Here’s a detailed guide that helps you select the best Crypto exchanges in USA.
Are you planning to dive into the big wide ocean of cryptocurrency trading? Then you need the right assistant—the best cryptocurrency exchange.
So if you’re new or an old-timer looking to switch cryptocurrency exchanges for certain reasons such as benefits peculiar to a certain region, then this blog is for you.
First, let’s start with…
What Are Cryptocurrency Exchanges?
In the simplest of terms, cryptocurrency exchanges are platforms for trading in crypto. They are necessary because you can’t trade crypto with your bank directly.
Whether you’re a newbie to the crypto world or a hardy traveller in it, you need to trade crypto on the platform that meets most of your needs.
Training resources, security, ease of use, prefered coins etc are just some of the factors you need to consider when choosing cryptocurrency exchanges.
Having gotten a bit of background, let’s take a tour of some of the most popular cryptocurrency exchanges watching out in particular for their features and who they are meant for.
See Also: Cryptocurrency Users Statistics 2021
Best Crypto Exchanges in USA
Here are the best Cryptocurrency exchanges in the USA to purchase and trade cryptocurrency.
This exchange has been in existence for a while now ( up to four years ) and has gained a very strong position in the crypto space due to its enormous trade volume.
Furthermore, Binance has expanded its cryptocurrency support to include over 200 different altcoins. It is very unlikely that you’ll be hard-pressed to find your coin of choice on it.
Binance makes it very easy to trade crypto as they allow direct purchases and sales of crypto using credit or debit cards. However, US dollar deposits by global users have to rely on SWIFT for their transactions.
Binance as a platform has a repertoire of features that make it a great choice for many. Many of these features are geared towards making it easier to buy and sell crypto.
Other features represent more ways to trade on the platform. Some features allow you to earn rewards based on how you choose to trade. Let’s grab a headstart and explore them in more detail.
Purchase and Sales of Crypto
- P2P ( Peer to Peer ) Trading
This glossy feature is like a market where buyers and sellers are connected directly. Purchases and sales of coins are made with fiat or normal currency.
- Credit/Debit Card Trading
In this method, you’re buying from a brokerage service representing Binance via a credit or debit card. However, you’ll need to pay additional fees depending on how much crypto you buy.
- SEPA/Wire Transfers
This is a feature that is made possible by Binance integration with third-party providers. Coins can be bought via SEPA and direct bank transfers at no additional cost to the purchaser.
Diverse Trade Features
- Multiple Cryptocurrency Support
There is a wide variety of cryptocurrencies to choose from aside bitcoin, ether, BNB, XRP and Tether
- Spot Trading
For easy Spot Trading, the interface is available in three modes designed to focus on what you need. Let’s say you prefer seeing the market and trading pairs at a glance, there is the classic mode for that.
The advanced view comes in handy when you’d like to access advanced charting tools while for less experienced users, quick trade just converts coins at the market rate without charts and the likes.
- Margin Trading
A way of trading using loans from brokers, this feature is available for only select trading pairs.
There are two forms of margin trading to choose from: cross margin and isolated margin. Cross margin involves your entire margin account balance while isolated margin pegs your possible losses to a single trading pair.
- Binance Futures and Derivatives
As the name suggests, rather than purchasing and selling immediately, traders predict the price of popular altcoins.
A step higher than margin trading, futures trading on Binance scales up profits and losses to a whopping 125x compared to the 10x boost you get with margin trading.
- Binance Financing
Binance financing can be done through several avenues like:
- Binance Smart Pool
- Binance Visa Card
- Crypto Loans
Much like a normal savings account with traditional currency, traders earn returns on idle funds depending on the account type whether flexible or locked.
The former yields variable interest rates but the latter pays higher interest on fixed-term deposits.
On Binance, you may not need to know how to stake coins at least to fund your account. Simply provide proof of stake and DeFi (decentralised finance) and earn returns. This service is also available in flexible and locked options.
Binance Smart Pool
Mainly for miners where it is possible to pool funds in a mining group which then distributes rewards.
Binance Visa Card
Yes, Binance has a Visa Card and with it, you can spend crypto in places that only accept fiat currency via debit or credit cards. Your crypto will be converted to cash on your behalf with zero fees.
These loans are usually in the form of BUSD and USDT, collateralized with BTC or ETH.
In coinbase, we find another key player in the cryptocurrency space. It has been existing since 2012 and has seen leaps and bounds in its position as a major cryptocurrency exchange.
