Best Crypto Exchange USA: Which Are the Top 3

Published: 17th June, 2024 | Last Updated: 10th June, 2024

Hudson Kisia

Hudson Kisia has been researching and writing content for ElementalCrypto since 2022. He has been writing about crypto, blockchains, and mining for more than 5 years now.

Whether you want to trade or invest in cryptos you need a crypto exchange platform. Like other digital assets, crypto assets are extremely exposed to cyber security risks. This makes it imperative to seek the best crypto exchange platform to safeguard your crypto assets.

In this guide, I will walk you through the top 3 best cryptocurrency exchanges in the United States.

Canadians can check my review of the best Canadian crypto exchanges.

The top 3 best cryptocurrency exchanges in the US

With hundreds of cryptocurrency exchanges dotting the crypto industry, choosing the best crypto exchange for your trades and investments can be hard. This is especially the case if you are a new crypto investor.

To make it easier for you, the following is a list of the top 3 best cryptocurrency exchange platforms in the US to choose from:

1. Coinbase

Coinbase crypto exchange platform
Coinbase crypto exchange platform

No doubt Coinbase leads the top crypto exchanges in the United States. Of all our top picks, Coinbase has the best tools and features that cater to the needs of both crypto traders and crypto investors.

Products and services

The following are products and services offered by Coinbase to its customers:

  • Digital currencies exchange – both crypto and fiat currencies
  • Cryptocurrency trading – more than 200 crypto assets
  • Spot trading
  • Crypto staking
  • Crypto loans (BTC, ETH, USDC) – only available to institutional clients
  • Margin trading
  • Futures trading
  • Options trading
  • NFTs
  • Interest on savings

Supported digital currencies

Coinbase account supports the following digital currencies:

  • cryptocurrencies: Bitcoin (BTC), Ethereum (ETH), USD Coin (USDC), Stellar Lumens (XLM), Tether USD (USDT), Litecoin (LTC), Dogecoin (DOGE), Solana (SOL), Polkadot (DOT), Polygon (MATIC), Cardano (ADA), Shiba Inu (SHIB), Uniswap (UNI).
  • fiat currencies: USD, EURO, GBP, CAD, AUD, JPY and SGD.

Market performance metrics

As of the time of writing, Coinbase has the following market performance metrics:

  • Global position: 5
  • Market share: 3.27%
  • 24-hour trading volume: $3.07 billion
  • Listed cryptos: 245
  • Crypto Markets: 401

Features

The following key features describe the Coinbase crypto exchange platform:

(i) Platform design and tools

Coinbase boasts the following platform design features and tools:

  • Account types: Coinbase Personal, Coinbase Business, Coinbase Merchant, Coinbase Pro
  • Order types – Limit order, market order, Stop market order, trailing stop order
  • Wallet type: custodial, integrated with the crypto exchange. Coinbase wallet integrates with Ledger hardware wallets and other cold wallets for offline cold storage. Coinbase Wallet, being a hot crypto wallet itself (with cold storage in the background), lets you integrate with other hot wallets such as Trust Wallet, and MetaMask wallet via Web3 API.
  • Cards – Coinbase debit card is directly linked to your Coinbase Wallet.
  • Apps – Coinbase, Coinbase Pro, Coinbase Commerce, Coinbase dApp browser
  • Security features – Email address confirmation during account opening, Two-factor authentication, KYC requirements, data encryption, etc.
  • Tracking and reporting – market price tracking, real-time monitoring, real-time data provision, transaction management, reporting, and analytical tools
  • Cold storage facility – via Coinbase Vault facility
  • API support – yes
  • Multilingual support– more than 12 different languages including English, French, German, Chinese, Japanese, Korean, Italian, Portuguese, Russian, Spanish, etc.
  • Customer support facility– live chat, email support, internal ticketing, online support, professional services, FAQ, knowledgebase, custom paid support, client onboarding, training, etc.
(ii) Fee structure

Fundamentally, the Coinbase fee structure favors makers. Thus, a maker pays less than a taker. The maker fees range from 0.00% to 0.40% while the taker fees range from 0.05% to 0.60%

Nonetheless, these fees are subject to graduating scale. This means that the fee that you ultimately pay depends on your tier and amount of transaction.

Apart from that, Coinbase Commerce charges a 1% transaction fee for transacting in listed cryptos. If you transact in cryptos that are not listed, a higher transaction fee will be charged depending on the cryptocurrency being transacted.

