Benzinga’s Top Crypto Exchange picks include Coinbase, eToro, and Robinhood top to cater to your versatile needs.
In the expanding universe of cryptocurrency trading, choosing the right platform to buy, sell, and trade digital assets can be confusing. The numerous available trading platforms and exchanges make it difficult to select the best one. It is necessary to review the top contenders and examine whether they offer what they promise. Benzinga compared the features of various platforms to help you find the perfect fit for your crypto trading journey.
Quick Look: The Best Crypto Exchanges and Apps
- Best Crypto Exchange for Crypto CFDs: Plus500
- Best Crypto Exchange for U.S. and Canada: Coinbase
- Best Crypto Exchange for Social Trading: eToro
- Best Crypto Exchange for Credit Card Users: Paybis
- Best Crypto Exchange for Beginners: Robinhood
- Best Crypto Exchange for Altcoins: Gemini
- Best Crypto Exchange for Bitcoin: Cash App
The 7 Best Crypto Exchanges and Apps
Choosing the best crypto exchange is crucial for successful cryptocurrency trading. To help you make an informed decision, here's a list of the top-rated exchanges and crypto apps today.
1. Best Crypto Exchange for Crypto CFDs: Plus500
82% of retail CFD accounts lose money.
Founded in 2008 and based in Israel, Plus500 is known for its online trading of contracts for difference (CFDs) through a proprietary platform available via the web and mobile apps. Plus500 operates subsidiaries across Europe and Asia-Pacific, regulated by relevant authorities. Since U.S. traders cannot access CFD services, the company recently launched TradeSniper, a futures trading platform for U.S. traders. Plus500 Ltd is publicly listed on the London Stock Exchange and is part of the FTSE 250. The London-based regulatory authority authorizes it. Plus500 offers CFD trading on forex, stock indexes, shares, commodities, ETFs, options, and cryptocurrencies in over 50 countries. It was the first broker to introduce Bitcoin C.F.D.s in 2013 and provides access to options CFDs for speculative trading.
Why We Love It: Plus500 caters to individuals seeking access to a wide range of financial markets with low trading costs and a user-friendly platform. Offering over 2,800 CFDs with competitive spreads and no commissions, Plus500 is ideal for experienced traders who prefer manual transactions. Plus500 offers guaranteed stop-loss orders for added risk management.
2. Best Crypto Exchange for U.S. and Canada: Coinbase
Sum of median estimated savings and rewards earned, per user in 2021 across multiple Coinbase programs (excluding sweepstakes). This amount includes fee waivers from Coinbase One (excluding the subscription cost), rewards from Coinbase Card, and staking rewards. ³Crypto rewards is an optional Coinbase offer. Upon purchase of USDC, you will be automatically opted in to rewards. If you’d like to opt out or learn more about rewards, you can click here. The rewards rate is subject to change and can vary by region. Customers will be able to see the latest applicable rates directly within their accounts.
Coinbase is one of the largest cryptocurrency exchanges operating in the U.S.A., Canada, and several other countries. With an account minimum of only $2, it’s accessible for new users. Coinbase encourages beginners to learn about their investments through its “earn while you learn” program, which includes video classes and exams that reward participants with cryptocurrency. The exchange also supports crypto staking, allowing users to earn yields by locking up their assets for proof-of-stake validation. Customer support is a vital feature of Coinbase, offering an online help center, chat system, and live phone support.
Coinbase provides three different crypto wallets for storage. The Coinbase Wallet is a hot wallet supporting numerous assets, while the Coinbase dApp Wallet and the default wallet on Coinbase Exchange offer additional options for secure storage.
Why We Love It:Coinbase provides excellent options for every kind of trader. Additionally, unlike many cryptocurrency exchanges, Coinbase is available to investors in the U.S. and Canada, making it a versatile choice for North American users.
