Explore The Top US Crypto Exchanges In November 2025

The U.S. crypto landscape has done a complete 180, shifting from a hostile regulatory environment to a more welcoming and structured one. With clearer regulations, more traders and investors are considering entering the space, but with so many exchanges available, choosing the right one can feel overwhelming. This guide is designed to simplify your decision-making by breaking down the best crypto exchanges in the U.S. based on different user needs. 

Comparison Table

Here’s how leading exchanges stack up at a glance.

Notes:

• “Best For” reflects standout features for each platform.
• “PoR Cadence/Type” details proof-of-reserves publication frequency.
• “Insurance” covers either FDIC (federal deposit insurance) or the crime insurance scope.
• “State Coverage” simplified for U.S. readers; check official pages for updates.

This table synthesizes the strengths, costs, and limitations of the top exchanges for fast, informed comparison. Always refer to official support/FAQ pages or regulatory filings for definitive, current details. Let’s break down how each platform performs in practice.

Detailed Reviews

Each exchange offers a different balance of security, cost, and features. The following reviews break down how the major platforms compare in real-world use.

How to Choose the Right U.S. Exchange

Picking an exchange doesn’t have to feel overwhelming. The right platform balances ease of use, trustworthiness, costs, and compliance, ensuring a smooth and safe trading experience.

Checklist

When quickly evaluating exchanges, make sure to check these fundamental criteria:

• Regulation: Is the exchange registered with U.S. regulators like FinCEN or licensed under state laws (e.g., NYDFS)? Ensures legal operation and investor protection.
• Security: Cold storage percentage, use of two-factor authentication (2FA), past hacks, and insurance coverage.
• Fees: Transparent maker/taker fees, deposit & withdrawal charges, and fee discounts or loyalty programs.
• Liquidity: High order book depth for smooth trade execution at fair prices.
• Available Coins/Pairs: Listings of popular coins like BTC/ETH, stablecoins, and altcoins you want.
• Payment Methods: Variety of options including bank transfers (ACH/wire), debit/credit cards, and PayPal.
• Customer Support: Availability of live chat, email, phone support, and response times.
• Proof-of-Reserves: Exchanges that publish audited or cryptographically verifiable asset reserves.
• State Availability: Notes on which U.S. states the exchange supports fully or partially.
• Tax Forms: Availability of yearly crypto tax reports, like 1099-B, 8949, for easier IRS filing.
• User Experience: Mobile app ratings, KYC onboarding friction, educational resources.
• Additional: Demo accounts, staking/earn programs, and advanced trading tools as per your needs.

Once you’ve filtered for regulation and fees, look out for hidden costs.

Hidden Costs Explained

Beyond listed fees, beginners should understand the following subtle costs:

• Spreads: The implicit difference between buy/sell prices that can add a 1–3% cost, especially on instant buys or low liquidity assets.
• Conversion Fees: Extra charges are applied when converting fiat to crypto or swapping coins internally.
• Network Fees: Blockchain transaction ("gas") fees charged on withdrawals; may be marked up by exchanges.
• Card Funding Fees: Debit or credit card deposits often incur 2–4% fees plus possible currency conversion costs.
• Inactivity Fees: Some exchanges levy fees after months of no trading or deposits.
• Withdrawal Delays: Times when withdrawal processing slows, indirectly costing an opportunity.
• Margin/Leverage Costs: Interest and daily fees for borrowed funds in margin or futures trading.
• Order Routing Fees: Some platforms sell orders to market makers and may not offer best execution.

Beyond fees, where you live also matters.

State Availability & Identity

U.S. crypto regulations vary state-by-state, impacting exchange access:

• Restricted States: New York (BitLicense requirements), Washington, Hawaii, and others often limit exchange offerings or prohibit some features.
• KYC Tiers: Lower KYC tiers (email verification) allow small trades; higher tiers (government ID, selfie, proof of address) unlock larger deposit/withdrawal limits and trading.
• Residency Nuances: Exchanges may block residents or restrict features based on proof of residency. Some services offer geo-specific products.
• Compliance Importance: Strong KYC/AML compliance protects investors but adds onboarding friction.

