Winners Summary
The best broker for trading crypto - eToro
| Company |
Minimum Deposit |
Stock Trades |
Options (Per Contract) |
 eToro
|
$50.00 |
$0.00 |
$0.00 |
eToro is my pick for the best crypto trading platform for 2024, thanks to its extensive offerings and user-friendly experience. With over 20 cryptocurrencies available in the U.S. and a broad selection globally, eToro caters to crypto investors looking to diversify beyond bitcoin and ethereum. I find its platform particularly enjoyable for crypto analysis, with a seamless interface that simplifies charting and tracking cryptocurrency trends. For international users, eToro even offers crypto derivatives (CFDs), broadening the trading possibilities, though CFDs are not currently available to U.S. residents. Additionally, eToro’s zero-commission stock and ETF trading add value for traders looking to invest in both traditional assets and cryptocurrencies from a single account.
Pricing: When it comes to pricing, eToro takes a clear and straightforward approach. The broker doesn’t charge fees for sending or receiving transactions, though users do pay standard blockchain fees when transferring crypto in or out. eToro’s 0.1% conversion fee is set to market rates, making conversions transparent, though there are minimum withdrawal amounts and fees depending on the cryptocurrency. For example, Bitcoin withdrawals require a minimum of 0.0086 BTC and carry a withdrawal fee of 0.0005 BTC. These fees are competitive, but for active traders, keeping track of these minimums and fees is key to managing overall costs on the platform.
Copy trading: One of eToro’s unique strengths is its social trading features, which set it apart from other brokers. Through CopyTrader, users can easily replicate the portfolios of successful investors—a feature particularly useful for beginners or those new to crypto. With Smart Portfolios, users can invest in ready-made portfolios of top cryptocurrencies or funds based on social sentiment. eToro’s vibrant community is highly engaged, and its Popular Investor program even rewards traders who build a following. For users interested in a collaborative, social approach to trading, eToro offers a rich ecosystem that combines a beginner-friendly interface with valuable insights from other traders, making it an ideal choice for crypto enthusiasts looking to learn and grow.
Check out our full review of eToro to discover more about its entire offering.
Best for holding bitcoin long-term - Fidelity
| Company |
Minimum Deposit |
Stock Trades |
Options (Per Contract) |
 Fidelity
|
$0.00 |
$0.00 |
$0.65 |
Fidelity is a top choice for passive investors looking to hold bitcoin long-term, thanks to its established reputation and secure custodial services. As one of the largest financial institutions in the U.S., managing trillions in client assets, Fidelity brings a level of stability and trustworthiness that's rare in the crypto space. I found opening a Fidelity Crypto account straightforward, with a minimum deposit of just $1, allowing easy access to buy fractional amounts of bitcoin. Fidelity's platform is tailored for passive, long-term holders rather than active traders, especially given its lack of crypto-to-crypto transfers or external wallet support. For investors prioritizing security over frequent trading, Fidelity is hard to beat.
Integration with traditional accounts: For those who want broader exposure, Fidelity also offers the Fidelity Wise Origin Bitcoin Fund (FBTC), a bitcoin ETF designed to track the price of bitcoin while offering the familiar structure of a traditional fund. One major advantage I found is the seamless integration within Fidelity’s brokerage ecosystem, allowing you to manage both your crypto and other investments from a single login. This is a convenient feature for long-term investors who prefer a consolidated approach to their portfolio, making it easy to switch between crypto and traditional asset classes without juggling multiple platforms. Fidelity's approach reflects its years of preparation, bringing a level of integration and ease that enhances the long-term investing experience.
Pricing: Fidelity also stands out for its straightforward and competitive pricing, making it a cost-effective choice for holding bitcoin, ethereum, or litecoin. For direct crypto purchases, Fidelity charges a 1% bid-ask spread, providing cost transparency that's invaluable for passive investors. For those interested in the bitcoin ETF, FBTC has an expense ratio of 0.25%, positioning it competitively among other bitcoin ETFs. By offering both direct bitcoin ownership and ETF options with fair pricing, Fidelity ensures that investors can choose the approach that best aligns with their financial goals, whether they’re focused on long-term growth or portfolio diversification.
