Best cryptocurrency of the year

Bitsonic

Korean Cryptocurrency exchange Bitsonic which is operated by Skoopmedia which specializes in mobile app development. They are integrated with the Binance API and offer a wide range of altcoins. Bitsonic returns 90% of the transaction fees to exchange users. Therefore they are the first revenue-sharing cryptocurrency exchange in Korea. They have over 180 cryptocurrencies on their platform. Bitsonic hots many IEOs per month (10-12). In addition, they also have their own coin (BSC) and have opened their own Bitsonic coin market, which allows users to trade coins listed with BSC. Their focus for 2020 will be to enter the global market starting with Vietnam.

Kraken

Kraken cryptocurrency exchange

For reasons known only to itself, this crypto exchange is named after a mythological sea monster with a penchant for sinking ships.

No matter the reasoning behind the name, this USA-based exchange is rather good. It is undoubtedly one of the friendlier platforms around if you are new to crypto-trading and want to know more before getting your feet wet.

Hats off to Kraken; you can access all their extensive learning materials straight off the bat without even registering. Kraken has a comprehensive library of resources on cryptocurrencies and how to trade them. If you have never had exposure to crypto before, this is the place to start learning, with in-depth guides, training videos, and podcasts to get you up to speed.

Oddly, given their commitment to learning, Kraken does not offer test or demo accounts with virtual balances. However, as an alternative, you can sign up for a Kraken Futures demo instead. It’s not easy to find as it is buried away in their support section, but follow this link if you are interested.

Some reviews say the Kraken platform isn’t the best for newbies. We happen to disagree; it’s no monster.

Benefits of Kraken:

ByBit

ByBit cryptocurrency exchange

Though a relative newcomer to the crypto scene, ByBit has made waves among traders. Clearly having listened to what crypto traders want, the ByBit platform has quickly embedded itself into the hearts of the crypto trading community.

Its meteoric trajectory is partly due to its affinity with crypto traders. And its innovative features hint that its success will be sustained in the long term.

As well as high volume trading in five major cryptocurrencies, this Singapore-headquartered exchange operates some rather tasty bonuses and promotions, including a referral scheme and a $50 deposit bonus.

At the moment, ByBit offers two contract types.

The first contract type is USDT perpetual, which uses Tether as the margin in a linear contract. This is the best option for new traders wanting to trade BTCUSDT.

The other contract type is Inverse perpetual. This contract means that if a trader wants to trade Bitcoin, Ethereum, XRP, or EOS contracts, the base cryptocurrency is the margin for trading the contract.

ByBit is better suited for new traders with some experience; it’s not suitable for complete beginners.

Benefits of ByBit:

Shrimpy’s Crypto Trading API for Developers

Beyond the consumer app, Shrimpy also offers a Trading API for developers looking to integrate scalable exchange trading functionality into their app.

Shrimpy’s Universal Exchange API was created as a cloud-based solution to address several crypto developer roadblocks including Exchange Trading, Product Scalability, and User Management. With Shrimpy’s API in hand, developers are not limited in scope when it comes to creating the next era of groundbreaking products that will shape the future of crypto.

Shrimpy’s API is a cryptocurrency trading API that is readily compatible with all of the following exchanges and their API endpoints: Binance API, CoinbasePro API, Bittrex API, Kraken API, Gemini API, Poloniex API, Huobi API, KuCoin API, Bibox API, BitMart API, and HitBTC API. Instead of having to manage all connections to every exchange, users can simply leverage Shrimpy’s existing crypto exchange trading infrastructure and focus on actual product development.

Shrimpy Links:

Telegram Reddit Discord

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FTX Exchange

FTX describes itself as a crypto exchange designed by traders to cater to the trading needs of advanced traders, trading firms as well as beginners. The management team has focused on delivering intuitive trading interfaces and powerful trading terminals for fast settlement and instant order execution. Besides, it offers flexible KYC that allows traders to withdraw up to $2,000 without having to submit their private documents.