Understanding these nuances helps beginners pick exchanges that best fit their state jurisdiction and personal verification comfort.

Fee & Cost Deep Dive 

Maker/Taker Bar Chart

The chart below compares standardized maker and taker fees at the base retail tier for the 9 leading cryptocurrency exchanges in the U.S., providing a clear visualization of cost differences:

Note: Robinhood and Uphold aren't included:

• Robinhood doesn’t use maker/taker fees (it has ~0.55% flat spreads).
• Uphold charges flat spreads and small-value trade fees (not maker/taker based).

Total Cost Scenarios

Understanding total trading costs helps you see how fees add up across different transaction types. Here are three examples that illustrate how platform fees and network charges can impact real users.

$1,000 Spot Buy/Sell (Coinbase Example):

• Maker fee: $2.50 ($1,000×0.25%)($1,000×0.25%)
• Taker fee: $4.00 ($1,000×0.40%)($1,000×0.40%)

$100,000 Taker Futures Order (BTCC Example):

Taker fee: $100 ($100,000×0.1%)($100,000×0.1%)

$500 ACH Deposit → Buy → Withdraw to Self-Custody Wallet (Coinbase Estimate):

ACH deposit fee: $0 (usually free)

Network + exchange withdrawal fees: approx. $15 + $5 blockchain fee = $20.00 total

This example shows how on- and off-ramp costs can matter just as much as trading fees, especially for smaller, cost-conscious users.

Discounts & Tokens

Many platforms provide fee discounts and perks via native tokens or loyalty programs, including:

• BNB (Binance Coin): Widely used on Binance for up to 25-50% trading fee discounts.
• BGB (Bitget Token): Offers tiered fee discounts and VIP benefits on Bitget (not in list), similar to BNB models.
• MNT (MEXC Token): Reduces fees and unlocks trading benefits on the MEXC exchange.

Other discount mechanisms include:

• VIP Tiers: Loyalty programs rewarding volume traders with lower maker/taker fees.
• Zero-Fee Pairs: Some exchanges offer zero-fee trading pairs on BTC, ETH, or major stablecoins to attract liquidity.

Total costs depend on how often you trade, how much you move between exchanges and wallets, and whether you take advantage of fee discounts. Always factor in both trading and transfer costs before choosing a platform.

Safety, Regulation & Proof-of-Reserves

Buying and trading cryptocurrencies in the U.S. requires careful attention to regulatory compliance, exchange security practices, and transparency around reserves. Understanding these aspects helps protect your assets and ensures you use trustworthy platforms.

Compliance landscape

The U.S. crypto ecosystem is regulated by multiple agencies, each with distinct roles. Here’s how the key regulators divide oversight.

• SEC (Securities and Exchange Commission): Regulates securities offerings and protects investors, increasingly focused on token classifications and ICOs.
• CFTC (Commodity Futures Trading Commission): Oversees derivatives and futures trading, including Bitcoin futures.
• FinCEN (Financial Crimes Enforcement Network): Manages AML/KYC regulations for money service businesses, including crypto exchanges.
• FINRA (Financial Industry Regulatory Authority): Regulates broker-dealers; eToro is registered under FINRA for its brokerage services.
• NYDFS (New York Department of Financial Services): Imposes the stringent BitLicense to protect NY residents; Gemini is a notable licensed exchange here.
• Wyoming SPDI (Special Purpose Depository Institution): A unique state-level banking category allowing crypto custodians like Kraken to offer banking-compliant custody services.

With the rules clear, security practices become the real differentiator.

