Best crypto exchanges for 2022
Each year, we conduct an extensive review of crypto trading platforms available in the US. To arrive at these picks, we’ve evaluated more than 25 platforms on user experience, fees, payment methods, selection of coins and more.
- Kraken – Best crypto exchange (overall)
- eToro USA – Best crypto broker
- Kraken – Best value exchange
- Crypto.com – Best for altcoin trading
- Kraken – Best for beginners
- FTX.US – Best for advanced traders
- SoFi Invest – Best for investment portfolio guidance
- Binance.US – Best for staking rewards
- Gemini – Best for coverage; supports all 50 states
- Coinbase – Best learning rewards program
- Crypto.com – Best for NFTs
- KuCoin – Best for emerging altcoins
United States’ top cryptocurrency exchanges and trading platforms
You may wish to use numerous exchanges to take advantage of their distinct combinations of services, such as utilizing one for its currency selection and another for access to NFTs or crypto-earning goods.
Kraken: Best crypto exchange (overall)
Kraken has been a leader in digital currency trading since 2011 and is our pick for the best cryptocurrency exchange overall.
It includes step-by-step guides to help you get started as well as a number of beginner-friendly features that make buying and selling cryptocurrencies easy. The website and mobile app interfaces of the platform are likewise well-designed and user-friendly.
When you’re ready to go to the next level, you can use Kraken Pro’s candlestick charts, advanced order types, and other trading tools.
Kraken’s customer support staff is accessible around-the-clock to assist both crypto novices and seasoned veterans who encounter difficulties.
Kraken is a worthy addition to your list due to its extensive track record in the market, extensive liquidity, and comprehensive set of tools for all stages of your crypto adventure.
Pros
• Consult manuals and tutorials
• Low transaction fees
• 24/7 customer assistance
• Website and mobile app have an intuitive user interface
• Advanced trading capabilities via Kraken Pro
Cons
• Serves just certain U.S. states (not available in NY and WA)
– Few income opportunities
• More details
eToro USA is the best cryptocurrency broker.
We selected eToro USA as the top cryptocurrency broker in large part because of its beginner-friendly features.
eToro is particularly well-known for its CopyTrader tool, which allows users to connect with more experienced traders and imitate their trades. Those unfamiliar with financial markets might observe how more experienced traders conduct themselves.
Pros
• Offers educational materials intended toward novice traders
• The CopyTrader function permits novice traders to imitate the transactions of more seasoned traders.
• Invest in equities and ETFs through the same account
• Simple account opening procedure
Cons
• Commissions and spreads may be greater than on crypto exchanges.
• There is a limited selection of cryptocurrencies accessible.
• Customer service receives a low rating on Trustpilot
Kraken: Best value exchange
We chose Kraken for the best value exchange award due to the platform’s extremely cheap or nonexistent fees.
The trading charge on Kraken ranges from 0% to 0.26 % of the total order value. The charge varies based on the traded currency pair, your 30-day trading volume, and whether you are the maker or taker of the transaction.
Kraken does not collect fees for staking assets on its platform or for inactive accounts.
The majority of bitcoin deposits to Kraken are similarly free, with a few exceptions that incur a fluctuating fee.
Pros
• Transaction fees are minimal relative to other big cryptocurrency exchanges.
• No fee to utilise Kraken for staking
• No cost for inactive accounts
• Minor costs to deposit some cryptos
• The greater your trading volume, the lesser your trading fees.
Cons
• Slightly increased trading costs for infrequent traders
Crypto.com is the best for trading altcoins.
We deemed Crypto.com the finest platform for trading altcoins due to the company’s capacity to purchase and sell over 250 cryptocurrencies with a high degree of liquidity.
Moreover, the more frequently you trade on Crypto.com, the reduced your trading fees become.
The website of Crypto.com provides real-time digital asset price data from CoinMarketCap, a market data website that provides price data for over 20,000 crypto assets.
Using this data, you may establish price alerts to assist you timing your transactions and capitalise on market fluctuations as they occur.
