Disclaimer: This page is not financial advice or an endorsement of digital assets, providers or services. Digital assets are volatile and risky, and past performance is no guarantee of future results. Potential regulations or policies can affect their availability and services provided. Talk with a financial professional before making a decision. Finder or the author may own cryptocurrency discussed on this page.
When deciding on which crypto exchange is right for you, consider what you plan on using it for.
It’s quite common to use multiple exchanges to benefit from their different areas of specialty, such as using one for its range of coins and another for its low fees.
You may also want to consider whether you’re new to crypto markets or you’re a seasoned trader when selecting the platform that’s right for you.
Coinbase won the 2023 Finder Award for Best Crypto Exchange Overall because it offers a world-class service for all levels of crypto traders and investors.
If you are new to crypto, you can use the exchange to make instant purchases in just a few clicks. Seasoned crypto investors can use the platform's advanced trading option for lower trading fees, charting tools and a view of the exchange's order book.
Beyond trading, there are features such as a crypto wallet and an NFT marketplace that make the service well-suited for the needs of most crypto investors.
Coinbase also encourages users to learn more about crypto assets and blockchain networks. In its Learning rewards section, you can watch videos that explain how digital asset networks work and then earn small amounts of the crypto assets you learn about upon correctly responding to questions about them.
Coinbase also automatically rewards you with yield on USDC held in your account. So, if you decide to park your money in stablecoins for a while, you can still increase your digital asset holdings while doing so on Coinbase.
Pros
Instantly purchase cryptocurrency with a debit card or bank transfer
Feature-rich mobile app with many of the same features as the desktop exchange
The Advanced Trading mode offers lower fees
Automatically earn yield on any USDC held in your account
Earn small amounts of free crypto with the Learning rewards program
Registered as a Money Services Business (MSB) with FinCEN and licensed in most states
Cons
No staking and lending programs
Customer service team isn't very responsive
Deposit method
Bank transfer (ACH),Debit card,PayPal,Wire transfer,Apple Pay,Google Pay
eToro won the 2023 Finder Award for Best Platform for Beginners because its crypto trading services are tailored toward those new to the crypto market. It received positive customer reviews, as well.
The platform offers instant purchases, notable educational resources and unique trading features designed to help beginners learn to trade crypto better and benefit from the skills of more experienced traders.
If you're looking to make your first crypto purchases without having to navigate a complex trading interface, eToro makes it easy to buy digital assets in just a few clicks, which is why it also won the 2023 Finder Award for Best Instant Purchases.
The platform's beginner-level trading resource page provides short tutorials that have titles such as What is Bitcoin? and The Fed Made Simple to help prepare you to trade and invest.
eToro is known for its CopyTrader feature that lets users connect with and copy the trades of more experienced traders. This allows those new to financial markets to preview how more experienced traders operate plus automatically make the same trades as they do.
Pros
Has a social media feed that helps beginners connect and learn from the community
CopyTrader function allows new traders to copy the trades of more experienced ones
Uphold is unique in that it enables direct trading between cryptocurrencies, fiat currencies and precious metals.
This means you can trade directly between any two of these assets without having to first go back into a common asset like US dollars.
For example, you can trade some of your ether (ETH) for Japanese yen or gold-backed tokens.
Keep in mind, though, that you may be taxed as if you did sell back into US dollars depending on the jurisdiction in which you live, the currency that you sold and the amount of profit you made selling the said currency.
Pros
Trade across 200+ crypto and traditional currencies
Available in 184+ countries
Provides access to assets beyond crypto and forex
Registered as a Money Services Business (MSB) with FinCEN and licensed in most states
Cons
Not available to residents of certain states
High spread fees
Deposit method
Bank transfer,Credit card,Debit card,Bank transfer (SEPA),Apple Pay,Google Pay
Deposit Fees
Debit/Credit Card Transactions: 2.49% Bank transfer: None Google Pay: None
Withdrawal Fees
Debit/Credit Card Transactions: 2.49% Cryptocurrency: Subject to network fees Bank transfer: None Google Pay: None
Trading Fee
Trading: $.99 for trades under $500 Spread: Up to 1.5%
Paybis supports a wide array of payment methods. From credit cards to Google Pay to Skrill, you can buy crypto on Paybis via a number of different payment technologies.
Plus, you can purchase over 80 crypto assets with almost 50 different fiat currencies.
And if you run into any issues while buying and selling crypto, you can reach out to a live customer support agent through a live chat.