More importantly, FTX has index futures that allow users to spread their risks across multiple digital assets. The prominent index funds include Shitcoins Index Perpetual Future and Altcoin Index Perpetual Futures. You can also trade tokenized stocks like Tesla, Apple, and Nokia. These interesting services have helped FTX carve a name for itself in just 2 years of operations.

Another interesting thing about FTX is its low transaction fees. With maker and taker fees set at 0.02% and 0.07% respectively for a 30-day trading volume below $2 million, FTX is one of the most generous crypto exchanges you will find today. It even offers lower fees to anyone who holds its native token, FTT. According to data from Coingecko, FTX supports 223 coins and has a daily trading volume of $700 million.

Pros

• Offers Crypto index funds
• Supports a broad range of coins and tokens
• Access to tokenized stocks
• Very low transaction fees
• Provides index Futures

Cons

• Relatively new exchange
• Does not accept traders from the United States

Bithumb

2018 and 2019 were slow years for Bithumb. In March of 2018, they paused their cryptocurrency withdrawals and deposits due to insider trading issues. Since then the company has been fighting an uphill battle of security on their exchange. Bithumb has been hacked so many times that they are working with KISA (Korean Internet & Security Agency) to recover their losses. Their most famous hacking incident was the loss of $13 million in EOS and $6.2 million in XRP. Another hack resulted in a loss of $30 million in cryptocurrencies with Bithumb retrieving back $14 million.

Many felt the hack was due to the massive layoff by Bithumb who cut 50% of their workforce in 2018 from 310 employees to 150. The layoff was not due to the hacks but rather the fall of cryptocurrency prices. Bithumb posted a net loss of $170 million in 2018.  Compare that to the net profit of $470 million in 2017. Korean cryptocurrency exchanges have all suffered since 2018 but none has suffered more than Bithumb. Their net profit for 2019 was a little over $30 million.

Bithumb now allows the withdrawal and deposit services for three cryptocurrencies (XRP, BCH, and EOS). They will also focus on going global with Bithumb Global. They are already established in 10 countries and will look to provide a safe and reliable withdrawal and deposit service globally. The hope of Bithumb Global is to provide access to cryptocurrencies in as many countries as possible.  

Bithumb Partners with Singaporean Exchange BitMax

Bithumb looks to rebound in 2021 and their first step was to partner with Singaporean Exchange BitMax. They signed a strategic partnership agreement to develop new services and strengthen their competitiveness for the global market. Their focus for 2021 will be to work together to develop infrastructure for cryptocurrencies. BitMax is a top 20 cryptocurrency exchange in the world. This partnership is the first step in Bithumb looking to go global and become a Blockchain-based global general financial platform company.

Bithumb Headquarters Raided by Seoul Police

Seoul Police raided the headquarters of Bithumb in September of 2020. They have been investigating the chairman of Bithumb, Lee Jung Hoon for some time now. Some of the accusations include economic fraud involving a token called BXA and market manipulation.

Step-by-Step Process of Cryptocurrency Trading

If you’re new to the cryptocurrency market, your first step would be to find a fiat-based cryptocurrency exchange that allows you to deposit your local money. Due to strict regulations, all fiat-accepting exchanges require you to verify your account before depositing your funds. You must complete the ‘Know-Your-Customer’ (KYC) process by submitting your identity proof and any other personal information.

It is important to note that not all crypto exchanges accept fiat money; some exchanges only allow you to deposit coins (most commonly Bitcoin) to purchase other alternative coins. Bitcoin is the most popular crypto that is offered on almost all cryptocurrency exchanges and represents the gateway to purchasing other coins. Fiat-accepting exchanges usually only offer a small number of coins and have a lower market liquidity than cryptocurrency-only exchanges.

