Crypto Exchanges allow customers to deal with digital currencies and cryptocurrencies. These exchanges accept many types of financial transfers. The same is true for top crypto exchanges in the USA. They accept credit card payments and other types of exchange for digital currencies. Crypto exchanges support different coins and core features. These crypto exchanges can be decentralized or centralized. Crypto exchanges have many similarities with traditional stock exchanges but two things set them apart.
Crypto exchanges in the USA for 2024 are certainly not going to have any physical presence. Unlike the New York Stock Exchange, crypto exchanges are purely digital marketplaces. The US Securities and Exchange Commission (SEC) does not regulate crypto exchanges. The Federal Deposit Insurance does not include cryptocurrency deposits in exchanges.
Coinbase has features that satisfy most investors in the crypto market. The platform currently offers more than 200 tradable cryptocurrencies. It has an easy-to-use interface which makes crypto transactions a snap. The customers find deep interest in features such as in-depth technical analysis. The main pros of Coinbase include a user-friendly interface and simpler purchase methods. The user reviews are strong and the security features are advanced. Users can stake Cardano and Solana (SOL), Algorand (ALGO), Ethereum (ETH), Cosmos (ATOM) and Tezos (XTM).
Some of the major cons include unavailability in some states of the US. Only a few of Coinbase’s rivals offer lower fees. The staking options are less compared to rival crypto exchanges.
Users can purchase cryptocurrency with the help of the Instant Buy feature. The platform also offers a flat fee for Instant Buy/Sell service. This can be determined at the time of trade. Volatility, type of asset, transaction size, and market liquidity determine cryptocurrency prices. Users can benefit from lesser trading charges by using Kraken Pro. It charges merely 0.20% for stablecoins and 0.26% for other cryptocurrencies. Active traders or regular users have the option to trade large quantities of trading volume.
The most notable advantages of Kraken include having competitive fees. The track record is longer than most exchanges. The possibility of going public in the future will increase its transparency. The cons of Kraken is that fiat withdrawal fees can be higher, though it may depend on the bank. The Instant Buy feature is steeper compared to the Pro version of the platform.
Crypto.com is an entire ecosystem and offers a wide range of products and services. The most unique feature is the “earn programs”. The native coin of crypto.com is Cronos. Most features of crypto.com are available in the mobile app version. It officially offers just one coin for staking and that is Cronos. Users can earn more through yield-earning programs.
The pros of the app include an easier-to-use interface. In addition to supporting a wide range of cryptocurrencies, Crypto.com has its own token that enables users to receive rewards. It’s noteworthy that some of the lowest costs in the cryptocurrency industry apply to using its native token. Many significant features are available within the ecosystem. However, the service fees can be high because it does not hold the native token CRO.
Gemini Exchange is a cryptocurrency trading service that has a fiduciary custodial service for digital assets. It also has an advanced trading platform. It is unique for custodial service because it holds $200 million in insurance for crypto holders. Out of all crypto exchanges in the USA, Gemini had a presence in all 50 American states. Additionally, Gemini also offered an extensive selection of material in the Cryptopedia library. In the library, users can read a host of crypto topics and understand the latest developments in decentralized finance.
Gemini became bankrupt in 2023 but has a restructuring plan. Gemini app has a good interface and is a mobile app. It has many features and is easier to use. Moreover, Gemini has a stake in both Polygon and Ethereum. However, the fees of Gemini are higher than other competitors for low-volume users.
Binance US is one of the biggest crypto exchanges in the USA and the whole world. Due to legal issues, Binance had to set up a new offshoot. It does not offer many cryptocurrencies unlike its parent company, but users can still trade with a whopping 150 coins. The biggest advantage of Binance US is that Bitcoin trades are free. There are many advanced trading features. Binance US however offers lesser coins compared to the parent company. The regulations are unclear and the US dollar transactions have been suspended. Binance US charges higher fees compared to its competitors for debit card transactions.
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This year, eToro won the Finder Award for Best Platform for Beginners. The reviews of this young cryptocurrency platform are positive. The platform provides quick purchases and many unique features. These will help beginners to learn and trade crypto better. Moreover, users may also benefit from experienced traders. The interface is simpler and it will help in making first crypto purchases faster. The major advantage of this platform is that the processes are comparatively simpler. One can trade ETFs, cryptos, and stocks on the same platform. It has a social media feed that can help beginners to link and connect with the community. It is licensed in most states and is registered as a Money Services Business (MSB).
The major drawbacks of this platform are fees and spreads are significantly higher. The range of cryptocurrencies is lower. One cannot withdraw cryptos from the custody to an external wallet.
Uphold has some unique features. It helps in direct trading features between fiat, cryptocurrencies, and even precious metals. One can trade directly between any two assets. Users do not need assets like US dollars. Japanese yen and gold-backed tokens can also be used. Uphold is a relatively popular cryptocurrency and is available in over 180 countries. It offers access to assets like Forex and Cryptos. Traditional currencies and trading across 200 cryptocurrencies is possible with Uphold. The cryptocurrency is licensed in most states of the US.
Paybis is a great option for accepting the responsibility of managing cryptos that they can purchase. Users can trade in 87 crypto assets. Paybis does not have exclusive custody of crypto assets. It is not a great option for those who carry out regular trading. The pros of Paybis include an easy registration process. The platform also supports a range of payment methods. It allows digital assets upon purchase.
Paybito is one of the most popular crypto exchanges in the USA. It has several features that stand out. Issuance is one such feature in which native tokens and asset-backed tokens have a distributed blockchain in their ledgers.