However, please note that if you are a frequent trader, Paybis might not be the best platform for you. The combination of commission and processing fees that it charges can total between 4.5% and 6.99%.
Pros
Supports a variety of payment methods
Easy registration process
24/7 live customer support
Registered as a Money Services Business (MSB) with FinCEN and licensed in most states
Kraken won the 2023 Finder Award for Best Advanced Trading because of the array of trading services it offers through Kraken Pro, its advanced crypto trading platform.
Kraken Pro was overhauled this year and offers crypto trading vets access to margin for leveraged trading, a highly customizable trading interface and low maker and taker fees that range from 0% to 0.26%.
Kraken is one of the few crypto exchanges in the US that offers margin as well as futures contracts to traders. Please keep in mind, though, that these financial instruments are risky to trade, and they aren't designed for less-experienced traders.
Kraken Pro's customizable interface allows you to resize and reorganize the windows on the platform's trading interface so you can optimize the presentation of the data you'll use to trade.
Pros
Offers margin for trades and futures contracts
Highly-customizable trading interface
Advanced order types and charting tools
Low spot market fees
Registered as a Money Services Business (MSB) with FinCEN and licensed in most states
Cons
Not available to residents of New York and Washington state
No longer offers staking-as-a-service to US customers
Deposit method
Bank transfer,Credit card,Cryptocurrency,Debit card,Apple Pay,Google Pay,SWIFT,ACH online banking
Deposit Fees
ACH deposit - Fees vary ($10 minimum deposit) Credit and debit card - Fees vary ($10 minimum deposit) Apple Pay or Google Pay - Fees vary ($10 minimum deposit) Crypto - Free
Withdrawal Fees
FedWire withdrawal - $4-$35 Crypto - Fees vary depending on coin or token
Bitstamp won the 2023 Finder Award for Best Value Exchange in part because it provides 24/7 over-the-phone customer support — a rare offering from crypto exchanges.
Also, trading fees are relatively low, with maker and taker fees ranging from 0% to 0.3% and 0.03% to 0.4%, respectively, depending on how much you trade.
The exchange also offers advanced charting tools, precise order execution, deep liquidity on over 75 crypto assets and top-quality APIs, which advanced traders can use to integrate their algorithmic trading strategy.
The exchange also has a commendable track record of serving its customers. It's only been hacked once in its more than 10 years of operation, and all of the users that lost funds were reimbursed in full.
Pros
24/7 over-the-phone customer support
Free bank transfers and low wire transfer fees
One of the longest-running exchanges, with over a decade of experience
Registered as a Money Services Business (MSB) with FinCEN and licensed in all states
Cons
Fees increase for monthly trading volume over $1,000
$5 million in Bitcoin hacked in 2015
4% instant purchase fee is higher than some competitors
Deposit method
Bank transfer,Credit card,Cryptocurrency,Debit card,SEPA,Faster Payments (FPS)
Deposit Fees
Cryptocurrency: None; blockchain network fees apply Bank transfer (ACH): None; bank fees may apply Debit card transfer: 5% Credit card transfer: 5% Wire transfer: 0.05%
Withdrawal Fees
Cryptocurrency: None; blockchain network fees apply Bank transfer (ACH): None; bank fees may apply Wire transfer: 0.01%
Crypto.com won the 2023 Finder Award for Best Exchange for Altcoin Trading because the platform allows you to buy and sell over 300 cryptocurrencies.
The mobile app provides a simple pathway to buying and selling while the desktop exchange offers reduced fees and advanced order types for traders.
Crypto.com's site features up-to-the-moment digital asset price information from CoinMarketCap, a market data website that reports price information for over 20,000 crypto assets.
Using this information, you can set up price alerts to help time your trades and take advantage of market changes as they happen.
Crypto.com also supports earning for a wide range of altcoins.
Pros
One of the biggest selections of crypto coins and tokens in the US
Trading fees are cheaper on the desktop exchange
Earn yield on a range of altcoins
Minor fees for depositing some cryptos
Registered as a Money Services Business (MSB) with FinCEN and licensed in most states
Cons
Not currently available in New York
Fees on the app may be higher than on the desktop exchange
Fees on the app are higher than some competitors
Deposit method
Bank transfer,Credit card,Cryptocurrency,Debit card,PayPal,Wire transfer,Apple Pay,Google Pay,SWIFT
Gemini's app is intuitive, uncluttered and secure. Its straightforward interface makes it easy to buy, sell and store the more than 100 crypto assets it supports.
