How to choose a crypto exchange in the US (plus fair mini-reviews)

The right crypto exchange is the one that is licensed where you live, charges a total cost you can actually see, and has a track record you are comfortable with. This guide shows you what to compare, then profiles 16 US platforms as of October 2026 without ranking anyone for payment.

What to compare before you sign up

Fees matter, but check them last. Work through these questions roughly in this order.

1. Is it licensed in your state?

There is no single federal crypto exchange license in the US. Platforms that hold customer money usually need a money transmitter license in each state, plus registration with FinCEN, the Treasury bureau that polices money laundering.

New York is the strictest. A company needs a BitLicense or a New York trust charter from the Department of Financial Services (NYDFS) to serve residents. The NYDFS publishes the list of approved firms, so you can check any claim yourself. That is why several big names simply don't serve New Yorkers.

Other states have gaps too. Binance.US, for example, excluded 12 states plus several territories as of its June 2026 support page, and Kraken does not serve Maine or New York. Always check the platform's own state list before you send money.

2. Who holds your coins?

On almost every exchange, the company holds the private keys, and you hold a claim on the company. That is called custodial storage. It is convenient, but if the firm fails or freezes withdrawals, you wait in line with other customers.

Two things help you judge how a custodian handles that trust:

• Proof of reserves. The exchange publishes evidence that its on-chain holdings cover customer balances, often checked by an outside firm. Kraken's June 30, 2026 snapshot, for instance, showed BTC reserves at 102.9% of client balances. Proof of reserves is a point-in-time snapshot and does not always show liabilities, so treat it as a good sign, not a guarantee.
• Audited financials or bank-style oversight. Publicly listed companies such as Coinbase and Gemini file audited statements. Trust companies and banks, like Gemini Trust Company or SoFi Bank, face regular exams.

If you plan to hold for years, many people buy on an exchange and then withdraw to their own wallet. Our hardware wallet comparison covers that step.

3. Insurance claims vs. reality

Your crypto is not covered by FDIC deposit insurance or by SIPC, the fund that protects brokerage customers when a broker fails. Some platforms keep customer dollars at FDIC-insured banks, which protects you if that bank fails, not if the exchange does.

Some firms have blurred that line. In August 2022, the FDIC sent cease-and-desist letters to five crypto companies, including FTX US, over misleading deposit-insurance claims. When an exchange mentions "insurance," ask: what is covered, by whom, up to how much, and does it cover my loss or only the company's own hot wallet?

4. Fees: the three ways you pay

Crypto platforms charge in three main ways, and many use more than one at once.

• Maker/taker fees. On an order book, a "taker" order fills right away against existing orders, and a "maker" order waits on the book and adds liquidity. Makers usually pay less. These fees drop as your 30-day trading volume rises.
• Spread. The gap between the market price and the price you are quoted. Many "commission-free" apps earn money this way, and the spread may not show up as a separate line.
• Simple-buy markups. The easy "Buy" button in most apps adds a convenience fee on top of the spread. Kraken's app, for example, charges 1% on instant buys plus a spread, while its Kraken Pro order book starts at 0.40% maker and 0.80% taker.

Entry-level order-book fees vary widely. As of October 2026, Binance.US charges 0% maker and 0.02% taker on most pairs; Bitstamp USA starts at 0.30%/0.40%; Coinbase Advanced starts at 0.50%/0.90% for US customers; and Gemini ActiveTrader starts at 0.60%/1.20%. Payment apps tend to charge more: PayPal and Venmo charge 1.50% to 2.20% plus a spread.

5. Funding and withdrawal methods

Bank transfers (ACH) are usually free; cards are faster but often cost several percent. Also check the cost of moving crypto out, since most platforms pass on a network fee and a few add their own.

6. Asset selection

Bigger menus are not automatically better: long lists include many thinly traded, higher-risk tokens. Some coins are also blocked in specific states. Robinhood, for instance, flags tokens unavailable in New York or Texas.

7. Staking

Staking lets you earn network rewards on coins like ETH and SOL. On an exchange, the platform runs the validators and keeps a commission. Uphold's fee page lists 50% for flexible staking, which is far higher than most. Staking is also state-dependent: Coinbase says customers in California, Maryland, New Jersey and Wisconsin cannot stake new funds because of 2023 state orders.

8. Security features

At a minimum, look for app-based or hardware-key two-factor authentication (not SMS only), withdrawal address allowlists, and alerts for new logins. A clear way to freeze your own account quickly is a bonus.

9. Support

Check whether you can reach a human by chat or phone. Real support staff never ask for your password, 2FA code or recovery words.

10. Track record and enforcement history

Most large platforms have faced a regulator at some point. Weigh the nature of the problem (compliance failures versus lost customer funds), how it was resolved, and how recent it was. Each profile below lists the main public actions with years.

