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YOU’RE OUR FIRST PRIORITY.
EVERY TIME.

NerdWallet, Inc. is an independent publisher and comparison service, not an
investment advisor. Its articles, interactive tools and other content are
provided to you for free, as self-help tools and for informational purposes
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and cannot guarantee the accuracy or applicability of any information in regard
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BEST OF


9 BEST CRYPTO EXCHANGES, APPS & PLATFORMS OF MAY 2024

Looking to buy and sell cryptocurrencies like Bitcoin? You likely want a crypto
exchange. The list below includes our picks for the best crypto exchanges,
online brokers and platforms to trade crypto.

By Andy Rosen 

Andy Rosen
Lead Writer/Spokesperson | Cryptocurrency, investing, alternative assets, taxes
Andy Rosen is a former NerdWallet writer who covered taxes, cryptocurrency
investing and alternative assets. He has more than 15 years of experience as a
reporter and editor covering business, government, law enforcement and the
intersection between money and ideas. In these roles, Andy has seen
cryptocurrency develop from an experimental dark-web technology into an accepted
part of the global financial system. He is based in Boston.
Learn More
 
May 10, 2024

Many or all of the products featured here are from our partners who compensate
us. This influences which products we write about and where and how the product
appears on a page. However, this does not influence our evaluations. Our
opinions are our own. Here is a list of our partners and here's how we make
money.

--------------------------------------------------------------------------------

The investing information provided on this page is for educational purposes
only. NerdWallet, Inc. does not offer advisory or brokerage services, nor does
it recommend or advise investors to buy or sell particular stocks, securities or
other investments.

Choosing a cryptocurrency exchange is often the first step investors take when
exploring the word of digital assets. While there are many ways to exchange
cryptocurrencies for one another, centralized crypto exchanges provide a
relatively easy way to convert cash into coins and tokens.

There are many exchanges to choose from — some with a longer track record than
others. When comparing exchanges, investors can look at fees, cryptocurrency
selection, advanced trading options and customer service offerings. But it's
also important to keep in mind some caveats.

Though some stock brokers also offer crypto exchanges, crypto trading is not
subject to the same investor protections you get when working with traditional
investments. U.S. Securities Investor Protection Corp. insurance doesn't apply
to cryptocurrency, so if your exchange fails (as FTX did in the fall of 2022),
you could lose your investment. For this reason, some users prefer not to store
assets on exchanges unless they're actively trading. You can use your own crypto
wallet in many cases to store, trade and carry out transactions using
cryptocurrency.


WHICH CRYPTOCURRENCIES ARE AVAILABLE AT WHICH BROKERS?

If you're looking to trade a specific cryptocurrency, you'll want to confirm
it's available through the platform you're interested in. And, the number of
coins on offer can vary widely, from just two (in the case of Fidelity Crypto)
to more than 250 (in the case of Crypto.com). Generally speaking, if you're
looking for anything more than Bitcoin, Litecoin and Ethereum, you should
probably consider a pure-play crypto exchange rather than a traditional broker
with a crypto offering. This becomes clear when comparing the number of
cryptocurrencies available at pure-play crypto platforms and traditional brokers
below.


CRYPTO PLATFORM AND NUMBER OF CRYPTOCURRENCIES AVAILABLE

 * Crypto.com: 250+

 * Coinbase: 245

 * Kraken: 230+

 * Binance.US: 150+

 * Gemini: 80+

 * eToro: 25

 * Robinhood Crypto: 15

 * Webull Pay: 8

 * Interactive Brokers: 4

 * Fidelity Crypto: 2

Choosing a cryptocurrency exchange is often the first step investors take when
exploring the word of digital assets. While there are many ways to exchange
cryptocurrencies for one another, centralized crypto exchanges provide a
relatively easy way to convert cash into coins and tokens.

There are many exchanges to choose from — some with a longer track record than
others. When comparing exchanges, investors can look at fees, cryptocurrency
selection, advanced trading options and customer service offerings. But it's
also important to keep in mind some caveats.

Though some stock brokers also offer crypto exchanges, crypto trading is not
subject to the same investor protections you get when working with traditional
investments. U.S. Securities Investor Protection Corp. insurance doesn't apply
to cryptocurrency, so if your exchange fails (as FTX did in the fall of 2022),
you could lose your investment. For this reason, some users prefer not to store
assets on exchanges unless they're actively trading. You can use your own crypto
wallet in many cases to store, trade and carry out transactions using
cryptocurrency.


WHICH CRYPTOCURRENCIES ARE AVAILABLE AT WHICH BROKERS?

If you're looking to trade a specific cryptocurrency, you'll want to confirm
it's available through the platform you're interested in. And, the number of
coins on offer can vary widely, from just two (in the case of Fidelity Crypto)
to more than 250 (in the case of Crypto.com). Generally speaking, if you're
looking for anything more than Bitcoin, Litecoin and Ethereum, you should
probably consider a pure-play crypto exchange rather than a traditional broker
with a crypto offering. This becomes clear when comparing the number of
cryptocurrencies available at pure-play crypto platforms and traditional brokers
below.


