In this age of rapid cryptocurrency expansion, navigating the crypto world can feel overwhelming, whether you’re a newcomer or an experienced investor. The risk of scams and high fees looms, making it crucial to make wise choices to protect your finances in this vast crypto universe.
Choosing the best crypto exchange requires considering various factors, as there are countless options available. With differing withdrawal fees, deposits, identity verification requirements, user experiences, and payment methods, the options seem limitless.
Don’t worry. We’ve got you covered. In this article, we will aim to simplify your decision-making process by mentioning some of the best crypto exchanges. By explaining the basics of crypto exchanges and offering a list of the best exchanges for US customers, tailored to your specific digital asset needs, we hope to guide you toward the right choice in this dynamic realm. Let’s get started, shall we?
Best Crypto Exchanges in 2023
- Coinbase
- Kraken
- Gemini
- Robinhood Crypto
- Binance. US
- Uphold
- eToro USA
- Poloniex
- Crypto.com
- Cash App
1. Coinbase
Coinbase, founded in 2012, has grown into a publicly traded cryptocurrency exchange valued at over $23.5 billion. Operating in more than 100 countries, it offers a user-friendly platform and advanced features for experienced traders.
The exchange supports over 250 assets, attracting first-time crypto buyers with its familiar online banking app-like interface. Coinbase ensures security through insurance and FDIC-insured bank accounts for USD balances. Users can fund accounts via wire transfer or ACH transfer.
Two storage options exist: custodial for new investors, where Coinbase manages private keys, and non-custodial for experienced users with full control over their funds.
However, Coinbase’s trading fees can be high, ranging from 0% to 0.60%. Customer support complaints and unexpected account closures have also marred its reputation. Furthermore, the SEC has charged Coinbase with allegedly operating as an unregistered securities exchange.
Pros:
- User-friendly interface
- Supports more than 250 cryptocurrencies
- Two-factor authentication security
- Able to recoup stolen or lost assets
Cons:
- Similar security issues and vulnerabilities to other hot storage options.
- Only available on tablet devices and mobile (except for Chrome extension)
2. Kraken
Kraken, established in 2011 and available worldwide, stands as one of the most reputable cryptocurrency exchanges globally. Based in San Francisco, it offers over 200 cryptocurrencies for buying, selling, and storage and boasts low fees on its professional-grade Kraken Pro trading platform. Initially favored by professional investors in the early crypto market, Kraken has maintained its reputation as a reliable and top-notch trading venue, which makes it one of the best exchanges for crypto.
Kraken operates two platforms: the primary trading platform and the feature-rich Kraken Pro. The latter’s dashboard provides customizable chart analysis tools, detailed order book insights, 13 order types, and high-speed execution. Additionally, Kraken users can engage in spot trading, margin trading, and crypto derivatives trading on the platform.
Regarding fees, Kraken’s main platform charges relatively high instant buy fees, reaching up to 1.5%. In contrast, Kraken Pro offers very low fees and employs a tiered fee structure that rewards high-volume traders. For users with 30-day volumes over $10 million, maker fees can drop as low as 0%, and taker fees can dip to 0.10%.
Pros:
- Two-factor authentication and cold storage for funds.
- Supports more than 120 cryptocurrencies
- Supports fiat currencies
- Commendable liquidity
Cons:
- Some users find the user interface less user-friendly
- Customer support known for slow responses
- Not available in all countries
- Stringent verification process
3. Gemini
Gemini, founded in 2014 by the Winklevoss brothers, sets itself apart by prioritizing security and compliance. Based in New York, the exchange ensures user fund protection through hot wallet insurance in case of a security breach, making it one of the best US-based crypto exchanges.
To enhance security, Gemini promotes two-factor authentication and lets users review and approve devices used for account access. Its SOC 2 certification further validates its strong security and compliance frameworks, which were audited by third-party experts.
Designed for advanced traders, Gemini offers a professional-grade trading dashboard and more than 80 tokens and digital currencies. Moreover, it offers a cryptocurrency reward card, allowing users to spend crypto on goods and services.
However, Gemini’s active trader platform and main platform apply different fee structures. The main platform charges a fixed fee for smaller trades and imposes a high 1.49% fee on trades exceeding $200. On the other hand, the active trader platform utilizes maker-taker fees of up to 0.4% and reduces them as trading volume goes up.
