As cryptocurrencies continue their meteoric rise in popularity, crypto exchanges have emerged as essential gateways for investors and traders to participate in this rapidly evolving new asset class. The largest exchanges in the U.S. now handle billions of dollars in trades every day from millions of users. But not all exchanges are created equal. This article will countdown the 10 biggest crypto trading platforms in the U.S., analyzing their features, trustworthiness, and future outlook.
#10: CoinList – Supporting the Next Generation of Cryptos
Founded in 2019 by tech startup veterans Graham Jenkin, Andy Bromberg, Joshua Slayton and Brian Tubergen, CoinList has quickly made a name for itself as a crypto exchange tailored specifically for newly launched coins and tokens. While its daily trading volumes between $1-3 million seem modest compared to giants like Coinbase, CoinList punches above its weight in terms of influence.
The exchange‘s flagship CoinList Seed initiative has helped over 50 crypto projects raise capital and accelerate their pathway to liquidity by participating in periodic online demo events attended by crypto enthusiasts and investors. Prominent success stories from CoinList Seed include blockchain-based cloud storage company Filecoin and peer-to-peer messaging platform Orchid.
For crypto projects, CoinList can provide much-needed credibility in their early stages. For traders and investors, it offers exclusive early access to the next potential breakout stars in the making. Although USDT, USDC and Bitcoin see the highest volumes, CoinList‘s platform is really all about exposure to tomorrow‘s bluechip cryptos today.
#9: CoinZoom – Making Crypto Spendable
Founded by crypto pioneer Todd Crosland in 2018, CoinZoom bills itself as "more than just an exchange" thanks to its crypto-funded CoinZoom Visa debit card allowing easy spending of coins. With 192 countries supported and over $150 million in credit lines, CoinZoom has quickly emerged as a major player.
Unlike credit cards rewarding airline miles or cash back, CoinZoom‘s Visa debit card enables real-world purchases converting crypto to fiat currency behind the scenes. This unique utility and convenience has won many fans despite CoinZoom‘s limited coin selection compared to other exchanges. While veterans stick with stablecoins like USDT, newcomers are intrigued by the ability to spend Dogecoin or Cardano without cashing out.
Regulatory compliance has been a priority for CoinZoom, unlike many earlier exchanges formed when crypto operated in legal gray areas. Crosland has led these efforts via his extensive traditional finance background. This instills confidence in traders that funds are secure and transactions conducted above board.
With crypto debit cards gaining popularity and mainstream adoption accelerating, CoinZoom seems well-positioned to capitalize on bridging digital coins with tangible lifestyle spending.
#8: itBit – Crypto Gateway for Institutions
In the volatile world of crypto investing, trust and security take paramount importance. Understanding this key truth inspired the founders of itBit to take a heavily compliance-focused approach catering to large institutional clients. Based in New York, itBit obtained a coveted BitLicense in 2015 and operates as a qualified custodian regulated by the NY Department of Financial Services.
This oversight gives itBit a reputational edge over exchanges merely promising security precautions. Add in multi-signature wallets, FDIC-insured USD balances and some of the lowest trading fees around, and itBit offers a compelling package for hedge funds, family offices and asset managers diving into crypto.
Despite its institutional focus, itBit maintains a slick user interface comparable with mainstream consumer-facing exchanges. Account minimums are also within reach for many individual investors at $25,000. For traders unwilling to sacrifice enhanced oversight for greater anonymity, itBit deserves consideration especially as crypto regulatory regimes expand globally.
#7: Bittrex – Security Focused Veteran Exchange
As one of the longer tenured exchanges launching in 2014, Bittrex has prioritized security and compliance from day one. This makes sense considering co-founders Bill Shihara, Richie Lai and Rami Kawach were former security professionals at Microsoft, Amazon and Qualys respectively.
By taking a measured approach to listing new assets and avoiding flashier aspects like leverage trading, Bittrex has maintained a sterling reputation despite some growing pains. Supporting over 400 coin pairs with LEDU and BLTV seeing high volumes recently, Bittrex offers a staggeringly wide selection for veterans and newcomers alike.
One downside is higher trading fees compared to rivals – topping out at a costly 0.4% for low volume traders. Bittrex is also less intuitive for beginners compared to the Coinbases of the world. But for U.S. traders focused on security assurances over everything else, Bittrex remains a go-to option. Its longevity speaks to the respect the exchange has earned over nearly a decade in this rapidly evolving space.
#6: OKcoin – Targeting Crypto Traders with Chinese Roots
Unlike purely Western oriented platforms, OKCoin brings some Eastern influence to the table. Originally founded in China by Star Xu before relocating to San Francisco in 2017, OKCoin maintains huge appeal among Asian crypto traders now numbering over 20 million.
For Westerners, OKCoin stands out through its flexibility. Want to trade crypto derivatives? They have a wide array covering BTC, ETH, SOL and more. Prefer spot trading major coins over complex financial products? No problem – OKCoin offers 80+ assets including must-haves like Bitcoin, Ethereum and Litecoin paired against Tether‘s USDT, the world‘s most traded stablecoin.
Add in multilingual support spanning English, Chinese, Japanese, Korean and Spanish plus features tailored to pro traders like algorithmic orders, and OKCoin manages to bridge East and West crypto markets under one roof. While less talked about versus American centric exchanges, OKcoin‘s efforts over nearly a decade cement its place among the industry‘s elite.
#5: Gemini – Winklevoss Twins Bring Crypto to Mainstream
Perhaps no exchange carry bigger name recognition than Gemini, founded in 2014 by Tyler and Cameron Winklevoss of Facebook founding controversy fame. Landing licensing in virtually every U.S. state, Gemini markets itself as the regulated, secure and legal gateway for regular investors to participate in crypto.
