9 Best Crypto Brokers to Know in 2023

Whether you’re about to buy your first cryptocurrency or have been investing in different currencies for years, crypto trading is a complex process that involves many moving parts. Investors use numerous trading techniques, making identifying the most effective techniques difficult. If you're interested in cryptocurrency trading, two clear options are available to you: a crypto exchange and a crypto broker.

Key Takeaways:

• Crypto brokers are firms or individuals who serve as financial intermediaries for people who are looking to exchange money for cryptocurrencies.

• Cryptocurrency exchanges are online platforms where sellers and buyers can exchange currencies based on market values.

Introduction to Crypto Trading

Purchasing or selling various digital currencies is referred to as crypto trading. The purpose of trading is to make a profit based on the ever-changing values of the underlying asset. This form of trading differs from making a cryptocurrency investment, whereby you invest in a specific currency, and can profit only if the buy price is lower than the sell price.

A key aspect of crypto trading is speculating on price movements without owning the actual asset. Traders enter into a contract with a crypto broker, which involves fluctuating currency values between the opening and closing of the trade.

The Importance of Choosing the Right Crypto Broker

When you trade crypto, you deposit funds into a crypto broker platform before buying and selling a cryptocurrency. Since your assets will flow through your platform of choice, it's essential that you select one that offers ample security. When selecting a crypto broker, verify their credentials to ensure they're secure.

The broker you select should have a modern security system while complying with national regulatory measures. It's important that you're able to access the platform 24/7 on your desktop computer or a mobile app from your smartphone. Bybit Broker Program offers all the security features you need.

Criteria for Evaluating Crypto Brokers

There are several criteria to use when evaluating different crypto brokers. For one, it's important that your broker uses the latest trading data, and doesn't do anything to manipulate prices. Search for online reviews to determine if the broker you're interested in has a strong reputation.

In addition, assess the features that each broker’s platform offers. Some provide bonuses that can help you grow your crypto portfolio at a faster rate. Others accommodate most fiat currencies. Identify the features that matter most to you before conducting your search.

Top Crypto Brokers

There are dozens of crypto brokers you can utilize for cryptocurrency trading. However, the following 10 brokers are the best options for secure trading in 2023.

Bybit Broker

Bybit Broker is a feature-rich crypto trading program that provides investors with numerous helpful and convenient tools. When you enter this program, you'll receive a full rebate on Spot Fees for 90 days. Bybit Broker offers three distinct types of broker tools for you to consider: API broker, exchange broker and OTC broker. The API broker tool is ideal for trading platforms, trading bots and asset management.

With Bybit's powerful rebate system, you'll receive competitive rebates based on trading volume. You'll also benefit from dedicated technical support, a simple onboarding process and 24/7 multilingual support. This platform is highly secure and will keep your assets safe.

ICONOMI

ICONOMI is a unique crypto trading broker that gives you the ability to start trading in the manner that's most comfortable for you. When you first enter the site, you'll be asked if you wish to trade cryptocurrencies and automate your entire portfolio, or copy a strategy that a crypto professional uses.

If you decide to use a professional strategy, the ICONOMI site provides you with comprehensive details about each strategy and how it could benefit your portfolio. Once you create an account, you simply send funds to your account to begin trading. You can use this platform as you would a broker because every aspect of trading can be set up on their website. However, it offers more features than many traditional brokerages.

If you develop your own crypto investing strategy, ICONOMI gives you the ability to share this strategy with other users on the platform. In addition, you can receive some referral bonuses when you bring other users to the site. If you work as a financial advisor or planner, you can create a business account with ICONOMI as well.

Creating an account with ICONOMI is free, meaning you can become acclimated to the platform without spending too much of your own money. The availability of extras and bonuses makes it easier for you to build your portfolio. Including copy trading ensures that you can use proven trading strategies without developing your own. However, the main downside to using this broker is that its best features are primarily meant to be used by companies and financial managers instead of individual investors.

Plus500

Plus500 is a highly reputable broker with a focus on European derivatives. It specializes in CFDs (contracts for difference). You'll have everything you need to enter these contracts without taking on too much risk.

Before you create an account with Plus500, keep in mind that it isn’t available in the U.S. However, it can be found in most other countries around the world. Plus500 doesn't take any commissions from trades that are made on their platform. Their cut is taken only from the profits that accrue with the spreads you pay.

While Plus500 is a highly popular broker, it's not the best platform for beginners. It doesn’t provide new investors with much information, making the onboarding process more challenging than you may be prepared for. The main benefits of using Plus500 for your crypto trading needs include a fantastic mobile app, the ability to substantially diversify your portfolio, an unlimited demo account and extensive features for advanced traders.

Coinbase

Coinbase is currently among the most popular brokers globally. Over the years, they’ve served over 100 million users. This platform has gained popularity because of its potent security and compliance with regulators. With Coinbase, you can use efficient trading tools for over 200 separate cryptocurrencies.