Visit our Fidelity review for a deeper dive into the other markets and platforms provided by the broker.
Best commissions for crypto - Interactive Brokers
| Company |
Minimum Deposit |
Stock Trades |
Options (Per Contract) |
 Interactive Brokers
|
$0.00 |
$0.00 |
$0.65 |
Interactive Brokers (IBKR) leads in low-cost crypto trading, offering a range of underlying assets like bitcoin and popular altcoins through its integration with Paxos, as well as cryptocurrency futures on U.S. exchanges such as the CME. With an IBKR crypto account set up in just a few clicks, I found buying bitcoin on the web platform straightforward and user-friendly. This seamless access to both crypto assets and futures gives traders flexibility in their crypto approach, from direct investment to futures trading for hedging or speculative purposes — all through one account.
Pricing: IBKR’s crypto pricing is its most compelling feature. For underlying crypto assets through Paxos, there is a minimum cost of $1.75 per order but a maximum of 1%. This is based on a commission of 18 basis points or 0.18% for orders less than $100,000, with steeper discounts available for active traders. This rate structure scales well for high-volume traders, as active trading discounts apply to reduce overall costs. Notably, IBKR does not mark up the spread on crypto trades, which is a unique advantage. For crypto futures, pricing varies by contract; for example, CME bitcoin futures can cost as much as $5 per contract, while micro ethereum futures trade for as little as $0.10 per contract. This transparent and low-fee structure makes Interactive Brokers a top choice for both beginner and experienced crypto investors.
Advanced tools: Finally, IBKR’s global market reach and advanced trading tools offer a high level of control for crypto traders. Interactive Brokers’ SMART routing technology and professional-grade charting provide a quality trading experience, enabling real-time execution and in-depth market analysis. IBKR’s integration of crypto within its larger trading ecosystem means traders can manage crypto alongside traditional asset classes, all while keeping commissions and fees remarkably low. For traders focused on affordability and efficiency in crypto, Interactive Brokers is an unparalleled choice.
Head over to our Interactive Brokers review to read more about its extensive offering of global markets.
FAQs
What are crypto exchanges?
A crypto exchange is an online platform that enables you to buy and sell cryptocurrencies, operating much the same way in which an online broker facilitates stock trading. The exchanges need to hold physical inventory of digital assets both belonging to customers and to process deposits and withdrawals, and can be subject to theft by hackers.
Ideally, the crypto exchange should be regulated in countries with trustworthy regulation to reduce your risk of dealing with a scam broker, and should have robust security and be sufficiently collateralized to stay solvent.
What crypto exchanges are available in the US?
There’s a growing number of crypto exchanges in the U.S. To legally offer crypto trading, exchanges must be licensed as Money Service Businesses (MSB) with FinCEN, the Financial Crimes Enforcement Network. But just being regulated doesn’t mean a broker is a great choice, as there are other factors that are important in assessing which to trust with your assets. In our research, the best crypto brokers with crypto exchange services in 2024 include the following brokers:
Decentralized exchanges, which are entirely smart-contract-based — that is, they offer direct person-to-person crypto trading — are best avoided due to low volumes, high slippage, and a lack of best execution mechanisms to prevent front-running.
Is crypto a good investment?
While it’s not a safe investment, whether crypto is good or bad for you can depend on a variety of factors, such as your goals and tolerance for risk, as well as how you plan to invest or trade this asset class (say, day trade versus long-term investing).
In addition, investing in nascent or emerging crypto tokens (akin to penny stocks) compared to more established crypto assets (akin to large cap companies) can have drastically different outcomes.
