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
Kraken - Best for beginners in the US
The Kraken exchange is a trading platform for Bitcoin, Ethereum, Tether, Cardano, XRP, other cryptocurrencies, and stablecoins. Fiats are represented by EUR, USD, CAD, CHF, AUD, GBP, and JPY. In addition to margin trading, Kraken has indices and futures trading. The exchange provides traders with x5 leverage for margin trading and x50 for futures. Commission fees are among the lowest on the market - up to 0.26%. The crypto exchange has a proprietary trading terminal for an internet browser, as well as mobile applications for iOS and Android devices. The platform offers an extensive knowledge base, tutorials, and video podcasts with news and analytics. The referral program is the standard single-level model with a yield of 20% of the referral’s commission fees.
👍 Advantages of trading with Kraken for traders from the US:
•convenient, intuitive terminal with one-click trading;
•all major cryptocurrencies, as well as seven fiats;
•margin trading, as well as futures and indices trading ;
•large leverage (x5 for margin, x50 for futures trading);
•an extensive database of information and training materials;
•large trading volumes on the exchange provide high liquidity;
•some of the lowest fees in the cryptocurrency market.
👎 Disadvantages of Kraken for traders from the US:
•no investment programs;
•no call center.
4
OKCoin - Best for beginners in the US
The OKCoin exchange is a cryptocurrency trading platform with extensive investment opportunities. You can trade Bitcoin (₿), Litecoin (Ł), Ethereum (Ξ), Tether (₮), TRON, and dozens of other cryptocurrencies. Of the fiats, only the US dollar is represented. The investment system is a regularly updated list of deposits in affiliate projects with interests of up to 14%. The user forms his own investment portfolio. The exchange has its own trading platforms in two versions — web and mobile. Leverage of 1:3 is available for margin trading. There are several options for depositing and withdrawing funds, including bank cards and accounts. The crypto exchange is characterized by high-level security for users’ data protection. An extensive and extended verification is required.
👍 Advantages of trading with OKCoin for traders from the US:
•the simple and intuitive interface of the trading terminal;
•margin trading with leverage is available;
•all major cryptocurrencies are traded on the exchange;
•convenient investment system with a customizable portfolio;
•terminal charts have many built-in tools;
•negative balance prevention is in effect;
•security is provided by SSL and AES encryption;
•has three active regulatory licenses.
👎 Disadvantages of OKCoin for traders from the US:
•the platform is presented in two languages only — English and Chinese;
•the only fiat is the US dollar.
5
Phemex - Best for beginners in the US
The Phemex exchange is a platform for spot and contract trading of cryptocurrencies. Bitcoin (₿), Litecoin (Ł), Ethereum (Ξ), Tether (₮), Dash (Ð), Ripple, DOGE, DOT, ADA, and many other cryptocurrencies and tokens are available for trading on this platform. The exchange stands out for its low fees: 0.1% for spot, and 0.075/-0.025% for contracts (taker/maker, respectively). Premium account reduces spot fees to 0%, and there are no withdrawal limits. The only fiat currency available on the site is the US dollar. All basic deposit/withdrawal options are available, including direct transfers from bank cards. The exchange offers a demo account, educational guides with the possibility of earning cryptocurrency, and a welcome bonus for newcomers. There are investment solutions with payouts of up to 10% per annum. The platform is lightning fast and is stable. Also, there are mobile versions.
👍 Advantages of trading with Phemex for traders from the US:
•spot and contracts, loads of cryptocurrencies, tokens, and the US dollar;
•the ability to reduce spot trading fees to 0%;
•leverage x100 is available for contract trading;
•minimum deposit only ₿0.00000001 (or the equivalent);
•demo accounts and free premium mode test;
•extensive knowledge base, and tutorial guides with crypto payouts;
•referral program with discounts on commissions;
•investment programs with flexible and fixed deposits;
•Star Composition program gives users new opportunities;
•cold storage of funds, high levels of data protection.