Crypto.com also facilitates earning a variety of alternative cryptocurrencies.
Pros
• Extensive variety of currencies and tokens
• Trading fees decrease as volume increases
• Website delivers tremendous market data insights
• Generate a yield on a variety of altcoins
Cons
• Not available at this time in New York
• Trading fees are relatively expensive when the large-volume discount is not applied.
Kraken: Best for novices
We selected Kraken as the best exchange for beginners due to the company’s objective to educate the world about cryptocurrencies.
Kraken provides comprehensive and straightforward tools for anyone who may be new to the cryptocurrency world.
Its website is loaded with materials, such as instructions on how to acquire Bitcoin (BTC) and definitions of common crypto jargon.
These teaching resources, coupled with the exchange’s straightforward and user-friendly layout, make Kraken a perfect location for crypto novices.
Pros
• Provides a variety of educational tools for beginners
• Straightforward interface
• Offers a flat rate for cryptocurrency purchases, which is advantageous for individuals who do not trade frequently.
Cons
• Not accessible in all fifty states
– Few income opportunities
FTX.US is ideal for experienced traders
We chose FTX.US as the finest exchange for advanced traders due to its low trading fees and variety of derivatives.
FTX.US was founded by former Wall Street traders, and its pricing structure favours high-volume traders. Even for individuals who do not trade like crypto whales, the maximum trading charge is 0.2%.
For more skilled traders, FTX.US also offers derivatives products such as covered calls and puts. And for individuals wishing to expand their trading skills, FTX.US publishes tutorials on its website that teach how to use the various derivative products it offers.
Pros
• Reasonably low trading costs
• Provides cryptocurrency derivatives
• Federally authorized and governed &mdash
• Contrary to numerous other crypto derivatives platforms
Cons
• Not available at this time in New York
• There is no live chat assistance
• Minimal selections of cryptocurrencies
• More details
SoFi Invest: Best for investment portfolio guidance
SoFi Invest, our top selection for investment counselling, provides free access to financial experts who can help you take your first steps in crypto investing.
It is simple to schedule a consultation with a financial counsellor and determine the optimal level of exposure to cryptocurrencies.
Or, if you like, you can utilise SoFi’s complimentary robo-advisor service. By completing a questionnaire regarding your investment preferences, an algorithm will assist you in constructing a portfolio that may contain cryptocurrency. If you prefer to go at your own pace, you can also engage in self-directed trading.
Pros
• Provides free access to monetary advisors
• Offers a complimentary robo-advisor for automatic trading
• Provides numerous instructional materials on how to manage a cryptocurrency portfolio
Cons
• Relatively few cryptocurrencies accessible for trade
• Unable to move cryptocurrency from SoFi to another account
Binance.US Provides the Best Staking Rewards
Binance.
US makes it easy to generate yield on crypto assets, making it our top choice for the best exchange for staking rewards.
Binance.US enables you to stake digital assets such as Binance Coin (BNB), Avalanche (AVAX), and Solana (SOL) without sending your cryptocurrency to an external wallet.
You have ample control over your investments, as the deposit terms are flexible and withdrawals are permitted at any time.
Pros
• You can stake your cryptocurrency assets with relative ease.
• There is no need to go through the trouble of transferring assets away from Binance.
• Clear instructions for staking on the Binance.US website
Cons
• Not accessible in all fifty states
• You entrust Binance with the private keys to your digital assets, which raises counterparty risk.
The best learning incentives program is Coinbase.
Getting paid to learn about crypto on the Coinbase platform is one of the more unique advantages of opening an account.
When you navigate to the ‘Learning incentives’ section of Coinbase, you will be redirected to a page with videos about various digital assets and their networks.
After watching each video, you are prompted to answer questions on its subject matter. As a reward for correctly answering the questions, you can receive modest amounts of the tokens you’ve just learnt about.
Coinbase is widely recognised for its beginner-oriented features, user-friendly trading interface, and industry-leading practises.
