As crypto goes mainstream, cryptocurrency investing is no longer as daunting as it used to be.
The most popular places for U.S. investors to buy and sell cryptocurrencies are still the big centralized cryptocurrency exchanges: Coinbase Global (COIN +4.71%), Kraken, and Gemini (GEMI +1.19%).
But that doesn’t mean that there aren’t plenty of other places to buy and sell popular cryptocurrencies, including Bitcoin (BTC +2.54%) and Ethereum (ETH +6.55%). Here are four of the most popular alternatives.
Decentralized cryptocurrency exchanges
Decentralized exchanges grew in popularity after the collapse of Sam Bankman-Fried’s FTX crypto exchange in 2022, and are now major players in the world of crypto trading. Two of the most popular options are Uniswap (UNI +14.81%) and PancakeSwap (CAKE +14.70%).
However, you’ll need a personal blockchain wallet to connect to these decentralized exchanges, and a bit of familiarity with how to navigate between different cryptocurrency pairs and different blockchains.
Image source: Getty Images.
While trading on centralized crypto exchanges feels much like buying and trading stocks, trading on decentralized exchanges feels much more like buying and selling foreign exchange. That makes sense, given that cryptocurrencies are, indeed, currencies.
Robinhood
If you are only planning on buying and selling the most popular cryptocurrencies (and not cryptocurrencies with tiny market caps), you might be better off sticking to a crypto trading platform such as the one available from Robinhood Markets (HOOD +2.33%).
On Robinhood, it’s now possible to buy or sell 43 different cryptocurrencies on a 24/7 basis. Just make sure you’re clicking on the tab for “tradable crypto,” to make sure they can be traded on Robinhood.
Today’s Change
(2.33%) $2.96
Current Price
$130.04
Key Data Points
Market Cap
$116B
Day’s Range
$120.72 – $132.16
52wk Range
$29.66 – $153.86
Volume
1.8M
Avg Vol
37M
Gross Margin
89.78%
Dividend Yield
N/A
Best of all, if you’re also using Robinhood for stock trading, you can see the value of your portfolio, all in one place. That makes it easier to get the right portfolio blend, and also makes it easier when it comes time to do your taxes. Robinhood generates all of your tax forms for you, so it’s a no-brainer to upload them to your favorite tax preparation software.
PayPal
In October 2020, PayPal (PYPL +0.00%) began offering a very limited set of crypto trading options for customers. The two primary options were Bitcoin and Ethereum. But you can now also buy and sell Solana (SOL +5.50%), Chainlink (LINK +8.69%), Litecoin (LTC +14.08%), Bitcoin Cash (BCH +4.11%), and the new PayPal stablecoin, PayPal USD (PYUSD 0.02%).
Today’s Change
(0.00%) $0.00
Current Price
$66.26
Key Data Points
Market Cap
$62B
Day’s Range
$64.78 – $66.52
52wk Range
$55.85 – $93.66
Volume
562K
Avg Vol
14M
Gross Margin
41.64%
Dividend Yield
N/A
If you’re running a small business, or using PayPal as part of your overall cash management strategy, the PayPal app makes it very easy to move between the world of crypto and fiat currency. With just a few clicks and taps, you can move money from crypto into your PayPal balance, and from there, use the funds to make purchases, send money to others, or pay bills.
Mobile blockchain wallets
This is where things get very interesting, especially if you enjoy buying and selling meme coins. Some of the most popular apps to download from the App Store or Play Store are blockchain wallet mobile apps, including MetaMask and Coinbase Wallet.
At one point last year, the blockchain wallet app Phantom was getting more downloads than mainstream social media apps, simply due to how easy the app makes buying and selling meme coins on the Solana blockchain.
However, be forewarned: You do need to have a good feel for how different blockchains work, as well as a certain level of comfort in sending hundreds (or even thousands) of dollars to different blockchain wallet addresses.
Look for more crypto trading options soon
As crypto goes mainstream, look for even more ways to buy and sell crypto. Major brokerages are now opening up crypto buying and trading for customers. Banks are creating more ways that customers can use their Bitcoin holdings. And major fintech players like Block (XYZ 7.66%) are continually rolling out new crypto trading and investing products for small business owners.
So, if crypto investing once seemed daunting, it no longer needs to be. There are plenty of ways to trade crypto using familiar, intuitive interfaces that are coming from large, well-known companies. At one time, crypto investing was the Wild West. But that’s simply no longer the case.
