11 Best Fiat To Crypto Exchanges
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Investors looking to break into the cryptocurrency space or increase their holdings must ensure they're using the best possible fiat-to-crypto exchange. However, finding a trading platform with low fees, excellent security, and many investable assets can take time and effort. Throughout this review of the best fiat-to-crypto exchanges, we have compared different platforms and highlighted the core aspects of each, including KYC requirements, supported cryptocurrencies, payment methods, and what it does best.
Best Fiat To Crypto Exchanges 2023
Based on our reviews, these are the top fiat-to-cryptocurrency exchanges:
- Binance (best overall fiat-to-crypto gateway)
- Kraken (buy crypto with industry-leading security)
- ByBit (best for dollar cost averaging bot)
- Coinbase (beginner-friendly fiat to crypto exchange)
- eToro (fiat exchange with crypto demo investing)
- KuCoin (over 700 cryptocurrencies to buy with fiat)
- Crypto.com (best for crypto features)
- OKX (over 96 fiat currencies)
- Bitget (buy and stake crypto)
- Bitfinex (top exchange for buying and lending)
- Bitstamp (reliable exchange for spot buying crypto)
Comparison of Fiat To Crypto Exchanges
|Exchange Name||Supported Cryptocurrencies||Payment Methods||Spot Trading Fees (Maker / Taker)|
|Binance||385||Credit or Debit Card, Bank Transfer, e-Wallet, or Crypto||0.1% / 0.1%|
|Kraken||222||Bank Transfer, Credit/Debit Card, and Google/Apple Pay||0.16% / 0.26%|
|ByBit||355||Bank Transfer, Credit/Debit Card||0.1% / 0.1%|
|Coinbase||240||Credit/Debit Card, Bank Transfer, Google/Apple Pay||0.40% / 0.60%|
|eToro||72||Bank Transfer, Credit/Debit Card, e-Wallet||1% / 1%|
|KuCoin||728||Bank Transfer, Credit/Debit Card, e-Wallet||0.1% / 0.1%|
|Crypto.com||293||Bank Transfer, Credit/Debit Card, PayPal||0.075% / 0.075%|
|OKX||370||Apple/Google Pay, Credit/Debit Card, Bank Transfer||0.08% / 0.1%|
|Bitget||562||Credit/Debit Card, Bank Transfer, Google Pay||0.1% / 0.1%|
|Bitfinex||188||Credit/Debit Card, Bank Transfer||0.1% / 0.2%|
|Bitstamp||73||Bank Transfer, Credit/Debit Card||0.30% / 0.40%|
Top Fiat-to-Crypto Exchanges Reviewed
Binance is the world's most popular crypto exchange and provides access to hundreds of cryptocurrencies and a wide range of crypto-centric features, including Peer-to-Peer (P2P) trading, staking, and automated purchases. Binance is available in a vast number of countries around the world, making it perhaps the most accessible way to invest in the crypto market.
Users can buy crypto with low fees in over 100 countries, including the UK, most of Europe, the Asia Pacific region, and the USA, through the aptly named Binance US. There is even a referral code for new users to start with a $100 USDT bonus.
For users wanting to add to their cryptocurrency portfolio, Binance lets people deposit money in 25 currencies, including GBP, EUR, and AUD. However, while USD can be used to buy crypto, it's only supported by credit/debit cards or Simplex, which will incur higher trading fees. In total, Binance supports 385 unique crypto coins.
As Binance is licensed in numerous jurisdictions, Know-Your-Customer (KYC) verification is a strict requirement for all users. Binance enables users to buy cryptocurrency with a wide range of payment methods, including a credit or debit card, bank transfer, or e-Wallet (PayPal). While bank transfer deposits typically cost around $1, payments with a bank card incur around a 1.80% fee. Furthermore, specific BTC pairs offer fee-free crypto trading, with other spot transactions having a fee of 0.1% regardless of the amount.
Being accessible in most regions worldwide and supporting many payment methods, Binance is an excellent fiat-to-crypto exchange for international investors looking to buy crypto with competitive trading fees.
Launched in 2011, Kraken is one of the longest-standing cryptocurrency exchanges in the industry and has become a favorite platform for security-focused investors. Kraken prides itself on providing industry-leading security measures, which is likely why the exchange has existed for so long. With the company offering cold storage for funds, encryption for sensitive information, and more, Kraken is great for people looking to protect their investments.
