The crypto exchanges available in the US form a shorter list than what trades internationally, because every platform serving American customers must register federally and hold money transmitter licenses in nearly every state. The major options are Coinbase, Kraken, Gemini, Bitstamp, Crypto.com, Binance.US, Robinhood Crypto, and OKX US, with narrower products from PayPal, Cash App, and eToro. Which of these you can actually open an account with depends on your state, and what each one costs you depends on which interface you use and how you move money in and out.
The Main Exchanges You Can Use
Each of the platforms below maintains a dedicated US legal entity, federal registration with FinCEN as a Money Services Business, and state-by-state licensing. That’s the baseline for anything you’ll find on this list.
- Coinbase. The largest US-based exchange by user count and publicly traded on Nasdaq since April 2021, which adds quarterly financial disclosures and SEC oversight on top of standard crypto rules. Broad token selection, with both a simple buy/sell interface and an Advanced Trade platform.1Coinbase. Coinbase Announces Effectiveness of Registration Statement and Anticipated Listing Date of its Class A Common Stock on the Nasdaq Global Select Market
- Kraken. One of the longest-running US exchanges. Lower fees on its professional-tier platform, and one of the few majors publishing third-party proof-of-reserves attestations using a Merkle tree system.
- Gemini. Compliance-first from the start, headquartered in New York, and holds the BitLicense that most competitors have avoided. Offers an ActiveTrader interface alongside its standard app.
- Bitstamp. European-origin exchange operating a dedicated US entity. One of the oldest platforms accessible to American users.
- Crypto.com. Wide token selection, with staking and card-based spending features.
- Binance.US. A legally separate entity from the international Binance.com. After suspending USD services during its regulatory troubles, it restored bank transfers, USD trading pairs, and fiat withdrawals in 2025. Token selection and features remain more limited than global Binance.
- Robinhood Crypto. Integrated into the Robinhood stock-trading app, often used by people already there for equities.
- OKX US. Launched in 2025 following a $505 million settlement with the Department of Justice over prior compliance failures at its international operation. Now operates as a registered US entity with a narrower token selection than the global platform.
Three other platforms serve US customers with limited crypto features rather than full exchanges. PayPal and Cash App (owned by Block) let you buy and sell a small number of tokens. eToro runs a US crypto product alongside its social-trading platform.
Why Your State Changes the List
Federal registration alone doesn’t open the whole country to an exchange. Nearly every state requires its own money transmitter license, and an exchange seeking nationwide coverage may need to obtain and maintain licenses in 49 or more jurisdictions at once. The result is that a platform available in one state may be geoblocked in another, and no two exchanges have identical service maps.
New York is the most restrictive. Its BitLicense framework imposes capital reserves, cybersecurity standards, and compliance requirements steep enough that only about 36 entities have been approved.2Legal Information Institute / Cornell Law School. New York Title 23, Chapter I, Part 200 – Virtual Currencies If you live there, expect a visibly smaller menu. Washington requires surety bonds that start at $10,000 and scale to $550,000 based on transaction volume, along with audited financial statements and a minimum tangible net worth of $100,000 for businesses that custody digital assets.3Washington State Department of Financial Institutions. Money Transmitters Licensing Frequently Asked Questions A handful of states don’t require any license, while others have adopted crypto-specific frameworks of their own. Check the exchange’s own supported-states page before you start an application.
Exchanges You Can’t Use From the US
If you’ve heard of a popular platform but can’t sign up, the usual reason is that it chose not to pursue US licensing. The international version of Binance.com is the headline example: US residents are redirected to the separate, more limited Binance.US. Bybit, one of the world’s largest derivatives exchanges, does not serve American users. The international version of OKX (distinct from the new US entity), HTX (formerly Huobi), Bitget, and Gate.io are also unavailable.
A gray market of VPN-using American traders persists on these platforms. Be blunt with yourself about the risk: using a VPN to mask your location violates the exchange’s terms of service, and if the platform identifies your location, it can freeze your account during withdrawal, leaving you with no legal recourse in a US court. The fee savings do not come close to covering that outcome.
What You’ll Need to Open an Account
Every US exchange runs a Customer Identification Program before letting you trade. At minimum you’ll provide your name, date of birth, residential address, and a taxpayer identification number (usually your Social Security number).4eCFR. 31 CFR 1020.220 – Customer Identification Program Requirements for Banks You’ll upload a photo of an unexpired government-issued ID — a driver’s license or passport works — and most platforms now require a live selfie to match against it.
The information gets checked against government databases and global watchlists. Any mismatch can trigger rejection or a request for more documents. Automated approvals land in minutes; manual review can take a few business days. Once you’re in, enable two-factor authentication through an authenticator app, not SMS, which is vulnerable to SIM-swap attacks.
Deposits, Holds, and Starting Limits
Most US exchanges accept ACH bank transfers, wire transfers, and debit cards. ACH is usually free, but your funds are held before you can withdraw crypto you bought with them. On Gemini, ACH deposits typically clear in four to five business days.5Gemini Help Center. When Will My Bank Transfer (ACH) Deposit Fully Clear? (United States Only) Kraken places a 72-hour withdrawal hold on ACH-funded purchases and a 7-day hold on ACH cash deposits. Others are in the same neighborhood.
