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11 Best Crypto Exchanges and Apps of August 2022

Aug 1, 2022

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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.

Best Crypto Exchanges and Apps

Our pick for

Online brokers

Several brokers offer cryptocurrency trading in addition to stocks, funds and other asset classes.

Robinhood Crypto
Learn more

on Robinhood's website

Robinhood Crypto

3.5

NerdWallet rating 
Robinhood Crypto

Fees

$0

per trade

Account minimum

$0

Promotion

None

no promotion available at this time

Learn more

on Robinhood's website


Promotion

None

no promotion available at this time

Why we like it

Robinhood brings its no-fee ethos to cryptocurrency trading, but currently offers few cryptocurrencies and no way to transfer crypto assets off the platform.

Pros

  • No fees for crypto trades.

  • Convenient if you already have a Robinhood brokerage account.

Cons

  • Comparatively fewer cryptocurrencies offered.

  • No crypto-to-crypto trading.

  • Can’t deposit or withdraw crypto to a personal crypto wallet.

Read Full Review
Webull Crypto
Learn more

on Webull's website

Webull Crypto

3.5

NerdWallet rating 
Webull Crypto

Fees

$0

per trade

Account minimum

$1

Promotion

Get $5 in Crypto

after opening a Webull account, activating crypto trading, and completing 1 crypto trade before 8/31/2022.

Learn more

on Webull's website


Promotion

Get $5 in Crypto

after opening a Webull account, activating crypto trading, and completing 1 crypto trade before 8/31/2022.

Why we like it

Webull charges no fees for cryptocurrency trades beyond a 1% spread for each trade, but has relatively fewer cryptocurrencies on offer.

Pros

  • No fees for crypto trades.

  • Convenient if you already have a Webull brokerage account.

Cons

  • Comparatively fewer cryptocurrencies offered.

  • No crypto-to-crypto trading.

  • Can't deposit or withdraw crypto to a personal crypto wallet.

Read Full Review
TradeStation Crypto
Learn more

on TradeStation's website

TradeStation Crypto

4.5

NerdWallet rating 
TradeStation Crypto

Fees

0.30%

or lower for larger balances

Account minimum

$0

Promotion

Get $150 in Bitcoin

when you purchase or deposit $500 in Crypto. Offer Code: NERDAGCT.

Learn more

on TradeStation's website


Promotion

Get $150 in Bitcoin

when you purchase or deposit $500 in Crypto. Offer Code: NERDAGCT.

Why we like it

TradeStation Crypto charges 0.3% or lower on crypto trades, and unlike many other brokerages enables users to transfer crypto to a personal wallet.

Pros

  • Lower fees compared to most cryptocurrency exchanges.

  • Allows transfer of cryptocurrency assets to a personal crypto wallet.

  • Convenient if you already have a TradeStation brokerage account.

Cons

  • Comparatively fewer cryptocurrencies offered.

Read Full Review

Our pick for

Crypto exchanges

eToro
Learn more

on eToro's website

eToro

4.0

NerdWallet rating 
eToro

Fees

1%

for cryptocurrency

Account minimum

$10

Promotion

Get $10

when you buy $100 worth of crypto.

Learn more

on eToro's website


Promotion

Get $10

when you buy $100 worth of crypto.

Why we like it

Users on eToro can begin trading cryptocurrency, stocks and ETFs for as little as $10, and its innovative trading platform lets investors mirror select traders with successful track records, move-by-move.

Pros

  • Offers access to more than 30 cryptocurrencies.

  • Low minimum to fund an account and begin investing.

  • Social investing: Ability to match moves of popular traders.

Cons

  • Service not available in all states.

Read Full Review

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 August 1, 2022

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People often identify opening a savings account as their next money move.

Discover Bank Online Savings

5.0

NerdWallet rating 
Discover Bank Online Savings

APY

1.50%

With $0 min. balance for APY

Bonus

$200

Requirements to qualify

at Discover Bank, Member FDIC

CIT Bank Savings Connect

4.5

NerdWallet rating 
CIT Bank Savings Connect

APY

1.90%

With $100 min. balance for APY

at CIT Bank, Member FDIC

SoFi Checking and Savings

5.0

NerdWallet rating 
SoFi Checking and Savings

APY

1.80%

With $0 min. balance for APY

Bonus

$300

Earn up to $300 with direct deposit. Terms apply.

at SoFi, 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 August 2022