Sponsored by
CRYPTO PR
After achieving huge success in 2021, cryptocurrencies have gone through a major increase in popularity, with millions of people starting to believe that they represent the future of finance.
However, even though the entire world has heard about cryptocurrencies, there are still a lot of people that don’t have the slightest idea on how to actually buy them.
The answer – Crypto brokers.
Choosing a crypto broker is the first step users have to take to invest in or trade cryptos. However, it’s not that easy.
Picking a suitable broker has to be followed by a sufficient amount of research – there are dozens of different factors you have to consider.
In this article, we are going to walk you through what crypto brokers are, which features they include, and list some of the best crypto brokers that you can use in 2022.
Our Best Crypto Brokers in 2022 – Detailed Review
- eToro
- Huobi
- Coinbase
- Crypto.com
Nowadays, crypto brokerage platforms aren’t as rare as they were 10 years ago – they are available in almost all parts of the world.
In fact, these platforms offer a wide range of services aside from brokerage, from digital wallets and exchange services to staking features.
Of course, this depends on the crypto broker you pick and we are here to help you make the right choice.
Here is a detailed review of our pick of the best crypto brokers in 2022.
eToro – Overall our Best Crypto Broker Platform
Established in 2007, eToro is an Israeli crypto brokerage platform that has managed to expand to different markets (UK, Australia, USA, Canada, etc.) in a rapid fashion.
The platform counts over 15 million active users, making it one of the largest brokerage sites in the world – for good reasons.
Firstly, due to the user-friendly interface, eToro is extremely easy to navigate through and is an ideal option for beginners who are yet to take their first dip in the crypto trading pool.
When it comes to fees, eToro has other platforms in terms of benefits and structure simplicity. With no trading fees included, users are only charged a spread fee that starts at 1%. Also, there are surprisingly no deposit fees, while the minimum deposit stands at $10 (one of the lowest in the industry).
eToro supports more than 50 cryptocurrencies, including some of the most popular ones like Bitcoin, Ethereum, Litecoin, Solana, Dogecoin, and many more.
Regulated by institutions such as the SEC, FINRA, ASIC, and the FCA, eToro is also one of the safest and most reliable platforms for users that place security as their number one priority.
Lastly, one of the most notable eToro features is the social trading platform. This feature allows users to review the portfolios of some of the best professional traders on the platform and then copy their trades in real-time.
Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.
Huobi – Our Best Crypto Broker for Savings Accounts
Huobi Global is a crypto brokerage site established in 2013 and it is currently the third largest broker when it comes to trading volume. Since Huobi isn’t available in the US, most of its users are European and Asian traders.
One of the main benefits of this brokerage is that traders can mix capital gains with regular income. This is due to the crypto savings account feature that provides users with the chance to earn interest on their investments. For example, Bitcoin holders can earn up to 3% of APY.
There is a maker-taker fee structure incorporated and the fees are extremely competitive – only 0.2% per transaction. Compared to other brokers like Coinbase or Gemini, (where the fees range from 0.25% to 0.5%) making trades on Huobi is much more affordable.
Aside from supporting 350+ cryptocurrencies, traders also have access to futures trading, margin trading, trading bots, OTC trading, and staking features.
All of this makes Huobi a great exchange for amateur and institutional investors who are looking to trade currencies at lower fees.
Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.
Coinbase – Most Suitable for Beginners
When it was launched in 2012, the main idea behind Coinbase was to build a platform that would enable people to easily trade and store Bitcoins. Nowadays, Coinbase is one of the best crypto brokers in the world, with a market value of more than $40 billion.
Some of its most notable features are the advanced security measures, easy-to-use trading platform, and a variety of advanced tools suited for professional traders.
Due to its great user-friendly interface and the fact that it supports more than 150 currencies, many beginners opt for Coinbase as their first crypto broker.
One of the best things about this platform is that it provides crypto storage options. Users can store coins on the Coinbase.com exchange (custodial option) or in the Coinbase Wallet (non-custodial wallet).
The main downside of Coinbase is that the trading fees are relatively high compared to other crypto brokers – they can go up to 0.6%, depending on the trade volume.
Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.
Crypto.com – Crypto Broker with the Best Mobile App
Launched in 2016, Crypto.com is one of the newest brokers in the community and it didn’t take long for it to become one of the leading platforms.
With more than 250 supported cryptos, it is easily one of the most comprehensive brokers, which also makes it an ideal option for traders looking to invest in some ‘unorthodox’ tokens.
Crypto.com also includes a large digital asset ecosystem that has its own blockchain (Crypto.org Chain), a native token (CRO), and a crypto visa card.
However, the most notable feature of this crypto broker is the high-quality mobile app. Most brokers typically don’t put as much effort into the mobile app as they do on the website, but Crypto.com made sure that this wasn’t the case with them.
The mobile app consists of a variety of different products and features that make crypto trading easy for users even when they are on the move. They can buy, sell, trade, and earn interest on cryptocurrencies without any lags or issues.
Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.
What is a Crypto Broker?
A crypto broker is a platform that serves as a financial bridge between investors and crypto markets. Similar to traditional brokers, crypto brokers arrange a deal between two parties – but in a more streamlined manner.
There are no lengthy negotiations, instead, there is advanced software that enables the trades to be executed in a matter of seconds.
For the services that it provides, a crypto broker charges a set fee. Most platforms charge transaction fees in addition to spread fees (with the exception of eToro).
Crypto Broker vs. Crypto Exchange – What is the Difference
While there are undoubtedly striking similarities between crypto brokers and crypto exchanges, there are certain differences that separate the two.
