Who should make use of the comparison?
Our comparison of platforms for crypto exchange in the USA aims to help investors and traders of all levels and years of experience. If you’re just starting out in crypto trading in the USA, our experts will find an easy-to-use website or app that’s both safe and secure. If you’re a more advanced trader or are looking to get into crypto mining, we’ll find the best platforms and brokers that have the capabilities you require. No matter your experience or the size of your investment, our experts will always recommend the best USA crypto exchange that’s right for you and that, above all else, is safe and secure.
Exchange Checklist: Top5 steps for a secure & fair experience
License and regulation
Crypto exchange in the USA has been fully regulated since 2013, meaning trading platforms are required to obtain a cryptocurrency license in order to operate. They’re also required to register as a financial services business and are obliged by law to report suspicious activity. The most important thing to look for when choosing a platform for crypto exchange USA is a legit cryptocurrency license. Licenses can either be issued at state or national level, so make sure the crypto trading platform USA you’ve selected operates legally in your state.
Once you’re satisfied that the crypto exchange in the USA you’re looking at is all legal and legit, you’ll want to see if they can be trusted. The best way to do this is to find user reviews from people like yourself. You’ll want to keep an eye out for a 4 or 5 star rating and good comments regarding the capabilities and customer services. Things that you won’t want to see are reviews about crypto exchange USA scams and companies refusing to payout. The best USA crypto exchanges should have a variety of reviews from different sources. Be wary of platforms with a 5 star rating that have very few reviews, as chances are they were created by people from within the company themselves. By the same token, not all negative reviews and accusations of scams can be trusted, as concurrent companies often leave bad reviews on their competitors’ sites.
Not to be totally confused with security (see next bullet point), privacy refers more to your data protection and how visible you are online when using a crypto exchange in the USA, rather than how safe your money is. You may find a platform for crypto exchange in the USA that requires your ID to log in. This is an example of something that’s both safe and secure, but not private. Platforms that are the best in the USA for crypto exchange should have a login process that’s similar to online banking. Always check the small print of a company’s T&Cs to find out how well they protect your data before using them.
While security links in with privacy, it’s not exactly the same. You can have platforms that are private but not secure and vise versa. A secure crypto exchange in the USA should keep your money safe from scammers and hackers. While you can never guarantee absolute safety when storing any form of money online, there are plenty of crypto exchanges in the USA that provide very high levels of security. The best USA crypto exchanges, such as coinbase, keep your money in an offline storage so that it’s out of a hacker’s reach.
As is the case with doing almost anything online, you need to be wary of hackers when it comes to crypto exchange in the USA. The top USA crypto exchanges should be well policed enough to keep scammers out, but any platform that allows user-to-user communication does mean there could be a situation where you have to use your own judgement. Lucky, as we mentioned before, crypto exchanges in the US are obliged by law to report any suspicious activity.
Editor’s recommendation – the best exchange
Selecting the best USA crypto exchange is a tough ask, but for a good reason; we are simply spoiled for choice when it comes to crypto exchange here in the USA! Most international crypto exchanges allow cryptocurrencies to be bought in $USD so we’re in the privileged position of having a currency that’s in such wide circulation across the globe.
But what is the best crypto exchange for USA customers?
That’s a near impossible question to give a straight answer to, as everyone has different needs and capabilities. On balance, our experts just had to go for Coinbase, the old stable classic that pretty much started crypto exchange in the USA. The San Francisco based platform is still thought to be the most user friendly crypto exchange in the USA. Their simplicity and easy to use interface makes them ideal for beginners, while their range of capabilities makes it viable to keep trading with them as you become more experienced. They also store your money offline to keep it safe from hackers. Coinbase isn’t just the best USA crypto exchange, however. They offer at least some capabilities in 196 countries, making them the ideal choice for the digital nomads out there!
This is how our experts test exchanges
When researching and reviewing America’s best crypto exchanges, our experts like to test them themselves and read the reviews and experiences of other users with various experience levels and investment sizes. Below you can find a list of the 5 main aspects our experts focus upon when testing a crypto exchange platform here in the USA. What’s most important for us however, is finding a balance that suits each type of user.
License and security
This encompases everything in the above section regarding a safe and secure experience and is perhaps the most important element for our experts when reviewing the best crypto exchanges for us. If a crypto exchange platform doesn’t look safe and secure or appears to be a scam, then it’s not worth our time reviewing any other aspects.
