Just started with cryptocurrency? Then you must be wondering how to exchange your regular currency (e.g. USD) for digital currency (e.g. Bitcoin). To do this, you must use a fiat-to-crypto exchange platform, which will enable you to trade your traditional currency for digital currency.
You can convert cash into cryptocurrencies such as Bitcoin using a fiat-to-crypto exchange. We have reviewed different platforms to help you choose the one that is best for you.
Our crypto experts have compared different platforms and created a ranking list to help you find the right exchange for your needs.
Let us first gain a comprehensive understanding of fiat-to-crypto exchange.
What To Fiat Crypto Exchange?
If you are new to cryptocurrency, exchanging traditional (fiat) currency for cryptocurrency may be your first step. To do this, it is important to have an understanding of Fiat Crypto Exchanges.
Fiat crypto exchange is an online platform that allows users to buy, sell and trade cryptocurrencies with a fiat currency, such as the US Dollar or Euro. Fiat crypto exchanges allow users to convert their fiat money into digital currencies, such as Bitcoin, Ethereum, Litecoin, and other altcoins.
These exchanges are typically regulated and licensed by financial authorities, such as the SEC in the US. This means that users can have peace of mind when trading on a fiat to crypto exchange as they are protected by laws and regulations. Fiat crypto exchanges also generally provide additional features, such as access to a wallet, trading tools, charting tools, and order books.
Exchanges that offer fiat-to-crypto transactions provide various payment options, including e-Transfer and Wire Transfer, Bank Transfer, Debit and Credit Card, and Wire Transfer, to make it easier for users.
Best Fiat To Crypto Exchange In 2023
- Coinbase
- Binance
- Kraken
- ByBit
- KuCoin
- eToro
- Crypto.com
- OKX
- Bitstamp
- Bitfinex
Below is more information about the exchanges:
1. Coinbase
- Funding Methods: Bank Account (ACH), Credit/Debit Card, Wire Transfer, PayPal, Apple Pay, Google Pay.
- Cryptocurrencies: 200+
- Countries: 100+
Coinbase is a popular cryptocurrency trading and investing platform that allows users to purchase, sell, and exchange more than 200 types of digital currencies, including Bitcoin, Ethereum, and Dogecoin. Coinbase has a large user base of over 108 million and has facilitated over $80 billion in asset transactions on its platform.
Coinbase is available in over 100 countries, but some features may not be available in certain regions. To see the full list of countries, please visit Coinbase’s official website.
Exchange fees are determined by a maker-taker model. The fees range from 0.00% to 0.40% for makers and from 0.05% to 0.60% for takers, depending on the total USD trading volume in the last 30 days. When trading stablecoins (“Stable Pairs”), the maker fee is always 0.00% and the taker fee is fixed at 0.001%.
Depositing funds with Fiat has no cost when using ACH, Wire ($10 USD), SEPA (€0.15 EUR), and SWIFT (free). Withdrawing funds using ACH is free, Wire costs $25 USD, SEPA costs €0.15 EUR and SWIFT costs £1 GBP.
2. Binance
- Funding Methods: Wire Transfer, Debit/Credit Card, ACH
- Cryptocurrencies: 350+
- Countries: 100+
Binance Holdings Ltd., or simply Binance, is the world’s largest cryptocurrency exchange in terms of the daily trading volume. Changpeng Zhao, a developer with experience in high-frequency trading software, founded Binance in 2017.
Binance.com is accessible to users all around the world, except for those in the United States. Binance.us is only for users in the US, but it offers fewer cryptocurrencies (less than 70) than Binance.com (which has over 300). Binance.us also has low transaction fees like the global website, but transactions take longer to complete.
Binance offers the lowest trading fees among major exchanges, with buyers and sellers each paying 0.1%. If you trade over 50 Bitcoin (BTC) in a 30-day period or hold more than 50 Binance Coins (BNB) in your account, you can reduce this fee.
When depositing to your Binance account, there is no cost to you, other than the network fee. Withdrawal fees vary depending on the asset you withdraw and have a minimum amount.
3. Kraken
- Funding Methods: Fedwire
SWIFT, ACH, Etana Custody, Silvergate Exchange Network (SEN), Wire Transfer
- Cryptocurrencies: 200+
- Countries: 170+
Kraken, established two years after the launch of Bitcoin, is one of the most reliable crypto exchanges available. It provides a secure platform with a wide selection of over 200 coins available in the U.S., at a competitive cost.
Investors with experience in cryptocurrency trading can take advantage of Kraken’s advanced tools and products, which come with competitively low fees.
Kraken encourages market makers to provide liquidity by charging them lower fees. Additionally, Kraken rewards traders who have traded more in the past 30 days with lower fees.
4. ByBit
- Funding Methods: Credit/Debit Card, Third-Party Payment processors.
- Cryptocurrencies: 100+
- Countries: 150+
Bybit, founded in 2018, is a cryptocurrency exchange providing traders with a highly advanced platform. It features a lightning-fast matching engine, top-notch customer service, and multilingual community support.
Bybit is available to customers all over the world, excluding countries with service restrictions like the U.S., Singapore, Cuba, Crimea, etc.
The exchange charges fees according to a maker-taker model, with different levels of tiers: non-VIP, VIP 1, VIP 2, VIP 3, VIP 4, VIP 5, Supreme VIP, Pro 1, Pro 2, and Pro 3.
5. KuCoin
- Funding Methods: PayPal, Wire Transfer, Interac e-Transfer, Credit/Debit
- Cryptocurrencies: 700+
- Countries: 170+
KuCoin, a global crypto exchange, was established in 2017 and offers its users various types of trading options, such as spot, margin, futures, and P2P trading, as well as lending and staking services.