Pros:
- Top-notch security
- Supports more than 100 cryptocurrencies
- Two-factor authentication
- Cold storage for funds
- Regulated exchange, adding to its trustworthiness
- User-friendly interface
- Supports various fiat currencies
- Gemini Earn feature allows users to earn interest on their crypto holdings
Cons:
- Limited selection of cryptocurrencies
- Trading fees are higher than some other platforms
- Services may not be available in all countries
- Some users have reported slower customer support responses
4. Robinhood Crypto
Robinhood Crypto is a user-friendly platform designed for both new and seasoned investors, offering the ability to trade cryptocurrencies alongside traditional investments. It is among our top picks as one of the best crypto exchanges as it provides a straightforward interface, making it particularly suitable for beginners in the world of crypto.
Its services extend to US investors, enabling them to buy and sell 15 cryptocurrencies and explore cryptocurrency options. Additionally, users have the convenience of setting up price alerts to receive notifications once a specific cryptocurrency hits a designated price point.
Pros:
- Commission-Free Trading
- User-Friendly Interface
- Integration with Traditional Investments
- Fractional Investing
Cons:
- Limited Cryptocurrency Selection
- Limited Features
- Custodial Wallet
- Limited Withdrawal Options
5. Binance. US
Binance is the largest cryptocurrency exchange globally, but it does not serve American customers directly. Instead, U.S. residents are directed to Binance.US, accessible in most states, though not all. The platform offers an extensive array of products and supported cryptocurrencies, boasting competitive fees, including zero-fee trading for Bitcoin and Ethereum.
However, Binance.US faces legal and regulatory challenges. The Securities and Exchange Commission accused the platform of operating an unregistered securities exchange in the U.S., and the Commodity Futures Trading Commission filed a complaint alleging federal law violations in soliciting U.S. users for revenue. These legal concerns cast uncertainty over the platform’s reputation and operations.
Please Note: Even though Binance.US is still operating and allowing users to trade, stake, deposit, and withdraw in crypto, starting June 13, the platform halted withdrawal capabilities in U.S. dollars for all customers. Additionally, recurring buy orders and deposits in U.S. dollars are no longer supported. While Binance.US will continue to permit trading pairs in stablecoins, the company plans to delist trading pairs in U.S. dollars.
Pros:
- Supports 120+ cryptocurrencies
- Competitive trading fees
- User-friendly interface
- Strong security measures
Cons:
- Limited availability in some U.S. states
- Limited fiat support
- Customer support issues during peak periods
- Complex interface for beginners
6. Uphold
Uphold is among the best crypto exchanges, offering a wide range of financial products and services that enable users to buy, sell, and trade cryptocurrencies and other assets. Unlike typical crypto exchanges, Uphold follows a transparent fee structure. It does away with commissions, deposit fees, and maker-taker fees and, instead, employs spread fees, small premiums over the market price that contribute to Uphold revenue. While this fee approach might lead to slightly higher prices compared to competitors, Uphold’s appeal lies in its ability to facilitate investment across various asset classes on a single platform. For users seeking diversification and convenience, Uphold could be a favorable choice.
Pros:
- Wide range of supported assets (200+)
- Fiat integration for easy deposits and withdrawals
- User-friendly interface
- Multi-currency accounts
Cons:
- Limited cryptocurrency selection
- Higher withdrawal and deposit fees
- Fewer advanced features
- Weak customer support
7. eToro USA
eToro USA is renowned for its user-friendly platform, creating an accessible space for traders of all levels. Its distinctive social trading features set it apart, captivating the imagination of eager investors. With these innovative tools, users can follow in the footsteps of seasoned traders, drawing inspiration from their wisdom and expertise. The best feature of eToro lies in the power to copy the trades of these experienced investors, unlocking the potential for success and growth in the ever-evolving landscape of trading. Whether a novice or an expert, eToro has a seamless interface and revolutionary social trading capabilities, promising a rewarding journey.
