Best Crypto Exchanges & Apps September 2023

Welcome to our comprehensive guide on the best crypto exchanges and apps available in 2023. Our team of crypto tax professionals has thoroughly researched and evaluated the leading crypto exchanges accessible to users in the US.

Here we present our top five picks, followed by an extended list of the top ten exchanges and apps, with comprehensive reviews so you can quickly discover the best crypto exchanges and apps for your goals and level of experience.

BYDFi

Best crypto exchange for low fees

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Coinbase

Best crypto exchange overall

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Crypto.com

Best crypto exchange for mobile

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eToro

Best crypto exchange for social trading

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Gemini

Best crypto exchange for security

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Methodology

How our crypto tax professionals selected the best crypto exchanges and apps

Our process to select the best crypto exchanges and apps involved a comprehensive evaluation of various factors, considering a wide range of investor needs. We looked at aspects such as platform features, security measures, available cryptocurrencies, fees, user experience, and regulatory compliance to identify the most suitable options in the crypto space.

• Platform Features and User Experience: We examined the functionality and user-friendliness of each exchange's platform, including trading interfaces, charting tools, order types, and customization options.

• Security Measures: Security is critical in crypto. We assessed exchanges' security protocols, including two-factor authentication, cold storage options, insurance coverage, and third-party security audits.

• Cryptocurrency Diversity: The range of supported cryptocurrencies is crucial for catering to different investor preferences. We evaluated exchanges that offered a diverse selection of cryptocurrencies and trading pairs to provide users with ample choices for their investment strategies.

• Fees and Costs: We looked at trading fees, withdrawal fees, deposit fees, and other charges associated with each exchange. Our goal was to identify platforms that provide competitive fee structures, ensuring that users get value for their trades.

• Regulatory Compliance and Geographic Access: Regulatory adherence is important in order to provide a safe and compliant trading environment. We looked for exchanges with proper licensing and regulatory approvals in the United States to ensure that users' funds are protected and compliant with relevant laws.

• Customer Support: The availability and responsiveness of customer support play a crucial role in user experience. Exchanges with reliable and accessible customer support channels garnered favorable consideration.

• Innovation and Unique Offerings: We sought out platforms that offered innovative features or services beyond basic trading, such as staking, mobile apps, social trading, and yield products. These features enhance the overall trading experience and attract a wider user base.

• Feedback and User Reviews: We took into account user feedback and reviews. Positive feedback about ease of use, security, and overall satisfaction with the exchange carried weight during our decision-making process.

By carefully evaluating these factors, our crypto tax professionals selected the best exchanges and apps that cater to various trading preferences, skill levels, and investor needs. Whether you're a beginner looking for simplicity or an experienced trader seeking advanced tools, our expert picks aim to guide you toward the best exchange for crypto in the dynamic world of cryptocurrency trading. 

Always do your own research before investing in crypto and selecting a platform to use.

Here are our reviews of the ten best crypto exchanges chosen by our crypto tax professionals. Reviews include an overview, pros and cons, and more about why we like a given exchange or app. Use these reviews to find the best crypto exchange for your goals and level of familiarity with crypto.

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Binance.US

Best crypto exchange for staking

Binance.US is a popular crypto exchange that offers  a wide range of cryptocurrencies. Despite some geographic limitations within the US, Binance.US ranks among the top global exchanges and provides a user-friendly platform and supports staking for various cryptos, offering enticing yields.

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+  Pros & Cons

Pros

• Access more than 130 cryptocurrencies

• Stake up to 19 different cryptos on a platform Forbes Advisor ranks as one of the best

• Highly secure

• Easy to use, ideal for both beginners and experienced traders 

Cons

• Compared to its parent company, Binance.US offers a narrower range of crypto

• Unavailable in Hawaii, New York, Texas, and Vermont.

+  Why we like it

Binance.US stands out for its vast cryptocurrency options, user-friendly interface, and the ability to stake various cryptos for attractive yields. It addresses the needs of both beginners and experienced traders, offering competitive fees and high-security standards. 

