9 Best Crypto Exchanges and Apps of April 2024
Updated April 9, 2024 at 5:06 pm
From advanced cryptocurrency trading tools to low fees, we’ve got you covered.
A cryptocurrency exchange is an online platform that allows investors to buy and sell digital assets. Whether you’re a day trader or a buy-and-hold investor, you’ll need a good crypto exchange to facilitate your transactions. Finding the best crypto exchange that strikes the right balance of low fees, a wide variety of tradable currencies, trading options and customer service is key if you want to be able to trade and invest effectively.
Our Methodology Our research is designed to provide you with a comprehensive understanding of personal finance services and products that best suit your needs. To help you in the decision-making process, our expert contributors compare common preferences and potential pain points, such as affordability, accessibility, and credibility.
Our Picks for the Best Crypto Exchange Platforms of 2024 - Best for ease of use: Coinbase
- Best for mobile trading: eToro
- Best for no fees: Robinhood
- Best for crypto trading through a major broker: Fidelity
- Best for no withdrawal fees: InteractiveBrokers
- Best for educational materials: Gemini
- Best for earning crypto rewards: Crypto.com
- Best for advanced trading features: Kraken
- Best for international users: BYDFi
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Robinhood
On Robinhood’s Website
Promotion: Get a 3% balance boost on IRA transfers and 401(k) transfers with Robinhood Gold; transfers must be made by 4/30/2024.
Features
- Begin trading crypto with as little as $1 without commission fees
- Buy, hold, and sell popular cryptocurrencies and stablecoins such as BTC, ETH, DOGE, SHIB, AVAX, LTC, UNI, ETC, LINK, XLM, AAVE and more
- Secure, simple and you’ll never be charged deposit or withdrawal fees
- Recurring buys and advanced trading tools to fit your strategy
- 24/7 customer support by phone or chat for answers on anything, including crypto trades
Additional Info*
Fees
- Commission for U.S. stocks and ETFs: $0
- A trading activity fee of $0.000166 per share applies when selling equities
- Regulatory fee of $8.00 per $1,000,000 of principal on equity sells
Pricing
- Standard account: $0
- Robinhood Gold: $6.99/month or $75/year
- Includes higher interest on cash sweep accounts, additional research data and better rates on margin trading
Best Crypto Exchanges and Apps of 2024
Best for Ease of Use: Coinbase
Coinbase
Vault Verified
Why We Chose It
Coinbase is one of the largest U.S.-based exchanges, with over 200 cryptocurrencies. From an impressive amount of educational content and advanced tools to crypto wallets and debit card, it’s a great fit for beginners and advanced investors.
Pros
- Start buying crypto with as little as $1
- High potential sign-up bonus
- Monthly subscription offers perks like no trading fees and analysis tools
Cons
- High fees.
- Fee structure can be confusing
Best for Mobile Trading: eToro
eToro
Vault Verified
Why We Chose It
eToro is an investment platform that supports crypto, stocks, and other securities. It has a powerful mobile app that includes advanced trading tools as well as social investing features that let you follow popular, well-known and successful traders.
Pros
- Social investing lets you learn about popular strategies and trends.
- Powerful mobile app
Cons
- High fees
- Not available in New York, Nevada, or Hawaii.
- Doesn’t support crypto-to-crypto trading pairs
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Best for No Fees: Robinhood
Advertiser disclosure
Newsweek.com is part of an affiliate sales network and receives compensation through featured partners. This may impact how and where links appear across articles. Newsweek.com does not include all financial companies or all available financial offers.
Robinhood
Vault Verified
Why We Chose It
Robinhood is a popular mobile investing app that’s known for its lack of fees. If you’re looking for an easy way to buy and sell crypto without paying a commission, Robinhood is a good fit.
Pros
- No commissions for crypto trades
- No account minimums
- Also supports stocks, ETFs and other securities
Cons
- No crypto-to-crypto trading pairs
- You can only withdraw up to $5,000 in crypto per day
- Limited number of cryptocurrencies offered
Best for Trading Through a Major Broker: Fidelity
Fidelity
Vault Verified
Why We Chose It
If you only want to buy or sell the popular cryptocurrencies Bitcoin and Ethereum and prefer a fully-featured brokerage account that can handle all of your investment needs, Fidelity is one of the best options.
Pros
- Established full-service brokerage
- Easy to use
- Strong customer support
Cons
- Only supports Bitcoin and Ethereum
- High broker-assisted trading fees
Best for No Withdrawal Fees: InteractiveBrokers
InteractiveBrokers
Vault Verified
Why We Chose It
InteractiveBrokers has powerful trading tools and strong customer support. It also allows free transfers out of your account if you ever choose to move your crypto to a wallet or different exchange.
