Wondering what exchange you should use in 2024?
With the recent collapse of exchanges like FTX and Celsius, it’s more important than ever for investors to use exchanges that focus on security and customer protection.
Our team of experts took time to analyze the best options on the market for crypto investors. Below, you’ll find 7 of the best exchanges based on factors like security, low fees, and customer protection.
Quick Look: Best U.S. Exchanges
- Best overall: Coinbase – 200+ cryptocurrencies - 0 - 0.60% fees
- Best for low trading fees: Kraken - 200+ cryptocurrencies - 0 - 0.40% fees
- Best for crypto rewards: Crypto.com - 350+ cryptocurrencies - 0 - 0.75% fees
- Best for security: Gemini - 70+ cryptocurrencies - 0.03 - 0.40% fees
- Best for experienced traders: Binance.US - 160+ cryptocurrencies - 0 - 0.57% fees
- Best for stocks & crypto: Robinhood - 10+ cryptocurrencies - variable spreads
- Best for social trading: eToro - 20+ cryptocurrencies - 1% fees
1. Coinbase
Best Overall
Coinbase is the most popular cryptocurrency exchange based in the United States, and offers an extremely user-friendly UI and trading experience.
Unlike other exchanges, Coinbase has never suffered a major cryptocurrency hack and has a strong reputation for security. Fiat assets held on Coinbase are FDIC-insured, which means fiat currency deposited on the Coinbase platform by United States residents is insured up to a maximum of $250,000 (note this does not include crypto assets).
ID requirements
US residents will need to provide a valid government-issued ID when verifying an account with Coinbase in addition to a selfie image.
Trading fees
According to Coinbase’s website, fees range between 0.05% and 0.60% and maker fees from 0% up to 0.40%. However, fees may be higher based on ‘factors such as your chosen payment method, order size, market conditions, jurisdictional location, and other costs we incur to facilitate your transaction.’
While Coinbase charges higher fees than other exchanges, this is offset by the high level of security the platform offers.
Supported cryptocurrencies
Coinbase supports a diverse range of 260+ cryptocurrencies including BTC, ETH, SOL, and many more. Tether, however, is not supported by Coinbase — US Coinbase users are provided with USDC as a USD-pegged stablecoin instead.
Learn more about Coinbase here.
2. Kraken
Best for low trading fees
Kraken is one of the longest-running cryptocurrency exchanges in the United States, and offers a relatively straightforward approach to cryptocurrency trading. Unlike Coinbase, Kraken is primarily focused on experienced crypto traders and offers complex trading services such as margin trading.
You can access your Kraken account through the web and through the official Kraken mobile app.
At this time, Kraken can be accessed in all US states apart from Washington state and New York. The services provided to US traders by Kraken include all of the trading options made available to international traders, with the exception of EUR trading pairs or deposits for residents of New Hampshire or Texas.
ID requirements
Kraken requires government-issued ID and address verification for US-based traders.
Trading fees
Kraken trading fees range between 0.00 - 0.40% on Kraken Pro — a free platform built for advanced traders.
Supported cryptocurrencies
Kraken offers support for more than 200 cryptocurrencies including BTC, ETH, and ADA.
3. Crypto.com
Best for crypto rewards
Crypto.com is a Hong Kong-based exchange founded in 2016. The exchange allows US-based users to buy, sell, and trade cryptocurrencies and NFTs on the Crypto.com mobile app.
Crypto.com is not available in the state of New York.
Wide range of cryptocurrencies
Crypto.com has a wide range of cryptocurrencies available for investors — with more than 350 different cryptocurrencies available as well as an NFT marketplace!
Interest rewards
When you hold cryptocurrencies like Bitcoin, Ethereum, and USDC on Crypto.com, you can earn interest rewards!
Cashback rewards
Crypto.com offers debit cards to users with cashback rewards as high as 5%. Rewards vary based on how much CRO — Crypto.com’s cryptocurrency — you stake.
Trading fees
Fees on Crypto.com range based on your trading volume. Fees start at 0.75% and can be as low as 0% for high-volume traders or those who stake a large amount of CRO.
4. Gemini
Best for security
Gemini is one of the few US-based exchanges that are fully compliant with NY state law. Launched by the Winklevoss brothers in 2014, Gemini is a highly regulated crypto exchange platform that works closely with regulators to ensure compliance — which can make the Gemini verification process somewhat complicated.
All USD deposits made to Gemini are FDIC insured, which makes Gemini an attractive option for large-scale crypto traders and institutional traders. Gemini is currently the custodian of over 1 percent of the world’s total Bitcoin volume, and is subject to New York banking law — making it the most secure option for US-based crypto traders.
ID requirements
Gemini enforces stringent ID verification requirements, demanding government-issued photo ID, proof of address, and a selfie image.
Trading fees
Gemini’s fees for makers range between 0.00 - 0.20%. Fees for takers range between 0.03% - 0.40%. The more crypto you are buying/selling, the lower your fees.
Supported cryptocurrencies
Gemini offers more than 70 supported cryptocurrencies including BTC, ETH, and SOL.
5. Binance.US
Best for experienced traders
Binance.US is a dedicated US-only version of Binance, one of the most popular and widely-used cryptocurrency exchanges in the world. The Binance.US platform was launched in order to comply with specific US regulatory requirements for cryptocurrency exchanges.