Coinbase is appreciated majorly for its extremely simple user interface and high liquidity abilities. It is fully regulated and licensed and supports all U.S states aside from Hawaii. Keep your gaze to explore more of its features in crisp detail.
Coinbase Brokerage Service
Coinbase is among the top brokerage services for buying and selling cryptocurrencies. Its flattering success in this regard has been due in part to its clean user interface and simplicity of transaction style.
This coinbase service takes crypto transactions to a premium level and as such is for the more experienced users.
Cryptocurrency support is commendable in coinbase pro. Bitcoin, Ethereum, and Litecoin are just some of the altcoins we can find on it.
But where you’ll enjoy it is in the transaction fees. They are drastically lower than in the standard coinbase service.
Coinbase first started as a wallet then shifted in the exchange direction and now they are back offering wallet services. Their mobile app has been available for iOS and Android since 2018.
An impressive move by coinbase, this feature allows online merchants to now accept payments in cryptocurrency via a dedicated plugin powered by content management systems like Shopify and WooCommerce.
Coinbase offers such additional services as
- USDC coin—Coinbase’s native coin
- Monitoring the performance of all Coinbase listed assets through Coinbase Index
- Holding cryptocurrencies for institutional investors using Custodian Services
- Earn.com was acquired by Coinbase for filtering spam emails
- Among others
Supported Currencies and Payment Methods
The major cryptocurrencies like Bitcoin, Ethereum, Litecoin, Ripple and a lot more are supported.
For payments and withdrawals, the following methods are supported:
- Wired transfer (including but not limited to ACH in the USA and SEPA in the EU)
- Credit cards and debit cards
- Cryptocurrency deposit and withdrawal
- PayPal (withdrawals only)
Prices for purchasing cryptocurrency usually consist of the market price on coinbase pro plus 0.5% and a flat fee for transactions below 200$. Transactions above 200$ will attract a certain percentage.
Most transaction fees are 1.49% for standard buy and 3.99% for credit card buys.
Money deposits via ACH transfer are free but will attract a 10$ fee if made through another Wired transfer platform. And transactions between Coinbase accounts are usually free of charge.
Comparisons between Coinbase and other popular cryptocurrency exchanges in terms of fees will speak in favour of Coinbase due to its exceptionally low fees. Nevertheless, its charges are not exactly straightforward, to say the least.
New Coinbase users are restricted to small bitcoin purchases until they provide and verify such information as to their phone numbers, personal info and photo ID.
For fully verified US residents, the limit is at present $25K
Coinbase works in over 100 countries. However, countries that have cracked down on cryptocurrencies will be missing from the list of supported countries.
This consists of a very extensive knowledge base and then their customer support team.
Coinbase’s customer support service is rather controversial. In many cases, consulting their knowledge base might even be better than reaching out to their support whether through email or phone.
FTX has quite a unique position in the world of cryptocurrency. It is solely for trading not in real crypto but cryptocurrency derivatives.
It was launched in 2019 by Bankman Fried and as such is still very young. Yet, it has since its launch brought into existence numerous tradable products that make trading even more exciting. Let’s go into them in more detail.
Trading in futures on FTX has a lot of potential compared to other exchanges. One can leverage up to 101x on most of the platform’s derivative contracts.
Another special thing about futures on FTX is that they are included for even lesser-known cryptocurrencies. Besides, most other digital assets cannot be traded via futures contracts on any other platform.
One more thing, FTX support for futures contracts extends to over 80 different cryptocurrencies. That’s more than six times the number supported cryptocurrencies on BitMex!
An extension of futures contracts is perpetual futures. These contracts do not expire but their values are updated periodically to align with changes in the value of the underlying asset
Though similar to futures, you do not have to buy the digital asset at the expiry of the contract. The only cryptocurrency for which options are supported on FTX is bitcoin.
Leveraged Tokens are courtesy of FTX. They are contracts whose value is a certain number of times the increase in the price of their respective assets.
What that means is that Leveraged Tokens reflect the real-time changes in the price of the corresponding cryptocurrency.
For now, FTX has these kinds of leveraged tokens available:
- BULL +3%
- BEAR -3%
- HEDGE -1% and
- HALF +0.5%
As an example, BULLUSD is a 3x BTC token, meaning if BTC rises by 1% in a day, the price of BULLUSD will go up by 3%. The same thing happens with the other cryptocurrency tokens and their respective coins.
These kinds of contracts are unique to FTX and are valued at the same price that is added to a particular asset. So if a particular asset (in this case coin) gains $100 in price in a day, the MOVE contract will be valued at $100.
