If you’re looking for the best Bitcoin trading platform in the market right now, there are several key factors that you need to focus on. This includes everything from supported Bitcoin markets and trading commissions to payment methods and customer service.
In this guide, we review the best Bitcoin trading platforms of 2021 and beyond. We also show you how to get started with a Bitcoin trading account in less than 10 minutes!
In This Guide
Here’s an overview of the best Bitcoin trading platforms that made our list of top-rated providers. You can scroll down to read our in-depth review of each platform.
5 Providers that match your filters
75% of retail investor accounts lose money when trading CFDs with this provider.
Securities trading offered through Robinhood Financial LLC, a registered broker-dealer and Member SIPC, and a subsidiary of Robinhood Markets, Inc.
Your money is at risk. The exchange holds an e-money license from the FCA.
Crypto assets are highly volatile, unregulated investment products. No EU investor protection
Finding what is the best Bitcoin trading platform for your needs is crucial. For example, the provider might offer some of the most competitive fees and commissions in the market. But, if it doesn’t support your chosen Bitcoin pair or accept your preferred payment method, it’s not going to be suitable.
As such, in order to find the best Bitcoin trading platform for you, we would suggest reading through the following reviews.
In virtually every area that we explored – be it regulation, fees, supported markets, or payments, eToro came out on top. This hugely popular online trading platform is now behind over 17 million client accounts – making it one of the biggest retail investment sites in the industry.
Not only does eToro allow you to buy, sell, and trade stocks, ETFs, and CFDs – but heaps of cryptocurrency markets. Its crypto-asset library is actually split into two core departments.
Firstly, if you simply want to buy digital currencies like Bitcoin, Ethereum, or Ripple – and you plan to hold your investment for several months or years, you can do this at eToro without paying any commissions or ongoing fees. Once you make an investment, eToro will keep your coins safe and secure until you decide to cash out.
The other option you have is to engage in cryptocurrency CFD trading. In doing so, you will have access to almost 100 crypto-asset pairs. This includes both fiat-to-crypto and crypto-to-crypto markets. In choosing the CFD route on eToro, you can trade digital currencies with leverage.
You can also engage in short-selling, meaning you can speculate on the respective cryptocurrency going down in value. Take note, Bitcoin CFDs are not available to residents of the US or UK. Nevertheless, although CFD markets on eToro can be traded commission-free, don’t forget about overnight financing.
This is something charged by all CFD trading platforms, making the instruments more conducive for short-term strategies. Either way, the minimum Bitcoin trade on eToro is just $25, which is great for those of you that want to risk small amounts. In terms of payments, eToro accepts debit and credit cards, as well as e-wallets like Paypal and Neteller.
You can also fund your account by making a bank transfer, but this can delay the process by a couple of days. Furthermore, and perhaps most importantly, this top-rated Bitcoin trading platform is heavily regulated. On top of licenses with the FCA, CySEC, and ASIC – eToro is registered with FINRA in the US.
67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
Coinbase is one of the largest Bitcoin trading platforms in the space - with a reported 35 million clients now using the provider to buy and sell digital currencies. In fact, Coinbase is often the go-to platform to enter the market for the first time - especially in the US.
This is because it usually takes just a few minutes to open an account and upload ID - and you can then instantly deposit funds with a debit card. You can also find your account with a bank transfer and in some regions - Paypal.
Either way, the process of buying Bitcoin at Coinbase can be completed by skill sets of all shapes and sizes. Perhaps the biggest drawback with this top Bitcoin trading platform is that fees are somewhat uncompetitive.
This starts at the very offset when you make a deposit, as debit cards attract a 3.99% fee. This includes the trading commission - so a $1,000 Bitcoin purchase with a debit card would cost you $39.90 all-in. In most countries, bank account deposits are fee-free or cost just a few cents at worst.
If you take this option, you will then need to pay a 1.49% trading commission on Coinbase. This is payable when you enter your Bitcoin trade again when you close it. For example, if you buy $2,000 worth of Bitcoin, your entry commission would amount to $29.80. Then, if you closed the trade when it was worth $2,500 - you'd pay a commission of $37.25.
Once you complete your Bitcoin trade on Coinbase, you then can withdraw the funds out to your private wallet. This is usually executed in just a few minutes. With that said, a lot of investors will keep their Bitcoin stored on Coinbase, as the provider is well-known for its top-notch security controls.
