Best Crypto Exchanges for US Citizens - Detailed Review

Cryptocurrencies have come a long way from being "dubious” investments to being some of the most preciously regarded investment tools in the recent past. Unknown to many at Bitcoin's inception, cryptocurrencies have gained traction over the last decade, eventually peaking at the onset of the Corona Virus Pandemic in early 2020.

Many cryptocurrency exchanges have mushroomed following the popularity of crypto and DeFi in general. Seasoned crypto investors and newbies MUST understand the various top crypto exchanges, their features, and what specific products make them the industry leaders and set them apart from other exchanges. Cryptocurrency exchanges are many worldwide. As such, it may be hard to determine which exchange is best suited for your target coin or token, your trading strategy/ formula, the amount of risk one can take, and so forth.

This article aims to answer these questions and gives insight into the best crypto trading platforms for US citizens. It will also highlight the key steps a prospective investor can follow to sign up on each platform.

1. Binance.US

Binance, through its Binance.US platform, is the best crypto exchange for US citizens from a general viewpoint. Binance.US is a version of Binance developed by Binance in 2019 to provide Binance features to US citizens, who initially had no access to the platform due to regulation. Binance.US position as the best cryptocurrency exchange overall attributes to numerous reasons.

• One major reason is its large trade volumes, the result being its high liquidity.
• Binance also boasts of some of the lowest trading fees in the entire crypto trading ecosystem.
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• Pros

• • Binance.US has high liquidity.
• • Binance.US has the lowest trading fees of between 0 to 0.1 %.
• • Binance has an easy User Interface.
• • Binance is highly reputable.
• • Binance offers 50 plus crypto listings.
• • Binance is highly secure due to its two-factor authentication protocol and its asset fund insurance feature against hacking.
• • Binance has several purchase options like debit/ credit cards, bank transfers, and bank deposits.
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• Cons

• • Binance is not available in 7 US States.
• • Debit card purchases on Binance attract huge trading fees of about 4.5 percent trading fees.
• • The two-factor authentication system allegedly has glitches that hackers can use to surpass the blockade and infiltrate the Binance system.
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• Creating an account with Binance.US is very easy and involves the following steps:
• i. Register using your email address and a convenient password, the password must have mixed characters. Simply enter the referral ID in case you have been referred by another party then click Create Account.
• ii. Verify your email address by entering the verification code generated.
• iii. Secure your account by providing your cell phone number and enabling SMS Authentication.
• iv. Simply enter the code.
• v. Verify your identity. Click Verify Identity if you are registering as an individual or Verification for Institution in case you are registering on behalf of a company.
• vi. Enter your relevant information and click Next.
• vii. Provide your residential address.
• viii. Read the account terms and click Accept Agreement if you are contented.
• ix. Submit the relevant information as you follow the onscreen directions.
• x. Go to your dashboard xi. Get verified, you can also provide the means of payment you will be using.
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2. Coinbase

Coinbase is the second largest crypto trading platform by trading volume globally and the largest in the US. Founded in 2012 and headquartered in San Francisco, Coinbase offers the best opportunities for crypto newbies looking forward to trading or investing in Bitcoin. Coinbase is also one of the top crypto platforms in security since it has no cases of hacks. The user interface is an easy one for newbies to crack.

Pros

• Coinbase supports debit and cards, bank transfers, bank deposits, and Paypal crypto purchases.

• Coinbase has a simple user interface with a simplified portfolio to showcase the owner’s portfolio in a single place.

• Coinbase funds are FDIC insured. In addition, Coinbase stores user funds in cold wallets. In the event of fund losses to hacks, the individual only loses about 2 percent of the funds.

• Coinbase awards users free crypto upon staking or accomplishing certain learning milestones.

Cons

• High trading fees of between $0.99 to $2.99 for purchases below $200.

• Coinbase charges an additional 0.5 % for purchases above $200.

• Fewer crypto listings than Binance. Coinbase lists only about 37 cryptocurrencies.

