The belief that cryptocurrencies are the future of finance is widespread, with many individuals recognizing their potential for transformative impact. If you're ready to take the leap into the world of crypto, selecting the right broker to trade or invest in digital assets is crucial for your success in the market. Luckily, Benzinga has compiled a list of the best cryptocurrency brokers to simplify your search.
Best Cryptocurrency Brokers
Just like how different musical instruments produce unique sounds, different cryptocurrency brokers possess distinct strengths. To hit the right note in the crypto world, it's crucial to identify the type of broker that best suits your digital asset interests. Some brokers provide a social trading platform where you copy other cryptocurrency traders’ trades in your own account. Others can offer the ability to make transactions in a broader selection of altcoins.
Choosing the best crypto broker depends largely on addressing your needs as an investor or trader. The following list of crypto brokers has been selected for different reasons to meet the needs of differing cryptocurrency trading and investing styles.
- Best for Coinbase Learn: Coinbase
- Best for Mobile Users: Plus500
- Best for Crypto Futures Traders: Kraken
- Best for Demo Accounts: eToro
- Best for a Fast Trading Experience: Uphold
- Best for Forex Trading: HYCM
- Best for Businesses Wanting Exposure to Cryptocurrency: ICONOMI
- Best for High Spending Limits: Coinmama
- Best for Active and Global Traders: Interactive Brokers
- Best for Decentralized Automated Trading Solution: Carbon DeFi
- Best for Holding Crypto: Public.com
- Best Overall Crypto IRA: iTrustCapital
- Best for Low Minimums: Webull
- Best for Buying and Selling Dogecoin: Robinhood
- Best for Leverage Trading With Many Instruments: IFC Markets
- Best for Traders Who Rely on Technical Analysis: FXGT.com
1. Best for Coinbase Learn: Coinbase
Coinbase is the most popular cryptocurrency broker in the U.S. and has served over 100 million users. It is well-known for it's immense security and compliance with regulators. You can trade more than 200 different cryptos on the platform with industry-standard trading tools and premier security. Coinbase also likes to gives its users free crypto in a few different ways.
When you sign up for an account with Coinbase you should get a chance to spin a reward wheel for a prize of up to $200 in Bitcoin or USD. Coinbase also has a great program called Coinbase Learn where you can earn a small amount of crypto by just reading about a token and taking a very short quiz. There is usually only about $20-30$ worth of crypto to earn from this but it's much better than nothing! You can also stake your cryptos on the platform with ease to earn passive income on your tokens.
- Brand name recognition
- Over 200 cryptos to trade
- Rewards available
- The platform has experienced trouble in the past
2. Best for Mobile Users: Plus500
When you work with Plus500, you gain access to a European derivatives broker that focuses primarily on CFDs (contracts for difference). Because CFDs are similar to binary options, you need bit of organization that Plus500 offers.
CFDs are not offered in the U.S., they are popular around the world, and that’s where Plus500 steps in. There are no commissions on Plus500, and the platform only profits from the spreads that you pay.
Remember, however, that Plus500 is not necessarily for beginners. If you know what you’re doing, you can easily jump into the fray with Plus500, but there isn’t a lot of extra information for novice investors.
If you’re looking for a powerful mobile app, an unlimited demo account and the potential to diversify your portfolio massively, Plus500 is the place to be.
- No commissions
- Perfect fro advanced traders
- Powerful mobile app
- Not suitable for beginners
- Not available in the U.S.
3. Best for Crypto Futures Traders: Kraken
Kraken is relatively new to the crypto space, but it offers a range of business-friendly offerings and access to tough-to-find tokens like Gnosis, Kava, and yes, even Dogecoin. In addition to these tokens, there are a total of over 50 to trade that allow you to diversify your portfolio as much as you like. You can set up a business account easily, hold your personal portfolio with Kraken and enjoy 24/7 customer support.
There’s also the Kraken Trade Desk and Kraken Account Management for corporate clients, making this platform much simpler for futures traders and corporate financial managers to use.