The app allows you to track your overall crypto portfolio as well as view and maintain a watchlist of cryptos you're interested in purchasing. And when you're ready to purchase new crypto assets, you can use the app to make a one-time purchase or set up recurring buys.
It also enables you to protect your account using two-factor authentication (2FA) and, if you have a Gemini credit card, you can use the app to track the crypto rewards you earn when you use the card.
Pros
Good security record &ndash
no hacks in 10 years and assets left in the custody of the platform are insured
Offers reduced trading fees when you use the ActiveTrader feature
Available on both Android and iOS devices
Registered as a Money Services Business (MSB) with FinCEN and licensed in all states
Cons
Debit card deposit fees are 3.49%
Some competitors support significantly more crypto assets
The exchange has frozen withdrawals from its former Earn program for over a year
Deposit method
Bank transfer (ACH),Cryptocurrency,Debit card,PayPal,Apple Pay,Google Pay,SWIFT
Deposit Fees
Cryptocurrency: None Bank transfer (ACH): None, bank fees may apply Wire Transfer: Determined by your bank Debit Card: 3.49% + Trading Fees Paypal: 2.50% of total deposit amount + Trading Fees
Withdrawal Fees
Cryptocurrency: None (for 10 withdrawals and below per month) Others: None (for 10 withdrawals and below per month)
Binance.US makes earning yield on crypto assets straightforward, which is why it's our pick for the best exchange for staking rewards.
Binance.US offers a staking-as-a-service feature, which lets you loan digital assets such as BNB, SOL, and ADA to the platform so that it can stake them for you. This removes the need to send your crypto to a non-custodial wallet and then stake it yourself.
Keep in mind that that you aren't directly staking your assets on-chain when you use Binance.US's staking service. Instead, you are lending the assets to Binance.US, which then stakes them on-chain for you.
Using Binance.US's staking service, you maintain plenty of control over your assets — deposit terms are flexible so you can withdraw at any time.
Pros
Earn staking rewards with with relative ease
No need to transfer assets off of Binance.US
Easy-to-follow staking instructions on the Binance.US website
Registered as a Money Services Business (MSB) with FinCEN and licensed in most states
Cons
Not available in all 50 US states
For staking services, uou leave the private keys to your digital assets in Binance's custody, which creates counterparty risk compared to staking directly on-chain
Our comparison tables are completely free to use. We link you directly to the platform's secure sign-up page and we'll never ask you for personal details. Better still, we regularly have exclusive offers that you won't find anywhere else.
We're experts
We've researched and rated dozens of exchanges as part of our
Finder Crypto Trading Platform Awards. We've published hundreds of guides and our in-house experts are regularly called upon for commentary in Nasdaq and The Street.
We're independent
Unlike other crypto media, we're not owned by an exchange or investment firm. Our opinions are our own and we put our readers first to help you find the crypto trading product that's right for you.
We're here to help
We're a team of crypto nerds with extensive experience in investing, trading and decentralized finance but we also remember how it feels to be a beginner. We give you first-hand reviews of what it's like to use these products – without jargon.
How to choose the best crypto exchange in the US
It's important to research a wide range of crypto platforms and compare the pros and cons of each option. The best crypto exchange for you depends on what you're looking for, so consider the following:
If you're a crypto novice, getting started buying and selling coins and tokens can be complicated and confusing. On the other hand, experienced traders may want a platform with special features such as advanced charting and order types, plus the option to trade on margin.
If you're a beginner at crypto trading, look for a platform with a straightforward user interface that's easy to understand.
Can you deposit funds into your account via bank transfer, credit card and/or PayPal? The more payment options an exchange has, the more convenient it generally is to use. Make sure your exchange has deposit and withdrawal options that work for you. Remember to check the fees associated with different methods.
First, consider the type of trades you want to place. Some exchanges offer these trading options:
Fiat-to-crypto
Crypto-to-crypto
Both fiat-to-crypto and crypto-to-crypto
For example, if you want to buy BTC with US dollars, you'll need to find a platform that allows you to buy coins via bank transfer or card. Alternatively, if you want to exchange your BTC or ETH holdings for another cryptocurrency, you'll want a platform that offers direct crypto-to-crypto trades.