If you’re keen on buying any other altcoins and tokens, you must do the following:

Step 1: Open a domestic cryptocurrency exchange in your country and verify your account (submit identity proof)

Step 2: Deposit funds from your bank account to your crypto exchange account and start buying Bitcoin

Step 3: Open a crypto exchange account that offers a variety of other coin. Usually, these exchanges do not accept fiat deposits and only allows coin deposits

Step 4: After verifying your account, transfer the Bitcoin that you’ve bought from your local exchange to your new crypto exchange and you can start buying other coins with your Bitcoin

(See also: Guide To Cryptocurrency Trading Basics: Introduction to Crypto Technical Analysis)

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Shrimpy API

Shrimpy’s Universal Crypto Exchange API allows 3rd-party application developers to leverage Shrimpy’s trading engine and server-side architecture to quickly implement and deploy their own application. Shrimpy’s API offers a low-latency order execution & automated trading engine based on real-time data, with the ability to manage users AND scale usage as necessary.

Shrimpy APIs are the most powerful trading APIs in the market. They connect to a network of the most popular crypto exchanges. Providing real-time full order book data, limit orders, open orders, smart order routing, exchange account management, user management, and a complete cloud infrastructure solution right out of the box. All of this plumbed into a single set of APIs that work across every exchange.

Coinbase Pro

US-based Coinbase Inc. has become a household name in the crypto industry mainly because it provides simple and instant means of purchasing cryptocurrencies with fiat. While this is a given, it is the success of its advanced trading platform, Coinbase Pro, that has brought it as much prominence in the crypto trading world. Here, Coinbase sheds its minimalistic approach to crypto trading for a more professional look.

The unique selling point of Coinbase Pro is that it has never suffered a hack since it launched in 2018 as the evolved version of Global Digital Asset Exchange (GDAX). Also, it provides insurance of up to $250,000 per individual user. There are currently 49 coins listed on Coinbase Pro and transaction fees could drop to 0.0% for institutional traders processing as much as $1 billion worth a volume per month. The highest fees on Coinbase Pro is 0.50% for transaction volume below $10,000.

In tandem with its growing appeal for institutional traders, Coinbase Pro offers a maximum withdrawal limit of $10,000 for individual traders and $50,000 for business accounts. Also, note that the exchange passes on the on-chain fees required to process withdrawals to users. This is a new policy introduced in 2020 following the increase in on-chain transaction fees as a result of network congestions.

Pros

• Supports bank deposits and other fiat payment method
• Insured and highly secure
• Access to the vast Coinbase ecosystem
• Heavily regulated

Cons

Not enough cryptos listed

Frequently Asked Questions

Is It Legal To Buy Cryptocurrency In The US?

The legal status of Bitcoin and other cryptocurrency assets varies across each US state due to local regulations and is constantly changing due to the evolving financial policy landscape. , Bitcoin is classified as a ‘commodity’ and considered ‘legal’.

Like most countries in the world, the USA Government does not consider Bitcoin or crypto illegal, meaning it can be bought and sold on exchanges if proper anti-fraud measures are adhered to. While the US Treasury Department’s Financial Crimes Enforcement Network (FINCEN) have stated that is it legal to purchase Bitcoins, it’s status as money or a commodity differs across states within the USA. 

Customers will need to check the legal status of crypto within their respective state before investing.

Is Crypto Taxed In The US?

Trading and holding Bitcoin and cryptocurrencies are taxable assets under the US Federal laws. Any sale of cryptocurrencies is considered a capital gains event and the profit or loss must be declared as part of an individual or company tax return. Taxable actions include digital assets bought, traded and sold on exchanges, mined, used to pay for things and earned through crypto interest savings accounts.

How Do I Get Cryptocurrency In The US?

The best way for individuals to get cryptocurrency in the United States is to use a licenced crypto exchange that is regulated in the U.S state of the customer’s residence. Using an exchange that is regulated by local authorities reduces the risk of fraudulent activity as the platform must adhere to strict requirements imposed by the Government.