MOVE contracts have variable validity periods. They can be created to last for a day, a week, or three months(quarterly)
Traders also have the choice to open a MOVE contract based on how volatile they expect a particular coin to be. They can open a long position MOVE contract if they expect a significant increase in the price of a coin or a short position if they expect otherwise.
FTX Native Token Coin
Their native token is the FTT, the cryptocurrency that serves as the backbone of the FTX ecosystem.
It has made the list of the top 50 cryptocurrencies in terms of market cap and is featured on some of the most popular exchanges such as Binance.
eToro is an Israeli fintech company based in the UK and has been around since 2017. It’s a cryptocurrency exchange that is popular for its support for social trading and user-friendly interface.
It’s for both US and non-US traders though some of its features are locked for US users. Cryptocurrency support is quite limited—only about 15 coins can be traded on it.
Now, it’s time to explore its features in more detail.
Ease of Setup
Setting up your account is as easy as providing your details and getting verified. It costs $50 to open an account for US and Australian citizens.
However, if you are an Algerian, you need $5K while everybody else pays $1K (only temporary though since the usual price is $200).
Supported Coins and the US States
At present, eToro supports 17 different coins and all US states
On eToro, you’re restricted to just the basic characteristics of each cryptocurrency present. Charting and technical analysis are also available nevertheless. Then there is the news feed where other users post.
Depending on your nationality—the US or not, you will have a different educational experience. US users are treated to an elaborate help centre that walks you through your eToro account and the basics of trading.
Non-US users have webinars every week instead of a dedicated help centre. Information shared in these webinars is more or less the same as the content US users enjoy.
They also have the Media Centre available to them which is the closest thing to a dedicated help centre. This part of the website contains a blog, podcasts and other educational functions.
The quality of customer service is more or less a function of your earnings. Online help is the default form of support until your balance climbs above $5K.
Once your balance surpasses $5K, your account automatically joins the eToro’s club and an account manager is assigned to you.
Priority customer support kicks in once your balance hits $25k and above at which stage you’ll be at the Platinum Club level.
Note that phone support is not available (except in Australia), and there is no live broker support. Online chat is available from the Customer Service page.
eToro’s fees depend on your location and the asset classes traded:
U.S. customers trading cryptocurrencies pay 0.75%-5.0%, depending on the currency being traded. This cost is built into the price at execution and is not transparent.
Non-U.S. customers trading stocks pay no commission for opening or closing a long position. Short sales incur a commission of 0.18% of the value of the trade.
Non-U.S. customers buying assets other than their home currency, such as a U.K. customer buying a U.S. stock, will pay a currency conversion fee.
The inactivity fee is USD 10 per year for accounts with no activity for 12 months.
There are no fees for withdrawing funds for U.S. customers, but you must withdraw a minimum of $30.
Outside the U.S., the withdrawal fee is $5.
Transferring a cryptocurrency out of eToro and into your wallet incurs a fee, and there are minimums for each coin.
eToro’s security system is satisfactory especially when you consider that it is regulated by three different bodies: the Cyprus Securities and Exchange Commission in Cyprus, the Financial Conduct Authority in the UK and the Australian Securities and Investment Commission. They all have very strict criteria for the security of customers’ accounts and eToro has managed to keep up with them.
Besides, no matter the entity your eToro account is regulated by, eToro has committed to reserving about $1,000,000 to pay off its traders in the event of insolvency.
Kraken is one of the oldest cryptocurrency exchanges. It was founded by Jesse Powe in 2011. Kraken emphasises exchanging fiat into cryptocurrency and security is it’s the watchword.
If you’re new to crypto or have some experience in it, Kraken is not at all a bad choice for you.
It features low trading fees, a wide range of cryptocurrencies and a security system that has thwarted hacks for more than eight years. What else makes it so popular? Features like,
Ease of Use
Kraken has four account types and they are all very easy to set up. The pro account type can demand a little more patience as it might take up to a week or not be approved.
But once you’re in, it’s just a matter of funding your account with fiat within the platform itself and then trading into cryptocurrency.
However, US traders would not be able to do this with either credit or debit cards. Instant Buy Trading is what works for them.
Educational resources are also included, though they are a little more like baby food. Much of your learning will occur as you continue trading.
Advanced Trade Features
Prominent among these is margin trading which allows you to make an exponential gain on trades but also allows you to suffer the same level of losses.
