There are currently 300 million cryptocurrency users around the world and out of that mind boggling number a whopping 36.5 million are based in the United States.
For US-based crypto users who are particularly looking for US-based crypto exchanges might ask themselves, which one should I pick from a number of exchanges? Which one will be the best option for buying, selling, and trading cryptocurrencies? What is their fee, and which crypto do they support?
If these are some of the questions that might cross your mind, you’ve come to the right place. Let’s walk you through the 5 best crypto exchanges for US residents and decode their key features.
Best Crypto Exchanges for US Customers
- Binance.US
- CEX.io
- Coinbase
- Gemini
- Kraken
Let us look at each of these American-based crypto exchanges and their key features:
1. Binance.US
One of the most trusted and best crypto exchanges in the world, Binance, has a specific version that is exclusively available for US residents. The San Francisco-based platform, Binance US was established in order to meet unique US regulatory standards for cryptocurrency exchanges.
Binance.US was launched in September 2019 and now accounts for about 15% of all traffic on the site worldwide. The platform’s UI is perfect for professional traders and crypto investors who want more sophisticated trading capabilities. However, it has a relatively small variety of cryptocurrency assets.
However, it’s vital to keep in mind that although Binance is an American-based crypto exchange, residents of New York, Hawaii, Idaho, New York, Texas, and Vermont are not yet eligible to use the platform.
Key Features
- KYC: Binance.US requires a government-issued photo ID and a selfie to validate an account.
- Limitations: Users of Binance in the US can deposit or withdraw up to $5,000 USD, with additional deposits or withdrawals increasing this limit to up to $30,000 and more.
- Fees: Binance US provides 0.1% spot trading commissions and 0.5% instant buy or sell commissions.
- Fiat support: USD
- Deposit and withdrawal: ACH
- Cryptocurrencies: 80+ cryptocurrencies supported, including:
- Bitcoin (BTC)
- Cardano (ADA)
- Chainlink (LINK)
- Ethereum (ETH)
- Harmony (ONE)
- Helium (HNT)
- Orchid (OXT)
- PAX Gold (PAXG)
- Stellar (XLM)
- Tether (USDT)
2. CEX.io
With the recent acquisition of money transmitter licence in nine jurisdictions throughout the US in 2019, CEX.io is a relatively recent addition to the growing list of cryptocurrency exchanges that are compatible with US regulations. Due to the platform’s new licence, it is now possible to use it in more states than just those where money transmitter licensing is not necessary.
CEX.io is among the best crypto exchanges for US residents, as it is available in 49 states and Washington DC except New York. This London-based exchange doesn’t support a few cryptocurrencies from the US, Canada, China, and South Korea due to the regulations of the country.
CEX.io provides two distinct trading platforms geared for both new and experienced traders. The brokerage service offered by CEX.io makes it easier for casual investors to purchase cryptocurrencies, while expert traders profit from a powerful, feature-rich trading interface.
Key Features
- KYC: Higher tiers need address verification, while lower ones only require government-issued ID verification.
- Limitations: Basic verified accounts have a daily limit of $1,000 for bitcoin purchases and withdrawals. Address confirmed accounts can withdraw up to $50,000 and buy up to $10,000 worth of bitcoin daily.
- Fees: Trading commissions CEX.io’s trading commissions follow a maker/taker paradigm and range from 0.16 to 0.25%. SEPA funding costs are 2.99%, while withdrawal fees, based on thetype of withdrawal, are 3 percent plus a $25 service charge.
- Fiat support: USD, EUR, GBP, and RUB
- Deposit and withdrawal: ACH transfers and SWIFT
- Cryptocurrencies: 100+ cryptocurrencies supported, including:
- Bitcoin (BTC)
- Bitcoin Cash (BCH)
- Cardano (ADA)
- Cosmos (ATOM)
- Ethereum (ETH)
- Litecoin (LTC)
- Tether (USDT)
- Tezos (XTZ)
- Tron (TRX)
- Uniswap (UNI)
- Zilliqa (ZIL)
3. Coinbase
The most popular and best crypto exchange for US customers, Coinbase provides a very user-friendly interface and trading environment. Coinbase, a San Francisco-based company founded in 2014, is a fantastic option for both novice traders and seasoned investors.
More than 100 nations have users on Coinbase, and every quarter, clients exchange almost $309 billion worth of goods. 13,000 financial institutions are supported by the extensive cryptocurrency ecosystem that Coinbase oversees.
In addition to providing a stand-alone bitcoin wallet service, Coinbase operates two different trading platforms. You may probably find everything you need to create and maintain a bitcoin portfolio or trading strategy among the variety of goods offered by Coinbase.