Security checklist

When evaluating exchange security, consider these features and exchange-specific performance:

• Cold-storage %: The share of user assets stored offline; higher cold storage reduces hack risk. Coinbase and Gemini report over 95% cold storage.​
• Two-factor Authentication (2FA)/Passkeys: Mandatory 2FA and modern passwordless authentication increase account security.
• Allowlist Addresses: The Ability to whitelist approved withdrawal addresses prevents unauthorized crypto movement.​
• Proof-of-Reserves (PoR) Cadence and Type: Public, third-party audited PoR builds confidence. Kraken and Uphold publish regular PoR statuses, some with cryptographic verification.
• Crime Insurance Scope: Coverage varies; exchange insurance typically covers theft, internal fraud but excludes user negligence. Coinbase FDIC-insures fiat balances; Crypto.com offers broader asset insurance.​
• Bug Bounty Programs: Active vulnerability reward programs (e.g., Kraken, Gemini) incentivize community security testing.
• Additional Features: Multi-sig wallets, withdrawal limits, behavioral anomaly detection, cold/hot wallet segregation, and geo-fencing enhance safety.

An example rating scale might place Coinbase, Gemini, Kraken, and Uphold at the top due to broad coverage of these features, while newer or smaller platforms may score lower—always verify up-to-date details per exchange.​

Risk reminders

Even with regulations, crypto still carries personal responsibility, and so a few risk reminders to always keep in mind are

• Private keys control means absolute ownership; never share keys or seed phrases.
• Beware of phishing and social engineering: Always verify URLs, enable 2FA, and be cautious when completing KYC forms.
• Regulatory risks: U.S. law frequently evolves; some exchanges may restrict features or users in certain states.
• Market risks: Leverage and derivatives trading amplify gains but increase potential losses.
• Insurance limits: Exchange insurance policies may not cover all losses or user errors.

Understanding these risks is crucial for safe crypto participation, so be sure to read this guide by experts at Coin Bureau to help you mitigate these risks with the best strategies.

Best-For Picks (Decision Guide)

Selecting the ideal cryptocurrency exchange depends largely on your trading goals, experience, priorities, and lifestyle. The overwhelming variety means there is no single “best” exchange for everyone. This decision guide matches top exchanges to different user personas to help you choose quickly and confidently.

Step-by-Step: How to Use a Crypto Exchange

Getting started with cryptocurrency trading can be straightforward when you follow a clear process. This tutorial walks you through each essential step, from account setup to safely withdrawing coins for self-custody.

Account setup & KYC

1. Choose your exchange: Pick an exchange that fits your needs (security, fees, asset listing).
2. Sign up: Visit the exchange website or download their official app. Enter your email and create a strong password.
3. Verify email: Confirm your email address via the link sent by the exchange.
4. Start KYC verification: You'll be asked to provide personal information, upload a government-issued ID and complete facial verification.
5. Wait for approval: Verification can take minutes to a few days, depending on exchange volume and scrutiny.
6. Enable 2FA: Activate two-factor authentication for secure login and withdrawals.

Funding your account

1. Select deposit method: Common options include ACH bank transfer, wire transfer, debit/credit card, or crypto deposit.
2. Add payment details: Follow instructions to link your bank or card account securely.
3. Initiate deposit: Enter the amount to deposit in fiat or crypto and confirm the transaction.
4. Wait for processing: ACH takes 1–3 business days; card deposits are usually instant but may include fees. Crypto transfers depend on blockchain speed.
5. Verify balance: Confirm funds appear in your exchange wallet before trading.

Making Your First Trade

STEP 1

Choose trading pair: For beginners, start with common pairs like BTC/USD or ETH/USD.

STEP 2

Select order type: Market order (immediate buy/sell at current best price) is simplest; limit orders let you set a price target.

STEP 3

Enter trade amount: Specify how much cryptocurrency or fiat you want to trade.

STEP 4

Review fees and total cost: Check maker/taker fees and total amount you’ll spend or receive.

STEP 5

Confirm trade: Submit order and watch it execute on the order book instantly or as conditions meet.

Post-trade, your wallet updates with your new crypto or fiat balance.

Withdraw to self-custody

• Obtain a wallet address: Set up a non-custodial wallet (hardware or trusted software) and copy its public receiving address.
• Initiate withdrawal: On the exchange, go to “Withdraw” or “Send” and paste your wallet address.
• Enter amount: Specify how much crypto to withdraw.
• Confirm details: Double-check wallet address carefully to avoid loss.
• Complete 2FA/security check: Confirm withdrawal via 2FA code, email link, or SMS.
• Wait for blockchain confirmation: Depending on network congestion, withdrawal can take from a few minutes to over an hour.
• Verify receipt: Confirm the funds appear in your personal wallet to complete the self-custody transfer.

