Best Crypto Brokers in 2023: detailed overview

Many people believe the future of finances lies in crypto-currencies. To be successful in the crypto market, choosing the best cryptocurrency broker to invest or trade in cryptocurrencies is one of the most vital steps. The price movement of cryptocurrencies has attracted traders and investors to ride the profit waves. Some people like to own the crypto while others turn to the futures market. Futures allow traders to use leverage to maximize their profits but also to maximize losses due to the volatile nature of cryptocurrencies, especially Bitcoin.

The Best Crypto Brokers Accepting Cryptocurrency Deposits

Determining the best crypto broker largely depends on your needs as a trader or investor. Many brokers allow crypto trading and few accept crypto deposits. The following crypto brokers are carefully selected keeping in mind the needs of diverse investment and trading styles of cryptocurrency. We made a comparison of features like minimum deposit required, funding method, types of crypto availability, trading platforms, and fees charged by the brokers to make your choice easier.

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eToro

Key features: multi-asset platform i.e. cryptocurrency, stocks, ETFs, etc, no commission, free insurance on 1 million Euro/GBP deposit, Social trading & investing with experts.

Pros Cons
+ Wide variety of cryptocurrencies

+ The leverage of copying trading done by other brokers

+ Straightforward fee structure

+ Demo account for beginners

High non-trading fees

Non-availabilities in certain locations

Trading platforms: ETORO, ETOROX

Minimum deposit: 50$ to 10,000$ depending on location.

Deposit fee: 0%

License: ASIC, GFSC, FinCen, FINRA, CySEC, FCA.

Leverage: 1:2

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Interactive Brokers

Key features: Stocks, options, bonds, and cryptocurrency trading, No spreads or markups fees. intuitive web, mobile, and desktop applications.

Pros Cons
+ High-level platform customization and flexible tools to deal with it

+ Low margin and commission rates

+ Customers can have trade assets and charts in one platform from markets across the world

+ There is no deposit fee on crypto deposits

– Hard for customers to navigate through the platform

Monthly maintenance fee

Limited cryptocurrency availability

Trading platform: PAXOS

Minimum deposit: $100

Deposit fee: 0%

License: SEC, FIRNA

Leverage: 1:4

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Gemini

Key Features: Separate interface for individual and institutional investors, Good security, and ease of use. 40+ crypto trading options. Has its cryptocurrency; the Gemini dollar.

Pros Cons
+ Strong security

+ More than 40 cryptocurrencies to choose from

+ Simple and user-friendly interface for beginners and advanced features for active traders

+ Earn interest on cryptocurrency balances

+ No crypto deposit fee

– High fees as compared to market price

A bit complicated for beginners starting from zero

Trading platform: Gemini active traders

Minimum deposit: There is no minimum deposit requirement in Gemini.

Deposit fee: 0%

License: NYDFS

Leverage: No leverage.

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Coinbase

Key features: Store all cryptocurrencies and NFTS in one place, Buy and store ERC-20 token, Access to decentralized apps that accept cryptocurrency, beginner-friendly interface.

Pros Cons
+ A large number of cryptocurrencies

+ Reward earning

+ Easy to use interface for beginners

+ There is no crypto deposit fee

High transaction and trading fees

Many users reported customer service issues

There is no margin account or crypto futures

Trading platform: Coinbase and Coinbase Pro

Minimum deposit: $50

Deposit fee: 0%

License: SEC and FINRA.

Leverages: no leverage

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iTrustCapital

Key features: real-time trading of assets on retirement accounts, a monthly maintenance fee of $29.95, A team of IRA experts will be assigned to you to help negotiate the dos and don’ts with your retirement account.

Pros Cons
+ Tax-free or tax-deferred cryptocurrency accounts

+ A straightforward platform allowing to trade assets in real-time

+ Availability of live chat and phone customer service

+ Affordable and transparent pricing system

+ Fast trade clearance, within 5 minutes

A limited number of cryptocurrency availability

There is no mobile app for this platform

Withdrawal before age 60 is penalized by 10%

Trading platform: Curv

Minimum deposit: $2500

Deposit fee: 1%

License: SEC and IRS.

Leverage: No leverage

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Webull

Key Features: Buying and selling cryptocurrency from $1 minimum, Instant settlement trade,two-factor authentications, Customizable charts, and indicators.

Pros Cons
+ Excellent user-friendly and unambiguous mobile platform

+ Zero percent commission

+ Fast and easy account opening procedure

+ No commission on crypto deposit

Poor customer service

Unavailability of crypto tokens

Trading platform: APEX Crypto

Minimum deposit: $1.