Consider which currencies you want to trade and which platforms list those currencies in one or more trading pairs:
Cryptocurrencies. There are thousands of different cryptocurrencies in existence, so don't expect to find them all listed on any single platform. Major cryptocurrencies such as BTC, ETH, XRP and others in the top 20 coins by market capitalization are listed on an extensive range of exchanges. However, rarer altcoins may be much harder to find.
Fiat currencies. If you want to buy crypto with US dollars, check which currencies the platform accepts.
You can find an overview of the crypto assets and fiat currencies that each exchange supports in the table. Read the full review for a more detailed analysis.
From depositing to trading and withdrawing funds, how much will it cost you to buy and sell crypto on each platform? Consider your payment method, the currencies you want to use and any discounts you may be entitled to when completing these calculations. For instance, fees for credit card purchases are usually higher than for a bank transfer.
You can find detailed information on fees for each exchange by clicking on the "View details" text in the table.
Are there any limits on the amount you can deposit into your account or the amount of cryptocurrency you can buy or sell per transaction or per day? This question typically only applies to what some colloquially call "crypto whales" or people who make transactions ranging in value from hundreds of thousands to millions of US dollars.
Most exchanges that require the Know Your Customer (KYC) process allow you to deposit and withdraw tens of thousands of US dollars per day. This is more than most average traders deposit and withdraw on a daily basis.
How can you access your trading account? Certain platforms only allow you to trade through a web browser, but some have mobile apps. If trading on the go is important to you, it's worth reading up on whether or not the exchange has a mobile app and how easy it is to use.
Lending involves loaning out your cryptocurrency to other users or businesses who pay you a fee for doing so. Staking involves locking up your assets to help them secure a blockchain network.
Before using any exchange to generate yield, make sure you understand the risks involved, what type of earning the exchange offers and whether it's appropriate for your needs.
The price of a digital asset is determined by whatever people are willing to pay for it.
Most brokers or instant buy services charge a fee as part of the service it provides. This means you will pay anywhere from a fraction of a percent to a few percent more than the going rate of the asset when you make the purchase.
If you purchase your asset in the spot market, you can set the price that you want to pay and then wait for your order to be filled. For example, if you are willing to pay US$21,000 for 1 BTC, then you can set a limit order to buy BTC at that price in hopes that someone is willing to sell it to you at that price.
The level of liquidity on an exchange affects the ease and speed with which you can complete trades. If there's a high level of liquidity – in other words, if the exchange has a high trading volume – then trades should be completed quickly and easily.
One of the biggest benefits of trading on larger crypto exchanges is they get enough orders to match buyers and sellers without any difficulty. However, low liquidity can lead to substantial price fluctuations.
You can check websites such as CoinGecko or CoinMarketCap to get a better idea of an exchange's level of liquidity.
Most centralized crypto exchanges these days require you to complete a KYC or identity verification process.
But some exchanges still let you deposit crypto and trade crypto-to-crypto without completing the KYC process.
The said exchanges may not be properly regulated, so please proceed with caution if you choose to use these, especially if they are located offshore.
Keep in mind that these exchanges may limit the amount of crypto you can withdraw from the exchange on a daily basis.
For exchanges that require the KYC process, verification requirements vary. You will likely need to provide some or all of the following:
Your name
Your email address and phone number
Your address
Proof of ID
Proof of address
A photo of yourself holding a signed declaration
If you need to provide a wide range of personal information, it's important to be sure you're dealing with a trusted exchange.
It's also a good idea to research how long you can expect the verification process to take. For some exchanges, it can take up to 2–3 business days while others are near-instant.
Finally, be aware that some exchanges require you to complete additional verification tasks to unlock full account features and permit higher transaction limits.
What is the difference between a brokerage and an exchange? How long will it take for your transaction to be completed? Is one better than the other?
Broker. Brokers buy and sell cryptocurrency to you. They typically charge a convenience fee for this, which may be hidden as a spread or markup on the going market rate.
The advantage of using a broker is your transactions should be instant. When you purchase crypto using either the fiat you've deposited into your account or with a credit card, that crypto should be available to you right away.
The same goes for when you decide to sell your crypto for fiat. You sell the broker your crypto in exchange for fiat and the fiat should instantly register in your account.
Exchange. An exchange has a spot market, which is where users come to place buy and sell orders on the open market. Doing so allows you to set a specific price for an asset. For instance, if you think the price of Bitcoin will go down from US$23,000 to US$21,000, you can set an order for US$21,000 and wait for it to be filled. Likewise, you can set an order to sell your assets for a higher price than what is being offered.
