Cryptocurrency Brokers

Cryptocurrency brokerages are the go-to way for engaging in cryptocurrency purchases or trading for the very first time.

Finding the best cryptocurrency broker to buy Bitcoin, Ethereum, and other cryptocurrencies is essential. There are several reasons for this, all of which will be explored in this article.

If you are planning to invest in cryptocurrency or you are just getting started with cryptocurrency trading, knowing which brokerage to pick can be an essential part of your overall experience within the industry. Keep reading to find out more about the best cryptocurrency brokers.

Best Cryptocurrency Brokers in 2024

There are several factors to consider when picking a cryptocurrency brokerage so to make things a bit easier on you, we've hand-picked some of the best brokers where you can get started with cryptocurrency trading.

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eToro8.7Visitetoro.com

Don’t invest unless you’re prepared to lose all the money you invest.

Plus500 CFD Broker9.8Visitplus500.com

82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

Pepperstone9.0Visitpepperstone.com

Between 74-89 % of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Eightcap8.8Visiteightcap.com
Webull8.3Visitwebull.com
Coinbase8.4Visitcoinbase.com
Changelly7.4VisitChangelly.com
Trading 2128.4Visittrading212.com

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 83% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

What Is a Cryptocurrency Broker?

A cryptocurrency broker, otherwise referred to as a cryptocurrency brokerage, is a company that connects you with the cryptocurrency market. Brokerages are essentially middlemen standing between you and the cryptocurrency exchange. The broker buys up a large number of specific cryptocurrency tokens and offers them on its platform.

How Do Cryptocurrency Brokerages Work?

You can think of brokerages as intermediaries that are on the opposite side of any trade. The brokerages can be a lot more flexible with regard to the settlement of assets, a possible reason why they might be preferred over exchanges. Bitcoin brokers, allow traders to lock in a trade at a specific price point, even if they are unable to pay for the asset at that point in time. This would appeal to traders who want to trade an asset instantly. Unlike in exchanges, liquidity is determined by the brokerage and not the traders within the market, meaning that as long as a brokerage accepts an order, the trader can execute a transaction.

What’s the Difference Between a Broker and an Exchange?

There are several key differences between cryptocurrency brokerages and cryptocurrency exchanges. Whereas a broker is a centralized individual or business making trades on behalf of its users, an exchange is a mediated arena for users to make trades between themselves via an order book or ledger.

Broker

  • Controlled by one entity, whether that is a business or even an individual

  • Usually, charge commissions for the trades made on their platform

  • Trading via prices set by the broker

  • A more traditional avenue for financial trades

Exchange

  • Still a business, but this time with a smaller degree of control over the trades on the platform

  • Prices are set by the buyers and sellers, with the transactions mediated by the exchange

  • Usually no commission fees, but instead charge maker/taker fees (these charges a fee for removing liquidity from the platform’s pool)

  • Usually offer a better range of cryptocurrencies, but perhaps can be less regulated

What Are CFD Brokers?

CFD trading or a CFD contract is where you agree to exchange the difference in the price of a cryptocurrency. This price is calculated from when you first open the position to when you close it. You are speculating on the price of the market rather than buying the cryptocurrency token outright.

CFDs are complex instruments that should only be traded by experienced users.

Advantages and Disadvantages of Cryptocurrency Brokers

When you compare cryptocurrency brokers with exchanges or other platforms, you will notice certain other characteristics.

  • Cryptocurrency brokerages provide a simple service to purchase cryptocurrencies.
  • These brokerages typically have a dedicated mobile application that you can download and install on any smartphone.
  • You get access to a wide range of cryptocurrency tokens that can be traded extremely quickly.

How Do I Get Started with a Cryptocurrency Broker?

Getting started with a cryptocurrency brokerage is a straightforward process.

Step 1: Open a Cryptocurrency Brokerage Account
Step 2: Open the WebApp or Download the Mobile Application
Step 3: Make Your Initial Deposit
Step 4: Buy or Trade Cryptocurrencies

The Best Cryptocurrency Trading Platforms

There are many cryptocurrency brokerages and other platforms out there. Many of them will provide you with a cryptocurrency wallet, multiple methods of depositing FIAT currency, as well as a multitude of cryptocurrencies to invest in or buy. Let’s go over some cryptocurrency brokers below.

For Beginners

ProviderFee (USD 1000)Get Started
🥇 CoinbaseSpread + Coinbase feeStart with Coinbase now
🥈 eToro1% fee for buying or selling crypto.Start with eToro now
🥉 RobinhoodNo commissionStart with Robinhood now

When it comes to beginners, cryptocurrency brokerages would ideally provide a simple user interface as well as educational content.

Coinbase

Coinbase8.4Visitcoinbase.com

Coinbase is by far one of the largest cryptocurrency brokerages out there. Although you can access exchange features through the Advanced Trade section, if you want a simplified crypto broker experience, you can just click the Buy & Sell button at the top. There are loads of educational materials available if you want to build your knowledge.

eToro

eToro8.7Visitetoro.com

Don’t invest unless you’re prepared to lose all the money you invest.

eToro provides a user-friendly interface for trading cryptocurrencies. The platform is clearly laid out and you can learn from the wisdom of other traders through the social trading features. What's more, the unique CopyTrader tool enables you to automatically replicate the trades of more experienced users.

