Updated April 1, 2022

Best Bitcoin Broker

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Looking to buy Bitcoin for the first time and not sure where to do it? Keep reading for this list of the best Bitcoin brokers.

So you've finally made the decision to buy Bitcoin. (Don't worry. It's not too late.) The next hurdle is to actually choose a Bitcoin broker.

It can really seem like there are endless options to choose from. But not all Bitcoin brokers are created equal. Some are stripped down and better for beginners. Others offer features that allow you to learn from other traders.

Which cryptocurrency broker is best for your trading style? And which is most secure? Learn more about the best crypto brokers to buy and sell Bitcoin. Plus, check out current Bitcoin promos and bonuses.

Best Places to Buy Bitcoin

Many of the most widely used crypto trading platforms aren't brokers, they're exchanges.

If you want an actual broker, you can skip this section. But if you're just looking for a good place to buy crypto, you won't be disappointed by any of the platforms below.

Binance - Best Overall

Binance is frequently ranked as the largest cryptocurrency exchange in the world by volume of trading. In fact, Binance has two separate platforms: their international version and the American version, Binance.US. Both are regularly in the top 10.

There's a reason that so many people turn to Binance when it comes to trading cryptocurrency. Mainly, it's cheap, and you can get just about every coin you can think of.

If you're looking for an extremely wide selection of coins and some of the lowest fees you'll find anywhere, Binance is worth your consideration.

Just remember that if you're in the U.S., you'll need to use Binance.US, not the original platform, in order to be in compliance with national regulations.

Key Features

  • Low-fee crypto trading
  • Staking options
  • Wide range of coins
  • Set recurring buys

BlockFi

BlockFi has a lot fewer coins than Binance does.

Its spread (the difference between buy and sell price) is also probably higher than Binance's fees, despite it being a commission-free exchange. That means you'll pay more for each trade, comparatively.

But BlockFi is still worth considering if you're interested in cryptocurrency as an investment.

Just remember: there is always risk in any investment, but especially a volatile one such as cryptocurrency.

Key Features

  • Commission-free crypto trading
  • Crypto-backed loans
  • BlockFi Rewards Credit Card

Gemini - Safest Crypto Exchange

There's a lot of worry about the safety of cryptocurrency. Consider the infamous Mt. Gox scandal. This Japan-based exchange handled roughly 70% of all Bitcoin transactions. That is, until 2014 when they disclosed that about 850,000 Bitcoin were unaccounted for.

This incident is one of the major reasons they tell you not to keep your coins on your exchange.

If your biggest concern is security, you should consider Gemini, a popular security-first crypto exchange. For your peace of mind, they offer a range of security features including:

  • Cold Storage: This means keeping your crypto offline. In Gemini's case, in an inaccessible, air-gapped system that is geographically distributed and can't be operated by a single employee.

  • Two-Factor Authentication: Required to login and make withdrawals, via WebAuthn hardware security keys, as well as SMS.

  • Address Allowlisting: You can choose which addresses you'll allow withdrawals to. All others will be prohibited.

  • Insurance: Gemini has digital asset insurance that protects against theft as long as it isn't the result of unauthorized access to the user account.

  • Withdrawal Limits: By limiting withdrawals, they can mitigate damage in the event of unwanted access to your account. They limit ACH transfers to $10,000 per day and $30,000 per month. Digital Asset withdrawals are free ≤10 per month, but incur a fee over 10 per month.

  • Biometric Login: Allows you to easily and securely access your account via your mobile device.

Key Features

  • Secure crypto trading and storage
  • Gemini Earn interest accounts
  • Gemini Credit Card
  • Gemini Pay

iTrustCapital - Best Crypto IRA

Not everyone is playing the short game with their Bitcoin investments. If you're hoping to invest in Bitcoin for life, iTrustCapital is a popular Bitcoin IRA (individual retirement account).

The process is a little different than using a typical exchange. There's more effort at the beginning to set up an account. But the advantage is that you'll be able to invest in crypto through a tax-free or tax-deferred account.

The downside to investing in crypto through an IRA is that you won't be able to access it until you reach the age of 59 1/2 without incurring a 10% penalty for withdrawal.[1]

But considering how much you'll end up spending on taxes, like capital gains, by investing normally, if you see cryptocurrency as a solid investment vehicle, iTrustCapital is well worth considering.

Key Features

  • Crypto IRAs (Roth and Traditional)
  • Tax-free or tax-deferred crypto investing
  • Precious metals
  • Low Commissions

Best Bitcoin Brokers

Now for the actual Bitcoin brokers. If you're looking to buy your crypto from a broker rather than an exchange, these are the platforms for you.

What's the difference between a Bitcoin broker and an exchange?
The main difference between a broker and an exchange is who you're buying from. With a broker, you're buying directly from the platform itself. They set the prices—though they'll usually probably try to keep them in line with the rest of the market to stay competitive.

With an exchange, the platform is connecting buyers and sellers to one another and (typically) charging a small fee for the service. Both options are viable, and in many cases there is no tangible difference to the user.

Coinbase - Best for Beginners

Coinbase is the first cryptocurrency trading platform most people encounter, and with good reason.

Coinbase is known for its beginner-friendly, easy-to-use platform that makes buying Bitcoin for the first time a piece of cake, whether you have any experience trading or not.

They offer an extensive range of coins, access to the latest market prices with breakdowns of every coin so you know what it is and what it's for—even if they don't carry it.