Exchanges may also offer brokerage services.
Most exchanges allow you to withdraw crypto to your own wallet. This is sometimes not the case with brokers.
Whether you use an exchange or broker will come down to your own needs and whether you plan to trade regularly or make a few one-off purchases now and then.
Security is a crucial factor to consider when choosing a crypto exchange.
There have been more than a handful of cases in which exchanges have been hacked in crypto's history, so do your research on what security measures are in place to protect your funds.
Questions you should ask include the following:
Is the exchange ld and regulated by the proper authorities?
Is 2-factor authentication (2FA) – a code sent to your phone each time you log in – supported?
What percentage of customer funds are stored offline or in cold storage? Cold storage refers to storing the private keys to digital assets somewhere offline to greatly reduce the ability for hackers to access the assets.
What level of verification is required to open an account?
Have you checked the exchange's trust score on CoinGecko or CER?
Cryptocurrency exchanges in the US are regulated by the Bank Secrecy Act (BSA).
FinCEN requires all exchanges in the US to be licensed and to comply with Anti-Money Laundering (AML) and Know Your Customer (KYC) requirements.
Certain states, such as New York, also have specific regulatory requirements under a "BitLicense" that requires "virtual currency businesses" to go through a number of bureaucratic procedures to obtain a license to do business in the state.
You will know that you are using a regulated exchange if you are asked to provide KYC information in order to create an account.
It's important to use a regulated exchange so the owners of the exchange are accountable to the proper authorities, which means you are less likely to be defrauded.
This is a crucial but often overlooked factor when comparing crypto exchanges. If you ever have a problem with an individual transaction or with your account, how will you access a platform's customer support team?
You'll need to consider the following:
Is customer support available through email, phone and/or live chat?
Is support available 24/7 or only during specific hours?
How quickly does the support team respond to inquiries?
Is support offered in a language you are comfortable speaking?
Does the exchange have a reputation as a secure and reliable platform? Finder has reviewed a number of crypto exchanges to craft a list of the best crypto exchanges in the US.
In efforts to assess the soundness and reliability of crypto exchanges, we look at whether or not exchanges are properly regulated, how they secure the private keys to the crypto they hold and the level of customer support they provide, among other factors.
You can also read our dedicated review for each exchange or see what other users think of the platform using a third-party service like Trustpilot.
Using FinCEN-registered exchanges to buy cryptocurrency
There are plenty of places to buy crypto, including platforms founded here in the US or based in locations all around the world. Exchanges headquartered locally are required to register with FinCEN and comply with requirements that don't apply to global platforms. Depending on your goals, this may have some benefits or drawbacks.
Pros
US-based exchanges must comply with FinCEN's Anti-money Laundering (AML) and Counter-terrorism Financing (CTF) reporting obligations.
You can usually buy crypto with USD.
Exchanges in the US typically support local payment methods.
You may be able to access local customer support.
Subject to local laws.
Cons
You'll need to provide your personal details and proof of ID – a disadvantage if you want to trade anonymously.
Overseas trading platforms may provide better liquidity.
Some features are simply not available on FinCEN-registered exchanges. For example, margin trading, DeFi features and some altcoins.
Compare more crypto trading platforms and apps in the US
Use the table to compare crypto exchanges and platforms on fees, range of cryptos, deposit methods and more. Once you've found the right fit, select Go to site to get started.
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How to use a cryptocurrency exchange
For the sake of our example, let's assume that you have $500 that you want to use to buy Bitcoin (BTC).
Register for an account on the platform and provide any personal details and proof of ID required.
Navigate your way to the "Buy" screen.
Select BTC as the cryptocurrency you want to buy.
Select your payment currency, which in this case is USD, and specify the amount you want to spend as $500.
Select your payment method, such as a credit card payment or bank transfer.
Enter your payment details, such as your account number if sending a bank transfer or your card number and CVV if paying by credit card.
Review the full details of your transaction, including the fees that will apply and the amount of BTC you are purchasing.
If you're happy to proceed, click "Buy BTC".
Once the transaction has been processed, the BTC will be deposited into your exchange wallet. However, please note that some brokers will automatically send your purchased BTC to an external wallet address that you nominate.
How to pay for your cryptocurrency in the US
Crypto exchanges in the US support a range of deposit methods, including the following:
Neteller, Skrill and other online payment services
Apple Pay and Google Pay
Accepted payment methods vary between exchanges. Prior to signing up, it's worth checking that your preferred payment method is supported.
