Finding the Best Cryptocurrency Exchange for US Residents
April 5, 2022
4 min read
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Finding the best cryptocurrency exchange for you can be a daunting task. For instance, one of the biggest, Binance, is inaccessible to most American crypto traders. And that’s just one consideration. Security, transaction fees, and available cryptocurrencies are other factors.
As such, we’ll aim to break down the top five exchanges to help you make the right choice.
1. Coinbase
A well-known exchange with a total market value of over $40 billion, Coinbase is the best all-rounder platform if you’re just starting out. Geared towards simplicity and ease of access, it looks every bit like the online banking apps which you’re probably familiar with.
The exchange also offers Coinbase Pro for more seasoned traders, which likely makes it the most inclusive exchange overall. That being said, if your needs are more specialized, you may still be better off looking elsewhere.
On the downside, the Coinbase customer service isn’t great, with unfavourable Trustpilot reviews from users and reports of abrupt account closures. This could be problematic if you have questions or need help getting started on your crypto journey, which you likely will.
| Supported assets | 150+ |
| Minimum deposit or purchase | $2 |
| Fees | 0.00% to 0.60% |
| Trade limits | Yes |
| Payment methods | Wide range including wire and ACH |
| Benefits:Large number of supported cryptocurrenciesBeginner-friendly user experienceHighly liquid exchange | Negatives:Poor customer service reputationRelatively high trading feesNo control over private keys with custodial account |
Despite being an exchange with many users, Coinbase still has some shortcomings. With hundreds of different cryptocurrency exchanges on the market today, there are plenty of Coinbase alternatives out there. Here are a few more options for you.
2. Crypto.com
Despite supporting more assets than Coinbase, Crypto.com isn’t the ultimate all-rounder platform, but it is the ideal choice if you’re looking for the best possible mobile crypto trading experience.
Not merely a rehash of the web platform, the mobile app offers extensive features and gives you complete control over your crypto, whether that’s to buy, pay, sell, trade or earn interest.
In addition, you’ll be pleased to learn that Crypto.com lavishes you with its own exclusive cryptocurrency goodies in the form of a blockchain (Crypto.org Chain), a native token (CRO) and a crypto visa card, among other benefits.
However, as with Coinbase, the customer support is lacking, with unfavourable Trustpilot reviews from users. And unless you’re a high-volume trader, you’re going to be paying very high trading fees.
| Supported assets | 250+ |
| Minimum deposit or purchase | $1 |
| Fees | 0.04% to 0.40% |
| Trade limits | Yes |
| Payment methods | Wide range including wire and ACH |
| Benefits:Top-of-the-range mobile appLarge number of supported cryptocurrenciesRange of exclusive cryptocurrency products | Negatives:High feesLackluster customer support |
3. Gemini
If you’re looking for a high-security crypto exchange that keeps your funds safe and wrapped up nicely in cotton wool, then Gemini is the one for you.
That’s because it comes with an identity verification process and hot wallet insurance to help deter theft. Gemini is also SOC 2-certified, meaning third-party auditors have verified its security and compliance frameworks. On top of all that, the platform lets you review and approve devices that have been used to log in to your trading account, in case a thief comes calling.
Just be aware that Gemini charges different fees for its main and active trader platforms and that both rates are quite steep. The exchange also supports fewer assets than Coinbase or Crpyto.com.
| Supported assets | 75+ |
| Minimum deposit or purchase | Varies by asset |
| Fees | Fixed costs of $0.99 to $2.99 for smaller trades / 1.49% for larger trades over $200 |
| Trade limits | Yes |
| Payment methods | Bank card and local US bank transfer |
| Benefits:Ultra-strong securityHot wallet insuranceHighly liquid exchangeAvailable in every U.S. state | Negatives:Relatively low number of supported assetsVery high trading fees |
4. Kraken
With a long track record (from 2011) and a trustworthy reputation, Kraken offers a professional platform, Kraken Pro, in addition to its main trading platform.
Intended for experienced traders, Kraken Pro may or may not be the right platform for you, but it does offer some of the lowest fees around – as little as 0% for maker fees and 0.10% for taker fees, depending on your 30-day volume amount. By contrast, the main platform’s instant buy fees can reach as high as 1.5%.
On the downside, Kraken’s funding options are scarce, mostly limiting you to wire transfers. In addition, the figure of 120 supported assets, though high, is still outmatched by that of Coinbase and Crypto.com.
| Supported assets | 120+ |
| Minimum deposit or purchase | $1 but can vary by payment method |
| Fees | 0.00% to 0.26% |
| Trade limits | No |
| Payment methods | Limited – mainly wire transfer |
| Benefits:Good for experienced tradersLow fees on Kraken ProHighly liquid exchange | Negatives:Not available in New York and WashingtonFew account funding optionsKraken Pro not built with beginners in mind |
5. BitMart
Outranging its competitors with a wide and varied selection of over 1000 supported assets, BitMart is your best choice if you’re looking to trade in obscure, lesser-known cryptocurrencies.
The second-best thing about BitMart is its ‘Earn’ feature which allows you to receive interest on your crypto assets. The platform also comes with its own native token (BMX) which, if held by you, gives you access to trading fee discounts.
Amidst the positive Trustpilot user reviews, there are a few negative ones as well, so don’t always expect perfect customer support with BitMart. Security could also be a concern if you’re looking to trade as in December 2021 the exchange was breached by hackers, resulting in the loss of $196 million in user funds. BitMart has promised a full reimbursement, however.
| Supported assets | 1,000+ |
| Minimum deposit or purchase | $30 for BitMart purchases / Undisclosed figure for spot trading |
| Fees | 0.045% to 0.25% |
| Trade limits | No |
| Payment methods | Extensive, including Card, PayPal, and Bank Transfer |
| Benefits:Very large number of supported cryptocurrenciesAllows for earning interest on cryptoIncludes simple buy/sell cryptocurrency feature | Negatives:December 2021 security breachSome poor user feedback |
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George Schooling