They have several useful features like staking, which lets you earn money on certain deposited coins, and the Coinbase Wallet, where you can safely keep your crypto and still be ready for trading when you want to.

One downside of trading on Coinbase is that the fees are higher than most of their competitors. It's a good place to learn the ropes if you're nervous, but once you've got the hang of it, consider switching to a more expert-oriented platform like Coinbase Pro or Binance.

Key Features

  • Beginner-friendly interface
  • Coinbase Wallet
  • Staking options
  • Coinbase Card
  • Cryptocurrency educational features

eToro - Best for Social Trading

eToro is a social trading platform known for their popular CopyTrader feature, which lets users automatically mimic the trades of other traders they've followed.

This can be a huge benefit for those who want to invest in crypto but aren't sure how to do it or what to invest in. And because there's so much transparency, it's great for investing newbies to learn more about trading strategy.

eToro has a modest range of coins. Accounts are free to open and there are no management fees but it charges 1% fixed fee when you buy or sell crypto.[2]

If you're not interested in taking advantage of the social trading aspects of the platform, or their Smart Portfolios, which let you choose from preselected crypto investments, then you might find better rates on another platform.

Key Features

  • CopyTrading and Smart Portfolios
  • Limited Staking
  • No withdrawal fees

Interactive Brokers - Best for Experienced Traders

If you're looking for a more traditional brokerage with a long history of serving investors, consider Interactive Brokers.

While many of the companies on this list are recent additions to the investing world, Interactive Brokers has been providing trading services for over 40 years.

They have offices all over the world, and in addition to cryptocurrency, they also support the trading of a range of other instruments, including stocks, options, futures, forex, fixed income, and funds.

If you're an experienced trader, their professional trading platform offers a variety of order types including limit orders and algorithmic trading, with comprehensive reporting and analysis for those interested in researching their investments themselves.

They also charge relatively low trading commissions, with no additional spreads or other fees.[3]

Key Features

  • Low-fee crypto trading
  • Trade a variety of securities in one place
  • Advanced trading platform
  • Charting and analysis

What to Look for in a Bitcoin Broker

There's no shortage of platforms for you to buy Bitcoin. To choose the right cryptocurrency broker for you, here are some key features to compare:

Commissions and Fees
In order to make money, Bitcoin brokers take a cut of each transaction. Ideally, you want to choose a platform with the lowest fees possible. Fees to look out for include transaction fees, spread (difference between selling and buying price), deposit fees, and withdrawal fees.

Location and Regulation
Cryptocurrency laws vary by country. Not all crypto brokers are available everywhere. Check that the platform is available in your state and that it complies with your country's regulations.

Types of Accounts
In addition to a regular brokerage account, you could also consider crypto savings accounts or retirement accounts. Some platforms let you trade stocks and crypto, which can be a convenient way to build a diversified portfolio.

Security
Keep an eye out for platforms that use strong security features to keep your account safe. These can include multifactor authentication, cold storage, and address allowlisting/whitelisting.

Customer Service
You may have to reach out to your Bitcoin broker at some point. Find out how to get in touch with customer support and save yourself the headache later.

Cryptocurrencies Supported
Pretty much every crypto exchange and broker supports Bitcoin. If you want to invest in other cryptocurrencies, such as Ethereum, make sure the broker supports it before you sign up.

Educational Features
If you're new to trading crypto, it's good to have more educational resources at your disposal. Look for platforms that offer tutorials, guides, or virtual portfolios to help you develop your investment strategy.

Ease of Use
Platforms with simple interfaces are best if you're a beginner. If you're a more experienced investor, you might appreciate more advanced features and extra functionality.

Bottom Line

You have plenty of options when it comes to choosing a cryptocurrency broker or exchange. If you're looking for the widest range of coins and the lowest fees, Binance may be right for you.

If you're a complete beginner and would like the smoothest experience, try Coinbase.

If you're an experienced investor and want to keep all your trading in one place, Interactive Brokers is a platform that will let you do it.

eToro lets you learn from other traders and Gemini makes a special effort to keep your crypto safe.

Whichever you choose, remember that there's no reason you can't change your mind later. So give them a try, see what suits your style, and find the platform that's right for you.

References

  1. ^ Internal Revenue Service. Traditional and Roth IRAs, Retrieved 3/13/2022
  2. ^ eToro USA LLC. Trading Fees, Retrieved 4/1/2022
  3. ^ Interactive Brokers. Commissions Cryptocurrency - Pricing Structure, Retrieved 3/13/2022

Jeremy Harshman is a creative assistant at CreditDonkey, a crypto comparison and reviews website. Write to Jeremy Harshman at jeremy.harshman@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.

Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content. You do not have to use our links, but you help support CreditDonkey if you do.

eToro USA LLC; Virtual currencies are highly volatile. Your capital is at risk.

Read Next:

Best Cryptocurrency Exchange

Best Cryptocurrency Exchange

Best Crypto Wallet

Best Crypto Wallet

Best Crypto IRA

Best Crypto IRA

Coinbase Review

Coinbase Review

Binance Review

Binance Review

eToro Review: Pros and Cons

eToro Review

BlockFi

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Best Places to Buy Bitcoin

By Jeremy Harshman - Tips for Best Cryptocurrency Exchange
Bitcoin has gone from a niche digital currency to an economic powerhouse. But how can a beginner get started? How high are the fees? Read on.
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