Key Features
- KYC: When validating an account with Coinbase, US citizens must also provide a selfie and a valid government-issued ID.
- Limitations: US citizens are permitted to trade an unrestricted amount of bitcoin on Coinbase every day, although withdrawals are typically capped at $25,000.
- Fees: With taker costs ranging from 0.05% to 0.25% and maker fees ranging from 0% to 0.15%, Coinbase does not currently provide the lowest affordable fees on the market. However, the excellent degree of reliability and customer support outweigh the relatively typical rates.
- Fiat support: USD, EUR, and GBP
- Deposit and withdrawal: ACH may be used for both withdrawals and deposits. Wire transfer withdrawals are subject to a $10 cost, while credit or debit card transactions are charged an extra 3.99% fee.
- Cryptocurrencies: Over 100 cryptocurrencies may be traded using Coinbase, and more cryptocurrencies are often added to the list. There are too many to mention all of them, but here are a few of the most widely used ones on Coinbase:
- Algorand (ALGO)
- Bitcoin (BTC)
- Ethereum (ETH)
- Cardano (ADA)
- DAI (DAI)
- Dogecoin (DOGE)
- Litecoin (LTC)
- Shiba Inu (SHIB)
- Polkadot (DOT)
- Uniswap (UNI)
- Polygon (MATIC)
- Solana (SOL)
- Stellar Lumens (XLM)
- SushiSwap (SUSHI)
- USD Coin (USDC)
4. Gemini
Based in New York City, Gemini is among the few US-based exchanges that comply entirely with NY state law. Gemini, a heavily regulated cryptocurrency trading company founded by the Winklevoss brothers in 2014, collaborates closely with authorities to maintain compliance, which can render the Gemini verification system challenging.
Because all USD deposits to Gemini are FDIC guaranteed, Gemini is a desirable choice for institutional traders and large-scale cryptocurrency dealers. Gemini is the safest choice for cryptocurrency dealers in the US because it presently holds more than 1% of the total global Bitcoin volume and is governed by New York banking law.
Key Features
- KYC: Gemini maintains strict ID verification rules, requiring a selfie, a government-issued picture ID, and address confirmation with a recent utility bill.
- Limitations: Although Gemini does not have trading caps, it does cap the daily amount of bitcoin that may be bought using a credit or debit card at $500. For verified users, there are no restrictions on wire transfers or transactions involving digital assets.
- Fees: Gemini has a maker/taker fee system with a starting point of 0.25%.
- Fiat support: USD, HKD, CAD, and AUD
- Deposit and withdrawal: Gemini enables wire transactions, credit/debit card purchases, and local US bank account transfers.
- Cryptocurrencies: A stunning 26 USD trading pairs are available on Gemini, including ones for BTC, BCH, ETH, ZEC, LTC, OXT, LINK, and DAI.
5. Kraken
One of the oldest cryptocurrency exchanges to serve the United States, Kraken provides a very simple method of exchanging cryptocurrencies. In comparison to Coinbase, Kraken largely focuses on professional cryptocurrency traders and provides sophisticated trading services, including margin trading.
The Kraken platform may only be accessible online, although a mobile version is now being tested in Germany, Spain, and the Netherlands. All US states, with the exception of Washington State and New York, allow access to Kraken.
Key Features
- KYC: For US-based traders, Kraken demands government-issued identification and address confirmation.
- Limitations: Kraken bases its trading and withdrawal restrictions on a user’s degree of verification; daily limits for cryptocurrency withdrawals start at $5,000 and go up to $10 million each day, based on trade volume and level of verification
- Fees: Trading costs For traders with less than $100,000 in monthly transaction volume, Kraken trading fees range from 0.14% to 0.26%.
- Fiat support: USD, CAD, EUR, GBP, AUD, JPY, and CHF
- Deposit and withdrawal: FedWire and SWIFT
- Cryptocurrencies: 110+ cryptocurrencies supported, including:
- Bitcoin (BTC)
- Cardano (ADA)
- Dogecoin (DOGE)
- Ethereum (ETH)
- Litecoin (LTC)
- Polkadot (DOT)
- Polygon (MATIC)
- Ripple (XRP)
- Solana (SOL)
- Stellar Lumens (XLM)
- Sushi (SUSHI)
- Uniswap (UNI)
The Bottom Line
Due to the changing regulatory environment around cryptocurrencies in the US, US traders now have access to advantages and security not offered in other nations, such as FDIC protection for USD deposits, at the expense of more stringent identity verification procedures.
It’s crucial to deal with an exchange that complies completely with the cryptocurrency laws in your particular state when selecting the best crypto exchanges for US customers.