• A reliable and accessible trading platform backed by the biggest exchange in the world

• Accessible in most of the US and recognized as a top global exchange

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BYDFi

Best crypto exchange for low fees

BYDFi (formerly BitYard) entered the crypto scene in 2019. From Singapore, this crypto exchange serves over 150 countries, standing out as a regulatory-compliant platform. With licenses in Australia, Singapore, and the US, BYDFi works to align with financial industry standards.

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+  Pros & Cons

Pros

• Available in all 50 states

• Accepts over 50 currencies

• Online and cold storage wallets

Cons

• Relatively new platform

• Limited trading features with no staking or lending

+  Why we like it

Catering to spot traders, the platform offers attractive attributes, including low trading fees and a diverse array of popular cryptocurrencies.

• Notably low fees

• Offers a wide range of popular cryptocurrencies

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Coinbase

Best crypto exchange overall

Coinbase is our top overall choice for its extensive range of supported cryptocurrencies, robust security measures, and advanced trading features, all presented on a user-friendly interface that makes it easy for beginners to get started in crypto in addition to advanced trading interfaces.

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+  Pros & Cons

Pros

• Wide array of cryptocurrencies and trading pairs

• Novice and advanced trading interfaces

• Highly liquid trading environment

Cons

• Relatively high trading fees

• Customer support could be improved

+  Why we like it

Coinbase was founded in 2012 to make Bitcoin transactions easy. The platform has since grown into a decentralized exchange valued at over $13 billion, accessible in over 100 countries. It's known for user-friendly design, robust security, and advanced trading. The platform appeals to newcomers due to over 300 supported assets and a familiar interface like online banking.

• Custodial and non-custodial storage options

• Highly credible and well-established exchange

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Crypto.com

Best crypto exchange for mobile

Crypto.com is our top choice for a mobile crypto exchange app, providing a comprehensive digital asset trading ecosystem easily accessible from smartphones. Launched in 2016 and available in 90 countries, it supports 250+ cryptocurrencies and offers its own blockchain, CRO token, crypto visa card, yield products, and more.

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+  Pros & Cons

Pros

• Comprehensive mobile app

• Diverse ecosystem

• Wide support for hundreds of cryptocurrencies

Cons

• Limited customer support

• Up to 0.075% trading fees for lower-volume traders

• Complex fee structure

+  Why we like it

The Crypto.com app stands out by offering a full range of features, allowing users to trade, earn interest, and pay with crypto on the go. While it excels in offerings, customer support is a drawback, and trading fees can be up to 0.075%. For a robust mobile trading experience with an array of features and supported assets, Crypto.com is a standout choice.

• Exceptional mobile app

• Supports a wide range of cryptocurrencies

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eToro

Best crypto exchange for social trading

eToro garnered acclaim for its revolutionary social investing platform, a groundbreaking tool enabling users to replicate the trades of fellow investors. Founded in 2007, eToro boasts a user base exceeding 25 million across 140 countries, with the U.S. recently joining the roster.

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+  Pros & Cons

Pros

• Social investing allows users to match popular traders’ moves

• Advanced mobile trading app features

Cons

• Lacks crypto-to-crypto trading pairs

• Not available in every US state

+  Why we like it

In 2022, eToro extended access to stocks and ETFs for US clients, who were previously limited to cryptocurrency trading. Each eToro account is accompanied by a $100,000 virtual trading fund, allowing users to practice trading with simulated capital.

• Innovative social trading

• Practice with a virtual trading fund before you invest

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Gemini

Best crypto exchange for security

Established by Tyler and Cameron Winklevoss in 2014, Gemini is a standout exchange prioritizing security and compliance. Based in New York, it features hot wallet insurance and enforces two-factor authentication, along with SOC 2 certification for verified security and compliance.

