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What are Crypto Exchanges?
A cryptocurrency exchange is like an online brokerage for cryptocurrencies, tokens (virtual assets created through existing blockchains), and other digital assets. Many of these exchanges offer investment options for active traders looking to buy, sell, or hold digital assets like bitcoin, ether, and litecoin.
There are two types of crypto exchanges: centralized and decentralized. The most common type, centralized exchanges, are platforms owned and operated by private companies. Decentralized exchanges are peer-to-peer marketplaces that operate on the blockchain.
Best Crypto Exchanges for 2024
- Coinbase: Best cryptocurrency selection
- Crypto.com: Best for mobile trading
- Abra: Best for institutional and private wealth management
- Kraken: Best security
- Cash App Investing: Best for Bitcoin
If you don’t want to use your exchange’s built-in wallet (if applicable), you’ll need to set up an external crypto wallet, such as one of the best bitcoin wallets, to store your assets securely.
Compare the Top Cryptocurrency Exchanges
The best cryptocurrency exchanges work similarly to the best stock trading apps, offering competitive fees and resources on digital marketplaces like mobile or desktop. Crypto-enthusiasts can easily buy, sell, and store popular digital currencies like bitcoin or Ethereum alongside traditional investable securities.
Here are the best cryptocurrency exchanges for low fees, human advisor access, and more as picked by Business Insider editors in 2024.
Best Cryptocurrency Selection
Coinbase
Fees
0.50% spread for buy/sell transactions; transaction fee from $0.99 to $2.99; up to 0.60% for Coinbase Pro and Coinbase Advanced Trade
- Buy, sell, or store more than 170 cryptocurrencies like bitcoin and dogecoin
- Educational investment resources, mobile access, digital storage, and customer support
- Low account minimums
- Can earn rewards for certain cryptocurrencies
- Coinbase card lets you spend crypto or USD anywhere and earn crypto rewards; can deposit your paycheck into your account and convert from USD to crypto with no fees
- Pay more for lower balances
- High trading and transaction fees
- Limited staking options
Product Details
- Promotion: Get $5 of bitcoin when you join Coinbase; earn up to $200 when you set up a new account and make your first purchase
- Features: Coinbase Earn rewards, Coinbase Pro advanced account, user-controlled storage, stablecoins, staking, and institutional trading tools.
- App store rating: 4.7 iOS/ 4.1 Android; Coinbase Pro: 4.7 iOS/ 4.1 Android
- Awards: Named Best Prime Broker in Hedgeweek’s annual European Digital Assets Awards
As one of the largest U.S.-based cryptocurrency exchanges, Coinbase is a user-friendly digital marketplace offering hundreds more coins and tokens. Coinbase caters to all kinds of traders, including sophisticated investors, institutions, and high-net-worth clients through its Pro, Advanced Trade, and Prime platform.
Coinbase has a low account minimum to get started and offers wallet storage for digital assets. Coinbase’s beta NFT trading platform currently offers no transaction fees for creators and collectors.
What to look out for: Coinbase is currently under investigation by the SEC. Also, if you regularly use margin accounts to trade, Coinbase isn’t the best choice. It charges high fees.
Best Cryptocurrency Exchange for Mobile Trading
Crypto.com
Fees
Maker fees 0.0750% – 0% and taker fees are 0.0750% – 0.0500%; 0% credit/debit card purchases for first 30 days of opening account
- 350+ cryptocurrencies; support for more than 20 fiat currencies
- Separate NFT platform
- Earn up to 5% cash back on purchases with Crypto.com Visa Card
- You can set up price alerts and price movement alerts to stay updated on more than 250 assets
- Crypto.com Exchange isn’t available to U.S. residents; U.S. investors limited to the mobile app
- Crypto.com isn’t available to residents of New York
- High credit and debit card transaction fees
Product Details
- Promotion: Get up to $2,000 for every friend you refer and 50% of their trading fees.
Crypto.com is a popular global crypto trading platform with a user-friendly mobile trading app featuring various reward opportunities and DeFi wallet storage. Although Crypto.com offers a web-based exchange, U.S. investors are limited to the mobile platform.
