Most US residents don’t know where or which the best Crypto exchanges to buy cryptocurrencies from. In the euphoria of wanting to take a bite of crypto trading profits, they get stuck between strict regulations and obliviousness.
Choosing the best crypto exchanges in the US initially requires knowing the basic types of crypto exchanges. These include the Centralized exchanges (CEX) and Decentralized exchanges (DEX).
Centralized exchanges (CEX) are controlled by a central authority, a company that offers a platform for buyers and sellers to meet, and your funds are kept in their care. Given its easy-to-use user interface and customer service, CEX is the traditional and most used type of exchange in the crypto space.
Decentralized exchanges are service platforms with no central authority and no hold on user funds or personal data. Smart contracts and decentralized applications (dApps) are used to automate and carry out transactions. The advantage of DEXs is the security; funds are held by the users on their wallets, and they only need to connect wallets to the DEX platform.
Funds on Coinbase are privately insured in case of a cybersecurity breach. The exchange also has an easy-to-use interface for beginners and a fiat to crypto buying gateway with several payment options. But trading fee on the exchange is high, and the customer support service lags.
Pros: – Easy to use interface for beginner – Very safe for trading as it’s regulated by US regulatory body. – Supports buying about 30 cryptocurrencies using fiat. – Easy account opening. Cons: – Limited to just 43 US state – Despite having ETF and Forex features, – only crypto trading is allowed for US residents.
Pros: – Low trading fee – Good security – More than 150 currencies to trade Cons: – Quite difficult to navigate – Lagging customer support service
Pros: – Available in all US state – Secured against possible cybersecurity hack – Offers a large number of cryptocurrencies to trade. Cons: – High trading fee – Difficult to navigate
Pros: – Very low fee – A large variety of cryptocurrencies to trade – Offers several types of trading ranging from Futures trading, Forex trading to OTC, and much more Cons: – Very little learning material – High Instant buying fee