Cryptocurrency is going from a small, alternative investment to one worth billions of dollars collectively. Cryptocurrency exchanges facilitate the trading of cryptocurrencies for other assets, including digital and fiat currencies. There are various cryptocurrencies available worldwide. Some Crypto Exchanges offer the most competitive cryptocurrency prices, whereas others provide specialized financial products. Selecting the best Crypto Exchange for your specific needs is essential for cryptocurrency trading.
Best Crypto Exchanges
The Top 10 crypto exchanges are Coinbase, Kraken, Robinhood, Binance, Gemini, FTX,Crypto.com, eToro, Uphold, and Hodlnaut. The best crypto exchanges have a wide variety of crypto for trading, low fees for credit and debit cards, and fast order execution. To buy any cryptocurrency, one must create an account on a crypto trading platform to exchange U.S. dollars (or other currency) for digital assets.
The Three main Types of Crypto Exchanges are:
- Centralized Exchanges or CEX Private companies own centralized exchanges and offer investors a platform to trade cryptocurrencies. Centralized exchanges offer more reliability and an extra layer of security regarding transactions and trading. Examples of Centralized Exchanges include Binance, Coinbase, Kraken, and Gemini.
- Decentralized Exchanges or DEX The users of Decentralized Exchanges can execute peer-to-peer transactions without needing a third party or an intermediary. Decentralized exchanges do not facilitate the trading of fiat currencies for cryptocurrencies. Decentralized Exchanges include Bisq, Uniswap, PancakeSwap, Tokenlon, and dYdX.
- Hybrid Exchanges or HEX Hybrid Exchange combines the positive features of both Centralized and decentralized exchange. The users have total control of their funds and do not have to hand them over to any custodian. Examples of Hybrid Exchanges include Nash, Qurrex, Eidoo, and Legolas.
There are several cryptocurrency exchanges online; some of the critical factors to keep in mind before selecting the proper crypto exchange are:
- Security measures
- Ease of use
- Trading fees
- The number of coins available for trading
- Supported cryptocurrencies
- History
Best Crypto Exchanges of 2022
Top Cryptocurrency Exchanges of 2022 that offer the best security, fees, and trading pairs for U.S. crypto traders today are:
Coinbase
Coinbase is the most successful cryptocurrency exchange based in the United States. Coinbase offers a user-friendly interface and trading experience. A wide variety of 39+ cryptocurrencies, including BTC, ETH, DASH, EOS, LINK, XRP, and many more, are supported by Coinbase.
- Overview
Coinbase allows merchants, consumers, and traders to transact with digital currency. Coinbase is a cryptocurrency exchange where one can buy popular coins like Bitcoin, Ethereum, and Solana. Coinbase has one of the extensive selections, with over 40 cryptocurrencies available for purchase, and adds new coins regularly among U.S. crypto exchanges.
- Why we chose it Coinbase offers a secure way for cryptocurrency trading and has never had a significant cryptocurrency theft. Coinbase has a mobile app available for Apple and Android devices. Coinbase offers an opportunity to earn free crypto in its rewards section.
- Pros and Cons:
Coinbase is the most established cryptocurrency exchange, but there are risks to trading these speculative currencies.
Pros:
- Coinbase is easy to use for cryptocurrency beginners
- Coinbase supports a large number of cryptocurrencies
- One can earn free crypto from coinbase
- Coinbase offers simple and advanced trading
Cons:
- Coinbase charges higher transaction fees than other cryptocurrency exchanges.
- Coinbase has limited staking and interest opportunities.
Binance US
Binance US provides a regulated marketplace for everyday access to digital assets. Binance US is the largest cryptocurrency exchange by trading volume. Binance.US offers over 80 cryptocurrencies to select from. Binance US is a cryptocurrency exchange with low fees and a solid range of cryptocurrencies.
- Overview
The products offered by Binance include trading, staking, farming, and locked savings. U.S. citizens can access some Binance services from the Binance US platform. The Binance U.S. platform is easy to use and beginner-friendly, making Binance one of the most trusted crypto exchanges. Binance users can access Binance from their computers or phones using the app.