This broad accessibility combined with aggressive advertising campaigns has cemented Gemini‘s place among the top exchanges catering to retail. However, Gemini lacks some features beloved by sophisticated crypto traders including margin trading. Fees are also on the high side ranging from 0.35% maker/taker in the mobile app to a wallet-gouging 7.49% convenience fee.
Where Gemini really shines is its new credit card allowing users to earn up to 3% back in crypto. Paired with a slick user interface and educational resources about blockchain technology, Gemini does an excellent job introducing beginners to crypto investing – albeit at a steep cost.
#4: FTX US – More Than Just Derivatives
In most industries, calling a 2019 startup the 4th largest anything would seem farfetched. But crypto moves fast and FTX US already handles over $10 billion in volume spread across its spot, margin and futures markets. Started by former Wall Streeters Sam Bankman-Fried, Gary Wang and Nishad Singh, FTX began by targeting sophisticated traders before launching a dedicated U.S. exchange arm called FTX US.
This regulatory move opened the door for American traders to access FTX‘s liquid futures and options markets without violating local laws. Now 100x leverage and complex products likeMOVE contracts, quant zones and volatility tokens accompany more pedestrian BTC and ETH trading. Throw in NFTs, tokenized stocks, staking and continually improving mobile apps, and FTX US brings a dizzying array of ways to express crypto market views.
Despite its power user DNA, FTX US smartly onboards newbies via educational guides breaking down arcane topics around futures contracts, collateral and risk management. Low maker/taker fees from 0.02% to 0.07% plus free withdrawals up to $10,000 monthly should continue powering FTX‘s rise.
#3: Binance.US – Global Giant Localized for America
As crypto‘s popularity exploded from 2017 onwards, one exchange emerged as its global epicenter – Binance. Founded by Changpeng "CZ" Zhao, Binance exemplified crypto‘s early libertarian ethos by welcoming global users when governments still grappled with formulating policy. However a series of regulatory headaches have motivated Binance to establish local subsidiaries following regional rules.
Enter New Jersey based Binance.US, which imported the legendary liquidity, charting tools and token selection that made Binance number one worldwide. However concessions were made including banning margin trading and reducing maximum leverage. Fees have also crept up over time but remain competitive from 0% to 0.1% using BNB tokens.
Despite its corporate parent navigating choppy legal waters recently, Binance.US provides a battle tested interface for U.S. traders wanting exposure to 100+ coins. Learning resources for novices and high volume discounts make Binance.US welcoming for traders of all experience levels – albeit with training wheels relative to the global site.
#2: Kraken – Veteran Exchange Embraces the Mainstream
As one of the longest running exchanges launching in 2013, Kraken has earned institutional-grade trust and name recognition across crypto markets. Originally catering mainly to hardcore traders and large buyers via wire transfers, Kraken has expanded via slick mobile apps and support for online banking.
Offering access to over 100 cryptos from Bitcoin to exotic plays like APE or FTT, Kraken combines formidably tight spreads with low fees ranging from 0% to 0.26%. Margin trading with up to 5x leverage provides added flexibility for risk takers. Other advantages include high deposit limits, seamless integration with trading bots like Bitsgap and bank-level security maintaining an unblemished track record.
In many ways, Kraken combines the best of both worlds – battle tested credentials crypto veterans demand with the convenience and polish expected by mobile-first users. Staking over 15 assets provides passive income opportunities alongside active trading. As adoption continues accelerating, Kraken seems poised to benefit greatly thanks to years of experience and constant platform enhancements.
#1: Coinbase – Crypto‘s Mainstream Gateway
If crypto had a flagship brand ordinary people would recognize, Coinbase would surely claim that mantle. Launched in 2012 by Brian Armstrong and Fred Ehrsam, Coinbase sought to make buying Bitcoin as easy as online shopping. This accessibility focus combined with aggressive regulatory compliance to operate legally from day one has created a trusted, recognizable brand.
With over 130 assets trading against seven fiat currencies, Coinbase leaves no asset untraded – even meme coin DOGE earns support. Yet gateways to DeFi gems through Coinbase Wallet and Coinbase Exchange hint at future plans to court crypto power users. Add the ability to earn interest via staking or lend assets for yield, and Coinbase seems intent on owning the full crypto user lifecycle.
With fees ranging from 0.5% for infrequent traders to 0% for whales, costs stay reasonable. However convenience does come at a privacy tradeoff with extensive reporting to tax agencies. Law enforcement cooperation also leads some Bitcoin ideologues to view Coinbase as antithetical to crypto‘s liberitarian roots.
Yet for better or worse, Coinbase and the cryptocurrency industry appear inexorably intertwined as adoption moves past early adopters. Look for this first name in crypto trading to feature in headlines for years to come as the space matures.
The Outlook for Leading U.S. Crypto Exchanges
While Coinbase currently dominates, competition remains fierce as exchanges improve offerings to capture America‘s exploding base of crypto traders. Kraken and Binance.US may offer Coinbase veterans more features to play with. Meanwhile FTX US brings derivatives built for whales.
Security-conscious asset managers may flock to itBit or Gemini for battle tested trust assurances in this volatile asset class. Expect CoinZoom and its crypto debit card to resonate as cryptocurrencies permeate everyday spending habits. However CoinList remains the most intriguing wild card, identifying newly launched cryptos that may reshape blockchain entirely.
With so many quality options for Americans trading cryptocurrencies, innovation and specialization appear crucial to stand out. As assetTokenization blurs lines between crypto and traditional finance, exchanges must react quickly or risk losing customers to disruptive rival platforms. Yet for now, the exchanges above appear well-positioned to win in today‘s dynamic crypto investment landscape.
