Investing in Cryptocurrency has generated a lot of buzz around the world; especially around pandemic. Everyone wants to try out crypto trading and cash-in on this opportunity to make money even while the economies worldwide are still struggling to recover . But like any other investment you would want to look out for a regulated and safe cryptocurrency exchange to buy cryptocurrency, sell it or trade digital currencies such as Bitcoin, Ethereum. Litecoin, Dogecoin, etc. while nearly all crypto exchanges promise security and good returns, but you gotta watch out for scams and hacking incidents that have become common these days.
The best crypto exchanges have low trading fees, multiple investment options and easy access to your portfolio. These
platforms let you trade Bitcoin, Ethereum and many altcoins. It’s even possible to earn interest on your
Now what else to look for in a good crypto trading exchange?
Each cryptocurrency trading platform has different benefits and fees. Let’s take a look at the top exchanges in the US for investing in cryptocurrency that we have researched for you.
Coinbase is literally the largest crypto trading exchange in the United States. Perhaps, the biggest reason behind it being its ease of use, particularly for first-time buyers and a plethora of options for investing in cryptocurrency. It initially only allowed for crypto trading in bitcoin but later added other popular cryptocurrencies.
Currently, Coinbase is fully regulated and licensed to operate in 40 U.S. states & territories. It offers everything under sun from cryptocurrency investing, an advanced trading platform to custodial Coinbase accounts for institutions, a wallet for retail investors, and its own stable coin – USD Coin (USDC). Coinbase’s cryptocurrency wallet is available in 190+ countries. Buyers can fund trades with fiat currency from a linked bank account, debit card or PayPal. In addition, the platform executes trades in real-time. Digital vault storage is free for long-term offline storage.
A huge negative in face of so many positives is none other than its exorbitant trading fees in lieu of convenience and simplicity offered to facilitate crypto trading. Another downside is that users cannot see their private storage keys to easily transfer coins to another wallet.
|Easy to use||High transaction fees for the standard platform|
|Many account funding options||Fewer options for investing in cryptocurrency than other exchanges|
|Can earn free cryptocurrency with short quizzes||Users may not have private key access|
There are several trading fees that Coinbase applies to transactions. It charges $0.99 to $2.99 in transaction fees depending on the transaction amount. In addition, 1.49% to 3.99% is applied as conversion fees during withdrawal.
Most beginners prefer Coinbase when they buy cryptocurrency for the first time. Unfortunately, they pay a considerable fee for that convenience and ease in crypto trading. A version of Coinbase , formerly The Global Digital Asset Exchange, currently called as Coinbase Pro, is a favourite amongst seasoned traders, owing to low trading fees and tools like trading charts amongst a huge upgrade in options for investing in cryptocurrency.
Transactions are instant once cash has been deposited. The interface of the exchange is sleek and straightforward, but geared towards more advanced traders. It offers detailed trading management screens like the order book, trade history, open orders, your balance, an order entry panel, along with a candlestick price chart. The trading charts can be displayed as line charts if you prefer, or with time intervals between one minute and one day.
Getting started with crypto trading on Coinbase Pro, requires a bank transfer or SEPA. Existing Coinbase account holders can transfer funds from Coinbase to Coinbase Pro account, instantly and free of charge.
Different crypto trading pairs (BTC/USD, ETH/BTC, etc.) are made available to traders depending on their location. Amongst fiat currencies US Dollar, Euro, and the British Pound are supported. Coinbase Pro offers a high liquidity, allowing withdrawals of up to $10k per day from an individual account, and $50k per day from a business account. Higher withdrawals may be considered based on business need and request.
|This exchange is suitable for professional traders.||Coinbase is not suitable for new traders.|
|This platform offers competitive fees.||Customer support needs improvement.|
|It offers strict security measures and complies with regulatory standards.||KYC procedures are extensive.|
|Provides an easy-to-use platform.||Fewer altcoins are offered.|
|No withdrawal fees for cryptos.||Charges a slightly high fee for retail investors.|
|This platform offers Coinbase app with advanced trading features.||It does not offer a mobile app.|
|Higher liquidity over several trading pairs.||Lengthy queues to reach the coinbase customer support team.|
Coinbase Pro has incredibly low fees, ranging from 0% to 0.50% for taker trades.
Binance.US , is like the name implies a US-only version of Binance. Binance.com its global version needs no introduction being one of the most popular and widely-used crypto trading exchanges in the world. The Binance US platform, based in San Francisco, is fully compliant with US regulatory requirements for investing in cryptocurrency.
A major difference between Binance US and the Binance Global platforms is the access to options for investing in cryptocurrency — Binance US limits access to crypto trading assets based on the legal compliance requirements of operating within the United States and/or within particular US States and Territories enforcing additional legal requirements. Currently, supported tokens include BTC, ETH, XRP, BCH, LTC, BNB, and USDT.
Despite limitations the tools it offers to experienced traders like extensive trading charts are unparalleled. KYC is simple enough and Government ID based.
Initially users can deposit or withdraw no more than $5k per day , a limit which is gradually relaxed to $30k and higher with successive transactions. Deposits and Withdrawals are supported only in USD via ACH.
