Best Сryptocurrency Brokers for Beginners in the USA
Cryptocurrency trading is a lucrative endeavor that has drawn the attention of investors from all over the world. However, finding a good cryptocurrency broker these days can be tricky, more so if you're a beginner. There are many different options, and you want a reputable and trustworthy broker with good customer service and a secure and easy-to-use platform.
Luckily, we’ve done the research for you and have compiled a list of the best cryptocurrency brokers for beginners in the USA. We’ve taken into account things like user-friendliness, reliability, fees, and security when making our recommendations, so you can rest assured that you’re getting the best of the best. So, whether you’re just starting out or ready to take your trading to the next level, check out our list of the best cryptocurrency brokers for beginners in the USA.
Start trading crypto now with eToro!Top 9 Cryptocurrency Brokers For Beginners in the USA
Cryptocurrency brokers are similar to traditional stock brokers, but they specialize in digital assets like Bitcoin, Ethereum, and Litecoin. While there are plenty of brokerages to choose from, it’s important to find one that offers a wide array of coins, robust security features, and other instruments like margin trading. Customer care is also critical; you should be able to reach customer service easily if you have any questions or issues.
Finally, look for a broker that offers multiple payment options; this will make it easier to buy and sell digital currency. With so many brokerages to choose from, it can be difficult to know where to start. To help you out, we’ve compiled a list of the top 9 cryptocurrency brokers for beginners in the USA.
| Broker | Best For | Maker fee | Taker fee | Number of Supported Coins |
|---|---|---|---|---|
eToro |
Copy Trading |
N/A |
N/A |
25+ |
Coinbase |
Crypto Investors and Traders of All Skill Levels |
0.00% - 0.40% |
0.05% - 0.60% |
150+ |
Binance USA |
Zero Fee Trading |
0.1000% |
0.1000% |
100+ |
Kraken |
High Level of Security |
0.16% |
0.26% |
120+ |
Crypto.com |
Low Fees |
0.04% - 0.40% |
0.10% - 0.40% |
250+ |
Paxful |
Peer-to-Peer Crypto Trading |
0.1% - 5% |
0.1% - 5% |
3 |
Gemini |
Beginner and Aadvanced Crypto Investors |
Fee of $0.99 to $2.99 based on the amount or 1.49% for trades over $200 |
Fee of $0.99 to $2.99 based on the amount or 1.49% for trades over $200 |
63 |
Bittrex |
Low Fees for Advanced Traders |
0.35% |
0.35% |
440 |
XT.com |
Extensive Cryptocurrency Selection |
0.20% |
0.05% |
398 |
eToro - Best For Copy Trading
With eToro you can buy cryptocurrencies as well as stocks and ETFs. You can copy other investors' trades with its unique social trading feature.
CopyTrader is an innovative feature of eToro. With one click, eToro users can copy the trading of their favorite high-performance traders. Set your desired amount of money.
You can automatically mirror your favorite eToro trader's positions by allocating those funds. The social trading platform does not charge any management fees or other fees. It allows users to copy only one successful trader or up to 100 simultaneously using this trading tool.
There isn't a wide selection of cryptocurrencies on eToro when compared with the best cryptocurrency exchanges. Approximately 25 cryptos are available to U.S. investors, while non-U.S. investors can access around 75. There are also hundreds of cryptocurrencies available on other major U.S.-based exchanges.
There is a 1% fee plus a spread associated with crypto transactions on eToro. Compared to some of its competitors, this is a lower fee, but it is certainly not the most competitive. It is possible to trade crypto on some platforms for less than 0.1%. The costs of paying more than 1% in transaction fees can quickly eat into your profits if you plan to buy a lot of digital currencies. For buy-and-hold investors planning to hold crypto for a long period of time, eToro charges an inactivity fee after a year of inactivity.
👍 Pros
•Invest in stocks, ETFs, and cryptocurrencies
•Investors can copy each other's trades
•The app is user-friendly
•Debit card deposits are free
👎 Cons
•Cryptocurrency choices are limited
•Fees could be reduced
•State-by-state availability varies
Coinbase - Most Trusted Crypto Exchange
Coinbase is a popular cryptocurrency exchange that makes buying, selling, and exchanging cryptocurrencies easy. With Coinbase, you can buy Bitcoin just like you would a stock through an online brokerage, but be wary of the fees and poor customer service.
