Lately, all your friends are talking about cryptocurrencies and so you too have decided to deepen their functioning. Now, you finally feel ready to buy your first crypto but you still don't know which exchange to rely on: for this reason, you would like my help to learn about the best crypto exchanges in the USA of this kind, so that you can choose the one that best suits your needs.
That's the way it is, am I right? Then I will be happy to give you a hand and show you the ones that, in my opinion, are among the best US crypto exchanges. First, however, it will be my job to provide you with some practical advice to recognize a reliable exchange, also listing what are the factors and features to consider in order to choose the platform that best suits your needs.
If you agree and can't wait to find out more, let's not waste any more precious time and get to the heart of this tutorial. Make yourself comfortable, take all the time you see fit and dedicate yourself to reading the next paragraphs. Take note of the suggestions I am about to give you, carefully evaluate each exchange that I am going to offer you and I am sure that you will be able to identify the one that is right for you. Enjoy the reading!
How to choose the best US cryptocurrency exchange
Before getting to the heart of this tutorial and listing what, in my opinion, are the best crypto exchanges in the USA, I would like to point out that there is no best cryptocurrency exchange ever. In fact, my advice is to carefully evaluate what your needs are and, based on this, choose an exchange rather than another.
If you have just approached the world of cryptocurrencies and want to invest small amounts of money, rely on an efficient and intuitive exchange, which allows you to easily learn how to buy and sell cryptocurrencies and, if you wish, how to trade.
If, on the other hand, you consider yourself an expert in crypto and would like to move on to a subsequent investment phase, it will be essential for you to use an exchange that offers low commission costs and that, when needed, allows you to make immediate deposits.
In the latter case, therefore, it is necessary that among the payment methods accepted by an exchange there is also the credit/debit card which, unlike a bank transfer, guarantees an immediate movement of money.
When choosing an exchange, the number and type of crypto available must also be taken into consideration: all platforms allow you to buy Bitcoin but other Altcoins may not be available (Alternative Coins, i.e. all cryptocurrencies other than Bitcoin). Also, if you are interested in trading cryptocurrencies for other cryptocurrencies, check out which exchange pairs are available.
All the ones I have just indicated to you are some features and functionalities that can help you in choosing an exchange. At the base of everything, however, it is always better to prefer a reliable and secure platform rather than one that is little known but which offers more functionality or lower commission costs. To understand if an exchange is reliable, I recommend that you check some aspects.
Registration procedure: absolutely avoid exchanges that for opening an account do not require verification through an identity document and a document for verifying one's residence data (e.g. a bill).
Credibility and reputation: If you have been recommended an exchange, do some research on the web in order to read the reviews of other users (making sure they are not paid affiliations). Also, check how many years the platform has been active and if it has had problems with hacker attacks in the past.
Security: in addition to the possibility of offering a two-factor authentication system, make sure how the exchange you intend to rely on keeps the funds: in particular, check what percentage they are held in cold storage (i.e. offline, which is always preferable ) and in hot storage (i.e. wallets connected to the Internet). Also, check if the exchange has any insurance in the event of a hack.
Liquidity: The liquidity of an exchange is synonymous with popularity. Avoid a low liquidity platform as it can be very difficult to sell (and buy) crypto due to low supply and demand.
Customer support: Another point of fundamental importance is the assistance offered by the exchange in case of problems. Therefore, check which contact channels are available, what are the response times and, and if you rely on foreign exchange if you can get assistance in the language you prefer.
Finally, you should know that some exchanges also have wallet functionality, that is, a wallet to store your cryptocurrencies. In this case, we are talking about online wallets to which, in fact, you have access from the Internet via a private key, most of the time managed by the exchange itself.
Since this type of wallet is the least secure in circulation, if your intention is to buy cryptocurrency as an investment, then I recommend that you keep them on a software wallet, i.e. special software to download on a computer, smartphone or tablet, or a hardware wallet (it is a physical device, most often a USB key, which makes it possible to access the wallet only if it is connected to a second device) which guarantee greater security.
Also Read: Best Stock Broker in the USA 2023
What is the best crypto exchange in the USA?
Now that you know the main characteristics of a crypto exchange and what are the factors to consider in order to identify a safe and reliable one, I am sure that you will be able to choose the one that best suits your needs. Here are some of what I think are the best crypto exchange USA.
Binance is a cryptocurrency exchange platform founded in 2017 and headquartered in the Caymans. Binance competes with Coinbase when it comes to the volume of cryptocurrency trading on its system. Its founder is Changpeng Zhao, known as "CZ", who is also known for developing software for high-frequency trading. The headquarters, once in China, has been moved due to restrictions imposed by the Chinese government. The site offers a small training course for basic, intermediate, and expert users.
On Binance, You can purchase Cryptocurrencies using fiat currencies such as USD GBP, USD, EURO as well as CAD, among others. You can also sell Cryptocurrencies as exchange for Fiat Currency. You can transfer fiat currency through bank transfers, credit/debit cards, using your cash balance, and with third party payments as well.