Pros
- Low fees for crypto trades
- Free crypto withdrawals
- Advanced trading tools
Cons
- Limited cryptocurrency offerings
- Complicated user interface
Best For Educational Materials: Gemini
Gemini
Vault Verified
Why We Chose It
Gemini is great for beginners thanks to a strong user interface and an abundance of educational materials that explain both crypto and investing concepts. It’s also a solid choice for advanced traders thanks to its in-depth and powerful trading tools.
Pros
- Good for beginners and advanced traders
- Earn crypto rewards with the Gemini credit card
- Offers advanced features like staking
Cons
- Not as many tradable coins as other exchanges
- Fee structure for some services can be complicated
- High fees
Best for Earning Crypto Rewards: Crypto.com
Crypto.com
Vault Verified
Why We Chose It
Crypto.com offers more than 250 cryptocurrencies, staking and a decentralized, non-custodial wallet that lets users keep full control over their funds. Customers also get the chance to earn up to 5% back on spending with the Crypto.com credit card.
Pros
- Over 250 cryptocurrencies
- Chance to earn crypto rewards with a credit card
- Advanced features, like staking and lending available.
Cons
- Requires $400,000 in CRO to earn the highest credit card rewards rate
- Potentially high fees
Best for Advanced Trading Features: Kraken
Kraken
Vault Verified
Why We Chose It
For no additional fee, Kraken offers an advanced trading platform, Kraken Pro. It has both a mobile and desktop application that will give users access to large amounts of features, including margin trading, advanced order types and charting data to help guide their trading.
Pros
- One of the oldest exchanges still running
- Powerful trading tools at no additional fee
- Good knowledge base that covers crypto and how to use the platform
Cons
- Not available in every state
- No longer offers staking in the U.S.
Best for International Users: BYDFi
BYDFi
Vault Verified
Why We Chose It
Formerly known as BitYard, BYDFi is a Singapore-based exchange with a global presence, making it a strong choice for international crypto investors. It has relatively low fees and supports cold storage of crypto offline.
Pros
- Available in all 50 states and over 150 countries
- Supports a large number of crypto and fiat currencies
- VIP membership available with high balance or large trade volume
Cons
- Does not support crypto staking or lending
- Limited educational resources
What Is Cryptocurrency?
Cryptocurrency is a decentralized digital currency that isn’t backed by a government and doesn’t rely on financial institutions to help facilitate transactions. It’s typically created and run electronically on blockchain networks. These networks enable secure online transactions without the need for third parties and have less overhead and transaction costs.
Some of the most popular cryptocurrencies today include:
- Bitcoin (BTC)
- Ethereum (ETH)
- Tether (USDT)
- BNB (BNB)
- Solana (SOL)
- XRP (XRP)
- USDC (USDC)
- Cardano (ADA)
- Avalanche (AVAX)
- Dogecoin (DOGE)
Why Would You Need a Crypto Exchange Platform?
Cryptocurrency exchange platforms appeared shortly after the introduction of crypto. Exchange platforms facilitate the trading of crypto for both other crypto and government-backed (fiat) currencies. Because large amounts of money can change hands on crypto platforms, you need to choose a platform carefully and do your due diligence to ensure that the exchange is legitimate.
Some reasons people need crypto exchange platforms include:
- Security. Given the amount of money involved, crypto exchanges put in a lot of effort to keep your information secure. Trading through a crypto platform can be safer than trading with another person directly.
- Ease of finding trading partners. Crypto exchanges serve as a marketplace for crypto trading. It would be quite difficult to find someone else who wants to make the trade that you wish to make without using an exchange.
- Easier currency conversion. Many crypto exchanges help facilitate currency exchanges, letting customers turn fiat currency into crypto and vice versa. They also allow you to trade and store multiple cryptos, making it easier to swap from one crypto to another.
- Advanced trading tools and techniques. Some crypto exchanges offer staking and derivatives markets. If you want to trade crypto in more complex ways than just buying or selling tokens, exchanges make it that much easier.
- Easier tax reporting. One of the hallmarks of crypto may be that they aren’t centrally managed currencies like fiat currencies, but that doesn’t mean they’re completely unregulated. You still have to pay taxes on your profits from trading crypto, and many exchange platforms can help you track your gains and losses to ease tax reporting.
Types of Cryptocurrency Exchanges
There are two main types of cryptocurrency exchanges: Centralized and decentralized exchanges.
- Centralized exchanges (CEXs). A third-party crypto exchange operator manages a centralized exchange. CEXs typically charge fees but provide a wealth of tools that make it easy to learn about and trade cryptocurrency. CEXs are the most common method used by investors to buy and sell cryptocurrency. Popular centralized exchanges include Coinbase, Gemini and Kraken.
