“Profit Masters Academy was a key player in maximizing my crypto profits. The broker they connected me with knew exactly when to enter and exit trades. I couldn't be happier!"
Best Cryptocurrency Exchanges & Apps for May 2023
Adding cryptocurrency (crypto) to your investment portfolio is becoming increasingly popular. To be able to buy and sell cryptocurrencies like Bitcoin, Ethereum and other digital currencies in cryptocurrency markets, you'll need to decide which type of crypto trading platform is best for you. Check out our expert picks for some of the best cryptocurrency exchanges for May 2023. These include the best online crypto exchanges, brokers, and apps you can use to start building your own cryptocurrency portfolio today. Get in the crypto investing mindset with expert tips to build your crypto portfolio.
Top crypto exchanges and crypto apps
4.5 stars
SoFi has built a robust and valuable ecosystem to help manage your money in one place. SoFi Active Investing enhances that ecosystem with $0 stock commissions, crypto trading, and low account minimums.
4.5 stars
With no fees, access to trade fractional shares and cryptocurrency, among many other investment types, Robinhood's high-quality app trading platform is best suited for beginner investors wanting a solid place to invest on the go.
4.5 stars
Fidelity is one of the largest and one of the most well-rounded brokerages available in the U.S. today. Importantly, Fidelity offers $0 commissions for online stock and ETF trades, plus a high-quality mobile app that's good for both beginners and seasoned investors.
How to choose the best crypto trading platform
There are several great cryptocurrency apps on the market. To choose the best exchange for crypto, you'll need to decide which crypto features matter most to you.
- Crypto platform security. There are two components to cryptocurrency safety -- security and investment volatility.
- Different types of cryptocurrency available: There are over 4,000 cryptocurrencies, but even big exchanges only offer 50 to 150 coins.
- Crypto staking fees & crypto coin interest. Several cryptocurrency exchanges offer ways to earn interest on your coins.
- Crypto trading fees. Fees can really eat into your profits, especially if you trade regularly. The best U.S. cryptocurrency exchange apps will let you trade, deposit, and withdraw your money at a minimal cost.
- Crypto app transaction options. Check how much it costs to deposit, withdraw, and trade before you open an account.
- Crypto app customer support. 24/7 customer service transaction support is a must if you're new to cryptocurrency investing.
- Crypto app features & ease of usability. Make sure the app has the features you want to use, and if you've never traded before, pick one that is beginner-friendly. Note: some U.S. crypto exchanges cannot operate in every U.S. state. Make sure the exchange you choose covers your state and complies with U.S. crypto regulations.
Investing in cryptocurrencies may not be right for everyone, as they're still a somewhat speculative investment. Whether or not they make money in the long term, investors can expect a roller coaster ride. That said, if you believe in the long-term potential of cryptocurrencies and have a fairly high risk tolerance, there's nothing wrong with holding some digital currency as a long-term investment.
Best crypto exchanges compared
4.5 stars
SoFi has built a robust and valuable ecosystem to help manage your money in one place. SoFi Active Investing enhances that ecosystem with $0 stock commissions, crypto trading, and low account minimums.
4.5 stars
With no fees, access to trade fractional shares and cryptocurrency, among many other investment types, Robinhood's high-quality app trading platform is best suited for beginner investors wanting a solid place to invest on the go.
4.5 stars
Fidelity is one of the largest and one of the most well-rounded brokerages available in the U.S. today. Importantly, Fidelity offers $0 commissions for online stock and ETF trades, plus a high-quality mobile app that's good for both beginners and seasoned investors.
Do you need a cryptocurrency wallet?
Cryptocurrency wallets are a safe way to store your digital assets, but you really only need one if you
plan to amass large amounts of crypto assets or want to spend your crypto easily.
Some of the best exchanges for cryptocurrency, like Coinbase and Gemini have built-in wallets. Like any
good exchange, each lets you transfer your currency to an external wallet as well, though you may have
to pay a withdrawal fee. You may have to find a wallet that is compatible with your exchange.
FAQs
If you're wondering where to buy cryptocurrency, you have several options.
