Bitcoin investment is not an entirely new concept; however, it has become more popular in recent years as cryptocurrency’s popularity has increased and Bitcoin has seen more acceptance worldwide.
🏆 Top 3 Brokers Crypto Trading Platforms
Those who are interested in investing in Bitcoin are not often sure of where to start as there are so many websites and exchanges that offer the option. There are, however, also numerous scams involved, and investors may not know how to tell a scam from a real deal.
A Quick Overview of our Trusted Bitcoin investment platforms:
✔️eToro
✔️Coinbase
✔️Prime XBT
Robinhood
Gemini
BlockFi
Bitcoin IRA
HitBTC
Binance
Kraken
When looking to invest Bitcoin in an exchange, platform, or site, it is imperative to ensure that it is one that offers great options, advanced security, and has a good track record amidst the potential for cyber threats in a digital world.
Therefore, this list serves as a guide to potential investors who are scouring sites platforms in search of one that fits the bill in every aspect from its offering, options, fees, and potential for the future.
eToro
eToro is a popular and reputable broker in addition to being the leading social trading platform in the industry. eToro allows for the trade-in of stocks, cryptocurrency, commodities, and numerous other financial instruments.
Where Bitcoin investing is concerned, eToro provides adequate solutions and services. eToro makes it easy for investors to copy the trades of some of the best traders in the world to their portfolios.
For those who wish to get involved in investing in Bitcoin, or those looking to learn new strategies from professional traders, eToro provides various ways in which investments can be made and diversified.
eToro charges trading fees between 0.75% to 2.90% depending on the bid-ask spread of each coin. The minimum investment amount is US Dollar 50, and accounts are taxable.
Coinbase
Whenever trading cryptocurrencies, traders and investors can make use of a cryptocurrency exchange. However, these exchanges are often the center of hacking attempts.
This may discourage numerous investors from exploring cryptocurrency and the corresponding exchanges, however, exchanges such as Coinbase work tirelessly to reduce such security concerns.
As an exchange that has an excellent track record in not having been hacked, Coinbase is one of the top choices as far as investment platforms go. It also allows for the purchase of Bitcoin by making use of fiat currencies.
Coinbase is a large exchange which means that liquidity is not a problem and with the high liquidity, the exchange can adequately fulfill the orders of its clients.
Coinbase’s fees consist of a 0.50% spread along with a flat fee of between US Dollar 0.99 to US Dollar 2.99.
Prime XBT
PRIMEXBT is a Bitcoin-based exchange platform that offers leveraged trading on digital assets, including Bitcoin, Ethereum, Litecoin, and Ripple.
PRIMEXBT was founded in 2018 in Seychelles under the name PRIMEXBT Trading Services.
In 2019 the broker opened offices in St. Vincent and the Grenadines and moved its headquartersand infrastructure to Switzerland.
The forex trading software, also called the platform, provided by a broker company to its clients to carry out their trades can be a multi-asset one that allows clients to trade forex as well as other asset classes like CFDs on stocks, stock indices, precious metals, and cryptocurrencies.
Robinhood
As far as investing is concerned, Robinhood has become a dominating force in the field by offering commission-free trades in addition to the ability to trade options, cryptocurrencies, and numerous other instruments.
The platform provides traders and investors alike with numerous options right from the palm of their hand through an innovative, user-friendly mobile app.
It is a tech-based start-up that has placed a lot of focus on changing the investing game by offering clients the ability to trade both options and cryptocurrency without having to pay commissions. This has been the number one drawing force towards it.
However, there are some drawbacks, the commission-free nature of cryptocurrency is limited and all account types are subjected to tax. To gain access to low-priced margin trading, clients must apply for Robinhood Gold.
Gemini
Gemini is a US-based cryptocurrency exchange that has FDIC protection for USD and has an outstanding track record void of hacking attempts. It is a straightforward platform that is not only easy to use but ensures security on the highest level possible.
Gemini offers cryptocurrency exchange, a digital wallet, and a USD coin marketplace. There are more than 20 supported currencies including its own called Gemini Dollars, or GUSD.