Trading fees are competitive. You will pay a little higher fee for instant buy orders and pay the mid-market range between the current buy and sell price. Experienced investors can trade over 100 cryptocurrency pairs instead of funding buy orders with fiat currency. You can also fund your account by linking to a bank account or via wire transfer.
Like other exchanges, you can stake crypto positions and earn interest. Unfortunately, the platform doesn’t offer staking rewards on as many tickers as other exchanges.
|Many investment options||Few staking rewards|
|Fast, processing 1.4 million orders per second.||No offline storage option|
|Several account funding options||Not Available on 13 US states including the NY|
|0.1% transaction fees||Limited choice of cryptocurrency for trading|
Binance offers spot trading fees of 0.1%, with 0.5% instant buy/sell fees. Trading fees are determined based on 30-day trading volume, with higher volume traders benefiting from lower fees.
Kraken has been around for over 15 years, making it the longest running crypto trading exchange in the United States. Like Coinbase Pro its built for experienced traders, but unlike it offers complex options for investing in cryptocurrency such as margin trading. It is accessible in all US states with the exception of Washington and NY.
Fees are low and detailed trading charts are made available on the platform for technical analysis along with the real-time order book. Advanced trading options and automated portfolio monitoring allows for active monitoring of the market and portfolio management using a single interface.
KYC is standard government ID based and withdrawals limits per day ranging from $5k to $10M, depending on the crypto trading volume and verification. FIAT Currencies supported are USD, EUR, CAD, AUD, GBP, CHF and JPY.
Existing cryptocurrency holders can transfer their crypto positions to fund a Kraken account and exchange them for other coins. Investors can also stake participating coins and earn interest. Staking rewards can be earned twice a week. Aggressive traders who are comfortable using leverage can open margin accounts and also trade futures.
|Over 50 options for investment in cryptocurrency||Must wire transfer cash deposits|
|Low trading fees||Harder-to-use platform for new investors|
|Technical tools & trading charts|
|Can stake cryptos and earn interest|
Kraken trading fees range between 0.14% and 0.26% for traders with less than $100,000 in monthly trade volume.
Robinhood is a popular mobile app based platform offering commission-free trading on several US-listed investment products including initial public offering (IPO), along with high-yield cash management offerings, margin trading. It is a good option for recently launched zero commission based investment in cryptocurrency service too.
The Robinhood Crypto service allows crypto trading of bitcoin, dogecoin, and Ethereum. Funds deposited in the brokerage account can be used to purchase cryptocurrencies through Robinhood Crypto. However, transfer of crypto is not permitted out of account. You may only withdraw after converting to FIAT.
Its interface is simple but many technical tools such as trading charts are only available to GOLD members behind a subscription paywall.
|Zero commission||Trading charts and technical analysis require a paid subscription.|
|No minimum deposits||Cannot transfer crypto|
|Mobile app is easy to use and provides beginner-friendly tutorials||data may be delayed by as much as 20 minutes|
Robinhood doesn’t charge trading fees or commissions but there are other possible fees, which may be charged based on services availed.
FTX is a beginner-friendly and easy to use crypto trading platform and derivatives exchange with innovative products to buy or sell. Those interested for investing in cryptocurrency can gain access to innovative cutting-edge trading markets such as derivatives, options, volatility products and leveraged tokens, on this platform. The platform, unlike its competitors, offers a wide variety of indices and leveraged tokens that can be traded on the futures or options market.
Its user-interface is professionally designed for crypto trading on desktop or mobile apps. It features integrated trading charts with advanced trading features, indicators and tools. You can start trading without KYC and withdraw up to $2,000USD daily.
FTX allows multiple deposit methods including cryptocurrency, stable coins or fiat currency. There is the option to use a credit card to purchase crypto directly through the FTX platform of the fiat/crypto market leader, Simplex. FTX supports 10 fiat currencies which can be deposited and withdrawn using a wire transfer such as USD, EUR, GBP, AUD, HKD, SGD, ZAR, CAD, CHF and BRL.
|The KYC process is easy.||Leveraged tokens are risky investments.|
|Technical Trading Charts included||A relatively new platform in the crypto space.|
|Guarantees liquidity for all its users.|
|Specializes in crypto derivatives trading.|
|Charges low fees on all its tradable products and services.|
|Allows cryptocurrency purchases via credit cards through the Simplex gateway.|
|Multiple deposit methods and currencies supported|
FTX offers a low trading fee starting from 0.02% to 0.07% for its futures and spot markets which is based on maker and taker model. There are no deposit or withdrawal fees for cryptocurrency coins and tokens using FTX.
While considering the above mentioned giants amongst the cryptocurrency scene in the United States, it becomes tempting to go for the ones that are charging less trading fees such as Coinbase Pro or RobinHood. Or for that matter consider those offering a wider variety of investment options like Kraken or FTX. And what if you’re just starting out on your journey for investing in cryptocurrency, you might prefer something simpler and familiar even at a little higher cost, say Coinbase or Binance US.
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