5 Best Crypto Exchanges for US Customers
Cryptocurrency exchanges act as a gateway to the realm of digital assets. They exist to help you exchange your fiat for crypto. There, you can buy, sell or stake any crypto of your choice. Also, delve into the world of decentralized finance, applications, and NFTs.
But, not all crypto exchanges are available in the United States. In fact, many are restricted geographically due to regulations and operational licenses required in different regions. For this reason, U.S customers should be wary when choosing an exchange. You must research its history, security, fees, and trustworthiness upon registering.
To make the transition into the crypto-verse as easy and seamless as possible, we've created a roundup of the best cryptocurrency exchanges available for U.S based customers.
Things To Consider When Choosing a U.S Crypto Exchange
For an exchange to operate within the United States, it must pass regulatory compliance and follow strict Anti-money laundering (AML) policies.
Here are some other factors you should look out for when choosing a U.S crypto exchange;
- Reputability: When choosing an exchange, you want to register with an established and reputable firm. This is especially important because there are loads of scammers disguised as exchanges looking to steal users' funds. A clear case is Mt. Gox, a crypto exchange that filed for bankruptcy in 2014 after losing 800,000 users' Bitcoins.
- Regulatory compliance or licenses: Most exchanges that operate within the U.S are FinCEN approved. They also follow AML and KYC policies as demanded by the securities commission. So, you will be asked to verify your identity upon registering. Or register an account using a valid U.S phone number.
- Security: Make sure the exchange you intend to use has multiple security measures like passwords, anti-phishing codes, Face/Touch ID, 2FA verification, and authenticator verification. To keep your account safe from cyberattacks, or hacks.
What are the Best Crypto Exchanges in the United States?
There are hundreds of exchanges available in the U.S but, these five exchanges are the best for U.S customers.
Coinbase is the largest crypto exchange by trading volume in the U.S! In other words, they are very reputable and have millions of customers. Coinbase was founded in 2012 by Brian Armstrong and a team of other crypto enthusiasts. In 2021, the company went public. Trading under the ticker COIN.
Coinbase has grown to establish itself as the "go-to" platform for most U.S users who want to dive into the crypto-sphere. They offer both mobile apps and web applications with an intuitive interface and excellent user experience(UI). Suitable for both beginner traders and investors with any level of experience.
Coinbase supports more than 150+ crypto assets
Coinbase has taken great measures to secure users' crypto assets. Your crypto holding is insured. And USD cash balances are FDIC insured, up to a maximum of $250,000.
Coinbase doesn't offer competitive fees, with taker fees between 0.05% and 0.25% and maker fees from 0% up to 0.15%. They also charge deposit fees of 3.99% for debit cards and 1% for withdrawals to Paypal.
How to Buy Crypto On Coinbase
Buy Crypto with your credit/debit cards or via Wire transfer through the ACH network.
Binance.US is a subsidiary of Binance, a global leading cryptocurrency exchange launched in 2017. Binance operates in Malta, thus, they created a branch of the company that caters to U.S based customers only.
Binance, itself is a very reputable exchange and is known globally for its contributions to cryptocurrency adoption and blockchain technology. With initiatives like Binance smart chain and Binance Launchpad, the company has aided the growth of hundreds of decentralized apps.
Binance.US has a crisp design and offers many advanced trading features like Futures and Margins. They also offer crypto staking opportunities with high-interest yields. And boast of low trading fees compared to other U.S exchanges.
Binance.Us supports 80+ cryptocurrencies and trading pairs.
Binance uses industry best practices when it comes to securing infrastructure and data. They have been privately audited by a crypto-security firm and have proof of funds.
Binance takes a 0.1% spot trading fee, and a 0.5% Buy/Sell Crypto fee. Trading fees are based on your trading volume over a 30-day period (in USD) and your daily BNB balance.
How to Buy Crypto On Binance
Buy Crypto with your credit/debit cards via Simplex or via Bank transfers.
Founded in 2016, Crypto.com is one of the most recognizable brands and crypto exchanges in the U.S. The company recently acquired the iconic Staples Center and renamed it Crypto.com Arena in December 2021.
Crypto.com is very reputable, with more than 10 million users worldwide across 90+ countries. They offer a mobile application with an intuitive design where users can buy, sell, and earn cryptocurrencies. Other product offerings include; a Crypto DeFi wallet and Crypto visa cards.
Crypto.com supports 250+ digital assets.
Crypto.com is very secure. They have never been hacked, and users' funds are insured for up to 750 million (USD). They utilize industry-grade security protocols and encryption for their servers. According to Certified, they rank No.1 globally in cybersecurity for exchanges.
Crypto.com has a competitive fee structure. With a maker fee of 0.100% and a taker fee of 0.160%, they do not charge interest on deposits and withdrawals.
How to Buy Crypto On Crypto.com
Buy Crypto with your credit/debit cards or via Wire transfer through the ACH network.
Kraken is a reputable exchange and bank based in the United States. Founded in 2011, they are known for being one of the oldest exchanges in the world. The company also owns Cryptowatch, a trading terminal, data, and live charting platform. Kraken has over 7 million users.
Kraken has a simple user interface that is easy to navigate and great for beginners. They also have an advanced trading platform called, Kraken Pro, where they offer a wide variety of advanced trading features including, order book, margin trading, and futures.
Kraken supports 80+ Cryptocurrencies and 7 Fiat currencies.
Kraken is very secure. And they have never been hacked. They boast of a highly secure system and store 95% of users' crypto offline in cold storage.
Kraken has relatively higher fees than other crypto exchanges in the U.S. They charge a flat fee of 0.9% -1.5% as instant buy fees. They also charge 0.16% maker fees and 0.26% taker fees.
How to Buy Crypto On Kraken
Buy Crypto via Bank/cash deposits or Wire transfer. Note; Wire transfers cost $11.50
Launched in 2014 by the Winklevoss brothers, Gemini is a highly regulated crypto exchange platform. It is a reputable firm and one of the
few U.S-based exchanges that are fully compliant with NY state law, and are based in NYC. Gemini acts as a custodian for large crypto traders and institutional traders. They are said to possess over 1% of Bitcoins holdings in their cold storage.
The Gemini platform is designed with simplicity in mind. It's easy for newbie traders to use their platform to buy, sell, and earn crypto. They even have built-in Dapps and an NFT Marketplace you can explore. Gemini is trusted by thousands of users and corporations to keep their digital assets safe.
Gemini supports 75+ Cryptocurrencies
Gemini is very secure and has never been hacked. It is a licensed New York trust company that undergoes regular bank exams and is subject to cybersecurity audits conducted by the New York Department of Financial Services.
Gemini operates on a maker/taker fee structure that begins at 0.25%, which is relatively higher than most other crypto exchanges in the U.S.
How to Buy Crypto On Gemini
Gemini supports the purchase of crypto through; credit/debit cards, US bank account transfers, and wire transfers.
Choosing a secure and trustworthy crypto exchange in the U.S requires research on the history of the exchange. Luckily, we've researched for you and given you our top recommendations. Now, all you need to do is pick one exchange that bests suits your trading needs and register to buy your first crypto.
When registering, you will need to provide a few ID verification documents, like a government-issued ID and other KYC documents as required by the exchange. Do this, so your account can be verified and you can explore the full benefits of the platform.
This content should not be treated as investment advice. Cryptocurrency is a highly risky and speculative market.