4 Best Exchanges to Store Your Cryptocurrency
NerdWallet did an in-depth examination of the storage options available on the best cryptocurrency exchanges we have reviewed.
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One of the most important decisions you'll make about your digital assets is how you want to store them. Keeping track of the private keys that prove your ownership of cryptocurrencies is essential; if you lose them, you may never be able to recover your holdings.
A relatively simple way to hold onto your cryptocurrency is to outsource the storage to the exchange where you bought it or where you plan to trade it. Many leading platforms offer storage services, often enticing customers to do so with rewards and "staking" programs that allow them to earn more cryptocurrency.
Entrusting your cryptocurrency to a third party involves some risk. Exchanges can be victimized by hackers or subject to technical failures, and some have suffered costly losses. The collapse of FTX in November of 2022 is an example of how even seemingly established companies can quickly become insolvent given the uneven regulatory oversight of the industry.
Remember that cryptocurrencies are not generally subject to the Federal Deposit Insurance Corporation coverage that protects your bank balance, nor are they eligible for Securities Investor Protection Corporation coverage like that held by traditional brokers. Some, but not all, exchanges have private insurance.
If you want maximum control over your assets and their security, you might want to consider "cold storage," in which you use a digital wallet that is not connected to the internet. We have reviewed some of the most popular wallets in our best crypto wallets roundup. But if you’re only holding relatively small amounts, or you’re not ready to dive into cold storage, exchanges have taken a variety of steps to make their customers feel comfortable.
NerdWallet did an in-depth examination of the storage options available on the best cryptocurrency exchanges we have reviewed. Among the factors we considered were insurance against the loss of crypto assets, the costs of using a platform, prior data security incidents and rewards offered by the different platforms. These exchanges are listed below, and the star ratings represent the provider's overall score.
One of the most important decisions you'll make about your digital assets is how you want to store them. Keeping track of the private keys that prove your ownership of cryptocurrencies is essential; if you lose them, you may never be able to recover your holdings.
A relatively simple way to hold onto your cryptocurrency is to outsource the storage to the exchange where you bought it or where you plan to trade it. Many leading platforms offer storage services, often enticing customers to do so with rewards and "staking" programs that allow them to earn more cryptocurrency.
Entrusting your cryptocurrency to a third party involves some risk. Exchanges can be victimized by hackers or subject to technical failures, and some have suffered costly losses. The collapse of FTX in November of 2022 is an example of how even seemingly established companies can quickly become insolvent given the uneven regulatory oversight of the industry.
Remember that cryptocurrencies are not generally subject to the Federal Deposit Insurance Corporation coverage that protects your bank balance, nor are they eligible for Securities Investor Protection Corporation coverage like that held by traditional brokers. Some, but not all, exchanges have private insurance.
If you want maximum control over your assets and their security, you might want to consider "cold storage," in which you use a digital wallet that is not connected to the internet. We have reviewed some of the most popular wallets in our best crypto wallets roundup. But if you’re only holding relatively small amounts, or you’re not ready to dive into cold storage, exchanges have taken a variety of steps to make their customers feel comfortable.
NerdWallet did an in-depth examination of the storage options available on the best cryptocurrency exchanges we have reviewed. Among the factors we considered were insurance against the loss of crypto assets, the costs of using a platform, prior data security incidents and rewards offered by the different platforms. These exchanges are listed below, and the star ratings represent the provider's overall score.
Best Exchanges to Store Your Cryptocurrency
0% - 3.99%
varies by type of transaction; other fees may apply
$0
Get $200 in crypto
when you sign up. Terms Apply.
Pros
Offers access to more than 200 cryptocurrencies.
Low minimum to fund account.
Quick crypto withdrawals.
Cons
Higher fees than other cryptocurrency exchanges.
Why We Like It
Coinbase is the largest U.S.-based cryptocurrency exchange, trading more than 200 cryptocurrencies. Its fees, however, can be confusing and higher than some competitors.
0%-2.99%
Varies by type of transaction; other fees may apply
$0
None
no promotion available at this time
Pros
Large selection of crypto assets and trading pairs.
Fees are low if you fund your account with cash transfers.
Straightforward staking program.
Cons
Some services not offered in the U.S.
High fees to withdrawal cryptocurrency.
Why We Like It
Crypto.com offers a massive selection of digital assets, low or no fees, and additional perks for holders of its CRO cryptocurrency.
0.16%-5%
varies by type of transaction; other fees may apply
$0
None
no promotion available at this time
Pros
Large selection of digital assets.
Low fees for advanced traders.
Cons
Limited options for funding accounts.
Not available in all U.S. states.
High fees for buying in USD.
0%-0.6%
depending on payment method
$0
None
no promotion available at this time
Pros
Large selection.
Low fees on crypto-to-crypto trades.
Cons
Major regulatory concerns.
Does not accept U.S. dollars.
Why We Like It
The U.S. arm of the world’s largest cryptocurrency exchange by trading volume, Binance.US offers trading of more than 50 cryptocurrencies.
Last updated on May 1, 2024
Methodology
How do we review cryptocurrency platforms?
NerdWallet’s comprehensive review process evaluates and ranks platforms and companies that allow U.S. customers to buy and/or sell cryptocurrency. Our aim is to provide an independent assessment of providers to help arm you with information to make sound, informed judgments on which ones will best meet your needs. We adhere to strict guidelines for editorial integrity.
We collect data directly from providers through detailed questionnaires and conduct first-hand testing and observation through provider demonstrations. The questionnaire answers, combined with demonstrations, interviews of personnel at the providers and our specialists’ hands-on research, fuel our proprietary assessment process that scores each provider’s performance across more than 20 factors. The final output produces star ratings from poor (one star) to excellent (five stars).
For more details about the categories considered when rating brokers and our process, read our full methodology.
To recap our selections...