You'll also discover ways to gain free crypto using the Coinbase platform. Once you create an account, you'll have the opportunity to spin a reward wheel, which gives you a prize of up to $200 in USD or Bitcoin. Another program you might benefit from is Coinbase Learn, which makes it easy for investors to earn small amounts of crypto by reading about different tokens and taking short quizzes. You can earn around $20–$30 in crypto with this tool. Crypto staking is also provided for users who wish to earn passive income.

The primary advantages of Coinbase are brand-name recognition, the ability to earn numerous rewards and the option to trade hundreds of cryptocurrencies. 

Interactive Brokers

Interactive Brokers® provides many advantages over the competition. For example, most exchanges charge a spread on any buy or sell orders you make, meaning you're paying more to purchase crypto. Interactive Brokers doesn't charge custody fees, spreads or markups. Their commissions amount to 0.12–0.18% of the total trade value. They currently offer Litecoin, Bitcoin, Ethereum, Bitcoin Cash and other tokens that the Paxos Trust Company provides.

There are many reasons to join Interactive Brokers, including extensive functionality and a lack of markups or spreads. Note that even though they have a strong partnership with the Paxos Trust Company, they support only a small number of digital assets.

Uphold

Uphold is a renowned broker that provides users with more than 250 digital assets to select from. In fact, they offer more variety than most brokers in this guide. Uphold also supports trading in precious metals and stocks.

Users who enjoy staking their crypto assets will benefit from Uphold’s fantastic interest rates and numerous passive income opportunities. Its platform offers more features and functionality than many others. However, no broker is perfect for everyone. Despite the advantages of using Uphold for your trading needs, it's not the best platform, as the user experience is more suitable for afvanced traders.

Kraken

Kraken is a relatively modern trading platform known for supporting many of the more difficult-to-find tokens. For example, you can trade Dogecoin, Gnosis and Kava on the Kraken platform. You'll also benefit from more than 50 tokens to trade.

In addition to personal portfolios, investors who create business accounts with Kraken gain access to 24/7 customer support. Corporate clients can take advantage of features like Kraken Account Management and Kraken Trade Desk, which simplify the trading process for corporate financial managers and futures traders.

There are many reasons to consider using Kraken, especially as they offer a wide range of more unique coins that allow you to remain on just one platform, regardless of the types of currencies you enjoy investing in. They also go above and beyond to provide institutional traders with all the tools needed to perform successful trades. The main downside to using Kraken is its novelty. It doesn't have all the support, tools and insights that can be found with other brokers, which makes it challenging for beginners to become acclimated to the platform.

Webull

Webull is an all-in-one crypto broker that supports stocks, Dogecoin, Ethereum, Bitcoin and a wide selection of altcoins. When you sign up with this platform, you'll be able to trade crypto in an instant, which makes it easier for you to avoid heavy losses in the volatile crypto market.

The primary advantages of using Webull for your trading needs include low fees and the ability to hold your assets on the platform. However, the website isn't easy to use, which may be a deterrent when there are other brokers out there.

Carbon DeFi

Carbon DeFi is a type of decentralized exchange (DEX). It’s part of the Ethereum blockchain and offers custom bots for trading. This particular platform works like a traditional broker by using a "linked orders" feature to match grid trading. With the functionality that Carbon DeFi provides, you can set up automated trading strategies that allow you to gain higher profits by considering market movements and current pricing. These trades are implemented quickly to ensure losses are kept to a minimum.

Carbon DeFi’s platform makes it easier for crypto traders to buy low and sell high. You'll notice that you aren't charged any fees when making trades. The broker also supports numerous ERC-20 tokens, which include everything from ETH and USDC to LINK and MATIC.

Keep in mind that you have full customization control over your bots, which makes it possible to efficiently adopt or discard trading trends. The platform is ideal for people who have an in-depth knowledge of decentralized finance (DeFi). The main advantages of using Carbon DeFi:

• Trading is much easier with the inclusion of customizable bots and a basic interface.

• The platform’s purpose is to mimic traditional brokers, which means that it shouldn't take a long time to get used to the platform.

The main issue with Carbon DeFi is that it's not a traditional broker, so you may need comprehensive knowledge of the platform to make the most of its features.

Recap: Choosing the Best Crypto Broker for Your Needs

Choosing the best crypto broker for your portfolio requires comprehensive research and in-depth knowledge of each platform's features. While all the brokers in this guide have their own unique advantages and disadvantages, the best platform on the market is Bybit Broker, which offers low fees, ample features and potential rebates.

When you select a crypto broker, it's essential that you take security and cost into account. If your chosen broker doesn't keep your information and assets secure, it's not worth using.

Conclusion

Crypto trading is a form of investing that allows you to increase the value of your portfolio without needing to add coins to it. The right crypto brokers can guide you through this process and give you the tools you need to succeed. Before you select a platform, weigh the pros and cons of each to determine which broker meets your needs.