3. Best Crypto Exchange for Social Trading: eToro
Cryptocurrency is offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured. Investing involves risk.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro was founded in 2007 in Tel Aviv by brothers Ronen and Yoni Assia, along with co-founder David Ring, initially as a forex trading platform. In 2010, eToro introduced its signature social trading feature, allowing users to replicate the trades of successful traders. By 2013, eToro had added stock trading to its offerings and became one of the first brokers to support Bitcoin. In 2017, it expanded its cryptocurrency trading portfolio and entered the U.S. market the following year. Today, eToro serves over 25 million customers in 140 countries, offering a range of assets, including cryptocurrencies, stocks, ETFs, and more. The U.S. platform provides access to 24 cryptocurrencies, over 3,250 stocks, 270+ ETFs, crypto copy trading, options trading, cash management, portfolio automation, and fractional share investing.
Why We Love It:eToro is a leading multi-asset online brokerage and social trading network, allowing users to easily trade cryptocurrencies and replicate experienced traders' trades. It distinguishes itself with an intuitive user interface, making it accessible and user-friendly for beginners. This platform integrates traditional and cryptocurrency trading, offering a comprehensive trading experience.
4. Best Crypto Exchange for Credit Card Users: Paybis
Established in 2016, Paybis operates in 180 countries, including 48 U.S. states, and is regulated by FinCEN. The platform has executed trades exceeding $2 billion, with daily trading volumes over $800,000. It supports nine languages, offers over 80 cryptocurrencies, and accepts various deposit methods. The minimum purchase amount is $5 or €5. Paybis features a partnership program with unlimited referral rewards and provides user-friendly trading platforms and mobile apps for Android and iOS.
Why We Love It: Paybis offers an extensive range of payment methods, making it easy to kick-start trading or investing on the go. USD deposits can be made using bank cards, Skrill, Neteller, AstroPay, and online banking. EUR deposits are accepted via bank cards, Skrill, Neteller, Giropay, and bank transfers. In most countries, bank cards and AstroPay transfers are available to buy cryptocurrencies.
5. Best Crypto Exchange for Beginners: Robinhood
Robinhood, founded in 2013 by Vlad Tenev and Baiju Bhatt, makes accessing financial markets with minimal or deficient trading fees easy. Due to its user-friendly design, the platform quickly gained popularity among young, tech-savvy, and beginner traders. Robinhood allows users to trade stocks, ETFs, and cryptocurrencies without fees, making it ideal for beginners. The platform also offers fractional shares, enabling access to stocks. Recently, Robinhood introduced 24-hour trading for select stocks and ETFs and expanded its educational resources.
Why We Love It:Robinhood simplifies trading in stocks, ETFs, options, and cryptocurrencies, primarily making it accessible for beginners in every community. However, it falls short in offering diverse account types, advanced tools, and comprehensive research resources. Despite these limitations, its user-friendly interface makes it a top choice for new investors.
6. BBest Crypto Exchange for Altcoins: Gemini
Gemini Investing is a cryptocurrency exchange providing access to over 150 digital assets via web and mobile platforms. Known for its strong security measures and fiduciary status, Gemini offers tools like advanced charting and digital wallet storage. It caters to new investors with user-friendly features for trading and staking rewards and experienced traders through its ActiveTrader platform, which has faster executions and a wide array of crypto pairs. Recently, Gemini expanded into NFT trading through a partnership with Nifty Gateway, enhancing its platform offerings. However, users should consider Gemini's higher trading fees and lack of direct customer support options like email or phone as potential drawbacks.
Why We Love It: Gemini is a cryptocurrency exchange suitable for traders looking for a wide range of altcoins, including Ethereum, Dogecoin, Cardano, USD Coin, and Uniswap. Known for its robust security features, including its own secure wallet, Gemini ensures a safe environment for trading and investing in cryptocurrencies. The platform also provides extensive support through its comprehensive help center, making it appealing for those new to crypto and seasoned investors seeking a reliable exchange for their trading needs.