Setting up a new Coinbase account requires one to be at least 18 years of age, have a Government-issued photo ID, a connected cell phone number, the latest browser version or updated Coinbase App. Signing up for a Coinbase account is a short procedure and involves:

i. Click Get started and provide the required information; your legal full name, email address, password and your state. Read the user agreement and privacy policy. Check the box and click Create Account or tap Sign up. A verification email will then be sent to your email.

ii. Verify your email by clicking Verify email address using the link that will appear from noreply@coinbase.com. The link will automatically take you back to coinbase.com. You will sign in using the email and password you provided earlier to complete the verification process.

iii. Verify your phone number. You will select your country and provide your phone number through which a verification code will land as an SMS. Enter the code and click Submit.

iv. Add your personal information. Provide your names, date of birth, address and answer a few job-related questions to complete the process.

v. Verify your identity. You will need to sign into your Coinbase account and finish ID verification.

vi. Link a payment Method

3. eToro – The Best Trading Platform Integrating Forex and Crypto Trading

eToro got founded in 2007 in Tel Aviv, Israel 2007 and only launched in the US in 2018. eToro is a platform that combines crypto trading elements with forex trading. eToro is one of the best crypto trading platforms in cases of forex integration into crypto trading. However, the platform only offers crypto trading options to US citizens. eToro platform is still a viable contender for one of the top crypto exchanges. Here are some of its pros and cons.

Pros

• eToro provides a $50 bonus for purchases from $1000.

• eToro features advanced tools like trading charts and indexes for veteran/ seasoned/ experienced crypto traders.

• eToro lists the most sought-after crypto coins including, Ethereum, Bitcoin, Bitcoin Cash, XRP, Litecoin, and XLM.

• eToro has a simple User Interface.

Cons

• eToro has high trading fees of between 0.75 to 2.90 %.

• Deposits to eToro’s wallet take a long time to clear before the user can use them, usually about seven days.

To sign up with eToro:

i. Go to eToro.com, locate and click the button Join now or Trade now.

ii. Enter all the required personal information in the electronic form that generates on the next web page. There are options of logging in through Facebook or Gmail.

iii. Read the terms and conditions and the privacy policy. Check the appropriate box when satisfied.

iv. Submit your data by clicking the sing up button.

v. Provide a confirmation of residence, proof of identity.

vi. Fill out the questionnaire provided to help tailor a service package suited for your profile.

• 4. Kraken

• Kraken, a widely regarded top Bitcoin exchange, got founded in 2011 in San Francisco, California. The exchange is licensed by FinCEN in all states in the US except Washington and New York. This licensing ensures crypto regulation to ensure that only verified individuals and institutions trade on the platform, creating user trust and confidence in trading or investing through the platform. Apart from Bitcoin, Kraken boasts a listing of at least 54 cryptocurrencies on its platform including, Bitcoin, Ethereum, Tether, and Litecoin.

• Pros

• • FinCEN licensed.
• • 24/7 customer support.
• • Numerous coin listings.
• • High trade volume and liquidity.
• • Relatively low trading fees of 0.9 to 1.5 %.
• • Supports 7 fiat currencies including USD, EUR, CAD, JPY, GBP, CHF, and AUD.
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• Cons

• • Non-beginner friendly.
• • Slow user verification process.
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• The following steps will guide you in creating a Kraken Account:
• i. Ensure you visit the official Kraken Website https://www.kraken.com/
• ii. Select the Create Account button
• iii. Key in your email address, a username and a robust password. Bear in mind that the username cannot be changed.
• iv. Read the Terms of Service and Policy Privacy. Check the Agree box and click on the Sign up button. You will receive an activation email.
• v. Complete activation by clicking the link in the email or by entering your activation key on the account activation form.
• vi. Confirm your password, complete the captcha if required then click Activate Account
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5. Crypto.com

Crypto.com, a Hong Kong-based platform, got founded in 2016. Crypto.com offers some of the lowest trading fees, usually ranging between 0.04% and 0.20% upon buying, selling, and spending on the platform.

Pros

• Low trading fees of between 0.04% and 0.20%.

• $50 sign-up bonus.

• 24 /7 customer support.

• Crypto.com’s crypto earns feature enables renewable 1 to 3 months staking that earn stakers up to 12 % interest.

Cons

• Privacy concerns.