Gemini offers both crypto-to-crypto and fiat-to-crypto exchanges. Gemini has made cryptocurrency more universally accepted by bridging both the crypto and the fiat worlds.
The cryptocurrency trading system that Gemini uses is aimed at institutional traders with the goal of it offering fast execution speeds and a sophisticated dashboard which means that some traders may be intimidated when they make use of the platform.
Gemini’s fees include a convenience fee of 0.50% above the market rate and a transaction fee of between US dollars 0.99 to 1.49%.
BlockFi
Numerous savings accounts barely have the ability to break the 1.00 APY mark and it does not even keep up with inflation. However, there are not many other alternatives for higher yields unless people invest in the stock market.
However, cryptocurrencies may offer another solution to gain higher yields. This is where BlockFi comes in as it allows for investors to earn up to 8.6% annually on their cryptocurrencies.
This is more than eight times the account rates and returns on them. BlockFi also allows investors to borrow against their coins. Instead of turning to sell the coins when an investor needs capital, a loan can be taken out against them instead.
Through this, the investor does not have to sell into a down market.
BlockFi does not support an array of cryptocurrencies and only supports BTC, ETH, LTC, USDC, and GUSD for trading.
The BlockFi Interest Account, or BIA, is the interest-bearing account where investors can earn interest in BTC, ETH, LTC, USDC, GUSD, and PAX without the need for a minimum initial deposit or balance.
The current interest rates as per each coin are as follows:
- BTC Tier 1 – 6.00%
- BTC Tier 2 – 2.30%
- ETH – 4.50%
- LTC – 5.00%
- PAX – 4.00%
- USDT – 7.00%
- USDC – 8.60%
- GUSD – 8.60%, and
- PAX – 8.60%
For investors who do not own any of the abovementioned coins, there is the option of sending USD via bank wire transfer into the account. The funds will be converted into stablecoins; either USDC, GUSD, or PAX.
Interest made on this account will be paid monthly in either Bitcoin, Ether, Litecoin, USD Coin, or Gemini Dollar.
Bitcoin IRA
A little different from other platforms on this list, Bitcoin IRA combines the best of being both a crypto wallet and an exchange with being an IRA as well as opposed to exchanges and wallets which offer the exchange of currency.
This offers investors the advantage that the gains they make in their accounts are both tax-free as well as tax-deferred.
Bitcoin IRA is well-known as the first solution which allows its customers to invest in a variety of cryptocurrency as part of their diversified retirement portfolio. The minimum deposit to register an account is US Dollar 3,000 which makes it accessible even to beginners.
The storage type which is offered is multi-signature offline cold storage, which is one of the most secure wallets. Besides, Bitcoin IRA offers insurance of up to US Dollar 100 million in addition to numerous other features which makes it stand out amongst numerous other IRA businesses.
HitBTC
HitBTC is an exchange that caters more to experienced traders and investors than it does to beginners. It offers high liquidity in addition to not enforcing strict KYC measures.
It offers transfers in Credit Card, Debit Card, and Crypto transfers offer a mobile app and support 805 different cryptocurrency pairs. Also, it is one of the few exchanges which offer trading bots in a range of APIs which help customers trade automatically.
HitBTC has low trading fees with a 0.1% maker fee and a 0.2% taker fee with lower charges on more premium accounts.
Binance
As one of the leading cryptocurrency exchange platforms, Binance experiences around 313,000 daily users, making it the second highly frequented exchange next to Coinbase.
Binance makes use of a centralized model however, it recently launched Binance Decentralized Exchange, which is also known as DEX, which provided the exchange with the best from both types of the exchange platform.
Binance caters adequately to both beginners as well as professionals and offers more than 400 coins that can be exchanged. When new coins are released, Binance is one of the first exchanges to receive access to them.
Binance is an easy platform to navigate and it features both a basic and an advanced trading screen in addition to offering a proprietary mobile app that can be used.
