Best USA Crypto Exchanges April 2024 (Expert Reviewed)
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Our crypto tax professionals conducted a thorough analysis to identify and review the best USA crypto exchanges available on the market today, including BYDFi, Coinbase, Crypto.com, and Gemini.
A credible, reliable crypto exchange is a great way to engage with the crypto market for beginners looking to onboard fiat funds into the crypto ecosystem. Always do your own research and understand the risks involved before you undertake any activity in crypto.
The best crypto exchanges and apps of 2024
Our crypto tax experts have thoroughly researched and evaluated the best crypto exchanges available in the US for 2024, including notable platforms like BYDFi, Coinbase, Crypto.com, and Gemini. Our curated list, complete with in-depth reviews, aims to guide you in selecting the most suitable exchange for your needs, whether you're seeking the best exchange for staking, low fees, overall performance, mobile accessibility, or security.
As the crypto landscape continues to evolve, it is essential to stay informed about the safest options and understand the risks involved in trading and staking cryptocurrencies.
Methodology
How our crypto tax professionals selected the best crypto exchanges and apps
Best crypto exchanges reviews
Binance.US
Best crypto exchange for staking
Binance.US is a popular crypto exchange that offers a wide range of cryptocurrencies. Despite some geographic limitations within the US, Binance.US ranks among the top global exchanges and provides a user-friendly platform and supports staking for various cryptos, offering enticing yields.
Pros
Access more than 130 cryptocurrencies
Stake up to 19 different cryptos on a platform Forbes Advisor ranks as one of the best
Highly secure
Easy to use, ideal for both beginners and experienced traders
Cons
Compared to its parent company, Binance.US offers a narrower range of crypto
Unavailable in Hawaii, New York, Texas, and Vermont.
Binance.US stands out for its vast cryptocurrency options, user-friendly interface, and the ability to stake various cryptos for attractive yields. It addresses the needs of both beginners and experienced traders, offering competitive fees and high-security standards.
A reliable and accessible trading platform backed by the biggest exchange in the world
Accessible in most of the US and recognized as a top global exchange
BYDFi
Best crypto exchange for low fees
BYDFi (formerly BitYard) entered the crypto scene in 2019. From Singapore, this crypto exchange serves over 150 countries, standing out as a regulatory-compliant platform. With licenses in Australia, Singapore, and the US, BYDFi works to align with financial industry standards.
Pros
Available in all 50 states
Accepts over 50 currencies
Online and cold storage wallets
Cons
Relatively new platform
Limited trading features with no staking or lending
Catering to spot traders, the platform offers attractive attributes, including low trading fees and a diverse array of popular cryptocurrencies.
Notably low fees
Offers a wide range of popular cryptocurrencies
Coinbase
Best crypto exchange overall
Coinbase is our top overall choice for its extensive range of supported cryptocurrencies, robust security measures, and advanced trading features, all presented on a user-friendly interface that makes it easy for beginners to get started in crypto in addition to advanced trading interfaces.
Pros
Wide array of cryptocurrencies and trading pairs
Novice and advanced trading interfaces
Highly liquid trading environment
Cons
Relatively high trading fees
Customer support could be improved
Coinbase was founded in 2012 to make Bitcoin transactions easy. The platform has since grown into a decentralized exchange valued at over $13 billion, accessible in over 100 countries. It's known for user-friendly design, robust security, and advanced trading. The platform appeals to newcomers due to over 300 supported assets and a familiar interface like online banking.
Custodial and non-custodial storage options
Highly credible and well-established exchange
Crypto.com
Best crypto exchange for mobile
Crypto.com is our top choice for a mobile crypto exchange app, providing a comprehensive digital asset trading ecosystem easily accessible from smartphones. Launched in 2016 and available in 90 countries, it supports 250+ cryptocurrencies and offers its own blockchain, CRO token, crypto visa card, yield products, and more.
Pros
Comprehensive mobile app
Diverse ecosystem
Wide support for hundreds of cryptocurrencies
Cons
Limited customer support
Up to 0.075% trading fees for lower-volume traders
Complex fee structure
The Crypto.com app stands out by offering a full range of features, allowing users to trade, earn interest, and pay with crypto on the go. While it excels in offerings, customer support is a drawback, and trading fees can be up to 0.075%. For a robust mobile trading experience with an array of features and supported assets, Crypto.com is a standout choice.
Exceptional mobile app
Supports a wide range of cryptocurrencies
Gemini
Best crypto exchange for security
Established by Tyler and Cameron Winklevoss in 2014, Gemini is a standout exchange prioritizing security and compliance. Based in New York, it features hot wallet insurance and enforces two-factor authentication, along with SOC 2 certification for verified security and compliance.
Pros
Prioritizes security and offers hot wallet insurance
Encourages two-factor authentication, device approval
Supports over 80 digital currencies and tokens
Enables payments with Gemini's reward card
Cons
Main platform charges fees for smaller trades and a high 1.49% rate for trades over $200
Active trader platform employs maker-taker fees up to 0.4%, relatively high
Geared towards advanced traders, Gemini offers a professional trading dashboard and supports 80+ digital currencies. While fee structures vary between its platforms, higher fees are offset by robust security, making it appealing to those valuing safety in their trading endeavors.