(iii) Funding options

Coinbase avails the following funding options to its users:

  • Bank transfer (ACH)
  • Debit card
  • PayPal
  • Apple Pay
  • Google Pay
(iv) Withdrawal options

You can use the following withdrawal methods to get your funds out of Coinbase:

  • Bank transfer (ACH)
  • Wire transfer
  • PayPal
  • Debit card
  • Instant Cashouts to the bank account
(v) Security measures

In addition to physical security features, Coinbase does offer FDIC-insured deposit protection to customer assets.

Perks and benefits

Coinbase provides the following perks and benefits:

  • Earning opportunities – provided via the Coinbase Earn program for educational purposes
  • Learning resources – documentation, tutorials, YouTube channels, webinars, onboarding, web conferencing, forums, videos, live online, and other educational resources.

Pros

Coinbase users enjoy the following key advantages:

  • User-friendly interface that promotes ease of use
  • Native NFT marketplace
  • Passive earning opportunities
  • Multiple cryptocurrency wallet options – Coinbase Wallet, Coinbase Exchange wallet, and Coinbase dApp wallet
  • Coinbase dApp browser
  • Advanced features via the Coinbase Commerce app.
  • A dedicated portal for educational purposes
  • Links with traditional banks and other financial service providers to offer advanced financial products
  • Custom features for high-volume traders
  • Best choice for financial institutions
  • Advanced trading tools for experienced crypto traders and crypto investors

Cons

Despite its top position, Coinbase has some drawbacks. The main drawbacks of the Coinbase crypto exchange are:

  • Higher transaction fees
  • Takes charge of user’s private keys
  • High staking commissions
  • Complex fee structure that is difficult to understand
  • Poor customer service thus diluting user experience

2. Crypto.com

Crypto.com exchange platform
Crypto.com exchange platform

Among the fastest-rising cryptocurrency exchange platforms in the crypto industry is Crypto.com. This platform has one of the widest selections of crypto assets to trade in.

Products and services

You can enjoy the following products and services on the Crypto.com platform:

  • Digital currencies exchange – both crypto and fiat currencies
  • Cryptocurrency trading – more than 350 crypto assets
  • Spot trading
  • Crypto staking
  • Crypto loans
  • Margin trading
  • Futures trading
  • Options trading
  • NFTs
  • Interest on savings
  • OTC trading (for large-scale institutional investors)

Supported digital currencies

Crypto.com supports the following digital currencies:

  • cryptocurrencies: All major crypto virtual currencies
  • fiat currencies: USD, CAD, EUR, GBP, AUD, BRL, TRY, SGD

Market performance metrics

As of the time of writing, Crypto.com has the following market performance metrics:

  • Global position: 9
  • Market share: 1.66%
  • 24-hour trading volume: $1.57 billion
  • Listed cryptos: 344
  • Crypto markets: 561

Features

The following key features are descriptive of Crypto.com’s trading platform:

(i) Platform design and tools

The Crypto.com platform has the following design features and tools:

  • Account types: Master Account, Sub Accounts (several accounts under a master account), Institutional Accounts, Crypto.com Prime, etc.
  • Order types:  Stop Loss Market, Stop Loss Limit, Take Profit Market, Take Profit Limit, One-Cancels-the-other-Order (OCO) Market, OCO Limit, Post Only, Time in Force, Good Till Cancelled (GTC), Fill or Kill (FoK), Immediate or Cancel (IoC).
  • Wallet types: DeFi wallet, Fiat Wallet
  • Cards: Crypto prepaid Visa cards, Prime Visa Card
  • Apps: Crypto.com App, Crypto.com Pay
  • Security features: Multifactor (MFA) authentication, allowlisting
  • Tracking and reporting: yes
  • Cold storage facility: yes
  • API support: yes
  • Multilingual support: yes
  • Customer support facility: email.
(ii) Fee structure

Two primary factors that determine how much fees to pay on Crypto.com are:

  • CRO staking
  • Volume of transactions

Those crypto traders without CRO staking plus less than $250,000 trading volume are subject to transaction fees of 0.075%. Further, crypto traders without CRO staking but have higher monthly volumes (above $250,000) are subject to 0.05% transaction fees or lower depending on the trade volume.

