Cryptocurrency Exchange Review: U.S. Exchanges

February 17, 2021 | 

Cryptocurrency Exchange Review

Government agencies around the world are turning up the regulatory heat on off-shore cryptocurrency trading platforms that offer their services to residents of the United States. In return, these exchanges are closing their doors to U.S. traders. In this article, we present an easy-to-digest review of each major U.S. crypto exchange to help you decide where to go next.

We’ll examine the top advantages, drawbacks, and mobile applications for the following U.S. crypto exchanges:

  • Kraken
  • Gemini
  • Beaxy Exchange
  • Coinbase
  • Binance U.S.

Kraken

Kraken was launched in September of 2013. A testament to their resulting success, Kraken raised $100 million in February 2019 at a valuation of $4 billion. In September 2020, Kraken became the first US cryptocurrency exchange to be granted a special purpose depository institution charter (SPDI).

Kraken’s Top Advantages

The biggest benefits to using Kraken include:

  • Sleek design
  • Wide variety of cryptocurrency trading pairs
  • Staking services
  • Margin services

Drawbacks of Using Kraken

Kraken’s main disadvantages include:

  • The platform is not beginner-friendly
  • Credit and debit card deposits are not supported
  • KYC applications for large traders can take too long to be approved

Kraken’s Mobile Platform: Top Reviews and Ratings

Kraken Pro’s top-rated positive and negative reviews on the Google Play store:

Lovro Kleindienst, December 19, 2020 – 3 out of 5 stars

“Love it, has all the needed pairs to trade directly… not like some other platforms forcing you to trade via BTC asset. Just missing the option to deposit and withdraw directly in the APP, instead of being forced to do it via web page. Update: Reducing on 3 stars as still missing deposit and withdraw option within the app. Missing also an option for conditional opening of orders. Not only time based but also price based.”

Shan Raja, December 19, 2020 – 1 out of 5 stars

“What an absolute pain to deposit funds into my Kraken account. In the day and age of fast deposits and quick transfers I have to manually transfer funds from my bank account to the Kraken account and then wait hours, days etc to get it cleared for use in my account. Absolute rubbish service and cannot wait to withdraw my funds and use another faster service. Make sure you are happy to wait and risk losing out on a stock price opportunity because of the terrible time it takes!”

  • iOS rating: 4.7
  • Google Play rating: 4.7

Gemini

Gemini was founded in June 2013 by Tyler and Cameron Winklevoss, who famously settled a lawsuit against Mark Zuckerberg over the creation of Facebook. Gemini has since made their name as an exchange that is hyperfocused on regulatory compliance.

Gemini’s Top Advantages

According to reviews compiled from multiple sources, Gemini’s top advantages are:

  • Easy signup process
  • Trading fee discounts for high-volume traders
  • Strong brand reputation

Drawbacks of Using Gemini

Gemini’s most listed drawbacks include:

  • Additional fees for mobile app trading
  • Limited funding methods/li>
  • Too few altcoins to choose from

Gemini’s Mobile Platform: Top Reviews and Ratings

Gemini’s top-rated positive and negative reviews on the Google Play store:

AmigoDan, December 19, 2020 – 5 out of 5 stars

“I’ve been using Gemini Exchange for several months – the website and mobile app. It’s great! Customer support is super. If any of you are still waiting for Binance US to obtain state authorization (eight states are still no go), forget it, and go with the Gemini exchange. I am a happy Gemini user! Five stars for the Gemini exchange: ⭐⭐⭐⭐⭐.”

Tyler Trahan, December 9, 2020 – 1 out of 5 stars

“High Fees. The recurring buy feature is nice and app is simple enough. The buying/selling fees are outrageous. If i buy $4 for some crypto, it charges me 0.99cents so I only get 3 bucks worth. This is with a balance in the app as well. So they charged me a fee to buy with wire/card, then charged me to sell, then charged a fee again for buying again with a balance I got from selling. It’s nuts. Way better alternatives out there“

  • iOS rating: 4.7
  • Google Play rating: 2.7

Beaxy trade crypto

Beaxy Exchange

Beaxy Exchange, the Chicago-based cryptocurrency exchange, was officially launched in February 2020. At the time of launching, the exchange featured only crypto-to-crypto trading. Since then, the exchange has achieved steady growth by adding support for crypto-to-fiat trading as well as exclusive trading tools like Trender.