Where fees are concerned, Binance charges a basic fee of 0.1% which is relatively low when compared to other cryptocurrency exchanges.
Kraken
Kraken is one of the largest crypto exchange platforms in terms of volume and liquidity, it is a US-based exchange that provides an advanced trading platform along with margin trading and OTC options.
Kraken is also known for its low transaction fees and an overall emphasis on security. A unique feature that Kraken has is that of a ‘dark pool’ which is an order book that is not visible to the entire market.
Here, every trader only knows their own orders as it allows them to place large buy or sell orders without having to reveal any of the information to other traders. The purpose of this is to avoid unfavorable price movements in the market.
There is also a staking service offered by Kraken which allows its traders to earn returns on assets that would otherwise be held and/or unused.
Krakens fees can be distributed between its three different services and solutions and are as follows:
- Spot trading fees range between 0.26% and 0%
- Stablecoin trading fees range from 0.2% to 0%, and
- Dark pool fees range between 0.36% and 0.2%
Coinmama
Coinmama offers a different approach towards the buying and selling of cryptocurrency by offering an e-commerce approach. Through Coinmama, investors have access to eight different cryptocurrencies that can be purchased or sold instead of exchanged and traded.
Coinmama acts in the same way that a bank would and when purchasing coins, they are sent to a digital wallet. Cryptocurrency can be purchased from Coinmama in denominations of USD 100, 200, 250, 1,000, or 3,000. However, these are not the only denominations.
There are, however, limitations on transactions and a high level of verification that is needed to be passed before purchases can be made from the exchange. There is a minimum order fee of 60 EUR/USD involved with transactions.
The fee of 5.9% transaction fee is already included in the minimum order fee and as an advantage, the fees are fixed and not based on fluctuations or market conditions.
LocalBitcoins
LocalBitcoins is a site where participants can meet to buy or sell their Bitcoin. There is a page that represents each country and subsequently supports the currencies of numerous countries in addition to providing buyers and sellers for each.
As far as safety is concerned, LocalBitcoins is one of the most secure sites due to its built-in escrow system. This system protects its users from scammers by keeping the seller’s assets safe until payment confirmation has been received from the buyer.
LocalBitcoins also offers a unique layout that helps users navigate the cryptocurrency world with greater ease.
Users are provided with sellers’ locations both within and outside of their country at a glance which further provides a secure environment and transparency.
Bitstamp
Bitstamp is a Cryptocurrency exchange that has been around since 2011 and offers the buying, selling, and exchange in cryptocurrency. Bitstamp works to facilitate transactions between participants with extraordinarily little intervention.
Buyers and sellers are matched and Bitstamp charges fees for the transactions. The dashboard that Bitstamp offers is easily accessible and can easily be navigated however, there is some complexity with using it to trade.
Bitstamp does not offer its own native wallet and therefore traders and investors will have to ensure that they have their own before registering with Bitstamp.
Bitstamp makes provision for a mobile app that can be used on iOS and Android devices. It has numerous key account features and makes it simple for traders and investors to keep an eye on their accounts.
The fees that are charged include a trading fee of 0.25% for each trade that is executed, waived at the end of every trade when the position is closed.
Professional traders who trade volumes of US Dollar 20 million and more in a single month also have the benefit of lower fees of around 0.10% per trade. When compared to other exchanges, these fees are much higher than the industry average.
OKCoin
OKCoin is a US-based crypto exchange that has been in operation since 2014. It offers online digital trading services as well as the opportunity to spot trade cryptocurrencies and facilitates margin lending in a few jurisdictions where this is permitted.
OKCoin allows clients to buy and sell cryptocurrencies through the use of local currencies around the world. There are numerous tools offered that provide clients with competitive trading conditions in addition to educational materials and dedicated customer support.
OKCoin offers the use of its proprietary trading software which has numerous features including real-time quotes, live charts, spot trading, margin trading, and numerous others.
Paxful
Paxful is an online marketplace that makes provision for the buying and selling of Bitcoin. Instead of being a conventional cryptocurrency exchange platform, it is rather a peer-to-peer marketplace.