Pros
• Earn free little amounts of cryptocurrency
• Free to open an account and begin earning
• On Coinbase, you can exchange the tokens you earn for other tokens.
Cons
• Limited programme with only a few films available to view and earn from
• The rewards for learning about each token do not exceed $3.
Crypto.com is optimal for NFTs
Crypto.com was chosen as the best exchange for NFTs because the site streamlines the complicated process of purchasing NFTs utilizing a wallet extension for a web browser.
To purchase an NFT on Crypto.com, sign up for a Crypto.com account, search for the NFT you wish to acquire in the NFT gallery, and then pay for it using Crypto.com Pay.
Pay with credit or debit card, Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), or Crypto.com’s native Cronos (CRO) cryptocurrency.
Pros
• Simplifies the process of acquiring NFTs
• No need to utilise a wallet plugin like MetaMask
• Can pay for NFTs with USD or specific cryptocurrencies
Cons
• Your NFTs are stored on the central Crypto.com platform, which introduces counterparty risk.
• Fewer NFTs available for purchase compared to larger NFT marketplaces such as OpenSea
Gemini: Best for coverage — all 50 states are supported.
Gemini is one of the only crypto exchanges authorised to operate in all fifty US states. Due to its comprehensive nationwide coverage, Gemini has earned a slot among our top picks.
Gemini was one of the few digital asset exchanges to receive the coveted BitLicense, allowing it to conduct business in New York State, the most restricted state in the United States for crypto exchanges.
Gemini’s proprietors, the Winklevoss twins, foresaw the need for a regulated and compliant cryptocurrency exchange in 2013, and it has since assisted US and international consumers in buying and selling cryptocurrencies.
Pros
• Provides services to clients in all 50 states
• One of the few crypto exchanges in the United States to obtain a BitLicense
• Underwritten by Lloyd’s of London
Cons
It offers a smaller selection of crypto assets than competing exchanges.
• Trading fees are expensive in comparison to FTX US and Kraken.
KuCoin is best for new altcoins.
Compared to other centralised crypto exchanges, KuCoin offers a vast selection of new altcoins; hence, it is the category winner for emerging altcoins.
Typically, you must purchase trendy altcoins through a decentralised exchange (DEX) such as Uniswap or PancakeSwap, which needs you to understand how to utilise a Web3 wallet and a blockchain.
With KuCoin, all you need to do is establish an account to gain access to more than 700 digital assets.
Many of these assets are brand-new, unproven, and far riskier than BTC and ETH, so proceed with caution.
Pros
• Allows access to over 700 crypto assets
• There is no Know Your Customer (KYC) requirement to use the exchange.
• Allows altcoin stakes
• Reasonably low trading costs
Cons
• Not authorised in the US
• Numerous complaints about service quality
• Emerging assets might be investments with a higher level of risk
How to select the most reputable bitcoin exchange
It is essential to investigate numerous platforms and assess the advantages and downsides of each alternative. The ideal cryptocurrency exchange for you depends on your needs.
Consider the following while comparing cryptocurrency exchanges.
• Friendliness to users and trading tools
• Payment methods
• Type of business
• Cryptocurrency choice
• Fees
• Limits
• Easy accessibility
• Loyalty programmes and price reductions
• Currency rates
• Liquidity
• Account confirmation procedure
• Transaction timings
• Safety measures
• Regulation
• Customer service
• Reputation
How to use a bitcoin trading platform
Assume, for the sake of illustration, that you have $500 and wish to purchase Bitcoin.
1. Investigate bitcoin exchanges to pick one that gives the appropriate service.
2. Register for an account on the platform, including supplying any relevant personal information and identification verification.
3. Direct your browser to the “Buy” screen.
4. Select Bitcoin as the desired cryptocurrency to purchase.
5. Select your payment currency, USD in this case, and enter $500 as the amount you wish to spend.
6. Choose a payment option, such as credit card or bank transfer.
7. Enter your payment information, such as your account number for bank transfers or your card number and CVV for credit card payments.