Beaxy’s Top Advantages

Beaxy traders said the platforms best attributes are:

  • Access to crypto through 6 major fiat currencies (USD, EUR, GBP, JPY, AUD, CAD)
  • Automated technical analysis through Signals and Trender
  • Unparalleled customer support
  • Great referral program

Drawbacks of Using Beaxy

When asked about the Beaxy’s shortcomings, the top responses were:

  • ACH transfers are still months away
  • Fees are high to purchase with a credit card from the US
  • Using fiat currencies requires a separate account verification

Beaxy’s Mobile Platform: Top Reviews and Ratings

Beaxy’s top-rated positive and negative reviews on the Google Play store:

Just Imagine, August 12, 2020 – 5 out of 5 stars

“Easy to use Crypto exchange. The Trender feature makes trading extremely easy. Buying Bitcoin and other Digital Assets is quick and simple. The even have a tutorial on how to use the exchange which is great for first time users and a Smartbot for added assistance.”

Grand Perez, November 29, 2020 – 1 out of 5 stars

“Cannot login, unexpected error occurred message problem.”

  • iOS rating: 4.8
  • Google Play rating: 4.7

Coinbase

Coinbase was founded by Brian Armstrong in June 2012. In just two years, Coinbase accumulated 1,000,000 users. They have since become one of the most widely used exchanges with 35,000,000 total users. In December 2020, Coinbase announced that it would be the first cryptocurrency exchange to be listed on U.S. stock markets.

Coinbase’s Top Advantages

Coinbase users listed the platform’s top selling points as:

  • Quality liquidity with deep order books and small bid/ask spreads
  • Easy-to-use platform
  • Has a wide variety of assets listed
  • Instant ACH deposits

Drawbacks of Using Coinbase

Coinbase’s traders most common complaints include:

  • The trading fees are too high
  • The platform always fails when trading volumes increase rapidly
  • Customer support is lacking. It takes a lot of effort and time from the client to resolve issues on the exchange
  • Coinbase Pro mobile app is extremely limited in its capabilities

Coinbase’s Mobile Platform: Top Reviews and Ratings

Coinbase Pro’s top-rated positive and negative reviews on the Google Play store:

Tom Doan, December 13th, 2020 – 3 out of 5 stars

“It’s serviceable, but still very limited. My biggest gripe is you cannot convert fiat to USDC in the app — you can only do that on the website.”

Mike Kinsella, December 18th, 2020 – 1 out of 5 stars

“Very slow, waiting a very long time for ID verification. Would recommend other cryptocurrency apps instead. I have contacted support on numerous occasions to no avail. Very bad service”

  • iOS rating: 4.7
  • Google Play rating: 2.6

Binance U.S.

Binance U.S. was launched by its parent operator Binance in September 2019. In an effort to avoid penalties from U.S. regulators, Binance created an exchange that could be located in the United States and comply with KYC/AML regulations. This move allowed Binance to keep its flagship platform running with a more lenient verification process.

Binance’s Top Advantages

Binance is one of the most used crypto platforms. The U.S. version’s best attributes are:

  • Relatively low trading fees
  • Binance’s trading technology processes 1.4 million orders per second
  • Competitive liquidity

Drawbacks of Using Binance U.S.

The most noted flaws encountered by Binance U.S. users include:

  • Limited listed assets
  • Services are not offered to U.S. traders in 12 states
  • Subpar customer service

Binance’s Mobile Platform: Top Reviews and Ratings

Binance US’ top-rated positive and negative reviews on the Google Play store:

Ian Paul Daniels, November 30th, 2020 – 4 out of 5 stars

“The app serves well as a mobile companion to the web version. Can’t see myself using ONLY the app. The only thing missing: The ability to do OCO buy/sell orders. Very Important!”

James Fagan, November 22, 2020 – 1 out of 5 stars

“Data recovery & input portal issues. This wallet isn’t working. Not worth the bother. Going to another. Later much.”

  • iOS rating: 4.5
  • Google Play rating: 2.9
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