For example, Coinbase keeps 98% of client funds offline, making it virtually impossible for an external hacker to gain access. You can also set up two-factor authentication, which requires a unique code every time you log in. The only way to get this code is via the mobile phone you have attached to your account.
When it comes to supported markets, Coinbase offers dozens of cryptocurrencies that you can buy directly. If your chosen digital coin isn't available, you might want to head over to Coinbase Pro. This is the trading exchange offered by Coinbase that picks with more advanced features and tools - plus additional Bitcoin pairs.
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Your money is at risk.
If you're an experienced pro that want to decide what is the best Bitcoin trading platform for day trading, Binance is likely to be the best option on the table. If you haven't previously heard of the platform, it is now the largest cryptocurrency exchange in terms of liquidity and trading volume.
Often times, Binance will facilitate anywhere $10 and $20 billion worth of trades in a single day. This means that you will never struggle to find liquidity in your chosen market. When it comes to tradable pairs, Binance is home to hundreds.
This includes cryptocurrencies of all shapes and sizes - so both large-cap and micro-cap coins are offered. In fact, Binance is often the go-to platform for newly launched cryptocurrencies that are being listed on an exchange for the first time. In terms of getting started, accounts on Binance can be opened in less than 1 minute.
This is because the provider does not collect any personal information from you other than an email address. The exception to this rule is if you trade more than 2 BTC per day or you wish to find your account with a debit/credit card or bank transfer. Once you are set up, Binance offers an abundance of trading tools that are perfectly suited for seasoned pros.
This includes advanced chart reading capabilities and in-depth order book data. We should also mention that Binance is now home to Bitcoin derivatives. This includes both futures and options - both of which can be traded with leverage. In when it comes to reputation, Binance offers several safeguards that ensure your funds are stored securely.
For example, two-factor authentication can be set up to add an extra safety net when an attempt is made to log in or withdraw funds. You can also set up whitelisted wallet addresses and email confirmations. There is also an insurance fund known as SAFU, which is in place to cover the potentiality of an external hack.
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Coinmama is a well-known cryptocurrency broker that allows you to easily buy Bitcoin with a debit/credit card. The provider - which has served over 2.6 million clients, was launched way back in 2013.
As such, this makes Coinmama one of the most established players in the ever-growing Bitcoin trading scene. The provider is slightly different from the other best Bitcoin trading platforms on the top, as you have no option but to instantly withdraw your coins.
That is to say, when you go through the purchase process, you will be required to enter the wallet address that you wish to receive the cryptocurrency. As Coinmama does everything by the book, it requires all users to upload verification documents before a trade can be placed.
This requires a passport or driver's license, alongside a selfie, and a sheet of paper that displays today's date. After that, you can buy up to $15,000 worth of crypto at the click of a button. In terms of supported coins, Coinmama allows you to buy Bitcoin, Ethereum, Ripple, Litecoin, Ethereum Classic, Bitcoin Cash, Cardano, and Quantum.
Although this top-rated Bitcoin trading platform makes the purchasing process simple and fast, it must be noted that Coinmama is super-expensive. Firstly, Coinmama charges a mark-up of 2% above the average Bitcoin rate. Then, you will need to pay a trading commission of 3.90% on all buy orders, which is huge.
Sell orders also attract a commission, but at a lower rate of 0.90%. When it comes to debit/credit card fees, you need to pay an additional commission of 5%. This means that all in, you'd need to pay almost 11% in fees to buy Bitcoin. Finally, if making a purchase via bank wire, there is a 20 GBP fee on orders below $1,000.
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Gemini is a large Bitcoin trading platform that is based in the US. The Bitcoin exchange was co-founded by Cameron Winklevoss and Tyler Winklevoss - both of which were involved in the creation of Facebook. In particular, Gemini is popular with large-volume traders, not least because it offers significant levels of liquidity.
Additionally, institutional investors often view Gemini as their go-to platform, as it provides industry-leading security controls. This includes an offering of FDIC insurance on all USD deposits held at the platform.
This would cover you up to the first $250,000, should Gemini run into financial issues. Additionally, each and every client that uses Gemini must go through an enhanced KYC process.