Crypto.com supports over 350 cryptocurrencies, including bitcoin, Ethereum, and Dogecoin. It also accepts 20+ fiat currencies. The Crypto.com mobile app provides Visa Card perks, reward-earning opportunities, crypto-tracking features, and price alerts.
What to look out for: U.S. investors won’t have access to Crypto.com’s more advanced trading features, such as margin trading, OTC trading, staking, and trading bots.
Best Cryptocurrency Exchange for Institutional and Private Wealth Management
Best for institutional and private wealth management
Abra
Fees
Varies by services and account balance
- Private client and family office wealth services
- Institutional crypto trading solutions
- Staking reward features
- OTC trading strategies
- Treasury services
- App and retail services are no longer available in the US and UK
- High minimum to unlock premium features
Product Details
- Features: 100+ cryptocurrencies, crypto-backed loans, staking, and support for traders in 150+ countries.
- App store rating: 4.6 Apple/4.3 Android
Abra is a global crypto exchange serving institutions and private clients (including family offices and hedge funds) in 150+ countries. It offers comprehensive crypto investment solutions and wealth management services like OTC trading, lending services, and sovereign wealth funds.
Private clients can meet with a dedicated account manager for tailored crypto trading solutions, competitive fees, and 24/7 expert guidance from a team of professionals. Institutional clients can use Abra Prime to gain cryptocurrency exposure, access trading pairs, and build custom crypto and digital asset programs.
Abra’s OTC services also give institutional clients access to interest-earning accounts, loans, and one-on-one account support.
What to look out for: Retail trading is no longer available in the U.S. Therefore, only Abra Prime and Privart services are available for U.S.-based investors.
Best Cryptocurrency Exchange for Futures and Margin Traders
Best for futures and margin traders
Kraken
Fees
1/5%; 0% – 0.40% maker/taker fees
- Can exchange 200+ crypto assets
- Margin trading available
- Variety of educational resources and tutorials on cryptocurrencies
- Over-the-counter (OTC) trading and account management support available
- Kraken’s futures and staking isn’t currently available in the US
- Not available to residents of New York and Washington
Product Details
- Features: More than 100 cryptocurrencies, margin and futures trading, OTC trading, account management for HNW individuals and institutional clients, multiple trading platforms, and educational resources.
- App store rating: 4.7 iOS/ 4.2 Android
Kraken is one of the oldest and most well-established global crypto exchanges with top-notch security measures and 24/7 customer support. It offers 200+ cryptocurrencies and a handful of fair currencies with various options for retail and institutional investors.
Kraken provides beginners and advanced investors with access to margin and spot trading. With a margin, you can borrow up to 5x your account balance for increased liquidity and higher trading volumes. With Kraken, the higher the trading volume, the lower the fees.
All users can access a free offline, self-custody cold wallet storage for storing and managing digital coins, tokens, and NFTs.
What to look out for: Kraken’s futures platform isn’t currently available to US traders. In addition, only institutional and high-net-worth clients can use the exchange’s consultation and account management services.
Best Cryptocurrency Exchange for Bitcoin
Cash App Investing
Account Minimum
$0 ($1 for access to fractional shares)
- Banking and investing on one platform
- Commission-free trading of stock and ETFs
- Gift stocks to friends and family
- Doesn’t offer IRAs, custodial accounts, or margin trading
- Limited resources and tools
- Doesn’t offer cryptocurrencies other than bitcoin
- Doesn’t trade mutual funds, options, or futures
Cash App Investing is a user-friendly trading platform offering commission-free trades of more than 1,800 stocks and ETFs. When you link or Cash App balance in the mobile app, novice crypto investors easily buy, sell, send, and receive bitcoin. You can even designate a specific portion of your paycheck to be converted into bitcoin when you set up direct deposits.
Send bitcoin to your friends fee-free with Cash App’s Lightning Network features. Cash App also provides an in-app custodial wallet to store your bitcoin assets. You can start trading with as little as $1.
What to look out for: Cash App Investing only offers bitcoin. Consider other top cryptocurrency platforms if you want to invest in other cryptocurrencies like ether or dogecoin.
How to Choose the Best Crypto Exchange
The best crypto exchanges offer competitive pricing for various cryptocurrencies beyond bitcoin and ether and prioritize user experiences with an intuitive interface, clear platform navigation, and mobile app access. Trustworthy crypto trading platforms are licensed and compliant with industry regulations.
