Buying cryptocurrency in the United States is legal. Federal regulators classify cryptocurrencies as commodities, securities, and property. This means you can buy, trade, mine, and use cryptocurrency, but it’s not considered a registered investment, and transactions are subject to taxes.
Cryptocurrencies, like gold and silver, are considered commodities.
Top Cryptocurrency Apps for 2023:
1. Kraken:
– Best for Low Fees and Experienced Traders
– Kraken Pro, their professional-grade platform, stands out for low fees and advanced features. It’s great for experienced traders but isn’t available in all U.S. states.
2. Coinbase:
– Best for Beginners
– Coinbase is an excellent choice for beginners. It offers strong security, a user-friendly platform, and supports a wide variety of cryptocurrencies.
3. Crypto.com:
– Best Mobile App
– Crypto.com provides an extensive digital asset trading and investment ecosystem accessible from your smartphone, making it the best mobile crypto app.
4. Gemini:
– Best for Security
– Gemini is chosen for its top-notch security protocols, fund guarantees, and SOC 2 certification. It’s available in all 50 U.S. states but supports fewer cryptocurrencies compared to some competitors.
5. BitMart Exchange:
– Best for Altcoins
– BitMart is the top pick for altcoins, allowing users in 180+ countries to trade over 1,000 cryptocurrencies.
6. Cash App:
– Best for Bitcoin
– The Cash App is the preferred choice for Bitcoin transactions. It provides a seamless and secure way to buy, sell, and store Bitcoin using your smartphone.
7. Bisq:
– Best Decentralized Exchange
– Bisq is recommended as the best decentralized exchange, allowing users worldwide to securely and privately trade cryptocurrencies.
Safest Crypto Exchange:
When trading cryptocurrencies, foundational security features like two-factor authentication are crucial. Advanced measures such as identity verification, SOC-2 certification, and user insurance add extra protection against theft and fraud. Gemini stands out for its advanced security measures.
Choosing a Crypto Exchange:
Consider security, costs, and the variety of cryptocurrencies offered when selecting an exchange. Understand how your cryptocurrency is stored and whether you can control it in your digital wallet. Decide between a centralized exchange, aligned with financial regulations, or a decentralized exchange, which operates without a central authority.
Methodology:
Our team evaluated 28 cryptocurrency exchanges, considering over 1,000 data points. Based on more than 20 weighted criteria, top picks were selected based on trading fees (weighted 20%), withdrawal fees (15%), and cold storage of crypto assets (weighted 10%).