Beginners with basic computer skills can easily trade on Coinbase. Using Coinbase is as simple as going to the Coinbase website or downloading the Coinbase app for Android or iOS. You'll find the experience somewhat similar if you've traded stocks through an online brokerage.
Coinbase's main dashboard lets you see your portfolio, and buying and selling currencies are always just a few clicks away.
As of late, Coinbase has removed its full fee schedule from its online help section. But when you enter a trade, you can see how much you're paying on the trade screen.
👍 Pros
•Simple to use for beginners who are new to cryptocurrency
•A large number of cryptocurrencies are supported
•Opportunities to earn cryptocurrency
•Coinbase Pro offers lower pricing
👎 Cons
•Fees for transactions could be high
•Issues with customer service
•Several altcoins are not accessible for trading
Binance USA - Best for Zero Fee Trading
The Binance US crypto exchange offers a blend of useful charts and a simple user interface. Moreover, Binance US's spot trading fees are rock-bottom, and instant-buy fees are extremely competitive. Sadly, not all residents of the U.S. can access this platform.
Customers of Binance US can trade in tiers according to their risk tolerance.
There are no fees associated with Tier 0 trades in this case. The BTC/USD pair, BTC/USDC pair, BTC/USDT pair, and BTC/BUSD pair are the only four Bitcoin (BTC) trade types allowed. Tier 1 and Tier 3 cover the rest of the trades.
On certain asset pairs, Tier I trades have taker fees of 0.20% and maker fees of 0.1%. Some examples are Ethereum (ETH)/USD and Solana (SOL)/USD.
A Tier II trade starts at a 0.60% taker/0.40% maker fee for trading less than $10,000 in a 30-day period. Examples of Tier II asset pairs include Cardano (ADA)/USD and Polkadot (DOT)/USD.
Binance Fees ReviewThe more you trade on Binance US, the lower your trading fees become. On Tier I trades, traders with a 30-day trading volume greater than $50,000 but less than $100,000 will pay 0.075% taker fees. You can also save on transaction fees by using the platform's proprietary coin, BNB.
Its educational resources are not as impressive as those provided by its partner company in other geographic regions. In spite of that, Binance.US remains a very competitive platform, thanks to its industry-low tiered fees.
👍 Pros
•Its fees are low, especially when compared to its main competitors
•Support for a wide variety of cryptocurrencies
•Easily navigable trading platforms for crypto novices
👎 Cons
•Some U.S. residents may not be eligible
•The parent company suffered a major hack in 2019
Kraken - High Level Of Security
Kraken is one of the most established crypto exchanges on the market, having been launched just two years after Bitcoin. There is no rule that says the oldest is always the best, but Kraken is an exceptional platform with top-of-the-line security and more than 120 coins for domestic users and 160 for international users. Additionally, you can stake your crypto and earn rewards, all at a lower price point than average.
Those just starting out in cryptocurrency or those with more experience can benefit from Kraken's top-notch security, lower trading fees, and wide range of available cryptos. To avoid losing significant amounts of your investing dollars to spot trading fees, it is important not to stay at the beginner level for too long.
Kraken's basic version charges 0.9% flat fees for stablecoins, and 1.5% flat fees for all other cryptocurrencies.
Kraken Fees ReviewUsers of Kraken Pro, the higher-end version, pay considerably less. In the pro version, trades of $50,000 or less are charged a maker fee of 0.16% and a take fee of 0.26%.
Kraken's range of coins may appeal to more experienced crypto investors. Margin and staking are two options available to users. These last two had previously distinguished Kraken from many other leading platforms, but recently they were restricted to those with large amounts of assets in the U.S.
With more trading volume, Kraken offers more cryptocurrency trading markets and lower fees for advanced traders.
👍 Pros
•A range of advanced features, including margin trading and stakes.
•Excellent customer service options.
•Withdrawal fees for Bitcoin (BTC) are relatively low.
•A wide range of educational materials are available.
👎 Cons
•The exchange is not available in all 50 states.
•Fiat currencies are the only ones Kraken accepts.
•There have been many complaints about hacked accounts from users.
Crypto.com - Best for Low Fees
You may find Crypto.com to be a good option if you're looking for an all-in-one cryptocurrency platform that's affordable and easy to use. Aside from rewarding its users in several ways, Crypto.com offers over 100 different cryptocurrencies for investment. In addition to using crypto for everyday purchases, the exchange has its own VISA card. Furthermore, Crypto.com's debit card offers 8% cash back on purchases. You can earn crypto positions through crypto.com's rewards program if you enjoy spending money.