CRYPTO PLATFORM AND NUMBER OF CRYPTOCURRENCIES AVAILABLE

 * Crypto.com: 250+

 * Coinbase: 245

 * Kraken: 230+

 * Binance.US: 150+

 * Gemini: 80+

 * eToro: 25

 * Robinhood Crypto: 15

 * Webull Pay: 8

 * Interactive Brokers: 4

 * Fidelity Crypto: 2

Show More


BEST CRYPTO EXCHANGES, APPS & PLATFORMS

BrokerNerdWallet rating

NerdWallet's ratings are determined by our editorial team. The scoring formulas
take into account multiple data points for each financial product and service.

FeesAccount minimumPromotionLearn more


Coinbase

Learn more

on Coinbase's website

4.8

/5

Best for beginner crypto trading

0% - 3.99%
varies by type of transaction; other fees may apply
$0
Get $200 in crypto
when you sign up. Terms Apply.
Learn more

on Coinbase's website



Robinhood Crypto

Learn more

on Robinhood's website

3.9

/5

Best for traditional brokers

$0
per trade
$0
None
no promotion available at this time
Learn more

on Robinhood's website



Gemini

Read review

4.6

/5
0.5% - 3.49%
depending on payment method and platform
$0
$20 of BTC
for new users after trading $100 or more within 30 days
Read review


Binance.US

Read review

3.7

/5
0%-0.6%
depending on payment method
$0
None
no promotion available at this time
Read review


Webull Pay

Read review

3.5

/5
1% spread
$0
None
no promotion available at this time
Read review

View More



Our pick for

beginner crypto trading

Coinbase has been at the forefront of cryptocurrency trading since it was
founded in 2012, paving the way for beginners who had previously been skeptical
of decentralized wallets and how to use them. And that ethos continues to this
day — Coinbase is consistently one of the most user-friendly crypto apps we
review, even when using its more advanced trading features. This makes it a
strong choice for beginners looking for an onramp into the world of crypto.


Add to Compare


COINBASE

NerdWallet rating 
NerdWallet's ratings are determined by our editorial team. The scoring formula
for online brokers and robo-advisors takes into account over 15 factors,
including account fees and minimums, investment choices, customer support and
mobile app capabilities.

4.8

/5


Learn more

on Coinbase's website

Fees

0% - 3.99%

varies by type of transaction; other fees may apply

Account minimum

$0



Promotion

Get $200 in crypto

when you sign up. Terms Apply.

Our Take

Pros

 * Offers access to more than 200 cryptocurrencies.

 * Low minimum to fund account.

 * Quick crypto withdrawals.

Cons

 * Higher fees than other cryptocurrency exchanges.

Why We Like It

Coinbase is the largest U.S.-based cryptocurrency exchange, trading more than
200 cryptocurrencies. Its fees, however, can be confusing and higher than some
competitors.

Our pick for

traditional brokers

When Robinhood initially launched its crypto trading product, it was barebones
and lacked many features central to crypto trading, such as the ability to send
and receive coins. But over time, Robinhood has improved the offering, bringing
its incredibly easy stock user interface to crypto markets. While it still can't
compete with the pure-play crypto platforms on this list, Robinhood Crypto is a
solid choice for those looking for an app that features crypto and stocks all in
one.


Add to Compare


ROBINHOOD CRYPTO

NerdWallet rating 
NerdWallet's ratings are determined by our editorial team. The scoring formula
for online brokers and robo-advisors takes into account over 15 factors,
including account fees and minimums, investment choices, customer support and
mobile app capabilities.

3.9

/5


Learn more

on Robinhood's website

Fees

$0

per trade

Account minimum

$0



Promotion

None

no promotion available at this time

Our Take

Pros

 * No fees for crypto trades.

 * Convenient if you already have a Robinhood brokerage account.

Cons

 * Comparatively fewer cryptocurrencies offered.

 * No crypto-to-crypto trading.

Why We Like It

Robinhood brings its no-fee ethos to cryptocurrency trading, but currently
offers fewer cryptocurrencies compared to pure-play crypto platforms.

Our pick for

overall experience

Crypto.com rose to the top of the ranks thanks to its huge selection of digital
assets, low fees, DeFi companion app, earnings and rewards program and slick
user experience. For more advanced traders, the platform offers trading in
crypto derivatives, as well as customizable alerts and watchlists. Beginners
will find plenty of explanations and tool tips along the way.


Add to Compare


CRYPTO.COM

NerdWallet rating 
NerdWallet's ratings are determined by our editorial team. The scoring formula
for online brokers and robo-advisors takes into account over 15 factors,
including account fees and minimums, investment choices, customer support and
mobile app capabilities.

5.0

/5


Read review
Fees

0%-2.99%

Varies by type of transaction; other fees may apply

Account minimum

$0



Promotion

None

no promotion available at this time

Our Take

Pros

 * Large selection of crypto assets and trading pairs.

