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Exchanges for US Traders

  • #1
  • First Post: Aug 7, 2019 7:50pm Aug 7, 2019 7:50pm
I love the idea of having this site like Forex Factory. I trade Forex, and just got the Bitcoin from Coin Exchange to get my feet wet. Pretty clear everyday trading of crypto doesn't happen there but at exchanges...but I can't find one that accepts US customers. Maybe E Toro but their platform sucks. So what exchange do you US Crypto traders use that has reasonable Fees (if something really exists) ? Your comments and help is appreciated!
  • #2
  • Aug 8, 2019 10:22am Aug 8, 2019 10:22am
There's a nice cheat sheet here: https://www.buybitcoinworldwide.com/united-states/

Coinbase Pro is the biggest guy in town for US clients and even businesses: https://www.coinbase.com/products.
  • #3
  • Aug 8, 2019 1:18pm Aug 8, 2019 1:18pm
Have you considered "pretending" you're not a US resident? That *may-or-may-not* be my situation.

I pay for a really cheap browser-plug-in VPN, and set it to a certain country in the east... Then use a broker that accepts crypto deposits, and lets you trade on margin, thereby only needing an email address, and a 2fa autheticator app.

Buy crypto in the US, send it to a intermediary wallet (blockchain.com, or coinami, or whatever), then send it to your broker wallet.

Bitmex, Bitfinex, and Deribit come to mind as options.
  • #4
  • Aug 8, 2019 6:20pm Aug 8, 2019 6:20pm
Thanks guys. I have traded Forex a long while and have held on to some PM's. Only thing lacking was Crypto. Right now am not looking to actively trade them, but I am watching and certainly may. Am just wanting to have the ability to go from one crypto to another or to US$ depending on what is going on, and not ride any significat correction downward. More short term investment than Trading.
  • #5
  • Aug 8, 2019 8:48pm Aug 8, 2019 8:48pm
Quoting james275
Thanks guys. I have traded Forex a long while and have held on to some PM's. Only thing lacking was Crypto. Right now am not looking to actively trade them, but I am watching and certainly may. Am just wanting to have the ability to go from one crypto to another or to US$ depending on what is going on, and not ride any significat correction downward. More short term investment than Trading.
I think we are all in a similar boat. More long term investment in my mind, though. I don't see many options for proper trading without getting your hands a little dirty. This market is still so young!
  • #6
  • Aug 11, 2019 12:52pm Aug 11, 2019 12:52pm
Binance is currently the best exchange for crypto trading in the world. You can trade from the US until Sep 1. After that you need VPN and I highly recommend you get one. The fees are 0.1% per trade and go down to 0.075% if you hold BNB. All other exchanges have fees starting from 0.2% to 0.5% which is insanely expensive.

You can sign up here: https://www.binance.com/en/markets?ref=10906822
  • #7
  • Aug 12, 2019 12:04pm Aug 12, 2019 12:04pm
Quoting trickshady
All other exchanges have fees starting from 0.2% to 0.5% which is insanely expensive.
I'm with you. It goes to show how young this industry is to have fees that high. I'm sure they'll be coming down very soon.
  • #8
  • Aug 12, 2019 3:26pm Aug 12, 2019 3:26pm
Not only fees are ridiculous but the lack of liquidity creates big spreads. So you may end up paying like 1% total fee per trade because of that. Binance is also the most liquid exchange so the spread is almost 0 and it does vary based on the pair traded. I really don't recommend ever using another exchange. The only time when you may want to use another one is when you deposit fiat from your bank account. Then as soon as you buy crypto you transfer it to binance to trade. Also make sure you do NOT do KYC for binance especially if you are in the US. They let you withdraw 2 BTC per day if you remain anonymous.