Paxful matches buyers and sellers and works to facilitate transactions without much other involvement. Although numerous sites offer the same option, Paxful stands out from the rest by offering more than 330 payment methods that can be used.
When considering that there are a few security issues with such sites falling under attack, Paxful makes more than adequate provision for numerous security protocols to protect its clients.
When logging in, 2FA is required, however, investors and traders still have to be aware of potential scammers that may exist in enticing those who want to buy Bitcoin into fraudulent contracts that may end in substantial losses.
Paxful, also, has a mobile app that is available for Android and iOS devices and it makes use of an escrow service where assets are held by Paxful until both the buyer and seller confirm that the conditions of the transaction have been met. This helps to prevent scammers from succeeding in their malicious endeavors.
Bisq
Bisq, formerly known as Bitsquare, is an open-source application that allows for the peer-to-peer purchase and sale of cryptocurrencies in exchange for fiat currencies without having to complete a full registration.
When signing up on the platform, all that is needed is the buyer’s banking information and payment method. Bisq does not make use of single providers and banks are merely involved to serve the purpose of transferring fiat currency to the seller in payment for cryptocurrency.
Bisq is a Dao or a Decentralized Anonymous Organization which works according to a set of strict rules which have digitally been encoded and function without having to make use of platforms to facilitate trades, removing the ‘middleman’ from the transaction.
In addition to this digital set of rules, Bisq operates with a tightly knit community surrounding it as well. For transactions to be executed and completed, there is a security deposit of 0.1 BTC which must be paid upfront by both the buyer and the seller.
This is seen as a holding fee, or collateral if issues occur during the transaction from either the buyer or the seller. There are no transaction or arbitrator fees required when making use of Bisq regardless of the outcome of the transaction, and the security deposit serves as Bisq’s payment for facilitating transactions.
Bittrex
Bittrex is a cryptocurrency exchange platform that has become popular in recent years. The exchange places great focus and emphasis on client security and has all the necessary technologies applied which are available today.
Also, there is an elastic, multi-stage wallet strategy that keeps around 80 to 90% of client funds in offline storage, which is one of the safest and less likely to face cyber-attack threats.
Bittrex has faced attacks in the past, but there has never been a breach or any loss of customer funds.
Bittrex mainly serves as a trading platform and supports a wide variety of cryptocurrencies in addition to allowing for them to be traded in the spot market. The platform wholly supports and seamlessly manages automated trading features while offering a user-friendly, quick, and intuitive platform and interface.
Where fees are concerned, Bittrex applies a flat commission of 0.25% to all trades. These fees, when compared to other platforms, are quite higher and Bittrex does not offer rebates on higher volume trades as offered by numerous exchanges.
Poloniex
Poloniex is a trusted cryptocurrency exchange that is based in the United States and known for having some of the highest trading volumes out. However, it should be noted that this exchange is not user-friendly and mainly caters to more advanced investors.
Poloniex works much like any other exchange where account registration and verification are required before entering into transactions. Once this is completed, the investor or trader can locate the exchange page and select a cryptocurrency that they would like to buy, place a buy order, and proceed from there.
Poloniex charges trading fees that are often below 0.25% and although it is not the lowest, it is a lot lower than some exchanges on this list.
Bitfinex
Bitfinex is considered a veteran cryptocurrency exchange and although it has a haunted past containing numerous hacks and allegations, is still an exchange well-suited and well-used by advanced traders who make use of its option for margin trading in addition to lending.
It serves the purpose as an advanced trading platform and offers one of the most liquid order books in the world where traders trade substantially high volumes. There is a low spread and traders are also offered an interface that is advanced, and highly customizable.
The margin trading and funding provided allows traders to trade using up to 3.3x leverage through the P2P margin trading platform and the borrowing terms involved can either be set by the user or they can allow for Bitfinex to take control.
Bitfinex also allows for owners of cryptocurrency funds to lend to traders for them to earn interest on the loan. In addition to this, Bitfinex also makes provision for comprehensive OTC services, derivatives trading, and staking and lending.