 * Fees are low if you fund your account with cash transfers.

 * Straightforward staking program.

Cons

 * Some services not offered in the U.S.

 * High fees to withdrawal cryptocurrency.

Why We Like It

Crypto.com offers a massive selection of digital assets, low or no fees, and
additional perks for holders of its CRO cryptocurrency.

Want to compare more options? Here are our other top picks:

 * Gemini
 * Binance.US
 * Webull Pay
 * Kraken
 * Fidelity Crypto
 * Interactive Brokers Crypto


COMMON QUESTIONS ABOUT CRYPTOCURRENCY EXCHANGES


WHAT IS A CRYPTO EXCHANGE?

A crypto exchange is, very basically, a place where you can purchase a
cryptocurrency using either cash or another kind of digital asset.

This roundup primarily discusses a type of crypto exchange known as a
centralized exchange. A centralized exchange is a marketplace operated by a
business entity that buys, sells and facilitates transactions in cryptocurrency.

If you're new to cryptocurrency, or if you just need to convert fiat currency
into crypto, you'll likely be using a centralized exchange.

Another way to get crypto is through what is known as a decentralized exchange.
These are largely automated, blockchain-based programs that allow users to swap
certain kinds of cryptocurrency for one another. While these can have lower
transaction costs, they also require more technical expertise. And if you don't
already have cryptocurrency, your options are limited.


WHAT SERVICES DO CRYPTO EXCHANGES OFFER?

Aside from their primary role at the center of crypto sales and purchases,
exchanges have added a handful of other offerings. Among those are services that
pay rewards to people who lend out their crypto. Many crypto exchanges will hold
your crypto for you if you don't want to set up a wallet that you control by
yourself.

It's important to note that some crypto exchanges have had issues with these
secondary services. For instance, some have had to freeze withdrawals from their
rewards programs amid liquidity issues. And storing crypto in an exchange's
wallet can leave you vulnerable to losses if an exchange fails or suffers a
cyberattack.


HOW MUCH MONEY DO I NEED TO USE A CRYPTO EXCHANGE?

If you're just thinking about dabbling in crypto, it's good to remember that you
don't have to put your life's savings on the line to get a sense of how it
works.

Crypto exchanges reviewed by NerdWallet generally have no account minimums,
which means you're free to create an account and look around without spending a
dime. And if you decide to buy some crypto, you don't have to buy a lot. Many
exchanges have a minimum purchase of around a dollar.


HOW IS INVESTING IN CRYPTO DIFFERENT FROM INVESTING IN STOCKS?

Trading cryptocurrencies is different from traditional investing in several
ways. A few examples:

 * Compared to traditional investing, which has seen fees steadily decline in
   recent years, trading in cryptocurrencies costs much more. For example,
   depending on the method of payment, you could pay 5% or more in fees when
   trading Bitcoin. Most online brokers no longer charge a commission to trade
   stocks.

 * Crypto is still a relatively new and burgeoning industry, and customer
   service has lagged behind what's available at traditional brokerages. Want to
   speak to a person concerning questions or account issues at crypto exchange?
   Many pure crypto exchanges don't offer that service.

 * You have more responsibility for protecting your crypto from theft with
   cryptocurrency exchanges, especially if you use your own digital wallet.
   While exchanges protect you from losses due to site-wide hacks, you won’t be
   protected from individual attacks on your account — for example, a phishing
   email attack in which you unwittingly reveal your passwords to
   cybercriminals.



Last updated on May 10, 2024




METHODOLOGY

How do we review cryptocurrency platforms?

NerdWallet’s comprehensive review process evaluates and ranks platforms and
companies that allow U.S. customers to buy and/or sell cryptocurrency. Our aim
is to provide an independent assessment of providers to help arm you with
information to make sound, informed judgements on which ones will best meet your
needs. We adhere to strict guidelines for editorial integrity.

We collect data directly from providers through detailed questionnaires, and
conduct first-hand testing and observation through provider demonstrations. The
questionnaire answers, combined with demonstrations, interviews of personnel at
the providers and our specialists’ hands-on research, fuel our proprietary
assessment process that scores each provider’s performance across more than 20
factors. The final output produces star ratings from poor (one star) to
excellent (five stars).

For more details about the categories considered when rating brokers and our
process, read our full methodology.

To recap our selections...


NERDWALLET'S BEST CRYPTO EXCHANGES, APPS & PLATFORMS OF MAY 2024

 * Coinbase: Best for beginner crypto trading
 * Robinhood Crypto: Best for traditional brokers
 * Gemini
 * Binance.US
 * Webull Pay
 * Kraken
 * Crypto.com: Best for overall experience
 * Fidelity Crypto
 * Interactive Brokers Crypto


ABOUT THE AUTHOR

ANDY ROSEN

Andy Rosen is a former NerdWallet writer focused on cryptocurrency and
alternative investments. He has more than 15 years of journalism experience as a
reporter and editor at organizations including The Boston Globe and The
Baltimore Sun. Read more

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