- Why we chose it Binance US features one of the most generous fee structures across all the trading platforms. Binance.US offers discounts for using Build and Build (BNB), one of the most popular utility tokens, to buy and sell other coins.
- Pros and Cons Binance U.S offers high-speed trade execution but is not available in seven U.S. states.
Pros: Some of the advantages of Binance U.S are:
- Binance has comparatively low trading fees
- Binance has high liquidity and trading volume
- Binance is available in many countries globally
- Binance has an outstanding cybersecurity infrastructure
Cons: Some of the limitations of Binance U.S are:
- Binance has a complex interface
- The Binance U.S. has limited features
- Credit card purchases are currently unavailable in Binance
Kraken
Kraken Crypto Exchange, founded in 2011 and launched in 2013, is one of the largest and oldest Crypto Exchanges. The crypto exchange has a proprietary trading terminal for an internet browser and mobile applications for iOS and Android devices. Kraken is a platform for margin trading in cryptocurrencies, stablecoins, indices, and futures.
- Overview
Kraken is the only U.S. crypto exchange to provide advanced trading tools and is the “best and most secure” type of crypto exchange. The advanced trading features of Kraken include margin, stop orders, and crypto short sales. Kraken crypto exchange also includes a dark pool where high-volume investors can trade anonymously.
- Why we choose it
Kraken is a crypto exchange with low fees and a good mix of coins. The U.S.-based exchange boasts physical security and financial stability, pushing users towards healthy security habits.
Kraken is best for active traders and institutions interested in cryptocurrency trading and a good option for advanced traders looking to use margin accounts to invest more significant sums. Kraken has Large trading volumes and significant leverage, combined with a well-designed and functional interface of the trading terminal, ensuring comfortable trading.
- Pros and Cons
Kraken is a small cryptocurrency exchange based in the U.S. Kraken has many trading platforms where one can buy and sell digital currencies and has no deposit fees.
However, Kraken has some advantages and limitations listed below.
Pros: Some of the advantages of Kraken are:
- Kraken has robust staking options
- Kraken has reasonable fees in the cryptocurrency market.
- Kraken boasts a high liquidity
- Highly secure
- Kraken has a large number of supported cryptocurrencies
Cons: Some of the limitations of Kraken are:
- Kraken is not available in all U.S. states
- Kraken has no tax support
- Kraken has limited funding options
- No 24/7 phone customer support for Kraken
- The mobile futures platform from Kraken is currently not accessible in the US
CEX.io
CEX.IO Crypto Exchange entered the U.S. market and acquired Money Transmitter Licenses in 48 states in 2019. CEX.io enables traders and investors to buy, sell, borrow, and earn crypto. The CEX.io cryptocurrency exchange platform provides different trading tools for newcomers and experienced traders in various crypto assets such as Bitcoin, Ethereum, and many more.
- Overview
One of the features of CEX.io is double 2FA – two-factor authentication through which one can authenticate logins to your account via your phone and an authenticator app. CEX.IO allows users to exchange them with one another or use fiat money for their crypto acquisition needs.
- Why we chose it
CEX.io offers an instant buy option. CEX.io has never lost any of its customers’ cryptocurrency funds and uses industry-leading security to keep its accounts and crypto safe, including data encryption and offline crypto storage. The best feature of CEX.io is its Earn program, which allows you to earn rewards on your crypto holdings. U.S. customers can stake and earn rewards on several different cryptocurrencies
- Pros and Cons
CEX.io offers crypto savings accounts with competitive interest rates but there is no option to trade with leverage on Cex.io.
Pros: Some advantages of CEX.io to choose over other cryptocurrencies are
- CEX.io is regulated and licensed
- CEX.io supports a large number of cryptocurrencies
- CEX.io provides an opportunity to earn crypto
- CEX.io has strong security
Cons: CEX.io has some limitations too.
- CEX.io has lower liquidity than other leading global exchanges
- CEX.io has a complicated fee structure
- Many features of CEX.io are unavailable to U.S. customers
Gemini
Gemini crypto exchange has a mobile application, a payment application, and its currency, including the Gemini dollar, which is tied to the U.S. Dollar.
Gemini is available in all U.S. states and can operate throughout the country.
