In order to trade successfully, it is very important to choose the right broker. in the US, a large number of companies provide access to trading and you will have to choose the one for you among them. It is important to work only with reliable brokers providing all the required instruments for trading based on your trading strategy. TU analysts have selected the best crypto brokers for beginners in the US 2024. You can compare their features and trading conditions.
1
Bybit - Best for beginners in the US
Bybit is a leading cryptocurrency exchange specializing in derivatives trading. Its proprietary trading platform is user-friendly but caters primarily to experienced traders who are comfortable with advanced financial instruments. Integration with TradingView provides seamless market analysis and trade execution.
Bybit allows highly leveraged trading of up to 100x with a clear and transparent fee structure. For those seeking alternative investment strategies, Bybit offers copy trading programs for both derivatives and spot markets, enabling users to automatically replicate the trades of successful investors.
The exchange provides 24/7 customer support, a safe banking environment, and instant deposits/withdrawals. Additionally, Bybit offers a crypto debit card, allowing users to spend their digital assets on everyday purchases.
👍 Advantages of trading with Bybit for traders from the US:
•It has a convenient, intuitive proprietary trading platform that is presented in the browser version, which eliminates conflicts with the operating system and braking when sending orders;
•Integration with TradingView allows users to simplify crypto market analysis and trading via a single platform;
•Combination of futures and perpetual contracts trading;
•There is an order book that allows you to assess the depth of the market and current trading volumes;
•It has a minimum entry threshold. The cost of a BTC/USD futures contract is USD 1;
•It is possible to open long and short positions with subsequent mutual recalculation.
👎 Disadvantages of Bybit for traders from the US:
•It has conditions for trading futures that are difficult for beginners, such as the formula for calculating the leverage, the terminology of the funding size and the premium index, funding rates, etc.;
•Lacks a mechanism to protect the interests of traders in the event of controversial issues;
•The mechanism of classic cryptocurrency trading is almost undeveloped. Only USDT, ВТС, and ЕТН are available for purchase.
2
Binance - Best for beginners in the US
The Binance exchange is one of the largest cryptocurrency exchanges in the world with its headquarters in Hong Kong. According to the CoinMarketCap cryptocurrency portal, Binance holds the top spot in terms of aggregate indicators of the platform's daily turnover, the number of novices and active users, liquidity, and web traffic (ranking, queries, statistics in search engines, etc.). The exchange is also a cryptocurrency startup that has its own “native asset” used in the Binance ecosystem as the “basis gas” (payment internal unit). More about Binance Card
👍 Advantages of trading with Binance for traders from the US:
•low commissions due to liquidity and trading volumes.
•high platform performance;
•proprietary BNB Coin which allows Binance to reduce the commission size;
•a proprietary cold wallet guarantees the security of your crypto assets by storing them.
👎 Disadvantages of Binance for traders from the US:
•complex verification procedure;
•the exchange is not licensed by a regulator;
•The platform can go offline without warning;
•there are complaints about the technical functionality of the platform;
•there is an intricate mechanism for calculating commissions and rewards (grid system Maker/Taker).
3
BitGet - Best for beginners in the US
The BitGet crypto exchange provides traders with the opportunity to trade in spot, futures, and cryptocurrency. Cryptocurrency is used exclusively as instruments at the exchange: BTC (₿), LTC (Ł) ETH (Ξ), USDT (₮) and others. Trades are carried out on the crypto exchange’s own platform, which is available as a web terminal and an application for mobile devices. BitGet's fees are lower than its competitors in the market, with maker fees of 0.02% and takers of 0.06%. The commission can also be paid with bonus funds that each BitGet client receives upon registration, verification, and a trading account replenishment. There are no fees for maintaining an account, but a commission is charged upon withdrawal, the amount of which depends on the cryptocurrency in which the withdrawal is made. For investors, BitGet offers its own service for copying trades, and it is available at the exchange and at an affiliate program. Novice traders can use demo accounts to hone their trading skills, but there are no educational materials on the website. The BitGet cryptocurrency exchange provides services on an international level and cooperates with traders from different countries.
👍 Advantages of trading with BitGet for traders from the US:
•availability of demo accounts;
•convenient ways to contact the support service;
•a wide range of cryptocurrencies for account replenishment;
•service of copying trades for receiving passive income;
•ability to reduce commissions using credits earned in the bonus program;
•ability to engage in algorithmic trading;
•the exchange uses hot and cold cryptocurrency wallets to store client funds.