Pros:
- Social trading
- User-friendly interface
- 30+ digital assets
- Regulation and security
Cons:
- Limited cryptocurrency transfer
- Higher spreads and fees
- Availability in some states
- Customer support issues
8. Poloniex
Poloniex is an incredible cryptocurrency exchange that boasts low trading fees and an extensive list of over 400 supported cryptocurrencies. The platform’s decentralized nature offers users freedom from centralized control. Moreover, Poloniex attracts traders with useful features like margin trading, lending, and a plethora of other crypto products placing it among the best crypto exchange in USA. With its impressive lineup of benefits, Poloniex has the potential to meet the requirements of many crypto traders.
Pros:
- Supports 350+ cryptocurrencies
- High liquidity
- Margin trading
- Advanced charting tools
Cons:
- Customer support issues
- Security concerns
- Limited fiat support
- Account verification delays
9. Crypto.com
Since its inception in 2016, this exchange has solidified its position as a prominent global crypto exchange, now accessible in 90 countries and supporting a whopping 250+ cryptocurrencies.
Beyond a vast array of supported assets, this exchange boasts an extensive digital asset ecosystem featuring Crypto.org Chain, its own blockchain, a native coin called CRO, and more.
A true gem in Crypto.com’s treasure trove is its mobile app, which sets it apart from others and makes it one of the best crypto exchanges in the US. Unlike many exchanges with watered-down app versions, Crypto.com invested in crafting a robust mobile app that offers a comprehensive range of features.
While Crypto.com impresses with its product diversity and features, its customer support may be a letdown, and lower-volume traders could encounter trading fees up to 0.075%.
Pros:
- Diverse range of services
- Crypto rewards and cashback
- User-friendly interface
- Crypto Earn for earning interest
Cons:
- Limited availability in some countries
- Higher fees
- Custodial wallet
- Customer support concerns
10. Cash App
Cash App, introduced by Block, Inc. in 2013, offers a mobile banking app catering to peer-to-peer payments, spending, banking, and investing in the United States and the United Kingdom. A unique feature that sets it apart from competitors like Robinhood and Venmo is its investment component, which allows users to invest in stocks, ETFs, and Bitcoin. Notably, Cash App stands out by enabling Bitcoin withdrawals to third-party wallets, offering greater control over cryptocurrency.
However, users should be aware that the in-app Bitcoin wallet is custodial, which may pose security concerns, although the option to transfer Bitcoin to a personal wallet with private keys exists. Cash App’s Bitcoin trading fees vary and are disclosed during transaction confirmations, incorporating a mid-price and a spread fee for trades.
Pros:
- Easy and convenient money transfers
- Instant transfers between users
- Cash Card for easy spending
- Bitcoin support
Cons:
- Limited financial services
- Fees for instant transfers
- Limited availability outside the United States
- Limited customer support
How to Choose a Crypto Exchange
Choosing the right crypto exchange requires thoughtful consideration beyond fees. Security becomes paramount, given the increased interest from hackers targeting valuable crypto assets. Here’s how you chose a crypto exchange:
Supported Cryptocurrencies: A crucial aspect is the availability of desired cryptocurrencies. Some traders may find satisfaction with exchanges handling a few coins, while enthusiasts might seek access to a broader selection, like Gate.io’s 600+ options.
Liquidity: Trading volume is vital to ensure liquidity and avoid slippage, especially for large trades. A lack of trading activity could lead to buying at higher prices or selling at undesirable rates.
Educational resources: They can be indispensable for newcomers to the crypto market. Opting for platforms with user-friendly interfaces and comprehensive educational materials can simplify the learning process.
Accessibility: Lastly, ensure the chosen exchange is accessible in your region. Regulatory uncertainties at both the state and federal levels might influence exchange availability in certain countries or states. Always verify the legality and tax implications before committing to an exchange.
The Bottom Line – Best Crypto Exchange
With nearly 8,000 different cryptocurrencies, a total market capitalization of almost $1.18T, and a daily volume of over US$100 million, cryptocurrencies have never been bigger, and the growth trend is only going to improve. And we hope you understand that when choosing your crypto exchange, there isn’t just one answer—it all depends on your personal goals as an investor.
Disclaimer: This material has been prepared for informational purposes only, and is not intended to provide tax, legal, or financial advice. You should consult your own tax, legal, and accounting advisors before engaging in any transaction.
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