The different types of cryptocurrency exchanges
The term "exchange" may refer to a variety of cryptocurrency brokers, trading platforms and other services. Different types of exchange are often more geared toward beginners or experienced users.
Cryptocurrency brokers (suited to beginners). Buy directly from cryptocurrency dealers for simple and quick purchases. Many beginners use brokers for their first purchase. A broker will facilitate an instant purchase of the digital asset of your choosing and will not offer spot trading.
Cryptocurrency trading platforms (suited to beginner/intermediate users). Buy and sell cryptocurrency on an open market for competitive fees, a wide selection of cryptocurrencies and optional features like margin trading. Many exchanges now offer brokerage services to be more beginner-friendly.
Cryptocurrency derivatives platforms (suited to advanced users). These trading platforms don't sell cryptocurrency outright. Instead, they let certain users trade cryptocurrency derivatives in regions where this restricted-access feature is available. They're for advanced traders who want high speed, high leverage and deeply liquid platforms with a full range of features.
Risks of using a crypto exchange
Cybersecurity breaches. Hacks and scams are, unfortunately, commonplace in the crypto space. Exchange-related security breaches and targeted phishing scams remain a major concern for exchanges and their customers.
Not your keys. "Not your keys, not your crypto" is a common industry saying and refers to holding your digital assets in a wallet that another person or company controls, such as on an exchange. By storing cryptos on an exchange rather than
in a non-custodial wallet, you're relinquishing full ownership of those assets and putting trust in a third party – which some may see as contradictory to the decentralized philosophy of crypto.
Lack of consumer protection. While crypto exchanges are increasingly regulated in the US and may be registered with FinCEN, they are still lacking a lot of consumer protections such as mandatory insurance or strict rules about how user assets are managed.
Proof of reserves. Since the widely publicized collapse of FTX, many traders and investors have demanded centralized exchanges provide proof of reserves and user deposits. This may be done by a third-party auditor or through the use of on-chain data. Proof of reserves is still an evolving concept, and it's not clear yet what the best practices are or how reliable it will prove to be.
Transaction limits. Most crypto trading platforms have daily deposit and withdrawal limits. This means that even though you may have, for example, 10,000 USD available, you may not be able to access and withdraw the total balance. Transaction limits depend on the exchange and FinCEN stipulations and typically increase as you provide additional KYC information.
Frozen accounts. Crypto exchanges freezing deposits and withdrawals can happen without warning. If your account is frozen, you will not be allowed to remove your funds until the exchange approves or denies your request. Precautionary measures such as only holding a trading balance on an exchange are recommended.
Asset delistings. Centralized exchanges can opt to delist a cryptocurrency at any time. This can happen for numerous reasons, including poor asset performance, security concerns or anti-money laundering (AML) breaches. If delisting is taking place, you will be notified by the exchange and forced to sell your assets or remove them from the platform.
Is it safe to store your cryptocurrency on an exchange?
Cryptocurrency is held in digital wallets. Some exchanges will give you your own wallet that lets you hold cryptocurrency in your exchange account and then transfer it anywhere as desired.
However, once you have purchased what you consider to be a sizable amount of digital assets, you may want to consider transferring the private keys to those assets to a self-custodial wallet.
This is because the exchange controls the private key to your wallet, which means you don't have total control of your funds. And with exchanges sometimes falling victim to hackers, there is some degree of risk involved with leaving the private keys to your crypto in the hands of a centralized exchange.
We polled 56 specialists in the fintech industry to get their opinion on what the future looks like for centralized crypto exchanges and what the demise of FTX means for the crypto industry.
The vast majority of our panelists (83.93%) don't think the collapse of FTX was the beginning of the end for crypto, while 8.93% think it was and 7.14% are unsure.
However, because of the FTX collapse, more than half of our panelists (58.49%) believe that crypto exchanges should be regulated just as much as other financial trading platforms.
22.64% believe that crypto exchanges should be regulated, but less so than other financial trading platforms. 15.09% don't believe that crypto exchanges should be regulated to the same degree.
Over one-third of our panelists (35.19%) believe all crypto exchanges will be regulated as traditional financial institutions by 2030. A further 22.22% believe this will happen by 2025 and another 14.81% think it will happen by 2024.
In the future, the majority of our panelists (86.79%) feel that crypto exchanges should be required to disclose both their proof of reserves (PoR) and records of their liabilities.
