Many cryptocurrency exchanges have sprung up in response to the booming cryptocurrency market, providing a slightly different selection of coins and tokens.
Each market has unique funding options, trading pairs, and commission schedules. Security is a critical feature that all of these markets must provide.
With the market capitalisation of virtual assets rising, keeping your holdings secure and trading on reputable exchanges is more crucial than ever. The development of the cryptocurrency business has resulted in significantly safer exchanges.
If you’re looking for information about the relative safety of various exchanges and recommendations for the most secure options, you’ve found the perfect site. The post will explore the top five reliable crypto exchanges in the United States.
Factors to Consider When Looking for a US Crypto Exchange
While choosing a trading platform, examine verification paperwork, trade limitations, coin support, and trading fees.
US traders must meet significant restrictions when choosing an exchange. Besides security, fees, and deposit/withdrawal methods, an exchange must be legitimate in your country.
When evaluating US-compliant crypto, consider these factors:
ID Requirements
Cryptocurrency exchanges that accept customers from the United States have stricter identification requirements than their foreign competitors.
Regulatory Compliance
Dealing with crypto in the US requires an exchange following the rules the US government sets forth.
Fiat Currency Support
Some cryptocurrency markets don’t let users deposit or withdraw funds in fiat money, requiring less personal information during account creation. Ensuring the exchange you pick supports USD fiat money is crucial if you want to trade cryptocurrencies for US dollars.
Trade Limits
There is a limit on how much bitcoin can be bought or sold on certain U.S.-based crypto exchanges daily.
Hacks and Security
Both digital currencies and traders are common targets for cybercriminals. Be sure your chosen exchange has a proven history of security and has robust security options, such as two-factor authentication.
Trading Pairs
While looking for a cryptocurrency exchange, ensuring that the coin you wish to trade is supported is essential. Exchanges in the United States, like Gemini, may not provide as wide a selection of currencies as their foreign counterparts.
What Are the Best Crypto Exchange Features?
While we believe that security is of paramount importance, there are additional features that bitcoin traders should look for:
Diversity of Cryptocurrencies
High-volume merchants who frequently switch between different coins will find this useful. Those who only use Ethereum or Bitcoin may care less. Some markets will sell coins but keep you from trading them. Check that the cryptocurrency exchange you’re considering supports the digital currencies you want to buy.
Good Software
The best cryptocurrency exchange platforms are lightning-quick, feature-rich, and simple to navigate. Avoiding mistakes thanks to a user-friendly design could save you money.
Low Fees
Another crucial consideration for high-volume investors is the cost of acquiring cryptocurrency; however, nobody likes paying exorbitant rates. Deposit and withdrawal fees are essential to keep an eye on and should be low or nonexistent.
Also, as a high-volume investor, you should consider the taker and maker costs associated with every transaction. Remember that the fees associated with using a debit or credit card for an “instant buy” transaction are often the greatest.
Top Crypto Trading Platforms in the USA
The best cryptocurrency exchanges in the United States were determined after a comprehensive analysis of more than 50 services.
The review considered various criteria, including compliance issues with US regulations, asset diversity, user-friendliness, deposit methods in US dollars, fees, and more. According to their findings, these are the best five American investor exchanges.
1. Uphold
Uphold cryptocurrency exchange allows you to buy, sell, and stake over 250 digital currencies; it has tight spreads. The company has its headquarters in San Francisco and is authorised to do business by the Financial Crimes Enforcement Network (FinCEN).
It enjoys a solid reputation in the sector and is regarded as the most reliable platform in the USA since it offers proof-of-reserves demonstrating how 1:1 the client money is secured.
Specs
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- Fees: Zero trade commissions and free ACH deposits
- Assets: Over 250 cryptos
- Regulation and Licensing: By Financial Crimes Enforcement Network (FinCEN)
- Customer Support Options: 24/7 support chat and email.
- USD Deposit Options:
- Wire Transfer,
- Credit/Debit Card,
- ACH,
- Apple Pay and Google Pay
2. eToro
When trading cryptocurrencies, equities, currencies, indices, commodities, and Exchange-Traded Funds (ETF), eToro is the best all-around site in the United States. It is the ideal cryptocurrency exchange for traders looking for a complete and user-friendly experience due to its cutting-edge features, like its Virtual Account and Copy Trading, which allow users to practice trading with up to $100,000 in virtual cash.
