Best Cryptocurrency Brokers
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Finding the Best Cryptocurrency Broker
Cryptocurrency is the future of finance, and this is mainly due to the increasing popularity and volatility of cryptocurrencies. For instance, by the end of 2017, Bitcoin’s value reached nearly $20,000, then dropped to $3,000, and then again jumped to $60,000 at the start of 2021.
As cryptocurrencies continue to scale, people are increasingly interested in investing and trading in them. However, like most things, beginners in this space have no idea where to begin or who to trust. There are over 100+ online cryptocurrency brokers available. Choosing one depends on what brokers meet your interests, fee structure, and investing style.
This article will discuss the best cryptocurrency brokers available in 2022 to help you increase your passive income and choose the right investment options. Let’s get started!
What Is A Crypto Broker - And Why Do You Need One?
Before we move on to the best cryptocurrency brokers, we first need to understand what these are and how they can help. In the traditional sense, brokers are individuals or firms that act as intermediaries for the client's financial holdings that want to exchange money for products and services.
For cryptocurrencies, brokers provide online financial services to clients that want to buy and sell cryptocurrencies and benefit from the market fluctuations. In return, brokers charge a fee for their services.
Cryptocurrency brokers are useful for trading purposes. As an investor, you will analyze the market situation and price movement and trade your cryptocurrencies accordingly, and a broker makes that happen.
You can also opt for cryptocurrency exchange, but that is for more experienced traders. Cryptocurrency exchanges provide a platform for investors to directly buy and sell cryptocurrencies to other investors based on current market prices without an intermediary broker.
Benefits Of Cryptocurrency Brokers
There are many advantages to choosing cryptocurrency brokers over opting for direct trading. Some of these advantages are:
- Cryptocurrency brokers provide a suitable environment for beginners and people new to this industry.
- Direct trading can be technical and complex for people who are not tech-savvy. A broker removes all these formalities and provides expert guidance by simplifying the setup process.
- You don’t have to invest big and can start small by buying a limited amount of cryptocurrencies.
- Advanced technology and multiple risk management and assessment tools are at your disposal to ensure you make the right decision by trading at a specific time.
- Extensive customer support and expert guidance are available.
- You can react quickly to market movements and benefit from increased profit.
6 Best Cryptocurrency Brokers
eToro is a social trading platform established in 2007 that completely changed the cryptocurrency trading industry. Through eToro, you can mirror another top trader's trading and investing style in a special social trading account. You can make the same amount as the mirror trader and take the same losses. However, this strategy can be extremely risky as you put your faith in unknown traders, so do your research before committing to it.
eToro offers 40+ cryptocurrencies trading options. Aside from cryptocurrencies, the brokers also offer EFTs, Forex, CFDs, and stocks. It is a safe and secure broker platform regulated by Financial Conduct Authority (FCA) and the Australian Securities and Investment Commission (ASIC).
When it comes to fee structure, eToro shines as well. The minimum trading amount starts from $10, and you also buy fractional shares for as low as $10. eToro charges a 1% fee when buying and selling cryptocurrencies. Still, there is no commission for stocks and EFTs, and the bill is generated on regulatory transaction fees when you sell a stock.
eToro’s customer support is dependent on your club membership level. For instance, the standard support is limited to email and support tickets. But for high club members, such as silver or above, with an equity of $5,000+, you can talk to representatives directly and benefit from live chat and call support.
- Start trading and investing with minimum funds
- No commission on stock and ETF trading
- A social investing feature through which you can mirror the trading moves of popular traders
- Offers more than 30 cryptocurrency options
- Responsive website and easy-to-use mobile apps for Android and iOS
- Live chat and call support is limited to eToro member’s club only
- Broker service is not available in all states
- Charges an inactivity fee and a $5 withdrawal fee
FTX US Exchange
FTX works as a cryptocurrency broker and exchange and caters to experienced and first-time traders alike. With their motto, “for traders by traders,” FTX offers innovative products to their customer bases, such as cryptocurrencies, derivatives, and leveraged tokens. Advanced traders also have the option to trade between cryptocurrencies and national currencies.
As compared to other cryptocurrency brokers, FTX crypto options are limited, approximately 20+, but it offers all the high selling cryptocurrencies. Moreover, it also offers margin trading and other industry-leading derivatives, such as Futures. You can visit their website and view all trading options, 24h volume, daily change, and prices.
FTX has a tiered fee structure for all futures and spots, and the transaction fee depends on how much you trade on its platform. For instance, if you trade less than $100,000 in 30 days, you have to pay a 0.4% transaction fee.
FTX also offers one free wire withdrawal every week, and any withdrawals above $5,000 are also free. You can find their detailed structure guide here.
FTX options are very limited in terms of support. It only offers a ticket system for its users, and you cannot directly chat or call a representative.
- Multiple advanced trading options
- Minimum funds required for trading
- Low withdrawal fees
- Suitable for advanced traders and high investors
- Limited support options
- Lesser options for cryptocurrencies than other leading brokers
You can also see how FTX US compares to Coinbase in our companion article.
PrimeXBT is an award-winning trading platform and one of the best cryptocurrency brokers that enables you to trade cryptocurrencies, invest in stocks, and exchange foreign currencies. You can benefit from its copy trading module if you are new to the industry. You can become a passive market participant and mirror professional traders, and copy their strategies to gain maximum profit through copy trading. You also get complete control over risk management and maximum drawdown.
