In this article, we will be taking a look at the 8 best cryptocurrency exchanges and apps in the US in 2024.
Welcome to the world of cryptocurrency trading in the United States in 2024, where the landscape is constantly evolving, and the choices for cryptocurrency exchanges and apps have never been more diverse. As the adoption of cryptocurrencies continues to surge, the demand for secure, user-friendly, and feature-rich platforms has reached unprecedented heights.
In exploring the best cryptocurrency exchanges and apps available to US residents, we will delve into the leading platforms catering to newcomers and seasoned traders like Binance KuCoin and Crypto.com, among others. Whether you’re looking for a platform to buy, sell, or trade digital assets or seeking advanced features for your cryptocurrency portfolio management, this guide will provide valuable insights into the top options available in this exciting and dynamic era of crypto.
One of the most critical decisions when investing in cryptocurrency is choosing the proper exchange and app. Not all businesses and apps are created equal, and making the wrong choice could result in lost funds or missed opportunities.
The importance of choosing the proper exchange and app
First and foremost, you’ll want to choose an exchange and app that is reputable and secure. Look for deals and apps with a proven track record of protecting users’ funds and personal information. For example, in March 2023, the exchange platform Coinbase reported holding more than $130 billion in assets, proving its commitment to security and trust. Additionally, be sure to choose an exchange and app that is user-friendly and easy to navigate, as this will make it easier for you to buy and sell cryptocurrency.
Another essential factor is the selection of cryptocurrencies available on the exchange and app. Different businesses and apps may offer other cryptocurrencies, so choose one that provides the cryptocurrencies you’re interested in investing in. The global cryptocurrency market has reached a value of over $1.13 trillion, highlighting the vast array of options available for investment.
Finally, consider the fees associated with the exchange and app. Some businesses and apps charge higher fees than others, so factoring this into your decision-making process is essential. For instance, Binance charges a trading fee of 0.1%, while Coinbase charges a higher cost of 1.49%.
By taking the time to research and choose the proper cryptocurrency exchange and app, you’ll be setting yourself up for success in the exciting world of cryptocurrency investing, where every dollar and percentage point counts.
Recent regulatory developments affecting US cryptocurrency exchanges
In the United States, cryptocurrency exchanges are facing significant regulatory changes driven by increased government scrutiny over concerns related to money laundering and illicit activities within the cryptocurrency sector. These changes primarily include mandatory registration with the Financial Crimes Enforcement Network (FinCEN), an agency responsible for monitoring financial transactions to combat illegal activities. Compliance with specific guidelines and regulations is required for legality and transparency.
Additionally, there is a growing emphasis on compliance with securities laws, with notable cases of cryptocurrency exchanges being accused of offering unregistered securities to investors violating this law, which has prompted many exchanges to prioritize compliance to avoid legal consequences.
The cryptocurrency industry has experienced substantial global losses due to related crimes, surpassing $1 billion in 2021. In the United States, FinCEN has assessed civil monetary penalties exceeding $29.2 million against Bittrex in 2022. Moreover, the Securities and Exchange Commission (SEC) imposed a $10 million fine on a cryptocurrency exchange in 2021 for securities law violations. These statistics underscore the pivotal role of regulatory developments in protecting investors and preventing financial crimes, reflecting the heightened regulatory attention on the expanding cryptocurrency market.
Glimpsing into the Crystal Ball: What Lies Ahead for Cryptocurrency Markets and Platforms
Looking ahead to the future of cryptocurrency markets and platforms, we encounter both exciting developments and challenges. The growing demand for digital currencies is evident, driven by increasing awareness of their technology and potential uses.
The cryptocurrency landscape will be influenced by several factors, including regulatory shifts, technological progress, and evolving market trends. Decentralized finance (DeFi) is a notable trend expected to have a significant impact as more investors seek decentralized platforms and applications.
Stablecoins, digital currencies tied to stable assets like the US dollar, are also gaining prominence. They offer a means to mitigate the volatility often associated with cryptocurrencies, making them appealing to a broader range of investors. In 2023, the pinnacle of stablecoin market capitalization has receded, experiencing a 25% decline to $120 billion, underscoring the increasing interest in stablecoins and their potential influence on the cryptocurrency market’s future.
Our Methodology
Our methodology for identifying the best cryptocurrency exchanges and apps in the US in 2024 involved conducting thorough research using sources like Coinsutra, G2, Yahoo Finance, Guru99, and Forbes. We selected the US’s top cryptocurrency exchanges and apps in 2023 based on a structured scoring system. Each exchange and app received points based on the times it appeared in the research sources. By employing this approach, we created a definitive compilation of the best cryptocurrency exchanges and apps in the US in 2023 and ranked them in ascending order of high scores.
1. Bitcoin IRA
Insider Monkey Score: 1
Investing in Bitcoin via an IRA diversifies your retirement funds. While Bitcoin offers a unique investment opportunity, it comes with volatility. Research and financial guidance are vital. Choose a trusted provider like Bitcoin IRA, a top crypto IRA platform. It’s a 24/7 self-trade platform connecting users to custodians, wallets, and exchanges for tax-free IRA growth.