Specs
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- Fees: 1% flat fee for crypto tradings, free deposits, and withdrawals
- Regulation and Licensing: Regulated by FINRA and FinCEN.
- Customer Support: 24/7 chat support, email, and online ticketing.
- USD Deposit Options:
- Bank Transfer,
- Credit & Debit Card,
- PayPal and ACH.
- eToro Exchange.
- Available Assets:
- Over 3000 stocks,
- Over 70 cryptos
- 18 indices
- 49 fiat currencies
- 27 commodities
- 300 ETFs
3. Bybit
This cryptocurrency exchange’s HQ in Singapore does not require to Know Your Customer (KYC) information from its USA-based customers. You can trade 400+ coins in derivatives with 100x leverage. The fact that you only need an email address and a password to register for Bybits is one of its main selling points, as it eliminates the need to authenticate your identity or physical location during the registration process.
Specs
- Fees: 0.1% spot market fees, 0.01%/0.06% maker/taker rebate, free deposits, and withdrawals.
- Supported Assets: Over 400 cryptos
- Regulation and Licensing: No KYC is required
- Customer Support Options: Chat, phone, email, and ticketing systems are available around-the-clock.
- USD Deposit Options:
- Wise,
- Credit Card,
- Debit Card, SEPA,
- Paysera, Bank Transfer,
- Revolut, iDEAL, Maestro
- Google Pay
4. Binance.US
Over 120 million people utilise Binance.US to buy and sell cryptocurrencies. The marketplace allows for several trades, including spot, margin, option, derivative, and futures markets. Binance cryptocurrency exchange also provides staking services, lending and borrowing services, and high annual percentage yields (APYs).
Specs
- Fees: Withdrawal and deposit fees from 0.5% to 1.8%, depending on the method.
- Assets: Over 130 cryptocurrencies.
- Regulation and Licensing: The FinCEN.
- Customer Support Options: 24/7 chat, email, and online ticketing
- USD Deposit Options:
- SWIFT Transfers,
- Credit Card,
- Debit Card, Banxa
- Simplex
5. Coinbase
This platform is reputable for offering the best security features that will guarantee the safety of your investment. The exchange provides offline cold storage to store almost all users’ virtual assets. Coinbase also needs you to confirm your phone details by inputting a code they text you. The industry standard of 2FA protects your Coinbase account. Since it is a publicly listed firm, Coinbase has undergone even more stringent financial and safety reviews.
If you delete your Coinbase account, you can still get a copy of the data you initially submitted. In addition, you can request that Coinbase remove all of your data from their system. Coinbase earns bonus marks for adequately protecting and deleting user data.
Specs
- Fees: Deposit and withdrawal fees are 2% and 1.49% on trading assets
- Assets: Over 100 cryptos.
- Regulation and Licensing: The FinCEN.
- Customer Support: 24/7 support via email and chat
- USD Deposit Option: Debit or Credit Card, and Bank Transfer
6. Kraken
Kraken is among the longest-running US-based crypto exchange and features a user-friendly interface for buying and selling digital currency. In contrast to Coinbase, this firm caters mainly to seasoned crypto investors and provides advanced trading services.
Accessing the Kraken platform online is possible, but an app is being developed and tested in Spain, Germany, and the Netherlands. Anywhere in the United States besides New York and Washington can use Kraken.
Kraken offers its international clients all the services that its domestic traders enjoy, besides the EUR pairs and deposits for customers in New Hampshire and Texas.
- Fees: Fees start from 0.14% to 0.26%
- Assets: More than 185 cryptocurrencies
- Regulation: FinCEN
- Customer support: email and Live chats (24/7)
- Deposit and withdrawal Options:
- SWIFT,
- SEPA,
- FedWire
- SEN
- Crypto Voucher
7. Gemini
Gemini is a cryptocurrency exchange located in New York City and one of the few in the United States that abides by all applicable New York state regulations. Since its debut in 2014, Gemini has been a highly regulated cryptocurrency exchange forum that collaborates with authorities to guarantee compliance. This makes the Gemini verification system more involved than it otherwise might be.
Gemini is a good option for institutional investors and high-volume cryptocurrency traders since the FDIC protects all USD reserves. This platform is the most reliable choice for US-based crypto investors because it is the custodian of more than 1% of the world’s total Bitcoin quantity and its compliance with the New York finance act.
