The use of cryptocurrencies has become rife in the current world, especially in the United States, and many platforms are being developed to provide a solution for trading in the USA. Regardless of the level of experience, it is necessary to understand that the choice of the platform is a critical factor.
In this article, we shall look at the top cryptocurrency trading platforms in the USA, features of the platforms, advantages and disadvantages, and why they are better than the rest.
Coinbase: user-friendly and secure
Coinbase is probably one of the most recognized and popular cryptocurrency exchanges in the United States of America. It was launched in 2012 and ever since then it has been known to be very easy to use and also very secure.
Coinbase is suitable for every trader, novice and experienced, since it has a simple design and a plenty of Cryptocurrencies. A major strength of Coinbase is that it is very user-friendly. The simplicity of the platform’s interface allows anyone without prior experience to easily work with the service.
The process of opening an account is quite simple, and the platform has many resources to assist the user in learning the process of the trading of cryptocurrencies. It is a perfect platform for newcomers since it does not bombard its users with tons of options and allows purchasing and selling cryptocurrencies easily.
It is important to stress that Coinbase is very much concerned with the security of its users. The platform has also put in place strong measures on security, which includes the 2FA, encrypted storage and insurance for any digital assets kept with the platform.
Also, Coinbase observes the rules and regulations, making the users have confidence in the platform. The security of the users’ funds is an added advantage as the platform offers custodial services to its clients.
Binance. US: cheap and a wide range of cryptocurrencies to choose from
Binance. US is an American wing of Binance which is among the biggest and well-known cryptocurrency exchanges out there. Purchased in 2019 to adhere to US laws, Binance. US provides most of the functionalities that have contributed to make Binance a popular platform for traders such as low charges and a wide range of cryptos.
Among the advantages of Binance, one can single out one major advantage. This advantage comprises the fee structure of US. The platform has relatively low trading fees that are among the best in the market especially for traders who place many orders in the market.
Furthermore, trading fees can be cut down even more if the user pays the fees with Binance Coin (BNB). This feature enhances the element of cost-effectiveness which is always a feature that many traders appreciate.
Binance. US also has a rich choice of cryptocurrencies which can be traded. The trading platform has more than 50 coins which include the major ones such as Bitcoin, Ethereum and Litecoin and other altcoins to ensure that investors have a variety of choices they can make.
This vast collection helps the users to look for as well as trade new altcoins that may not be found in other exchanges. Besides the low fees and a vast number of cryptocurrencies, the following advantages can be highlighted of Binance.
US has many enhanced trading options for its clients. It also has different types of orders, charts, and market data to assist the traders in making the right choices. For those who want a more professional trading interface, Binance.
Kraken: comprehensive features and strong security
Kraken is another prominent cryptocurrency exchange in the United States with all the essential features and security measures. Established in 2011, Kraken has become a popular and secure exchange that provides the trading services to the newcomers as well as the professionals.
Kraken is a platform that has many advantages and one of them is its rich functional set. It has a variety of cryptocurrencies to trade as well as other fiat pairs enabling the users to trade in the currency of their choice.
Among the services that Kraken offers include spot trading, margin trading, and futures trading thus allowing the trader to select the type of trading that he or she would want to engage in. Furthermore, the platform also has the staking service where investors get to earn in their cryptos.
Kraken also has a good reputation concerning security measures. Some of the measures that have been put in place to enhance the security include; Cold storage for most of the digital assets, Two-Factor Authentication, and PGP/GPG encryption.
Kraken is among the most secure exchanges in the world and has never been hacked since its creation to date. To buttress this, the platform has deployed very tight measures to ensure that users’ funds are safe and also abides with all the set regulatory measures.
There is also another strength of Kraken which is its enhanced trading options. The platform provides market, limit, and stop-loss orders depending on the trader’s strategy.
The charting tools and real time market data information provided by Kraken allows users to conduct technical analysis and trade effectively. Kraken is a perfect platform for the traders who want to find a full-fledged and safe trading system.
Conclusion: choosing the right platform
Selecting the best cryptocurrency trading platform is crucial because it determines the trader’s success in the market. There are several factors that need to be taken into consideration when choosing a broker including the interface, security, fees, supported cryptocurrencies, and the trading options. Coinbase, Binance.
Of these, Bittrex, Kraken, and US are the top three platforms available for the US traders and each has its own benefits to appeal to the trader depending on his or her preferences.
Coinbase is one of the easiest to use platforms with a very intuitive interface and also boasts of being very secure hence a perfect choice for newbies and the cautious trader.
Binance. US is characterized by low commission and a vast choice of cryptocurrencies; they will be useful for active traders searching for cost-effective services and a wide choice of coins. Kraken has all the features one would need and robust security ideal for any trader looking for a complete platform to trade.
All in all, the most suitable one for you will be determined by your preference and needs in trading. Thus, it is possible to choose the platform that corresponds to the goals and strategies of trading most effectively after analyzing its features and advantages.