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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.

Andy Rosen
By Andy Rosen 
Edited by Chris Davis

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The investing information provided on this page is for educational purposes only. NerdWallet, Inc. does not offer advisory or brokerage services, nor does it recommend or advise investors to buy or sell particular stocks, securities or other investments.

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. 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

NerdWallet rating 

4.8

/5
Coinbase
Learn more

on Coinbase's website

Fees

0% - 3.99%

varies by type of transaction; other fees may apply

Account minimum

$0

Promotion

Get $200 in crypto

when you sign up. Terms Apply.

NerdWallet rating 

5.0

/5
Crypto.com
Fees

0%-2.99%

Varies by type of transaction; other fees may apply

Account minimum

$0

Promotion

None

no promotion available at this time

NerdWallet rating 

4.3

/5
Kraken
Fees

0.16%-5%

varies by type of transaction; other fees may apply

Account minimum

$0

Promotion

None

no promotion available at this time

NerdWallet rating 

3.7

/5
Binance.US
Fees

0%-0.6%

depending on payment method

Account minimum

$0

Promotion

None

no promotion available at this time

Last updated on March 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...

NerdWallet's Best Exchanges to Store Your Cryptocurrency