Despite the relatively limited selection of crypto assets available on Binance.US, the Binance UI is largely unchanged, making it ideal for pro traders and crypto investors seeking more complex trading tools. It’s important to note, however, that Binance.US is not currently available for US traders based in NY.
ID requirements
Like Coinbase, Binance.US demands government-issued ID and a selfie image in order to verify an account.
Trading fees
Binance.US charges 0 - 0.38% on maker fees and 0.0475 - 0.57% on taker fees.
Supported cryptocurrencies
Binance.US supports more than 150 cryptocurrencies which include BTC, ETH, and SOL.
Pro Tip: As of October 2023, Binance.US no longer supports withdrawals to USD.
6. Robinhood
Best for stocks & crypto
Robinhood is a popular platform that gives users the ability to trade stocks and cryptocurrencies on the go.
Because Robinhood is not a crypto-first platform, it does not offer the same breadth of features as some of the other platforms on this list. However, the platform is famous for its friendly user interface!
ID requirements
Robinhood requires government-issued ID and a live photo of the user.
Trading fees
Currently, Robinhood has 0 fees on cryptocurrency trades. However, Robinhood has spreads between buy and sell prices that may vary based on market conditions.
Supported cryptocurrencies
Robinhood currently offers 15 cryptocurrencies. The platform also offers a range of different stocks for trading!
7. eToro
Best for social trading
eToro is a trading platform that offers users the ability to trade stocks and cryptocurrencies.
eToro is unique for its ‘social trading’ feature — which allows you to copy the trading strategies of the platform’s most successful traders! However, the platform charges higher fees on crypto than many of the other exchanges on this list.
ID requirements
eToro requires information such as a government-issued ID and Proof of Address to get started.
Trading fees
eToro charges a 1% fee for every crypto transaction.
Supported cryptocurrencies
eToro offers 20+ cryptocurrencies, as well as thousands of different stocks!
Methodology
The CoinLedger team looked at dozens of exchanges and used the following factors to determine inclusion on this list:
- User interface
- Reputation
- Third-party reviews
- Trading fees
- Asset selection
- Unique features
Why are some crypto exchanges not available in the United States?
The United States places significant regulatory stress on crypto exchanges, which can make it difficult for US-based crypto traders to identify which trading platforms are suitable for their needs.
Cryptocurrency exchanges that operate in the United States are subject to regulation by the Commodity Futures Trading Commission (CFTC), which enforces various anti-money laundering programs and requirements, FinCEN regulation, as well as other rules and regulations across various government agencies.
Cryptocurrency exchanges that operate in New York State, for example, are regarded as money transmission services — forcing exchanges that operate in the region to obtain specific licensing. Many crypto exchanges that allow users to transact in crypto assets that are defined as securities under US federal securities laws must also ensure they are compliant with various SEC requirements.
How to choose a US crypto exchange
There are a number of factors to consider when choosing the right crypto exchange, such as trade limits, currency support, and trading fees.
When assessing a US-compliant crypto exchange, it’s important to assess the following factors:
Reputation
It’s important to find an exchange with a stellar reputation. In recent years, crypto investors have lost access to millions of dollars worth of holdings after exchanges like BlockFi, FTX, and Voyager went bankrupt.
Fees
Different exchanges charge varying fees on trades, deposits, and withdrawals. Make sure you understand your exchange’s fee structure before you get started.
Trade Limits
Some crypto exchanges that are available in the United States place restrictions on the amount of cryptocurrency that can be purchased or traded in a single day.
Trading Pairs
If you want to trade a specific cryptocurrency, it’s best to check to ensure that an exchange supports the crypto asset you want to trade before signing up.
Hacks and Security
Cryptocurrency exchanges and traders alike are frequently targeted by hackers. It’s important to ensure that your exchange possesses a strong track record of security and offers security features such as two-factor authentication.
What are the best crypto exchanges in the world?
Not based in the United States? Here’s a list of the best crypto exchanges for you — no matter where you’re located.
- The Best Crypto Exchanges in the World
- The Best Crypto Exchanges in Australia
- The Best Crypto Exchanges in Canada
- The Best Crypto Exchanges in Germany
- The Best No-KYC Exchanges
- The Best Decentralized Exchanges
What are the best crypto websites?
Once you’ve found the right exchange, you should find a site to help you stay-up-to-date on the latest crypto news! Check out our guide to the best crypto news sites.
Key takeaways
The evolving cryptocurrency regulation ecosystem in the United States has created a market in which US traders are provided with benefits and security not available in other countries — such as FDIC insurance for USD deposits.
When choosing the best cryptocurrency exchange for US customers, it’s important to work with an exchange that is fully compliant with the cryptocurrency regulations in your specific state.
How crypto tax software can help
The IRS takes cryptocurrency tax compliance seriously, and most major US-based cryptocurrency exchanges send 1099’s to the IRS to ensure all their US-based crypto traders are meeting their tax reporting obligations. In order to meet your tax reporting requirements as a US-based crypto trader or investor, it’s important to keep a detailed record of your capital gains, losses, and income.
CoinLedger is the leading cryptocurrency tax software platform that streamlines the process of collecting crypto trading information for tax reporting, making it easy to quickly import entire trading histories from blockchains and exchanges automatically. You’ll be able to calculate your crypto taxes in minutes!
By integrating directly with all major exchanges, CoinLedger automatically generates your necessary tax forms from your crypto investing activity in a few simple clicks, reducing administrative friction and ensuring accurate crypto tax reporting.
Interested in getting started? Create a free CoinLedger account today.