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+  Pros & Cons

Pros

• Prioritizes security and offers hot wallet insurance

• Encourages two-factor authentication, device approval

• Supports over 80 digital currencies and tokens

• Enables payments with Gemini's reward card

Cons

• Main platform charges fees for smaller trades and a high 1.49% rate for trades over $200

• Active trader platform employs maker-taker fees up to 0.4%, relatively high

+  Why we like it

Geared towards advanced traders, Gemini offers a professional trading dashboard and supports 80+ digital currencies. While fee structures vary between its platforms, higher fees are offset by robust security, making it appealing to those valuing safety in their trading endeavors.

• Verified by third-party auditors for security and compliance

• Professional dashboard for advanced traders

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Kraken

Best crypto exchange for advanced traders seeking low fees

Kraken, established in 2011 and renowned globally, stands as a reputable cryptocurrency exchange offering a wide range of features. With its headquarters in San Francisco, the exchange caters to investors by providing access to over 200 cryptocurrencies through its professional-grade trading platform, Kraken Pro.

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+  Pros & Cons

Pros

• Trade hundreds of cryptocurrencies

• Basic and pro trading tools

• Margin and derivatives trading

Cons

• High instant buy fees

• Limited funding options, no ACH transfers

+  Why we like it

Kraken's extensive offering of cryptocurrencies, coupled with its robust professional trading platform, makes it an attractive option for investors seeking a reputable and feature-rich exchange.

• Relatively low fees

• Customizable trading tools

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Robinhood

Best for no fee crypto trades

Robinhood is a broker that offers low costs, especially for options trades (except in IRAs). The platform is easy to use, but some worry it might make complex trading too easy for beginners. Robinhood also lets you trade cryptocurrencies for free.

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+  Pros & Cons

Pros

• No fees for cryptocurrency trades

• Convenient for existing Robinhood brokerage account holders

Cons

• Limited variety of available cryptocurrencies

• No crypto-to-crypto trading

+  Why we like it

Robinhood extends its fee-free philosophy to crypto trading; however, the platform currently provides a limited selection of cryptocurrencies and lacks the ability to transfer crypto assets externally.

• For those new to crypto, an easy way to begin

• Easy-to-use app

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SoFi

Best crypto exchange for beginners trading crypto and stocks

SoFi Crypto enables cryptocurrency trading within their main app, providing investors an opportunity to acquaint themselves with cryptocurrencies, supported by robust security measures, excellent customer support, and an intuitive user interface.

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+  Pros & Cons

Pros

• Exceptional customer support

• Leverages Coinbase to process transactions

Cons

• Limited number of cryptocurrencies available

+  Why we like it

For beginners looking to centralize their investments of both stocks and cryptocurrencies, SoFi can be a great place to start to get into crypto without a steep learning curve.

• Credible platform

• Caters to those new to investing and crypto

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Webull

Best crypto exchange for advanced users to trade crypto and stocks

Webull's sleek interface caters to mobile-first and casual investors, with a rich toolset that also satisfies active traders. It distinguishes itself as an appealing option for experienced active traders as well.

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+  Pros & Cons

Pros

• Trade dozens of crypto and stocks

• Social message board feature

Cons

• Limited educational content

+  Why we like it

Webull caters to the preferences of modern investors, including newcomers and casual traders, by providing an excellent mobile experience and a streamlined desktop interface.

• Manage your crypto portfolio along with stocks

• Easy-to-use mobile and desktop interfaces

Gemini distinguishes itself as the safest crypto exchange through an unwavering commitment to security and adherence to regulatory standards. Operating from New York, this exchange ensures the safety of user funds in the event of a security breach through hot wallet insurance. To bolster account security, Gemini strongly encourages the utilization of two-factor authentication and grants users the ability to review and authorize devices accessing their trading accounts. 

Notably, Gemini holds a SOC 2 certification, indicating that external auditors have validated the effectiveness of the company's security and compliance frameworks. Choosing to pay Gemini’s slightly elevated fees may be a reasonable trade-off given the platform’s unparalleled security.

Robinhood offers no-fee crypto trades but can’t properly be considered a comprehensive crypto platform. Among the top crypto exchanges, BYDFi sets the bar for minimal fees across various aspects, including withdrawals, trading, funding, deposits, and management. 