On the other hand, traders with CRO staking of at least 1,000 CRO and up to $250,000 monthly volume of trade can pay a discounted rate of 0.0720. The higher the staking and trade volume, the lower the transaction fee. High-volume makers with a sizeable CRO staking can pay as low as a 0% fee.

Nonetheless, additional per-trade fees are chargeable depending on the type of trade.  

(iii) Funding options

You can fund your Crypto.com transactions via the following means:

(iv) Withdrawal options

The best way to withdraw your money is via the USD wallet. From your USD wallet, you can withdraw using:

(v) Security measures

In addition to inherent security features, Crypto.com provides offline cold storage for crypto assets. Further, it undertakes $250,000 in FDIC insurance on customer assets in U.S. dollars.

Perks and benefits

Crypto.com presents the following perks and benefits to its users:

  • Earning opportunities: Rebates based on CRO staking, volume discount on transaction fees, interest on staking, and cashback rewards on prepaid visa cards
  • Learning resources: The Crypto.com University offers diverse educational resources. In addition, you can get industry-leading research insights into the crypto world. Plenty of companywide and industrywide updates are provided to keep you informed.

Pros

Crypto.com users get to enjoy the following advantages:

  • Mobile-first crypto platform
  • Large number of supported cryptos
  • Intuitive support for hardware wallets
  • Highly competitive fees with plenty of discount opportunities
  • Transparent fee structure
  • Straightforward staking program
  • Cash back rewards on prepaid visa cards
  • Rebates on CRO staking
  • Low fees for high-volume traders

Cons

Despite Crypto.com’s impressive features and products, it has the following drawbacks:

  • Higher fees for those who don’t hold Crypto.com’s native coin (CRO)
  • Discounts on trading fees are not straightforward
  • Less intuitive user interface that doesn’t encourage ease of use
  • Not available in New York
  • Some products and features are not available to non-mobile users.
  • Poor customer service thus diluting user experience

3. Kraken

Kraken crypto exchange platform
Kraken crypto exchange platform

Those who demand high-security cryptocurrency exchange platforms will find Kraken a safer place for their crypto assets.

Products and services

The following are the main types of products and services provided by the Kraken exchange platform:

  • Cryptocurrency trading
  • Margin trading
  • Spot trading
  • Futures trading
  • NFT marketplace

Supported digital currencies

Kraken supports the following digital currencies:

  • cryptocurrencies: 220+ crypto virtual currencies
  • fiat currencies: US dollars (USD), Euro (EUR), British Pounds (GBP), Canadian Dollars (CAD), Australian Dollar (AUD), Japanese Yen (JPY), and Swiss Franc (CHF)

Market performance metrics

As of the time of writing, Kraken has the following market performance metrics:

  • Global position: 14
  • Market share: 1.09%
  • 24-hour trading volume: $1.02 billion
  • Listed cryptos: 232
  • Crypto markets: 653

Features

Kraken crypto exchange platform boasts the following key features:

(i) Platform design and tools

The following are Kraken’s major platform design features and tools:

  • Account types: Kraken Pro, Instant Buy
  • Order types:  Market order, Limit Order, Stop Loss Order, Take Profit Limit, Trailing Stop, Iceberg
  • Wallet types: self-custody Web3 DeFi wallet
  • Cards: Debit cards, Credit cards
  • Apps: Kraken, Kraken Pro
  • Security features: Password requirements 2FA, SSL encryption, email confirmation, PGP encrypted emails, account timeout, global time lock, customizable API keys, and real-time platform monitoring.
  • Tracking and reporting: yes
  • Cold storage facility: yes
  • API support: yes
  • Multilingual support: yes
  • Customer support facility: Telephone, chat, email.
(ii) Fee structure

Kraken charges both a marker fee and a taker fee. Collectively, these result in higher fees for trading on the platform.

Utilizing the Instant Buy feature attracts a $0.25 + 3.75% fee. The same fee applies to purchases via a card and digital wallet. Bank transfers via ACH attract a much lower fee, equivalent to 0.5%.

Purchases of stablecoins attract a 1.5% fee. However, buying the same via Instant Buy using the USD attracts A 0.9% fee.

Cryptocurrency deposits are free of charge. However, fiat currency deposits attract extra charges depending on the type of fiat digital currency being deposited. Similarly, fiat currency withdrawals also attract extra charges depending on the particular type of fiat digital currency being withdrawn.

