traditional broker but with additional benefits and risks. Exploring DeFi platforms like Carbon Defi can open up new opportunities for investment and financial growth.

What Is a Crypto Broker?

A crypto broker is an individual or a company that assists clients in buying, selling and trading cryptocurrencies. They may offer advice on investment opportunities, help clients navigate different exchanges and execute trades on behalf of their clients. Crypto brokers play a key role in the cryptocurrency market as they help investors with expertise and guidance in navigating the complex and volatile market.

Pros and Cons of Cryptocurrency Brokers

It is important to consider the advantages and disadvantages of using a crypto broker to see if it fits with your financial objectives and risk tolerance.

Pros

Easy Access to Cryptocurrency Markets

Cryptocurrency brokers offer an easy-to-use platform for people without technical skills to handle complicated trading exchanges. They typically provide simplified services that make it simple for newcomers to buy, sell, and trade cryptocurrencies.

Support and Resources

Numerous cryptocurrency brokers provide educational materials and customer support to assist users in gaining a better understanding of the market and making informed choices. This support can be particularly beneficial for new investors who may not be familiar with the cryptocurrency environment.

Variety of Trading Options

Cryptocurrency brokers typically offer a variety of cryptocurrencies for trading, which helps investors diversify their portfolios. This allows users to take advantage of different opportunities in the changing crypto market.

Regulatory Oversight

Certain cryptocurrency brokers are overseen by financial authorities, adding a level of safety and security for investors. This regulation can help safeguard traders against fraud and ensure that brokers follow established standards of conduct.

Integrated Trading Tools

Various brokers provide trading tools that include charts, analytics, and automated trading options, which help investors examine market trends and carry out trades more effectively. These tools can improve the trading experience and may lead to better investment results.

Cons

Volatility

Cryptocurrency markets are known for their volatility, and brokers can subject their clients to significant price changes that may result in considerable losses. This unpredictability can pose a risk for trading, particularly for those who are inexperienced investors.

Lack of Regulation

A number of cryptocurrency brokers function in a mostly unregulated setting, which may result in investors lacking the protections offered by traditional financial institutions. This absence of regulation can potentially lead to problems like fraud or mismanagement of funds.

Security Risks

Cryptocurrency brokers may attract hackers and cyber attacks. If a broker's platform is breached, users risk losing their investments to theft or hacks, and it can be very challenging to recover lost funds.

Complexity and Confusion

The cryptocurrency market is complex, featuring different asset types, trading strategies, and technical concepts. Brokers may not always offer sufficient education or support to their clients, which can result in confusion and poor investment choices.

High Fees

Several cryptocurrency brokers have high fees for trading, withdrawing funds, or other services. These expenses can diminish profits and may not be obvious to investors, thereby lowering the overall return on investment.

How to Choose the Best Broker Platform for Crypto Trading

Here are some key factors to consider when choosing a crypto broker:

Security

The security of your funds should be your top priority when choosing a crypto broker. Look for brokers that offer two-factor authentication, cold storage for funds and insurance against hacking or theft.

Reputation

Research the reputation of the broker by reading reviews, checking online forums and asking for recommendations from other traders. A reputable crypto broker will have a history of reliable service and transparent operations.

Fees

Consider the fees charged by the crypto broker for trading, withdrawals and deposits. Some brokers may offer lower fees but have hidden costs. Be sure to read the fine print and understand all fees associated with trading on the crypto platform.

User Interface

The user interface of the broker's platform should be easy to navigate and user-friendly. Look for a crypto trading platform that offers advanced charting tools, real-time market data and order execution capabilities.

Customer Support

Choose a broker that offers excellent customer service with multiple channels of communication such as phone, email and live chat. It is important to have access to support in case you encounter any issues or have questions about your cryptocurrency trades.

Regulation

Ensure that the broker is regulated by a reputable financial authority. This protects your funds and ensure that the broker is operating within legal guidelines. Regulation provides an added layer of security for traders.

Asset Selection

Consider the range of cryptocurrencies offered by the broker. Some brokers may offer a wide selection of crypto coins, while others may only offer a limited number. Choose a broker that offers the cryptocurrencies you are interested in trading.

Are You Ready for the Future? 

The future of finance is pointing towards digital currency and blockchain technology, with cryptocurrencies becoming more widely accepted as a form of online payment. While they are currently volatile, they offer potential long-term investment opportunities and are gaining ground as powerful contenders in the financial landscape. It is recommended to start exploring the world of digital assets with a reputable cryptocurrency broker. The best crypto broker for you will depend on your trading style, preferences and level of experience. Take the time to research and compare different brokers to find the one that best suits your financial needs.

Frequently Asked Questions