42.31% think that more crypto exchanges will face bankruptcy as a result of a reduction in their customer base. 15.38% believe this will play out over the next 5 years while a quarter (26.92%) think it'll happen within the year.
Finder surveyed 56 fintech specialists in January 2023. Panelists are able to answer as many or as few questions as they like, meaning the number of responses received varies by question. Panelists may own some cryptocurrencies.
Meet the panel
Bottom line
Not all crypto exchanges are created equal and not all crypto buyers and sellers have the same trading needs. The best exchange or platform for one person might not necessarily be the right choice for someone else, so it's essential to do your own research.
Read our reviews of some of the most popular cryptocurrency exchanges in the US and around the world before you decide which to use. Compare the features, fees and pros and cons of each platform and consider whether they align with your investment goals and budget.
FAQs
The safest exchanges have stringent security measures like Know Your Customer (KYC) registration, password protection and a 2-factor authentication (2FA) option.
Other green flags to look out for include the majority of user funds held in cold storage and a publicly available insurance policy for user deposits.
Remember: all centralized cryptocurrency exchanges are vulnerable to hacking and exploits.
There are lots of fees to take into account when choosing an exchange. Exchanges like Kraken and Binance.US are known for having competitive transaction fees.
But, it's also important to consider deposit and withdrawal fees, possible account inactivity fees and spreads on top of this. A good place to start is by comparing fees with our table.
Due diligence and research are incredibly important when choosing a crypto exchange you can trust.
As a good rule of thumb, look for exchanges headquartered in the US with a long history of serving customers without hacks — like Coinbase, Kraken or Gemini.
A great way to dive deeper is by reading extended reviews of each crypto exchange and researching customer feedback and industry data on platforms like Trustpilot.
According to a 2021 Finder survey, Americans hold an average of $1,003 in crypto in their crypto wallets. However, roughly three-quarters of respondents actually held less than this amount, and the median dollar amount of cryptocurrency in our respondent's wallets was only $191. The number of Americans who own a cryptocurrency has jumped from 7.95% in 2018 and 14.4% in 2019 to 23.16% in 2021, an increase of 61% in two years, according to a survey of 2,059 participants commissioned by Finder. That means roughly 59.1 million Americans own crypto.
Methodology
To evaluate our 2024 picks for the best crypto exchanges in the US, we compared trading platforms on a range of criteria, including the following:
Supported assets. Does the platform offer a good breadth of coins, tokens and NFTs?
Payment methods. What account funding options are available? Does the exchange accept bank transfers, credit and debit cards or crypto-only transfers?
Fees. What trading fees, withdrawal fees and other miscellaneous charges are levied by the exchange, and are these rates comparable with competitor exchanges?
User experience. Is the platform simple to use for both beginners and advanced crypto traders?
Platform features. What tools, charts and functionalities are available on the exchange? Is there support for advanced trading features such as derivatives or hedging?
Security. What measures are taken by the exchange to protect its customers' assets and prevent theft or loss? Are additional security features in place, including 2-factor authentication (2FA), cold storage of assets, regular audits and insurance coverage?
Regulator registration. Is the platform registered with the Financial Crimes Enforcement Network?
Customer support. How do existing users rate the exchange's customer support? Does the exchange offer various methods of contact, such as email, instant chat, phone or social media?
Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.
Whether products shown are available to you is subject to individual provider sole approval and discretion in accordance with the eligibility criteria and T&Cs on the provider website.
Frank Corva is a cryptocurrency writer and analyst for digital assets at Finder. Frank has turned his hobby of studying and writing about crypto into a career with a mission of educating the world about this burgeoning sector of finance. He worked in Ghana and Venezuela before earning a degree in applied linguistics at Teachers College, Columbia University. He also taught writing and entertainment business courses in Japan and worked with UNICEF in Namibia before returning to the US to teach at universities in New York City. Earlier in his career, he spent years working as a publicist and graphic designer for record labels like Warner Music Group and Triple Crown Records. During that time, he was also a music journalist whose writing and photography was in published in Alternative Press, Spin and other outlets.
Learn about BitFinex cryptocurrency exchange where you can buy and sell 100+ coins and tokens. Discover features, fees and more in Finder’s BitFinex review.
Check out our complete review of Coinbase to see if it’s safe, weigh up pros and cons, compare fees and learn what you can do on it beyond simply buying cryptocurrency.
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