- Access to a range of unique coins helps you stay on just one platform
- There are corporate account services that can help all sorts of institutional traders
- 24/7 customer support works well for everyone, irrespective of their work schedule
- Because the platform is a relative newcomer, it may not have all the tools, insights, history and support that some traders prefer
4. Best for Demo Accounts: eToro
- securely through eToro's websiteBest For:Demo Accounts
This ad promotes virtual cryptocurrency investing within the EU (by eToro Europe Ltd. and eToro UK Ltd.) and USA (by eToro USA LLC); which is highly volatile, unregulated in most EU countries, no EU protections and not supervised by the EU regulatory framework. Investments are subject to market risk, including the loss of principal.
eToro fundamentally changed the way many people trade and invest with its social trading platform. Social trading involves mirroring another trader or investor’s transactions in a special social trading account. While you make the same amount proportionally as the trader you’re copying, you also take the same percentage of losses the trader takes in their account. You can trade both traditional investments like stocks and ETFs and cryptos all on the same platform with eToro, making it a fantastic all-around platform.
Winner of Benzinga's FinTech Awards for Best Multi-Asset Platform.
- Social trading
- Access to several asset types
- Lots of information for new investors
- Fees can vary widely
5. Best for a Fast Trading Experience: Uphold
Uphold is a top-tier cryptocurrency broker renowned for its extensive variety and exceptional functionality. Boasting an impressive selection of over 250 different digital assets, Uphold outshines the vast majority of crypto exchanges in terms of sheer variety. But that's not all - Uphold even goes the extra mile, providing support for stock and precious metals trading as well. Additionally, the crypto staking page offers incredible interest rates, allowing for passive income opportunities. For those looking to trade a diverse range of assets, including Bitcoin, altcoins, stocks, and precious metals, Uphold undoubtedly stands as the best crypto broker option.
- Massive array of digital assets
- Superior functionality
- Crypto staking is available
- May not be right for beginners
6. Best for Forex Trading: HYCM
HYCM is a top forex and CFD broker that may not be your traditional crypto exchange but it supports trading of more cryptos than most trading platforms dedicated to crypto trading. HYCM uses CFDs or Contracts for differences are complex financial contracts used to speculate on an underlying asset. HYCM offers a wide range of crypto CFDs, which let's you bet on the price movement of the underlying crypto.
If you are looking for a world-class platform that offers both forex and crypto CFD trading, HYCM could be the best crypto broker for you.
- CFD options
- Offers additional assets to trade on
- Several underlying cryptos available
- CFDs not available in the U.S.
7. Best for Businesses Wanting Exposure to Cryptocurrency: ICONOMI
ICONOMI is a unique crypto site that allows you to enter the crypto market at your own pace. For example, when you visit the site, you’re posed with a simple question: do you want to trade crypto and automate your portfolio, or do you want to copy the Strategy of a professional?
You can either look through all the features on the site or check out Strategies that could benefit you. From there, all you need to do is fund your account and get to work on your portfolio. This platform works like a broker in that you can set up everything on the site, but it strays away from a traditional brokerage in offering all these unique options.
ICONOMI is a great place to go if you’re just getting started or if you’re tired of all the standard brokers that might not give you what you’re looking for.
You can also earn money by sharing your Strategy with other users. Referral bonuses are available, and there are even business accounts available if your company is trading or if you are a financial planner, advisor, etc.
There is a robust platform where you can share information and learn from other traders, there’s a learning section for those who want to read up on the subject, and pricing is clearly noted on the site. You can open an account for free, start trading and enter the crypto market right away.
- Bonuses and extras help build your portfolio that much faster
- Free accounts help you get used to the platform before investing too much money
- Copy trading makes it far simpler to align with particular trading strategies which you prefer
- Remember that it might be easier to use this platform as a financial manager rather than as a retail investor
8. Best for High Spending Limits: Coinmama
Coinmama is easily one of the best exchanges available today. You can tell by its absolutely massive userbase of over 3.1 million people. It is an extremely popular option for foreign investors because it's available in a whopping 188 countries and its support for various fiat currencies is essentially unmatched. You can use almost any fiat currency to buy cryptos (though prices are only shown in EUR or USD).
