There are many cryptocurrency exchanges to choose from, but what are the best ones in the US? Let’s look at Binance, eToro, Coinbase, and Robinhood. These platforms are an excellent choice for those who are new to trading or those who are looking for a low-cost option. Each has its advantages, and this article will help you choose the best one for your needs.
Binance
Binance is a leading cryptocurrency exchange, with over 100 cryptocurrencies available. The service features two-factor authentication, charting, indicators, and more. While not wholly decentralized, it is an excellent choice for experienced investors. Though it is not yet available in the US, it is available in 180 countries. The US-based exchange also offers the added benefit of low fees. Furthermore, it offers access to over 500 cryptocurrencies, making it an excellent choice for non-residents of the United States.
While many exchanges do not offer the services of a fully regulated exchange, Binance has a wide variety of services to cater to different types of users. For example, you can set up a savings account with a 0.10% interest rate on your balance, which is significantly higher than a traditional savings account. Binance also features an intuitive mobile application that lets you switch between its Lite and Pro interfaces.
Coinbase is another excellent option for those new to the crypto industry. While Coinbase is expensive in many areas, it serves over 70 million clients and is popular among newbies. Furthermore, it offers easy-to-use investment tools, including the ability to purchase cryptocurrency with a credit or debit card. A lot of clients prefer Coinbase over other exchanges due to its simplicity. Also, the exchange’s streamlined user interface makes it an excellent choice for beginners.
As a top cryptocurrency exchange in the US, Binance offers a wide range of trading tools and support. The exchange also allows crypto to fiat pairs. The US-based exchange also offers access to more than 150 cryptocurrencies, including its own BNB coin. It also supports trading in over 150 countries and a dozen currencies. The site also works in Europe, Asia, Australia, and Africa. This exchange also claims to have over 100 million users in the US alone.
eToro
eToro is one of the leading online brokerages and now offers cryptocurrency trading in addition to stocks. It was one of the first to offer digital currency trading in 2014, adding support for Bitcoin, Ethereum, and Ripple. However, investors should be aware that investing in digital currencies and Decentralized Finance is speculative and risky. In addition, the market is volatile, so the company does not recommend this type of investment.
The best cryptocurrency trading platform in the US has many perks. Besides an extensive support center, eToro offers a standard economic calendar, earnings report calendar, and news headlines. The platform also provides daily market analysis series and podcasts.
eToro offers several advanced features, including auto-rebalancing, innovative portfolios, and advanced trading tools. For example, eToro’s Smart Portfolios use a highly sophisticated algorithm to determine which assets best suit a particular user’s risk profile. In addition, eToro’s investment committee reviews the performance of each portfolio in detail, and it rebalances the portfolio automatically.
The fees for withdrawal and deposits from eToro are pretty affordable. Users can deposit fiat currencies from their bank accounts or transfer crypto to their eToro wallet, and they can do so through credit cards, wire transfers, and popular e-wallets. Unlike other platforms, eToro doesn’t charge commissions on purchases or sales but charges a small commission based on the total transaction amount.
eToro has an excellent copy trading feature that allows users to copy trades made by the best performers on the platform. In essence, copying a portfolio created by a top-performing trader mirrors the trader’s investments in proportion to the amount of money allocated. The only drawback to this feature is that it’s only available to US clients, and you must be a US resident to copy another user’s portfolio.
Coinbase
For many, Coinbase is the best cryptocurrency exchange in the US. This San Francisco-based platform was founded in 2014 and is currently the largest crypto exchange in the country. Coinbase is licensed in more than 40 states, offering a convenient, user-friendly interface and insured custodial services. It also supports multiple currencies, including Bitcoin and altcoins, and is known for its robust security features.
Although some users claim this platform is overpriced, this is a myth. Many of the top exchanges in the world offer free or low-cost accounts. Coinbase isn’t free. There are fees, but the fees are reasonable. Most users store their funds in cold storage. Coinbase also offers two-factor authentication and FDIC insurance coverage of up to $250,000 for accounts with up to $5 million.
Setting up an account at Coinbase is remarkably similar across all providers. The only difference between them is the fee structure. Some require a high minimum balance for using their exchange, while others do not. All US clients are offered access to 200+ crypto exchanges, but only a few are licensed and regulated by the SEC or FINRA. You should carefully choose the crypto exchange that best fits your needs.
Coinbase supports multiple funding methods, including credit and debit cards. Account verification takes less than five business days, and you can make deposits and withdrawals anytime. It is important to remember that if you live in the US, you can deposit or withdraw funds from your Coinbase account using your bank.
While Coinbase is the best cryptocurrency exchange in the US, many other good options are available to US investors. Poloniex was founded in 2014 by Tristan D’Agosta and supported more than 190 cryptocurrencies. Users must register using their bank savings account to use the exchange.
Read More: Robinhood Cryptocurrency Revenue Grows
Robinhood
Unlike most cryptocurrency exchanges, Robinhood offers its customers a full range of services. In addition to cryptocurrency trading, Robinhood offers stock market investments, as well. Although some have criticized Robinhood for making trading too game-like, it encourages long-term investment growth and volatility. It can be dangerous to approach crypto with a game-like mindset. Here are a few things to keep in mind when investing in crypto:
First, the fees are meager. Compared to other cryptocurrency exchanges, Robinhood charges the least. At the same time, most cryptocurrency exchanges charge a commission fee for buying and selling, and Robinhood charges between the buy and sells price. In addition, there is no disclosure of the cost. Ultimately, you will pay less if you choose to invest with Robinhood. The best cryptocurrency exchange for the US is Robinhood.
The fees charged by Coinbase and Robinhood are similar. Coinbase charges a flat fee for exchange transactions. However, Robinhood does not charge commission fees and has a range of cryptocurrencies available to buy and sell. Moreover, Robinhood allows customers to trade in cryptocurrencies without a commission fee. But the main disadvantage is that Coinbase is a bit more complicated and charges more for transactions.
If you want to purchase crypto with a credit or debit card, you should choose Coinbase instead. They have a more comprehensive selection of cryptocurrencies and are constantly adding more. You can also invest in traditional stocks in Robinhood without a cryptocurrency wallet. Robinhood also lacks a digital wallet. However, the platform does offer an exchange in all 50 states, and you can transfer money between the two.