If you need an exchange to get your money into crypto, I recommend coinbase. You do KYC there to get your money from the bank to the exchange. Then buy BTC and move it to binance. Don't ever trade with coinbase as their fees are insane. Also get a hardware wallet to cash out your profits cuz you know, not your keys, not your coins. I can say the same about banks, the money there isn't yours either.
  • #9
  • Aug 12, 2019 3:49pm Aug 12, 2019 3:49pm
Quoting trickshady
Not only fees are ridiculous but the lack of liquidity creates big spreads. So you may end up paying like 1% total fee per trade because of that. Binance is also the most liquid exchange so the spread is almost 0 and it does vary based on the pair traded. I really don't recommend ever using another exchange. The only time when you may want to use another one is when you deposit fiat from your bank account. Then as soon as you buy crypto you transfer it to binance to trade. Also make sure you do NOT do KYC for binance especially if you are in the...
Thanks for the info.
  • #10
  • Aug 12, 2019 5:54pm Aug 12, 2019 5:54pm
Quoting trickshady
Not only fees are ridiculous but the lack of liquidity creates big spreads. So you may end up paying like 1% total fee per trade because of that. Binance is also the most liquid exchange so the spread is almost 0 and it does vary based on the pair traded. I really don't recommend ever using another exchange. The only time when you may want to use another one is when you deposit fiat from your bank account. Then as soon as you buy crypto you transfer it to binance to trade. Also make sure you do NOT do KYC for binance especially if you are in the...

thanks for the info. I really appreciate the hands on approach. So....i did get some coinbase bitcoins, and i also have a COINBASE PRO account where you can be in the US. They don't do margin trading, but the fees were about > .1% for a trade if you are a taker (getting used to this new terminology). It doesn't allow one to invest in many of the ALT coins though. I did read that Binance is going to open an exhange for US traders though. Why won't they just allow US traders to trade?? I certainly can go the VPN route but prefer not to do all that.....maybe i am being Naive....? Best VPN?
  • #11
  • Aug 12, 2019 7:58pm Aug 12, 2019 7:58pm
Quoting james275
Why won't they just allow US traders to trade??
It will be better in the end. With all the financial regulation in the US, anybody wanting to play here has to do it right and patiently! Sure, it sucks now but that just means you're still early on this thing. Settle in, buckle up and let's ride this thing to the moon!
  • #12
  • Aug 13, 2019 7:24am Aug 13, 2019 7:24am
Quoting james275
I certainly can go the VPN route but prefer not to do all that.....maybe i am being Naive....? Best VPN?
I found this article: https://www.techradar.com/vpn/best-chrome-vpn

I've seen commercials for Nord VPN and know some people that use it. I looked at the pricing and it's $3/month for the cheap plan. I'm sure its rivals are roughly the same price. Here's the servers it has all over the world: https://nordvpn.com/servers/

I personally use a different one, but for ~$3/month you can easily try a few.
  • #13
  • Aug 13, 2019 1:53pm Aug 13, 2019 1:53pm
Here is what maker and taker means in forex terms. Maker = limit order, taker = market order. Usually maker is cheaper because you create liquidity on the order book. This market is so young and that's how they encourage you to create liquidity. But that doesn't matter with binance. All orders are 0.1% on binance and coinbase pro taker is 0.15%, maker is 0.25%. It's true binance will open a US regulated exchange but the alts will be very limited. Starting with about 30 coins vs hundreds on the international exchange. You will also need to do KYC which is actually very dangerous. Just get a VPN, you are in crypto, YOU NEED IT!!!

If you want leverage trading you can try bitmex. You absolutely need VPN to use it if you are in the US and a few other countries. Once again, you are in crypto so get a VPN. Can't stress how important this is. Here is a sign up link for bitmex https://www.bitmex.com/register/f1i211

Also don't forget what crypto is all about besides the mad gains the bull runs give us. It's a way to free ourselves from the financial scam system run by governments. Take a look at all the collapsing fiat currencies (zimbabwe, argentina, venezuela...) and the devaluation of EVERY SINGLE fiat currency in the world. The dollar has lost 96% of its value over the last 100 years. Fiat = perpetual inflation and loss of purchasing power. Eventually all that will be left is gonna be bitcoin or/and other cryptocurrencies with limited supply. Nobody will want to hold garbage that cant buy shit. The other scenario is a world with global dictatorship where we are all slaves. Do you really want to live as a slave to eternity?
  • #14
  • Aug 20, 2019 3:41pm Aug 20, 2019 3:41pm
I think Coinbase Pro is the best exchange serving US traders. I say that for two reasons: 1.) low fees 2.) it's based in the US.

