There has been a lot of interest in Bitcoin and other cryptocurrencies, even though Warren Buffett thinks they’re worthless. Traders may profit from cryptocurrency’s price volatility, which is why the currency is so popular. For example, the price of Bitcoin surpassed $1,000 at the beginning of 2017 and the Bitcoin early adopters enjoyed so much about this.
Digital money attained a value of about $20,000 before the end of the year. The cost of Bitcoin was hovering at $3,200, almost precisely a year later. By early 2021 the price had risen dramatically, reaching a high of $60,000 for the first time since its resurgence in 2019. In November, it got a record high of moreover $68,000.
This type of price volatility has enticed traders for those who want to surf the waves. Others choose to invest in currency futures rather than physically owning them. However, the more considerable gain offered by futures contracts comes at a far greater cost in terms of risk.
Where can an Individual Trade Cryptocurrency?
Traditional brokers offer a vast range of investible assets, but you cannot trade Bitcoin directly, only futures. When it comes to cryptocurrency exchanges, you’ll only be able to trade in digital currencies, but you’ll be able to purchase and sell many coins simultaneously.
If you’re looking for the top cryptocurrency trading brokers, you’ll find them here. Check out which brokers give the best incentives for creating an account to see if you may gain a little additional cash.
Top Rated Brokers for 2022
The best crypto broker depends mainly on meeting your demands as an investor or trader. We compiled the following list of cryptocurrency broker’s software to fulfill the needs of a wide range of investors and traders.
- Robinhood
If you want to purchase cryptocurrencies directly, Robinhood is an attractive choice. There will be no trading commissions for you with Robinhood, but you will still pay a built-in spread markup on any transactions you make. Stock and ETF transactions are also available at the same cheap fee for those interested in more than just cryptocurrencies.
- eToro
As of 2007, eToro has been a leading provider of forex products and other CFD derivatives to retail customers from Cyprus, England, and Israel. eToro’s social trading activities, such as OpenBook, allow new clients to copy trade the platform’s best performers, and this has proven to be a significant asset for the company. Social trading aspects are excellent, but eToro’s lack of currency pairings, unimpressive research, and customer support tools detract from the overall experience.
- Interactive Brokers
One of the lowest fees in the industry is available for direct trading of four cryptocurrencies, including Bitcoin and Ethereum, through Interactive Brokers. You may also buy Bitcoin futures instead of the actual money. The Chicago Mercantile Exchange’s all-in contracts cost $10.02, with five bitcoins per contract in this broker’s example. With Interactive Brokers’ entire range of investing options, you can buy almost everything that trades on an exchange.
- iTrustCapital
iTrustCapital strives to make investing in alternative investments as uncomplicated and straightforward as possible for those who have never done so before. iTrustCapital’s easy structure and unique IRA products make it an excellent investment location despite the platform’s limited selection of cryptocurrencies.
WeBull
While Robinhood may be more popular, Webull has a great product that incorporates cryptocurrency trading. Despite this, Webull is less well known than Robinhood. Webull does charge a spread markup of 100 basis points (1 percent of the buy price) on both sides of a transaction, even though you won’t pay commissions on crypto trades (or equities and ETFs). Bitcoin, Ethereum, and Cardano are just a few of the cryptocurrencies we may trade. Webull’s mobile app and charting features make it a viable option for investors.
- Voyager
More than 50 cryptocurrencies are available through Voyager. They are making it one of the most well-known names in cryptocurrency investing. Download the Voyager Crypto app for iOS and Android devices to buy, sell, and trade assets.
To put it another way, Voyager is one of the few cryptocurrency brokers that doesn’t charge any commissions when you invest. Additionally, Voyager is one of the few brokers that allow consumers to earn income on their cryptocurrency assets. However, it is a fantastic choice for novice and experienced investors despite the broker’s shortcomings.
- TradeStation
With the launch of TradeStation Crypto, the company’s direct currency trading platform, traders have a few alternatives. Pricing is by your broker account balance and the marketability of your order. Typically, prices range between 0.05 and 0.3 percent of your transaction. Trades can also take advantage of high-volume trading discounts on Bitcoin futures contracts.
- BlockFi
Cryptocurrency may have swept you off your feet in the early days of Bitcoin, or you may think it’s the future. If you’re ready to progress as a crypto investor, BlockFi may be the next logical step for you to take. To offer institutional-grade financial products to the crypto markets, BlockFi aims to attract both crypto natives and those who want to learn more about the industry. For its customers, it aims to provide low-cost, accessible apps that optimize the value of its cryptocurrency holdings.