- cryptocurrency exchanges
- cryptocurrency brokers
- Peer to Peer cryptocurrency exchanges (P2P cryptocurrency exchanges)
The best places to buy cryptocurrency can generally be separated into two main baskets:
- Brokerages. A brokerage is a company that facilitates the purchase and sale of investments, such as stocks, bonds, and mutual funds. Several of the best stock brokersnow allow investors to buy and sell cryptocurrencies alongside their stocks, mutual funds, and other investments. These platforms can be desktop-based, app-based, or both.
- Exchanges. A cryptocurrency exchange facilitates the buying and selling of digital currencies. The biggest difference is that brokerages offer other investment vehicles. Cryptocurrency exchanges don't.
What about person to person ( P2P crypto exchanges )? It's also possible to buy cryptocurrencies directly from other people, though that can get a little complicated. This used to be far more popular in the early days of Bitcoin.
Check out our expert picks above for some of the best cryptocurrency exchanges
A cryptocurrency exchange is a company that facilitates cryptocurrency transactions. A cryptocurrency exchange facilitates the purchase and sale of cryptocurrencies only.
By definition, a broker is an intermediary between two parties. It typically involves a financial transaction. For example, a real estate broker facilitates transactions between buyers and sellers of real estate.
So, technically speaking, cryptocurrency exchanges can be considered brokers. However, as we discussed above, a crypto broker is a type of investment platform. And brokerages that offer cryptocurrency trading alongside other investments, like stocks and bonds, might allow users to buy and sell cryptocurrencies as well as stocks, mutual funds, and other types of investments.
Cryptocurrency exchanges allow users to buy and sell cryptocurrencies only. Cryptocurrency exchange customers can buy and sell various digital currencies. They may also be able to do the following through the exchange's platform (not an exhaustive list):/p>
- Exchange one type of cryptocurrency for another at prevailing exchange rates.
- Exchange cryptocurrency for fiat currency (like U.S. dollars), or for cryptocurrencies tied to fiat currencies.
- Spend cryptocurrencies, for example, using a linked debit card.
- Access educational resources to learn about digital currencies.
Many of the best U.S. crypto exchanges have mobile apps which offer convenience if you plan to trade digital assets on the go
Binance.US won The Ascent's 2022 award for best cryptocurrency exchange for Bitcoin. It has excellent security credentials, and offers a wide range of features for beginner and advanced traders.
Outside of focusing on just Bitcoin, Gemini stands out as one of the best cryptocurrency trading apps because you can do more than just buy Bitcoin. Gemini Earn pays interest on cryptocurrencies, and Gemini Pay lets you spend your Bitcoin at over 30,000 stores.
The best Bitcoin trading app depends on your personal needs, and there are many good apps on the market. Before you download an app, think about everything you want it to do. For example, if you want to buy and hold Bitcoin, your needs are different from those of a person who plans to build up a diverse portfolio of coins.
Reputable cryptocurrency apps take security seriously and are safe to use. Two of the best options in terms of safety are Gemini and Coinbase, which are known for employing industry-leading security measures.
If you're trying to figure out whether a specific cryptocurrency app is safe, research the security features it offers and check if it has been hacked before. The most secure crypto apps use two-factor authentication (2FA), keep the majority of customer funds offline in cold storage, and have bug bounty programs.
The cost to buy and sell cryptocurrencies depends on the platform. Some charge a percentage of each transaction as a "markup." Others simply make their money on the spreads between a bid and ask price. Either way, the cost of trading is one of the main points to compare between the different brokers and exchanges. Read more about cryptocurrency transaction fees.
Crypto.com has among the most cryptocurrencies available for U.S. traders to buy and sell. It offers over 150 cryptocurrencies. For traders outside the United States, KuCoin has among the most cryptocurrencies available for purchase with over 750.
Some decentralized exchanges, including Uniswap, SushiSwap, and PancakeSwap, have much larger selections with thousands of different cryptocurrencies. However, they don't allow you to buy crypto using fiat money. You can only trade cryptocurrencies on these exchanges, which means you need to already have your own cryptocurrency ready to trade.
It depends. There are more than 4,000 (not a typo) different cryptocurrencies in existence, and some are far more legit than others. Most investors should stick to bitcoin and other large, established digital currencies. Avoid the newer and smaller varieties.
