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Best Exchanges and Brokers to Buy Stocks with Crypto
If you’ve been investing in cryptoassets for some time, you might have amassed some good gains in Bitcoin, Ethereum or other cryptocurrencies.
You might be considering rebalancing your portfolio so that crypto isn’t overly dominant, but there is one major problem. Banks still don’t like to deal with crypto exchanges, and you can have problems passing fiat currency through your bank account after withdrawing from an exchange. If your intention is to invest in stocks with that money, you can now bypass the banks entirely by using stablecoins to move money to an exchange that offers stock trading and accepts crypto deposits.
Using FTX Exchange
FTX is one such exchange that accepts crypto deposits that you can then use to buy tokenized stocks, and I have reviewed this exchange in-depth here.
FTX offers tokenized stock trading markets on a number of large-cap companies that are listed in the US. For instance, TSLA/USD is a market that trades the tokens of Tesla stocks. This works similarly to other financial derivatives.
Using eToro Exchange
On the other hand, you can also buy traditional stocks from platforms that allow trading in both cryptos and stocks, with eToro being my favorite for this purpose. The big advantage with buying stocks in eToro is that you can buy fractional stocks. Some stocks have risen so much over the years that they have become inaccessible to many investors. The solution is fractionalization. Not many stockbrokers offer this service, but eToro is one of them.
Of course, eToro also allows you to use your crypto deposits to buy full stocks (not fractions).
So what you would do in this case is to transfer your crypto to eToro, sell it for Euro or USD, then use those funds to buy stocks within eToro itself.
If you’d like to learn more about how eToro works, please head over to my in-depth review of eToro for a comprehensive look at what you can do on this popular platform.
10 Best Cryptocurrency Stocks To Buy Now
- Canaan Inc.
- Hut 8 Mining Corp.
- Argo Blockchain Plc
- Bitfarms Ltd.
- Riot Blockchain, Inc
- Marathon Digital Holdings Inc
- Coinbase Global, Inc.
- CME Group Inc.
- Block, Inc.
- Paypal Holdings, Inc.