Best US Crypto Exchanges: 5 Top-Rated Platforms for Crypto Trading and Investment

KEYTAKEAWAYS

TABLE OF CONTENTS

• KEY TAKEAWAYS
• WHAT IS AN EXCHANGE?
• CRITERIA FOR SELECTING BEST US CRYPTO EXCHANGES
• BEST US CRYPTO EXCHANGES 1: BINANCE US
• BEST US CRYPTO EXCHANGES 2: COINBASE
• BEST US CRYPTO EXCHANGES 3: GEMINI
• BEST US CRYPTO EXCHANGES 4: KRAKEN
• BEST US CRYPTO EXCHANGES 5: CRYPTO.COM EXCHANGE
• HONORABLE MENTION: BITGET
• CONCLUSION
• FAQS
• DISCLAIMER
• WRITER’S INTRO

CONTENT

Discover the top 5 US crypto exchanges, their unique features, and how to choose the best one for your needs. Learn about security, regulations, fees, and services offered by leading platforms.

Before entering the cryptocurrency market for the first time, you’ll often see or hear people mentioning exchanges.

But what exactly is an exchange? What functions can they provide?

In this article, we’ll select the 5 best US crypto exchanges based on different evaluation criteria and help investors choose the most suitable exchange.

>> Read more: Top 4 Categories of Crypto Trading Tools and Websites You Should Know

WHAT IS AN EXCHANGE?

An exchange refers to a trading center that provides various financial product transactions. The public can trade financial instruments such as securities, bonds, futures, and even options on exchanges. You can think of an exchange as a centralized location for assets where investors gather to trade.

Similarly, if investors want to conduct any cryptocurrency-related transactions, crypto exchanges are the most common and convenient channel. The role exchanges play in the crypto market is similar to that in traditional financial markets.

But there are hundreds of crypto exchanges in the United States, and it could be very time-consuming to understand them all. Don’t worry, we’ll narrow it down below.

CRITERIA FOR SELECTING BEST US CRYPTO EXCHANGES

1. Security: Although cryptocurrencies have decentralized characteristics and may be more secure than traditional investment platforms, this doesn’t mean using crypto exchanges is completely risk-free. For example, in 2014, the Japanese crypto exchange Mt. Gox claimed to have been hacked and subsequently ceased trading services, later declaring bankruptcy. The subsequent compensation has only recently been finalized. This shows that choosing a secure exchange is definitely an important evaluation criterion.
2. Regulation: Whether the exchange complies with local regulations will also affect investors’ future claims or subsequent protection if the exchange encounters unexpected incidents. Finding a compliant crypto exchange can effectively reduce potential risks.
3. Services provided: The services the exchange can provide, or the cryptocurrencies and fiat currencies it supports.
4. Fee costs: Like buying stocks or funds, transaction fees and related costs are also factors that investors need to carefully consider before deciding to join an exchange. Although these fees may seem less than 1%, they can be considerable costs for large amounts or frequent trading, so they must be taken seriously.

After introducing so much about crypto exchanges, you must be curious about which exchanges in the United States are worth considering, or what their respective strengths are.

Below, CoinRank has carefully selected 5 best US crypto exchanges for investors and compared their pros and cons for reference:

>>> Read more: 5 Safest Crypto Exchanges of 2024 | How to Invest in Crypto Safely

BEST US CRYPTO EXCHANGES 1: BINANCE US

As one of the largest crypto exchanges globally, Binance’s registered users have exceeded 200 million worldwide. However, users in the United States cannot use the global version of Binance that we usually discuss; instead, they use Binance US.

Binance US offers fewer cryptocurrency choices, about 150, compared to the global version which offers close to 400 cryptocurrencies, which is a significant limitation. Another tricky issue is that Binance US is not available throughout the entire United States. Currently, New York, Texas, Louisiana, Hawaii, Idaho, and Vermont are areas where Binance US is not yet open, which is inconvenient for users.

Apart from this, there are no significant differences in other aspects of use between the two versions.

The advantage of Binance US lies in its higher liquidity for buying and selling, allowing for more efficient transactions, and the associated transaction costs are also lower. You can also enjoy discounts when you transact in BNB.

(Source: Binance US)

It’s worth noting that Binance US fees are determined based on currency pairs and trading volume over the past 30 days or BNB holdings. Detailed fee calculations can be referred to in the table below.

The main negative feedback for Binance comes from customer service. Currently, Binance only provides online customer service and cannot be reached by phone for assistance.

Below is the user interface of Binance US.

(Source: Binance US)

You can find the tutorial materials on its official site.

BEST US CRYPTO EXCHANGES 2: COINBASE

Coinbase is one of the crypto exchanges with the most users in the United States so far. Since its establishment in 2012, its global monthly user count has reached as high as 9 million. During Q1 2024, there were also 8 million trading users.

Coinbase’s biggest advantage is its user-friendly interface operation, allowing newcomers to quickly get started. At the same time, Coinbase offers a variety of cryptocurrencies for new investors to choose from, currently providing over 250 cryptocurrencies and over 400 pairs for investors to buy and sell. Even those who are just getting into cryptocurrencies can easily get started.

Below is the user interface of Coinbase

(Source: Coinbase)

You can find the tutorial materials on its official site.