- Overview
Gemini exchange is suitable for both beginners and advanced crypto investors. The Gemini Cryptopedia has a collection of cryptocurrency educational content and well-written articles on everything from the history of Bitcoin to how NFTs work.
- Why we chose it
Gemini crypto has added a payment app, an interest-paying savings account, a credit card, and a trading platform. Gemini crypto exchange supports several cryptocurrencies and has its very own currency. The Gemini Earn program allows investors to earn interest on one’s holdings.
- Pros and Cons
Gemini exchange is a trading platform that is easy for beginners but has higher fees than other crypto exchanges.
Pros: Some of the advantages of Gemini exchange are:
- Gemini exchange has a Strong security framework
- Gemini exchange is easy to use
Cons: Some of the limitations of Gemini exchange are:
- Gemini exchange does not support short trading
- Gemini exchange charges high fees based on the market price
Stormgain
Stormgain is a leading platform for cryptocurrency trading used as a leveraged trading broker by investors. Stormgain has a full-fledged decentralized exchange for almost every leading cryptocurrency, such as Bitcoin and Ethereum.
Stormgain has an exclusive built-in wallet with multi-currency support. StormGain’s instant exchange allows users to buy digital currencies. Stormgain is accessible as a website where traders can run it as a web application on their browser apps.
Pros and Cons:
Stormgain offers a wide range of functions for traders on any level but also has no clients from the US.
Some of the benefits and limitations of Stormgain are:
Pros: The benefits of Stormgain are:
- Stormgain crypto exchange has a hassle-free login and registration process
- Stormgain crypto exchange offers a user-friendly experience
- Stormin provides access to multiple charting tools simultaneously.
- Stormgain crypto exchange is accessible 24/7
Cons: Limitations of Stormgain are:
- Stormgain has low liquidity
- Stormgain has limited payment methods
- Stormgain is unregulated
Can you use FTX Crypto in the United States?
FTX is a digital exchange platform for trading cryptocurrencies and crypto derivatives. The Fox platform supports many cryptocurrencies, including bitcoin, Ethereum, litecoin, chainlink, and ripple. FTX.US, a different platform, is available in the U.S. for crypto traders. In October 2021, FTX US completed its acquisition of LedgerX, rebranding it as FTX US Derivatives. FTX Crypto offers leveraged tokens, MOVE, options, futures, and spot markets as some of its services. FTX crypto enables users to trade many innovative products, including trading pairs.
Pros and Cons:
Some Traders prefer FTX, as the crypto exchange can trade between cryptocurrencies and multiple national currencies.
Pros: Some advantages of FTX crypto to choose over other cryptocurrencies are:
- FTX crypto offers a broad selection of trading products
- FTX crypto offers industry-standard security features
- FTX crypto has low withdrawal fees.
Cons: FTX crypto has some limitations too.
- FTX has a complicated interface and features
- FTX trading fees are comparatively high
- The Customer support of FTX is not very responsive
What is the Best Crypto Exchange?
There is no ‘one’ best crypto exchange for every trader. However, the best cryptocurrency exchanges to use are those that offer a broad range of crypto for trading, lower fees for credit and debit cards, and fast order execution. Select the crypto exchange that specializes in cryptocurrency trading according to your preference.
What is the best crypto exchange 2022?
The best crypto exchange 2022 can be selected based on cost, security, user experience, cryptocurrency selection, payment options, and trade volume.
The top picks for the best crypto exchange in 2022 are:
Coinbase crypto exchange
Binance US crypto exchange
Kraken crypto exchange
CEX.io crypto exchange
Gemini crypto exchange
How many Crypto Exchanges are there?
It is difficult to answer the question of the number of crypto exchanges as, with new technology, it is getting easier to open a crypto exchange. Today, however, 504 cryptocurrency exchanges exist in the U.S., but this can change anytime.
Conclusion
Cryptocurrencies have constantly increased over the past few years among individuals, institutions, and countries. The best crypto exchanges are secure, allow users to trade different coins, have educational resources, and have a high trading volume. Evaluate your interests in crypto exchange, and find an exchange that aligns with your goals. Decide on a crypto exchange by comparing the pros and cons of the various cryptocurrency exchanges from the Crypto exchanges list and see what suits your personal finance needs best.