Verified by third-party auditors for security and compliance
Professional dashboard for advanced traders
Kraken
Best crypto exchange for advanced traders seeking low fees
Kraken, established in 2011 and renowned globally, stands as a reputable cryptocurrency exchange offering a wide range of features. With its headquarters in San Francisco, the exchange caters to investors by providing access to over 200 cryptocurrencies through its professional-grade trading platform, Kraken Pro.
Pros
Trade hundreds of cryptocurrencies
Basic and pro trading tools
Margin and derivatives trading
Cons
High instant buy fees
Limited funding options, no ACH transfers
Kraken's extensive offering of cryptocurrencies, coupled with its robust professional trading platform, makes it an attractive option for investors seeking a reputable and feature-rich exchange.
Relatively low fees
Customizable trading tools
Robinhood
Best for no fee crypto trades
Robinhood is a broker that offers low costs, especially for options trades (except in IRAs). The platform is easy to use, but some worry it might make complex trading too easy for beginners. Robinhood also lets you trade cryptocurrencies for free.
Pros
No fees for cryptocurrency trades
Convenient for existing Robinhood brokerage account holders
Cons
Limited variety of available cryptocurrencies
No crypto-to-crypto trading
Robinhood extends its fee-free philosophy to crypto trading; however, the platform currently provides a limited selection of cryptocurrencies and lacks the ability to transfer crypto assets externally.
For those new to crypto, an easy way to begin
Easy-to-use app
SoFi
Best crypto exchange for beginners trading crypto and stocks
SoFi Crypto enables cryptocurrency trading within their main app, providing investors an opportunity to acquaint themselves with cryptocurrencies, supported by robust security measures, excellent customer support, and an intuitive user interface.
Pros
Exceptional customer support
Leverages Coinbase to process transactions
Cons
Limited number of cryptocurrencies available
For beginners looking to centralize their investments of both stocks and cryptocurrencies, SoFi can be a great place to start to get into crypto without a steep learning curve.
Credible platform
Caters to those new to investing and crypto
Webull
Best crypto exchange for advanced users to trade crypto and stocks
Webull's sleek interface caters to mobile-first and casual investors, with a rich toolset that also satisfies active traders. It distinguishes itself as an appealing option for experienced active traders as well.
Pros
Trade dozens of crypto and stocks
Social message board feature
Cons
Limited educational content
Webull caters to the preferences of modern investors, including newcomers and casual traders, by providing an excellent mobile experience and a streamlined desktop interface.
Manage your crypto portfolio along with stocks
Easy-to-use mobile and desktop interfaces
What is the safest crypto exchange?
Gemini distinguishes itself as the safest crypto exchange through an unwavering commitment to security and adherence to regulatory standards. Operating from New York, this exchange ensures the safety of user funds through hot wallet insurance in the event of a security breach.
To bolster account security, Gemini strongly encourages the utilization of two-factor authentication and grants users the ability to review and authorize devices accessing their trading accounts.
Notably, Gemini holds a SOC 2 certification, indicating that external auditors have validated the effectiveness of the company's security and compliance frameworks. Choosing to pay Gemini’s slightly elevated fees may be a reasonable trade-off, given the platform’s unparalleled security.
Why are certain cryptocurrency exchanges unavailable in the United States?
The United States imposes rigorous regulatory measures on crypto exchanges, creating challenges for American traders in identifying suitable platforms for their trading needs.
In the U.S., cryptocurrency exchanges fall under the regulatory purview of the Commodity Futures Trading Commission (CFTC). The CFTC enforces anti-money laundering programs, FinCEN regulations, and other mandates issued by various government agencies.
Specifically, cryptocurrency exchanges operating in New York State are categorized as money transmission services, compelling them to obtain specific licenses. Additionally, exchanges facilitating transactions involving crypto assets classified as securities under U.S. federal securities laws must adhere to various requirements set forth by the Securities and Exchange Commission (SEC) to ensure compliance.
Which crypto platform has lowest fees?
Robinhood offers no-fee crypto trades but isn’t considered a comprehensive crypto platform. Among the top crypto exchanges, BYDFi sets the bar for minimal fees across various aspects, including withdrawals, trading, funding, deposits, and management.
Employing a "maker-taker" fee model, BYDFi ensures that makers (those contributing liquidity through limit orders) benefit from reduced fees in contrast to takers engaging in market orders.
BYDFi Fee Structure
Taker fee = 0.06%
Maker fee = 0.02%
Withdrawal fee = Subject to blockchain specifications
Deposit fee = No charge
Management fee = No charge
What is the best crypto exchange for beginners?
Coinbase stands out as the best crypto exchange for beginners because of its extensive selection of supported cryptocurrencies, fortified security protocols, and sophisticated trading tools, all seamlessly integrated into a user-friendly interface tailored to accommodate both newcomers and advanced traders.
Having emerged in 2012 to simplify Bitcoin transactions, Coinbase has since evolved into a decentralized exchange boasting a valuation exceeding $13 billion, accessible in over 100 countries. Renowned for its intuitive design, robust security measures, and advanced trading capabilities, Coinbase holds a special appeal to those just starting out in crypto.