Bitfinex’s fees start from 0.2% and they can even drop as low as 0% where large volumes are traded.
BitMEX
BitMEX is one of the largest Bitcoin trading platforms currency in operation, seeing volumes of more than 35,000 BTC traded daily and a trading history which shows more than US Dollar 34 billion worth of Bitcoin traded since BitMEX’s inception in 2014.
BitMEX only accepts deposits in Bitcoin which can then, subsequently, be used to purchase a variety of cryptocurrencies through the exchange. Bitmex also makes provision for margin trading and the trade of cryptocurrencies in exchange for fiat currencies.
The platform offered is both intuitive and user-friendly it is, however, not beginner-friendly and may be daunting for beginners to use.
When in volatile market situations, BitMEX employs a method which is referred to as ‘auto-deleveraging’ which ensures that liquidated positions can be closed. should the position bankrupts and there is no available liquidity, the positive side of the position will deleverage in the order of profitability and leverage.
BitMEX offers a fee schedule with is straightforward and transparent and offers leverage of up to 1:100. The fees depend on the financial instrument and while the maker, taker, and settlement fee remain the same, the initial margin and maintenance fees differ between instruments.
The maker fee on all is -.025% while the taker fee is 0.75%, and the settlement fee is .05%. The initial fee ranges from 1% to 5%, and the maintenance fees from 0.5% to 2.5%.
Coinigy
Coinigy is a cryptocurrency exchange platform that offers its services through a monthly subscription service with a fee of US Dollar 18.66. Coinigy offers a simplified approach towards tracking and trading and removes the complexity associated with the managing of cryptocurrency portfolios.
Coinigy manages these portfolios by using a combination of a variety of tools that can be found on numerous other exchanges and provides them through a single user-friendly platform.
Coinigy allows for its investors and traders to use various exchange accounts that they have and links them through API to allow for them to trade. Coinigy supports a great variety of exchanges and provides advanced and comprehensive means for numerous accounts to be consolidated onto one platform.
The fees associated with Coinigy are the set US Dollar 18.66 monthly subscription and also, Coinigy offers an API Developer Pro with a US Dollar 99.99 subscription which offers a more comprehensive package with a variety of features added.
Huobi
Huobi is a decentralized cryptocurrency exchange platform that offers more than 230 different cryptocurrencies that can be traded in a variety of ways, namely through spot trading, margin trading, and futures trading.
Apart from supporting a variety of orders and offering traders loans, traders can also trade contracts which are offered weekly, and bi-weekly. Huobi offers comprehensive trading solutions to its clients and provides a user-friendly trading platform through which transactions can be executed.
Huobi makes use of some of the most advanced security protocols to ensure client and client fund safety and the parent company, Huobi Global, also has 20,000 BTC security reserves if there is an attack, breach, and subsequent theft of funds.
Huobi has a standard fee of 0.2% regardless of the asset and this fee is the same for both the maker and the taker. Those who make use of leverage and margin are charged interest of around 0.2% per day on most of the coins supported while loans on Tether incur an interest rate of 0.1%.
Luno
Luno was founded in 2013 and offers the trade-in crypto-to-fiat currencies as opposed to exchange platforms that predominantly offer crypto-to-crypto exchanges. Others offer hundreds of cryptocurrencies that can be traded whereas Luno offers the trade of Bitcoin and Ethereum for the following fiat currencies:
- EUR
- IDR
- NGN
- ZAR, and
- MYR
Cryptocurrencies are offered at the marketplace which greatly simplifies the process as far as buying and selling at the quoted price is concerned. There is also an adequate provision of business accounts for those who accept cryptocurrency payments from clients.
Luno is a secure exchange as it makes use of a variety of security protocols to keep its clients and their funds safe at all times.
The platform is simple to use and Luno refrains from providing complicated interfaces and dashboards and also, offers the use of a free wallet and a mobile app that can be used across platforms.
