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Top legal crypto exchanges in USA

Top legal crypto exchanges in USA

  • 29 May 2022
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Cryptocurrency regulation has changed dramatically since the launch of the Bitcoin blockchain in 2009. The cryptocurrency trading ecosystem evolved from a largely unregulated “wild west” where anyone could trade cryptocurrency without sharing identity information to a heavily regulated financial market overseen by KYC and AML requirements for most legal crypto exchanges in USA.

While increased oversight has allowed crypto exchanges to offer greater levels of security and reliability, stringent regulatory requirements have created a fragmented trading ecosystem, with exchange availability divided by geographic location and jurisdiction.

There are now hundreds of cryptocurrency exchanges online – choosing the right one means carefully considering a variety of factors such as reliability, security, history, fee structure, and supported cryptocurrencies.

If you are looking for a round-up of the best crypto exchanges worldwide, take a look at our guide describing the best crypto exchanges. However, if you are based in the United States, read on – the best cryptocurrency exchanges for US-based traders are a little different.

Why are legal crypto exchanges in USA?

The United States exerts significant regulatory pressure on crypto exchanges, which can make it difficult for US-based crypto traders to identify the right trading platforms for their needs. Cryptocurrency exchanges operating in the United States are regulated by the Commodity Futures Trading Commission (CFTC), which enforces various anti-money laundering programs and requirements, FinCEN regulations, and other rules and regulations from various government agencies.

Cryptocurrency exchanges operating in New York state, for example, are considered money transfer services – which forces exchanges operating in the region to obtain a specific license. Many crypto exchanges that allow users to trade crypto assets, which will define as securities under US federal securities laws, also need to ensure they meet various SEC requirements.

Cryptocurrency regulation in the United States has created a market ecosystem where US-based traders cannot trade or register on some legal crypto exchanges in USA or are required to use special US-specific exchanges. Binance, for example, runs a dedicated exchange specifically for US-based users.

Determining which US-regulated exchanges offer the highest level of security, service, and competitive fees can be a complex and time-consuming process. This article introduces the 5 best cryptocurrency exchanges for US-based crypto traders and investors.

What to consider when choosing legal crypto exchanges in USA

There are several standard factors to consider when choosing the right crypto exchange such as B. The level of identification documents required for registration, trading limits, currency support, and trading fees.

However, choosing the right United States-based crypto exchange places some additional requirements on traders. In addition to reviewing fee structures, collateral, and deposit or withdrawal methods, it is important to ensure that an exchange is legal to operate in your jurisdiction.

When evaluating a US compliant crypto exchange, it is important to evaluate the following factors:

Legal Compliance

Trading cryptocurrency within the United States means trading on an exchange that complies with US cryptocurrency regulations

ID Requirements

Many cryptocurrency exchanges accessible in the US require more identification documents than their international counterparts, such as. B. a proof of address.

Fiat currency support

There are some legal crypto exchanges in USA that do not offer fiat currency support, which can minimize the amount of identity information required to create an account. If you are planning to trade cryptocurrency against USD, it is important to ensure that the exchange you are using offers USD fiat support.

Trading Limits

Some legal crypto exchanges in USA available in the United States limit the amount of cryptocurrency that can buy or trade in a single day.

Trading pairs

If you want to trade a specific cryptocurrency, it is best to check if an exchange supports the crypto asset you want to trade before signing up. Some US-based exchanges, like Gemini, don’t support as many different cryptocurrencies as major international exchanges.

Hacks and security

Hackers often target cryptocurrency exchanges and traders. It’s important to ensure your exchange has a strong security record and offers strong security features like two-factor authentication.


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What are the best legal crypto exchanges in USA?

The following 5 crypto exchanges offer the best collateral, fees, and trading pairs for US crypto traders today:

1. Coin Base

legal crypto exchanges in USA

Coinbase is the most popular and successful cryptocurrency exchange based in the United States and offers an extremely user-friendly interface and trading experience. It was founded in 2014 and is based in San Francisco. Coinbase is a great choice for both new traders and professional investors.

Coinbase users can switch between a simple cryptocurrency brokerage interface with simplified trading controls, or a feature-rich Coinbase Pro interface ideal for more complex trading needs. The Coinbase platform can be accessed through a web interface or a dedicated smartphone app and offers robust security features.

Importantly, Coinbase has never suffered from a major cryptocurrency hack and has a strong security record. In addition to protecting user funds, Coinbase actively prevents users from sending cryptocurrencies to known fraudulent addresses, providing an extra layer of protection for newer traders. So Funds held on Coinbase are FDIC-insured, which means fiat currencies deposited on the Coinbase platform by United States residents are insured up to a maximum of $250,000.

