Despite the recent rise in popularity of cryptocurrencies, few Americans actively trade in them. Among the most well-known cryptocurrencies are Bitcoin, Ethereum, and Cardano, each of which has experienced significant price volatility. What attracts traders to it? the chance to profit significantly from the erratic nature of these extremely speculative assets.

Traders have more and more options for accessing cryptocurrency. The growing interest in cryptocurrencies has led to the emergence of new exchanges and trading platforms. It’s possible that you already have a trading app on your phone. You can purchase and trade at least a few various cryptocurrency currencies if you have the PayPal or Venmo applications, for instance. However, some applications and exchanges provide you access to a greater variety of cryptocurrencies—there are literally thousands—or they provide additional advantages like reduced prices.

The best trading platforms for cryptocurrencies are listed below, along with some essential information.

Top cryptocurrency trading applications and exchanges for October 2023

The following platforms include specialist cryptocurrency exchanges, online brokers, and money and payment apps. So that you can get a feel for the extent of any app or exchange, we’ve given the price as well as the number of coins you may trade.

It might not make sense to choose an app that gives you hundreds of different coins if you’re just interested in trading the biggest cryptocurrency, Bitcoin. On the other hand, if you want to trade whatever is popular right now, you should think about using an app or exchange with a greater selection.

Binance.US

Binance.Due to its inexpensive trading fees, the US, the regional branch of the bigger Binance company in North America, is one of the top cryptocurrency exchanges. While commission-free trades are available for users of Bitcoin and Ethereum, high-volume users of other currencies must pay a sliding-scale charge. You will also receive a 25% discount if you pay trading costs with BNB, Binance’s own coin.

Additionally, Binance allows you to trade more than 130 different cryptocurrencies, so you should have no trouble finding what you’re looking for, especially if all you want to do is trade the most well-known coins.

In June 2023, the SEC filed a lawsuit against Binance, saying that it had illegally functioned as a clearing agency, broker-dealer, and exchange and had issued and sold unregistered securities. The complaint also accused Changpeng Zhao, the founder of Binance, of squandering consumer cash. Gary Gensler, the chair of the SEC, issued a warning against utilizing Binance platforms, but Binance insisted that customer assets are secure.

Cost: Free for Bitcoin and Ethereum; however, fees for less popular currencies start at 0.45% and decrease for big-volume traders. You can get a 25% discount if you pay your trading expenses with BNB.

Coins available to trade: 137 coins, including Bitcoin, Ethereum, Solana, Cardano, and more.

Coinbase

As of the most recent count, 230 different digital currencies may be traded on Coinbase, a specialist cryptocurrency exchange. Considering that the range contains the majority of the most popular currencies, including Bitcoin, of course, it will probably satisfy your cryptographic craving. What will you have to pay, nevertheless, to use the fundamental service? Unfortunately, Coinbase has been less upfront about the fees associated with trading and has made the cost structure on its website difficult to see.

The pricing system was, to put it mildly, convoluted when it became apparent. In addition to a transaction charge that varied in size depending on the transaction’s size and financing source, you would pay a spread markup of around 0.5 percent. Fees for Coinbase Advanced Trade start at 0.6 percent for volume over the previous 30 days under $10,000 and drop to as little as 0.15 percent for volume above that amount up to $100,000 before dropping even further.

In June 2023, the SEC filed a lawsuit against Coinbase, saying that it had illegally functioned as a clearing agency, broker-dealer, and exchange, as well as issued and sold unregistered securities. According to the lawsuit, Coinbase willfully broke securities regulations that are meant to safeguard investors. Coinbase declared that business as usual would resume.

Cost: Typically at least 1.99 percent (lower with Coinbase Advanced Trade)

Coins available to trade: A whopping 230, including Bitcoin, Ethereum, Cardano, and Solana

eToro

The eToro broker only deals in cryptocurrencies (at least for American traders; other traders can trade equities). You may access approximately 80 cryptocurrencies via eToro, including many that aren’t often available on standard brokerage applications, such as Tezos, Uniswap, and Polygon. Regardless of whatever currency you buy or how much, the app charges a flat spread markup of 1 percent rather than a straight fee.

