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With the recent collapse of exchanges like FTX and Celsius, it’s more important than ever for investors to use exchanges that focus on security and customer protection.
Our team of experts took time to analyze the best options on the market for crypto investors. Below, you’ll find 5 of the best exchanges based on factors like security, low fees, and customer protection.
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Coinbase is the most popular and successful cryptocurrency exchange based in the United States, and offers an extremely user-friendly UI and trading experience.
Importantly, Coinbase has never suffered from a major cryptocurrency hack and has a strong security record. In addition to protecting user funds, Coinbase actively prevents users from sending cryptocurrency to known scam addresses, providing newer traders with an extra layer of protection. Fiat assets held on Coinbase are FDIC-insured, which means fiat currency deposited on the Coinbase platform by United States residents is insured up to a maximum of $250, 000.
US residents will need to provide a valid government issued ID when verifying an account with Coinbase in addition to a selfie image.
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Coinbase doesn’t offer the most competitive fees in the market today, with taker fees between 0.05% and 0.60% and maker fees from 0% up to 0.40%. The fees are offset by the high level of security that Coinbase offers.
Coinbase supports a diverse range of 200+ cryptocurrencies including BTC, ETH, DASH, EOS, LINK, XRP, and many more. Tether, however, is not supported by Coinbase — US Coinbase users are provided with USDC as a USD-pegged stablecoin instead.
Binance.US is a dedicated US-only version of Binance, one of the most popular and widely-used cryptocurrency exchanges in the world. The Binance.US platform was launched in order to comply with specific US regulatory requirements for cryptocurrency exchanges, and, like Coinbase, is based in San Francisco.
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Despite the relatively limited selection of crypto assets available on Binance.US, the Binance UI is largely unchanged, making it ideal for pro traders and crypto investors seeking more complex trading tools. It’s important to note, however, that Binance.US is not currently available for US traders based in NY.
Crypto.com is a Hong Kong-based exchange founded in 2016. The exchange allows US-based users to buy, sell, and trade cryptocurrencies and NFTs on the Crypto.com mobile app.
Crypto.com has a wide range of cryptocurrencies available for investors — with more than 250 different cryptocurrencies available as well as an NFT marketplace!
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Crypto.com offers debit cards to users with cashback rewards as high as 5%. Rewards vary based on how much CRO — Crypto.com’s cryptocurrency — you stake.
Gemini is one of the few US-based exchanges that are fully compliant with NY state law. Launched by the Winklevoss brothers in 2014, Gemini is a highly regulated crypto exchange platform that works closely with regulators in order to ensure compliance — which can make the Gemini verification process somewhat complicated.
All USD deposits made to Gemini are FDIC insured, which makes Gemini an attractive option for large-scale crypto traders and institutional traders. Gemini is currently the custodian of over 1 percent of the world’s total Bitcoin volume, and is subject to New York banking law — making it the most secure option for US-based crypto traders.
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Gemini enforces stringent ID verification requirements, demanding government-issued photo ID, address verification with a utility bill less than 90 days old, and a selfie image.
Gemini’s fees for makers range between 0.00 - 0.25%. Fees for takers range between 0.03% - 0.35%. The more crypto you are buying/selling, the lower your fees.
Kraken is one of the longest-running cryptocurrency exchanges in the United States, and offers a relatively straightforward approach to cryptocurrency trading. Unlike Coinbase, Kraken is primarily focused on experienced crypto traders and offers complex trading services such as margin trading.
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At this time, Kraken can be accessed in all US states apart from Washington State and New York. The services provided to US traders by Kraken include all of the trading options made available to international traders, with the exception of EUR trading pairs or deposits for residents of New Hampshire or Texas.
The United States places significant regulatory stress on crypto exchanges, which can make it difficult for US-based crypto traders to identify which trading platforms are suitable for their needs.
Cryptocurrency exchanges that operate in the United States are subject to regulation by the Commodity Futures Trading Commission (CFTC), which enforces various anti-money laundering programs and requirements, FinCEN regulation, as well as other rules and regulations across various government agencies.
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Cryptocurrency exchanges that operate in New York State, for example, are regarded as money transmission services — forcing exchanges that operate in the region to obtain specific licensing. Many crypto exchanges that allow users to transact in crypto assets that are defined as securities under US federal securities laws must also ensure they are compliant with various SEC requirements.
There are a number of standard factors to consider when choosing the right crypto exchange, such as the level of identification documentation required to sign up, trade limits, currency support, and trading fees.
Choosing the right crypto exchange when based in the United States, however, places a few additional requirements on traders. In addition to checking for fee structures, security, and deposit or withdrawal methods, it’s essential to ensure that an exchange is legally allowed to operate within your jurisdiction.
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It’s important to trade on exchanges that comply with U.S. regulations. It’s possible that you may lose access to the cryptocurrency that you have on an unregulated centralized exchange in the future — just as Binance.com investors lost access to their cryptocurrency in 2019.
Some crypto exchanges that are available in the United States place restrictions on the amount of cryptocurrency that can be purchased or traded in a single day.
If you want to trade a specific cryptocurrency, it’s best to check to ensure that an exchange supports the crypto asset you want to trade before signing up. Some US-based exchanges, such as Gemini, don’t support as many different cryptocurrencies as major international exchanges.
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Cryptocurrency exchanges and traders alike are frequently targeted by hackers. It’s important to ensure that your exchange possesses a strong track record of security and offers security features such as two-factor authentication.
Not based in the United States? Here’s a list of the best crypto exchanges for you — no matter where you’re located.
Once you’ve found the right exchange, you should find a site to help you stay-up-to-date on the latest crypto news! Check out our guide to the best crypto news sites.
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The evolving cryptocurrency regulation ecosystem in the United States has created a market in which US traders are provided with benefits and security not available in other countries — such as FDIC insurance for USD deposits.
When choosing the best cryptocurrency exchange for US customers, it’s important to work with an exchange that is fully compliant with the cryptocurrency regulations in your specific state.
The IRS takes cryptocurrency tax compliance seriously, and most major US-based cryptocurrency exchanges send 1099’s to the IRS to ensure all their US-based crypto traders are meeting their tax reporting obligations. In order to meet your tax reporting requirements as a US-based crypto trader or investor, it’s important to keep a detailed record of your capital gains, losses, and income.
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