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Robinhood recently experienced a crypto trading outage at the same time that the popular cryptocurrency dogecoin’s prices surged. Though the investment app took to Twitter to reassure its users that it had fully restored crypto trading services, Robinhood’s brief pause in function temporarily blocked several traders from placing orders.
Robinhood doesn’t currently allow traders to transfer crypto assets out of their accounts. But if you’re considering alternatives to Robinhood, we’ve highlighted seven investment apps that let you buy multiple cryptocurrency options.
Keep reading to see which crypto app is best for you.
In addition to its extensive cryptocurrency selection, Coinbase provides an array of investment options for individuals and institutions. These include Coinbase Earn (a feature that pays you in crypto assets for watching educational videos), Coinbase Pro (an advanced trading platform for experienced traders), and the Coinbase Prime institutional trading platform.
Coinbase also gives you the choice of staking rewards (staking is a process that allows traders to earn rewards from holding different crypto assets), along with user-controlled crypto storage, and Stablecoin access.
You’ll only need a $2 minimum to get started. As for fees, Coinbase charges a 0.50% spread on buy/sell transactions, and transaction charges range from $0.99 to $2.99. There’s a 0.50% fee for Coinbase Pro.
The exchange currently doesn’t offer dogecoin, but it plans to list the cryptocurrency within the next two months.
SoFi isn’t just a good option for crypto traders; it’s also a strong investment platform for all types of investors. When it comes to cryptocurrencies, SoFi charges a 1.25% markup, meaning the brokerage will add an additional 1.25% to the final price of any crypto shares you purchase.
The investment app offers bitcoin, ethereum, litecoin, and 17 other cryptocurrencies. (See its complete list here).
If you’re interested in actively trading any other securities, you’ll be able to choose from stocks and ETFs. SoFi also offers automated investing accounts for hands-off investors.
Kraken is a popular cryptocurrency exchange that surfaced two years after the creation of bitcoin in 2009. With nearly 60 cryptocurrencies and fees ranging from 0% to 0.25%, the exchange is a great option for individual traders and institutions alike. Its investment selection includes dogecoin, bitcoin, ethereum, ripple, and several other popular assets.
What’s unique about Kraken, however, is its margin and futures account offerings. Margin accounts let you borrow money to trade more securities. So if you wanted to take on additional buying power, you could increase your account balance by five times (up to $500,000).
Kraken also offers its own desktop and mobile futures trading platforms. (Futures are legal contracts that give you the option to exchange a security at a set price on a forthcoming date.) This account option lets you borrow up to 50 times your account balance.
Webull could be another good option as long as you don’t mind its limited selection of cryptocurrencies. The brokerage currently offers seven: Bitcoin, bitcoin cash, dogecoin, ethereum, litecoin, zcash, and stellar.
You’ll need a minimum of $1 to start trading these assets, but you won’t have to worry about any fees.
The brokerage could also be suitable if you’re in search of low-cost stock, ETF, and option offerings. While some small regulatory agency and clearing firm fees apply to trades, Webull doesn’t charge any commissions for stocks, ETFs, or options. And unlike Merrill Edge and other brokerages that charge $0.65 per options contract, Webull charges $0.
Binance.US is the US version of global cryptocurrency exchange Binance. Formed in 2019, Binance.US offers dogecoin and more than 50 other cryptocurrencies, with investment options for individuals and institutions.
As for fees, you’ll need at least $10 to start investing. Binance.US also charges a 0.1% spot trading fee, but you can make instant buy/sell transactions if you may 0.5%. Any deposits into your account with a US debit card carry a 4.5% fee.
Among other offerings from Binance.US are staking rewards, over-the-counter trading for institutions, mobile apps, and cryptocurrency storage.
TradeStation is best for active traders who want control over what they buy or sell. The brokerage also has its own crypto trading web platform and mobile app. Its crypto offerings — which include bitcoin, bitcoin cash, ethereum, litecoin, and USD coin — are free of account minimums, but they include a few fees.
TradeStation uses a maker/taker fee structure for crypto trades. Maker fees apply to orders that aren’t executed immediately since there aren’t any matching orders. However, taker fees are immediately marketable, according to TradeStation. The investment app doesn’t charge any maker fees, but its taker fees range from 0.15% to 0.60%.
If you’re interested in exploring other investment options, TradeStation also provides stocks, ETFs, options, futures, futures options, mutual funds, and IPOs.
CEX.IO is a London-based global cryptocurrency exchange providing more than 80 cryptocurrencies to traders around the world. The exchange offers investment options both for individuals and institutions.
Among these are staking rewards, instant buy account options, mobile access, crypto-backed loans, and payment management and aggregator services for institutions.
As for fees, you’ll need a $20 minimum deposit to use CEX.IO. The investment platform also has maker/taker fees that span from 0.16% to 0.25%, and card deposits result in a 2.99% charge.
Rickie Houston is a wealth-building reporter at Personal Finance Insider who covers investing, cryptocurrency exchanges, brokerage, and wealth-building products.
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