👎 Disadvantages of Phemex for traders from the US:
•communication with technical support is conducted via email only;
•without a premium account, trading conditions are less favorable.
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 |
Kraken Commissions and Fees
The Kraken cryptocurrency exchange charges commissions and fees on all transactions by traders. The amount of the fee depends on the trading level, which is determined by the user’s trading volume over the last 30 days. This indicator is recalculated daily.
There are six trading levels. At the lowest - the first level, the maker’s/taker’s commission is 0.20% each. At the highest - the sixth level, the maker’s/taker’s commission is 0.0%. These fees are relevant for all cryptocurrencies and stablecoins.
For users with the highest verification level (Pro), the commissions are different, as is the scale of their calculation. For example, at the first level, the maker’s commission is 0.16%, and the taker’s commission is 0.26%. At the same time, there are nine levels for Pro users, which makes trading more flexible, allowing you to receive profitable commissions on intermediate trading volumes.
| Account type | Spread (minimum value) | Withdrawal commision |
|---|---|---|
|
Standard |
0.20% per order |
available |
OKCoin Commissions and Fees
On the OKCoin crypto exchange, trading commissions apply and are calculated individually for each trade. The maximum commission for a maker can be $0.10 of the trade amount. The maximum commission for a taker is up to 0.20% of the amount. There are no deposit fees on the exchange. There are no commissions for withdrawal in cryptocurrency either, but there is a commission for withdrawal in fiat, which is 0.1% (at least $15, which means it is more profitable to withdraw significant amounts).
| Account type | Spread (minimum value) | Withdrawal commision |
|---|---|---|
|
Standard |
0.15% per order |
Yes, for fiat |
Phemex Commissions and Fees
The Phemex cryptocurrency exchange charges users a commission for each trade conducted on the site. Commissions are not affected by a customer's trading volume. The only factor that is taken into account when calculating their size is the presence or absence of a premium account. Standard commissions for the average user are as follows:
-
0.1% for a taker/maker on a spot;
-
0.1% for bot;
-
0.075% for a taker on contracts;
-
-0.025% for makers on contracts.
For Premium account holders the difference is that the spot fees for taker/maker positions are 0%. All users have the opportunity to get a 10% discount on the taker commission for each invited referral (the discount is cumulative only up to 30%) for 30 days.
| Account type | Spread (minimum value) | Withdrawal commision |
|---|---|---|
|
Standard |
Up to 0.1% per order |
Yes |
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 | Kraken | OKCoin | Phemex | |
|---|---|---|---|---|---|
|
Overall score |
9.8 |
9.56 |
8.84 |
4.76 |
5.08 |
|
Execution of orders |
9.62 |
9.1 |
9.23 |
6.14 |
7.44 |
|
Investment instruments |
6.26 |
3.15 |
3.02 |
1.68 |
1.68 |
|
Withdrawal speed |
8.28 |
7.61 |
9.42 |
6.2 |
7.5 |
|
Customer Support work |
7.52 |
8.97 |
7.11 |
6.5 |
7.8 |
|
Variety of instruments |
9.41 |
9.48 |
9.06 |
5.98 |
7.28 |
|
Trading platform |
8.09 |
8.23 |
7.34 |
6.72 |
8.02 |
|
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FAQ
Why is a license important for a broker?
License is the key document testifying to the broker’s reliability. It means that the company complies with the requirements of the financial regulatory authority that issued it. It is recommended that you choose brokers with licenses from top financial regulators: the USA, European Union, the UK, as these jurisdictions have the strictest licensing requirements.
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 commissions and fees should I take into consideration when I am choosing a broker?
The commissions and fees in the financial markets are divided into trading and non-tradings ones. Trading fees are the fees that are charged directly during trading (spread, commission per lot, etc.), while non-trading fees are the ones charged outside the trading process (for example, account fee, inactivity fee, deposit and withdrawal fee).
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.
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.