- Fees: The maker or taker fee structure start at 0.25%.
- Assets: Over 100 cryptocurrencies
- Regulation and licensing: NYSDFS
- Deposit and withdrawal options:
- PAYPAL
- Credit and debit card
- SWIFT
- BANK TRANSFERS (ACH)
8. CEX.io
With the acquisition of money transmitter licenses in over nine states in 2019, CEX.io has joined the ranks of United States-compliant crypto exchanges. The platform’s new permit allowed it to operate in more jurisdictions than just those with optional money transmitter licenses.
CEX.io, a cryptocurrency exchange, is now accessible to users in 28 states. It was founded in London in 2014 and was a cloud mining provider before transitioning into a cryptocurrency exchange. In addition to Bitcoin, Ethereum, and Ripple, CEX.io provides traders in the United States access to various altcoins, such as Ontology, Matic, and Cosmos.
Like Coinbase, CEX.io provides two distinct trading platforms, one for novices and one for experts. CEX.io provides a brokerage service that makes it easy for even infrequent investors to buy crypto while catering to traders with a sophisticated and feature-rich trading interaction.
Specs
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- Fees: Maker and taker fee starts from 0.16% and 0.25%
- Assets: More than 200 virtual currencies and tokens
- Regulations and licensing: FinCEN, MSB, and FCA
- Deposit and withdrawal options:
- Bank transfer
- Credit/debit card
- Crypto deposits
- Skrill
- Advcash
9. Crypto.com
Crypto.com is a popular digital currency exchange offering various cryptocurrencies and blockchain technology products. Customers can purchase, sell, and trade multiple currencies with low transaction costs. The organisation also provides a decentralised exchange, an NFT, a crypto wallet marketplace, and a credit card that accepts cryptocurrency as payment.
Staking or storing cryptocurrency in a Crypto.com wallet for a set period allows investors to earn interest of nearly 14.5%. Staking cryptocurrency, however, carries the inherent risk of having to freeze your holdings temporarily.
Crypto.com is a viable choice for people wishing to acquire and store virtual currencies such as Ethereum and Bitcoin. Commissions are set at 0.40% of total CRO currency trades and reduce with greater transaction volume or more significant CRO balances. Users can trade cryptocurrency futures and use the platform’s innovative order types on Crypto.com. The system currently supports over 250 cryptos.
It’s important only to put up the cash you can handle losing in the cryptocurrency industry because of its extreme volatility and the high risk associated with such investments.
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- Fees: 0.1% to 0.04% for every trade.
- Assets: Over 100 digital assets
- Regulation and license:
-
- Customer Service: In-app support, Email, Social media, and call
- Deposit and withdrawal options:
- Bank Transfer
- Credit and debit Cards
- Cryptocurrencies
10. Bitstamp
Bitstamp is arguably the most secure cryptocurrency exchange due to its stringent safety measures. Most users’ funds are safely stored in offline, cold storage at the exchange. It is the safest way to store cryptocurrency because funds are immune to offline cyberattacks. Bitstamp uses the small percentage of customer funds kept in “hot storage” (always accessible via the web) for daily trading.
Bitstamp provides security by insuring its assets against theft through a crime insurance policy. While losses due to a compromised exchange are covered, losses due to a compromised user’s credentials are not.
Bitstamp provides 2FA and address white list as extra security features to protect its users’ accounts and funds. You’ll need to use your passcodes and another form of authentication, like a coded message to your mobile, to log in with 2FA. With the help of address keyword filtering, you can decide which addresses can make withdrawal requests.
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- Fee: Makers and takers fee starts at 0.5% for transactions below $10,000 and 0.25% for amounts over that.
- Asset: Over 40 cryptocurrencies
- Regulation and license: FinCEN and MSB
- Deposit and withdrawal options:
- Bank Transfer
- credit or debit card
- ACH
11. Poloniex
Poloniex, headquartered in Delaware and premised in 2014, is a virtual currency and provider of related services. The fees are low compared to other platforms, and there is a wide selection of cryptos supported by the exchange. Poloniex is an excellent option if you’re looking to trade multiple cryptocurrencies at competitive prices.
Poloniex accepts bank transfers, Mastercard, Visa, and Apple Pay to purchase cryptocurrency. It supports decentralised investment instruments, such as a decentralised exchange, and provides marketplaces that are accessible to both novice and experienced traders.