Coinmama is a brilliant option for non-U.S. investors, but its benefits extend to U.S. users as well (with the exception of New York and Hawaii). The platform offers enticingly low fees and a commendable range of tradable cryptocurrencies. Although not the most extensive selection out there, Coinmama still provides access to most of the top digital assets.
- Large userbase
- Available in nearly 200 countries
- Use almost any fiat currency to buy
- Not a large selection of cryptos
9. Best for Active and Global Traders: Interactive Brokers
Interactive Brokers provides active crypto traders with numerous advantages over competitors. Did you know that most crypto exchanges charge a spread on your buy or sell orders? This means that you are paying extra for your crypto. Luckily, Interactive Brokers charges no added spreads, markups, or custody fees and low commissions from just 0.12% to 0.18% of the trade value. Interactive Brokers currently offers Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and more digital token from Paxos Trust Company.
- Massive functionality
- No added spreads or markups
- Partnered with Paxos Trust
- Short list of digital assets
10. Best for Decentralized Automated Trading Solution: Carbon DeFi
Carbon DeFi is a decentralized exchange (DEX) that offers custom trading bots on the Ethereum blockchain. What does this mean for you? This platform operates much like a traditional broker because it uses “linked orders” to mimic grid trading, giving you a better experience.
You can create fully transparent, automated trading strategies that take advantage of the movement of the market, current pricing and quick execution to increase profits and reduce losses. This is no different than using bracket orders through a traditional broker, and the interface is just as simple as one you would find through a standard broker.
Orders move in one direction on this platform so that active crypto traders can move take advantage of market movements to buy a token low and sell high. There are no counterparty risks, zero fees charged on trades and it supports ERC-20 tokens like ETH, MATIC, LINK and USDC.
Your bots are fully customizable, and you can adjust in or out of trends as you need. Yes, Carbon DeFi may be built for those who have a clear understanding of the DeFi space, but it can work well for those in the know.
- You still get the interface you want with the customizable bots that will make your trading that much simpler
- The platform works a lot like a traditional broker so that you can get the best results without feeling as though you’ve gone too far afield
- This platform is not necessarily a traditional broker, and it may require quite a bit of knowledge to use to its fullest potential
11. Best for Holding Crypto: Public.com
With Public.com, you can get into the crypto space with no account minimums. Buy fractional crypto tokens if you want to get into the more expensive assets like Ethereum and Bitcoin. Read up on crypto on the Public app, and remember that you can check out what other investors are doing by tracking the social feed. For example, want to know what crypto Shaq is moving? It’s on the app.
Other tokens on Public include Cardano, ApeCoin, Dogecoin, Litecoin, Bitcoin Cash, Shiba Inu, Stellar, Ethereum Classic, Dash and ZCash.
As with other assets, every cryptocurrency has a chart that shows its trajectory, and you can even invest around a theme. This is especially important because crypto projects often have specific themes or purposes, but it’s hard to keep up with “who’s who.” Public.com does the work for you.
- Easy for beginners
- Social trading
- Copy trading with celebrities
- Shorter list of cryptos to trade
12. Best Overall Crypto IRA: iTrustCapital
iTrustCapital is one of the few cryptocurrency brokers that lets you trade and hold physical gold in your individual retirement account (IRA). You can also trade Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH) in your IRA. iTrustCapital provides you with a personal wallet by Curv for your crypto transactions.
- Powerful crypto IRA
- Helps trade in alternative assets
- Not many cryptos
13. Best for Low Minimums: WeBull
If you plan on holding a portfolio of stocks and cryptocurrency, Webull is a great all-in-one option. The platform supports popular cryptocurrencies like Dogecoin, Bitcoin, Ethereum and other altcoins, making it easy to diversify your crypto portfolio. WeBull lets you trade crypto instantly, which is an important feature in volatile markets like the crypto industry.
