It’s amazing to think that 10 years ago, there were barely any cryptocurrency exchanges. Many people hadn’t heard of Bitcoin at all. Now it is a whole asset class with an industry of crypto platforms where you can buy and sell a wealth of digital currencies.
This year was a game changer for U.S. crypto investors. The SEC’s approval of spot crypto ETFs means many investors can now get exposure to Bitcoin and Ethereum funds directly from their brokerage accounts. That said, some stock brokers make it easier to buy Bitcoin than others.
Here are four brokerages that make it super easy to buy Bitcoin directly.
1. Robinhood
The pioneer in commission-free trading has also been a trailblazer for crypto. It doesn’t charge commissions on crypto trades, though you will pay a spread. Not only that, but it is the only brokerage to offer a crypto wallet that lets you send and receive crypto easily.
At time of writing, Robinhood offered over 10 cryptocurrencies, though not all are available in every state. That includes Bitcoin, Ethereum, Dogecoin, Avalanche, and more. Robinhood customers can also get exposure to crypto through spot Bitcoin and Ethereum ETFs.
2. Interactive Brokers
U.S. investors can buy Bitcoin, Ethereum, Litecoin, and Bitcoin Cash, as well as crypto ETFs with Interactive Brokers. The platform also has a wide range of other assets, such as stocks, ETFs, mutual funds, metals, bonds, and more.
I am a fan of Interactive Brokers’ transparent pricing. It charges a small fee with no added spreads. There’s a minimum fee of $1.75 per order (capped at 1% of the trade). It’s got products to suit investors of all levels, including research and advanced trading tools.
3. Fidelity
With over 51 million customers worldwide, Fidelity is one of the most popular stock brokers in the U.S. It’s also bucking the trend in terms of its crypto products. Unlike brokerages like TradeStation which completely dropped direct cryptocurrency sales in recent years, Fidelity went ahead and launched in 2022.
Fidelity users can buy Bitcoin and Ethereum through its Fidelity Crypto® product. It’s a separate offer that’s connected to Fidelity accounts. It doesn’t charge a commission, but you will pay a 1% spread. Fidelity Crypto® is only available in 38 U.S. states. Fidelity also has its own spot crypto ETPs (FBTC and FETH).
4. eToro
One of the great things about investing with eToro is that you’re part of a community. You can talk to other investors, post thoughts, and even copy other people’s portfolios.
The brokerage has offered crypto in the U.S. since 2019, but recently had to restrict its list of available cryptos by order of the SEC. You can now buy Bitcoin, Bitcoin Cash, and Ethereum on eToro’s crypto platform for a 1% fee plus spread.
Why use a crypto broker?
Crypto brokerages are stock brokers that sell crypto alongside other investment products. One of the big advantages for investors is that they make it easy to add crypto to your existing portfolio without the hassle of opening and managing a crypto-only account.
Brokerages are also SEC regulated, which translates into added investor protection. That said, even if the brokerage you use has SIPC insurance, cryptocurrencies are not covered. If you have crypto on a brokerage or crypto exchange that collapses, your funds could be at risk.
The downside of crypto brokerages is that they don’t offer as many features as top crypto exchanges. For example, you may not be able to stake your crypto or access hundreds of different coins and tokens. It is also often harder to move your assets into a separate wallet when you buy them from a stock broker.
It’s easier than ever to buy Bitcoin
Whether you buy Bitcoin directly or get exposure through an ETF, it has never been easier to add crypto to your portfolio. However, it is still a risky and volatile investment. Only invest money you can afford to lose and make sure crypto doesn’t make up more than a small percentage of your overall portfolio.
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