Best Crypto Exchanges

Investing in Bitcoin is hot but how exactly does a beginner get started? If you want to buy or sell cryptocurrencies, opening an account with a cryptocurrency exchange is a great way to start. 

Cryptocurrencies have become far easier to invest in for the average American after their recent rise in popularity. Several brokerage firms, like Charles Schwab, now allow investors to buy and sell cryptocurrencies right alongside their stocks, mutual funds, and other investments. Some of the top cryptocurrency exchanges have made the process more user-friendly than ever, especially those with the best cryptocurrency trading apps.

When choosing a cryptocurrency exchange, it’s important to look at factors such as supported assets, fees, payment methods, and security. With that in mind, here are some of the best crypto exchanges for thus far in 2022. These include brokers, exchanges, and apps you can use to start building your own cryptocurrency portfolio today. How we came up with the list is via independent review, research from Investopedia, and other publications. Before choosing it’s best for you to research on your own to determine which is best for you.

Keep in mind: Investing in cryptocurrencies is not for everyone. Their brief history has shown them as highly volatile and speculative. But if you believe in the long-term potential of cryptocurrency, and have high risk tolerance, it may be worth taking the risk for the potential strong returns. Consulting with a qualified professional is always a good idea if you have questions. We are not recommending cryptocurrency in any way.

Best Exchanges of 2022

• Best Overall: Coinbase
• Best For Trading: Binance
• Best For Earning Interest: Gemini
• Best Mobile App: Crypto.com
• Best For Altcoins: BitMart

BEST OVERALL AND BEST FOR BEGINNERS – Coinbase

• Currencies Available for Trade: 150+
• Transaction Fees: 0.00% to 0.60%
• Minimum Deposit or Purchase: $2

Eligible US residents who successfully create an account and purchase crypto will receive $5 in Bitcoin (BTC) added to their Coinbase portfolio. 

Pros

• Large number of cryptocurrencies
• Intuitive, user-friendly interface and easy purchase process
• Broad assortment of educational material

Cons

• Lack of high-quality customer service
• Higher fees

Coinbase is by far the most popular and one of the best cryptocurrency exchanges because you can invest directly with USD. It offers a large number of supported cryptocurrencies and a high level of security. In addition to being a beginner-friendly platform, Coinbase provides an advanced trading platform called Coinbase Pro which makes it a good option for professional traders as well.

Coinbase also features a comprehensive and accessible variety of learning materials. Users are encouraged to use these resources through the Coinbase Earn program, which teaches how to trade specific cryptocurrencies and rewards users with free crypto.

One of the things Coinbase is known for is offering options for storing crypto. The first is a custodial option for new investors: storing your coins on the Coinbase.com exchange. The second is a non-custodial wallet (Coinbase Wallet) for experienced crypto users. When storing your crypto on Coinbase.com, Coinbase stores funds on behalf of the user. With Coinbase Wallet, the user has complete control over their funds.  

While Coinbase can be a good exchange for both new and advanced crypto investors, trading fees can be relatively high, ranging from 0% to 0.60% depending on trade volume. In addition. Coinbase also occasionally receives negative feedback for their customer service.

Best for Trading – Binance

PROS

• Highly affordable trade and conversion fees
• Advanced trading charts and data graphs
• Fast transactions times

CONS

• Limited coin variety compared to its international version
• Not available in all 50 states
• Limited customer support

Binance features one of the most generous fee structures across all the trading platforms we considered. Not as easy to use as some of the top platforms on this list, but with advanced charting and one of the most robust trading platforms out there Binance is tops for trading and investors.

Binance is the world’s largest cryptocurrency exchange by trading volume, and its domestic counterpart, Binance.US, offers many of its parent company’s advantages. One of its biggest attractions is a competitive maximum 0.1% maker/taker fee. This fee starts low and keeps getting lower as your trading volume increases which makes it the best for trading.

Best For Earning Interest and Most Secure

Pros

• Available in all 50 U.S. states
• Hot wallet insurance
• Strong security

Cons

• Only around 100 cryptocurrencies available
• Trading fees can be high

Gemini is a user-friendly cryptocurrency exchange that could be a good choice for beginners and experienced traders alike. With industry-leading security features, its own hot wallet, and a comprehensive support center, Gemini is worth considering if you’re interested in crypto investing or trading.  