With your first trade complete and funds safely stored, you’re ready to explore more advanced tools! 

Wallet Storage & Self-Custody Guide

Owning crypto means protecting it yourself. Safeguarding your cryptocurrencies involves choosing the right storage methods and understanding self-custody principles. This guide covers the essentials of hot vs. cold wallets, seed phrases vs passkeys, hardware wallet recommendations, and critical exchange withdrawal checklists.

Hot vs Cold Wallets; Seed Phrases vs Passkeys

Each storage type fits different goals.

Hot Wallets

• Always connected to the internet (exchanges, mobile wallets).
• Convenient for trading and small holdings.
• Higher risk of hacking due to constant connectivity.

Cold Wallets

• Offline wallets not connected to the internet (hardware wallets, paper wallets).
• Ideal for storing large amounts long-term.
• Significantly more secure against online threats.

Seed Phrases

• A sequence of 12-24 words generated during wallet setup.
• Recreates your private keys and access to funds.
• Critical to store offline in a secure, fireproof location.

Passkeys / Passphrases

• Advanced, user-created passwords are used in conjunction with seed phrases or hardware wallets.
• Provide an extra layer of security, especially on sealed hardware devices.
• Unlike seed phrases, passkeys are not recoverable if forgotten, so manage backup securely.
• In summary: Use seed phrases for backups, and enhance security with passkeys for daily access or high-value wallets.

Check out our guide on the 5 top options for coin storage.

Hardware Wallet Recommendations

For secure, self-custody storage, hardware wallets are the top choice. Known for their resilience against hacking and malware:

Ledger Nano X/S

• Supports 500+ coins.
• Bluetooth-enabled for mobile use.
• Certified security chips, user-friendly interface.

Trezor Model T / Trezor One

• Open-source firmware; strong security reputation.
• Supports dozens of cryptocurrencies.
• Trezor Suite app for management.

Wanna know which is the best? We compared Trezor and Ledger. 

Coldcard

• Bitcoin-only, extremely secure.
• Air-gapped signing via microSD.
• Designed for maximum security with minimal firmware attack surface.

Choosing a hardware wallet depends on your assets, usability preferences, and budget. Make sure to buy directly from manufacturers or authorized resellers to avoid tampered devices

Exchange Withdrawal Checklists

Before transferring funds from an exchange to your self-custody wallet, ensure:

Double-check Wallet Address:

• Confirm the address matches your wallet. Copy-paste is safer than manual entry.
• Verify the address checksum (if applicable).

Network Compatibility & Fees:

• Select the correct blockchain network (e.g., ERC-20, BEP-20).
• Confirm network fee estimates and transaction times.

Transaction Limits & KYC Status:

• Ensure your withdrawal amount falls within your verified limits.​
• Complete all required KYC steps for large withdrawals to avoid delays.

Security Precautions:

• Use 2FA for withdrawal approval.
• Whitelist withdrawal addresses if supported.

Post-transaction Verification:

• Track the transaction ID via a blockchain explorer.
• Confirm receipt in your wallet before sending or spending further.

Types of Platforms

The cryptocurrency market offers multiple ways to buy, sell, and trade digital assets. Not every trading venue works the same way, so understanding the different types of platforms helps you choose the best fit for your needs, trading style, and security preferences.

Centralized Exchanges (CEX)

Centralized exchanges (CEXs) are platforms owned and operated by a company or organization that acts as an intermediary between buyers and sellers. Users deposit funds into accounts held by the exchange, which executes trades on their behalf by matching buy and sell orders using an order book system.

