TradeStation

Traders have a couple options at this broker, which has rolled out direct currency trading via TradeStation Crypto, with commission-based pricing for traders. Pricing is based on your 30-day crypto trading volume and whether your order is directly marketable. Normally pricing ranges from 0.025 percent of your order to 0.6 percent. Traders can also buy and sell Bitcoin futures as well as take advantage of substantial volume trading discounts.

Commission: 0.025-0.6 percent
Account minimum: $0, but futures margin depends on contract

Binance.US

Binance is a specialized trading platform that allows you to buy and sell digital currencies, including the largest such as Bitcoin and Ethereum, but also dozens of other much smaller coins, too. In total, you’ll have access to around 130 cryptocurrencies. The commission structure at Binance is low and only gets cheaper the more you trade. Trading fees start at 0.45 percent of your trade value (i.e., $45 for every $10,000 traded) and fall from there, depending on your trading volume over the prior 30 days.

Binance’s finances came under scrutiny in 2022 after the collapse of FTX. The accounting firm used by Binance to verify its reserves paused its work for all crypto clients and the Securities and Exchange Commission (SEC) said investors should be wary of crypto firm audits. None of the big four accounting firms are willing to work with Binance, according to the Wall Street Journal.

The SEC sued Binance in June 2023, alleging that it had illegally operated as an exchange, broker-dealer and clearing agency and offered and sold unregistered securities. The lawsuit also accused Binance and its founder, Changpeng Zhao, of misusing customer funds. SEC Chair Gary Gensler warned investors of using Binance platforms. Binance said its customers’ assets are safe.

Commission: 0.45 percent of the transaction value or less
Account minimum: $0

Coinbase

Coinbase is a specialized cryptocurrency-focused platform that allows you to trade digital currencies directly, including Bitcoin, Ethereum, Solana and Tether. In total, you’ll have access to more than 200 cryptocurrencies. You’ll also be able to store your coins in a vault with time-delayed withdrawals for additional protection. The exchange’s commission structure is steep. It charges a spread markup of about 0.5 percent and adds a transaction fee depending on the size of the transaction and the funding source, though its Advanced Trade platform is cheaper.

The SEC sued Coinbase in June 2023, alleging it had illegally operated as an exchange, broker-dealer and clearing agency, and offered and sold unregistered securities. The lawsuit said Coinbase knowingly violated securities laws that are designed to protect investors. Coinbase said it would continue to operate its business as usual.

Commission: 0.05 percent on Advanced Trade
Account minimum: $0

Kraken

Kraken is a cryptocurrency exchange that allows you to trade in dozens of different digital currencies such as Bitcoin and Ethereum, as well as emerging ones such as Cardano and Solana. You’ll pay a 1.5 percent fee, or 0.9 percent for stablecoins, plus additional fees if you’re using a card and funding through a bank. More active traders can benefit from a premium tier called Kraken Pro, where the fee range declines to 0.16 percent to 0.26 percent. Kraken is not yet available to residents of New York and Washington state.

Commission: 1.5 percent, or 0.9 percent for stablecoins (lower with Kraken Pro)
Account minimum: $1

Charles Schwab

Charles Schwab is routinely one of Bankrate’s picks for top broker, and this investor-friendly company offers trading in Bitcoin futures. Schwab also has no account minimum, but any futures contracts you trade will require some minimum margin to hold them open. Schwab offers an attractive commission of $2.25 per contract, and if you’re able to bring big money to the table, you’ll receive a welcome bonus, too.

Commission: $2.25 per contract
Account minimum: $0, futures margin depends on contract

TD Ameritrade

TD Ameritrade is one of the top full-service brokers on the market, and not only does it offer access to traditional products such as stocks and bonds, but it’s expanded its offering to include Bitcoin futures. However, TD Ameritrade does not allow trading directly in the digital currency. You’ll need to meet the account minimum to get started with Bitcoin futures. (Charles Schwab has purchased TD Ameritrade, and will eventually integrate the two companies.)

Commission: $2.25 per contract
Account minimum: $1,500 for futures

Bottom line

Whenever you’re selecting a broker, it’s important to consider all of your needs. And for new traders in cryptocurrency, you’ll want to figure out whether you want to own the virtual currency directly or whether you want to trade futures, which offer higher reward, but also higher risk. If you’re looking to get started trading cryptocurrency, here are the key things you need to know.

You’ll also need to consider whether you want to trade more than Bitcoin, which is what the majority of traditional brokers restrict you to. If not, you may want to turn to a cryptocurrency exchange, since they offer more choice of tradable cryptocurrencies.