Best Crypto Exchanges and Apps of May 2022

Cryptocurrency trading has exploded in popularity, largely due to the rise in value and popularity of cryptocurrencies themselves. And while it can be intimidating at first, and although scams have occurred and continue to happen, today’s best crypto apps, exchanges, and platforms make buying and selling crypto simpler and clearer than it has been before.

There are several ways and places to invest in cryptocurrency. Our list considers crypto exchanges, platforms, and online brokers that offer crypto, as well as cash and payment apps that let you buy and sell Bitcoin. Even those familiar with more traditional investing platforms should be mindful that crypto often comes with different fee structures, narrower customer service options, and an increased role in investor insecurity.

Best Crypto Exchanges and Apps

Buying crypto within cash and payment apps

Several cash and peer-to-peer payment apps now allow users to buy and sell Bitcoin. On balance, these apps are more limited in what they offer than the exchanges and brokers above.

CashApp

CashApp, a peer-to-peer money transfer system run by Square, allows users to purchase and sell Bitcoin. Unlike other cash apps noted here, Cash App allows users to transfer their Bitcoin to their own cryptocurrency wallet. Cash App charges a fee depending on price volatility and market trading volume, which it reveals at the time of purchase.

Cash App limits Bitcoin withdrawals up to $2,000 a day or $5,000 within any seven days.

PayPal

PayPal allows users to purchase and sell Bitcoin but must be stored on PayPal’s site: Users can’t transfer crypto to their own digital wallet. Fees include an estimated 0.5% trading fee (this may vary depending on market conditions) and a tiered transaction fee depending on the amount of crypto purchased, ranging from 2.3% for amounts between $25 and $100, and 1.5% for purchasing or selling more than $1,000 of Bitcoin. Purchases below $25 are charged 0.5%. Users can purchase up to $20,000 a week, but no more than $50,000 during any one year.

PayPal allows purchases to be made with Bitcoin where available, but you will need to pay taxes on the sale of Bitcoin on top of any taxes related to the purchase of the goods or service.

Venmo

Venmo is the latest cash app to introduce cryptocurrency sales and purchases, but unlike other providers gives a choice of four coins: Bitcoin, ether, Bitcoin Cash, and Litecoin. Venmo’s fee structure mirrors PayPal: estimated 0.5% trading cost, plus tiered transaction fees of 2.3% for crypto trades of $25 to $100, lowering to 1.5% for trades more than $1,000 (0.5% charged on crypto purchases below $25).

Limits are $20,000 a week, and no more than $50,000 in 12 months.

How is investing in crypto different from traditional investment in stocks, bonds, and funds?

Trading cryptocurrencies is different from traditional investing in several ways:

  • Compared to traditional investments, which have seen fees steadily decline in recent years, trading in cryptocurrencies costs much more. For example, depending on the method of payment you could pay 5% or more in fees when trading Bitcoin. Purchasing investments through a Robo-advisor, however, can cost as little as 0.25%, keeping more of your cash invested.

  • Crypto is a new and burgeoning industry, and customer service has lagged behind what’s available at traditional brokerages. Want to speak to a person concerning questions or account issues at the crypto exchange? No pure crypto exchanges we review provide that service.

  • You have more responsibility for protecting your crypto from theft with cryptocurrency exchanges, especially if you use your own digital wallet. While exchanges protect you from losses due to sitewide hacks, you won’t be protected from individual attacks on your account — for example, a phishing email attack in which you unwittingly reveal your passwords to cybercriminals.

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Best Crypto Exchanges and Apps of May 2022

Posted by staff on April 30, 2022

cryptocurrency Insights & Tutorials


Best Crypto Exchanges and Apps of May 2022

Cryptocurrency trading has exploded in popularity, largely due to the rise in value and popularity of cryptocurrencies themselves. And while it can be intimidating at first, and although scams have occurred and continue to happen, today’s best crypto apps, exchanges, and platforms make buying and selling crypto simpler and clearer than it has been before.

There are several ways and places to invest in cryptocurrency. Our list considers crypto exchanges, platforms, and online brokers that offer crypto, as well as cash and payment apps that let you buy and sell Bitcoin. Even those familiar with more traditional investing platforms should be mindful that crypto often comes with different fee structures, narrower customer service options, and an increased role in investor insecurity.

Best Crypto Exchanges and Apps

Buying crypto within cash and payment apps

Several cash and peer-to-peer payment apps now allow users to buy and sell Bitcoin. On balance, these apps are more limited in what they offer than the exchanges and brokers above.

CashApp

CashApp, a peer-to-peer money transfer system run by Square, allows users to purchase and sell Bitcoin. Unlike other cash apps noted here, Cash App allows users to transfer their Bitcoin to their own cryptocurrency wallet. Cash App charges a fee depending on price volatility and market trading volume, which it reveals at the time of purchase.

Cash App limits Bitcoin withdrawals up to $2,000 a day or $5,000 within any seven days.

PayPal

PayPal allows users to purchase and sell Bitcoin but must be stored on PayPal’s site: Users can’t transfer crypto to their own digital wallet. Fees include an estimated 0.5% trading fee (this may vary depending on market conditions) and a tiered transaction fee depending on the amount of crypto purchased, ranging from 2.3% for amounts between $25 and $100, and 1.5% for purchasing or selling more than $1,000 of Bitcoin. Purchases below $25 are charged 0.5%. Users can purchase up to $20,000 a week, but no more than $50,000 during any one year.

PayPal allows purchases to be made with Bitcoin where available, but you will need to pay taxes on the sale of Bitcoin on top of any taxes related to the purchase of the goods or service.

Venmo

Venmo is the latest cash app to introduce cryptocurrency sales and purchases, but unlike other providers gives a choice of four coins: Bitcoin, ether, Bitcoin Cash, and Litecoin. Venmo’s fee structure mirrors PayPal: estimated 0.5% trading cost, plus tiered transaction fees of 2.3% for crypto trades of $25 to $100, lowering to 1.5% for trades more than $1,000 (0.5% charged on crypto purchases below $25).

Limits are $20,000 a week, and no more than $50,000 in 12 months.

How is investing in crypto different from traditional investment in stocks, bonds, and funds?

Trading cryptocurrencies is different from traditional investing in several ways:

  • Compared to traditional investments, which have seen fees steadily decline in recent years, trading in cryptocurrencies costs much more. For example, depending on the method of payment you could pay 5% or more in fees when trading Bitcoin. Purchasing investments through a Robo-advisor, however, can cost as little as 0.25%, keeping more of your cash invested.

  • Crypto is a new and burgeoning industry, and customer service has lagged behind what’s available at traditional brokerages. Want to speak to a person concerning questions or account issues at the crypto exchange? No pure crypto exchanges we review provide that service.

  • You have more responsibility for protecting your crypto from theft with cryptocurrency exchanges, especially if you use your own digital wallet. While exchanges protect you from losses due to sitewide hacks, you won’t be protected from individual attacks on your account — for example, a phishing email attack in which you unwittingly reveal your passwords to cybercriminals.

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