Although this does mean that it can take a few days to get set up, such a strong commitment to regulation ensures that you can trade in a safe and secure ecosystem. In terms of what you can trade, Gemini supports more than 20 cryptocurrencies. These are priced against the USD and can be traded at a commission of 0.5%. This is somewhat on the high side, albeit, spreads at Gemini are typically super-tight.
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Cryptoassets are highly volatile unregulated investment products. No EU investor protection.
Luno is a popular Bitcoin trading platform that allows you to buy and sell digital currencies online or via the mobile app. The provider is potentially suited for both newbie and professional traders. Regarding the former, you can easily buy Bitcoin and several altcoins in minutes.
Luno accepts a variety of payment methods, including debit/credit cards issued by Visa and MasterCard. Alternatively, if you are a seasoned day trader, you'll likely find the Luno exchange of great interest. This is because it comes packed with advanced order types and in-depth charts.
In fact, its charting data is provided by TradingView, meaning that you'll also have access to technical analysis tools. What we also like about Luno is that it is one of the few top Bitcoin trading platforms that give you the opportunity to generate income on your blockchain assets.
This is through the provider's savings account feature, which pays up to 4% in interest per year. Luno will lend your crypto assets out to a third-party, which is how it has the capacity to offer such an attractive yield. In terms of the drawbacks, Luno does have a rather confusing fee structure in place.
Once we were able to make sense of the many different charges that can come into play, we found the platform especially expensive when it comes to deposits. For example, you will need to pay 3.5% when funding your account with a debit card. On the flip side, Luno does charge just 0.1% in trading commissions, which is in line with Binance.
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So that we have discussed the best Bitcoin trading platforms available in the market, we now need to explain some of the key metrics that you need to cross-off before opening an account. This is because no-two platforms are the same, so you need to ensure that the provider is right for you and your Bitcoin trading goals.
Regulation is still a major grey area in the Bitcoin trading scene. Technically speaking, cryptocurrency exchanges in most countries around the world can operate without a license. This is often the case even if the platform supports fiat currency deposits.
You don't need to live in the respective jurisdiction to benefit from these regulators, as the bodies in question are tasked with keeping a watchful eye on those they issue licenses to. This includes a requirement to keep client funds in segregated bank accounts, implement KYC controls on all clients, and clearly present the risks of trading.
The cryptocurrency industry is now behind thousands of digital coins. While the likes of Bitcoin, Ethereum, and Ripple are well-known to most traders, there are heaps of projects that you might not have previously come across. In some cases, your chosen provider will give you access to an abundance of markets, while others offer the bare basics.
For example, eToro allows you to buy and sell 16 different cryptocurrencies directly, while Luno supports just 6. Additionally, eToro also offers close to 100 crypto pairs that can be traded at the click of a button. Not only does this include crypto-to-fiat pairs like BTC/USD and ETH/USD, but crypto-cross pairs like BTC/EOS and ETH/BTC.
When it comes to fees, the best Bitcoin trading platforms allow you to access your chosen crypto market in a cost-effective manner. If you read through our reviews of each selected provider, you will have noticed that fees can vary quite wildly. As such, below we discuss the main fees that you need to consider before joining your chosen Bitcoin trading platform.
Before you can start trading Bitcoin, you will need to fund your account. If you already own a cryptocurrency, deposits are usually fee-free when you transfer the coins in from your private wallet.
However, if you elect to deposit funds with fiat currency, the fees can very quickly start adding up.
If you were to deposit funds with a debit card at eToro, the fee would amount to just 0.5%. The provider offers fee-free deposits when using a payment method denominated in USD.
Irrespective of whether you are using a stock trading platform, CFD trading platform, or forex trading platform - you can be all-but-certain that the provider charges a commission. This is also the case when using a Bitcoin trading platform.
After all, cryptocurrency providers give you access to the markets, so they need to charge a fee of some sort. In most cases, you'll find that the best trading platforms for Bitcoin charge a variable commission on each buy and sell position.
Once again, eToro stands out here, as the platform allows you to buy, sell, and trade Bitcoin without paying any commission at all.
If you're looking to take your Bitcoin trading endeavors to the next level, you'll want to choose a platform that offers certain tools and features.