For starters, a crypto exchange is a platform that has the primary purpose of connecting buyers and sellers that want to exchange cryptos for fiat money (or the other way around). The exchange serves as the ‘middleman’ and charges a fee for connecting them. Using crypto exchanges is a great way to trade currencies for lower prices.
On the other hand, crypto brokers act as financial bridges between traders and crypto markets. The traders fund their crypto broker accounts and have a variety of products at their disposal.
They don’t need to use fiat currencies or their own crypto for trading, instead, they can find a different trading pair and the broker will find a party that is interested in the transaction. In some cases, the interested party can be the brokers themselves.
To put it simply, the main difference between crypto brokers and crypto exchanges is the price at which people trade their cryptos. In exchanges, users trade cryptos at the current market price, while with brokers, the traders can set the prices themselves.
Factors to Consider When Picking the Best Crypto Broker
Instead of just providing you with detailed reviews of all the leading crypto brokers, we also want to show you the exact factors you should consider when researching a platform.
Here are some of the most important things you should pay attention to.
The Interface
You know how they say that first impressions matter? This can also be applied to crypto brokers.
When choosing a platform, you should pay attention to the website’s design and overall interface to see how easy it is to navigate through it. The last thing you want is to spend time trying to figure out where specific buttons are and how to execute the trades.
The Fee Structure
Perhaps the most important element of crypto brokers is their fee structures.
You should always look for platforms that have the lowest fees when it comes to transactions, spread, and deposit costs.
Naturally, the less you spend on trades, the more money you will have for future transactions.
This is also why choosing a crypto broker that isn’t well established in the community can be quite risky – they could be charging premium fees for trading, funding, or even inactivity.
Reputation
The next thing you should consider is the reputation of a crypto brokerage.
In case there are any red flags such as an abundance of bad customer reviews, previous hacking attempts, or missed payments – you should take them seriously.
The crypto brokers that found their way onto our list all have a stellar reputation in the community, with maximum security protocols to prevent hacking attempts.
Supported Cryptos
Checking the list of supported cryptocurrencies can sometimes be unnecessary in case you are looking to invest in some of the most popular ones such as Bitcoin, Ethereum, Solana, Litecoin, etc.
However, if you have your eye out for currencies that aren’t really that known among traders, you should definitely check the list of supported tokens before creating an account on a platform.
How to Get Started with a Crypto Broker – Quick Guide
In case you don’t have a lot of experience with trading cryptos on brokerage sites, things can get a little bit confusing.
That’s why we have prepared this step-by-step guide to help you get started. The crypto broker that we are going to cover is eToro since it offers the most benefits.
Without further ado, here are the steps you can follow to start trading on the best crypto broker.
Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.
Step 1 – Open an Account on eToro
Firstly, you can open up an account on eToro by going to their official website and clicking on ‘Join Now’.
Fill the boxes with personal details like your full name, phone number, address, birth date, and email address.
Also, you should prepare a photocopy of your driver’s license or passport since eToro is very strict about AML regulations. This is a necessary step for verification.
Step 2 – Deposit Funds into Your Account
The next step is to fund your account through the ‘Deposit’ button.
There will appear a screen of available payment methods, just scroll through it and find the one that best suits you. Some of the options are credit/debit card, bank transfer, PayPal, Skrill, and many more.
After picking one, type in the exact amount of money you want to transfer to eToro (the minimum amount is $50).
Step 3 – Purchase Crypto
Finally, once you have enough funds in your account, you can search for the cryptocurrency that you are interested in through the search box.
Once you find one, click on ‘Trade’ and type in the amount you want to buy (the minimum amount is $10).
Double-check every box and click on ‘Open Trade’ to finalize the purchase.
Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.
The Takeaway
Choosing the best crypto broker for your needs is a daunting task – you have to go over dozens of reviews, research numerous different factors, and understand exactly how they will affect your trading habits.
We hope that this guide helped you understand how crypto brokers work and that it will make the decision-making process easier.
As we said, different brokers have different advantages – but the one that we think stands out as the overall best in all aspects is eToro.
This article is supplied by CryptoPR and is not necessarily representative of the views of The Herald
Why are you making commenting on The Herald only available to subscribers?
It should have been a safe space for informed debate, somewhere for readers to discuss issues around the biggest stories of the day, but all too often the below the line comments on most websites have become bogged down by off-topic discussions and abuse.
heraldscotland.com is tackling this problem by allowing only subscribers to comment.
We are doing this to improve the experience for our loyal readers and we believe it will reduce the ability of trolls and troublemakers, who occasionally find their way onto our site, to abuse our journalists and readers. We also hope it will help the comments section fulfil its promise as a part of Scotland's conversation with itself.
We are lucky at The Herald. We are read by an informed, educated readership who can add their knowledge and insights to our stories.
That is invaluable.
We are making the subscriber-only change to support our valued readers, who tell us they don't want the site cluttered up with irrelevant comments, untruths and abuse.
In the past, the journalist’s job was to collect and distribute information to the audience. Technology means that readers can shape a discussion. We look forward to hearing from you on heraldscotland.com
Comments & Moderation
Readers’ comments: You are personally liable for the content of any comments you upload to this website, so please act responsibly. We do not pre-moderate or monitor readers’ comments appearing on our websites, but we do post-moderate in response to complaints we receive or otherwise when a potential problem comes to our attention. You can make a complaint by using the ‘report this post’ link . We may then apply our discretion under the user terms to amend or delete comments.
Post moderation is undertaken full-time 9am-6pm on weekdays, and on a part-time basis outwith those hours.
Read the rules hereComments are closed on this article