Short orders, crypto short sales, futures and a unique dark pool feature are also available. The dark pool allows high-volume investors to trade anonymously.
Kraken currently supports up to 60 different coins and 7 fiat currencies. Not overwhelming, but certainly not underwhelming too considering that a more high-end exchange like coinbase supports just over 50.
This depends on whether you add liquidity to the market or take away from it (whether you’re a maker or a taker).
Fees range from 0.0% to 0.26%. Another determining factor is your 30-day trading volume in dollars. This ranges from 0.16% for a 30-day volume of 0—50, 000 USD to 0.02% for a 5,000,000 to 10,000,000 USD trading volume.
Without a doubt, Kraken’s customer support is its major weak point. Phone and email support are absent and you’re left with only chat or the submit a request feature that you get on the website.
Gemini is arguably the pride of the cryptocurrency universe. It is the exchange platform founded by Tyler and Cameron Winklevoss in 2014.
Gemini has comfortably positioned itself in the top 15 cryptocurrency exchanges by trading volume, is available in all 50 U.S states and more than 60 countries around the world.
Simplicity of style has always characterized Gemini and as such is very friendly to new crypto traders. It’s also a hotspot for professional traders because of its ActiveTrader platforms.
Nevertheless, Gemini’s fees might be a little scary at first, but even that is counterbalanced by its industry-leading security system and insurance policies.
Still curious right? Then let’s head off into its features.
Number of Supported Cryptocurrencies
Gemini supports all the major cryptocurrencies. All in all, there are more than 40. US dollar traders will hardly face the problem of a preferred coin not available for trading.
Crypto-crypto trading is one of the most prominent features of Gemini. If that’s your line, Gemini is a good choice for you.
Some of the prominent coins that Gemini offers cross trading on include BTC, ETH, Zcash, Litecoin, Bitcoin cash, Basic Attention Token (BAT) amongst others.
This convenient method of trading is another aspect in which Gemini excels.
Buyers and sellers can trade through the Gemini Clearing portal, an added bonus is the absence of minimum order size.
Gemini Basic and Active Trader Platform
The basic platform features a very simple interface for basic purchases while the Active Trader Platform is for more knowledgeable crypto traders who will readily understand the advanced charting and the other premium features that it is loaded with.
Security and Insurance
Having remained resistant to hacking attempts throughout its seven year existence is enough testimony to its reliability.
All digital assets on Gemini are insured against security breaches and hacks. The cold storage security arrangement keeps your assets above online security threats.
Crypto Trading Costs and Transaction Fees
Gemini charges what it calls “convenience fee” for mobile and web app users. This means they pay 0.5% of the current trading price to Gemini.
Then there is the transaction fee that ranges from 0.99 USD for trades of $10 and less to $1.49 for purchases above $200.
Deposits from US Bank accounts do not attract any transaction fee. For debit card purchases however, there is an additional 3.49% of the total purchase.
Availability in all US States
No US state is barred from Gemini’s services. The exchange is also available in over 50 countries in all other continents except Antarctica.
Crypto.com is yet another cryptocurrency exchange that is available to crypto traders looking for the best.
It occupies quite a unique position as it allows its users to perform bank-like transactions with their crypto.
For example, they can use their cryptocurrencies to make purchases via their Visa prepaid card or deposit it in an earnings account and earn interest from it.
Let’s dive into its features proper
Easy Crypto-fiat Conversion
This feature is supported for over 20 different fiat currencies. It’s not expensive although availability of fiat currencies may depend on your registered region.
Cash Back Cards
All five Crypto.com cash back cards are Visa cards meaning they can be used anywhere Visa is accepted. Besides, they can only be obtained by staking the appropriate amount of crypto.
The cards are: Midnight Blue which is free, then Ruby Steel, Frosted Rose Gold and Icy White, Royal Indigo and Jade Green and Obsidian. Each of these cards can be gotten by staking coins worth $400, $4000, $40,000 and $400,000 respectively.
There are no fees for funding your crypto account via an electronic bank transfer or wire transfer. Also, there are no extra charges to the price of the cryptocurrency you buy.
The only fees you pay come in after your first 30 days of using the app. You will be charged a certain fee for purchases of crypto on its app via any card you use.
It is possible to earn high interest rates on Crypto.com. Interest rates can be as high as 14% if you save a lot of cash in CRO.
To increase interest rates, it is important to stake more 500, 000 CRO, deposit for a three-month term, and ìnvest in a stablecoin.