Kraken enables its users to purchase an impressive 222 cryptocurrencies, including Bitcoin, Ethereum, and XRP, using seven fiat currencies; USD, EUR, CAD, AUD, GBP, CHF, and JPY. While Kraken enables users to deposit up to $9,000 without completing the entire KYC process, users wishing to transact higher amounts must verify their identity.
To ensure that the platform will be widely accessible to users, Kraken enables its customers to deposit cryptocurrency and fiat via bank transfer, credit/debit card, and Google/Apple Pay. However, Canadian residents can also deposit funds to Kraken by providing cash in person to a company representative.
Although there are specific payment methods that incur a fee of between $1 to $10 (e.g., Swift, RTGS), every fiat currency supported by Kraken can be deposited for free, which is excellent for maximizing value. However, the exchange does charge fairly high trading fees, with spot purchases costing 0.16% (maker) and 0.26% (taker).
Overall, Kraken is a well-designed platform and one of the most secure fiat-to-cryptocurrency exchanges available to users. As such, while the platform's fees are fairly high compared to platforms like Crypto.com and Binance, Kraken is an excellent option for security-conscious investors looking to buy crypto with fiat.
ByBit is a cryptocurrency exchange platform that has been operating since 2018 and provides a simple way for people to spot-buy crypto and trade derivative products using leverage on one platform. Although ByBit is best known for its derivatives products, the exchange still offers spot-based products to rival even the best trading platforms. Users can use the dollar-cost-averaging (DCA) crypto bot to invest progressively without missing any price movements. Furthermore, the exchange offers copy trading enabling users to mirror other users automatically.
With 355 crypto assets and 535 trading pairs available to users, ByBit is an excellent platform for trading a diverse range of assets. Furthermore, with support for eight fiat currencies, including USD, EUR, GBP, and RUB, the exchange can be used easily by investors all across the globe.
Despite offering a specific payment method for each currency, ByBit primarily supports some form of bank transfer payment, meaning that users wishing to deposit via an e-wallet will need to use another platform, like Binance. However, ByBit does support instant buys using a bank card, but with significantly increased spread fees.
While ByBit allows users to deposit and trade crypto without verifying their identity, KYC is a strict requirement for fiat deposits and withdrawals. For the most part, users can deposit via bank transfer to ByBit without paying any fees. However, USD deposits incur a flat $8 charge. However, thankfully ByBit offers very competitive fees for trading, at 0.1% per transaction.
All in all, ByBit is an excellent fiat-to-crypto exchange, and its automated trading features make the platform very attractive to users looking to invest over extended periods with minimal effort.
Coinbase was founded in 2012 with the goal of simplifying the investing process and making crypto accessible to the average person. Coinbase is one of the most accessible exchanges for buying crypto with fiat, thanks to its ease of use. Furthermore, Coinbase rewards users who complete short educational videos and quizzes. As such, it's a suitable platform for crypto novices looking to make their first investment.
Despite being aimed at beginners and having a strict policy for new coin listings, Coinbase still offers a good range of cryptocurrencies. In total, users can buy and sell 240 digital assets on Coinbase using USD, EUR, and GBP. Moreover, Coinbase is a licensed crypto exchange and, as such, requires users to complete KYC verification before buying crypto with fiat currencies.
To ensure that its users are not left unable to deposit, Coinbase lets users buy crypto with credit/debit cards, bank transfers, PayPal, and Apple/Google Pay. However, users can only deposit fiat using bank/wire transfer and PayPal. The other supported payment methods are only available for instant buys.
While transactions on the Coinbase exchange are charged a flat fee of 0.60% (taker) and 0.40% (maker), the company states that other types of purchases are charged a variable fee based on a multitude of factors, including location, payment method, order size, and current market conditions.
Compared to the other crypto exchanges we've looked at, Coinbase is likely the best option for those new to the industry who want to buy crypto using fiat without hassle. The overall experience is quick and easy to track a crypto portfolio and monitor live prices. Furthermore, with a good range of advanced trading features, the platform could remain suitable for investors as they build up experience.