Coinbase is one of the most popular and historic American exchanges in the sector (it was founded in 2012). Coinbase has a number of users that beats all others, at least for the moment (the competition is getting more and more fierce!). The Coinbase platform offers virtually all cryptocurrencies on the market and allows you to use a wallet that allows you to access cryptocurrencies safely and conveniently. In fact, Coinbase is considered the best crypto exchange USA because it has low commissions and 98% of the funds deposited on the platform are kept on cold devices, which are not accessable to hackers.
Coinbase is continuously expanding the variety of cryptos accessible through its service. It is possible to find the principal cryptocurrency, but it is missing key names like DASH, XMR, NEO, TRX and BNB appearing among the top 20 on CoinMarketCap.
Let's take a look at the different cryptocurrencies that are provided by Coinbase:
- Bitcoin Cash;
- Ethereum Classic;
- Stellar Lumens;
The tokens that you can purchase directly through Coinbase include the Basic Attention Token (BAT) Augur (REP) Chainlink (LINK) and the 0x Protocol (ZRX) as well as the stablecoin DAI as well as USDC.
In terms of trading volume and liquidity, Kraken ranks third when it comes to the best US crypto exchange after Coinbase and Binance, thanks to the fact that it operates in over 170 countries around the world. In September 2020, Kraken was granted Special Purpose Depository Institute (SPDI) status in the state of Wyoming, effectively becoming the first cryptocurrency exchange to hold such a charter in the United States. At first glance, on the first visit, the Kraken site looks more like a blog than a cryptocurrency platform.
Wirex is a digital payment platform, FCA licensed electronic money institution in the United Kingdom, born with a mission: to nullify the differences between real and virtual money and to make the use of cryptocurrencies easier and more accessible to all.
Thanks to the innovative mobile app and the new generation Wirex multi-currency card, the user can buy, exchange and hold a wide range of fiat coins and cryptocurrencies (including BTC and ETH) and also spend them in physical stores. All this quickly, safely, and without commission.
There are many advantages of having a Wirex account, from unlimited access to OTC rates for cryptocurrency exchanges to new generation rewards.
Buying cryptocurrencies on Revolut is extremely simple and can be the ideal option for those who want to take their first steps in this market without having to open accounts on exchanges, and wallets and learn how to use new trading platforms. The UK digital banking app may therefore be the right place to start buying Bitcoin and other cryptocurrencies.
Founded in 2015 in London, Revolut has become in a few years one of the most popular fintechs, especially by millennials, thanks to the possibility of opening an online account and managing it quickly and easily and to the lower fixed costs and commissions of traditional banks. In addition to paying online and in stores via smartphone or debit card, withdrawing, making and receiving transfers, managing expenses, and sending p2p money, on Revolut you can also do cryptocurrency trading.
Revolut is authorized to operate by several high-level financial regulatory authorities, such as the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA), both in the United States and the Financial Conduct Authority (FCA) of the United Kingdom.
Read More: Best Forex Brokers in the USA 2023
Bityard is the globe's most renowned cryptocurrency exchange, and is headquartered in Singapore. The principal goal of the business is to offer secure, safe, and speedy trading in crypto assets across over 150 nations. Bityard is a firm believer in the idea of "Complex Contracts, Simple Trade" and seeks to offer the best-in-class trading experience to its customers.
The company was founded in 2020 and is focused on providing an easy trading environment for traders who are new. While it is located in Singapore but they primarily focus on the global market including USA.
Bityard was granted an MSB Cryptocurrency Trading License on November 11th, 2019 by FinCEN which is the Financial Crimes Enforcement Agency which is part of the U.S. Treasury Department. It is the America MSB (Money Services Business) license is controlled and granted by FinCEN.
CEX.IO was created in London in 2013 in London. It was initially an Bitcoin exchange, but later it became a mining cloud company.
It was initially an cloud mining company which was the owner of its mining company GHash.io. GHash was one of the biggest mining pools worldwide in 2014 , was still operating.
CEX.IO is officially operational in the USA beginning in 2020. In July, the company was granted Money Transmitter Licences (MTL). MTL allows CEX.IO operation in nine US states. The to the total of US states in which CEX.IO is permitted to operate to 27.
Legal and licensed cryptocurrency exchanges have authorization from regulatory bodies like FinCEN or the FCA. FCA as well as FinCEN. The conclusion is that CEX.IO adheres to the most stringent standards in the industry.
You can buy various digital currencies on CEX.IO. This is a list of cryptocurrencies that aren't listed in the list of competitors , such as Binance.
There are a variety of cryptocurrencies available that are available on this platform such as Bitcoin, Ether & Ripple, XLM and Bitcoin Cash. Dash, Zcash & Bitcoin Gold are only some.
Best Crypto Exchanges in the USA 2023
Next Read: Best Social Trading Platform in the USA 2023