One characteristic of nearly all cryptocurrencies is the potential for extreme volatility; this makes it a highly risky investment where proper position sizing and diversification can be crucial for reducing potential risk.
Factors to consider include whether you want to have exposure to the underlying cryptocurrencies or through a derivative, such as a futures contract or CFD, or by holding an exchange-traded fund (ETF) or other structured product.
How can I trade crypto with no fees?
Currently, the lowest fee for trading crypto is at Fidelity, where only a 1% fee is added atop the bid/ask spread.
Some crypto brokers will claim to offer free trading, but you end up paying fees in the form of the spread, which is the difference in price between the bid and ask (the rate at which you buy and sell are slightly different, which creates a spread fee).
Order types: Certain order types can be more expensive when you trade at certain brokers, such as when placing a market order (which takes away liquidity, known as a taker order), compared to a limit-order (which adds liquidity, known as a maker order). However, it’s important to note that not all brokers provide different pricing by order type, such as at Webull or Robinhood, where the rate is the same.
Active trader tiers: Finally, the best crypto brokers provide discounted fees when you trade higher volumes, where the most active traders can even reach a zero-commission rate when adding liquidity as a maker (using limit orders).
How do I start day trading crypto?
While it may seem easy to open a crypto account and start trading, given the number of crypto brokers available, there are a few tips traders should keep in mind to reduce risk of falling victim to potential scams.
Choose a suitable broker: The first and most important step when starting your crypto day trading journey is to choose the best broker that is also properly licensed to hold your money and begin with a small amount of risk capital.
Research blockchain public data: There are also data points relevant to crypto investors, such as on-chain data and fundamental news from social media and projects that can impact cryptocurrency market prices. For example, traders may track the wallet activity showing large transactions moving in or out of crypto exchanges, as potential signals of market direction, in addition to using technical analysis.
Develop a trading strategy: the way you operate your trading account as a day trader, including deciding when to open and close positions and how you manage the potential risk/reward of each trade — including deciding on the expected trade duration or how long to stay in each trade — will be the most crucial factors in determining your success.
This is where you want to spend time looking at formulas to determine what your win/loss ratio must be in order to increase your chances of success, and when calculating the size of each position as that will impact the size of any potential profits or loss over time for a given strategy.
For example, a smaller trade size can still risk as much as a larger trade, but the smaller position may take a longer time to reach that level, whereas a larger trade can have a greater impact much faster on your bottom line, resulting in a potentially larger profit or larger loss.
Here are some key questions to answer when day trading crypto:
- Which crypto assets should I trade?
- When should I enter and exit the crypto market?
- What is the ideal crypto trade size?
- How long should my expected crypto trade duration be?
- What are the ideal risk/reward levels I should use per crypto trade?
- What is my maximum risk per day, and ideal profit target day trading crypto?
- What win/loss ratio do I need trading crypto to succeed for a given risk/reward ratio?
- What other rules can I develop to stay on track and disciplined?
- How can I fine-tune the strategy based on my historical results?
- What amount should I test the crypto trading strategy with before scaling it higher?
Use trading tools for day traders: Becoming familiar with the trading tools and platform available from your broker will allow you to maximize your trading performance with all available resources.
Also consider whether you want to take on the risk of day trading at all. For a holistic perspective on the topic, check out our article on ten reasons you may want to avoid day trading.
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Why you should trust us
Steven Hatzakis is a well-known finance writer, with 25+ years of experience in the foreign exchange and financial markets. He is the Global Director of Online Broker Research for Reink Media Group, leading research efforts for ForexBrokers.com since 2016. Steven is an expert writer and researcher who has published over 1,000 articles covering the foreign exchange markets and cryptocurrency industries. He has served as a registered commodity futures representative for domestic and internationally-regulated brokerages. Steven holds a Series III license in the US as a Commodity Trading Advisor (CTA).
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Fidelity
Merrill Edge
E*TRADE
TradeStation
Interactive Brokers
Charles Schwab
tastytrade
eToro