5. eToro - Best For Practicing With Demo Account
eToro is a popular trading platform that provides exposure to various financial markets, including crypto, forex, stocks, and commodities, primarily traded as contracts-for-difference (CFDs). passively without any technical knowledge.
Disclaimer: 78% of retail CFD accounts lose money
Despite being aimed more toward the traditional financial markets, eToro offers an impressive 72 digital assets for crypto trading, including blue-chip projects like BTC and smaller cryptos like Cartesi. Users can deposit in four fiat currencies, USD, GBP, EUR, and AUD.
While eToro enables users to trade a vast range of financial products, the platform's trading tools set it apart from other exchanges. Users can practice investing with a $100,000 demo account, perfecting strategies without losing real money. Furthermore, eToro offers copy trading, making it possible to trade
As eToro deals in traditional financial products and crypto, KYC verification is a strict requirement for new users. Moreover, as eToro is a global platform, it offers a variety of payment methods. Customers can deposit funds to buy crypto with fiat using a credit/debit card, bank transfers, or e-wallet (PayPal, Skrill, Payoneer). However, while deposits are free and withdrawals cost $5, the fees for buying crypto are very high at 1% per transaction and a small spread fee.
eToro is a well-rounded trading platform that provides exposure to a substantial range of markets. Furthermore, its crypto copy-trading and demo trading capabilities make it one of the best crypto exchanges for users looking to sharpen their skills.
KuCoin is a crypto exchange that offers a massive list of cryptocurrencies and several useful tools like its crypto staking platform and trading bots. While KuCoin is often overshadowed by larger platforms like Binance, KuCoin offers the most diverse range of crypto assets out of any exchange on our list. Furthermore, KuCoin offers margin trading, crypto lending, and staking, making it the preferred exchange of investors looking for an all-in-one exchange.
Investors looking to employ trading strategies that involve buying and selling a wide range of assets can do with ease on KuCoin. The exchange supports an impressive 728 cryptocurrencies that can be purchased using 45 fiat currencies, including USD, GBP, EUR, AUD, CAD, and JPY.
Although it's possible to deposit and trade cryptocurrency on KuCoin without completing verification, users wishing to buy crypto with fiat must verify their identity. As KuCoin caters to worldwide crypto traders, the exchange supports many payment methods, including bank transfer, credit/debit card, Cash App, Zelle, and Skrill. Additionally, KuCoin works with 3rd parties like Simplex to add more payment methods for international investors.
Although KuCoin itself doesn't charge any additional fees for deposits, the third parties its works with often take between 1.5% to 4% in fees. As such, it's essential to consider which payment provider to deposit with when using KuCoin. However, trading fees are very reasonable at 0.1% per transaction.
KuCoin is an excellent exchange for investors looking to buy and sell a significant range of cryptocurrencies. Additionally, the crypto-centric features offered by KuCoin mean that it's unlikely a user will need to register with an additional exchange to get their desired features.
Crypto.com has become one of the world's most popular exchanges since launching in 2016 and offers an impressive suite of features designed to streamline the crypto investing experience (particularly for beginners). While most exchanges specialize in a particular area, Crypto.com is an all-in-one platform. With the company offering a mobile app, trading bots, staking, lending, and even a crypto-based Visa debit card to spend crypto, Crypto.com is one of the most versatile crypto platforms available that is used by more than 50 million users worldwide.
Being a very diverse platform, Crypto.com naturally supports many cryptocurrencies, with a total of 293 unique coins available. Furthermore, the exchange enables users to deposit in 25 fiat currencies, including USD, EUR, GBP, and CAD, making it a very accessible platform to buy and sell digital assets with money. However, new investors will need to complete KYC verification. With Crypto.com operating worldwide, the platform lets users deposit several payment methods, including bank transfers, credit or debit cards, and PayPal.
Crypto.com is split into a mobile app aimed at beginners and an exchange targeted toward more experienced investors. While transactions on the exchange cost 0.075%, fees on the app can range from 1.49% to 4%.
There's a reason why Crypto.com is one of the world's top fiat-to-crypto exchanges. The platform offers outstanding fees, basic/advanced platforms, and comprehensive features likely to appeal to every kind of investor. As such, Crypto.com is an excellent choice for investors looking for an all-in-one fiat-to-crypto gateway.