Poloniex has many great features, but there are some security and regulatory issues to be aware of. Customers have complained about the site’s support many times. Even more worrisome is that it has already been the target of two hacker attacks and regulatory changes from the SEC.
Because of this, you might start looking into alternate cryptocurrency exchanges with higher security standards and more positive customer feedback. Poloniex’s terms of service prohibit its sale within the U. S.
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- Fee: Trading fees start at 0.145% to 0.155%
- Assets: over 350 assets
- Regulation and license: FinCEN
- Deposit and withdrawal options:
-
- Bank transfer
- Cryptocurrency
Other Platforms
12. Bitfinex
Bitfinex, established in 2012, is among the many crypto exchanges that have been around the longest. Since its inception, the exchange has maintained a leading position in the virtual currency trading market. It is now ranked nineteenth on the list of the largest crypto exchange by trading activity.
This platform has low transaction fees, typically 0.20% or less for most transactions. Despite its apparent suitability for various users, this exchange has a checkered history, including multiple fines and allegations of deception in the crypto market.
Bittrex does provide access to a wide variety of coins and stablecoins. While you can buy not all with real money, you can get a fair number. This trade is accessible in 46 of the 50 states in the United States.
13. Robinhood
Traders of cryptocurrencies, exchange-traded funds, and stocks can benefit from using Robinhood, a financial services provider. It functions similarly to other brokerages, facilitating trades without charging a fee. Unused funds in a brokerage account can earn interest in a cash sweep fund for a small monthly fee.
Robinhood’s commission-free trades caused a stir in the financial technology sector. Over half a million people were on the waiting list when it debuted in December 2014.
Stanford physics alums Vladimir Tenev and Baiju Bhatt founded Robinhood hoping their mobile trading app would inspire a new generation of young people to consider investing.
Despite scepticism from some, its primary goal was and still is to make the financial markets more accessible to everyone by providing low or no transaction fees, no account minimums, and a user-friendly mobile app. Robinhood is now accessible through the web and iOS and Android mobile devices.
It introduced Robinhood Gold, its premium trading platform, in 2016. This service allows investors to access premium features for just $5 per month. Trading on a margin of up to $1,000, making more extensive instant deposits, and gaining access to professional research and Level II market data are all perks of this account type.
Is Trading Cryptocurrency Legal in the USA?
Purchasing virtual currency in the USA is legal. However, the rules and laws surrounding crypto use may differ from one jurisdiction to the next. Before making a purchase, it is crucial to research and adhere to all relevant legislation. Any cryptocurrency deals can be subject to taxation.
In the USA, cryptocurrency is governed by a patchwork of federal and state organisations, including the SEC, the CFTC, and the FinCEN. Several regulatory bodies, including those responsible for securities laws and money transfer rules, have authority over some facets of the bitcoin sector.
Why Are Some Cryptocurrency Exchanges Not Accessible In The Us?
It is difficult for crypto investors in the US to determine which marketplaces meet their demands due to the heavy regulatory burden placed on cryptocurrency exchanges by the US government. The CFTC implements different anti-money laundering policies and procedures, FinCEN regulations, and other laws and regulations throughout various government entities, including those about crypto exchanges operating in the US.
For instance, New York State considers exchanges operating there to be money transmitters services, necessitating the region’s exchanges to get specific authorisation. Several cryptocurrency exchanges facilitating buying and selling digital assets classified as commodities under US federal securities laws are also subject to SEC regulations.
U.S.-based traders are either barred from trading or registering on some major cryptocurrency exchange due to US cryptocurrency laws or must use US-specific platforms. For example, Binance runs a separate exchange designed just for customers in the United States.
Researching and identifying the best exchanges that adhere to US regulations and provide the most advantageous terms can be difficult and time-consuming.
The Bottom Line
Choosing a suitable cryptocurrency exchange is crucial if you’re just starting to trade or invest in cryptocurrencies. Whether you’re looking for a wide selection of tradable digital assets, the most competitive fees, or the smoothest mobile trading activities, you can find what you’re looking for.
Trading on the go has never been more popular, and the exchange platforms listed above are your best bet in the USA. However, they differ slightly in their services, so think about what you hope to achieve and what is most important to you, then decide on the most significant possible exchange for you.
