Although cryptocurrency has experienced a significant rise in popularity over the past few years, only a small fraction of the American population has engaged in trading it. Bitcoin, Ethereum, and Cardano are three of the most well-known cryptocurrencies, and each has experienced significant price volatility. What draws traders in? the chance to profit significantly from these highly speculative assets’ volatility.
Traders have more and more access points to cryptocurrencies. In response to the growing interest in cryptocurrencies, new exchanges and trading platforms have emerged. In fact, you might already have a trading app on your phone. For instance, you can purchase and trade at least a few different cryptocurrency currencies if you have the PayPal or Venmo apps. There are literally dozens of different cryptocurrencies available, but some apps and exchanges give you access to a broader variety or provide additional advantages like lower prices.
The best cryptocurrency trading apps and exchanges are listed below, along with other essential information.
Top cryptocurrency trading applications and exchanges in September 2023
Specialised cryptocurrency exchanges, online brokers, and cash and payment apps are among the platforms listed below. To provide you with a clear overview of each app or exchange, we’ve included details about pricing and the variety of cryptocurrencies available for trading.
Opting for an app that provides numerous other cryptocurrencies might not be the most rational choice if your sole focus is trading the most prominent cryptocurrency, Bitcoin. Conversely, if your intention is to trade the currently trending options, you should consider utilising an app or exchange that offers a broader range of choices.
Binance.US
Binance.US Because of its affordable trading fees, US, the American branch of the bigger Binance company, is one of the top cryptocurrency exchanges. While other cryptocurrencies follow a tiered pricing structure for traders with substantial trading volumes, Bitcoin and Ethereum traders enjoy the benefit of commission-free trading. Furthermore, if you choose to cover your trading fees with BNB, the native coin of Binance, you will receive a 25% discount.
In June 2023, the SEC filed a lawsuit against Binance, saying that it had illegally operated as a clearing agency, broker-dealer, and exchange and had issued and sold unregistered securities. The complaint also charged Changpeng Zhao, the founder of Binance, with squandering consumer funds. Gary Gensler, the chair of the SEC, issued a warning against utilising Binance platforms, but Binance insisted that customer assets are secure.
Bitcoin and Ethereum are free to use; however, fees for less popular coins start at 0.45% and decrease for high-volume trades. If you pay trading costs using BNB, you can get a 25% discount.
137 different coins, including Bitcoin, Ethereum, Solana, Cardano, and others, are exchangeable.
Coinbase
With Coinbase, a specialised cryptocurrency exchange, you can trade 230 different virtual currencies. Given that it comprises the majority of the leading coins, including Bitcoin, of course, that range will probably satisfy your cryptocurrency craving. But at what price will you pay to use this fundamental service? Sadly, Coinbase has become more secretive about the fees associated with trading, hiding the fee structure on its website.
The pricing system was, to put it mildly, complicated when it was clear. A transaction fee based on the amount of the transaction and the funding source would be added to the spread markup of around 0.5 percent. You’ll pay fees for Coinbase Advanced Trade that start at 0.6 percent for volume over the previous 30 days under $10,000, drop to 0.15 percent for volume up to $100,000, and then go much lower.
In June 2023, the SEC filed a lawsuit against Coinbase, alleging that it had illegally functioned as a clearing agency, broker-dealer, and exchange, as well as issued and sold unregistered securities. According to the lawsuit, Coinbase willfully broke securities regulations that are meant to safeguard investors. Coinbase declared that business as usual would resume.
Cost: Typically, it costs at least 1.99 percent (although with Coinbase Advanced Trade, it costs less).
230 different coins, including Bitcoin, Ethereum, Cardano, and Solana, are exchangeable.
eToro
The eToro broker exclusively offers cryptocurrency trading for American traders, while traders from other regions have the option to trade stocks as well. You may access about 80 cryptocurrencies via eToro, including many that aren’t often available on standard brokerage apps, such as Tezos, Uniswap, and Polygon. Irrespective of the specific cryptocurrency you purchase or the quantity, the app applies a fixed spread markup of 1 percent instead of charging a direct commission.
