Where can I trade Cryptocurrencies in the USA?

May 19, 2021

The term "cryptocurrency" appeared in 2009 after the launch of the digital payment system Bitcoin. This type of digital currency gained wide popularity after the publication of an article in Forbes in the spring of 2011.

A little more than ten years later, the capitalization of Bitcoin alone exceeded $1 trillion while the value of all cryptocurrencies has reached 1.7 trillion US dollars. Today Bitcoin is used for settlements, storage of savings, as well as exchange trading.

Legislative regulation of cryptocurrencies in the United States

US lawmakers are ambivalent when it comes to cryptocurrencies. This is due to the difficulties of tracking cryptocurrencies and bank secrecy laws as well as money laundering. The main financial regulator of the United States, the SEC, still cannot decide on the classification of cryptocurrencies.

The vast majority of popular cryptocurrencies can be officially purchased in the United States. But many caveats must be taken into account if one wants to adhere to the current legislation:

  • Digital coins mined are subject to taxation upon conversion to fiat.
  • Cryptocurrency tax is calculated from the difference between the buy and sell price (withdrawal to fiat). That is, if you bought cheaper and sold more expensive, you must pay income tax.
  • Digital coins are not tax-deductible unless they have been withdrawn to fiat.
  • All transactions with cryptocurrencies must be carried out taking into account the KYC rules, which is contrary to the principles of anonymity.

Platforms to trade cryptocurrencies in the US

Officially, several cryptocurrency exchanges are operating in the United States. The most popular platforms for trading digital assets among American citizens are Coinbase Pro, Poloniex, Bittrex, Kraken.

Coinbase Pro

This platform provides users with options for trading and storing cryptocurrency. There are 51 digital coins and approximately 150 trading pairs available on the exchange. Based on data by Coinmarketcap, the daily trade of the platform exceeds $3 billion.

CoinbasePro

Coinbase will soon be the first cryptocurrency exchange to be traded on the stock market. It is estimated that the company's capitalization exceeds $100 billion.

Advantages of the platform

Bittrex

The site has been operating since 2015. As of early March 2020, 328 cryptocurrencies and 250+ trading pairs are available here. This site ranks 11th in the Coinmarketcap rating, its daily trade is $220 million.

The trading fee for the entry-level trader is 0.20%. Important to note is that this is quite a lot while a trader with the same trading volume pays half as much — 0.10% on Binance.

Bittrex in USA

Verification on Bittrex is perhaps the fastest and easiest among competitors. The whole procedure will take no more than 20 minutes if everything is okay with the documents and photos.

Advantages of the platform

  • two-factor authentication and a high level of security;
  • user-friendly interface;
  • a wide variety of trading tools;
  • the ability to work with fiat;
  • adhering to the US legal framework.

It is impossible to replenish an account with fiat funds on an online exchange.

Godex

Perhaps one of the most popular decentralized cryptocurrency exchange in USA is the Godex platform. You don’t have to register to start working. To get started, do a couple of clicks. The developers’ team of the site appreciates the concept of financial secrecy, therefore it does not store the personal data of clients. Working with Godex.io you can be certain about the safety of your personal data.

Godex Crypto Platform USA

Advantages of the platform

  • A huge number of trading pairs
  • Simple and intuitive interface
  • Fast exchange execution speed (usually less than 30 minutes)
  • Low fees and no hidden payments
  • No upper limits for swapping
  • Complete anonymity of users is guaranteed

Kraken

The site was founded over 10 years ago. The trading volume of this resource is $1.5 billion according to the analytical resource Coinmarketcap. At the time of writing this piece, this exchange ranks third in the global ranking.

kraken platform

The exchange is of good standing for its cybersecurity. The founders of the platform were the first to introduce the Proof-of-Reserves auditing system. It checks if the amount of funds in Kraken wallets matches with user balances.

Conclusion

Cryptocurrency trading is risky, although potentially very profitable. To succeed in this business, one should constantly develop and keep a keen eye on the developments and changes on the market. A trader is a profession to be learned.

If you decide to engage in intraday trading, you most likely need to register on one of the centralized exchanges. But if you don`t make several trading operations per hour, pay attention to the Godex decentralized exchange. This is the most suitable option if you want to trade cryptocurrencies in the US and remain anonymous.

Crypto-Trading-USA
Saurabh Mukhekar
Saurabh Mukhekar is a Professional Tech Blogger. World Traveler. He is also thinker, maker, life long learner, hybrid developer, edupreneur, mover & shaker. He's captain planet of BlogSaays and seemingly best described in rhyme. Follow Him On Facebook

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