Best Cryptocurrency Exchange Fees

Don’t Want to Use Robinhood for Crypto? Try These 7 Apps Instead

Don't Want to Use Robinhood for Crypto? Try These 7 Apps Instead
Written by publisher team

Personal Finance Insider writes about products, strategies, and tips to help you make smart decisions with your money. We may receive a small commission from our partners, such as American Express, but our reports and recommendations are always independent and objective. Terms apply to the offers listed on this page. Read our editorial standards.

Robinhood recently experienced a disruption in cryptocurrency trading at the same time as the price of the popular cryptocurrency dogecoin soared. Although the investment application took to Twitter To reassure its users that it has fully restored cryptocurrency trading services, Robinhood’s job pause has temporarily prevented many traders from placing orders.

Robinhood does not currently allow traders to transfer crypto assets from their accounts. But if you are considering alternatives to Robinhood, we have highlighted seven investment apps that allow you to purchase multiple options for cryptocurrency.

Keep reading to find out which encryption app is best for you.

1. Coinbase Offers Bitcoin and 50 Other Cryptocurrencies

In addition to its wide selection of cryptocurrencies, Coinbase provides a range of investment options for individuals and institutions. These include Coinbase Earn (a feature that pays you with crypto assets to watch educational videos), Coinbase Pro (an advanced trading platform for experienced traders), and the institutional Coinbase Prime trading platform.

Coinbase also gives you the option of staking Rewards (staking is a process that allows traders to earn rewards from holding different crypto assets), along with user-controlled crypto storage, and access to Stablecoin.

You will only need a minimum of $2 to get started. As for fees, Coinbase charges a difference of 0.50% on buy/sell transactions, and transaction fees range from $0.99 to $2.99. There is a 0.50% fee on Coinbase Pro.

The exchange does not currently offer dogecoin, but plans to list the cryptocurrency within the next two months.

Click here to open an account

2. SoFi allows you to trade Bitcoin, Ethereum and Litecoin

SoFi is not just a good choice for cryptocurrency traders; It is also a powerful investment platform for all types of investors. When it comes to cryptocurrencies, SoFi charges a fee of 1.25%, which means that the brokerage will add an additional 1.25% to the final price of any crypto stock you buy.

The investment app offers bitcoin, ethereum, litecoin and 17 other cryptocurrencies. (See the full list here).

If you are interested in actively trading any other securities, you will be able to choose from stocks and ETFs. SoFi also offers automated investment accounts for uninvolved investors.

Click here to open an account

3. Kraken offers 50+ cryptocurrencies, margin trading and futures trading

Kraken is a popular cryptocurrency exchange that came into existence two years after the creation of Bitcoin in 2009. With nearly 60 cryptocurrencies and fees ranging from 0% to 0.25%, the exchange is a great choice for individual and institutional traders alike. Its portfolio of investments includes Dogecoin, Bitcoin, Ethereum, Ripple, and many other popular assets.

However, what sets Kraken apart are its margin account and futures offerings. Margin accounts allow you to borrow money to trade more securities. So if you want to gain additional purchasing power, you can increase your account balance by five times (up to $500,000).

Kraken also offers its own desktop and mobile futures trading platforms. (Futures are legal contracts that give you the option to exchange a security at a specified price on a future date.) This account option allows you to borrow up to 50 times your account balance.

Click here to open an account

4. Webul is best for stock, ETF, options, and cryptocurrency traders

Webull could be another good option as long as you don’t mind its limited selection of cryptocurrencies. The brokerage currently offers seven: Bitcoin, bitcoin cash, dogecoin, ethereum, litecoin, zcash and stellar.

You will need a minimum of $1 to start trading these assets, but you don’t have to worry about any fees.

The brokerage may also be suitable if you are looking for low cost stocks, ETFs, and options offerings. While some small regulatory agency and clearing company fees apply to trades, Webull does not charge any commissions on stocks, ETFs, or options. And unlike Merrill Edge and other brokerages that charge $0.65 per options contract, Webull charges $0.

Click here to open an account

5. Binance.US offers low-cost cryptocurrency trading

Binance.US is the US version of the global cryptocurrency exchange Binance. Founded in 2019, Binance.US offers dogecoin and more than 50 other cryptocurrencies, with investment options for individuals and institutions.

As for the fees, you will need at least $10 to start investing. Binance.US also charges a 0.1% instant trading fee, but you can make instant buy/sell transactions if you can earn 0.5%. Any deposits to your account with a US debit card incur a 4.5% fee.

Other offerings from Binance.US include earning rewards, instant trading for institutions, mobile apps, and cryptocurrency storage.

Click here to open an account

6. TradeStation has options for all types of traders

TradeStation is best for active traders who want to control what they buy or sell. The brokerage also has its own cryptocurrency trading web platform and mobile app. Its crypto offerings — which include bitcoin, bitcoin cash, ethereum, litecoin, and US dollars — are free of account minimums, but do include some fees.

The TradeStation platform uses a maker/taker fee structure for cryptocurrency trades. Maker fees are applied to orders that are not executed immediately because there are no matching orders. However, the receiver fee is immediately marketable, according to TradeStation. The investment application does not charge any fee to the maker, but the beneficiary fee ranges from 0.15% to 0.60%.

If you are interested in exploring other investment options, TradeStation also offers stocks, ETFs, options, futures, futures options, mutual funds, and IPOs.

Click here to open an account

7. CEX.IO gives you access to more than 80 cryptocurrencies

CEX.IO is a global cryptocurrency exchange based in London that provides more than 80 cryptocurrencies to traders around the world. The exchange offers investment options for individuals and institutions.

Among these are bonuses, instant buy account options, mobile access, crypto-backed loans, payment management and aggregation services for enterprises.

As for the fees, you will need a minimum deposit of $20 to use CEX.IO. The investment platform also has a maker/taker fee ranging from 0.16% to 0.25%, and card deposits result in a 2.99% fee.

Click here to open an account

Ricky Houston is a wealth building reporter for Personal Finance Insider and covers investing, cryptocurrency exchange, brokerage, and wealth building products.

About the author

publisher team