Key features of CEXs:

• Operated by a central authority that manages the platform and liquidity.
• Users rely on the exchange to custody their funds and execute trades efficiently.
• Typically require account registration and KYC verification to comply with regulations.
• Support fiat-to-crypto and crypto-to-crypto trading pairs.
• Provide high liquidity and faster transactions thanks to centralized infrastructure.
• Often have built-in tools like margin trading, futures, staking, and user support.

Pros:

• User-friendly interfaces suitable for beginners.
• High liquidity reduces slippage on trades.
• Strong regulatory oversight in many jurisdictions.
• Customer support and fraud protection.

Cons:

• Users do not control private keys (custodial risk).
• Subject to hacking risks and regulatory freezes.
• Less privacy due to KYC processes.
• Popular examples: Coinbase, Kraken, Binance, Gemini, Crypto.com.

Brokers vs Exchanges

Brokers are platforms that buy and sell cryptocurrencies on behalf of users, often displaying set prices and facilitating instant trade execution. Users generally do not interact with other market participants directly. Exchanges are marketplaces where users trade crypto directly with each other via an order book or other matching engines. Prices are determined by supply and demand dynamics.

Key differences:

• Brokers often have simpler interfaces and fixed prices, suitable for instant buys or sells.
• Exchanges provide more control over order types, pricing, and trading strategies.
• Brokers may charge premiums to offset risk and convenience.
• Exchanges cater more to traders needing complex tools and deeper liquidity.

Use case:

• Beginners or casual buyers prefer brokers for ease and convenience.
• Active traders or those seeking the best price opt for exchanges with higher liquidity and order book transparency.​

DEX & P2P Alternatives

Decentralized Exchanges (DEXs) run without a central authority. They use smart contracts on blockchains such as Ethereum to enable direct, peer-to-peer trading. Users connect their own wallets (non-custodial) and execute trades straight from them. Peer-to-Peer (P2P) platforms, on the other hand, link buyers and sellers directly. Trades are negotiated and settled one-to-one, often with escrow services in place to secure funds during the exchange.

Basic description:

• DEXs enable trustless trades where funds never leave users’ wallets before a trade is executed.
• No account registration or KYC is typically required on DEXs, enhancing privacy but reducing regulatory protections.
• Liquidity pools and automated market makers (AMMs) on DEXs offer continuous liquidity but can suffer from slippage and impermanent loss.
• P2P platforms cater to those seeking localized trades or alternative payment methods (cash, bank transfers) without going through centralized gateways.

Pros:

• Greater user control and privacy.
• No custody risk; users hold their own keys.
• Resistance to censorship and outages.
• Access to a wider range of tokens, including unlisted or new projects.

Cons:

• Lower liquidity and slower trades compared to major CEXs.
• User interface and trading tools can be complex for beginners.
• No customer support or recourse in disputes (especially in pure DEXs).
• Smart contract vulnerabilities may be exploited in some DEXs.

Check out our top picks for the best decentralized exchanges.

Taxes & Reporting (U.S.)

Navigating cryptocurrency taxes in the U.S. requires understanding the evolving IRS requirements and knowing what documents exchanges provide. Proper reporting helps prevent audits and penalties while maximizing tax accuracy.

What you’ll receive

Beyond what crypto exchanges report, tracking your own records prevents mismatches.

• 1099-K / 1099-MISC Forms:

Many exchanges provide these forms summarizing your transaction volume or miscellaneous income if thresholds are met, mainly for income from rewards, referrals, or other sources.

• 1099-DA (Starting 2026):

The IRS plans to implement Form 1099-DA to specifically report digital asset transactions, including trades, income, disposals, and transfers, improving tax compliance and cost basis tracking for taxpayers.

Accurate record-keeping on the price paid (basis) and sale proceeds is crucial. Some exchanges offer tools or downloadable reports detailing the cost basis for gains/losses calculations.

• Data Exports:

Most major platforms enable users to export detailed transaction history in CSV or Excel formats, facilitating import into tax software such as CoinTracker, Koinly, or TurboTax.

Simplify your crypto tax reporting with the top 7 software picks for 2025.

Common pitfalls

Here are errors that trip up most filers.