Winner of Benzinga's 2021 FinTech Awards for Best Investment App.
- Helps investors hold crypto
- Trade with instant execution
- Low fees
- Scope of the website could overwhelm novices
14. Best for Buying and Selling Dogecoin: Robinhood
Robinhood is among the best cryptocurrency brokers for beginning traders who want a simple, easy-to-understand layout without all the bells and whistles other brokers offer. Though its trading options and account types are limited, even an absolute beginner can quickly master Robinhood’s intuitive and streamlined platform.
You can quickly access your tax documents and account statements through the app, and you can create an account and begin funding it in as little as 10 minutes. Placing a trade is also equally simple. Brief explanations of every buy and sell order beside each option help you learn — it’s a great feature for beginners.
Winner of Benzinga's 2021 FinTech Awards for Best Brokerage for Beginners.
- Low fees
- Nice range of cryptos
- Quality mobile app
- The platform has been criticized for halting trading
15. Best for Leverage Trading With Many Instruments: IFC Markets
IFC Markets provides you with a platform that allows you to invest in a wide range of cryptocurrency products along with other assets. Small-volume, intraday and mid-day traders will benefit quite a bit from IFC, and they will benefit from the 15 years of experience IFC provides. Insured by AIG Europe and with several international awards, IFC Markets also allows you to create synthetic assets.
Cryptocurrency CFDs on Bitcoin and Ethereum and CFDs on crypto futures give you the variety you need to diversify your portfolio using unique asset classes. You will also use 1:8 leverage, enjoy low spreads and low minimums.
- Low spreads
- Low minimums
- 1:8 leverage available
- Might overwhelm new traders
16. Best for Traders Who Rely on Technical Analysis: FXGT.com
FXGT.com is an online cryptocurrency broker that provides a wide range of services to traders and investors looking to participate in the crypto markets. The services offered by FXGT.com include access to a variety of digital currencies, trading tools, and educational resources to help users understand the markets better.
FXGT.com has been around since 2017 and has become one of the leading crypto brokers in the industry. The company is regulated by the Malta Financial Services Authority (MFSA) and is a member of both the CySEC and FCA. This provides traders with an assurance that their funds are safe and secure at all times.
You can complete withdrawals at any time, get customer support in multiple languages and research each investment thoroughly. True, the platform is not yet available in the US, UK and EU, but FXGT.com offers low minimums, cryptocurrency deposits (which are especially helpful for active crypto traders) and trading speeds fit for professionals aiming to diversify their portfolios and keep up with the markets in real time.
- Access to crypto CFDs helps investors access instruments that are not available everywhere
- The ability to deposit crypto helps active traders reinvest their funds
- Availability of other assets helps investors broaden their horizons
- Remember that FXGT.com may not be available where you live. Check their website to learn more.
Crypto Advantages vs. Disadvantages
Cryptocurrency trading and investment is risky due to the volatility of digital currencies like Bitcoin. While currently lacking liquidity and widespread payment options compared to fiat currencies, holding cryptocurrencies can become more beneficial as they gain wider acceptance as a mainstream payment form.
Here's a quick shot of crypto advantages and disadvantages.
- Security: Technology advances typically lead to increased intrusion into your privacy. In contrast, all identities and transactions are strictly secured in the digital currency environment. While most cryptocurrency transactions are very secure, you still could be vulnerable to cybercriminal actions, like hacking.
- Low transaction fees: Because of the elimination of intermediaries like financial institutions, cryptocurrency transaction fees are generally quite low.
- Decentralized: The lack of a central exchange or authority overseeing cryptocurrencies is one of their defining characteristics. Many people consider this among the biggest advantages of cryptocurrencies and blockchain technology.
- High potential returns: You only have to look at a long-term Bitcoin price chart to get an idea of the returns you can make investing wisely in digital currencies. The crypto world is still developing and expanding, so investing in the right digital currency now could translate into considerable returns in the future.