PrimeXBT has multiple advanced trading options, such as cryptocurrencies, stocks, indices, and commodities such as natural gas, old, silver, etc. Moreover, as compared to other brokers, PrimeXBT has only seven trading pairs.
PrimeXBT has a simple and straightforward fee structure that it offers to all platform users. The finances are divided into trading fees and overnight financing fees for customers.
In trading fees, the transaction fee is different for each trading option, such as:
- Cryptocurrencies: 0.05%
- Stock indices and commodities: 0.01%
- Foreign exchange: 0.001%
There are no fees for account deposits. Moreover, PrimeXBT has a flat withdrawal fee regardless of the amount and withdrawn asset.
In terms of customer support, PrimeXBT offers 24/7 live chat support. You can also reach out to them by their email or visit their website for the F.A.Q section.
- Copy-trading feature to become a passive investor
- Analysis and technical tools are available on hand to make impactful decisions
- It also has a referral system
- Advanced trading options include cryptos, foreign exchange, stock, and commodities
- Limited cryptocurrencies
- It has limited direct crypto transfers
- Not available in all countries, including Canada, Japan, and the U.S
iTrust Capital is an IRA software platform through which you can buy and sell cryptocurrencies using your IRA account. It is also one of the few cryptocurrency brokers that let you trade and hold physical gold in your IRA account. It is a safe and secure platform and protects your assets by integrating with Coinbase Custody and Fireblocks. It aims to simplify IRA account management and legally move money from IRA accounts to invest in cryptocurrency trading and the physical gold market.
Through iTrust Capital, you have two investment and trading options, cryptocurrencies, and gold.
It offers six cryptocurrencies, which are Bitcoin, Ethereum, XRP, Bitcoin Cash, Litecoin, and EOS. The options are considerably less than other brokers but cover all the high-selling currencies.
All gold investments through iTrust Capital are executed through Kitco Metals Inc. It is a leading precious material retailer and helps refine and analyze minerals. iTrust Capital then utilizes Tradewind’s technology to digitize trading, settlement, and ownership of gold. You can buy and sell gold 24/7 and secure it with the Royal Canadian Mint.
iTrust Capital has a transparent and straightforward fee structure. For example, there is no monthly account fee for personal accounts. For cryptocurrencies, the transaction fee is 1%. The transaction fee is $50 over spot per ounce and $2.50 over spot per ounce for gold and silver, respectively.
iTrust Capital has extensive customer support available. You can check their website for detailed guides about opening an account, transaction FAQ, etc. You can reach out to them on their helpline available for support during business hours. You can also schedule a call via their support page.
- No account setup and storage fees
- Pricing transparency on the website
- Good customer support options.
- You can trade in cryptocurrencies and physical gold
- Limited cryptocurrency options
WeBull is one of the best cryptocurrency brokers in 2022 because it offers diverse investment options and supports different account types. For instance, you can invest with your IRA account or create an individual brokerage account to buy and sell assets. It has a fully responsive and easy-to-use desktop where you can analyze charts, place orders, and check market trends.
WeBull is ideal for intermediate traders. Unlike other brokerages, WeBull enables you to trade up to 11 cryptocurrencies directly, an essential feature in such a volatile market. Aside from cryptocurrencies, it also offers other trading options such as EFTs, stocks, options, and ADRs.
When it comes to fees, WeBull is the best option. It charges no per-contract fee and offers free stock trades and $0 commission option trades. It is also easy to get started with WeBull, as there is no account minimum, so if you are new to the trade, we recommend starting low.
WeBull is also desirable because it offers 24/7 live chat and call support to its customers. You can reach out to them on their website or other platforms and resolve any technical and general problems.
- Instant funding on deposits up to $1,000
- Low costs and easy to use
- Offers direct access to cryptocurrency
- You can purchase fractional shares in ETFs and stocks
- Limited account types
- Does not offer mutual funds
- Lack of educational content on the website
Even though WeBull is a solid trading platform, we do suggest looking at Blockchain.com review to get a look at another exchange that is more friendly to US Residents.
Robinhood is an easy and intuitive crypto platform where beginners can quickly start for as low as $1. The website and app are straightforward, and users can access their tax documents and account statements through the app and begin funding in under 10 minutes. It is a safe and secure platform where you can directly trade cryptocurrency and other trading options, although it is unsuitable for advanced traders looking for a fully-featured platform.
Robinhood offers cryptocurrency trading with zero commission fees, something you will not find in other brokerages. Aside from cryptocurrency, you can also invest and trade in stocks, fractional shares, options, and ETFs.
In terms of fee structure, Robinhood offers simple pricing. For instance, there is no account minimum. Thus you can get started for as low as $1. It also offers 100% commission-free stock, ETF, and options trading. Although, you do have to pay a fee of $75 when transferring your money to another broker.
Robinhood has detailed guides and documentation available on its website for helping customers. You can also request a call from a representative 24/7 through the mobile app. Users can expect a call back 30 minutes after requesting it.
- No account minimum and commission charges
- Easy-to-use interface
- No annual or inactivity fee
- Direct crypto trading
- Excellent customer support
- Limited research
- No mutual funds
- Support limited accounts
Best Cryptocurrency Brokers Conclusion
Now that you know the best cryptocurrency brokers, you can choose one according to your needs and investment preference. Cryptocurrency trading is a complex and lengthy procedure, and with no tools and resources to know about current market trends, you can easily lose a lot of money. Thus, it's best to consult professional brokers and use their analysis tools and resources to benefit from maximum profit. We hope this article has been beneficial in finding the best cryptocurrency broker for you.
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