OKX, formally known as OkEx, is a cryptocurrency exchange that has quickly become a worthy alternative to mainstream platforms like Binance, Crypto.com, and Coinbase, thanks to its accessibility and range of features. While its trading bots, copy trading, margin and derivatives trading platform are a big draw to OKX, its support for over 90 fiat currencies makes OKX an attractive option for international investors.
On top of enabling users to buy crypto with 96 traditional currencies, OKX has 370 cryptocurrencies comprising big and small-cap coins, ensuring that users will never have to migrate to another fiat/crypto exchange to buy a particular asset.
Investors can deposit crypto or buy digital currencies with a credit or debit card without completing KYC verification on OKX. For other payment methods, OKX uses third-party payment providers which charge substantial fees. However, users can buy crypto with Apple Pay, a credit/debit card, an e-wallet, or a wire transfer. Furthermore, OKX features a P2P market, enabling users to buy crypto from each other, significantly improving accessibility.
Unfortunately, being crypto with fiat on OKX is very expensive. On average, card payments incurred a 3% to 4% fee, making it one of the most expensive platforms we've reviewed. However, trading on OKX is more reasonable, with the company charging 0.08% (maker) and 0.1% on spot purchases.
OKX is a well-designed exchange that provides a way for investors to buy crypto with almost every fiat currency. However, with comparatively high purchase fees, OKX is primarily recommended for international investors looking for a platform that supports lesser-accepted currencies.
Despite being a lesser-known crypto trading platform, Bitget is a feature-rich exchange that has been helping users to buy crypto with fiat since launching in 2018. Bitget is a user-friendly exchange that makes the process of buying crypto with fiat simple. The platform features a well-designed, intuitive interface and perhaps the most diverse range of earning/staking products on the market, enabling users to passively increase their crypto holdings after making an initial purchase.
With an outstanding 562 cryptocurrencies supported by Bitget, the exchange is an excellent platform for creating a well-diversified investment portfolio. Additionally, Bitget supports crypto purchases using 59 fiat currencies, including USD, EUR, GBP, and AUD. Although Bitget allows users to deposit and trade crypto without completing verification, users wishing to buy via credit card or bank transfer must complete KYC.
Bitget enables users to buy crypto with many different payment methods, including credit/debit cards, bank transfers, and Google Pay. Additionally, users can buy and sell cryptocurrency in a P2P fashion to acquire better deals.
While Bitget offers free purchases via bank deposit for GBP, EUR, and BRL, customers wishing to buy crypto with a card will have to deal with high fees from payment processors like Simplex. Furthermore, for spot rates, Bitget charges 0.1%, which is in line with the industry average.
Despite Biget offering limited native payment method options, the zero-fee bank deposits are excellent for users residing in the UK or Europe. Furthermore, with many staking products available, users can passively increase their holdings with ease, making Bitget an excellent platform for long-term investors.
Bitfinex is a no-frills trading platform enabling users to buy crypto with fiat and access derivatives markets since 2012. Although Bitfinex is primarily touted as a derivatives trading platform, the exchange enables users to buy crypto with fiat before lending it to other users to earn interest. As such, Bitfinex is an ideal platform for investors looking to passively increase their crypto funds over extended periods. Bitfinex supports a reasonable 188 unique cryptocurrencies that can be purchased using five fiat currencies; USD, EUR, GBP, PJY, and CNH.
Bitfinex requires all users wishing to buy crypto with fiat to complete KYC verification. Unfortunately, Bitfinex doesn't support many payment methods, with only credit/debit cards and bank transfers supported by the trading platform.
Users wishing to deposit fiat to Bitfinex via transfer should be prepared to pay some hefty fees. While transactions via OpenPayd (EUR/GBP) only cost $0.50, regular bank wire transfers (EUR/USD) cost 0.1% with a $60 minimum. Also, spot trades are reasonably costly at 0.1% (maker) and 0.2% (taker).
While Bitfinex has shortcomings in payment methods and supported fiat currencies, the platform still provides an excellent way for users to boost their crypto holdings with minimal effort. Therefore, while we can't recommend Bitfinex for US investors due to the high wire fees, it remains a solid platform for UK and EU-based investors wishing to venture into lending.
