Summary: In the United States, the surging interest in Bitcoin and other cryptocurrencies can be ascribed to the innovative, tech-savvy culture and the country's inclination towards financial diversification. The landscape is enriched by numerous exchanges that offer straightforward deposit methods in U.S. Dollars (USD) through bank transfers or card transactions, enhancing the adoption and safe expansion of digital assets.
Our expert team has conducted a thorough evaluation of over 20 cryptocurrency exchanges available to American investors, pinpointing the most reliable and robust digital currency trading platforms in the United States:
- Instant and free US Dollar (USD) deposits via ACH, bank transfer, debit card, credit card, Plaid and more.
- Trade and stake over 200 crypto assets with industry-leading fees and tight spreads.
- Founded in 2011 and trusted by over 9 million investors.
Kraken is a registered Money Services Business with FinCEN (No. 31000239561651).
Best Crypto Exchange in the USA for 2023
Our team of analysts has crafted a methodology to assess the premier cryptocurrency exchanges in the United States. This evaluation encompasses criteria such as adherence to regulations set by the Financial Crimes Enforcement Network (FinCEN) and the Securities and Exchange Commission (SEC), past security track records, transparency initiatives (including audit results), fee structures, platform features, range of supported cryptocurrencies, and additional pertinent factors. Dive deeper into our comprehensive review of these top 5 American exchanges.
Cementing its top rank in the United States' cryptocurrency exchange landscape is Kraken, operating under U.S. regulations and compliant with the Financial Crimes Enforcement Network (FinCEN). Kraken stands out due to its extensive portfolio of over 200 cryptocurrencies available for trading and staking, all paired with competitive rates. Moreover, it enables instant USD deposits from numerous American banks, ACH transfers, and credit cards, guaranteeing seamless and prompt transactions.
Established in 2011, Kraken takes pride in its vast international user base, which exceeds 9 million, a testament to its reliability in the crypto realm. Available across diverse platforms like Web App, iOS, and Android, it also assures consistent customer support 24/7. These aspects converge to reinforce Kraken's stature as the leading cryptocurrency exchange in the United States.
Earning its reputation as the second best in the U.S. digital asset arena, eToro USA consistently impresses with its vast selection of leading cryptocurrencies. This includes dominant players such as Bitcoin and Ethereum, as well as trending altcoins like Uniswap, AAVE, Avalanche, Dogecoin, Shiba Inu, among others. The platform is particularly renowned for its competitive pricing; eToro charges modest fees on crypto trades, complemented by a spread fee on all transactions.
A standout feature is their revolutionary CopyTrader tool, allowing users to effortlessly replicate the strategies of successful traders on the platform. On top of that, eToro offers a formidable crypto wallet service, ensuring the offline safeguarding of digital assets in a fortified setting. With its rich array of trading tools and broad offerings, eToro USA firmly establishes itself as a second-best destination for astute crypto enthusiasts in the nation.
Ranking as the third-best cryptocurrency exchange in the United States, Uphold is a fully licensed and regulated platform that boasts the unique feature of real-time audited proof of reserves—a rarity in the global crypto landscape. Offering a diverse selection of over 250 cryptocurrencies, 35+ staking options, and an extensive range of other assets such as gold and silver, Uphold has something for every investor. The exchange further enhances its appeal by providing instant and free ACH transfers via Plaid from all US banks, allowing users to trade all assets on the platform without incurring fees.
Uphold is widely acclaimed for its exceptional security measures, which include comprehensive two-factor authentication, cutting-edge encryption, and a proprietary platform rigorously tested by third-party auditors. With these features, Uphold solidifies its position as the third-best exchange for US investors.
Claiming the fourth spot among US cryptocurrency exchanges, Coinbase reigns as the largest globally, with a staggering 14 million registered users and $20 billion in digital currency transactions. Headquartered in San Francisco, Coinbase operates under strict regulations, ensuring high regulatory standards for its users. The exchange features both a web-based platform and an intuitive mobile application, granting users access to trade more than 300 cryptocurrencies. However it is important to note that they charge high fees in excess of 2% per trade.
Additionally, Coinbase presents a distinct platform known as Coinbase Pro, designed to offer reduced fees for specific trade categories. By delivering a seamless trading experience and maintaining high regulatory standards, Coinbase solidifies its position as the fourth-best exchange for US investors.
Rounding out the top five US cryptocurrency exchanges, Robinhood is an American financial services company known for its commission-free trading of stocks, options, and cryptocurrencies. The platform enables spot trading for an array of digital assets, including Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Dogecoin, Avalanche, Shiba Inu, and Stellar. While Robinhood refrains from charging trading fees for cryptocurrency spot transactions, it does apply a minimal spread.
The "Instant Deposit" feature empowers users to swiftly fund their accounts using a debit card. However, Robinhood does not support margin or futures trading and lacks native crypto wallet functionality. Despite these limitations, Robinhood's commitment to commission-free trading earns it the title of the fifth-best exchange for US investors.
Is Crypto Legal in the USA?
Yes, cryptocurrencies are legal in the USA. The country has not banned the use, ownership, or trading of digital assets. However, the regulatory framework around cryptocurrencies is still in its early stages and subject to change. The Securities and Exchange Commission (SEC) has issued guidance and rules on a case-by-case basis, and other government agencies are also involved in the regulation of cryptocurrencies.
Overall, it is legal to buy, sell, and hold cryptocurrencies in the USA, but it is important to stay informed about regulatory developments and comply with relevant laws and regulations.
What is the Safest Exchange?
Choosing a secure cryptocurrency exchange is a critical decision for any investor. With the proliferation of digital asset platforms, assessing their safety can seem daunting. However, by focusing on key aspects, investors can find a reliable and secure exchange that suits their needs. Here are some important factors to consider:
- Security Protocols: Check if the exchange uses encryption, two-factor authentication, and cold storage of funds for enhanced security.
- Regulatory Compliance: The exchange should comply with FinCEN regulations like Anti-Money Laundering and Know Your Customer guidelines.
- Insurance: An exchange that insures the digital assets it holds offers additional protection.
- Reputation: User reviews and the overall standing of the exchange in the crypto community can indicate its reliability.
- Transparency: Look for exchanges that are open about their operations, security measures, and financials.
- Customer Support: A responsive customer support team is crucial for resolving potential issues.
Remember, personal security measures are also important to ensure the safety of your digital assets.
The U.S. is at the forefront of cryptocurrency adoption, bolstered by its tech-driven culture and penchant for financial diversification. With numerous exchanges catering to this growing demand, it's crucial for investors to choose platforms that prioritize security, transparency, and user-friendliness. Based on extensive research and evaluation, our top picks for American investors include Kraken, eToro, Uphold, Coinbase, and Robinhood.
As the regulatory landscape around crypto continues to evolve, staying updated and choosing exchanges that adhere to stringent security measures and regulations becomes even more imperative. Ensure your crypto journey is both prosperous and secure by making informed decisions and always prioritizing safety.