Luno’s fees can be split between trading, sending, withdrawal, and deposit fees. The trading fees are lower than what other exchanges charge and range from as little as 0.15% up to 1.00%.
The sending fees depend on the network traffic as well as the destination, whether a Bitcoin, Ethereum, Bitcoin Cash, Ripple, or Litecoin address, an email, or a telephone number. There are no fees charged on receiving unless BTC which is received by a Bitcoin address is 0.0001 BTC or lower.
Stormgain is another cryptocurrency exchange platform that aims to simplify cryptocurrency exchange and to make it more accessible to traders from around the world.
Stormgain is known for offering some of the best rates in leveraged cryptocurrency trading and offers various trading tools, comprehensive account options, and a variety of promotions and bonuses.
It offers the trade in cryptocurrency OTC in addition to leveraged trading and provides the use of a multi-currency crypto wallet. The only cryptocurrencies supported include Bitcoin, Ethereum, Litecoin, XRP, and Bitcoin Cash in addition to derivatives nominated in either Tether or USDT.
Stormgain’s fees are considerably low and range from 0.5% up to 0.15% when trading and the commissions charged on trades range from 0.06% up to 0.35%.
The Instant Exchange Feature offered by Stormgain also incurs commission fees from 0.8% to 0.25% depending on the cryptocurrency being traded and the exchange size.
In addition to this, there are also deposit and withdrawal fees waived depending on the payment method used.
Cex.io
Cex.io is one of the oldest Bitcoin exchanges and a popular option for buying and selling Bitcoin in addition to numerous other cryptocurrencies. Cex.io also offers broker services that support a variety of coins in addition to a proprietary trading platform where BTC, BCH, ETH, and XRP can be traded.
Cex.io caters to both beginners and professionals in its provision but one of the largest drawbacks to making use of this exchange is the fees that it incurs in addition to hidden charges.
Cex.io can take up fees to 7% from the fiat currency that traders pay for a service rendered by the exchange. Also, there are fees involved with the few payment methods used when funding the account and withdrawing from it.
There is also a margin trading fee of 0.5% which is lower than that of other exchanges and Cex.io, however, makes up for fees by providing exceptional service and by still being one of the most trusted exchanges in the industry.
BTC-e
BTC-e is a large and trusted Bitcoin exchange that facilitates some of the largest Bitcoin trading volumes in the world. BTC-E supports the trade of crypto-to-fiat and crypto-to-crypto but only offers a few pairs of each which can be traded on the platform.
When trading through BTC-e trades are completed quickly and the exchange offers the option of auto-trading. Deposits and withdrawals in Bitcoin are often instant and when withdrawing in USD, the processing time is only 72-hours.
OKEx
OKEx is one of the top-ten global cryptocurrency exchange platforms by daily volume alone and it offers its services to numerous investors and traders from over 100 worldwide countries.
OKEx offers trading in crypto-to-crypto in addition to crypto-to-fiat, futures trading, and a variety of wallet options.
In terms of security, OKEx has an exceptional track record in addition to featuring advanced security protocols to protect its traders and investors, and their funds.
OKEx offers traders and investors the opportunity to trade a variety of cryptocurrencies between themselves and offers a service similar to an OTC trading desk by providing users with access to spot trading, margin trading, futures contracts, perpetual swap, and options.
The fees that OKEx charge ranges from 0.10% and 0.15% respectively for maker and taker fees, which is still substantially lower than what other exchanges charge.
Final Thoughts
Bitcoin is not a new word on the streets, it is one that is, however, being used more today as the acceptance thereof is becoming more widespread. Numerous sites promise great opportunities, great returns, and more, in an attempt to lure unsuspecting traders and investors in.
However, there are legitimate exchanges, platforms, and sites that offer investors and traders alike a vast array of options in a secure environment.
These sites and exchanges are worth having a look at while planning on what to do with hard-earned Bitcoin and other cryptocurrencies, whether they were obtained through mining, purchase, or previous exchange, these sites cater to an array of investors and traders whether they are beginners or professionals.
🏆 Top 3 Brokers Crypto Trading Platforms