(iii) Funding and withdrawal options

Kraken provides the following funding and withdrawal methods:

  • USD wallet: ACH, Wire, SWIFT, Signet, SEN     
  • EUR wallet: Debit/Credit card, SEPA, SWIFT     
  • GBP wallet: Debit/Credit card, FPS, CHAPS, SWIFT     
  • CAD wallet: Debit/Credit card, Wire, e-Transfer, SWIFT, EFT
  • AUD wallet: Debit/Credit card, Bank Transfer, Osko, SWIFT     
  • CHF wallet: Debit/Credit card, SIC, SWIFT     
  • JPY wallet: SWIFT, Furikomi
(iv) Security measures

Security-wise, Kraken ranks among the best cryptocurrency exchanges in the crypto industry. This is because it has never encountered any successful security breaches due to its advanced and stringent security measures.

For security purposes, Kraken holds 95% of digital assets on its platform in an offline cold storage facility and supports various types of cold wallets. This makes it a good crypto platform for risk-averse investors.

Kraken complies with FinCEN, FINTRAC, FCA, AUSTRAC, and FSA requirements.

Perks and benefits

Kraken avails the following perks and benefits to its clientele:

  • Earning opportunities – Kraken avails several learning opportunities including interest earning on staking.
  • Learning resources – Kraken Learn provides plenty of educational resources that cut across a wide spectrum in finance and fintech.

Pros

Kraken exchange has the following pros:

  • Supports 220 cryptocurrencies, including the most popular coins thus making it a better choice for crypto-focused traders.
  • Provides advanced trading features – including stop-loss orders and futures trading
  • Strong security measures which make it safer than other crypto platforms
  • Sophisticated feature-rich mobile app – the Kraken Pro
  • Six different fiat currency funding options and fiat payment methods
  • Has the benefits of a centralized exchange, including robust security measures such as KYC, AML, and Two-Factor authentication security requirements that protect platform users
  • The most secure trading platform in the crypto world
  • A user-friendly interface that makes it easy for new investors to get started quickly
  • In-depth data analytics tools that make it easy for advanced platform users to make informed crypto investing strategies
  • A high number of active crypto traders that boosts the platform’s liquidity
  • Kraken’s editorial team provides wide, deep, and extremely detailed editorial content that is helpful to both new investors and advanced investors.
  • Credit card and debit card purchase facility
  • A dedicated portal for educational purposes
  • Best option for risk-averse investors
  • Advanced trading tools for experienced crypto traders and crypto investors

Cons

Kraken has the following cons:

  • Very high exchange commission of up to 0.26%
  • Very high withdrawal fees of up to $35
  • Many customer complaints about lack of satisfactory customer support
  • Since it is a centralized exchange, it lacks the benefits of a decentralized exchange such as No-KYC requirements and anonymous trading
  • A complex fee structure that can be confusing to new investors
  • Focused only on crypto trades
  • Customer assets are not covered by the Federal Deposit Insurance Corporation (FDIC)
  • Margin trading is no longer available in the US
  • Demands lots of personal information

Other crypto exchanges worth mentioning

While the following do not feature among the top performers in terms of market performance metrics, they can be reliable alternatives in case none of the 3 best US crypto exchanges fits your requirements:

  • Bitstamp
  • Gemini
  • eToro
  • Robinhood
  • Uphold

Why several international mega giants aren’t on the list?

Due to the extremely stringent and hostile regulatory climate, several crypto giants including Binance, Bittrex, Kucoin, and others have either pulled out or are unwilling to offer cryptocurrency trading services in the US.  

Thus, the top 3 best exchanges in the US market may not hold similar positions in the global market. Only Coinbase may appear among the top 5 best crypto trading platforms globally.

For this reason, we have a short list of crypto exchanges. Hence, before choosing a crypto platform, ensure it fully complies with the US regulatory requirements. Nonetheless, this is a tall order given that Coinbase and Kraken are facing legal issues from the SEC.

The compliance requirements include:

  • KYC and AML requirements
  • Mandatory registration with the Financial Crimes Enforcement Network (FinCEN)
  • A clean bill of health from the Securities and Exchange Commission (SEC)
  • No serious legal challenges in the US Courts

Hudson Kisia has been researching and writing content for ElementalCrypto since 2022. He has been writing about crypto, blockchains, and mining for more than 5 years now.

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