👎 Disadvantages of BitGet for traders from the US:
•Deposits and withdrawals in fiat currencies are not available.
•There are no educational materials for novice traders on the exchange website.
4
CEX.io - Best for beginners in the US
The CEX.io cryptocurrency exchange offers fast executions, spot cryptocurrencies, and token and CFD trading. Bitcoin, Ethereum, Tether, Bitcoin Cash, Litecoin, Cardano, Binance Coin, dozens of other cryptocurrencies and coins are traded on the exchange. As for fiats, there are the US dollar, Euro, and the British pound sterling. You can carry out a fast cryptocurrency sale and purchase directly from a bank card. The exchange allows for simplified investment in cryptocurrencies; the service of cryptocurrency loans is integrated, and there is a one-level referral program. You can trade through a web terminal or a mobile application. Commission fees for trading operations depend on the trading volume, and the fees are average for the segment at the first trading levels.
👍 Advantages of trading with CEX.io for traders from the US:
•all popular cryptocurrencies and 4 fiats are provided;
•CFD contracts trading with x100 leverage;
•a simplified service for the quick purchase and sale of cryptocurrencies;
•simple and profitable investment program.
•the ability to take loans in cryptocurrency;
•CEX Prime and CEX Direct solutions for business;
•versatile application for mobile trading;
•profitable affiliate program.
👎 Disadvantages of CEX.io for traders from the US:
•no demo-accounts;
•no training programs for novice traders.
5
Mercatox - Best for beginners in the US
The Mercatox exchange is a platform for trading cryptocurrencies like BTC, ETH, LTC, DAS, USDT, and others. The exchange also offers a P2P digital asset exchange service, and each user is provided with a universal cryptocurrency wallet for free. Mercatox offers an integrated trader lending service with investment options. Among the offers of the site, there is a standard referral program, a loyalty program, and a franchise partnership. The platform charges a commission for all trade transactions in the amount of 0.25% of the trade volume, regardless of the assets involved. Extended AML verification requires two-factor authentication. The company's trading terminal has only a web version, mobile trading is not presented.
👍 Advantages of trading with Mercatox for traders from the US:
•a large selection of cryptocurrencies, plus pairs with fiat;
•simple but functional terminal interface;
•profitable trader lending program;
•affiliate program and loyalty program;
•single commission for all trading operations;
•high level of data security;
•multicurrency electronic wallet;
•hot and cold storage methods for cryptocurrencies;
•large trading volumes,
•the company is licensed.
👎 Disadvantages of Mercatox for traders from the US:
•you cannot use bank cards and accounts to deposit funds;
•the trading terminal does not have a mobile version; it is only web-based.
Commissions & Fees
Brokerage fees are the amount of money that you pay for using the services that a brokerage offers in order to perform trading and manage investments. The brokerage fee structure and regulations vary from broker to broker, and there are two primary fee types which are:
Trading Fees: This type of fee is only charged when you perform a trade. It can be a conversion fee, margin rate, financing rate, spread, or commission.
Non-Trading Fees: This type of fee isn't directly related to your trading activity, and it can include inactivity fee, withdrawal fee, deposit fee, etcetera.
Bybit Commissions and Fees
The Traders Union experts analyzed the Bybit platform documents regulating the trading conditions for differentiation of commissions. The commission depends on which category is assigned to the trader: Maker or Taker. The Taker commission is 0.075%; whereas the Maker commission is 0.025%.
| Account type | Spread (minimum value) | Withdrawal commision |
|---|---|---|
|
Standard |
From $ 20 |
No |
Binance Commissions and Fees
The Traders Union experts analyzed the Binance exchange’s trading terms for the difference in commissions. Exchange commissions depend on the following parameters: the trader's activity (trading turnover per month), the volume of the traders’ investments in the BNB exchange token, on the asset type. There is a withdrawal fee the size of which depends on the name of the cryptocurrency.
| Account type | Spread (minimum value) | Withdrawal commision |
|---|---|---|
|
Standard |
from $6 |
Yes |
BitGet Commissions and Fees
BitGet has fixed fees for contracts, spot, and futures trading. Fees vary depending on the type of trade. When working with futures, the commission is 0.02% for the maker and 0.06% for the taker, while for spot trading, the fee is 0.1% for both makers and takers.