Employing a "maker-taker" fee model, BYDFi ensures that makers (those contributing liquidity through limit orders) benefit from reduced fees in contrast to takers engaging in market orders. 

BYDFi Fee Structure

• Taker fee = 0.06%

• Maker fee = 0.02%

• Withdrawal fee = Subject to blockchain specifications

• Deposit fee = No charge

• Management fee = No charge

Coinbase stands out as the best crypto exchange for beginners because of its extensive selection of supported cryptocurrencies, fortified security protocols, and sophisticated trading tools, all seamlessly integrated into a user-friendly interface tailored to accommodate both newcomers and advanced traders.

Having emerged in 2012 to simplify Bitcoin transactions, Coinbase has since evolved into a decentralized exchange boasting a valuation exceeding $13 billion, accessible in over 100 countries. Renowned for its intuitive design, robust security measures, and advanced trading capabilities, Coinbase holds a special appeal to those just starting out in crypto.

Choosing the best crypto exchange for your purposes requires that you understand the risks involved in crypto. Our expert picks in this article should point you in the right direction to choose the best crypto exchange for your goals.

Briefly, if you’re looking to begin in crypto, Coinbase is a solid option. More advanced traders might consider Gemini for its extreme commitment to security or Binance.US for staking. BYDFi can be a great option for active traders because of its comparatively low fees.

Here are answers to frequently asked questions about what is the best crypto exchange and the best exchange for crypto.

What is a crypto exchange?

Crypto exchanges function like stock exchanges, facilitating the buying and selling of digital currencies like Bitcoin, Ethereum, and Tether. Operating through digital marketplaces such as mobile apps or desktop interfaces resembling e-brokerages, these platforms offer an array of trading and investing tools.

What are the different types of crypto exchanges?

There are primarily two types of crypto exchanges: Centralized Exchanges (CEXes) and Decentralized Exchanges (DEXes).

• Centralized Exchanges (CEX) function much like traditional stock exchanges and brokerages. They are regulated by a single authority that oversees all transactions and user accounts. CEXs offer high liquidity and faster transactions, but they store user data on centralized servers, making them susceptible to hacking and manipulation of trading volume.

• Decentralized Exchanges (DEX) operate on distributed ledger infrastructure and allow trading without any central authority. Users have full control over their digital assets and keys, offering enhanced security and privacy. DEXs bypass KYC to grant users more privacy but often suffer from lower liquidity compared to CEXs.

What is the difference between a crypto exchange and a crypto wallet?

Crypto wallets act as intermediaries connecting your holdings with the blockchain. They facilitate tasks like sending, receiving, and storing cryptocurrencies. 

Crypto exchanges function as marketplaces where users engage in buying, selling, and trading crypto assets. While some exchanges offer wallet services, more experienced users tend to opt for wallets to maintain self-custody of their private keys.

Are crypto exchanges safe?

As seen with the FTX debacle in 2022, crypto exchanges are subject to collapse, so there is always risk involved in holding your crypto on an exchange. Centralized exchanges are also targets for crypto hackers, as they hold billions in crypto in a centralized way.

Before investing in crypto, it’s important to understand the risks involved and to select an exchange you trust. For peace of mind and heightened security, consider self-custody of your crypto with a hardware wallet.

How is trading crypto different from trading stocks? 

Stocks signify ownership in a company, and their value typically corresponds to a given company's performance. Cryptocurrencies are digital assets, and their value primarily influenced by factors like demand, supply, and utility. Cryptocurrencies are notably more volatile and generally entail greater risk (and corresponding potential for returns) compared to stocks.

Which exchange is best for crypto?

Our choice for the best crypto exchange at time of writing is Coinbase, as it offers an easy-to-use platform for beginners and an advanced option for more experienced traders. The best crypto exchange for you will depend on your level of crypto experience and goals, so please be sure to do thorough research and understand your options before diving in.