• Unclear source of funding.

• The complex user interface on the app.

To register on crypto.com Exchange:

i. Visit crypto.com/exchange and click the Sign up button. You should be 18 years and above.

ii. Provide the necessary data by following the on-screen guidelines. These will include you email address, date of birth and country of residence.

iii. Click on Continue button. Check your email address to see the verification email and a one-time password.

iv. Enter the password on the resulting Exchange website.

v. Design your password for the Exchange and click Submit.

vi. Verify your phone number. Choose your country’s area code using the dropdown then key in your cellphone number. Input the SMS code into the field then select Submit. You will then be directed to the Exchange home page.

6. Gemini

Winklevoss twins founded Gemini, which launched in 2014 in New York. Gemini offers 20 coins and a wide range of fiat options to deposit and purchase crypto. Gemini is the best crypto exchange for US citizens since it is a haven to store and trade crypto. This security stem from the fact that the New York State Department of Financial Services regulates Gemini.

Pros

• Enhanced security features like cold wallet storage, brute force login protection, and two-factor authentication.

• User-friendly mobile app.

• The New York State Department of Financial Services regulates Gemini.

• FDIC insured.

Cons

• Relatively higher fees than other common exchanges including, 0.5 % trading fee, and 0.99 to 1.49 % transfer fees.

• Gemini requires a lot of personal information for verification purposes.

• A $5000 daily and $30,000 monthly user deposit limit. Use the link https://www.youtube.com/watch?v=78l3MCUaqms to see how to create an account with Gemini.

7. Coinmama

Coinmama is a cryptocurrency brokerage platform founded in Tel Aviv, Israel, in 2013. As a brokerage platform, Coinmama only sells cryptocurrencies to investors.

Pros

• Coinmama offers private wallets to restore crypto as an affirmative action to prevent investment loss due to cyber hacks.

Cons

• High deposit fees of 5%.

• High purchase fees of 5.5%.

• Coinmama offers no crypto to crypto purchases.

• Coinmama does not allow investors to sell crypto without EU-backed accounts.

• 8. Other Top Crypto Brokerage Platforms

• SoFi

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• SoFi is an all-in-one investment platform that features investment tools like stocks, ETFs, and crypto. Traders can buy and sell Bitcoin, Ethereum, Dogecoin, Cardano plus other 17 cryptocurrencies on SoFi.
• Pros
• • The first trade on the platform awards the trader $10 of Bitcoin for trades starting from $10.
• • FinCEN licensed.
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• Cons

• • Not all states support SoFi crypto trading.
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• To create your account:
• i. Visit sofi.com/invest sign up page.
• ii. Key in your first and last name, your email address and the country of residence. Log into your email address to view the confirmation link.
• iii. Click on the link to begin the verification process for your account.
• iv. Complete the requested form by providing your personal details.
• v. Upload your documents. Depending on your country of residence, select the ID type you wish to upload. Take a picture of the front and the back side with your phone and upload.
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Robinhood

Robinhood is a top crypto brokerage platform owing to its features. Robinhood has no commission or fees on crypto trades, unlike exchanges which might charge as high as 5% trading fees. Robinhood users only need $1 to start crypto trading on the platform. Robinhood offers cold storage for crypto to minimize hacking risks. Robinhood only offers a handful of cryptocurrencies for trading including, Bitcoin, Litecoin, Ethereum, Ethereum Classic, Bitcoin Cash, Bitcoin SV, and Dogecoin.

Visit https://youtu.be/JgUqYLgKzZQ to find out the steps followed in signing up for a Robinhood account.

Conclusion

Cryptocurrency exchanges have different features tailored to the needs of various crypto traders and investors. Traders and investors must, therefore, choose crypto exchanges suited to their:

• Trading strategies,

• Coin needs,

• Amount of investment to be made,

• The trading fees, and

• The exchange's liquidity.

As always, do your own due diligence. To learn about our top picks of crypto coins and tokens to invest in right now, make sure you read this report first: Invest In These TOP 10 Cryptocurrencies Right Now.

Remember that crypto is a very risky investment. To assess your level of risk tolerance and decide whether crypto investing is for you, you must read this report first.