Also, Crypto.com withdrawal fees are free. Remember that if you're using a blockchain like Bitcoin or Ethereum to withdraw your funds, you'll still need to pay a transaction fee to miners.
👍 Pros
•A wide range of crypto assets are available.
•Cash transfers have low fees.
👎 Cons
•There are relatively high fees associated with credit and debit purchases.
•There are some services not available in the U.S.
•Trades between cryptos are not allowed.
Paxful - Wide Choice Of Payment Options
You can find others who are interested in using cryptocurrency to complete transactions with Paxful, a peer-to-peer (P2P) cryptocurrency exchange. In terms of financial exchanges, there are several features that make it appealing to those seeking a bankless method.
Although Paxful does offer some decentralized finance (DeFi) options, it isn't as robust as some other DeFi options. Moreover, Paxful has an iOS and Android app.
Paxful has an easy-to-use trading interface. Mobile and desktop trading apps are available.
For opening a trade, all you need to do is click the "New Order" button. Using Paxful's Facebook page or Instagram account, vendors can advertise their crypto offers to attract more buyers.
Paxful has pretty low fees when it comes to trading. When you withdraw money from an exchange to your bank account using a credit card, you will have to pay a service fee of between 1% and 2%. Paxful does not charge for buying Bitcoin, but most sellers pay between 0.1% and 5% in transaction fees.
Despite Paxful's good trading conditions and good features, you are only able to buy a limited number of cryptocurrencies. Bitcoin (BTC), Tether (USDT), and Ethereum (ETH) are the only supported currencies.
👍 Pros
•Cryptocurrency purchases are free
•There are more than 350 ways to pay or receive payment when selling Bitcoin
•Become an affiliate and earn extra income
👎 Cons
•Your options for buying crypto are limited
Gemini - Safest Crypto Exchange
Whether you're a beginner or an experienced trader, Gemini is a good option. If you are interested in crypto investing or trading, Gemini offers industry-leading security features, a hot wallet, and a comprehensive support center.
User-friendly features are available on Gemini's website and mobile app. Its simple purchase and selling options as well as its extensive support page make Gemini an ideal choice for beginners. With its ActiveTrader platform, experienced traders can execute trades quickly and can access advanced charting tools.
Other exchanges use a maker/taker fee structure, but Gemini uses a flat fee. There are different fees depending on the amount you trade and the platform you use. Gemini, for example, offers a fee schedule for mobile devices and a fee schedule for desktops. If the trade is more than $50 but less than $200, the fee is $2.99, and if the trade is more than $200, it is 1.49%.
Despite its transparency regarding its fees, this exchange's fee structure is more complex than that of some other exchanges. Additionally, it charges slightly more than many of its competitors in the industry.
👍 Pros
•The exchange is available in all 50 states of the United States
•Offers insurance for hot wallets
•Strict security measures
👎 Cons
•There are only about 100 cryptocurrencies available
•Fees associated with trading can be high
Bittrex - Leading Virtual Crypto Exchange
In terms of crypto exchanges, Bittrex offers just about everything a crypto investor could ask for. In comparison to most of its competitors, it offers robust security, reasonable trading fees, and more cryptocurrencies.
Bittrex offers more than 140 cryptocurrencies. In addition to the big market leaders, there are a variety of smaller tokens to choose from.
Bittrex charges 0.35% trading fees, which can go as low as 0.1% depending on how much cryptocurrency you trade. The fees aren't the lowest we've seen, but it's certainly an affordable exchange.
In addition to limit orders and stop orders, Bittrex offers advanced charting tools and a live order book. When it comes to investing in cryptocurrencies, this exchange should be able to provide you with the features you need.
Despite heavy demand, Bittrex's trading engine is designed for quick trade execution. Active investors can take advantage of this to capitalize on price movements.
👍 Pros
•Exceptional security
•A great selection of cryptocurrencies
•Fees are low
•Tools for advanced traders
•A strong collection of educational materials
👎 Cons
•Customer service is average
•Challenging for beginners
XT.com - Best Selection of Cryptocurrencies
According to XT.com, there are three reasons to choose their trading platform over other platforms. Their matching engine is highly efficient. As a result, any trades you wish to make will be executed promptly and without delay. Their security measures are also very strong. Measures such as offline signatures, layers of architecture, and separating hot and cold wallets are some of these measures.