Under the terms of BitGet, it is possible to reduce the amount of commissions. Thus, traders can use the funds earned in the bonus program to pay fees, as well as use the services of the Traders Union and compensate for part of the trading costs by receiving rebates.
| Account type | Spread (minimum value) | Withdrawal commision |
|---|---|---|
|
Standard |
0.04% |
Yes |
CEX.io Commissions and Fees
The CEX.io cryptocurrency exchange charges commission fees for all trading operations. The amount of the fee varies depending on the trading level, which is determined by the user's trading volume within the last 30 days. Trading volume is measured in BTC. There are nine trading levels (commissions for them are indicated for the maker/taker, respectively):
-
≤ 5 BTC – 0.25%/0.16%;
-
≤ 30 BTC – 0.23%/0.15%;
-
≤ 50 BTC – 0.21%/0.13%;
-
≤ 100 BTC – 0.20%/0.12%;
-
≤ 200 BTC – 0.18%/0.10%;
-
≤ 1,000 BTC – 0.15%/0.08%;
-
≤ 3,000 BTC – 0.13%/0.04%;
-
≤ 6,000 BTC – 0.11%/0.00%;
-
< 6,000 BTC – 0.10%/0.00%.
| Account type | Spread (minimum value) | Withdrawal commision |
|---|---|---|
|
Standard |
Up to 0.25% per application |
Yes |
Mercatox Commissions and Fees
The Mercatox crypto exchange offers a single commission for all trades, which is 0.25%. Please note that the platform does not charge a withdrawal fee. There are limits on the minimum deposit and minimum withdrawal, they differ depending on the asset. For example, for Bitcoin, the minimum deposit is BTC 0.0001, and the minimum withdrawal is BTC 0.001. The limit for a one-time withdrawal is BTC 5 for a verified user.
| Account type | Spread (minimum value) | Withdrawal commision |
|---|---|---|
|
Standard |
0.25% per order |
No |
Summary
Many brokers are available for traders from the US, but not all of them offer good conditions. In this review, TU experts chose the Best crypto brokers for beginners in the US 2024. These are the most trusted companies that offer the best conditions for traders. You will also be able to review the general assessment of each broker.
Overall score of the best Crypto Brokers For Beginners in the US
| Bybit | Binance | BitGet | CEX.io | Mercatox | |
|---|---|---|---|---|---|
|
Overall score |
9.8 |
9.56 |
9.08 |
4.16 |
4.6 |
|
Execution of orders |
9.62 |
9.1 |
8.8 |
6.29 |
7.8 |
|
Investment instruments |
6.26 |
3.15 |
2.12 |
1.85 |
1.59 |
|
Withdrawal speed |
8.28 |
7.61 |
9.62 |
6.35 |
8.2 |
|
Customer Support work |
7.52 |
8.97 |
7.22 |
6.65 |
6.12 |
|
Variety of instruments |
9.41 |
9.48 |
9.03 |
6.13 |
7.7 |
|
Trading platform |
8.09 |
8.23 |
7.83 |
6.87 |
7.01 |
|
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FAQ
Is it possible to work with offshore brokers?
It is best not to work with offshore brokers. However, if you have chosen such a company, you need to check and analyze it very thoroughly. There are offshore brokers with good reputations. Before you start working with such a company, deposit the minimum amount and start trading. Once you’ve worked with the broker for a little while and checked how it operates and how quickly it processes withdrawals, you can start depositing higher amounts.
Does the choice of a beginner differ from the choice of an experienced trader?
Yes. A novice trader should primarily consider the availability of educational tools and a demo account, as well as basic assets. A more experienced trader is interested in wider opportunities on advanced account types, a wider choice of instruments for technical analysis, and a greater number of trading instruments.
How much money do I need in order to start working in the financial markets?
The initial capital depends on the assets you plan to trade. However, in the majority of cases, $300-500 is a good amount for a start.
What learning instruments can a broker offer?
Brokers offer various educational options. These include full-fledged educational courses, or video tutorials, articles, and books. Companies also often hold seminars and webinars.
Best Crypto Brokers For Beginners by Countries
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Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.