Gemini Earn is a cryptocurrency interest account feature on the cryptocurrency exchange Gemini. Gemini Earn enables users to transfer funds into an “Earn” account and get up to 7.40% APY on BTC, ETH, stablecoins, and other altcoins.

With Gemini Earn, Gemini throws its hat into the ring of the world’s best cryptocurrency interest accounts— an increasingly competitive industry that includes BlockFi, Celsius, and competing exchange Coinbase. Announced in February 2021, Gemini Earn is a relative newcomer to the cryptocurrency interest account niche. The parent exchange, however, has been around since 2014 and is founded by Tyler and Cameron Winklevoss.

Gemini Earn lets users earn up to 7.40% APY on 50+ cryptocurrencies, including BTC at 1.65%, ETH at 2.05%, 7.40% on DAI, GUSD, and more.

How Does Gemini Earn Make Money?

Gemini, the parent company, has a few distinct revenue lines. 

Its cryptocurrency interest account product, however, is able to pay its users’ interest by making loans to corporate borrowers with user deposits. 

Gemini does not charge any collateral for these loans. Instead, the company performs comprehensive background checks, regular asset evaluations, and in-depth risk assessments on its corporate creditors. It also informs users to whom it lends their funds.

Although well known for its top-notch security and insurance practices, Gemini does not insure funds you use in the Earn program. Here’s how they put it in their terms.

Gemini also encourages users to utilize two-factor authentication to secure their accounts and provides the option to review and approve devices used to log onto the trading account. Another standout security feature of Gemini is that it is SOC 2-certified, which means that third-party auditors have verified the company’s security and compliance frameworks.

Traders and investors who prefer to trade on a highly secure platform will appreciate what Gemini has to offer.

You can learn more about Gemini Earn by visiting their website, or check out their review on CoinCentral.com.

Best Mobile App: Crypto.com

Pros

• Supports over 250 cryptocurrencies
• Pays weekly interest on crypto savings
• Outstanding cybersecurity infrastructure

Cons

• Relatively high fees
• No desktop support, only app-based
• Limited customer support

Crypto provides an extensive digital asset trading and investing ecosystem that you can access easily from your smartphone…and they have the coolest domain name.

Crypto.com is one of the largest and fastest growing crypto exchanges. It’s based in Hong Kong, but offers a ton of support for US-based customers. Right now, you can have access to over 90 tokens and coins worldwide, and 50 tokens and coins if you’re in the United States. Plus, the offer solid rates on their crypto savings accounts.

Most reputable crypto exchanges feature a solid cybersecurity infrastructure, but this is where Crypto.com really stands out. The exchange is ranked first in the Cybersecurity Ranking and CERtification Platform’s top 100 exchanges by cybersecurity rating.

What stands out the most, however, is the Crypto.com mobile app. While many crypto exchange mobile apps provide a watered-down version of the exchange’s web-based platform, Crypto.com put a strong focus on building an app that offers a wide range of products and features so users can benefit from this exchange’s ecosystem on the go. Mobile app users can buy, sell, trade, and earn interest on their crypto, as well as pay with crypto.

The only major drawback is that it’s only app-based at this time, there is no desktop platform.

Best for Altcoins – BitMart

Pros

• Supports a very large number of cryptocurrencies
• Provides crypto earning opportunities
• Offers a simple buy/sell cryptocurrency feature

Cons

• Experienced a large-scale hack in 2021
• Has received poor feedback from customers

Founded in 2017, BitMart is a global cryptocurrency exchange that’s available in over 180 countries. It allows users to buy, sell, and store over 1,000 digital currencies and tokens. 

Incorporated in the Cayman Islands, BitMart has established itself as a leading trading venue for small and mid-cap cryptocurrencies. BitMart offers more assets and trading pairs than its market-leading peers, so Investors looking to add newly launched or obscure crypto assets to their portfolios will likely find what they are looking for on this exchange. 

BitMart suffered a security breach in December 2021 that resulted in the loss of $196 million in user funds. While BitMart has promised to reimburse users, the hack has made a substantial dent in the exchange’s reputation. 

Despite these drawbacks, crypto enthusiasts interested in trading a wide range of lesser-known cryptocurrencies will find what they are looking for on BitMart. BitMart is a decent option for advanced crypto traders who want access to a large selection of crypto with low trading fees and the ability to trade with leverage.