Robinhood

Robinhood6.0Visitrobinhood.com

Robinhood has an account minimum of $0 which makes it extremely easy to get into, and it also provides free cryptocurrency trades. Its user interface is also streamlined, and anyone can get started easily.

For Day Traders (eToro, Kraken, Bittrex)

There are cryptocurrency brokerages specifically tailored towards day traders. Here are the best ones out there:

ProviderFee (USD 1000)Get Started
🥇 eToro1% fee for buying or selling crypto.Start with eToro now
🥈 KrakenSpread + Kraken feeStart with Kraken now
🥉 OANDA0.25% commissionStart with OANDA now

eToro

eToro8.7Visitetoro.com

Don’t invest unless you’re prepared to lose all the money you invest.

eToro is a cryptocurrency brokerage with a reputation for its low trading minimum, which starts at just $50 and has an innovative copy feature that lets you mirror other people's trades. The fees are between 0.75% and 2.9% and it offers a wide array of cryptocurrency tokens.

Kraken

Kraken7.6Visitkraken.com

Kraken offers a large number of crypto tokens as well as relevant educational content. It has a customizable ordering platform and a solid dedicated mobile application.

OANDA

OANDA8.4Visitoanda.com

OANDA is best known as a popular forex broker, but it has now added support for some of the most popular cryptocurrencies as well. You can choose from a variety of trading platforms with advanced tools.

Best for Earning Interest

If you want to earn interest on your cryptocurrency tokens, you need to engage in practices such as staking, lending, or savings accounts.

Uphold

Uphold8.4Visituphold.com

Uphold is well known for offering some of the best APYs for staking crypto. There are over 30 cryptocurrencies supported for staking, providing as much as 16% annually in rewards.

What To Look For in a Cryptocurrency Broker?

Here are some features to look for in a brokerage:

Fee Charges:

  • There is a range of charges you can be subject to so you need to do your due diligence to get the best deal possible. For example, some of the fees you may face are commissions, holding fees, deposit/withdrawal fees, and bad spreads.

Variety of Trading Pairs:

  • While a good broker may offer a wide range of cryptocurrencies to trade with, it is also important they offer a good range of pairs to give you the most flexibility possible. More trading pairs mean you could trade directly between more cryptocurrencies, instead of needing to make additional transactions (incurring extra fees) to get from one coin to another.

Speed and Ease of Use:

  • When you are buying crypto you want transactions to be as simple to make as possible, and for them to be executed quickly and efficiently. Popular broker eToro for example has a friendly interface and good transaction speeds.

Trust and Security:

  • Arguably one of the most important elements of trading, your broker must be trustworthy and have good security measures in place. Look out for features like 2-factor authentication, loss insurance, and KYC regulations to improve your level of protection.

Cross-device Compatibility:

  • Most platforms now offer services on mobile, web, and desktop. Not only is this convenient for you, but also it is a sign of a good broker. For example, eToro supports all of these devices.

Should I Use Brokers to Buy and Sell Cryptocurrency?

The main advantage that you have whenever you use cryptocurrency brokerages to buy and sell cryptocurrencies is that they will almost always be available for you. This allows you the convenience of always having crypto to buy and having a location to sell them in an instant.

How Else Can I Buy and Trade Cryptocurrency?

Brokers offer you one of the simplest ways to trade Bitcoin. They are simple to use and do not require you to have an external wallet - which can be confusing to beginners. Here are some of the other options available to you:

Crypto Exchange:

  • Crypto exchanges provide slightly lower fees than most brokerages but can be more complicated for beginners. Some of the top, beginner-friendly exchanges are Binance and Coinbase.

Decentralized Exchange (DEX):

  • These operate in the same way as a traditional exchange, but are unregulated and are not owned/operated by a singular entity.

P2P Services:

  • Peer-to-peer exchanges don't tend to charge fees as they have no middle man; it's best to think of this as swapping rather than trading.

Final Thoughts on Cryptocurrency Brokers

Crypto brokers are a great way to trade Bitcoin and other cryptocurrencies. They are simple and easy to use and offer a good range of products that other options do not. The best broker for you depends on what you want to use it for, but eToro is a great all-around platform so we would recommend this.

We advise not reusing the same passwords with the same websites and using 2-factor authentication to best protect your account from online hackers.

eToro8.7Visitetoro.com

Don’t invest unless you’re prepared to lose all the money you invest.

FAQs

Do I Have to Verify My Identity?
Can I Buy Different Kinds of Cryptocurrencies?
Do I Need a Wallet to Use a Cryptocurrency Broker?
How Do You Safely Store Cryptocurrency?
Are Cryptocurrency Brokers Anonymous?
Can I Deposit and Withdraw Money to PayPal Using Cryptocurrency Brokers?
Are Cryptocurrencies Available 24/7?
Can I Use Multiple Cryptocurrency Brokers?
Are Cryptocurrency Brokers Legal?
Are Cryptocurrency Brokers Regulated?

Read More About Crypto & Coin Brokers