What’s The Best Payment Method To Get Crypto In The USA?

When selecting a crypto exchange, it is important to ensure the platform supports your preferred deposit method. The best option is using a bank transfer from a US bank account. The transaction fees are generally low and the funds are processed in a few working days. 

Other popular methods to convert US Dollars (USD) into cryptocurrency include a credit card or debit card, wire transfer, cash deposit, PayPal, cash vouchers and Amazon gift cards.

Can You Buy Crypto Using A Credit Card In The US?

Using a bank card for purchases is attractive for investors looking for a quick and safe way to obtain Bitcoins and other altcoins. The only downside with using a credit card is the transaction fees, which is higher than traditional payment methods such as a local bank transfer.

Which US Banks Are Crypto Friendly?

the majority of banks in the USA do not accept Bitcoin or crypto transactions. However, with the increased adoption the trend is slowly changing and a number of banks in the US such as Chime Bank, Ally Bank, USSA, Simple Bank and even JP Morgan have started to relax their policies towards digital currencies. 

Are Cryptocurrency Exchanges Safe?

There are still incidents of cryptocurrency exchanges being hacked resulted in the theft of funds. It is not 100% safe to store crypto assets on an exchange, regardless of the security measures in place. The largest cryptocurrency exchanges do have bank-like security features in place to keep the risk extremely low, however the best place to store Bitcoin and crypto is within your own custody using a cold storage wallet.

Can You Buy Crypto Using Apple Pay In The USA?

Customers can purchase digital currencies such as Bitcoin and Ethereum using Apple Pay on Coinmama. The global cryptocurrency exchange is supported in the United States and accepts transactions using USD. Coinmama is one of the largest exchanges to support Apple Pay.

Trading Strategy Automation

If you want to automate your trading strategy, you should use the following steps before starting the bot.

• Implementation — First, you need to implement the strategy by drag and drop or coding it. This will create your strategy on the platform so you can backtest it.
• Backtesting — It is the most essential step when working with a trading strategy. The trading bot platform runs your strategy on historical data and provides you valuable insights. Make sure your backtest must be realistic to understand the role of variables like trading fees, slippage, and latency. According to the performance result, you can fine-tune your strategy.
• Execution — In this phase, you need to make your strategy live.

Types of Cryptocurrency Exchanges

There are different types of cryptocurrency exchanges in the US to choose from. The best-suited exchange depends on the users level of experience with investing and trading financial markets. We have outlined the basic types below for each category of investor.

Fiat To Crypto Exchange

First time investors and beginners that are looking to make their first purchase in a digital coin will need to use a cryptocurrency exchange that accepts fiat currency. These types of websites will accept multiple fiat currencies such as the USD, EUR, GBP, AUD and NZD in exchange for digital assets such as Bitcoin and Ethereum.

When selecting a fiat-to-crypto exchange, it is important to ensure the platform accepts US Dollars and offers local payment methods in the USA, preferably a bank transfer. Lastly, check if there are any deposit or withdrawal fees as these can be hidden costs.

Kraken

Kraken is one of the longest-standing crypto exchanges in the industry. They have been operating for more than a decade and with that have garnered widespread respect within the industry among traders.

Their low fees help make Kraken a very attractive choice to traders. Two of the most popular and unique trading features you will find at Kraken are the ability to trade crypto futures, and the chance to engage in crypto margin trading with extensive leverage up to 50:1. This is great for more advanced traders and can be done through the also innovative Kraken trading platforms.

With trading platforms available to suit different levels of trading experience, you will find that Kraken caters well for you no matter which level you are trading at. Everyone from complete beginners, to seasoned veterans, are taken care of here.

At Kraken you will also find: A wide range of more than 40 other cryptos including Bitcoin, (BTC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), and more.

This is the best exchange for USA residents.

For more information, you can always check our full Kraken review, or go straight to the Kraken website to learn more.

