If you’re looking to get into the cryptocurrency market, then you need to know about the best crypto exchanges for US traders. With so many options out there, it can be challenging to know which one is right for you. That’s why we’ve put together a list of the top exchanges, based on factors like security, fees, and ease of use.
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Why Are Some Crypto Exchanges Not Available in the United States?
Have you been wondering why some crypto exchanges are not available for United States residents? Well, to answer this question let’s take a closer look at the United States regulatory system. The US has quite a rigorous regulatory environment for financial institutions, which includes crypto exchanges. What’s more, some exchanges may not have the necessary licenses or permits to operate in the United States. Finally, crypto exchanges may simply choose not to do business in the US due to the higher costs associated with compliance.
It is important to note that this is not about US citizens but US residents.
What To Consider When Choosing a US Crypto Exchange
Cryptocurrency trading is a booming industry and there are now hundreds of options for buying and selling digital assets. To find the best fit for your needs, it’s important to research different exchanges out there. Here are some key factors to consider when choosing a US crypto exchange.
Regulatory Compliance
The crypto market has grown in recent years, as well as the financial institutions’ regulations and compliance requirements. US crypto exchanges must comply with complex rules and regulations, many of which are quite demanding.
ID Requirements
Regulators require certain types of identification when ones open an account on a crypto exchange. Depending on the type of account you want, you may need to provide different types of ID. Some exchanges require a government-issued ID, while others accept a driver’s license or ID card. You may also need to provide other types of ID if the exchange requires it to increase the limits or to withdraw funds.
Fiat Currency Support
Crypto exchanges offer the ability to trade cryptocurrencies for other digital assets, but the number of those providing a trade with fiat currencies is lesser. Some exchanges support fiat currencies from around the world, which can make it easier to deal internationally and to maintain your crypto portfolio’s liquidity. If you plan on trading in many different countries or to keep your crypto as a short-term investment this factor may be more important than others.
Trade Limits
Many exchanges have some sort of limit on the amount or the number of trades you can perform per day. Depending on your trading volume, this limit may be set at a higher or lower amount. Some traders may be fine with low trade limits, while others may require more flexibility.
Trading Pairs
Different exchanges allow you to buy and sell cryptocurrencies using different trading pairs. For example, some exchanges allow you to trade BTC for ETH, while others allow you to trade USDC for USDT. If you are interested in trading a variety of assets or need flexibility, this factor may be the one crucial for you while making a decision on an exchange.
Hacks and Security
One of the key reasons to choose a crypto exchange is to trade cryptocurrencies. Unfortunately, fraud is still common in the crypto world. To keep your crypto secure, it’s important to research an exchange before trusting it with your money and have an understanding of the security measures put in place to prevent such attacks or even in the case of such attacks.
What are the Best Crypto Exchanges in the United States?
Now that you know the most important things to look out for when choosing your preferred crypto exchange platform, let’s take a look at the best crypto exchanges available in the USA.
Fixed&Float
Fixed&Float is a cryptocurrency exchange platform that allows users to buy and sell digital assets using fiat currencies or other cryptocurrencies. The platform offers a variety of features including a built-in wallet, a portfolio tracker, and a news feed. Fixed&Float also allows users to margin trade and set up recurring buys. They offer a 1% charge when you opt for a fixed rate or a 0.5% charge when you opt for a floating rate.
EasyBit
EasyBit is a cryptocurrency exchange platform that offers users instant exchanges with a declared average transaction time of 5 minutes. The platform is designed to be simple and easy to use, focusing on providing a user-friendly experience. EasyBit also offers many features that make it an attractive option for users looking for crypto exchange, including a mobile app, a web-based interface, and support for some payment methods. They offer a 0.2% fee which can be further reduced to 0.1% with a volume-oriented fee structure. They also have a volatility protection mode that exempts you from negative volatility during transactions.
LetsExchange
LetsExchange is a limitless and hassle-free multicurrency exchange solution that is designed to be simple and easy to use. LetsExchange was created by a group of crypto visionaries with more than ten years of combined expertise in the blockchain and fintech industries. It saves you time at every stage of a crypto swap and increases your trading revenue. LetsExchange is a great choice for those new to the world of cryptocurrency trading, as the platform is very user-friendly, which makes trading on the platform to be a straightforward process, and registration is not required before trading.
SimpleSwap
SimpleSwap is a crypto exchange platform that allows users to swap cryptocurrencies without having to create an account. The platform supports over 500 cryptocurrencies and provides users with a simple interface to exchange their coins. They offer a crypto cashback to every registered customer whenever they exchange. Their customer service is ready to help 24/7.
Exolix
Exolix is a free, limitless, safe, and anonymous cryptocurrency exchange service with set exchange rates. The platform is designed to be user-friendly and intuitive, focusing on providing a simple and straightforward experience for all users. You do not need to register to exchange on the platform, thus offering complete anonymity. Additionally, the system fixes the exchange rate at the start of the transaction, shielding customers from market volatility. With no maximum limits, anyone can exchange any amount of coins.
SideShift
With SideShift.ai, it is possible to “shift” between more than 50 cryptocurrencies. With an intuitive user interface, it is very easy to swap between coins. No registration is required on the platform, for a fast and straightforward transaction. XAI is the native token of the platform which when staked can give you a daily distributed share of 25% of Sideshift.Ai revenue.
