Best Cryptocurrency Exchanges and Trading Apps in September 2022
While cryptocurrency has grown in popularity in recent years, only a small minority of Americans have actually traded it. Some of the most popular cryptos include Bitcoin, Ethereum, and Dogecoin, each of which has seen a lot of action over the past year. The attraction for traders? The potential to make big money on the volatility of these highly speculative assets.
More and more, traders have more and more ways to access cryptocurrencies. New exchanges and trading platforms have started in response to the widespread interest in crypto. In fact, you might already have an app on your phone that lets you trade. For example, if you have the PayPal or Venmo app, you can buy and sell at least a few different cryptocurrency coins. But other apps and exchanges give you access to a wider selection of cryptocurrencies – there are literally thousands of them – or offer other benefits such as lower cost.
Below are some of the best apps and exchanges for crypto trading and some of the key things you need to know.
Best apps and exchanges for cryptocurrency trading in September 2022
The platforms below include specialized crypto exchanges, online brokers, and payment and payment apps. We’ve included the prices as well as the number of coins you can trade, so you can get an idea of the scope of each app or trade.
If you want to exclusively trade the biggest cryptocurrency, Bitcoin, it might not make sense to opt for an app that offers you dozens of others. On the other hand, if you are looking to trade whatever is hot right now, consider an app or trade with more variety.
Bittrex is an attractive option for crypto traders thanks to its simple and inexpensive commissions, especially for those trading large volumes. If you trade less than $50,000 every 30 days, you will pay between 0.25 and 0.35% commissions, but the fees drop quickly from there if you trade a lot of money. Additionally, Bittrex does not charge USD deposits or ACH withdrawals.
Cryptocurrency enthusiasts will also appreciate Bittrex’s offering of over 250 cryptocurrencies to trade. You’ll find all the most popular coins, including Bitcoin, Ethereum, and Dogecoin, as well as the more obscure listings.
Cost: Fees start at 0.35% and drop off sharply for high volume traders.
Coins available for trade: Over 250 coins including Bitcoin, Ethereum, Dogecoin and Litecoin
Binance.US, which is the US branch of the largest Binance organization, is one of the best crypto exchanges due to its low trading costs. Traders with less than $50,000 in trading volume in the previous 30 days will only pay 0.10%, and the fee decreases from there for high volume traders. Additionally, if you use Binance’s internal coin, BNB, to pay trading fees, you will receive a 25% discount.
You will also be able to trade 117 different cryptocurrencies on Binance, so you should have no trouble finding what you are looking for, especially if you just want to trade the most popular coins.
Cost: 0.10%, but lower for high volume traders. A 25% rebate is available if you pay trading fees with BNB.
Coins available for trade: 117 coins including Bitcoin, Ethereum, Solana, Cardano and more
The eToro broker is all crypto, all the time (at least for US traders, although others may trade stocks). At eToro, you’ll have access to 63 cryptocurrencies, including several, such as Tezos, Uniswap, and Polygon, that you wouldn’t normally find on traditional brokerage apps. The app does not charge a direct commission, but rather a flat 1% markup regardless of which coin you buy or how much.
Cost: No commission, but 1% surcharge
Coins available for trade: 63 cryptos, including Bitcoin, Ethereum, Dogecoin and more
Coinbase is a specialized cryptocurrency exchange that lets you trade a bunch of digital currencies, 174 at last count. This range will likely scratch your crypto itch, as it includes most of the top coins, including Bitcoin, of course. But what will you pay to use the basic service? Unfortunately, Coinbase has become more suspicious of what you will pay to trade, recently hiding the fee structure on its website.
When visible, the fee structure was complex, to say the least. You would pay a markup of around 0.5% and transaction fees which depended on the size of the transaction and the source of funding. For Coinbase Pro, you’ll pay a fee that starts at 0.6% for transactions under $10,000 and decreases to 0.15% for volume up to $100,000, then drops even lower.
