What is the perfect exchange perfect money (USD) to Bitcoin (BTC)?
Paul Best Crypto Exchanges
- Coinbase and Coinbase Pro: Best Overall
- Cash App: Best for Beginners
- Binance: Best for Altcoins
- Bisq: Best Decentralized Exchange
Coinbase and Coinbase Pro: Best Overall
The most widely known and used cryptocurrency exchange in the United States is Coinbase. Coinbase was founded in 2012, not very long after the release of Bitcoin’s code in 2009, and is a fully regulated and licensed cryptocurrency exchange. Coinbase currently has licenses to operate in over 40 U.S. states and territories.
Pros
- Solid variety of altcoin choices
- Extremely simple user interface
- Very high liquidity
Cons
- High fees when not using Coinbase Pro
- User does not control wallet keys
- Fewer altcoin trading options than some other exchanges
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Cash App: Best for Beginners
Cash App is a peer-to-peer money transfer system much like Venmo. This type of service allows users to split food, pay rent to a roommate, or even shop online at a retailer that supports Cash App. Cash App can essentially act as a bank account and users can have their own Cash App debit cards. This service is very convenient by itself, but Cash App has even more features.
Pros
- Peer-to-peer money transfer like Venmo or Zelle
- Ability to withdraw Bitcoin
- Extremely simple user interface
Cons
- Only allows Bitcoin investment at this time
- 3% charge when sending money via a linked credit card
- Withdrawal limit of $2,000 worth of Bitcoin every 24 hours
Binance: Best for Altcoins
The Binance exchange is an exchange founded in 2017 with a strong focus on altcoin trading. Binance offers over 100 different trading pairs between different cryptocurrencies. It does offer some fiat-crypto pairs, but most of its pairs are between cryptocurrencies.
Pros
- Lower fees than other commonly used exchanges
- Large variety of cryptocurrencies and trading pairs
- More advanced charting
Cons
- Geared for more advanced users
- Binance US has fewer trading pairs than its international counterpart, though it still has over 100 trading pairs
- 13 U.S. states, like New York, are not supported by Binance US
Bisq: Best Decentralized Exchange
The premise of Bitcoin itself is that it grants open and free access to a unit of account. Banking products, like a checking or savings account, are only accessible if you have a legally provable government-issued identification. With Bitcoin, this isn’t necessary. It can be accessed regardless of nationality or location, and without any identification.
Pros
- Decentralized, non-KYC platform
- 26 different payment options, including Zelle
- Mobile app for both Android and iOS
Cons
- Transaction speed can be slow, depending on payment method
- Trading volumes can be low
- Not designed for active trading