Especially for beginners, an easy-to-use layout that’s pleasing to the eye is every bit as essential as the functions of the trading platform itself. A complicated and confusing platform with a barrage of information will only further confuse users of all experience levels, let alone those who are new to cryptocurrencies and exchanges. If you are more experienced and looking for an exchange with more functions and capabilities, then the usability and layout of the platform you require will naturally be more complicated and difficult. What’s important for us is that crypto trading platforms strike a perfect balance of usability to user experience.
Different people require different functions and so when testing each crypto exchange platform, our experts like to test the capabilities of each platform. Beginners will most likely be looking for a simple exchange with a crypto wallet and basic investing and trading capabilities. More experienced traders and investors might be seeking a platform that also has brokering and mining capabilities. What’s most important when testing a platform is that all of a platform’s capabilities function well, no matter how many there may be. Quality of quantity is always our preference.
Range of cryptocurrencies
Bitcoin is the oldest and still the best known cryptocurrency out there, and is available on almost all reputable crypto exchanges in the world today. The number of crypto currencies available today is quite literally in the thousands, so it’s near impossible for one platform to offer them all. Other popular cryptocurrencies other than Bitcoin(BTC) include Ethereum (ETH), Ripple (XRP) and Litecoin (LTC). An exchange platform that offers a range of cryptocurrencies can be advantageous for the right user, however that doesn;t necessarily make it the best crypto exchange platform for you. If you know that you only want to work with Bitcoin, then a safe and easy-to-use platform that only works with Bitcoin will be less complex and better for you.
In the world of crypto exchange, storing and trading, fees are pretty much unavoidable sadly, so what our experts look for is platforms with the lowest fees possible. Some exchange and trading platforms will charge a yearly or monthly membership fee, but the most common fees occur on a fee per transaction basis and are calculated as a percentage of your transaction. Fees normally go down and are sometimes even waved as your volume gets higher, which is good news for those working with larger investments.
Finding the right exchange for you
In an ideal world, our experts would be able to objectively test every crypto exchange in the country and ultimately crown one company as the best crypto trading platform USA. However, every exchange is different, and more importantly, the needs of every single user is different. That’s why our goal is to help find a variety of safe and secure exchanges to suit the needs of the individual. When finding the best crypto exchange for you, here are few points to consider:
Are you completely new to cryptocurrency, learned a little bit from a friend or are you a seasoned trader and investor who’s looking to up their game. There are a variety of crypto platforms out there in the USA to suit users of all experience levels. If you’re new to the crypto trading game, don’t choose a high level platform that’ll leave you out of your depth. Similarly, if you’re experienced don’t undersell yourself and end up working with a crypto exchange that will stunt your development as an investor.
What are you looking to do?
Are you simply looking for a place to store your cryptocurrency, or are you looking to trade, invest and broker? Then answer to such a question tells a lot about what type of crypto exchange platform you require. If you just want to store your crypto so you can use it for purchases, payments or for a little flutter in an online casino, then a simple crypto wallet will suffice. If you plan on trading and investing with one or multiple different types of cryptocurrency, then you’ll need an exchange with more complex capabilities.
How much are you looking to store or what’s the size of your investment? There are different platforms in the USA that are catered to using different volumes. While most platforms will work with smaller volumes on some level, they may charge unusually high transaction fees for moving small volumes while they completely waive the transaction fees for moving large volumes. This is a sign that such platforms prefer and better cater to higher end clients. It almost goes without saying, but the more money you’re working with, the more secure you’ll need your exchange to be.
We’ve mentioned before that cryptolisences are granted on both state and national levels, so it’s important to find a crypto exchange that’s licensed wherever you are in the country. If you frequently travel outside of the USA, then you’ll want to find an American based exchange with a wider international reach, such as Coinbase.
Crypto investing and trading is growing rapidly the world over, and the world becomes more digitised each day, cryptocurrencies are becoming a more acceptable payment method. The fact that they are not tied to any single country’s politics or economy makes the prospect of cryptocurrencies being widely used fantastic for travellers. With that in mind, there’s never been a better time to find an exchange to at least store your cryptocurrency. If you’re looking to properly invest, more careful consideration is required, however, here in the USA we’re in the fortunate position of being in a country where crypto trading is regulated, licensed and taxed.