Being launched in 2011, Bitstamp is one of the oldest cryptocurrency exchanges in the industry, and as such, it has had ample time to create a feature-rich and user-friendly platform for people to buy and sell cryptocurrency. On top of offering providing access to a substantial range of cryptocurrencies and advanced trading features using the Tradeview interface, Bitstamp has one of the best mobile trading apps on the market. With an intuitive interface, technical indicators, analysis tools, and depositing functions, the Bitstamp app is a treat for mobile-based investors.
Despite being on the market for over ten years, Bitstmap offers comparatively fewer assets than other trading platforms, with just 73 tradeable cryptocurrencies compared to other exchanges. Furthermore, Bistamp only supports deposits using five fiat currencies; USD, GBP, EUR, AUD, and CHF. However, instant buys can be completed in 20 fiat currencies once KYC verification is completed.
Another limitation of Bitstamp is its lack of payment methods. Customers can directly buy crypto using a card or deposit fiat via bank transfer, severely limiting the platform's accessibility.
While Bitstamp doesn't charge for bank transfer deposits, withdrawal fees can cost up to 3 EUR, and instant buys are set at 4% of the transaction value. Furthermore, Bitstamp charges 0.30% (maker) and 0.40% (taker) fees for spot trading, although this is offset somewhat as the exchange offers fee-free trading for the first $1,000 each month.
Bistamp is a long-running crypto exchange with solid security and a commitment to protecting its users. While the excellent mobile app makes the exchange perfect for on-the-go traders, its lack of assets and high fees hamper its usability for high-volume investors.
What is Fiat Currency?
The term 'fiat currency' is often thrown about when discussing cryptocurrency, but what does it actually mean? In short, fiat currencies are traditional government-issued currencies such as GBP, USD, or EUR. However, while most crypto enthusiasts use the term to represent any conventional currency, fiat technically only refers to currencies backed by a government rather than a commodity, like gold.
Do You Need KYC To Buy Crypto With Fiat?
With regulatory requirements for crypto exchanges getting stricter by the day, the vast majority of platforms will require users to complete KYC verification before depositing fiat currency. However, while there are a few platforms that enable users to buy crypto with fiat without completing verification, investors should approach them with caution as they tend to have low limits and more risk of being shut down.
What to Look for in a Fiat to Crypto Exchange?
When selecting the best fiat-to-crypto exchange, it's essential to consider its core aspects.
- Fees. Arguably, the most crucial aspect of an exchange is the fees it charges. While some platforms offer free fiat deposits and withdrawals, others charge substantial fees, particularly for payment methods like wire transfers. Furthermore, it's important to consider trading fees as they can quickly eat into potential profits.
- Supported assets. Every crypto exchange is different. As such, it's vital to double-check which assets are available before depositing to avoid trapping funds in a platform that doesn't even offer the crypto an investor wishes to buy.
- Supported payment methods. Having access to a varied range of payment methods is essential when selecting an exchange. Typically, it's best to look for a platform that offers at least two payment methods for the user's desired currency, as this helps to mitigate the chances of being unable to deposit due to maintenance or other downtimes.
- Supported fiat currencies. An especially crucial consideration for international investors is checking which fiat currencies are natively supported by a platform, as this helps to avoid any unexpected fees for things like currency conversions, for which many banks charge substantial fees.
Frequently Asked Questions
In cryptocurrency, fiat currency refers to any traditional, non-digital currency. For example, the US Dollar (USD), Great British Pound (GBP), and Euro (EUR) are all examples of fiat currency.
Most exchanges will allow users to instantly trade fiat for crypto if it's already deposited on the platform. Although, due to payment processing times, there can be a delay when depositing fiat currency using payment methods like wire transfers. However, some companies offer instant buys with a bank card, but they usually incur steep fees.
The process of converting fiat to crypto is simple. All a user needs to do is register with an exchange, verify their account, and deposit to the platform. After doing so, it's possible to acquire crypto with a fiat currency near-effortlessly.
Throughout our guide on the best fiat-to-crypto exchange, we've reviewed 11 of the best platforms, discussing the fees, supported cryptos, and payment methods offered by each, as well as the type of investor each is best suited to. While each of the exchanges we've reviewed has its merits, Binance presented itself as the best platform for buying crypto with fiat thanks to its huge range of features, assets, and payment methods.