ID Requirements

US citizens must provide a valid government-issued ID in addition to a selfie picture when verifying an account with Coinbase.

Trading Limits

Coinbase allows US residents to trade an unlimited amount of cryptocurrency daily, but caps withdrawals at $25,000 per day in most cases.

Trading fees

Coinbase doesn’t offer the most competitive fees on the market today, with taker fees ranging from 0.05% to 0.25% and maker fees ranging from 0% to 0.15%. However, the relatively normal fees are offset by the high level of security and customer service.

Fiat currency support

Coinbase supports USD deposits and a variety of other fiat currencies.

Deposit and Withdrawal Methods

Deposits and withdrawals made via ACH. Credit or debit card purchases incur an additional fee of 3.99%, while wire withdrawals incur a $10 fee.

Supported Cryptocurrencies

Coinbase supports a wide range of 39+ cryptocurrencies including BTC, ETH, DASH, EOS, LINK, XRP, and many more. However, Tether is not supported by Coinbase – US Coinbase users will instead receive USDC as a USD-pegged stablecoin.

2. Binance.US

Binance is a dedicated US version of Binance, one of the most popular and widely used legal crypto exchanges in USA. The Binance US platform creates to meet specific US regulatory requirements for cryptocurrency exchanges and, like Coinbase, is based in San Francisco.

Binance’s US platform went live in September 2019 and is responsible for about 15 percent of Binance’s global traffic. A key difference between Binance US and the global Binance exchange platform is the number of crypto assets available – Binance US filters crypto assets based on criteria that assess the legal requirements of exchange operations in the United States and quantitative standards, thereby reducing the total amount of assets that can be traded on Binance US will be reduced.

Despite the relatively limited range of crypto assets available on Binance US, Binance’s user interface is largely unchanged, making it ideal for professional traders and crypto investors looking for more complex trading tools. However, it is important to note that Binance US is not currently available for US traders based in NY.

ID Requirements

Like Coinbase, Binance US requires a government-issued ID and selfie picture to verify an account.

Trading Limits

Binance does not enforce strict trading limits but does impose a progressive deposit and withdrawal limit system for US residents. Binance US users can deposit or withdraw up to $5,000, which increases up to $30,000 and more on subsequent deposits or withdrawals.

Trading fees

Binance offers spot trading fees of 0.1%, with 0.5% instant buy/sell fees. Trading fees are determined based on 30-day trading volume, with higher volume traders benefiting from lower fees.

Fiat currency support

Binance US allows deposits and withdrawals in USD.

Deposit and Withdrawal Methods

Binance US supports deposits or withdrawals via ACH

Supported Cryptocurrencies

Binance US offers limited support for cryptocurrencies including BTC, ETH, XRP, BCH, LTC, BNB, and USDT.

3. CEX.io

CEX.io is a relatively new addition to the list of US-compliant cryptocurrency exchanges, having recently received money transmitter licenses in nine US states in 2019. The platform’s new licensing expanded the reach of CEX.io. Which limit states that do not require Money Transmitter licensing.

The CEX.io exchange is now available to US residents in 28 states. Founded in London in 2014, CEX.io originally started as a cloud mining provider but soon became a cryptocurrency exchange. CEX.io offers US traders a diverse selection of cryptos, including major crypto assets like Bitcoin, Ethereum, and Ripple, as well as smaller assets like Matic, Ontology, and Cosmos.

Like Coinbase, CEX.io offers two different trading platforms aimed at novice and professional traders. Also, Casual or occasional investors can access CEX.io’s brokerage service, which simplifies buying cryptocurrencies. While professional traders benefit from a robust, feature-rich trading interface.

ID Requirements

CEX.io segregates users based on verification level. Basic verification requires government-issued ID verification, while higher tiers require address verification.

Trading Limits

Verified basic accounts can buy or withdraw up to $1,000 worth of cryptocurrency daily. Address verified accounts can buy up to $10,000 worth of cryptocurrency and withdraw up to $50,000 daily,

Trading fees

CEX.io trading fees are based on a maker/taker model with fees between 0.16 and 0.25 percent. SEPA funding incurs a 2.99 percent fee, while withdrawal fees incur a 3 percent fee on top of a $25 service fee depending on the withdrawal method used.

Fiat currency support

CEX.io supports USD, EUR, GBP, and RUB. US-based traders will automatically register with USD as the default account currency.