Wash-Sale Rule Ambiguity:

Unlike stocks, crypto is not yet explicitly subject to wash-sale rules under current IRS guidance, but may face similar scrutiny in the future, so cautious reporting is wise.

Staking Rewards & Income Reporting:

Staking tokens earned are taxable as ordinary income at fair market value upon receipt, requiring tracking even if not sold.

Airdrops & Forks:

Tokens received via airdrop or blockchain forks count as income and require valuation at receipt time for tax purposes.

Transfers vs Disposals:

Moving crypto between your own wallets or accounts is not a taxable event, but selling, exchanging, or gifting may trigger capital gains or income taxes. Precise record-keeping is essential to avoid errors.

Incorrect or Missing Documentation:

Relying on exchange summaries alone can miss external trades or transfers, so comprehensive record aggregation is necessary.

Understanding these forms and pitfalls enables U.S. taxpayers to file correctly, claim eligible losses, and avoid common compliance mistakes in cryptocurrency tax reporting. Consult updated IRS guidance or tax professionals for personal scenarios.

Alternatives & When to Use Them

While centralized exchanges dominate crypto trading, decentralized alternatives provide unique benefits around privacy, control, and access to a broader range of assets. Understanding when to use these is key to a balanced and strategic crypto portfolio.

DEX Short-List (For U.S. Readers)

Decentralized exchanges (DEXs) enable non-custodial, peer-to-peer trading directly from user wallets without intermediaries. U.S. users should consider the following popular and accessible DEXs:

Uniswap:

Uniswap is one of the most widely used Ethereum-based DEXs that supports thousands of ERC-20 tokens with an automated market maker (AMM) model.

SushiSwap:

A fork of Uniswap with added features like staking, lending, and cross-chain support beyond Ethereum.

PancakeSwap:

Pancake Swap runs on Binance Smart Chain (BSC), offering low fees and high speed with a large token variety.

1inch:

A DEX aggregator that routes trades through multiple DEXs to find the best prices and lowest slippage.

When to use DEXs:

• For trading lesser-known or unlisted tokens not on CEXs.
• To maintain full custody and privacy without KYC friction.
• When needing cross-chain swaps or DeFi integration.
• Taking advantage of liquidity pools and yield farming opportunities.

Considerations:

• Gas fees on Ethereum can be high.
• UX is less intuitive for beginners.
• No customer support or recourse; smart contract risk exists.

P2P Notes

Peer-to-peer trading platforms connect buyers and sellers directly, often with escrow systems to secure funds. They provide a flexible way to transact with local payment methods or through direct negotiations.

Platforms to consider:

• LocalBitcoins
• Paxful
• Bisq (privacy-focused, open-source)

When to use P2P:

• If you want to buy crypto with cash or alternative payment methods not available on CEXs.
• To access crypto in regions with restricted banking or limited exchange options.
• For higher privacy, avoid KYC or limits on centralized platforms.

Risks and tips:

• Always use platform escrow services to protect funds.
• Verify buyer/seller reputations and adhere to clearly agreed terms.
• Beware of scams and double-spend attacks.
• P2P transactions can be slower and require patience.

For U.S. investors, DEXs and P2P platforms offer vital alternatives that complement centralized venues, especially for privacy-conscious users and those seeking niche tokens, novel DeFi features, or alternative payment access.

Final Thoughts

Choosing the right crypto exchange means balancing usability, regulation, fees, and security. This guide outlined how to assess each platform, from account setup and trading to self-custody and tax awareness. Knowing what suits your goals and risk tolerance helps you trade with confidence rather than guesswork.

Centralized exchanges remain the main entry point for most users thanks to their liquidity and simplicity, while decentralized and peer-to-peer platforms offer greater privacy and control. Whatever your choice, prioritize exchanges with strong security, transparent proof-of-reserves, and clear withdrawal policies. Remember: exchanges are for trading and wallets are for storage.

Use these insights as a framework to trade safely and efficiently. Verify platform updates, track tax changes, and stay informed about new regulations. Whether you value convenience, low fees, or autonomy, the key is staying disciplined and aware as the crypto landscape keeps evolving.