11. Tax forms, including Form 1099-DA

US brokers now report crypto sales to the IRS on Form 1099-DA. For 2025 transactions, they report gross proceeds. Cost basis reporting applies to certain transactions starting in 2026. Foreign exchanges may not send this form at all. You must still report every taxable sale or swap, form or no form. See our crypto tax guide.

The four types of crypto platforms

• Crypto exchanges (Coinbase, Kraken, Gemini, Crypto.com, Binance.US, Uphold, Bitstamp). These offer wide coin selection, order books, transfers in and out, and often staking. They are the most flexible, and the most complex.
• Brokerage apps (Robinhood, eToro, Webull, SoFi). Crypto sits beside stocks in one account. They are simple and familiar, usually with fewer coins and fewer advanced features. SoFi's crypto runs through a national bank.
• Payment apps (Cash App, PayPal and Venmo). Crypto is a feature inside an app you already use. They are convenient for small buys but have short coin lists and higher per-trade fees, though Cash App's recurring bitcoin buys are free.
• Bitcoin-only apps (River, Strike, Swan). These sell only bitcoin and focus on recurring buys, low fees on scheduled purchases and easy withdrawals to self-custody.

Platform profiles (as of October 2026)

"Best for" describes who each design suits, not a personal recommendation.

Coinbase

Strengths: New York BitLicense since 2017, a public company with audited financials, and an easy app plus Coinbase Advanced in one account. Trade-offs: Simple buys carry a spread plus a Coinbase fee. Advanced starts at 0.50% maker / 0.90% taker for US customers after a September 2026 fee change. NYDFS fined it $50 million in 2023 over compliance shortfalls. In May 2025, it disclosed that bribed overseas support contractors leaked data on under 1% of monthly users. The SEC dropped its lawsuit in February 2025. Best for: beginners who want broad licensing, including in New York.

Kraken

Strengths: Regular proof of reserves, a Wyoming-chartered bank subsidiary for custody, and order-book fees that fall quickly with volume. Trade-offs: Not available in New York or Maine. Its app charges 1% plus a spread on instant buys. It paid $30 million to settle SEC staking charges in 2023, and the SEC dismissed a separate lawsuit in 2025. Best for: intermediate traders willing to use Kraken Pro.

Gemini

Strengths: A New York trust company since 2015, available in every state, and support for hardware security keys. Trade-offs: The ActiveTrader entry tier (0.60%/1.20% since September 2026) is among the highest here. Its Earn lending product froze in 2022, which led to a $37 million NYDFS fine in 2024; customers were later repaid in full, and the SEC dropped its Earn case in 2026. Best for: security-minded buyers, including in New York, who trade less often.

Robinhood Crypto

Strengths: Crypto inside a familiar stock app, New York licensed, around 89 coins, and staking for ETH, SOL and ADA. Trade-offs: "Commission-free" orders include a spread; Robinhood says it receives $0.95 per $100 routed through market makers. NYDFS fined it $30 million in 2022, and it settled with California for $3.9 million in 2024 over past withdrawal limits. Best for: existing Robinhood investors.

Crypto.com

Strengths: A large coin list (400+ by its count), cards and rewards, and the SEC closed its investigation in 2025 with no action. Trade-offs: Not available in New York. Many perks depend on holding its own CRO token. App pricing relies on spreads, and we could not verify a single published US app fee table. Best for: feature-seekers outside New York who understand the token-tier model.

Binance.US

Strengths: Very low order-book fees (0% maker, 0.02% taker on most pairs), free ACH transfers, and staking. Trade-offs: Not offered in 12 states, including New York and Texas. USD service was disrupted from 2023 until February 2025, after the SEC sued, and the SEC dismissed that case in May 2025. It is a separate company from Binance.com, whose parent pleaded guilty to US anti-money-laundering charges in 2023. Best for: cost-focused traders in supported states.

Uphold

Strengths: One-step conversions between crypto, US dollars, stablecoins and metals, with an all-in price shown before you confirm. Trade-offs: Spreads are typically 2.05% to 2.2% for BTC and ETH and up to 3.8% for other coins. It is not available in New York. In April 2026, it agreed to pay $5 million to the New York Attorney General over its past promotion of the failed CredEarn product, though it disputes parts of that account. Best for: convenience over cost.

Bitstamp by Robinhood (US)

Strengths: One of the oldest exchanges, a BitLicense holder since 2019, with order-book fees starting at 0.30%/0.40%. Trade-offs: Robinhood is folding the US business into its main app. From February 1, 2027, US customers cannot open new positions, though they can still sell and withdraw. It lost about 19,000 BTC in a 2015 hack. Best for: existing customers planning their move. It is not a sensible new account to open.

Cash App

Strengths: Free recurring bitcoin buys with no spread, no fee on buys over $2,000, and free standard withdrawals. Trade-offs: Bitcoin only. Smaller one-off buys cost 0.9% to 2.0% plus up to 0.75% spread. NYDFS fined its parent Block $40 million in 2025 over anti-money-laundering failures. Best for: stacking small amounts of bitcoin automatically.

