Best Crypto Exchange Business Accounts
Many people have put off the idea of investing in cryptocurrencies because the process is simply too confusing or time-intensive to research. We get that. That is why we’ve decided to investigate various crypto exchanges so you can choose the one that best meets your needs. Additionally, when you have clearly defined goals for investing in cryptocurrency, the right exchange can help you accomplish those goals more easily. That is why we’ve broken down our best picks into the categories below.
Of course, there are a few considerations to keep in mind as well that may make one exchange more appealing than others. Make sure the exchange you choose falls within your comfort zone for the following factors:
- Costs and fees.
- Trade limits.
- Liquidity – the ease of “cashing out” if necessary.
- Tax reporting.
Additionally, make sure you check out what type of insurance is offered to protect your investment against cybercrime, hacking, and other criminal acts. Many exchanges have specific insurance to protect your investment from these specific types of crime. Choose wisely.
That said. Here are the best crypto exchange business accounts for 2022:
Best for Beginners: Coinbase
For beginners to the world of cryptocurrency investing, it is difficult to beat Coinbase. It is simple to use, offers a high-level of security, is highly liquid, and supports many different cryptocurrencies for users to trade. The platform itself is beginner-friendly while also offering advanced trading options for more experienced traders. In other words, Coinbase is an exchange you can grow your crypto portfolio and expertise by using.
Another benefit for many who are new to the world of crypto exchanges is the longevity of Coinbase. This exchange was founded in 2012 to facilitate the seamless buying, selling, and storing of Bitcoin. While it is only a decade to many people, in the world of cryptocurrencies, that’s a lifetime, considering Bitcoin didn’t exist until 2009. Since its founding, Coinbase has grown and expanded, offering its services in more than 100 countries and has an app that operates much like any other online banking app, making it appealing to consumers new to cryptocurrencies.
If you are just beginning your crypto investing journey, Coinbase is an excellent exchange for you. Be aware, however, that the ease of use and relative safety of using Coinbase comes with a price. That price is higher fees than many other options available with transaction fees between 0.00% and 0.60%.
Best Mobile App: Crypto.com
We love Crypto.com because it is an exchange designed to go mobile. It allows easy trading from the convenience of your smartphone and supports trading more than 250 cryptocurrencies and operates in 90 countries around the world. Founded in 2016, Crypto.com is best known for its app that allows users to buy, sell, trade, and even earn interest on their cryptocurrency from the app itself. Additionally, consumers may opt to pay for goods with crypto through the app. Few exchanges offer quite the same degree of functionality and accessibility through the functions of their apps. None do so as seamlessly as Crypto.com.
While Crypto.com may appear to be the perfect choice for those who like to take their crypto on the go, it is far from perfect. In addition to somewhat higher than average fees, with trading fees up to 0.40%, the exchange has been plagued by complaints of poor customer support. Once again, it depends on where your focus lies, however, for those who rely heavily upon mobile apps for access to accounts, it is hard to find a better option than Crypto.com for your crypto exchange in 2022.
Best for Stocks and Crypto: eToro
When it comes to security, eToro is the crypto exchange to keep your eyes on. Not only does the platform itself take security seriously, but eToro offers users abundant advice and education about how to better protect their assets. The exchange itself is easy-to-navigate and highly secure offering greater peace of mind to users. Plus, eToro offers traders to go the DIY route, where you go your own way when it comes to trading crypto or you can mirror portfolios of successful traders to attempt to recreate their successes in your own portfolio. Additionally, eToro offers users the option of SmartPortfolios which does the work for you using one of four “pre-built” portfolios.
There is much worth considering when it comes to the eToro crypto exchange. Before you get too excited, though, you should note that there are limitations. First, while many exchanges support hundreds of cryptocurrencies, eToro only supports around 30. Additionally, for U.S. residents, the exchange is limited in availability and doesn’t support traders in New York, Nevada, Hawaii, Minnesota, and many U.S. territories. Another concern for many users is that while you can user your own digital wallet, once you’ve transferred funds from the platform, they cannot be transferred back. The mobile app for eToro is available for iOS and Android and customer support is available via ticket support and email, while eToro Club members have access to advanced support options through chat and phone.