The company has experienced significant growth since its inception, becoming one of the world’s largest exchanges in terms of the trading volume.
KuCoin provides tiered maker/taker fees from 0.005% to 0.1%. This is much lower than other exchanges, which can charge as much as 0.50% for a single trade. Additionally, KuCoin users can receive a trading fee discount if they hold a certain amount of KuCoin Token (KCS).
KuCoin charges trading fees as well as withdrawal fees for each asset, which can fluctuate depending on the market.
The platform does not charge any fees when depositing crypto. However, when using fiat currency to fund your account and convert your funds, there is a fee of 3-12% depending on the payment method chosen.
6. eToro
- Funding Methods: Credit/Debit Card, Bank Account, PayPal, Wire Transfer
- Cryptocurrencies: 70+
- Countries: 130+
In 2007, three entrepreneurs launched eToro in Israel. eToro is a financial services company that focuses on providing multi-asset investments. eToro provides a crypto exchange for trading in over 70 cryptocurrencies, as well as a brokerage platform for investing in a selection of stocks and ETFs.
The platform provides features that allow you to replicate the trading strategies of top crypto traders and be rewarded if other users imitate your trading strategies.
eToro takes a 1% commission on crypto asset trades and a 2% fee when transferring funds from the eToro app to the eToro crypto wallet. eToro does not charge any commission for buying or selling stocks and ETFs, and will cover the regulatory transaction fees when you sell stocks.
7. Crypto.com
- Funding Methods: Credit/Debit Card, ACH, Wire Transfers, PayPal
- Cryptocurrencies: 250+
- Countries: 40+
Crypto.com, based in Singapore, is a cryptocurrency exchange company with more than 50 million customers. This platform offers a range of features, including trading, investing, staking, wallets, and Non-Fungible Token (NFT) capabilities.
Crypto.com is ideal for people who want to do more than simply buy and hold cryptocurrency. It is perfect for active traders and anyone who wants to use crypto as an actual currency, not just as an investment.
Spot and margin trading fees are tiered into 5 levels based on the user’s 30-day spot trading volume. For levels 1-5, the maker and taker fees are 0.075%, 0.07%, 0.06%, 0.05%, and 0.00%, respectively. For derivatives, the maker and taker fees are 0.017%, 0.034%, 0.027%, 0.023%, and 0.026%, for levels 1-5.
Crypto.com also offers VIP-tiered trading fees for users who trade a certain percentage of the exchange’s spot or derivative volume; fees range from 0.10% to 2.00% or more.
8. OKX
- Funding Methods: Apple Pay, Credit/Debit card, Wire Transfer, PayPal, Payeer.
- Cryptocurrencies: 350+
- Countries: 170+
OKX, formerly known as OKEx, is a crypto exchange and derivatives trading platform based in Seychelles. It was established in 2017 by Star Xu.
OKX is an international cryptocurrency company based in the Seychelles that provides a crypto exchange and additional services. Users from around the world can access the exchange with the exception of the United States. The exchange offers competitive fees, making it a viable option for global cryptocurrency traders who wish to buy and sell digital assets.
OKX divides currencies into different pricing tiers that are determined by trade volume and account holdings. For spot trades, the maximum fee is 0.10%. Traders who conduct high-volume trades or who own a large amount of OKB currency may qualify for reduced fees. Different fees apply for futures, swaps, and options trades.
The lack of transparency surrounding OKX’s deposit and withdrawal fees is a major downside. With many other aspects of the exchange made clear to users, the lack of fee information should serve as a warning sign and may cause users to look for an exchange with more straightforward fee structures.
9. Bitstamp
- Funding Methods: Debit/Credit cards, ACH, Wire Transfers, Apple Pay, Google Pay, PayPal
- Cryptocurrencies: 70+
- Countries: 100+
Bitstamp is a long-running cryptocurrency exchange based in Luxembourg. It is one of the earliest crypto exchanges and provides a simple-to-use platform with competitive trading fees.
Bitstamp is an ideal option for beginners in the crypto space, as it provides access to major cryptocurrencies as well as a range of popular altcoins.
Bitstamp has designed its trading fees to make cryptocurrencies more accessible to everyone. For the first $1,000 in trading volume within a 30-day period, there are no fees. For trading volumes below $10,000, the maker-taker fees vary from 0.3% to 0.4% but decrease as trading volume increases. Fiat/stablecoin trades have a fee that is 80% lower than any other crypto trading pair.
You can deposit and withdraw funds from your Bitstamp account using several different payment methods, such as ACH transfers directly from your bank account, debit or credit card payments, and international wire transfers. ACH transfers are the most cost-effective since they incur no fees.
10. Bitfinex
- Funding Methods: Credit/Debit card, Wire Transfers, SEPA
- Cryptocurrencies: 170+
- Countries: 150+
Bitfinex is one of the oldest cryptocurrency exchanges. Founded in 2012, it is operated by iFinex Inc., a Hong Kong-based company. Bitfinex provides a wide range of cryptocurrency products and trading options, including spot trading, margin accounts, derivatives, paper trading, etc.
Bitfinex is an unregulated cryptocurrency exchange, yet it is one of the most reliable, prioritizing the security of its traders over making profits.
When trading crypto to crypto, stablecoins, or fiat currencies, maker fees are 0.10% and taker fees are 0.20%. For crypto derivatives, maker fees are 0.020% and taker fees are 0.065%. Users who hold UNUS SED LEO tokens can get a discount of 15% – 25% on trading fees.
Depositing crypto, stablecoins, and securities is free of charge. There is a 0.10% fee for wire transfers. Withdrawal fees vary depending on the cryptocurrency.
[Disclaimer: The content of this article is not intended as financial advice, and should not be construed as such. Neither readaboutcrypto.com nor the author is responsible for any investment decision made by any reader.]