Top 5 Best Crypto Exchanges in the US

Assessing the Best US Crypto Exchanges: Security, Fees, and Regulatory Compliance

Evaluates the top five crypto exchanges in the US, focusing on their security, fees, and customer protection features, in light of recent exchange collapses.
Each exchange is assessed based on its user interface, security record, fee structure, supported cryptocurrencies, and compliance with US regulatory requirements.
The article also discusses the importance of regulatory compliance, ID requirements, trade limits, and security in choosing a US-based crypto exchange.

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.

In this article, we analyzed and listed the top 5 best crypto exchanges in the US. However, note that some crypto exchanges might not be accessible in all the states within the US. 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.

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Bybit

Since 2018, Bybit has rapidly grown in the crypto community, favored for its excellent customer support and intuitive interface. Unique to Bybit is its system’s stability, avoiding the overloads common in other platforms. The exchange provides spot and margin trading with leverages up to 100x.

Bybit’s fee structure varies based on the user’s VIP status, which depends on their asset balance and trading volume. The trading fee structure on Bybit includes a range of fees for spot trading, perpetual and futures contracts trading, and USDC options trading. These fees are categorized into different levels based on the user’s VIP status, which is determined by asset balance and trading volume. The fees differ for makers and takers across these categories.

Bybit also requires you to complete the KYC process. This will involve you submitting identity proof to be able to trade more than 2 BTC per day.

Coinbase

Coinbase is one of the prominent cryptocurrency exchange platforms in the U.S, catering to the trading needs of crypto enthusiasts by offering access to a selection of over 200 cryptocurrencies, including Bitcoin, Ethereum, and Solana.

Importantly, Coinbase has never suffered from a major cryptocurrency hack and has a strong security record. In addition to protecting user funds, Coinbase actively prevents users from sending cryptocurrency to known scam addresses, providing newer traders with an extra layer of protection. Fiat assets held on Coinbase are FDIC-insured, which means fiat currency deposited on the Coinbase platform by US residents is insured up to a maximum of $250,000. ‍Coinbase doesn’t offer the most competitive fees in the market today, with taker fees between 0.05% and 0.60% and maker fees from 0% up to 0.40%.

US residents will need to provide a valid government-issued ID when verifying an account with Coinbase in addition to a selfie image.

Binance.US

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, and, like Coinbase, is based in San Francisco.

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. ‍Binance offers a 0.5% fee for buy/sell transactions. It’s important to note, however, that Binance.US is not currently available for US traders based in NY.

Like Coinbase, Binance.US demands government-issued ID and a selfie image in order to verify an account.

Crypto.com

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. However, it is not available in the state of New York.

Crypto.com has a wide range of cryptocurrencies available for investors—with more than 250 different cryptocurrencies and an NFT marketplace. Crypto.com offers lower fees for high-volume traders. Depending on your 30-day trading volume, your fees will range from 0.036% to 0.40%.

Crypto.com also offers debit cards to users with cashback rewards as high as 5%. Rewards vary based on how much CRO, the platform’s native utility token, you stake.

Gemini

Gemini is one of the few US-based exchanges that are fully compliant with NY state law. The Winklevoss brothers launched it in 2014. Note, however, that Gemini is a highly-regulated crypto exchange platform. This means that Gemini’s identity verification process can be somewhat complicated.

All USD deposits made to Gemini are FDIC-insured. This feature makes Gemini an attractive option for large-scale crypto traders and institutional traders. Gemini’s fees for makers range between 0.00 – 0.25%. Fees for takers range between 0.03% – 0.35%. The more crypto you are buying/selling, the lower your fees.

How to Choose a US Crypto Exchange

There are several factors to consider when choosing the right crypto exchange. This includes the level of identification documentation required to sign up, trade limits, currency support, and trading fees.

Choosing the right crypto exchange when based in the US, however, places a few additional requirements on traders. You should also look into the platform’s deposit and withdrawal methods. This additional step can confirm if an exchange is legally allowed to operate within your jurisdiction.

When assessing a US-compliant crypto exchange, it’s important to assess the following factors:

Regulatory Compliance

It’s important to trade on exchanges that comply with US regulations. You may lose access to the cryptocurrency that you have on an unregulated centralized exchange in the future.

ID Requirements

‍Many US-accessible cryptocurrency exchanges will demand more identification documentation than their international counterparts, such as proof of address.‍

Trade Limits

The US places restrictions on the purchasable and tradeable amount of cryptocurrencies per 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. Some US-based exchanges, such as Gemini, don’t support as many different cryptocurrencies as major international exchanges.‍

Hacks and Security

Hackers often target cryptocurrency exchanges and traders. It’s important to ensure that your exchange possesses a strong track record of security and offers security features such as two-factor authentication.

Key takeaways

The evolving cryptocurrency regulation ecosystem in the US 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.

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