Features include real-time tracking, portfolio analysis, SSL security, and support for multiple cryptocurrencies. Payment options include PayPal Holdings, Inc. (NASDAQ:PYPL), bank deposits, and cards. With 60+ cryptos, dApps, margin trading, DeFi, and transparent fees (3.50% for trading, 1% for buying), Bitcoin IRA has earned the trust of over 170,000 users.
2. StormGain
Insider Monkey Score: 1
StormGain is a best cryptocurrency exchange and app known for its intuitive interface, low trading fees, and advanced tools suitable for beginners and experienced traders. It offers extensive educational resources, 24/7 customer support, and secure wallet protection. Supporting multiple languages and cryptocurrencies like Ethereum, Litecoin, Tether, and Bitcoin Cash, StormGain is accessible on Android and iOS and is available in various countries. KYC requirements include personal details, and it offers margin trading and dApps support with transparent transaction fees, typically ranging from $10 to $20. Payment options include PayPal Holdings, Inc. (NASDAQ:PYPL), Visa Inc. (NYSE:V), Mastercard Incorporated (NYSE:MA). Trusted by over 12 million users worldwide, StormGain serves both novices and industry experts.
3. SoFi
Insider Monkey Score: 1
SoFi’s crypto exchange and app have transformed finance with user-friendly transactions. SoFi must adapt by monitoring trends and feedback to stay at the forefront. Expanding altcoin support, boosting security, and ensuring compliance are critical. Known for financial services, it offers low-cost, no-minimum crypto trading and education. With 5.6 million users and 2022 revenue of $1.57 million, SoFi excels in the industry.
4. Bybit
Insider Monkey Score: 2
Bybit, a cryptocurrency derivatives exchange, allows leveraged trading of Bitcoin, Ethereum, XRP, EOS, and more (up to 100x) and stands among the 15 Biggest Cryptocurrency Exchanges in the World. Its user-friendly interface and advanced tools cater to experienced traders. Bybit offers perpetual contracts, futures, and options, ensuring diverse trading options.
Security and customer support are paramount, with two-factor authentication, SSL encryption, and cold storage for asset safety. The platform excels in speed and customization, offering a range of order types. Users praise Bybit for its user-friendliness, robust features, and commitment to security.
5. Zengo
Insider Monkey Score: 2
Zengo has become a top cryptocurrency exchange and app in 2024 due to its unwavering commitment to safety and user-friendliness. It prioritizes security with multi-factor authentication, cold storage, and regular security audits, earning trust in a risky crypto landscape. Zengo enhances user experience through a friendly interface, extensive crypto support, and seamless payment integration. It eliminates private critical vulnerabilities as the most secure non-custodial wallet in Web3.
Zengo facilitates the storage, buying, swapping, and sending of various cryptocurrencies, including BTC, ETH, SHIB, and DOGE, with 24/7 support. The app Pro offers added security with Multi-Factor Authentication and 24/7 Priority Support.
Serving users worldwide, except in certain countries, Zengo handles numerous fiat currencies and 120+ cryptocurrencies, with fees ranging from 0.75% to 1.99%. Zengo boasts 900,000 users who appreciate its secure and user-centric crypto management approach.
6. EToro
Insider Monkey Score: 3
eToro, founded in 2007, is a social trading and investment platform with 25 million users in 140 countries and stands eighth among the best cryptocurrency exchanges and apps in the US in 2024.
It offers diverse financial asset trading, including cryptocurrencies, stocks, and commodities, featuring a unique copy trading system. eToro’s crypto exchange boasts a user-friendly interface and comprehensive educational resources. Known for innovative tools and social trading, it ranked among the top cryptocurrency exchanges in May 2023.
EToro’s revenue surged from $60 million in 2016 to an impressive $631 billion in 2022. However, its EBITDA declined to $35 million in 2022, down from previous highs of $193 million in 2018 and $95 million in 2020.
7. UpHold
Insider Monkey Score: 3
Uphold leads the way as one of the best cryptocurrency exchanges and apps in the US in 2024 in the ever-evolving digital landscape. Offering a user-friendly platform for a wide range of crypto activities, Uphold caters to new and experienced investors, ensuring a secure and accessible path into the future of finance.
Uphold excels in transparency and customer support, delivering comprehensive cryptocurrency insights and round-the-clock assistance with paymane options like Mastercard Incorporated (NYSE:MA).
Beyond traditional exchange services, Uphold pioneers innovation by introducing a suite of crypto-powered financial products, including loans, savings accounts, and debit cards. With a massive user base exceeding 30 million, Uphold’s all-encompassing cryptocurrency solution serves a vast audience.
8. Gemini
Insider Monkey Score: 4
Gemini is a leading global cryptocurrency exchange known for its security and innovation and is one of the best cryptocurrency exchanges in the US. It offers a user-friendly platform for trading cryptocurrencies, including Bitcoin, Ethereum, and Litecoin. Gemini’s commitment to innovation is evident in its plans for state-of-the-art apps in 2023, featuring real-time data and advanced charting tools.
It provides trust and discounts for high-volume traders as a fully regulated exchange. Operating globally, Gemini requires KYC verification and supports various operating systems. It grants access to over 75 cryptocurrencies, including NFTs and dApps, and supports DeFi. Transaction fees vary from $0.99 to $2.99 for trading and 1.49% to 3.49% for buying crypto. In 2022, Gemini reached a peak revenue of $730.0M with 3,000 employees, emphasizing its stature in the cryptocurrency exchange market.