- Acceptance: Because digital currencies have not yet become mainstream, most businesses will not accept them as payment for goods or services. This situation will eventually change as public perception makes digital currencies more acceptable as forms of payment. For example, PayPal has recently allowed customers to hold Bitcoin balances and has plans to allow payments using that cryptocurrency by early 2021.
- Volatility: The market volatility observed in some digital currencies can lead to large gains or large losses. Trading and investing in crypto is not for everyone, especially those with a low pain threshold or aversion to risk.
- Taxes: The Internal Revenue Service (IRS) states on its official website that “Virtual currency transactions are taxable by law just like transactions in any other property.” That IRS web page also links to a guide about how existing general tax principles apply to transactions made using digital currencies. Crypto taxes aren't any worse than any other capital gains taxes anyway.
- Illegal activities: Due to the fact that digital currency transactions generally provide identity security, many people operating outside the law are thought to use digital currency for illegal activities. These activities could include money laundering, “dark web” transactions, and drug and human trafficking.
Like many other financial markets, the cryptocurrency market has evolved its own jargon. Some of the key terms used by market operators are defined below.
- Block: A collection of transactions permanently recorded on a digital ledger that occur regularly in every time period on a blockchain.
- Blockchain: A constantly growing list of chronologicallyblocks in a peer-to-peer network that records transactions.
- Cryptocurrency exchanges: Also called digital currency exchanges, these generally consist of online businesses that allow customers to exchange cryptocurrencies for fiat currencies or other cryptocurrencies.
- Cryptocurrency wallet: A secure digital account used to send, receive and store digital currencies. Crypto wallets can either be cold wallets that are used for storing cryptos in an offline environment or hosted wallets that are hosted by 3rd parties. Hosted wallets store your private keys and provide security for your digital currency balances.
- Distributed ledger: A network of decentralized nodes or computers that connect to a network where transaction data is stored. Distributed ledgers do not have to involve cryptocurrencies and can be either private or permissioned.
- Fork: Also known as a “chain split,” a fork is a split that creates an alternate version of a blockchain that then leaves 2 blockchains running simultaneously. For example, Bitcoin and Bitcoin Cash came about due to a fork in the original Bitcoin blockchain. Another type of fork is known as a “project” or “software fork.” This occurs when cryptocurrency developers take the source code of an existing altcoin project and create a new project. For example, Litecoin is a project fork of Bitcoin.
- ICO: An initial coin offering (ICO) occurs when a new digital currency or token is sold, typically at a discount, to its first set of investors. An ICO lets issuing cryptocurrency companies raise funds from the public to support their coin’s development and maintenance.
- Mining: A computationally-intensive process performed within a cryptocurrency network where blocks are added to the blockchain by verifying transactions on its distributed ledger. Miners are rewarded with digital coins as compensation for their successful computational efforts.
Are You Ready for the Future?
The future of finance is undoubtedly intertwined with digital currency and blockchain technology. Although cryptocurrencies are currently characterized by volatility and limited acceptance as a payment method, it is becoming increasingly clear that they will play a significant role in online transactions in the years to come. As such, they represent a potentially fascinating long-term investment, particularly for those with an appetite for risk.
The financial landscape in 20 years is shrouded in mystery, but one thing is certain: cryptocurrencies and blockchain technology are rapidly gaining ground as powerful contenders. Don't wait to get in on the action – start your journey into the world of digital assets today with one of the top crypto brokers listed above.
Frequently Asked Questions
What is the role of a cryptocurrency broker?
Cryptocurrency brokers provide speculative contracts on the price of digital currencies. You own the right to buy or sell the contracts as prices shift, not the digital currency.
What are the best cryptocurrency brokers to use?
You can choose from a number of brokers, including eToro, Robinhood and WeBull. The best one depends on your needs and if they support the altcoin that you’re interested in.
- Exclusive Crypto Airdrops
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- Insider Interviews
- News & Show Highlights
- Completely FREE