The 8 Best Fiat-to-Crypto Exchanges in 2024

What is a Fiat-to-Crypto Exchange?

A Fiat-to-Crypto exchange is an exchange that specializes in converting various fiat currencies into cryptocurrencies and other digital assets. Fiat currencies here refers to legal tender i.e. USD, GBP, EUR, and other legal currencies used in various countries.

These exchanges can also offer crypto-to-crypto exchanges, like the ones on our list, or act solely as an on-ramp service. Usually, they support one or more traditional forms of payment like a bank transfer, credit or debit card payments, or electronic money services like PayPal crypto exchanges.

How Do the Best Fiat-to-Crypto Exchanges Work?

The best fiat-to-crypto exchanges store cryptocurrencies in their vaults and then sell them to users. In many ways, they act like crypto brokers with processes that are pretty straightforward in most cases.

The safest crypto exchanges either buys cryptocurrency, stores them, and then sells it to users upon request or routes them directly to counterparties who can. Either way, the exchange has the facility to receive payments.

You create an account with the fiat-to-crypto exchange, which usually comes with a good crypto wallet and fiat wallet that can receive any number of fiat currencies, based on the crypto exchange. When you’re ready to buy some crypto, you send funds to your fiat wallet using one of the exchange’s supported payment methods.

Afterwards, you should be able to start converting fiat currency to crypto, usually using a Convert feature. Alternatively, you can buy crypto directly without having to first deposit cash.

Key Things to Consider When Choosing an Exchange for Fiat-to-Crypto

Security

Security is always the first consideration where crypto is concerned. The platform you choose should comply with the latest industry security standards. In this case, an ISO certification should suffice.

Also, look out for two-factor authentication (2FA). This is a second line of defense that protects your account if an intruder gets a hold of your password through a common crypto scam.

Payment Methods

The supported payments are probably the next most important factor to consider when choosing the best fiat-to-crypto exchanges. Because you will use it periodically, you need to choose a method that is cheap and easily accessed.

Payment methods for a fiat exchange like bank cards are usually widely accepted but are usually the most expensive. Local bank transfers are accepted for major regions like the US or UK, but cannot be depended upon for remote countries to convert fiat.

Whichever method you choose, ensure it is continuously accessible, cheap, and legal in your location.

Currencies Supported

When choosing between fiat-to-crypto exchanges, ensure it supports several currencies to avoid having to jump between multiple crypto exchanges or send coins between wallets.

Global crypto exchanges usually have wider coin selections but less local-friendly options while regional/local crypto exchanges have friendlier deposit options but smaller selections of digital currencies.

The trick would be to balance both by finding a crypto exchange whose funding method is acceptable with a wide enough coin selection.

Regulatory Status

Your choice of fiat-to-crypto exchange must be well-regulated in your region. Governments have legal say over which entities are allowed to use their currencies, especially within their territories.

If you intend to make deposits from a foreign currency account, ensure that the decentralized crypto exchange is legally allowed to do business in the currency’s originating country, just in case your transfer is routed through domestic banks.

How to Use a Fiat-to-Crypto Exchange - Step-by-Step Tutorial

1. Open an Account

Navigate to the eToro website and click on Start investing. Fill out the form with your full name, email address, and password.

2. Verify Your Account

Verify your account by submitting KYC documents like proof of ID (National ID or driver’s licence) and proof of residency (utility bill). Then, finish setting up your profile.

3. Make a Deposit

Once your account has been verified, click on Deposit funds on the left pane of the page. The deposit options available will be displayed. Choose one and set the amount you’d like to deposit. The minimum is $10.

4. Load Crypto Charts

Once your account is funded, search for any crypto in the Discover tab. An interface like the one below should load. You can carry out your analysis on the chart or use external charting software. Set your parameters, like a buy or sell price and set your order.

Final Thoughts on the Best Fiat-to-Crypto Exchanges

We explored the best fiat-to-crypto exchanges around and chose eToro as our overall best because of its free deposit and withdrawing fiat currency facility, multiple deposit methods, and worldwide availability thanks to its large user base.

Nonetheless, we understand that other exchanges have features that may appeal more to certain readers, so we made sure all the ones on our list are good and proven.

Ensure to always be security conscious when using a crypto exchange, and to always pick one with a payment method that works for you, especially if you plan on making recurring purchases with that particular crypto exchange.

To begin buying crypto with our top choice, visit the eToro website and sign up.

Methodology - How We Picked the Best Fiat-to-Crypto Exchange

The fiat-to-crypto exchange platforms covered in this guide were chosen through rigorous testing, research, and reviews. We paid attention to security, transparency, reputation, funding fees, deposit and withdrawing fiat currency methods, and coin selection.

The platforms listed are the best fiat-to-crypto exchange platforms we found in the various categories we listed them. For example, we found that Binance supports the highest number of fiat currencies, so we named it the best fiat-to-crypto exchange option for multi-currency support.

Check out our why trust us and how we test pages for more information on our testing process.