Low fees are key. Here are the fees of some of the top exchanges:

Coinbase Pro: 0.15% (maker)
Kraken: 0.16% (maker)
Bitstamp: 0.50%
Gemini: a lot
  • #15
  • Aug 21, 2019 1:00pm Aug 21, 2019 1:00pm
Well, i opened my coinbase Pro account, transferred my funds into it. It was painless. Their fees are as advertised. There is no margin like FX which is fine cause i am not using margin on my Crypto accounts at this time. But i will be in the future. Great option for US traders.
  • #16
  • Aug 21, 2019 9:53pm Aug 21, 2019 9:53pm
Coinbase used to have 0% maker fee. Now at 0.15% its ok compared to other US exchanges. I would stay away from Kraken at all costs. It's a terrible exchange. Awful interface and extremely slow. But really you should all get a binance account. It's pretty much the standard in crypto. Highest liquidity, lowest fees. No other exchange comes even close to the quality binance offers.
  • #17
  • Sep 7, 2019 12:30pm Sep 7, 2019 12:30pm
Quoting cityRat
Have you considered "pretending" you're not a US resident? That *may-or-may-not* be my situation. I pay for a really cheap browser-plug-in VPN, and set it to a certain country in the east... Then use a broker that accepts crypto deposits, and lets you trade on margin, thereby only needing an email address, and a 2fa autheticator app. Buy crypto in the US, send it to a intermediary wallet (blockchain.com, or coinami, or whatever), then send it to your broker wallet. Bitmex, Bitfinex, and Deribit come to mind as options.
what if your VPN screws up and the broker finds out you're from the US? it would suck big time if they're not even going to let you withdraw funds and immediately close your account.

i feel like doing this route you can't be trading big money for fear of being discovered and losing your money.

US regulations can suck big time. i can't bet online on sporting events, can't play poker online, can't trade CFDs/cryptos etc. relax with the rules a little bit, please. it's our money. let us throw it away if we want to!
  • #18
  • Sep 7, 2019 3:26pm Sep 7, 2019 3:26pm
Quoting iLl3CK
{quote} what if your VPN screws up and the broker finds out you're from the US? it would suck big time if they're not even going to let you withdraw funds and immediately close your account. i feel like doing this route you can't be trading big money for fear of being discovered and losing your money. US regulations can suck big time. i can't bet online on sporting events, can't play poker online, can't trade CFDs/cryptos etc. relax with the rules a little bit, please. it's our money. let us throw it away if we want to!
This has happened to me a few times with bitmex where i logged in while my VPN was off. They gave me a week to withdraw my money. I just opened a new account and withdrew directly to it lol.
  • #19
  • Sep 9, 2019 7:51am Sep 9, 2019 7:51am
Quoting iLl3CK
{quote} what if your VPN screws up and the broker finds out you're from the US? it would suck big time if they're not even going to let you withdraw funds and immediately close your account. i feel like doing this route you can't be trading big money for fear of being discovered and losing your money. US regulations can suck big time. i can't bet online on sporting events, can't play poker online, can't trade CFDs/cryptos etc. relax with the rules a little bit, please. it's our money. let us throw it away if we want to!
You could also see about getting control of your private key, so that you could withdraw at any time to another wallet. Not sure if that's an option or not.
  • #20
  • Last Post: Nov 20, 2019 2:23pm Nov 20, 2019 2:23pm
This ShapeShift "zero-fees" news seems pretty big: https://www.cryptocraft.com/news/964...r#post12626059
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