Best for Altcoins: Kraken
If you are new to the world of cryptocurrencies and crypto exchanges, you may be wondering what are “altcoins”? The term is actually the combination of two words, “alternative” and “coins” and is used to describe any cryptocurrency that isn’t Bitcoin. When it comes to investing in Bitcoin alternative, it’s hard to go wrong with Kraken. Best known for its low fees which top out at 0.26% for transaction fees, Kraken is a highly liquid exchange that supports a large volume of cryptocurrencies.
Kraken is viewed as a professional trading platform and facilitates buying, selling, and storing cryptocurrencies from around the world. It is the preferred exchange for experienced crypto traders and offers a Pro platform for advanced features that include customizable chart analysis tools, high-speed execution, and access to 13 different order types. Additionally, Kraken offers margin trading and futures trading and outstanding account management support for professional users.
For general users, the exchange remains an excellent choice for trading altcoins plus learning more about the trading process, through access to its educational resources. However, you should note that initial funding options are typically limited to wire transfers as ACH transfers are not supported with Kraken (at this time) and that Kraken is not available in all U.S. states.
Best for Low Fees: Binance
When it comes to low fees, no crypto exchange shines brighter than Binance. Offering a low fee of 0.1% for spot trading, Binance also offers high-speed transactions. Binance is known for peer-to-peer trading as well as crypto-to-crypto trading with a minimum trade requirement of $10. Currently, Binance supports more than 50 cryptocurrencies, which still outpaces many U.S. based exchanges and allows traders to use their own digital wallets. The iOS app gets top marks from consumers while there are some complaints about the Android app, so keep that in mind if you intend to rely heavily on app access for trading and own an Android phone.
While it is available in most U.S. states, Binance is unavailable in seven U.S. states. Additionally, security is excellent with Binance.US, though there has been a breach through the global site resulting in a loss of $40 million, which the company paid in full to affected users. Customer support is somewhat less accessible and only available through email.
Best for Experienced Traders: OKX
OKX is a global cryptocurrency spot and derivatives exchange. Access to derivatives typically appeals to experienced or professional traders who wish to use them for hedging purposes, though some may use perps for leverage. The exchanged has gained a lot in popularity most recently, especially following the collapse of rival FTX. According to users, liquidity on the platform is favourable and it lists a large number of coins you won't find easily find on other exchanges.
Best for Bitcoin: Cash App
Cash App is a Bitcoin-only exchange. Keep that in mind if you intend to trade in cryptocurrencies other than Bitcoin. However, for those who are Bitcoin loyalists, this may very well be the perfect exchange to consider. Cash App supports the Bitcoin Lightning Network which is an important consideration for users who wish to maintain anonymity and who value privacy in their financial transactions.
Cash App was founded in 2013 and offers users the option to spend, bank, and invest. However, it stands out among competitors in that it allows users to withdraw their Bitcoin to third-party wallets for greater ease of spending. The easy-to-use interface is another factor that makes it our favourite choice for Bitcoin.
In fact, there is only one potential downside when it comes to Cash App for your Bitcoin investment prospects. That is the fact that its in-app wallet is a custodial wallet, which many view as less secure than non-custodial options. However, the fact that you can withdraw your crypto into your own personal wallet (one that you control and secure) adds another layer of security and peace of mind to the exchange.
Best Decentralized Exchange: Matcha
Matcha is a decentralized crypto exchange. This means users can swap their tokens while retaining custody of the tokens throughout the trading process. We like Matcha because it offers transparency of all the fees and costs associated with the trade and never keeps the differences between quoted and realized prices and because of Matcha’s liquidity, which is derived from various sources rather than one single source.
Best For Businesses: Krayon
Instead of opening a business account with a crypto exchange, you can create a business wallet with Krayon and get the best exchange rates on hundreds of cryptocurrencies directly from your wallet. Krayon integrates with over twelve different centralised exchanges and even more decentralised exchanges. Using our smart order routing system we can help your business to buy and sell crypto at the best available prices. Not only that, but Krayon uses MPC to secure your business crypto wallet with institutional grade custody.
Why You Shouldn't Keep Your Crypto on Exchanges
While many exchanges allow the option of leaving funds on exchanges, that isn’t always the best policy, especially in light of recent events with Gemini and Voyager. No matter how much time and effort is devoted to security, there is always a greater risk when allowing digital assets to remain on exchanges than when keeping them in your own secured wallets.