Cost: Free of commission, but with a 1% spread markup.
79 cryptocurrency coins, including Bitcoin, Ethereum, Dogecoin, and more, are available for trading.
Kraken
Another specialised cryptocurrency exchange, Kraken, allows you to trade a wide variety of coins, including the most well-known ones as well as those (such as Solana, Uniswap, Cardano, and others) that aren’t frequently offered on traditional financial apps. The exchange provides trading options for a total of over 212 distinct cryptocurrencies. New York and Washington State residents are not eligible for Kraken’s service.
Kraken Pro commissions are competitive, ranging from 0.16 to 0.26 percent at the lowest volume levels to 0 to 0.1 percent with volume of at least $10 million in the previous 30 days. Margin trading is also available to high-net-worth traders, enhancing their purchasing power (and risk). While ACH deposits into Kraken are free, debit or credit card transactions cost 3.75 percent plus 25 cents, and at last check, if you fund through a bank, you may also be charged a 0.5 percent online banking processing fee.
Cost: There are initial charges of 0.26 percent, plus charges for cards and online banking.
212 different coins, including Bitcoin, Ethereum, Solana, and Uniswap, are accessible for trading.
Robinhood
While Robinhood initially gained recognition for its user-friendly trading platform dedicated to stocks, options, and ETFs, it has subsequently expanded its presence into the world of cryptocurrencies. Additionally, it gives the crypto industry its no-commission structure. Although it may appear that trading is free, Robinhood actually incorporates the costs into the purchase or sale price of a coin by charging a spread markup rather than a direct fee. Using Robinhood’s quick transfer feature, you can commence trading almost immediately, requiring only the download of the app.
Cost: commission-free or zero dollars, although there is a spread markup.
18 different coins, some of which aren’t available in all states, including Bitcoin, Dogecoin, and Ethereum, are available for trading.
Webull
Webull’s range of features appears to outshine Robinhood’s, even though it might not be as widely recognised in the world of trading apps. Similar to its prominent competitor, Webull offers stocks, options, ETFs, and cryptocurrencies without charging any upfront commissions. Moreover, when it comes to cryptocurrency transactions, Webull utilises a spread markup pricing model, which means your costs are already incorporated into the trade. Additionally, Webull provides access to a slightly larger selection of cryptocurrencies, including Cardano, compared to what’s available on Robinhood.
Cost: Free of commission, but with a spread markup of 1% (100 basis points).
58 different sorts of coins, including Bitcoin, Ethereum, and Solana, are exchangeable.
Cash App
You might not initially think of Cash App when you think of cryptocurrencies. The financial software is primarily known for its capability to facilitate the trading of stocks and ETFs rather than for its cash management account. But it also provides cryptocurrency trading, although with just one option: Bitcoin. While sending Bitcoin to other users is free, Cash App imposes a “small fee” for exchanging the cryptocurrency, which it will make clear to you before you make the trade. In addition, the trade itself includes a spread markup. Sadly, it doesn’t reveal the details of its cost system.
Cost: A trade fee and spread markup
Only Bitcoin is a tradeable coin.
PayPal
You might already have PayPal installed on your phone, much like the Cash App, and if so, you could start trading cryptocurrencies right now. In addition to adding a fee to every trade, PayPal also marks up trade spreads. The fees incrementally rise, beginning at 49 cents for trades under $5 and reaching $2.49 for trades up to $200. Beyond $1,000, the percentage decreases to as low as 1.5 percent. PayPal stands out for its transparent fee structure, which is accessible to all users. Venmo, a related app to PayPal, offers similar services with equivalent terms.
Cost: A trading fee that starts at 49 cents and drops to 1.5 percent, plus a spread markup of approximately 0.5 percent.
Your needs will determine which cryptocurrency exchange or software is appropriate for you. Consider utilising an app or exchange that grants you the ability to engage in trading various digital currencies. Nevertheless, most of the platforms mentioned here can be suitable if you prefer to focus primarily on well-known ones such as Bitcoin, Ethereum, and a few others. However, it’s important to remember that cost plays a significant role, so be mindful of it before opening an account.
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