Some of the most notable include the following:
The best Bitcoin trading platforms allow you to get very specific about your entry and exit orders. For example, you should have the option of choosing from a market order and limit order. In terms of exit strategies, the best platforms will allow you to deploy a stop-loss and take-profit order.
Some of the best leveraged Bitcoin trading platforms give you access to leverage. This means that you can trade Bitcoin with more than you have in your brokerage account.
When using a regulated Bitcoin trading platform (which you should), you might not be offered leverage if you are based in a country that prohibits it. For example, as crypto CFDs are banned in the US, a lot of Americans use offshore platforms like BitMEX or ByBit.
The aforementioned platforms offer leverage of up to 100x, even though they are not regulated. This means that a $100 account balance would allow you to enter a trade worth $10,000.
A lot of cryptocurrency exchanges only allow you to profit from rising markets. That is to say, you will be buying Bitcoin and other cryptocurrencies in the hope they increase in value.
However, digital currencies move in cycles, meaning downward trends can last weeks, months, or even years. As such, the top Bitcoin trading platforms allow you to engage in short-selling.
In the vast majority of cases, this is achieved by placing a sell order on crypto CFDs. Once again, if you're based in a country that doesn't allow CFDs, then you might not get the chance to go short even if the platform offers this to other clients.
Automated trading tools are getting more and more popular in the Bitcoin scene. Put simply, these are tools that allow you to trade Bitcoin and other cryptocurrencies without you needing to lift a finger. In other words, you don't need to have an ounce of knowledge in Bitcoin to be able to trade it.
Past performance is not an indication of future results
There are several ways in which you can benefit from automated Bitcoin trading tools.
However, the best way to automated your Bitcoin positions is to use the Copy Trading feature on eToro. In doing so, you will be using a regulated, commission-free broker - so everything is 100% transparent. The idea here is that you will get to choose from thousands of verified copy traders - based on metrics like past performance, preferred digital currency, and risk rating.
Then, it's just a case of deciding how much you wish to invest in the trader. After all, any buy and sell positions that the trade places will be mirrored in your own eToro portfolio.
The best Bitcoin trading platforms provide you with all of the educational materials one would need to learn the ins and outs of cryptocurrencies. For example, eToro offers everything from social trading fees and webinars to guides and how-to videos.
The popular Bitcoin trading platform also offers regular podcasts. When it comes to research, the top Bitcoin trading platforms provide you with market insights, crypto-related news, and general investor sentiment.
And of course, if you're a short-term day trader or swing trader, you'll want to choose a provider that offers in-depth chart reading tools and technical indicators.
Make no mistake about it - liquidity is super important when trading online - irrespective of the asset class. For those unaware, liquidity refers to the amount of capital that is available in a particular marketplace.
If there is a lack of liquidity, this means that you buyers might find it difficult to find a seller and visa-versa. In turn, this will result in much wider spreads - subsequently resulting in increased trading costs.
The best Bitcoin trading platforms will always have an abundance of liquidity behind them - subsequently ensuring that markets can function properly.
Whether you're a newbie or a seasoned crypto pro, you need to ensure that your chosen Bitcoin trading platform offers a top-notch user experience.
Assessing these key metrics can be difficult if you are yet to open an account and make a deposit. This is because a lot of Bitcoin trading sites restrict access to their exchange until you have added funds.
This is why we like eToro, as the online platform offers demo account facilities without you needing to deposit money. This mirrors actual market conditions, so you can get a feel for the end-to-end user experience without needing to make a financial commitment.
Regardless of what your Bitcoin trading strategy is, it's well worth choosing a platform that also offers a fully-fledged mobile app. This will allow you to keep tabs on how your crypto portfolio is performing at the click of a button.
Perhaps, even more importantly, having access to a Bitcoin trading app will allow you to place buy and sell orders even when you are away from your main desktop device. This might be to enter a new trade or to quickly close an outstanding one.
The Bitcoin trading mobile app should, however, be fully optimized for your phone. In most cases, the best Bitcoin trading platforms offer apps for both iOS and Android.
All of the providers that made our list of the best Bitcoin trading platforms allow you to deposit money with fiat currency. This includes debit/credit cards and bank transfers. The likes of eToro also support e-wallets, which includes Paypal, Neteller, and Skrill.
