11 Best Crypto Exchanges and Apps of May 2022
Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money.
The investing information provided on this page is for educational purposes only. NerdWallet does not offer advisory or brokerage services, nor does it recommend or advise investors to buy or sell particular stocks, securities or other investments.
Cryptocurrency trading has exploded in popularity, largely due to the rise in value and popularity of cryptocurrencies themselves. And while it can be intimidating at first, and although scams have occurred and continue to happen, today's best crypto apps, exchanges and platforms make buying and selling crypto simpler and clearer than it has been before.
There are several ways and places to invest in cryptocurrency. Our list considers crypto exchanges, platforms and online brokers that offer crypto, as well as cash and payment apps that let you buy and sell Bitcoin. Even those familiar with more traditional investing platforms should be mindful that crypto often comes with different fee structures, narrower customer service options and an increased role for the investor in security.
Cryptocurrency trading has exploded in popularity, largely due to the rise in value and popularity of cryptocurrencies themselves. And while it can be intimidating at first, and although scams have occurred and continue to happen, today's best crypto apps, exchanges and platforms make buying and selling crypto simpler and clearer than it has been before.
There are several ways and places to invest in cryptocurrency. Our list considers crypto exchanges, platforms and online brokers that offer crypto, as well as cash and payment apps that let you buy and sell Bitcoin. Even those familiar with more traditional investing platforms should be mindful that crypto often comes with different fee structures, narrower customer service options and an increased role for the investor in security.
Our picks for
Crypto exchanges
on FTX.US's website
FTX.US
Fees
0%-Account minimum
$0Promotion
Noneno promotion available at this time
on FTX.US's website
on Coinbase's website
Coinbase
Fees
0.5% -varies by type of transaction; other fees may apply
Account minimum
$2Promotion
Get $5 in Bitcoinwhen you make your first trade. Terms Apply.
on Coinbase's website
on Gemini's website
Gemini
Fees
0.5% -depending on payment method and platform
Account minimum
$0Promotion
$20 of BTCfor new users after trading $100 or more within 30 days
on Gemini's website
on eToro's website
eToro
Fees
1%for cryptocurrency
Account minimum
$10Promotion
Get $10when you buy $100 worth of crypto.
on eToro's website
Our picks for
Online brokers
Several brokers offer cryptocurrency trading in addition to stocks, funds and other asset classes.
on Robinhood's website
Robinhood Crypto
Fees
$0per trade
Account minimum
$0Promotion
Noneno promotion available at this time
on Robinhood's website
on TradeStation's website
TradeStation Crypto
Fees
0.30%or lower for larger balances
Account minimum
$0Promotion
Get $10 in FREE Bitcoinon all newly approved accounts.
on TradeStation's website
on Webull's website
Webull Crypto
Fees
$0per trade
Account minimum
$1Promotion
Get $5 in Cryptoafter opening a Webull account, activating crypto trading, and completing 1 crypto trade before 5/31/2022.
on Webull's website
Want to compare more options? Here are our other top picks:
Buying crypto within cash and payment apps
A number of cash and peer-to-peer payment apps now allow users to buy and sell Bitcoin. On balance, these apps are more limited in what they offer than the exchanges and brokers above.
CashApp
CashApp, a peer-to-peer money transfer system run by Square, allows users to purchase and sell Bitcoin. Unlike other cash apps noted here, Cash App allows users to transfer their Bitcoin to their own cryptocurrency wallet. Cash App charges a fee depending on price volatility and market trading volume, which it reveals at the time of purchase.
Cash App limits Bitcoin withdrawals up to $2,000 a day or $5,000 within any seven-day period.
PayPal
PayPal allows users to purchase and sell Bitcoin, but must be stored on PayPal’s site: Users can’t transfer crypto to their own digital wallet. Fees include an estimated 0.5% trading fee (this may vary depending on market conditions) and a tiered transaction fee depending on the amount of crypto purchased, ranging from 2.3% for amounts between $25 and $100, and 1.5% for purchasing or selling more than $1,000 of Bitcoin. Purchases below $25 are charged 0.5%. Users can purchase up to $20,000 a week, but no more than $50,000 during any one-year period.
PayPal allows purchases to be made with Bitcoin where available, but you will need to pay taxes on the sale of Bitcoin on top of any taxes related to the purchase of the goods or service.
Venmo
Venmo is the latest cash app to introduce cryptocurrency sales and purchase, but unlike other providers gives a choice of four coins: Bitcoin, ether, Bitcoin cash and Litecoin. Venmo’s fee structure mirrors PayPal: estimated 0.5% trading cost, plus tiered transaction fees of 2.3% for crypto trades of $25 to $100, lowering to 1.5% for trades more than $1,000 (0.5% charged on crypto purchases below $25).
Limits are $20,000 a week, and no more than $50,000 in a 12-month period.
How is investing in crypto different from traditional investment in stocks, bonds and funds?
Trading cryptocurrencies is different from traditional investing in several ways:
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. Purchasing investments through a robo-advisor, however, can cost as little as 0.25%, keeping more of your cash invested.
Crypto is a 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 crypto exchange? No pure crypto exchanges we review provide 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 sitewide 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.
Last updated on April 11, 2022
You may also like these
People often identify opening a savings account as their next money move.
Marcus by Goldman Sachs Online Savings Account
APY
With $0 min. balance for APY
at Marcus by Goldman Sachs, Member FDIC
Discover Bank Online Savings
APY
With $0 min. balance for APY
Bonus
Requirements to qualify
at Discover Bank, Member FDIC
American Express® High Yield Savings Account
APY
With $1 min. balance for APY
at American Express National Bank, Member FDIC
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 judgements 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). Ratings are rounded to the nearest half-star.
For more details about the categories considered when rating brokers and our process, read our full methodology.
To recap our selections...
NerdWallet's Best Crypto Exchanges and Apps of May 2022
- FTX.US: Best for Crypto exchanges
- Coinbase: Best for Crypto exchanges
- Gemini: Best for Crypto exchanges
- eToro: Best for Crypto exchanges
- Kraken: Best for Crypto exchanges
- Crypto.com: Best for Crypto exchanges
- Binance.US: Best for Crypto exchanges
- BlockFi: Best for Crypto exchanges
- Robinhood Crypto: Best for Online brokers
- TradeStation Crypto: Best for Online brokers
- Webull Crypto: Best for Online brokers