PayPal and Venmo

Strengths: Available nationwide including New York, through a New York-chartered trust company since May 2026, with transfers out to external wallets. Trade-offs: Seven assets including PYUSD, fees of 1.50% to 2.20% plus a spread, and no staking. Best for: occasional small buys by existing users.

River

Strengths: Bitcoin-only, recurring buys free after the first week, and free payroll conversions up to $30,000 a month. Trade-offs: One-off buys cost 1% up to $1 million. Not available in Nevada or New York. Best for: scheduled bitcoin savers.

Strike

Strengths: Tiered fees from 0.89% down to 0.25%, a stated target spread of about 0.22%, Lightning payments, and New York availability since March 2026. Trade-offs: Bitcoin focus only, and the New York license is new. Best for: low-cost bitcoin buying and payments.

Swan Bitcoin

Strengths: Built around self-custody, with guided setup, multisig vault options and bitcoin IRAs. Withdrawals are free. Trade-offs: A flat 1% on buys and sells, and some custody plans carry monthly fees. Best for: long-term savers who want help holding their own keys.

eToro US

Strengths: A simple 1% flat crypto fee, 100+ assets, and New York access since April 2026. Trade-offs: Crypto is not available in Nevada, Hawaii, Puerto Rico or the US Virgin Islands. A 2024 SEC settlement ($1.5 million) temporarily cut its US list to three coins. Best for: investors who want crypto beside stocks with flat pricing.

Webull

Strengths: 70+ coins inside a stock trading app, with execution and custody through partners including Coinbase. Trade-offs: A 1% spread on every buy and sell, and no transfers or staking listed on the pages we reviewed. Best for: existing Webull users wanting basic exposure.

SoFi Crypto

Strengths: Offered by an OCC-regulated national bank, next to SoFi checking and savings. Trade-offs: Fees built into the price run from 1.90% (under $1,000 a month) to 0.90%, with 25+ coins. SoFi left crypto in 2023 before relaunching in November 2025. Best for: SoFi banking customers who value bank oversight over low fees.

Comparison table

Asset counts are company figures and vary by state.

Red flags that should stop you

• Offshore exchanges that "work with a VPN." If a platform's terms exclude US residents, using it anyway breaks those terms. Accounts can be frozen at withdrawal time, and you have no US regulator to complain to.
• Guaranteed or fixed high returns. No legitimate exchange guarantees profits. "Earn 2% a day" offers are a hallmark of fraud, including pig-butchering scams that steer victims to fake trading sites.
• Fake exchange apps and look-alike websites. Criminals publish clone apps and buy search ads that mimic real brands. Type the address yourself or use the official app store listing linked from the company's own site. See impersonation and giveaway scams.
• "Support" that contacts you first. After Coinbase's 2025 data leak, criminals posed as Coinbase staff to talk customers into moving funds. Real support never asks you to transfer crypto to a "safe" wallet or share recovery words.
• Withdrawal "unlock fees" or taxes paid up front. If a site says you must pay before you can withdraw, treat the money as at risk and stop sending more.
• Vague answers about licensing. A real US platform names its legal entity and licenses.

Exchanges that do not serve US residents

Several of the world's largest exchanges are off-limits to US residents, though their tokens appear in our coin directory.

• Binance.com. It does not accept US residents, and Americans are directed to Binance.US, a separately run company. Binance and its founder pleaded guilty to federal charges in November 2023 in a roughly $4 billion resolution. Its exchange token is BNB.
• OKX (global). It pleaded guilty in February 2025 to operating an unlicensed money transmitting business that served US customers, agreeing to more than $504 million in penalties. OKX now runs a separate US platform, launched in 2025, which we have not profiled here. The global exchange token is OKB.
• Bybit. Its help center lists the United States among excluded jurisdictions.
• Bitget. Its terms list the United States and its territories as prohibited. Exchange token: Bitget Token (BGB).
• KuCoin. It pleaded guilty in January 2025, paid more than $297 million, and agreed to leave the US market. In March 2026, a federal court permanently barred its operator from letting US participants trade without CFTC registration. Exchange token: KuCoin Token (KCS).

Exchange tokens tie your outcome to one company's fortunes; see our exchange tokens page.

A simple way to decide

1. List the platforms that serve your state.
2. Cross off any whose fee model punishes how you buy, for example a high small-order fee if you buy $50 a week.
3. Read the incident history in each profile and decide what you can live with.
4. Open one account, turn on strong two-factor authentication, and make a small test purchase and withdrawal.
5. Plan where long-term holdings will live. Our guide to buying crypto safely walks through the first purchase step by step.

Updated October 4, 2026 by The Crypto Guide editorial team. Educational content, not financial, legal or tax advice. Spot an error? Request a correction.