It has a plethora of markets and client models. They are the ones who rely upon order management, price discovery, and matching. Paybito facilitates 24X7 trading around the year. With the help of Paybito, users can manage ownership. Furthermore, blockchain technology enables easier record-keeping of assets.
Paybito also helps in instant settlement. It has assets, blockchain trading, and shares quick delivery and payment options. Data discovery is another major feature of this exchange.
SoFI offers information to focus on managing and growing crypto portfolios. The platform also offers interfaces and tools to manage and track investment accounts. With the help of SoFi, the overview of retirement accounts, and crypto portfolio. Similarly, SoFi also provides robo-advisory help to manage portfolios. The main advantages of SoFi are that it is registered as a Money Service Business (MSB) and has licenses in all states. Moreover, the cryptocurrency platform also offers many educational resources on managing crypto portfolios.
The major flaw of this system is that only a small number of cryptos are available. It is very difficult to transfer cryptos from SoFi’s custody.
In the US, Bitcoin and other cryptocurrencies have become widely popular. This is because many people are increasingly using these to buy goods and services. Many proponents state that cryptocurrencies in the US are a democratizing force. It has the power to take away money creation power from established central banks. In this article we will discuss and analyze some of the factors responsible for the rise of cryptocurrencies in America.
There are multiple factors responsible for encouraging Americans to rely on cryptos. Thus, this is increasing the popularity of many in the USA.
The Federal Reserve of the USA is solely responsible for regulating the interest rates. This automatically reduces the value of fiat currencies such as the US dollar. Many people are looking for alternative options and cryptos are one of them. Some are losing trust in banks because of liquidity issues. Since cryptos do not have any central regulatory authorities, people are relying on them. The decentralization feature enables transfer of cryptos across international borders without any bank fees.
The enthusiasm for cryptocurrencies in the USA is also increasing partially because of Bitcoin. Bitcoin has become extremely popular and is now valued at trillions of dollars. In November 2021, the price rose to over $60,000 for the first time. By the middle of 2022, as per NBC report, around 1/5th of Americans were using, investing or trading with cryptocurrencies.
According to a World Economic Forum report in 2022, nearly half of American teenagers are almost constantly using social media platforms. There are social media platforms such as Minds and Steemit that are earning cryptocurrency by curating and creating content. This is because social media platforms create high-quality content and rewards many for their efforts. Many such platforms are accepting cryptos as a form of payment for services and advertisements. This in turn is allowing many businesses to include cryptos such that more audience can be reached.
There are many countries in the world that have weak fiat currencies. Before cryptos became popular, these countries were suffering because of less trading scopes. Some of these countries such as El Salvador and other Latin American countries are neighbors of the USA. This has prompted their governments to mainstream cryptocurrencies by declaring Bitcoin as legal tender. Consequently, cryptocurrencies in the US are becoming more popular and acceptable for trading purposes.
The US Government’s attitude towards cryptocurrencies is indirectly responsible for its growing popularity. The use of cryptocurrencies is fully legal in all the states of the US. This attitude ensures the masses that cryptos are safe and can be used for legitimate purposes. However, in recent times, some American politicians are seeking to apply a proper legal framework to regulate cryptocurrencies. However, there is a chance that the liberal attitude may change under the garb of controlling illicit activities. Some regulators are denying crypto investors the same protection that traditional investors get by default. Nevertheless, the US is still one of the most prominent users of cryptocurrencies and no amount of political or legal interference can curb its popularity.
Cryptocurrency exchanges have transparent and traceable features. However, these exchanges have also become convenient for users who do not want to be tracked. The features are ideal for those who do not want finances subject to scrutiny by law enforcement agencies. The best part of cryptocurrencies is that people need not depend upon any bank or third party. Cryptocurrency exchanges are also invariably more secure. This makes them better and more private compared to traditional forms of payment such as PayPal, credit cards and other payment methods involving fiat currencies.
The US carries out the largest trading volume of cryptocurrencies in the world. In terms of Bitcoin trading, the US ranks as the world’s leading country. According to a Pew Research report, 3/4th of Americans have heard a lot about cryptocurrency. This indicates that there is widespread awareness about cryptocurrencies in the US.
Approximately, three out of ten adults in the US have invested, traded and used cryptocurrency, but have not retained them currently. However, a vast majority i.e. 69% have cryptocurrencies. This indicates the incredible amount of trust that Americans have for cryptocurrencies and their exchange platforms.
Younger men in the US are likelier to use cryptocurrencies compared to men above the age of 50. The same is true for women of any age. Pew research shows that around 41% of men from age 18 to 29 say that they have used, traded and invested in cryptocurrency. However, only 16% of women belonging to the same age group invest in cryptocurrency. Therefore, men are 2.8 times likelier than women to own a crypto.
In the US, almost 58% of crypto owners are White. 23% are Hispanic. Thus, a whopping 41% of users are non-White. This indicates that there is no racial divide as far as using these currencies are concerned. Moreover, according to a report published by Finder in 2022, around 80% of all crypto investments are either Gen X and millennials. Around 44.3% crypto investors are millennials and 28.6% are Generation X. Therefore, indisputably, younger people prefer these more.
Crypto exchanges in the USA in 2024 are likely to evolve and improve further. Most crypto exchanges already have several millions of users worldwide. It is pertinent to note that the exchange platforms have slightly different features, pros, cons, and fees. It is therefore important to review each of these before selecting any one platform.