Deposit fee: 0%

License: FINRA,SEC.

Leverage: 1:4 for $2000 in your account.

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Voyager

Key features: It allows users to earn via an interest rate of almost 9%, Availability of multiple exchanges to trade digital assets, Trade 70+ top crypto assets with USD.

Pros Cons
+ Commission-free trading

+ Allows users earn interest on selected crypto investments

+ Access to multiple crypto exchanges via one account

+ Automatic buying features

Non-availability of coin-to-coin trades

No live call support

Only available for mobile users

Trading platform: Voyager’s proprietary router

Minimum deposit: $10

Deposit fee: 0%

License: FDIC insurance

Leverage: No leverage

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Robinhood

Key Features: Instant deposits, No commission on cryptocurrency purchases, Limit order feature to buy and sell your cryptocurrency at a set price.

Pros Cons
+ $0 commission on buying and selling

+ User-friendly application

+ No annual or inactivity fees

+ No commission via crypto deposit

Only 7 cryptocurrencies to choose from

Poor customer service

Trading Platform: RobinHood Crypto

Minimum Deposit: $1

Deposit fee: 0%

License: FIRNA

Leverage: 1:2

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Pionex

Key Features:
Pionex offers 16 bots to support automated trading, Leverage trading, Tutorials to learn how to operate the bots, low-risk investment strategies.

Pros Cons
+ 12 integrated free-to-use trading bots

+ Low commission on all transactions

+ Zero fee on crypto deposit

+ Support 120+ cryptocurrencies

+ Aggregated liquidity from Binance and Huobi

Cannot fund the account via fiat currencies

No demo account

Trading platform: Binance & Huboi

Minimum deposit: $2

Deposit fee: 0%

License: MSB, FinCEN

Leverage: 1:3

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BlockFi

Key features: Reward credit cards, up to 1% spread fees on trade, 7.5% interest rate on holding various cryptocurrencies, Provides USD loans against cryptocurrency.

Pros Cons
+ No minimum deposit requirements and monthly fees

+ The high-interest rate on crypto deposits in saving accounts

+ Recurring trade features

Limited cryptocurrencies options and lack of educational resources

Withdrawal limits and fees

Trading Platform: Gemini Exchange

Minimum Deposit: $0

Deposit fee: No

License: Alabama State Banking Department, California Department of Business Oversight

Leverage: 50% of the crypto value

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Crypto.com

Key Features: lower trading fees if buying and holding crypto.com’s own currency: CRO, Supports more than 150 cryptocurrencies, Can buy and sell NFT’s, Availability for prepaid crypto visa cards.

Pros Cons
+ Easy to convert currencies from fiat to crypto and vice versa

+ Cashback rewards on visa cards

+ Huge variety of crypto selection

+ No commission on crypto deposits

+ Strong security

Difficult to navigate through the app

Poor customer support

Trading platform: CRO

Minimum Deposit: $20 for ACH transfer and $5000 for wire transfer

Deposit fee: 0%

License: FDIC, MFSA

Leverage: 1:100

Things to Consider When Choosing The Best Cryptocurrency Broker

  • Crypto selection: The number of cryptocurrencies varies widely among brokers. More options mean, more variety of investment.
  • Authenticity and Security: It is important to know whether the brokers are regulated by the concerned financial authority and the security of the brokers from data leakage or hack attacks.
  • Fees: Most of the top cryptocurrency brokers have complex fees system. Some charges withdrawal, deposit, and spread fees, and some only charge spread fees.
  • Trade and buy options: To fund your crypto account, you need to connect it with your bank account to transfer funds. Some platform allows crypto to crypto trade. Look for brokers who accept the payment mode which you are comfortable in.
  • Wallets: Not every platform comes with a wallet option. Being able to manage your trading and wallet on one platform is more convenient.
  • Rewards or Interest: Crypto platforms provide recommendation rewards and some give away interest on holding certain cryptocurrencies on their platform.
  • Mobile apps: Not every crypto platform is available on mobile apps right now. A straightforward, user-friendly, and robust app can help manage your crypto accounts more conveniently.
  • Customer Service: Always look for a platform with good customer service. It is a huge perk to have a platform with excellent customer service.

Do You Need A Broker For Crypto Trading

Suitable for Beginners

Cryptocurrency brokers provide the most appropriate environment for users just getting started with cryptocurrencies. Exchanging fiat currencies for cryptocurrencies, and vice versa, take place between the buyer or seller and the broker platform.

