Cryptocurrency trading is getting more and more popular once again. New exchanges are popping up all over the place trying to cut out their slice of the action. However, not all exchanges operate in the United States, and with some it’s unclear whether they are entirely legal or not.
As a new trader, it can be difficult to determine which exchanges are the best and safest for your specific interests. Here are the best platforms available in the USA and the top reasons you may want to choose one.
CEX.IO is a titan among cryptocurrency exchanges that serves a huge number of countries around the world, including the United States.
CEX.IO is both a cryptocurrency brokerage platform and a trading platform. This means you can buy Bitcoin and other crypto tokens on CEX.IO itself, and then begin trading them right away on the same platform. This is especially useful for beginner traders who need a way to both buy Bitcoin and start trading it without the advanced knowledge.
The fees are somewhat in line with those of other large international cryptocurrency exchanges. Trading fees are typically 0.25% which get reduced as volume increases. Withdrawal and deposit fees are higher and depend on the method of payment. Thus, the lower-fee methods will be ACH and a bank transfer, while credit card payments come with higher commissions.
One of the great differentiators of CEX.IO is its excellent mobile app for trading on the go. It’s one of the few polished mobile apps available on both Android and iOS in the cryptocurrency exchange world.
Coinbase is one of the world’s largest Bitcoin and cryptocurrency exchanges. Chances are that you’ve probably heard of it already before reading this. It boasts an easy, complete and trusted platform for beginners to start buying and selling cryptocurrencies like Bitcoin and Ether.
Coinbase is trying to assert itself as the leader in cryptocurrency services with its new ventures, Coinbase Pro and Coinbase Custody. Coinbase Pro is their own advanced trading platform for cryptocurrency day traders. It boasts a nice user interface and a great mobile app like CEX.IO. Coinbase Custody is a cryptocurrency holding service for organizations.
Coinbase also boasts insured cryptocurrency holdings for those with funds on their platform. Another bonus for those based in the US is that Coinbase is headquartered in San Francisco, California. Coinbase can be more expensive than other exchanges, but it is a safe bet for a cryptocurrency exchange in the US.
Coinmama is one of the most open cryptocurrency exchanges. That means it’s open to prospective cryptocurrency traders in the US, too.
Coinmama, like CEX.IO and Coinbase, allows users to buy cryptocurrency in the simplest way possible — with a credit card. It also shouts about its high spending limits, fast-track verification, and quick delivery. That’s about as convenient as it gets for buying Bitcoin and other cryptocurrencies.
Coinmama even has an online tutorial on their website explaining some of the regulations and how to buy cryptocurrency in the US (from Coinmama of course).
LocalBitcoins is a little different from other exchanges on this list. Rather than being an online automated platform, LocalBitcoins aims to connect local buyers and sellers that want to trade Bitcoin and cryptocurrency with each other.
To trade on LocalBitcoins, simply sign up and start searching the marketplace for sellers in your country or local area. Search for ones that have the cryptocurrency you’re after and accept the payment method you want to use. Next, you’ll figure out the best one to buy from by balancing their price, buying limits, along with their seller reputation. Often, there is some level of trust in the sellers when trading on LocalBitcoins, similar to eBay. This is why seller reputation is vitally important.
LocalBitcoins is available in 7,662 cities, in 248 countries. It’s almost certainly available in your city in the United States.
Binance is a huge cryptocurrency exchange directed at serious cryptocurrency traders. Its key selling points are low fees (as low as 0.05% per trade), a large number of cryptocurrencies available, and a very high volume of trades.
To serve the US users, Binance has launched its own, fully licensed exchange in the US under binance.us.
High trade volume and low fees give you a big advantage. With high trade volume, you’re more likely to be able to buy or sell at close to market price, meaning more profits for you. Lower fees open up more opportunity for profits and higher frequency trading. Binance also has its own mobile app for trading on the go.
Bitstamp is one of the most widely recognized brands in the crypto exchange market. It’s been running for a long time (in fact, it’s the longest-standing crypto exchange) and has the trust of many traders. Bitstamp has been operating since 2011, so it’s clearly doing something right for that kind of consistency.
The focus of Bitstamp is on ease of use, tight security, reliability, and the ability to cash out your tokens straight to your bank account. Also, Bitstamp offers 0% withdrawal and deposit fees for cryptocurrency.
Gemini is a cryptocurrency exchange run by the famous Winklevoss twins. The ones who sued Mark Zuckerberg over disputes around Facebook’s early days. The exchange has a number of payment options, but notably, credit card deposits aren’t available.
The exchange is based in New York and does boast some very low fees. What is interesting about this exchange is that they are attempting to partner with Flexa to make spending your cryptocurrency much easier.
Make Sure Your Needs Are Met
There are now a plethora of cryptocurrency exchange options available for the traders in the US. Each with its own advantages and disadvantages. Choose carefully to make sure the exchange fits all your requirements now and the trading needs you’re likely to have in the future.