LAS VEGAS, Nev. (CONSUMER REPORTS) – Crypto is easier to buy than ever. The harder part may be deciding where to buy it. For many consumers, that means choosing a crypto exchange, and plenty are competing for your business. Consumer Reports evaluated five major exchanges to see what consumers should know before picking one.
They’re some of the biggest names consumers see when shopping for a tool to manage their crypto assets: Binance.US, Coinbase, Crypto.com, Gemini, and Kraken. Consumer Reports took a closer look at all of them.
Consumer Reports found that all five platforms evaluated make it really easy to start trading. What’s not nearly as easy is actually finding the information you need before you need it. These are things like what you’re being charged, how those fees are calculated, and what protections you have or don’t have.
Consumer Reports also found none clearly disclosed during sign-up that crypto on an exchange lacks the same federal protections as money in a bank. If the exchange fails or is hacked, you could lose some or all of your investment.
Fraud warnings also varied. Gemini required multiple fraud-risk acknowledgments. Binance.US, Coinbase and Crypto.com used warnings that were easier to dismiss. Kraken showed no warning during the transfer.
What Consumer Reports would like to see is companies putting the information where it counts, which is usually right before a consumer hits send. We need to tell people in plain English that once crypto is gone, it is gone. And that scammers are going after crypto users more than ever.
Privacy was another concern. In CR’s evaluation, none of the exchanges limited the amount of user data they collect. Coinbase was the only one Consumer Reports found that offered an in-app option to delete or request access to their personal data.
Consumer Reports gave all five exchanges a chance to respond. Binance.US, Coinbase, Crypto.com, and Kraken all pointed to security, privacy, education, fraud-prevention tools, or transparency measures they say are already in place. Gemini declined to comment on the record.
Before you choose an exchange or even pick an app, ask four questions. What am I really paying? How does it protect me from scams? What happens to my money if the company goes under? And then, what is it doing with my data? Important questions to help protect you and your money.
If you want exposure to crypto without using a crypto exchange, Consumer Reports says you can also consider a crypto ETF or index fund through a traditional brokerage. Those investments come with stronger federal oversight and consumer protections.
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