We have already discussed transaction-related fees that you need to look out for when choosing a bitcoin broker. But, we should also add that you need to check transaction times. For example, explore how long it takes deposits to arrive and the number of hours or days for the platform to authorize withdrawal requests.
Customer service in the Bitcoin trading scene can really be hit or miss. If, for example, the platform is home to a significant number of users, you might find that it only offers email support.
This means that you won't be able to speak with someone in real-time. As such, we find that the best Bitcoin trading platforms offer live chat and/or telephone support.
By this point in our guide, you should know how to find a Bitcoin trading platform that meets your needs. All that is left to do now is place your first Bitcoin trade!
To show you how easy this is when using top-rated crypto trading platform like eToro, we've outlined the required step-by-step process below.
You will first need to open an account with eToro. Initially, you'll need to provide some personal information and contact details.
After that, you will be asked to upload a copy of your government-issued ID and proof of address. This will instantly get your eToro account verified.
You will now be asked to meet a $200 minimum deposit. You can do this instantly by using a debit/credit card or e-wallet.
Once you have made a deposit, you can then place a Bitcoin trade. Click over to the 'Trade Markets' button and select 'Crypto'. This will then show you all of the cryptocurrency markets that eToro supports.
Alternatively, you can search for the Bitcoin market you are interested in.
Once you click on the 'Trade' button next to your preferred Bitcoin market, an order box will appear.
You will need to fill out the following fields:
You also have the option of selecting a limit order. This allows you to specify the exact price that you enter the respective Bitcoin market. Additionally, eToro also supports stop-loss and take-profit orders, which are crucial for trading Bitcoin in a risk-averse way.
When you are happy with your order box, click on the 'Open Trade' button.
And that's it, you just placed your first crypto trade on eToro!
In summary, Bitcoin trading platforms are now in their hundreds. Most providers in the industry can be discounted - either because they aren't regulated, charge high fees, or offer an all-round poor user experience.
In our view, eToro is the best Bitcoin trading platform to consider in 2021 for several core reasons. Not only is the provider heavily regulated in several jurisdictions, but it allows you to buy, sell, and trade cryptocurrencies commission-free.
Additionally, eToro is simple to use, supports heaps of markets, and even offered automated Bitcoin trading tools!
If you want to trade Bitcoin in a truly safe and secure manner, it's best to use regulated platforms. eToro, for example, is regulated by the FCA, ASIC, and ASIC, and it is also registered with FINRA in the US. In our view, this makes eToro one of the safest Bitcoin trading platforms in the space.
Leverage is usually regulated on a country-by-country basis. For example, if you're based in Europe, you can only trade Bitcoin with leverage of up to 1:2. However, there are also platforms like BitMEX that offer leverage of up to 1:100 no matter where you are based. Crucially, these platforms are unregulated and thus - should be avoided.
We found that eToro is by far the cheapest Bitcoin trading platform. While the likes of Coinbase charge commissions of 1.49%, eToro is commission-free. Plus, you only need to pay 0.5% on debit card deposits, while in comparison to the industry-standard of 3-5%, is super cheap.
If you are looking to buy Bitcoin as a long-term investor, Americans might want to consider eToro. Although you won't be able to trade CFDs, the platform allows US residents to buy and sell 16 different cryptocurrencies commission-free. Crucially, eToro is registered with FINRA.
If you're interested in Bitcoin derivatives like futures and options, Binance might be your best bet. The popular exchange offers an abundance of markets on these Bitcoin derivative products, which all allow you to trade with leverage.
Bitcoin trading platforms make money by charging fees. Trading-related fees include commissions and spreads. Non-trading fees usually focus on deposit/withdrawal charges.
Without a doubt, the most traded Bitcoin pair in the cryptocurrency scene is BTC/USD. This means that you will be trading the price of Bitcoin against the US dollar. If your chosen Bitcoin doesn't support crypto-to-fiat pairs, then you can trade BTC/USDT instead.
Kane Pepi is a British researcher and writer that specializes in finance, financial crime, and blockchain technology. Now based in Malta, Kane writes for a number of platforms in the online domain. In particular, Kane is skilled at explaining complex financial subjects in a user-friendly manner. Kane has also written for websites such as MoneyCheck, InsideBitcoins, Blockonomi, Learnbonds, Buysharesand the Malta Association of Compliance Officers.
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