This catches new users off guard. You can usually trade immediately after an ACH deposit, but you can’t send the crypto to your own wallet until the hold clears. If you need speed, a wire typically settles same-day and costs $15 to $35 depending on the platform and your bank. Debit card buys are instant but carry a premium of 1.5% to 3.5%.
New accounts also face lower limits that climb as you build history and complete higher verification tiers. Expect starting ACH caps anywhere from $1,000 to $25,000 per day.
Fees and the Costs People Miss
US exchanges use two main fee models: a flat percentage on simple buy/sell interfaces, and tiered maker-taker fees on advanced platforms. The simple interfaces are convenient and expensive. Coinbase’s basic platform charges considerably more than its Advanced Trade interface, where maker fees run from 0.00% to 0.60% depending on 30-day volume. Kraken Pro charges makers 0.00% to 0.16% and takers 0.10% to 0.26%. Bitstamp starts at 0.30% maker and 0.40% taker for smaller volumes. If you’re trading more than a few hundred dollars at a time, switching to the advanced interface on whichever platform you use will save real money.
Withdrawal fees are where exchanges quietly pad revenue. When you move crypto off the platform, you pay a network fee, and many exchanges mark that fee up well above the actual blockchain cost, sometimes by several hundred percent. Check the current fee on a blockchain explorer and compare before you withdraw. Coinbase and Robinhood have moved toward charging only the actual network cost; others still use fixed withdrawal fees that stay elevated even when the chain isn’t congested.
Spread is the invisible one. When you buy through a simple interface, the price sits slightly above market, and when you sell, slightly below. The gap runs from 0.5% to 2% depending on platform and token liquidity. Combined with the headline fee, a simple-buy transaction can easily cost more than 3% all-in. Limit orders on an advanced interface remove spread entirely because you set your own price.
What Protects Your Money, and What Doesn’t
Crypto assets held on an exchange are not covered by FDIC insurance, and they are not covered by SIPC. The SEC has confirmed this directly: crypto tokens that aren’t registered securities don’t qualify for SIPC protection, and even tokens that might be classified as securities are excluded if they haven’t been the subject of a registration statement under the Securities Act of 1933.6U.S. Securities and Exchange Commission. Frequently Asked Questions Relating to Crypto Asset Activities and Distributed Ledger Technology
Cash is different. Several exchanges partner with FDIC-insured banks to hold your uninvested US dollars, so cash sitting in your exchange account (not yet converted to crypto) may qualify for FDIC pass-through insurance up to $250,000. The word “may” matters: protection depends on the exchange structuring its banking relationship so each customer’s funds are identifiable as belonging to that individual. The FDIC has warned that crypto companies must clearly disclose they are not insured banks and that crypto assets are not FDIC-insured products.7Federal Deposit Insurance Corporation. Advisory to FDIC-Insured Institutions Regarding FDIC Deposit Insurance and Dealings with Crypto Companies
Some exchanges carry private insurance covering theft, hacking, or employee fraud. These policies typically cap well below total customer assets. Coinbase, for instance, has disclosed insurance covering a portion of its hot wallet holdings, not the full amount. If an exchange is hacked or goes insolvent, your crypto is at risk in a way that brokerage and bank accounts are not. That’s the strongest argument for moving larger holdings to your own hardware wallet rather than leaving them on an exchange long-term.
Proof of Reserves
After FTX collapsed in 2022, several exchanges began publishing proof-of-reserves attestations showing they hold at least as much crypto as they owe customers. Kraken is the most transparent among the US majors, using a third-party auditor and a Merkle tree system that lets individual users verify their balance is included. Coinbase and Gemini don’t currently publish formal proof-of-reserves reports; they point instead to regulatory filings and public-company disclosures. A snapshot is better than nothing, but it reflects a single moment and doesn’t capture liabilities owed to non-customer creditors.
Tax Reporting Changes Starting in 2026
For transactions in calendar year 2025, US crypto exchanges must report your gross proceeds from sales to the IRS on the new Form 1099-DA. Starting January 1, 2026, they must also report your cost basis — the price you originally paid — giving the IRS a far clearer view of your actual gains and losses.8Internal Revenue Service. Final Regulations and Related IRS Guidance for Reporting by Brokers on Sales and Exchanges of Digital Assets You’ll get a copy each year, similar to the 1099-B from a stock brokerage.
If you held crypto before January 1, 2025, you may need to allocate your existing cost basis across your wallets and accounts. The IRS issued transitional guidance in Revenue Procedure 2024-28 explaining how. If you’ve been trading without careful records, reconstruct your purchase history now, before the new reporting makes discrepancies obvious.
One short-term reprieve: the IRS has deferred backup withholding on digital asset sales through the end of 2026. Normally, if you fail to provide a certified tax identification number, a broker withholds 24% of your sale proceeds. For crypto brokers, that requirement starts January 1, 2027. Exchanges may continue using uncertified TINs through the end of 2027 for accounts opened before 2026, provided they verify those numbers through the IRS TIN Matching Program.8Internal Revenue Service. Final Regulations and Related IRS Guidance for Reporting by Brokers on Sales and Exchanges of Digital Assets Make sure the SSN and legal name on your exchange account match your tax records exactly, or you’ll eventually face automatic withholding on every sale.