Best Crypto Exchanges & Apps of December 2024

More about these crypto platforms

Coinbase

Best for: Beginner crypto trading; hassle-free and secure crypto storage.

Why we picked it: Coinbase has been at the forefront of cryptocurrency trading since it was founded in 2012, paving the way for beginners who had previously been skeptical of decentralized wallets and how to use them. And that ethos continues to this day — Coinbase is consistently one of the most user-friendly crypto apps we review, even when using its more advanced trading features. This makes it a strong choice for beginners looking for an onramp into the world of crypto.

Good to know: Coinbase's fee structure can sometimes be quite confusing, though you'll see all fees displayed clearly before placing any order.

Robinhood Crypto

Best for: Traditional brokers; easily buying and selling crypto with USD.

Why we picked it: When Robinhood initially launched its crypto trading product, it was barebones and lacked many features central to crypto trading, such as the ability to send and receive coins. But over time, Robinhood has improved the offering, bringing its incredibly easy stock user interface to crypto markets. While it still can't compete with the pure-play crypto platforms on this list, Robinhood Crypto is a solid choice for those looking for an app that features crypto and stocks all in one.

Good to know: The crypto offering available in the Robinhood brokerage app has limitations. For example, you can't trade crypto-to-crypto directly. For that, you'll need to set up a separate Robinhood Wallet.

Gemini

Best for: Advanced and active crypto trading; crypto-to-crypto trading.

Why we picked it: Gemini offers products for all levels of crypto trading, but its ActiveTrader product is especially suited for advanced crypto traders. The platform provides access to crypto derivatives, boasts an execution speed of microseconds and offers a selection of some of the most popular crypto-to-crypto trading pairs, even if it the selection isn't as expansive as some other platforms.

Good to know: Gemini previously offered a staking and rewards program called Gemini Earn, but in November 2022, froze customer assets amid the fallout from the collapse of crypto exchange FTX. Its current staking program is a pared-down version.

Kraken

Best for: Low fees for advanced trading; large selection of cryptocurrencies; crypto-to-crypto trading pairs.

Why we picked it: Kraken offers a huge selection of cryptocurrencies and around 100 crypto-to-crypto trading pairs. And if you're trading on Kraken Pro, fees fall to some of the lowest of any crypto exchange we review.

Good to know: The exchange is not available for users in New York or Washington, and Kraken has banned access to its staking offering for users in the U.S.

Crypto.com

Best for: Overall experience; cryptocurrency selection.

Why we picked it: Crypto.com rose to the top of the ranks thanks to its huge selection of digital assets, low fees, DeFi companion app and slick user experience. For more advanced traders, the platform offers trading in crypto derivatives, as well as customizable alerts and watchlists. Beginners will find plenty of explanations and tooltips along the way.

Good to know: Crypto.com previously had a huge selection of high-earning staking and rewards options, but that is no longer available to U.S. customers.

Fidelity Crypto

Best for: Investors who want basic exposure to cryptocurrency within a traditional brokerage

Why we picked it: Investors who already use Fidelity and want to gain some exposure to three cryptocurrencies — Bitcoin, Ethereum and Litecoin — can now do so from within the brokerage. Functionality is limited, and you won't find any advanced crypto trading bells and whistles, but for many using this product, such offerings aren't necessary.

Good to know: Despite operating through one of the largest brokerages in the U.S., Fidelity Crypto is still only available in 38 states.

InteractiveBrokers Crypto

Best for: Traditional brokers; advanced traders.

Why we picked it: InteractiveBrokers has long been one of the best brokers for advanced trading in equities, and now it offers a similar platform for cryptocurrency. Similar to Fidelity's crypto offering, existing users of InteractiveBrokers will appreciate the ability to gain exposure to four large cryptocurrencies within the platform.

Good to know: InteractiveBrokers is still primarily an advanced stock trading platform, so you won't be able to trade crypto-to-crypto like you can on a pure-play crypto trading platform, such as Coinbase, Gemini, Crypto.com or Kraken.

Common questions about cryptocurrency exchanges

What is a crypto exchange?

A crypto exchange is, very basically, a place where you can purchase a cryptocurrency using cash or another digital asset.

This roundup primarily discusses a type of crypto exchange known as a centralized exchange. A centralized exchange is a marketplace operated by a business entity that buys, sells and facilitates transactions in cryptocurrency.

If you're new to cryptocurrency or just need to convert fiat currency into crypto, you'll likely use a centralized exchange.

Another way to get crypto is through what is known as a decentralized exchange. These are largely automated, blockchain-based programs that allow users to swap certain kinds of cryptocurrency for one another. While these can have lower transaction costs, they also require more technical expertise. And if you don't already have cryptocurrency, your options are limited.

What services do crypto exchanges offer?

Aside from their primary role at the center of crypto sales and purchases, exchanges have added a handful of other offerings. Among those are services that pay rewards to people who lend out their crypto. Many crypto exchanges will hold your crypto for you if you don't want to set up a wallet that you control by yourself.

Which crypto exchange offers the largest selection?

The number of coins on offer at crypto exchanges can vary widely. If you're looking to trade a specific cryptocurrency, you'll want to confirm it's available through the platform you're interested in. Generally speaking, if you're looking for anything more than Bitcoin, Litecoin and Ethereum, you should probably consider a pure-play crypto exchange rather than a traditional broker with a crypto offering. This becomes clear when comparing the number of cryptocurrencies available at pure-play crypto platforms and traditional brokers above.

Are crypto exchanges safe?

Crypto trading is not subject to the same investor protections you get when working with traditional investments. For example, U.S. Securities Investor Protection Corp. insurance doesn't apply to cryptocurrency, so if your exchange fails, you could lose your investment.

It's also worth noting that storing crypto in an exchange's wallet can leave you vulnerable to losses if an exchange fails or suffers a cyberattack. For this reason, some users prefer not to store assets on exchanges unless they're actively trading. Instead, you can use your own crypto wallet to store, trade and carry out transactions using cryptocurrency.

How much money do I need to use a crypto exchange?

If you're just thinking about dabbling in crypto, it's good to remember that you don't have to put your life's savings on the line to get a sense of how it works.

Crypto exchanges reviewed by NerdWallet generally have no account minimums, which means you're free to create an account and look around without spending a dime. And if you decide to buy some crypto, you don't have to buy a lot. Many exchanges have a minimum purchase of around a dollar.

How is investing in crypto different from investing in stocks?

Trading cryptocurrencies is different from traditional investing in several ways. A few examples:

• Compared to traditional investing, which has seen fees steadily decline in recent years, trading in cryptocurrencies costs much more. For example, depending on the method of payment, you could pay 5% or more in fees when trading Bitcoin. Most online brokers no longer charge a commission to trade stocks.

• Crypto is still a relatively new and burgeoning industry, and customer service has lagged behind what's available at traditional brokerages. Want to speak to a person concerning questions or account issues at a crypto exchange? Many pure crypto exchanges don't offer that service.

• You have more responsibility for protecting your crypto from theft with cryptocurrency exchanges, especially if you use your own digital wallet. While exchanges protect you from losses due to site-wide hacks, you won’t be protected from individual attacks on your account — for example, a phishing email attack in which you unwittingly reveal your passwords to cybercriminals.