SWFT
The SWFT crypto exchange platform is a decentralized exchange that allows users to trade cryptocurrencies without the need for a third party. The SWFT Blockchain technology enables users to exchange cryptocurrencies at the best rates, in record time, and with low trading fees while providing a quick, affordable, and safe experience. With the use of big data, machine learning, and blockchain technology combined with SWFT Blockchain’s technology, direct trades between more than 300 cryptocurrencies are now possible.
StealthEX
StealthEX is an instant crypto exchange platform with a simple and clean user interface, for anyone to easily exchange cryptocurrencies. To use the platform, you are not required to register for an account or give any personal information. There are no maximum limits for exchanges and as long as you have enough to cover the network fees, you are good to go.
N.Exchange
N.Exchange is a cryptocurrency exchange designed by the crypto community, for the crypto community, that is quick, reliable, and completely transparent. It is an instant exchange platform with a five-minute delivery window on average. There is no need to worry about hacking or the safety of your money because they do not hold funds.
Alfacash
Alfacash is a non-custodial cryptocurrency exchange platform that offers the best exchange rate and a transparent fee structure in a secure and user-friendly environment. The platform offers a variety of features that make it an attractive option for both experienced and novice traders. For example, Alfacash provides a credit card option to buy crypto and a 24/7 customer support service.
Swapzone
Of course, we couldn’t leave without mentioning one of the leading crypto exchange aggregators on the market – Swapzone. This platform helps users find the best exchange rates for their cryptocurrency trades across multiple exchanges. In fact, Swapzone currently supports 1600+ crypto assets as well as 20+ popular crypto exchanges, including the ones mentioned above! Swapzone aggregates information from these exchanges and presents users with options for executing their trades at the most favorable rates. This can be particularly useful for traders looking to get the most value out of their transactions.
Read the users' reviews in the mentioned exchanges here.
Different Types of Crypto Exchanges
There are many different types of crypto exchanges, each catering to a unique set of users. We will discuss each type and its unique features.
Centralized Exchanges
Centralized exchanges are the most popular type of cryptocurrency exchange. A centralized exchange (CEX) is a cryptocurrency exchange that requires its users to deposit funds into a central location. These exchanges act as an intermediary between buyers and sellers of cryptocurrencies. Centralized exchanges typically charge higher fees than decentralized exchanges, but they also offer more features and liquidity.
Decentralized Exchanges
A decentralized exchange (DEX) does not require any third party to facilitate trades. Instead, trades occur directly between users (peer-to-peer) through an automated process. This type of exchange is also sometimes referred to as a “crypto-to-crypto exchange”. Decentralized exchanges are an emerging technology that allows users to trade directly with each other without the need for a trusted intermediary
One benefit of using a decentralized exchange is that it is much more difficult for hackers to steal user funds since there is no central point of attack. However, decentralized exchanges are often less user-friendly.
Global Crypto Exchanges
Global Crypto exchanges allow traders from around the world to buy and sell cryptocurrencies using different fiat currencies. With the increasing adoption of cryptocurrency around the world, it has become more and more important for crypto traders to buy and sell cryptocurrencies in different fiat currencies. The global crypto exchanges are playing a major role in making this possible for traders. These types of exchanges help you buy Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), and other cryptocurrencies using fiat currencies such as US dollars (USD), Euro (EUR), and Pound sterling (GBP).
Crypto Exchange Fees
There are different fees you will encounter on crypto exchange platforms when you want to trade. To avoid confusion, here is a list of these fees and what they are all about:
Trading fees
Trading fees are the charges that a user pays when they trade cryptocurrencies on a digital asset exchange. These fees are typically a percentage of the total value of the trade, and they go to the exchange as revenue. The fees vary from exchange to exchange, but they are generally between 0.1% and 0.5%.
Withdrawal fees
Withdrawal fees are typically charged by the exchange or platform on which you are trading cryptocurrencies. These fees cover the cost of processing your withdrawal request and transferring the funds to your chosen destination. Some exchanges charge a flat fee for all withdrawals, while others charge a variable fee that is based on the amount being withdrawn.
Other fees
Some crypto exchange platforms charge fees for deposits, while others charge fees for converting between different cryptocurrencies. Some platforms with fixed rates also charge extra volume fees for transactions that cross a specific threshold.
Crypto Exchange FAQs
What is a crypto exchange?
A crypto exchange is a digital marketplace where traders can buy and sell cryptocurrencies using different fiat currencies or altcoins. A crypto exchange allows users to trade cryptocurrencies in a secure and convenient environment.
How does a crypto exchange work?
The exchange acts as a middleman, facilitating the transaction between the buyer and the seller. A buyer (taker) sets a limit order, which is subsequently sold when the seller (maker) has the appropriate amount of cryptocurrency available.
How do you buy crypto?
Cryptocurrencies are often bought and sold on exchanges, which are platforms that connect buyers and sellers. Some exchanges only offer crypto-to-crypto trading, while others also allow fiat-to-crypto trading. To do this, just choose your preferred exchange, register and be verified (if required), deposit cash or coin, place your order and input the destination you want it.
How much money do you need to buy crypto?
This depends on the price of the cryptocurrency and the exchange rate. Please note that there is a network fee involved with sending cryptocurrency.
How do I open a crypto exchange account?
The process of opening a cryptocurrency exchange account is usually quite simple and can be done in a matter of minutes. Most exchanges will require you to provide some personal information, such as your name and email address, as well as create a password. Once your account is created, you will likely be able to deposit funds and begin trading immediately.