How to select a crypto exchange in the United States
Choosing the right crypto exchange involves considering several standard factors, including the required identification documentation, trade limits, currency support, and trading fees.
However, when selecting a crypto exchange based in the United States, additional considerations come into play. Beyond examining fee structures, security measures, and deposit/withdrawal methods, it's crucial to ensure that the exchange is legally permitted to operate in your jurisdiction.
When evaluating a U.S.-compliant crypto exchange, focus on the following factors:
Regulatory Compliance: Ensure that the exchange complies with U.S. regulations to avoid potential future issues, as exemplified by the 2019 case where Binance.com investors lost access to their cryptocurrency.
ID Requirements: Many U.S.-accessible cryptocurrency exchanges may request more identification documentation, such as proof of address, compared to their international counterparts.
Trade Limits: Some U.S.-available crypto exchanges impose restrictions on the amount of cryptocurrency that can be bought or traded within a single day.
Trading Pairs: Check if the exchange supports the specific crypto asset you intend to trade before signing up. Certain U.S.-based exchanges, like Gemini, may not offer as many cryptocurrencies as major international platforms.
Hacks and Security: Given the frequent targeting of cryptocurrency exchanges and traders by hackers, prioritize exchanges with a strong security track record. Look for security features like two-factor authentication to enhance protection.
Final verdict about the best crypto exchange in 2024
Briefly, if you’re looking to begin in crypto, Coinbase is a solid option. More advanced traders might consider Gemini for its extreme commitment to security or Binance.US for staking. BYDFi can be a great option for active traders because of its comparatively low fees.
Best crypto exchange FAQs
Here are answers to frequently asked questions about what is the best crypto exchange and the best exchange for crypto.
What is a crypto exchange?
Crypto exchanges function like stock exchanges, facilitating the buying and selling of digital currencies like Bitcoin, Ethereum, and Tether. Operating through digital marketplaces such as mobile apps or desktop interfaces resembling e-brokerages, these platforms offer an array of trading and investing tools.
What are the different types of crypto exchanges?
There are primarily two types of crypto exchanges: Centralized Exchanges (CEXes) and Decentralized Exchanges (DEXes).
Centralized Exchanges (CEX) function much like traditional stock exchanges and brokerages. They are regulated by a single authority that oversees all transactions and user accounts. CEXs offer high liquidity and faster transactions, but they store user data on centralized servers, making them susceptible to hacking and manipulation of trading volume.
Decentralized Exchanges (DEX) operate on distributed ledger infrastructure and allow trading without any central authority. Users have full control over their digital assets and keys, offering enhanced security and privacy. DEXs bypass KYC to grant users more privacy but often suffer from lower liquidity compared to CEXs.
What is the difference between a crypto exchange and a crypto wallet?
Crypto wallets act as intermediaries connecting your holdings with the blockchain. They facilitate tasks like sending, receiving, and storing cryptocurrencies.
Crypto exchanges function as marketplaces where users engage in buying, selling, and trading crypto assets. While some exchanges offer wallet services, more experienced users tend to opt for wallets to maintain self-custody of their private keys.
Are crypto exchanges safe?
As seen with the FTX debacle in 2022, crypto exchanges are subject to collapse, so there is always risk involved in holding your crypto on an exchange. Centralized exchanges are also targets for crypto hackers, as they hold billions in crypto in a centralized way.
Before investing in crypto, it’s important to understand the risks involved and to select an exchange you trust. For peace of mind and heightened security, consider self-custody of your crypto with a hardware wallet.
How is trading crypto different from trading stocks?
Stocks signify ownership in a company, and their value typically corresponds to a given company's performance. Cryptocurrencies are digital assets, and their value is primarily influenced by factors like demand, supply, and utility. Cryptocurrencies are notably more volatile and generally entail greater risk (and corresponding potential for returns) compared to stocks.
What is the best exchange for cryptocurrency?
Choosing the best cryptocurrency exchange depends on your specific needs and preferences. Coinbase can be an excellent choice for beginners due to its extensive range of supported cryptocurrencies, robust security measures, and user-friendly interface. Gemini can be a solid pick for those who prioritize security with its unwavering commitment to safety and adherence to regulatory standards. If staking is a key consideration, Binance.US offers a solid platform for users interested in earning rewards.
How do you make $100 a day on Binance?
Earning $100 a day on Binance involves a combination of strategic trading and market analysis. It's essential to stay informed about cryptocurrency trends, market conditions, and potential opportunities. Consider exploring Binance's staking options, as they provide a way to earn passive income through holding specific cryptocurrencies. However, it's crucial to approach trading cautiously, set realistic goals, and be aware of the associated risks.
What is the safest cryptocurrency in the world?
While all cryptocurrencies carry some level of risk, Bitcoin is often regarded as one of the safest options. As the pioneer and most widely adopted cryptocurrency, Bitcoin benefits from a robust network, a decentralized nature, and a notable track record of security. Its widespread recognition, comparably massive market cap, and widespread acceptance contribute to its relative stability in the volatile cryptocurrency market.
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