Third, they offer over-the-counter trading. Using OTC-trading, you can make larger trades quickly. Those trades that you do not want to execute on the open market due to pricing reasons (also called slippage).
The trading fee on XT.com is 0.20% for takers. Conversely, makers have to pay only 0.05% per order executed and trade at a substantial discount. As a result, these fees are comparable to industry averages, if not slightly lower.
👍 Pros
•More than 100 cryptocurrencies and 300 trading pairs are available.
•Diversified trading categories are available on the platform.
•The FAQ and support forum are available along with the live chat option.
👎 Cons
•Training programs and study guides are not available.
Are Crypto Brokers Legit in the US?
Given the hot topic of regulation, you may be wondering if crypto brokers are legit in the United States. The answer is yes! Crypto brokers in the United States are regulated by a number of rules and regulations. In order to operate in the United States, crypto brokers must register as money service businesses (MSBs) and get money transfer licenses. These licenses allow crypto brokers to offer their services to US customers.
In addition, US brokers must comply with a number of other rules and regulations, including Know Your Customer (KYC) and Anti-Money Laundering (AML) requirements. As a result, brokers are subject to compliance requirements. However, these requirements help to protect investors and ensure that crypto brokers are legitimate businesses.
How to Choose the Best Crypto Broker For Beginners in the USA?
When it comes to choosing a crypto broker for cryptocurrency trading, there are a few things that you need to take into account. First of all, you need to make sure that the broker is regulated in the USA. This will ensure that the broker is held to high standards and that your money is safe.
Secondly, you must ensure that the broker offers a good selection of coins to trade. There are plenty of coins out there, and you want to ensure you have a good range to choose from. Aside from these, here are a few things to look for:
Reliability
To gauge a broker’s reliability, check that the broker you are working with is regulated by the US Securities and Exchange Commission. This will give you peace of mind that they comply with anti-money laundering regulations and have taken steps to protect your money. The second criterion is customer service. You should be able to get in touch with someone at the company easily if you have any questions or concerns.
Check that they have multiple contact options such as live chat, phone, and email, and at least one, if not all, options operate 24/7, so you can get help when you need it. The third criterion is trust level. Make sure the broker has a good reputation in the industry and that their customer reviews and testimonials are mostly positive. By taking into account these criteria, you can be sure that you are choosing the best crypto broker for beginners in the USA.
Educational Materials
When it comes to choosing a crypto broker, there are many factors to consider. For beginners in the USA, one of the most important factors is the availability of educational materials. After all, cryptocurrency trading can be complex and risky, so it’s important to have access to resources that can help you learn the basics and understand the risks involved.
Fortunately, there are many brokers that offer a wide range of educational materials. These can include
Video courses
Tutorials
Webinars
Blogs
FAQs
Glossary
A good crypto broker should have a comprehensive FAQ section that covers all the basics of cryptocurrency trading and using their platform. Cryptocurrency trading can involve a lot of jargon. The best broker for cryptocurrencies will have a crypto glossary where you can quickly look up any unfamiliar words.
By taking advantage of these resources, you can gain a better understanding of how to trade cryptocurrencies safely and effectively. In addition, some of the best cryptocurrency brokers also offer demo accounts. These can be invaluable for learning how to trade without risking any real money.
Best Free Crypto Paper Trading Apps 2024Multilingual Customer Support
Even if you’re based in the United States, English may not be your first language, so choosing a crypto broker that offers multilingual customer support is important. You’ll be able to get help and advice in a language that’s easier for you to grasp, which can be extremely important when trying to navigate the sometimes complicated world of cryptocurrency trading. It also shows that the broker is committed to servicing its international client base, which is always a good sign of commitment and professionalism.
Passive Income Options
When it comes to earning passive income from cryptocurrency, there are a few different options available to investors in the USA.
Air Drops. This is where a new cryptocurrency is given away for free to people who hold a certain amount of another currency. For example, if you hold 1 ETH, you may be eligible to receive 100 of the new currency.
Staking. Another option is staking, which involves holding onto your coins to help support the network. In return for your support, you earn interest on your coins. This interest can be paid out in the form of the underlying currency or another currency.