- Decentralized exchanges (DEXs). DEXs remove the third party from the equation. They’re peer-to-peer marketplaces where you can trade anonymously and often with fewer fees. Popular decentralized exchanges include Uniswap, 1inch and PancakeSwap.
How To Choose the Best Crypto Exchanges and Apps for You
From Mt. Gox to FTX, crypto exchanges are known to fail. According to a report by CoinJournal.net, over 300 exchanges failed between 2018 and 2022 for various reasons ranging from hacking and scams to legitimate business reasons and regulation.
Before choosing any crypto exchange and investment app, consider the following factors:
Security
Crypto is known for being anonymous and difficult to trace, which makes it a popular target for hackers. Many exchanges have been subject to attack and major losses. For example, Mt. Gox was an exchange that closed in 2014 after a hacker stole hundreds of millions of dollars worth of crypto.
Before choosing an exchange, check its security protocols and look for features to help you decide how safe and reputable the exchange is. Common safety features to review include:
- Two-factor authentication
- Licensed to operate in your country
- Insurance policy
- Customer support
- Hot vs. cold storage
- Bug bounties
Supported Cryptocurrencies
Many people already know about major cryptocurrencies like Bitcoin, Ethereum, and Tether, but there are thousands of other coins out there. Different exchange platforms support different cryptocurrencies. While almost any exchange will make it easy to trade the major ones, if you’re looking to trade a more obscure token, that may limit your options.
Trading Tools and Features
Crypto exchanges are designed for people who want to buy and sell crypto. For some people, that means placing a buy or sell order every once in a while. For others, that can mean trading multiple times a day based on market trends or generating passive income through staking. If you’re a more frequent trader, advanced features and tools that let you track the market or execute more complex trade orders are important.
Customer Service
Any business that’s closely involved with your money needs to have strong customer service. The last thing you want is to run into an issue making an important trade or trying to deposit or withdraw cash and find it impossible to reach someone at the exchange to get help. Before opening an account, check how you can get in touch with customer support and what hours support is available.
Crypto Exchange Platforms vs. Crypto Wallets
Crypto exchanges and wallets are two related things but there are key differences between them.
Crypto exchanges serve as a marketplace to buy and sell digital currencies. A crypto wallet is a way to send, receive and store crypto. Its main components are a private key and a public key, which are made up of long alphanumeric sequences. You share the public key with someone who will send you cryptocurrency, and you keep your private key safe because it’s what controls all your assets.
Many exchanges offer wallets, but it’s important to understand the difference between these two.
Online vs. Offline
Crypto exchanges are online. If the exchange offers a wallet, that wallet is typically a hot wallet, which is always connected to the internet. Most wallets offered by crypto exchanges are also custodial wallets, which means they’re managed by the exchange or other third party. So you don’t have full control over your private keys.
You can purchase your own external wallets, which can be hot or cold. Cold wallets are a way for people to fully control their keys offline. They’re known for offering top-of-the-line security and preventing hackers from gaining control of your currency.
Privacy
Crypto wallets offer more privacy than crypto exchanges. It’s possible to remain almost fully anonymous with a crypto wallet. While transactions are recorded publicly on the blockchain, it can be hard to assign ownership to a particular wallet. Crypto exchanges, on the other hand, collect identifying information about their users for regulatory and security purposes, so you can be directly tied to a wallet that’s offered by a crypto exchange as well as any trades you make.
Frequently Asked Questions
Do Crypto Exchanges Report Trades to the IRS?
Trying to hide your crypto trades and profits from the IRS is illegal and can lead to serious penalties. Many crypto exchanges will report transactions to the IRS and offer assistance with tracking gains and losses for tax purposes. Some exchanges outside the U.S. won’t report transactions to the IRS and may not offer the required tax forms, meaning you’ll be responsible for tracking your gains and losses.
How Do You Get Money Out of a Crypto Exchange?
Most crypto exchanges let you withdraw your cryptocurrency to another crypto wallet. If you don’t have an external wallet, you’ll need to start by setting one up. You can then enter the wallet’s address to initiate a withdrawal. You can also use the exchange to sell your crypto for fiat currency and withdraw that currency to your bank account.
What is the Cheapest Way to Turn Crypto into Cash?
If you want to turn your crypto into cash, the cheapest option is to find another person who wants to turn their cash into the crypto you own and organize a direct trade. Even through a peer-to-peer exchange designed to facilitate these types of trades, it can be very difficult to find a trading partner and risky. A better option, but one that will incur a cost, is to use a crypto exchange. You’ll have to compare the fees charged by multiple exchange platforms, including trade fees and withdrawal fees, to find the cheapest solution.
Editorial Note: Opinions expressed here are author’s alone, not those of any bank, credit card issuer, hotel, airline or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post. We may earn a commission from partner links on Newsweek, but commissions do not affect our editors’ opinions or evaluations.