Huobi Global

At the time of writing, Huobi had a $6 billion 24-hour volume, which puts it in the top 20 list of crypto exchanges by trading volume. There are over 311 cryptocurrencies and over 800 crypto pairs listed on the exchange to give users a lot more trading options. The Singapore-based exchange has established itself on the global scene by rebranding and expanding the scope of its business. The platform also features spot, derivative, and margin trading options and has a native token, HT, that influences its fee policy.

According to the website, traders get to enjoy discounts when they hold HT. The more HT you hold, the lower the fees deducted. However, note that the trading volume also plays a pivotal role in this tiered-based fee structure. The highest fee is 0.2% for both the maker and taker sides. The commission can go as low as 0.0097% when the trader owns more than 2000 HT and processed a 150,000 BTC worth of trading volume.

Like many of the crypto exchanges mentioned in this guide, Huobi has not suffered a security breach, which is impressive for a platform launched back in 2013. However, many allegations are flying around that the platform allows wash trading to boost volumes. Regardless of this, Huobi Global remains in the thick of things as recent partnerships have begun to expose its users to DeFi services.

Pros

• A large selection of cryptocurrencies
• Security-conscious platform
• Globally available
• Allow fiat deposits

Cons

It is not available to US residents

Активы биржи Crypto.com Exchange

21.06.2021 суточный объем торгов на Crypto.com Exchange составил $230 млн. Показатель далек от объемов на таких площадках как Binance ($27,6 млрд) или Huobi Global (7,71 млрд), что является следствием отсутствия поддержки фиатных денег и более скромным ассортиментом торговых пар.

ТОП-10 популярных пар на спотовом рынке биржи Crypto.com Exchange (торги за 24 часа в $, данные на 21.06.2021):

1. BTC/USDT – 93 млн.
2. ETH/BTC – 20 млн.
3. DOGE/USDT – 19 млн.
4. ADA/BTC – 7,90 млн.
5. SHIB/USDT – 5,36 млн.
6. BTC/USDC – 5,13 млн.
7. MATIC/USDT – 4,90 млн.
8. CRO/USDT – 3,98 млн.
9. ADA/USDT – 3,90 млн.
10. VET/BTC – 3,61 млн.

Conclusion

To conclude our article on the best cryptocurrency exchanges in the United States (US), it is recommend to stick with a well-established, reputable and US-based exchange that accept USD deposits and is regulated in most states. The above Bitcoin & crypto platforms in the US are trustworthy and used by millions of customers worldwide to buy, trade and sell cryptocurrency.

If you’re are planning to buy and trade cryptocurrencies, make sure to withdraw your profits to a reputable Bitcoin wallet for safe-keeping. It is the best method to protect your crypto investment.

Now its your turn to comment.

• Do you think our list on the best USA Bitcoin exchanges is correct?
• What was your experience like on these crypto exchanges?
• Which cryptocurrency exchange in the US would you recommend to a friend?

If you found this article useful, feel free to share it with your social network.

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Coinrule — You can make your own Coinbase Trading Bot! [Link]

Coin rule trading bot

Coinrule is next level bot for beginners. The “if-this-then-that” rule allows even less advanced crypto traders to build their cryptocurrency trading strategy in a minute. The user-friendly interface guides users in building the trading bot step-by-step.

The template library includes over 150 pre-set rules that help beginners running the trading system that suits their needs. The platform allows various cryptocurrency trading strategies, including stop loss, take profit, and integrates the main technical indicators. The list of trading strategies that Coinrule allows is limitless and the company posts regularly new ideas in the Knowledge Base of the platform.

Another interesting feature is the built-in Demo exchange. Cryptocurrency traders can test their trading systems in a safe environment with a virtual allocation of coins. The Demo rules run on prices that come directly from Binance, hence risk-free. Hence, the platform is perfect to create your own Coinbase bot.

To learn more read our Coinrule Review.

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