11 Best Crypto Exchanges and Apps of February 2023
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Choosing a cryptocurrency exchange is often the first step investors take when exploring the word of digital assets. While there are many ways to exchange cryptocurrencies for one another, centralized exchanges provide a relatively easy way to convert cash into coins and tokens.
There are many exchanges to choose from — some with a longer track record than others. When comparing exchanges, investors can look at fees, cryptocurrency selection, advanced trading options and customer service offerings. But it's also important to keep in mind some caveats.
Though some stock brokers also offer crypto exchanges, crypto trading is not subject to the same investor protections you get when working with traditional investments. U.S. Securities Investor Protection Corp. insurance doesn't apply to cryptocurrency, so if your exchange fails (as FTX did in the fall of 2022), you could lose your investment. For this reason, some users prefer not to store assets on exchanges unless they're actively trading. You can use your own crypto wallet in many cases to store, trade and carry out transactions using cryptocurrency.
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, Ethereum and other digital assets.
Choosing a cryptocurrency exchange is often the first step investors take when exploring the word of digital assets. While there are many ways to exchange cryptocurrencies for one another, centralized exchanges provide a relatively easy way to convert cash into coins and tokens.
There are many exchanges to choose from — some with a longer track record than others. When comparing exchanges, investors can look at fees, cryptocurrency selection, advanced trading options and customer service offerings. But it's also important to keep in mind some caveats.
Though some stock brokers also offer crypto exchanges, crypto trading is not subject to the same investor protections you get when working with traditional investments. U.S. Securities Investor Protection Corp. insurance doesn't apply to cryptocurrency, so if your exchange fails (as FTX did in the fall of 2022), you could lose your investment. For this reason, some users prefer not to store assets on exchanges unless they're actively trading. You can use your own crypto wallet in many cases to store, trade and carry out transactions using cryptocurrency.
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, Ethereum and other digital assets.
Best Crypto Exchanges and Apps
| Broker | NerdWallet rating | Fees | Account minimum | Promotion | Learn more |
|---|---|---|---|---|---|
 Coinbase Learn more on Coinbase's website | Best for crypto exchanges | 0% - varies by type of transaction; other fees may apply | $0 | Get $200 in Crypto when you sign up. Terms Apply. | Learn more on Coinbase's website |
 Robinhood Crypto Learn more on Robinhood's website | Best for online brokers | $0 per trade | $0 | None no promotion available at this time | Learn more on Robinhood's website |
 Webull Crypto Learn more on Webull's website | Best for online brokers | $0 per trade | $0 | Get $5 in Crypto after opening a Webull account, activating crypto trading, and completing one [1] crypto trade before 2/28/2023. | Learn more on Webull's website |
 TradeStation Crypto Learn more on TradeStation's website | Best for online brokers | 0.30% or lower for larger balances | $0 | Get $150 in Bitcoin when you purchase or deposit $500 in Crypto. Offer Code: NERDAGCT. | Learn more on TradeStation's website |
 eToro Learn more on eToro's website | Best for crypto exchanges | 1% for cryptocurrency | $0 | Get a $10 bonus when you buy $100 worth of crypto (U.S. only). | Learn more on eToro's website |
Our pick for
crypto exchanges
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 170 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 30 cryptocurrencies. Its fees, however, can be confusing and higher than some competitors. While Coinbase offers attractive security features, cryptocurrency trading is highly volatile: Always consider the risks.
1%
for cryptocurrency
$0
Get a $10 bonus
when you buy $100 worth of crypto (U.S. only).
Pros
Social investing: Ability to match moves of popular traders.
Advanced trading features in mobile app.
Cons
Service not available in all states.
No crypto-to-crypto trading pairs.
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.
Our pick for
online brokers
Several brokers offer cryptocurrency trading in addition to stocks, funds and other asset classes.
$0
per trade
$0
None
no promotion available at this time
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.
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.
$0
per trade
$0
Get $5 in Crypto
after opening a Webull account, activating crypto trading, and completing one [1] crypto trade before 2/28/2023.
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.
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.
0.30%
or lower for larger balances
$0
Get $150 in Bitcoin
when you purchase or deposit $500 in Crypto. Offer Code: NERDAGCT.
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.
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.
1.25%
per trade
$10
Get up to $100 in crypto
with a qualifying first trade
Pros
Low fee structure.
Selection of 20 cryptocurrencies.
Convenient if you already have a SoFi brokerage account.
Cons
No crypto-to-crypto trading.
Can’t deposit or withdraw crypto to a personal crypto wallet.
Why We Like It
SoFi offers low fees and some 20 cryptocurrencies, but no crypto-to-crypto trades nor the ability to transfer crypto assets off their platform.
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.
PayPal
PayPal allows users to purchase and sell Bitcoin, Ethereum, Litecoin and Bitcoin Cash. Fees include an estimated 0.5% trading fee (this may vary depending on market conditions) and a tiered transaction fee that amounts to $2.49 for $200 in Bitcoin.
PayPal allows purchases to be made with crypto 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 also offers Bitcoin, Ethereum, Litecoin and Bitcoin Cash. Venmo, which is owned by the same company as PayPal, has a similar fee structure: estimated 0.5% trading cost, with a fee structure that amounts to $2.49 on a $200 purchase.
Last updated on February 1, 2023
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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).
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 February 2023
- Coinbase: Best for crypto exchanges
- Robinhood Crypto: Best for online brokers
- Webull Crypto: Best for online brokers
- TradeStation Crypto: Best for online brokers
- eToro: Best for crypto exchanges
- SoFi Active Investing Crypto: Best for online brokers
- Binance.US: Best for crypto exchanges
- Gemini: Best for crypto exchanges
- Kraken: Best for crypto exchanges
- Crypto.com: Best for crypto exchanges
- Firstrade Crypto: Best for online brokers
Frequently asked questions
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 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.
A crypto exchange is, very basically, a place where you can purchase a cryptocurrency using either cash or another kind of 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 if you just need to convert fiat currency into crypto, you'll likely be using 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.
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.
It's important to note that some crypto exchanges have had issues with these secondary services. For instance, some have had to freeze withdrawals from their rewards programs amid liquidity issues. And storing crypto in an exchange's wallet can leave you vulnerable to losses if an exchange fails or suffers a cyberattack.
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 around a dollar.