However, according to user feedback, Coinbase also has issues such as poor customer service quality and high handling fees, so these factors should be taken into consideration before using Coinbase.

(Source: Coinbase)

BEST US CRYPTO EXCHANGES 3: GEMINI

Gemini was founded in New York in 2014 by twin brothers Cameron Winklevoss and Tyler Winklevoss, who gained attention for their legal dispute with Meta founder Mark Zuckerberg over the idea of Facebook.

In terms of interface, Gemini is suitable for newcomers to cryptocurrencies, with relatively intuitive and simple operations.

Gemini currently has about 1.8 million users and offers 72 currencies for trading, with 94 pairs available for users to operate.

However, compared to other competitors, Gemini charges higher fees. For spot trading, Gemini charges a Convenience Fee in addition to the transaction fee. Below is an example from the Gemini official website to help you better understand Gemini’s charging method.

Web Order Buy Example:

Kristen wants to buy $100 of BTC with USD. The prevailing Gemini market price of BTC is $4000 USD. On her website application, Kristen is provided a Quoted Price of $4020 USD to buy 1 BTC. This represents the Gemini market price of $4000 USD, plus the 0.50% Convenience Fee (Gemini market price × 1.005). When Kristen enters her buy Web Order for $100 USD and clicks on “Review Order,” the Transaction Fee of $2.99 USD is displayed on her website application along with the total BTC amount of 0.02413184 (($100 USD -$2.99 USD)/$4020 USD = 0.02413184 BTC) that she will receive for her buy Web Order. Kristen clicks on “Place Order” to place her Web Order to buy 0.02413184 BTC for $100 USD. Fees are only incurred when her Web Order is executed.

(Source: Gemini)

Below is the user interface of Gemini

(Source: Gemini)

You can find the tutorial materials on its official site.

>>> Read more: TOP 5 Crypto Trading Platforms April 2024

BEST US CRYPTO EXCHANGES 4: KRAKEN

Kraken Founded in 2011, Kraken has been around for over 10 years and is one of the oldest crypto exchanges in the United States.

Basically, Kraken also provides comprehensive crypto exchange services, including margin trading, staking, and futures trading. Compared to other competitors, Kraken’s advantage lies in using more secure measures to protect the exchange’s security.

Currently on Kraken, users can trade 278 cryptocurrencies and 739 pairs.

However, it should be noted that in the United States, no services are provided to residents of NY, WA, and ME.

You can find the tutorial materials on its official site.

BEST US CRYPTO EXCHANGES 5: CRYPTO.COM EXCHANGE

Crypto.com was established in 2016. In addition to having the general functions of a crypto exchange, what’s most special is that it can be paired with a CRO Visa credit card for cryptocurrency transactions and spending, saving the time and cost of withdrawing funds.

Currently on Crypto.com Exchange, users can trade 369 cryptocurrencies and 580 pairs.

Additionally, it should be noted that Crypto.com Exchange recently experienced an internal control error where assets were mistakenly transferred to Gate.io, causing panic. Investors who are concerned about security may need to consider this carefully.

You can find the tutorial materials on its official site.

>>> Read more: Copy Trading Crypto Like a Pro on Bitget | Bitget Review 2024

HONORABLE MENTION: BITGET

Although US users currently cannot use Bitget, Bitget’s excellent copy trading function makes it stand out among many crypto exchanges.

If you’re a user in the United States and temporarily unable to use it, that’s okay. You can still refer to our current articles introducing Bitget to learn more about its services. Maybe in the future, in other countries, or when Bitget opens in the US, you’ll have the opportunity to access the platform.

>>> Read more: Bitget Copy Trading Explained: How It Works and Why You Might Need It

CONCLUSION

Selecting the best US crypto exchanges is crucial and hard for US investors at the same time when they try to navigate the complex crypto landscape. The top five exchanges – Binance US, Coinbase, Gemini, Kraken, and Crypto.com Exchange – each offer unique advantages to suit diverse investor needs.

When choosing the best US crypto exchanges, key factors to consider include security measures, regulatory compliance, available services, supported cryptocurrencies, fee structures, and user interface. While these exchanges rank among the best, each has its own strengths and limitations.

Investors should thoroughly research and compare these exchanges based on their individual needs, trading goals, and risk tolerance. As the crypto market evolves, staying informed about the latest developments and security measures in the exchange landscape is essential.

Ultimately, the best exchange will depend on each investor’s specific requirements. By carefully evaluating these top options, investors can make an informed decision to support their cryptocurrency trading and investment journey.

>>> Read more: Bitget Flexible Savings: Grow Your Crypto Safely with Passive Income

FAQS

1. What is an exchange? 

An exchange refers to a trading center that provides various financial product transactions. If investors want to conduct any cryptocurrency-related transactions, crypto exchanges are the most common and convenient channel. 

2. What are the criteria for selecting the best US crypto exchanges?

When choosing the best US crypto exchanges, key factors to consider include security measures, regulatory compliance, available services, supported cryptocurrencies, fee structures, and user interface.

3. What are the best US crypto exchanges?

The top exchanges – Binance US, Coinbase, Gemini, Kraken, and Crypto.com Exchange – each offer unique advantages to suit diverse investor needs.