8. Review the complete transaction information, including the applicable fees and the quantity of BTC you are acquiring.
If you’re ready to continue, click “Buy BTC.”
The Bitcoin will be put into your exchange wallet once the transaction has been processed. Please note, however, that some brokers will automatically send the BTC you purchase to an external wallet address that you specify.
How to purchase cryptocurrencies
You must deposit funds on your cryptocurrency exchange or transfer them in some other way. US-based cryptocurrency exchanges accept all of the following deposit methods:
• Debit and credit card
• PayPal and other mobile payment applications such as Venmo and CashApp
• Bank transfers
• Cryptocurrency exchanges
• Bank transfer
However, the approved payment methods will differ between exchanges, therefore it is important to verify that your preferred option is available prior to signing up.
The various kinds of cryptocurrency exchanges
The term “exchange” can apply to numerous cryptocurrency brokers, trading platforms, and other services. Different types of exchange frequently cater more to novice or advanced consumers.
• For novices, there are bitcoin brokers. Direct purchases from bitcoin traders are simple, quick, and convenient. Many novices utilise brokers for their initial purchase. eToro is an example of a broker for cryptocurrencies.
• For intermediaries, trading platforms for cryptocurrencies. Buy and sell cryptocurrencies on an open market with competitive costs, a large variety of cryptocurrencies, and optional extra features such as margin trading. While somewhat more complicated than brokers, these platforms can nevertheless be extremely user-friendly for beginners. Binance is an example of a platform for trading cryptocurrencies.
• For advanced users, a platform for cryptocurrency derivatives. These exchanges do not sell cryptocurrencies outright. Instead, you can trade derivatives of cryptocurrencies. These platforms are for advanced traders who desire high speed, high leverage, deep liquidity, and a comprehensive set of tools.
Is storing bitcoins on an exchange secure?
Wallets are used to store cryptocurrency. Some exchanges will provide you with a wallet, allowing you to store bitcoin in your exchange account and transfer it to any destination of your choosing, while others will demand you to have your own wallet at the time of purchase.
However, it is not advised to use an exchange for long-term storage. As the exchange maintains your wallet’s private key, you do not have complete control over your funds. And because exchanges are frequently (and sometimes successfully) targeted by hackers, long-term cryptocurrency storage on an exchange is extremely risky.
Next steps
Not every cryptocurrency exchange is created equal, and not all cryptocurrency buyers and sellers have identical trading requirements. It is crucial that you conduct your own research, since the best trade for one individual may not necessarily be the greatest option for another.
Check out our reviews on a range of leading cryptocurrency exchanges in the US and around the world. Consider how each cryptocurrency exchange’s features, fees, and pros and disadvantages correspond with your investment objectives and budget.
Questions asked frequently
Which exchange is the most secure?
The most secure exchanges implement severe security measures, such as Know Your Customer (KYC) registration, password protection, and the ability for two-factor authentication (2FA).
The majority of user funds maintained in cold storage and a publicly known insurance policy for user deposits are also positive indicators.
Keep in mind that all centralized cryptocurrency exchanges are susceptible to hackers and exploitation.
Which cryptocurrency exchange has the lowest transaction fees?
There are numerous expenses to consider while selecting an exchange. Exchanges like Kraken and FTX. The United States is noted for its competitive transaction fees.
In addition, it is essential to examine deposit and withdrawal costs, prospective account inactivity fees, and spreads. Comparing fees with our table is an excellent starting point.
What is the most reliable cryptocurrency exchange?
Due investigation and study are crucial when selecting a reputable cryptocurrency exchange.
As a general guideline, search for US-based exchanges with a long history of serving consumers without hacks, such as Coinbase, Kraken, and Gemini.
Reading extensive evaluations of each cryptocurrency exchange and examining consumer feedback and industry data on places like Trustpilot is an excellent method to delve further.
Which cryptocurrency exchange is the best for the United States?
To answer this question, you must investigate a variety of cryptocurrency exchanges to determine which one suits your demands and budget.