Buying, selling, and trading cryptocurrencies on a broker platform give some advantages for customers: customers can trade or buy and sell cryptocurrencies at the prices established by the broker. Crypto brokers are also suitable if you are looking to start with a small investment.

Vast range of services

In the range of facilitating trades, cryptocurrency brokers may also provide the service of holding cryptocurrencies for their customers. Many brokers also support users who prefer not to hold their cryptocurrencies using a third-party wallet to buy and sell cryptocurrencies inside their secured wallet, thus promoting users’ trust.

Pros And Cons Of Using Crypto Brokers

Pros Cons

+ Ease of use to set up an account and start trading

+ Advanced analytical and technical instruments

+ Licensed and regulated by governing bodies

+ High-speed trading and confirmation

+ Wide variety of cryptocurrency availability

+ Better security of assets and personal information

+ Higher market depth

+ Brokers that accept crypto deposits have low trading costs to attract new clients

+ International transactions become easier and quicker through those brokers which accept crypto deposits

– It is risky to use leverage for new traders

– Trust issues regarding cryptocurrencies valuation

– Although the brokers have good security, they are still vulnerable to cyber-attacks

– Brokers may have different exchange rates for cryptocurrencies

 

Crypto Broker Vs Exchange

  1. A crypto broker is a mediator between the trader and the market, whereas a crypto exchange is a place where buyers meet the seller.
  2. Brokers allow you to sell and take profit when the price fluctuates. Something that is not available at the exchange. We can only benefit in exchange when the price goes up.
  3. Trade execution timings are much faster at brokers than at exchanges.
  4. Withdrawal limitations at the crypto exchange are much stricter than at the crypto brokers.
  5. The broker’s platform is suitable for beginners as you can start trading from a small amount and learn your way up by the tech and tools provided by the brokers. Exchange is suitable most for experts and the people who do high volume trades.
  6. The registration process at the crypto exchange may take a lot more time than the brokers but the data and assets security provided by the exchange is comparatively better than that of the brokers.
  7. Cryptocurrency brokers provide the opportunity of leverage trading that allows customers with a small investment to trade bigger positions.
  8. On exchange, there is no spread and swap, which is a huge income for the brokers.
  9. People usually get scammed by unauthorized brokers which is not possible at the exchange. Crypto exchange ensures transparency and compliance, also bound to provide users with state-of-the-art safety.

How To Convert Crypto And Cash Out Without Using A Bank Account

Cryptocurrency cards came into existence due to the rapid rise of the popularity of cryptocurrencies. Bitcoin debit cards are one of them, also known as Crypto Mastercards or Crypto Visa Cards. Financial organizations like TRASTRA are getting engaged in the distribution of such services.

Trastra card

TRASTRA allows you to make a Bitcoin Debit Card that is linked to your crypto wallet and spend your cryptocurrency easily as if you do it with your regular bank account. Moreover, you can receive a salary in crypto debit cards without any banks in between. TRASTRA cards allow you to instantly convert your crypto to fiat currencies such as Euro and withdraw it through the ATM.

Trastra Debit Card For Crypto Exchange-related Transactions

Trastra debit card and wallet support 7 cryptocurrencies i.e. BTC, ETH, BCH, LTC, XRP, USDC, and USDT. You can transfer the previously mentioned cryptocurrencies or convert them into fiat currencies without any transaction fee.

Conclusion On Best Cryptocurrency Broker

Every crypto broker has distinguished features that can be put up as the best cryptocurrency brokers according to your needs. Investors need to narrow down their expectations, needs and choose a crypto broker accordingly that suits them.

If you are looking for help and mirror some bigger investor techniques then etoro is the best platform for it. Pionex allows you to do automated trading and interactive brokers charge you with the lowest trading cost. BlockFi gives its customers a good interest on holding cryptocurrencies in their wallets.

In conclusion, the best cryptocurrency broker depends on your needs and if they support the currency you are interested in.

FAQ

What Is The Best Crypto Broker In February 2023 Accepting Crypto Deposits?

Few brokers accept cryptocurrencies as a deposit. We have shortlisted some of the best cryptocurrency brokers platforms for crypto trading

What Does A Crypto Broker Do?

Cryptocurrency brokers offer abstract contracts on cryptocurrency prices. You get the right to buy or sell the contracts as prices fluctuate, not the cryptocurrency.

Do You Need A Broker To Trade Cryptocurrencies?

If you are a newbie in the crypto-world and want to start trading, or you are looking for hustle-free investments opportunities then it is better to use a broker according to your needs. If you are just looking to buy and sell your crypto or you already have sound knowledge about crypto trading then you can directly go to an authorized crypto exchange.

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