Direct Lending. Direct lending involves lending your coins to another person or entity and charging interest on the loan. For example, you could lend 1 BTC to a friend at 10% interest per year. The best broker for cryptocurrency in the USA will offer these passive income options to its clients.
How to Earn Free CryptoFees
One of the first things to consider when choosing a crypto broker is fees. Some brokers charge a flat fee per trade, while others charge a commission based on the size of the trade. There are also brokers that charge a monthly or annual subscription fee. It’s important to compare fees across different brokers to see which one offers the best value.
How to Start Trading Crypto with Crypto Brokers
So you want to start trading cryptocurrency, but you’re not sure how to get started. Here’s a quick guide on how to start trading crypto with a broker.
Select the best crypto broker. The Traders Union website has profiles of different brokers that can be helpful in making a decision. Each profile has a referral link that you can use to register. Doing some research ahead of time can save you a lot of headaches down the road.
Fund the account. Once you’ve deposited the minimum amount, you can start. It’s always a good idea to start with a small amount when you’re first starting out, just to test out the features, functionality, and reliability of the broker. If you encounter any problems, reach out to customer service for help. Once you’re confident that everything is working correctly, start making bigger trades.
Select Your Crypto. There are hundreds of different coins to choose from, so it’s important to do your research and only invest in cryptos that you believe have a bright future. From there, open a trade and start trading crypto.
Is Crypto Trading Risky for Beginners?
Crypto trading can be a risky proposition for beginners. The market is highly volatile, and prices can fluctuate wildly from day to day. In addition, there is a lot of uncertainty surrounding the future of the industry, and regulations are still in flux. There is also the risk of cybersecurity and hacking, fraud, and scams that can take many different forms, from fake ICOs to pump-and-dump schemes.
However, you can mitigate these risks by, first, using a reputable crypto broker. You should also diversify your portfolio and avoid putting all your eggs in one basket. Carefully research each coin before investing, and always remain up-to-date on news and developments in the world of cryptocurrencies. Finally, use stop-loss orders to limit losses in case of a sharp market downturn, and don’t succumb to FUD and FOMO.
Methodology for compiling our ratings of crypto exchanges
Traders Union applies a rigorous methodology to evaluate crypto exchanges using over 100 quantitative and qualitative criteria. Multiple parameters are given individual scores that feed into an overall rating.
Key aspects of the assessment include:
User reviews. Client reviews and feedback are analyzed to determine customer satisfaction levels. Reviews are fact-checked and verified.
Trading instruments. Exchanges are evaluated on the range of assets offered, as well as the breadth and depth of available markets.
Fees and commissions. All trading fees and commissions are analyzed comprehensively to determine overall costs for clients.
Trading platforms. Exchanges are assessed based on the variety, quality, and features of platforms offered to clients.
Extra services. Unique value propositions and useful features that provide traders with more options for yield generation.
Other factors like brand popularity, client support, and educational resources are also evaluated.
FAQ
What is a cryptocurrency broker?
A cryptocurrency broker is a digital platform that allows users to buy and sell cryptocurrencies.
How do I choose the best cryptocurrency brokers?
When choosing a cryptocurrency broker, it is important to consider factors such as fees, security, reputation, and reliability.
How risky is trading cryptocurrencies?
Cryptocurrency prices are highly volatile, so trading can be risky. However, if you research the market and carefully select your trades, you can minimize your risk.
How do I start trading cryptocurrencies?
Create an account with a broker that supports the coins you want to trade. Fund your account and start buying and selling cryptocurrencies.
Team that worked on the article
Ivan is a financial expert and analyst specializing in Forex, crypto, and stock trading. He prefers conservative trading strategies with low and medium risks, as well as medium-term and long-term investments. He has been working with financial markets for 8 years. Ivan prepares text materials for novice traders. He specializes in reviews and assessment of brokers, analyzing their reliability, trading conditions, and features.
Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.
The topics he covers include trading signals, cryptocurrencies, Forex brokers, stock brokers, expert advisors, binary options. He has also worked on the ratings of brokers and many other materials.
Dr. BJ Johnson’s motto: It always seems impossible until it’s done. You can do it.
Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO). Mirjan is a cryptocurrency and stock trader. This deep understanding of the finance sector allows her to create informative and engaging content that helps readers easily navigate the complexities of the crypto world.