7. Best Crypto Exchange for Bitcoin: Cash App
Launched in 2013 by Block, Inc. and based in San Francisco, Cash App offers various financial services in the U.S. and U.K., including peer-to-peer payments, banking, and investment options. Users can invest directly in stocks, ETFs, and Bitcoin through the app, distinguishing it from competitors like Robinhood and Venmo. The Cash App allows Bitcoin withdrawals to external wallets, enhancing users' flexibility. In early 2022, Cash App began rolling out support for the Bitcoin Lightning Network, facilitating almost instant and low-cost Bitcoin transactions. However, one drawback is that Cash App's Bitcoin wallet is custodial, meaning the company manages users' cryptocurrency on their behalf.
Why We Love It: Cash App stands out among Bitcoin-only exchanges with its user-friendly mobile interface. It facilitates seamless buying, selling, and secure storage of Bitcoin directly from smartphones. Its transaction fees, typically between 0.75% and 3%, accommodate both small and large transactions, depending on market conditions.
What Is a Crypto Exchange?
A crypto exchange is an online platform for trading cryptocurrencies such as Bitcoin and altcoins, including Ethereum, Cardano, and more. It's like a stock market for digital currencies, where you can decide to trade these cryptocurrencies at market price or a future price. The exchange helps by matching buyers with sellers so they can execute their transactions smoothly.
How Do Cryptocurrency Exchanges Work?
A cryptocurrency exchange works like a stock exchange but deals in digital currencies such as Bitcoin, Ethereum, or Tether. Similar to online brokerage services, you can buy and sell these cryptocurrencies using mobile apps or desktop platforms.
Centralized crypto exchanges: Centralized Exchanges (CEXs) like Coinbase, Binance, and Kraken are run by a single authority that manages all operations and user funds within the exchange.
Decentralized crypto exchanges: Decentralized Exchanges (DEXs) like Uniswap, SushiSwap, and Etherdelta operate on a network of computers without a central authority. They use smart contracts and blockchain technology for direct trading between users, making transactions secure and transparent.
How to Choose the Best Crypto Exchange
When choosing a crypto exchange, consider key factors:
- Supported assets: Some exchanges offer a wide range of cryptocurrencies beyond Bitcoin, while others have limited options.
- Payment methods: Look for exchanges that support convenient funding options like wire transfers, credit cards, and digital payments.
- Fees: Research trading fees, withdrawal fees, and other transaction costs that may impact your investments.
- Security: Opt for exchanges with robust security measures to protect against cyber threats and theft.
- Customer service: Choose exchanges with reliable customer support to assist with questions and concerns.
- Reputation: Prioritize exchanges with positive customer reviews and a trustworthy track record in the cryptocurrency community.
Are Crypto Exchanges Worth It?
Crypto exchanges can be a valuable tool for trading cryptocurrencies. However, weighing the advantages and disadvantages before choosing an exchange is essential. When selecting an exchange, users should consider fees, liquidity, security, and regulatory issues.
Bottom Line
Every investor seeking to earn money from digital assets must focus on choosing a suitable crypto exchange. Each exchange caters to different needs — robust security and regulatory compliance with a wide range of cryptocurrencies or accessibility to a diverse selection of new tokens on platforms. For those focused solely on Bitcoin, CashApp offers convenience, while advanced traders may prefer Plus500 for its C.F.D. trading feature. Understanding these options helps investors find the right platform that aligns with their trading goals, risk tolerance, and preferences for user experience.
Frequently Asked Questions
What is the best exchange for cryptocurrency?
As per our panel of experts, Plus500 is the best cryptocurrency exchange.
Which is the safest crypto exchange?
Coinbase is considered to be the safest crypto exchange.
What is the best instant cryptocurrency exchange?
If you want to go to a cryptocurrency exchange, we suggest you go with Robinhood.
What crypto exchange has the lowest fees?
Crypto.com offers the lowest fees, ranging from 0.075 — 0%, while the deposit fee is free.
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About Ishan Jain
Ishan Jain is a technical enthusiast with a knack for financial analytics and trading. Ishan primarily works on AI algorithms, business development, and software engineering for his ventures and side projects, and he produces Web3 content for Benzinga. Ishan has been involved in DeFi in a variety of ways, including heading a project at a crypto asset investment firm along with leading a blockchain security research project.