Cost: Commission-free, but spread markup of 1 percent

Coins available to trade: 79 cryptos, including Bitcoin, Ethereum, Dogecoin, and more

Kraken

Another specialist cryptocurrency exchange, Kraken, allows you to trade a wide variety of currencies, including the most well-known ones as well as those (such as Solana, Uniswap, Cardano, and others) that aren’t frequently offered on traditional financial apps. The exchange offers trading in more than 212 different cryptocurrencies in total. New York and Washington State citizens are not eligible for Kraken’s service.

Kraken Pro offers competitive commissions, which range from 0.16 to 0.26 percent at the lowest volume levels to a range of 0 to 0.1 percent with a volume of $10 million or more in the last 30 days. Margin trading is also available to high-net-worth traders, enhancing both their purchasing power and risk. While ACH deposits into Kraken are free, debit or credit card transactions cost 3.75 percent plus 25 cents, and at last check, if you fund through a bank, you may also be charged a 0.5 percent online banking processing fee.

Cost: Fees start at 0.26 percent, plus fees for cards and online banking.

Coins available to trade: 212 of them, including Bitcoin, Ethereum, Solana, and Uniswap

Robinhood

Although you may be familiar with Robinhood for its sleek trading interface for stocks, options, and ETFs, the company has now diversified into cryptocurrency. Additionally, it introduces its no-commission structure to the realm of cryptocurrency. Trading may appear to be free, but Robinhood levies a spread markup rather than a straight commission, so the fees are included in the purchase or sell price of a coin. With Robinhood’s rapid transfer function, you may start trading practically right away, so all you have to do is download.

Cost: $0, or commission-free, but there’s a spread markup

Coins available to trade: 18 of them (some aren’t available in all states), including Bitcoin, Dogecoin and Ethereum

Webull

Webull’s feature set feels superior to Robinhood’s, even if it may not be the face of trading applications. Webull provides stocks, options, ETFs, and cryptocurrencies with no out-of-pocket commission, much like its well-known competition. Additionally, Webull bases its cryptocurrency transaction costs on a spread markup, so your expense is already factored into the deal. Additionally, including Cardano, you can trade a few more coins than you can at Robinhood.

Cost: Commission-free, but spread markup of 1 percent (100 basis points)

Coins available to trade: 58 different types, including Bitcoin, Ethereum, and Solana

Cash App

You might not initially think of Cash App when you consider cryptocurrencies. The financial app is more well-known for its ability to trade stocks and ETFs than for its cash management account. But it also provides cryptocurrency trading, although with only one option—Bitcoin. While sending Bitcoin to other users is free, Cash App imposes what it terms a “small fee” for exchanging the currency, which it will make clear to you before you make the deal. This is in addition to a spread markup included in the deal itself. Unfortunately, it doesn’t provide the details of its cost system.

Cost: Spread markup plus a trading fee

Coins available to trade: only Bitcoin

PayPal

If you already have PayPal loaded on your phone, much like Cash App, you may start trading cryptocurrencies right now. If not, you can do so in a matter of seconds. Both a fee and a spread markup are included in every trade made using PayPal. For trades worth less than $5, the cost is 49 cents, rising progressively to $2.49 for deals worth more than $200. When a deal exceeds $1,000, the rate changes to one that drops to as little as 1.5 percent. PayPal makes it easy for everyone to read its fee schedule, which is helpful. Similar services are provided under comparable conditions by Venmo, a sibling app of PayPal.

Cost: A spread markup of about 0.5 percent plus a trading fee that starts at 49 cents and declines to 1.5 percent

Coins available to trade: four different cryptos—Bitcoin, Ethereum, Litecoin, and Bitcoin Cash

Conclusion

Your demands determine which cryptocurrency trading platform or exchange is ideal for you. Consider using an app or exchange that enables you to trade a variety of digital currencies if you want to do so. However, if you choose to stick mostly to the popular ones like Bitcoin, Ethereum, and a few others, then many of the platforms discussed below might meet your needs. Prior to creating an account, keep in mind that costs are also a crucial factor.

Disclaimer: Before making an investment choice, all investors are urged to perform their own independent research on investing techniques. Investors are also cautioned that the previous success of investment products does not guarantee future price growth.

#Crypto #Cryptocurrency #YahooNews #Apps #Exchange