Best Ethereum Exchange Reviews & Comparison
By: Ofir Beigel | Last updated: 4/27/20
As Ethereum becomes more and more popular, exchanges are including Ether (Ethereum’s currency) in their currency pairs. In this article I’m going to go over the different Ethereum exchanges available and list the various things you need to take into account before choosing an exchange.
Ethereum Exchange Guide Summary
In order to buy or sell Ethereum you’ll need to find an Ethereum exchange. When choosing an Ethereum exchange it’s important to differentiate between 3 different types of exchanges: brokers, trading platforms and P2P marketplaces.
Here are my top 4 picks for the best Ethereum exchange by category:
*eToro users: 75% of retail CFD accounts lose money.
If you want a detailed explanation about the different types of exchanges and to read summarized reviews of the different exchanges keep on reading. Here’s what I’ll cover:
- How do I Buy Ethereum?
- Ethereum Exchange Types
- How to Choose an Exchange?
- Best Ethereum Brokers
- Best Ethereum Trading Platforms
- Best Ethereum P2P Marketplaces
In order to buy Ethereum you’ll need to:
- Find an Ethereum exchange
- Open an account
- Deposit funds
- Exchange your funds for Ethereum
- Withdraw the Ethereum to your own wallet (optional but recommended)
Before you choose an Ethereum exchange it’s important to get familiar with the different exchange types out there.
Connect buyers and sellers automatically through an online website. The buyer states the requested price and the platform finds a seller that meets the bid. No direct communication is done between the buyer and seller. Trading platforms are usually the cheapest option when it comes to fees but are also much more complicated than other options.
A website that sells you Ethereum directly for a premium. Brokers are usually the easiest way to buy Ethereum but are also more expensive.
Websites that connect buyers and sellers directly so they can negotiate on a price. While these sites usually allow for a wider array of options (payment methods, supported countries, etc.) they also hold a large amount of risk since you’re buying from an anonymous individual.
When examining an exchange you should take into account several factors:
- Fees – What are the deposit, withdrawal and transaction fees the exchange collects?
- Countries supported – Is the exchange supported in your country?
- Payment methods accepted – Does the exchange accept credit cards, wire transfers or even PayPal?
- Exchange reputation – How long has the exchange been around? Is it transparent about its business?
- Level of verification needed – Is there a long verification process or can you buy Ethereum right away?
- Reliable support – How responsive is the exchange support? Can you chat with them or just email them?
Keep in mind that no exchange is perfect and usually an exchange will excel in one field and lag behind in another.
Coinmama has been around since 2013 and supplies a brokerage service to both Bitcoin, Ethereum and a variety of other cryptocurrencies. The exchange will buy or sell Ethereum directly at a premium. They also put an emphasis on quality customer support. Coinmama accepts credit and debit cards, as well as SEPA transfers for Ethereum purchases. If you have the option to pay via SEPA you’ll decrease fees dramatically. You can read my full Coinmama review here.
CEX.io is a Fincen registered Bitcoin and Ethereum broker that also supplies a complete trading platform. The exchange accepts credit cards, wire transfers and SEPA transfers if you live in the Eurozone. The site has a very easy to use and intuitive interface that allows you to buy ETH relatively quick. If you feel comfortable using the site’s trading platform instead of the brokerage service you can save a lot in fees. You can read my full CEX.io review here.
Coinbase is one of the most popular methods for buying Ethereum. The exchange is one of the oldest around and has been active since 2012. Coinbase supports 100+ different countries including the US, Canada, UK, and Australia.
Bitpanda is a Bitcoin broker that also specializes in buying and selling Ethereum within the Eurozone. The company was founded in late 2014 and since has grown to become one of the more popular options to purchase Bitcoins around Europe. The company has many payment options and delivers coins to your wallet in a fast and secure manner. You can read my full Bitpanda review here.
eToro is a trading platform that allows trading in several cryptocurrencies such as Ethereum, Bitcoin, Ripple, Bitcoin Cash, Dash and more. The main difference between traditional exchanges and eToro is that all transactions are denominated in fiat currency. Meaning you can’t actually withdraw the Ether you buy on eToro, only exchange it for USD, EUR etc.
This means the platform is very well suited for people who are only looking to speculate on Ethereum’s price but not so much for people who want to actually hold their Ether in their own wallet.
Keep in mind that eToro’s service is a highly volatile unregulated investment product. There is no EU investor protection. Your capital is at risk. You can read my full eToro review here.
Bitstamp has added the Ethereum trading pair in late 2017. The exchange has been around since 2011 and is one of the oldest and most respectable exchanges around. The platform supplies two options for buying Ethereum – using the trading platform or using the brokerage service. The trading platform is cheaper but harder to use for inexperienced users, while the brokerage service is a more expensive “one click” solution. You can read my full Bitstamp review here.
Binance is a crypto to crypto trading platform that also supplies a brokerage service for buying cryptos with a credit card. This means that you can either use your credit card to buy Ethereum or you can deposit any other cryptocurrency and exchange it for Ethereum. The fees for using the brokerage service are of course much higher than the 1% transaction fee the trading platform charges. You can read my full Binance review here.
Changelly was established on 2016 and within a year has managed to attract over 100,000 users which is pretty impressive. The exchange allows you to trade one cryptocurrency for the other. If you own Bitcoin you can almost instantly trade it for Ethereum.
From personal experience it takes around 30 minutes to get a coin traded from one type to another and the interface is very clean and intuitive. However don’t use the exchange to buy Ethereum with fiat currency since the fees are extremely high. You can read my full Changelly review here.
LocalCryptos is a P2P marketplace where buyers and sellers of ETH can meet online and trade similiar to LocalBitcoins. Although this platform gives a wide variety of payment methods it’s important to remember that you’re dealing with individuals and not corporations.
This means that the chance a deal can go wrong is higher and it’s important to take that into account. As a general rule it’s best to keep this option for when all other options fail.
As Ethereum becomes more popular the options for buying it increase dramatically. The main thing when choosing an exchange would be to make sure your country and payment method are supported. For beginners it’s better to use brokerage services and pay a bit of a premium while more advanced users should trade on trading platforms and save on fees.
If you have additional comments or questions feel free to leave them in the comment section below.
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