Gift Cards and Phone Top-ups
It is possible to use your Crypto.com Visa Card to earn cash backs when you buy gift cards with supported gift card brands. However, you must have staked CRO.
Cex.io is a popular coin exchange in the USA known mainly for swapping coins.
Cex.io was originally established to provide cloud mining services under the GASH.io mining pool but in 2014, the company switched to bitcoin trading services.
As of now, they also have a mobile app and are FINCEN ( Financial Crimes Enforcement Network) regulated which gives them a nice reputation as security.
Cex.io is very popular now and for good reasons. So let’s head into a review of its features
Regulation and Security
As proof of sticking to regulatory and security criteria, Cex.io is registered with the UK’s Information Commissioner Office, and has regulatory approval from FINCEN. The latter allows it to operate as a Money Services Business in 48 US states.
Cex.io’s security level is slightly above industry-grade according to Observatory by Morzilla
Furthermore, it adheres to AML (Anti-Money Laundering) and KYC (Know Your Customers) policies and checks.
The above, coupled with the stringent verification processes that all traders pass through and the cold storage system enhanced by 2-factor authentication makes the platform very safe.
Easy for Beginners
The platform has a user-friendly interface that’s not hard for beginners to navigate. As a result, registering, depositing coins, and trading crypto is almost stress-free.
Customer support on Cex.io is in the form of email, live chat, and telephone. All this allows you to reach out to their support team 24/7.
For quicker answers to your questions, there is a blog and a FAQ section on the basics of crypto trading.
Cex.io is great not just for beginners but also for more expert traders. Thus, it has a whole range of trading options like margin trading, Cex.io Broker, Cex.io loan, advanced reporting and fast execution e.t.c.
Over 60 different coins are supported such as Bitcoin, Ethereum, Bitcoin gold, Bitcoin cash, Ripple, Litecoin, OmiseGo, MetaHash and so on.
Fees and Payment Methods
All card deposits attract a fee of 2.99% but all bank transfers (EUR, GBP, and USD) can be done at no cost to the trader
Visa and MasterCard withdrawals cost 3%+$1.20 and 1.8%+$1.20 in fees respectively.
Trading fees are usually pegged on a user’s 30-day trade volume and starts at 0.25% for takers and 0.16% for makers. The fee can then reduce to 0.10% for takers and 0.00% for makers as the trader’s volume increases.
Payment methods include Visa or MasterCard credit and debit cards, bank transfers, Wired transfers like ACH and SEPA.
Changelly is another cryptocurrency exchange that has gained a lot of traction in recent years.
That’s not surprising as it is one of the best cryptocurrency exchanges for swapping crypto.
This platform, founded in 2013 is quite unique as it holds no liquidity and requires no deposit. Besides, all it requires is just your email.
So what goodies can we expect to find in Changelly’s bag? Keep reading to know more about its top features.
No Personal Info Required
Strange as it may sound, it’s the fact. All Changelly asks for when you want to join them is your email.
According to them, your email is the only thing needed in order to secure your account. They also boast about using 2FA (2-factor authentication) to secure your account.
Changelly does not charge fees based on the kind of trade. Every trade has a flat fee of 0.5% the amount traded. However, this does not apply to fiat currencies and has splitted arguments over Changelly.
By and large, Changelly has garnered positive thoughts on its safety. No hacks, breaking whatsoever have happened to it and that speaks volumes.
Wide Range of Cryptocurrencies
Of course, a key aspect of any cryptocurrency exchange platform you would want to look into is the number of cryptocurrencies it supports.
Changelly has over 160 different altcoins to choose from. That should make your task of deciding a bit easier.
Crypto to crypto trading attracts no fees and has no limits.
Fees and limits come in when fiat currencies are involved. Each region supported by Changelly has a certain amount of cryptocurrency traders in that region can purchase.
The limits range from $50 in the US, Canada, and Mexico to $200 in Russia, Kazakhstan and other countries in that family. For Europe and other countries, first timers are limited to $100 for their first transactions.
Reliable Customer Support
Changelly has done a lot of homework on this front. Customer reviews have so far proven positive.
Aside from team members who can be reached via the chat box, there is a FAQ section that addresses questions about the site and its services.
See Also: Cryptocurrency Statistics 2021
Conclusion – Top Crypto Exchanges in USA
Finally! An answer to all of your lingering questions and doubts. In light of what you read about these 9 cryptocurrency exchanges in the US, which will suit your interests best? We’d love to hear! All you have to do is type your comments in the chat box below.