5 Best Crypto Apps & Exchanges Of 2023

Despite recent setbacks, Crypto Exchange has remained a wildly popular new asset class for investors. Among the top Google searches for 2022, Bitcoin beat out TikTok, Apple and NFL, and almost topped “restaurants near me.”

At last count, there were more than 20,000 cryptocurrency projects worldwide, and there are now around 295 million crypto users in total, according to Debthammer, with 20% of them located in the U.S.

If you’re interested in buying cryptocurrency, you need to open an account with a crypto exchange. There are around 500 examples to choose from, and Forbes Advisor combed through the leading players to determine the best crypto exchanges for both new and experienced investors. Read https://brlansclub.cm/.

Compare the Best Crypto Apps & Exchanges

Methodology

We performed an in-depth assessment of the features and options offered by nearly 25 cryptocurrency exchanges, crypto trading apps and brokerage platforms that offer crypto trading options.

The trading fees reflected for each brokerage or crypto exchange are the trading fees for the lowest volume of trade, using the most basic version of the platform.

The data addressed 10 key variables to assess the quality of each platform:

Basic Trading Features. Key metrics included the number of cryptocurrencies available to trade, the number of fiat currencies accepted, the exchange’s overall liquidity and trading fees.
Advanced Trading Features. We looked at the availability of complex trading features like advanced order types and volume discounts for frequent trading.
Margin Trading. An assessment of margin trading rates, if applicable.
Platform Availability. While some of the best crypto exchanges are available everywhere, others have widely varying degrees of accessibility to different features by country and by U.S. state.
Customer Service. Available types of customer support.
Educational Resources. We evaluated the educational content offered by each platform.
Crypto Rewards Credit Card. A few platforms offer crypto rewards credit cards.
Security and Storage. Types of storage options, security and insurance available, plus an assessment of any large-scale hacks of each exchange over its lifetime.
Staking and Rewards. Some platforms allow users to stake selected cryptos and earn interest payments.
Crypto Lending. Some crypto exchanges allow users to lend out their cryptocurrency.

These ten variables benchmark features and options across the crypto exchanges and brokerages we surveyed. Read more brians club.

For each ranking, the sum of weighted values across all or some of these key factors was calculated to award each brokerage or exchange its overall rank. Margin trading, platform lending and advanced trading were not considered for choosing the best crypto exchanges for beginners.

What Is a Crypto Exchange and How Does It Work?

A crypto exchange is a marketplace where you can buy and sell cryptocurrencies, like Bitcoin, Ether or Dogecoin. Cryptocurrency exchanges work a lot like other trading platforms that you may be familiar with. They provide you with accounts where you can create different order types to buy, sell and speculate in the crypto market.

Some crypto exchanges support advanced trading features like margin accounts and futures trading, although these are less commonly available to U.S.-based users. Others have features like crypto staking or crypto loans that allow you to earn interest on your crypto holdings. The best exchanges offer educational offerings to keep you up to date on all things crypto.

Crypto Exchange Fees

You pay two types of fees when you buy and sell crypto: trading fees and withdrawal fees.

Trading Fees

Trading fees may be charged as a flat percentage of the amount of crypto you buy or sell, or an exchange may differentiate between orders that are makers and those that are takers, charging a different percentage accordingly.

On a basic level, makers are orders that add liquidity to an exchange, meaning they do not fulfill standing orders. Takers, meanwhile, remove liquidity from an exchange by completing orders that are waiting for a trade. Depending on the exchange, maker fees are usually slightly less than taker fees, although this isn’t always the case.

While you’re ideally picking an exchange with the lowest costs, dwelling too much on the ins and outs of maker and taker fees can be counterproductive. That’s because you can’t choose whether your order is processed as a maker or a taker. Instead, you’re better served considering overall fees and any discounts available for trading a certain amount each month or holding an exchange’s native cryptocurrency.

An important note: Some crypto investment apps claim to charge zero fees, but this isn’t entirely accurate. Instead of charging you an outright, they charge a spread—that’s the difference between the rate at which they buy or sell crypto. Spreads can, and frequently do, wind up being much more expensive than if you paid a percentage trading fee.

Withdrawal Fees

Many exchanges charge fees to withdraw coins from their platform. This can be an issue if you prefer to move your crypto to a secure third-party wallet or onto another exchange. Withdrawal fees typically vary by cryptocurrency.

If you anticipate moving your crypto off of an exchange, you should choose a platform that allows a certain amount of fee-free withdrawals, like Gemini.