Deposit and Withdrawal Methods

CEX.io allows US-based merchants to deposit and withdraw via ACH transfers as well as SWIFT. Withdrawals or deposits in EUR can be made via SEPA transfer.

Supported Cryptocurrencies

CEX.io offers a relatively wide range of crypto assets for US-based customers and offers strong liquidity for BTC, ETH, Ripple, DASH, LINK, and Litecoin.

4. Gemini

legal crypto exchanges in USA

Gemini is one of the few US-based exchanges fully compliant with NY State laws and is based in NYC. Launched in 2014 by the Winklevoss brothers, Gemini is a heavily legal crypto exchange in USA that works closely with regulators to ensure compliance – which can make Gemini’s verification process a bit complicated.

All USD deposits at Gemini FDIC insure, making Gemini an attractive option for large crypto traders and institutional traders. Gemini is currently the custodian of over 1 percent of all Bitcoin volume in the world and is governed by the New York Banking Act — making it the safest option for US-based crypto traders.

ID Requirements

Gemini enforces strict ID verification requirements and requires a government-issued photo ID, address verification with a utility bill less than 90 days old, and a selfie picture.

Trading Limits

Gemini does not impose trading limits but limits the amount of cryptocurrency that can be purchased using a credit or debit card to $500 per day. There are no restrictions on transfers or digital asset transactions for verified users.

Trading fees

Gemini operates on a maker/taker fee structure that starts at 0.25%.

Fiat currency support

Gemini also supports USD in addition to HKD, CAD, and AUD.

Deposit and Withdrawal Methods

Gemini supports transfers to local US bank accounts, as well as wire transfers and credit/debit card purchases.

Supported Cryptocurrencies

Gemini offers an impressive range of 26 USD trading pairs including BTC, ETH, LTC, BCH, ZEC, LINK, OXT, and DAI.

5. Kraken

One of the longest-running cryptocurrency exchanges in the United States, Kraken offers a relatively straightforward approach to cryptocurrency trading. Unlike Coinbase, Kraken primarily focuses on experienced crypto traders and offers complex trading services such as margin trading.

The Kraken platform is only accessed via the web, but a mobile app is under active development and is currently being tested in Germany, Spain, and the Netherlands. Also, Kraken can access all US states except Washington State and New York.

The services provided by Kraken to US traders include all trading options made available to international traders. Excluding EUR trading pairs or deposits for residents of New Hampshire or Texas.

ID Requirements

Kraken requires US-based merchants to provide a government-issued ID and address verification.

Trading Limits

Kraken calculates trading and withdrawal limits based on verification level. Daily crypto withdrawal limits start at $5,000 and go up to $10 million per day depending on trading volume and verification level.

Trading fees

Kraken trading fees range from 0.14% to 0.26% for traders with a monthly trading volume of less than $100,000.

Fiat currency support

Kraken supports USD deposits and withdrawals for verified users in addition to EUR, CAD, AUD, GBP, CHF, and JPY.

Deposit and withdrawal method

Kraken offers a wide range of withdrawal options for US-based traders, including FedWire and SWIFT.

Supported Cryptocurrencies

Kraken offers extensive support for various cryptocurrencies, listing major cryptos like BTC, ETH, and XRP, as well as smaller crypto assets like ADA, LINK, REP, DAI, and FIL.

Verdict

The evolving ecosystem of cryptocurrency regulation in the United States has created a market where US traders receive benefits and safeguards not available in other countries – such as B. FDIC insurance for USD deposits – at the cost of additional identity verification requirements.

When choosing the best legal crypto exchanges in USA, it is important to work with an exchange that fully complies with the cryptocurrency regulations in your particular state.

11 responses to “Top legal crypto exchanges in USA”

  1. Herve Fodouop says:

    Good informations

  2. Isaac ihaza says:

    Bitcoin is top leading trading cryptocurrency.

  3. Christian Jara says:

    No way, Bitcoin is top leading.

  4. Cameron says:

    Great information

  5. Salman says:

    it’s interesting. This plan can be useful. Thankful.

  6. Amobi Izuchukwu says:

    If you are not into crypto you are missing allot.

    Thanks for this ,it gears me.

  7. Kobbybles says:

    Is all about crypto

  8. Joel Nando Bertorelli says:

    Kraken is the best Cryptocurrency Trading exchange it there. Try it.

  9. Angela says:

    Very useful article for trading different cryptocurrencies in USA…

  10. Yanga Jili says:

    Bitcoin is one of the best thou

  11. Isaac ihaza says:

    Show us more hiding secret.

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