You should choose a cryptocurrency exchange that aligns with your preferences, like your risk tolerance, time horizon, preferred trading features, and investment goals. Additionally, ensure the exchange you pick matches your preferred trading style. For example, if you’re a hands-off trader, you should pick a platform equipped with automated trading features and tools.
FAQs About Crypto Exchanges
In general, cryptocurrency exchanges are not as secure or as closely regulated as other investment platforms. The crypto world has been subject to numerous frauds, scams, and bankruptcies. Most crypto platforms have an F rating from the BBB. But that doesn’t guarantee whether the platform will be good for you. Some exchanges, like Coinbase, have built strong trustworthiness reputations by compiling with regulatory practices and enforcing security protocols.
You must have a crypto wallet to buy and sell cryptocurrencies through an exchange. Most platforms have built-in wallet storage. If you don’t want to use your exchange’s built-in wallet (if applicable), you’ll need to set up an external crypto wallet, such as one of the best bitcoin wallets, to store your assets securely.
For tax purposes, cryptocurrencies are considered property by the IRS, similar to stocks and bonds. Typically, you’ll be taxed when you sell or trade crypto for more than you originally bought it. The tax rate varies depending on how long it was held before you sold it. Short-term capital gains of less than a year are taxed at your regular income tax rate. Long-term gains are generally taxed at a lower rate but can change based on your income level.
Why You Should Trust Us: Our Expert Panel For The Best Cryptocurrency Exchanges
Rebecca Zissar/Business insider
We interviewed the following investing experts to see what they had to say about cryptocurrency exchanges.
What are the advantages/disadvantages of investing through a cryptocurrency exchange?
Sandra Cho:
“The advantages to investing through a cryptocurrency exchange are the ease of trading and functionality. These exchanges are built for cryptocurrency are are made as such.
“The disadvantages, however, are important. Recently, several cryptocurrency exchanges have gone under, and investors have lost significant amounts of money. Given that this industry and asset class is still relatively new, there are unique risks that are nor present in traditional investments like stock and bonds. Investing through a cryptocurrency leaves you at the will of the exchange itself, which has a non-zero possibility of going defunct.”
Tessa Campbell:
“Investing through a cryptocurrency exchange offers several advantages, including access to real-time market data and research, trading strategies, and multiple cryptocurrency options to add to individual brokerage accounts, retirement accounts, and more.
“Some disadvantages include high trading fees, limited resources, and frequent fraudulent activity. These platforms are often criticized for their inadequate security measures, risky trading, and subpar customer support.”
Who should consider investing through a crypto exchange?
Sandra Cho:
“Investors with an extremely high-risk tolerance and those that understand the inherent risks in investing through cryptocurrency exchanges may want to consider using an exchange. However, they should be wary of the risks and the lack of oversight that is apparent in the industry.”
Tessa Campbell:
“You may want to consider investing through a crypto exchange if you’re primarily focused on trading crypto and other decentralized currencies. Moreover, you’ll want to have a high investing risk tolerance and a hands-on trading approach.”
Is there any advice you’d offer someone who’s considering investing in cryptocurrencies through a crypto investment app?
Sandra Cho:
“I would tell them to first potentially reconsider dealing with cryptocurrencies at all. The asset class is extremely volatile and unregulated. If they insisted, I would then tell them to do their research on the relevant exchanges and choose the one that is safest and best backed. As mentioned, many crypto exchanges have gone under recently, which is a huge risk to the investor.”
Tessa Campbell:
“Make sure you fully understand the risks involved in purchasing highly volatile cryptocurrencies like bitcoin, ether, or dogecoin. You should also ensure that the cryptocurrency exchange you’re investing through is free of scams, bad business practices, or public scandals. One way to check this is with the Better Business Bureau’s grading system.”
Our Methodology: How We Rated the Best Cryptocurrency Exchanges
We applied Business Insider’s rating methodology for investing platforms to over a dozen exchanges to find the best options for cryptocurrency availability, low fees, asset/account security, user interfaces, and mobile access. Investment platforms are given a rating between 0 and 5.
We also explored whether exchanges offered services both for individuals and institutions, and we paid close attention to other account options like staking rewards, margin trading, and Stablecoin support.
