Cryptocurrency has gained immense popularity recently, yet only a small fraction of Americans have engaged in trading it. Mainstays like Bitcoin, Ethereum, and Cardano have witnessed significant fluctuations, attracting traders aiming to capitalize on the volatile nature of these speculative assets.
Traders now have an array of avenues to access cryptocurrencies, including various exchanges and platforms catering to the surging interest in crypto. Apps like PayPal and Venmo facilitate limited crypto trading, while others offer broader selections or cost-efficient alternatives.
Here’s a rundown of leading apps and exchanges for crypto trading in December 2023, highlighting key details and offerings:
Binance.US
This platform, part of the larger Binance group, stands out for its minimal trading costs, offering commission-free Bitcoin and Ethereum trades and discounts on less common coins when using Binance’s native BNB coin for fees. Despite a lawsuit by the SEC, Binance remains operational and asserts the safety of customers’ assets.
Coinbase
With a wide selection of 230 digital currencies, including popular options like Bitcoin and Ethereum, Coinbase has faced legal action from the SEC yet continues its operations, despite alterations to its fee structure.
eToro
A broker exclusively dedicated to cryptocurrencies for American traders, eToro provides access to 80 cryptos, applying a flat 1% spread markup with no direct commissions.
Kraken
Offering trading in over 212 cryptocurrencies, Kraken’s competitive commissions range from 0.16% to 0.26%, catering to diverse traders except those in New York and Washington.
Robinhood
Known for its commission-free structure, Robinhood charges a spread markup for crypto trades, enabling users to start trading quickly with its instant transfer feature.
Webull
While similar to Robinhood, Webull offers an expanded range of coins and operates on a 1% spread markup for crypto trades.
Cash App
Primarily known for its other financial services, Cash App permits Bitcoin trading, although it levies undisclosed fees alongside a spread markup.
PayPal
Facilitating cryptocurrency trading, PayPal applies fees starting at 49 cents and declining to 1.5%, accompanied by a spread markup for transactions involving Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.
Selecting the ideal crypto trading app or exchange hinges on your preferences, whether seeking broader coin variety or focusing on major cryptocurrencies like Bitcoin and Ethereum. Additionally, considering costs is crucial when making your decision.
