3 Best Crypto Exchange Platforms in the US in 2023

By 

Marcel Deer

 on November 2, 2022. 
Reviewed by 

Michelle Meyer

A person holding their smartphone, displaying the Kraken logo against a white background, with their website landing page displayed on a computer screen visible in the background.

Blockchain technology has grown by leaps and bounds over the past several years, and with more and more people joining the crypto craze, more trading options have emerged. However, if you're new to trading, it can be challenging to determine which cryptocurrency exchanges have the features you're looking for.

To help narrow down the options, here are some basic factors to look at when comparing potential US-based cryptocurrency trading platforms.

  • Choice of Crypto There are over 19,000 cryptocurrencies in circulation. Most exchanges will carry high market cap currencies but for those interested in unconventional coins, you may have to look into niche exchanges.
  • Security Keep your assets safe by choosing a reputable cryptocurrency exchange that employs industry-standard security measures like two-factor authentication (2FA) and strong encryption.
  • Transaction Fees There isn't a standard charge for exchanges yet, so trading and commission costs may vary. These costs may appear small at first, but can add up in the long run.
  • Liquidity A highly liquid exchange allows traders to trade at any time since it receives a significant number of orders daily. It also implies many users trade on it.

Below, we've compiled the 5 best crypto exchange platforms in the US that are capable of carrying your investments safely into 2023.

1. Gemini

Establishment and Offering

The Winklevoss brothers founded Gemini in 2013. Gemini is regulated by the New York State Department of Financial Services (NYDFS) and other global institutions. It supports over 50 coins and is easily accessible across all US states.

Fees

Every trade on the platform comes with convenience and transaction fees. The convenience fee amounts to about 0.5% of the market price and is payable in the cryptocurrency you choose to purchase. Trading crypto imposes a flat processing fee of 1.49%, while the fee to buy or sell cryptocurrency varies from currency to currency.

Pros and Cons

Gemini offers a versatile trading platform. It's easy enough for beginners to use, but also offers advanced features that are appealing to serious traders, including a portal for peer-to-peer trading, insurance against exchange hacks, block trading, and advanced charting.

However, Gemini's fees are higher than some other crypto exchanges, but its high functionality and advanced security measures make it worth it.

2. Coinbase

Establishment and Offering

Coinbase is one of the largest exchanges. It has a presence in over 100 different nations and has even introduced a Visa debit card in the US and Europe. In 2021, the exchange made $7.8 billion in revenue from a user base of over 98 million.

Fees

A "Coinbase Fee" is added to every transaction on top of the spread and the cost of depositing money. This fee varies and depends on the transaction amount, payment type (debit or credit), and location of purchase.

Pros and Cons

It’s one of the best and most user-friendly platforms for beginners with more than 150 cryptocurrencies, including all the major ones, available to US traders. Additionally, users can receive token rewards and interest in USDT by fulfilling certain tasks on the exchange. They may also opt to use the Coinbase wallet.

However, it does charge higher fees compared to its competitors and the fee structure can be confusing.

3. Kraken

Establishment and Offering

Kraken was established in 2011, making it one of the oldest Bitcoin exchanges in the world. The platform offers access to over 150 cryptocurrencies, including DOGE and other risky coins, to both beginner and experienced traders.

Fees

Rates offered to entry-level traders are up to 2%—slightly higher than some of Kraken's competitors. However, the fees offered to advanced traders on the Kraken Pro platform are very low at only 0.26%.

Pros and Cons

There are few exchanges as safe as Kraken. Compared to other exchanges, it ranks second in security overall and has seen no major hacking incidents since its inception. Its servers are secured in cages with 24-hour armed guards and camera surveillance. All private contact data is encrypted, and the system is regularly tested for vulnerabilities.

Unfortunately, Kraken is not available in all US states as it excludes New York and Washington. Additionally, it uses a service called Trustly to let users link their bank accounts and while the service has 1,000 banking partners, if you're bank is not one of these partners you may not be able to complete transactions.

Conclusion

With so many options to choose from in the market, it's important to think about what kind of exchange best fits your needs. While investing in cryptocurrencies is exciting, it's not without its downsides. Do your own extensive research to make sure you understand how these platforms work before using them to avoid any catastrophes.

» Looking to invest abroad? Explore the best crypto exchange platforms in Argentina and crypto trading platforms in the UK

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