Cost: Usually at least 1.99% (lower with Coinbase Pro)
Coins available for trade: A huge 174, including Bitcoin, Ethereum, Cardano and Solana
Kraken is another specialty cryptocurrency exchange that lets you trade a ton of different coins, including popular ones as well as some (Solana, Uniswap, Cardano and more) that aren’t usually available on regular financial apps. . In total, the exchange supports trading over 175 cryptos. Kraken does not offer its services to residents of New York and Washington State.
Kraken typically charges a fee of 1.5% (or 0.9% for stablecoins), but debit or credit card transactions incur a fee of 3.75% plus 25 euro cents, and you may be hit by a 0.5% online banking processing fee if you fund through a bank. But the prices drop significantly if you use Kraken Pro. Fees start in a range of 0.16-0.26% at the lowest volume levels and decrease to a range of 0-0.1% with volume of $10 million or more over the course of 30 last days. Wealthy traders can also access margin trading, which increases their buying power (and risk).
Cost: 1.5% fee, plus fees for cards and online banking (lower with Kraken Pro)
Coins available for trade: 175 of them, including Bitcoin, Ethereum, Solana and Uniswap
You might know Robinhood for its nifty trading app for stocks, options, and ETFs, but it also extends to cryptocurrencies. Moreover, it brings its commission-free structure to the crypto world. Although trading may seem free, Robinhood charges a premium margin rather than a direct commission, which means that the costs are built into the price of buying or selling a coin. You can get started almost immediately with Robinhood’s instant transfer feature, so just download and go.
Cost: $0, or no commission, but there is a spread markup
Coins available for trade: Twelve of them (some not available in all states) including Bitcoin, Dogecoin, and Ethereum
Webull may not be the poster child for trading apps, but its feature set seems a cut above that of Robinhood. Like its well-known rival, Webull offers stocks, options, ETFs and cryptocurrencies with no outlays. And similarly, Webull works on a profit margin for its crypto trades, so your cost is built into the trade. You can also trade a few more coins than you can at Robinhood, including Cardano.
Cost: No commission, but margin plus 1% (100 basis points)
Coins available for trade: 62 different types, including Bitcoin, Ethereum and Cardano
When you think of cryptocurrency, you might not think of Cash App at first. The financial application is best known for its cash management account or its ability to trade stocks and ETFs. But it also offers the possibility of trading cryptos, although only one – Bitcoin. While you can send Bitcoins to other users for free, Cash App charges what it calls a “small commission” for trading the coin, which it will disclose before you make the trade. This is in addition to a spread markup built into the trade itself. Unfortunately, it does not disclose its exact pricing structure.
Cost: Spread markup plus trading fee
Coins available for trade: Bitcoin only
Like Cash App, you might already have PayPal installed on your phone, and if so, you could be up and running with cryptocurrency trading in seconds from now. PayPal charges a fee for any transaction as well as prices within a trade markup margin. Fees start at 49 cents for transactions under $5, then gradually increase to $2.49 for transactions up to $200. It then changes to a percentage that decreases to 1.5% for trades over $1,000. Helpful, PayPal clearly lists its fee structure for everyone to see. PayPal’s sister app, Venmo, offers the same services on similar terms.
Cost: Allocation margin plus trading fees that start at 49 cents and decrease to 1.5%
Coins available for trade: Four different cryptos – Bitcoin, Ethereum, Litecoin and Bitcoin Cash
At the end of the line
The best crypto app or exchange for you depends on your needs. If you’re looking to trade a wide range of digital currencies, consider an app or exchange that allows you to do so. But if you prefer to stick mainly to the main ones such as Bitcoin, Ethereum and a handful of others, then most of the platforms mentioned here can do the job. But cost is also an important factor, so keep that in mind before opening an account.
Editorial Disclaimer: All investors are advised to conduct their own independent research into investment strategies before making an investment decision. In addition, investors are cautioned that past performance of investment products does not guarantee future price appreciation.