US Based Crypto Platforms Pros & Cons

I have worked with most of the major, US based exchanges and have compiled a list below of their various strengths and weaknesses. These are merely my observations and opinions based on my experiences, as I am not compensated by any of the exchanges.

Coinbase

Pros: largest US based crypto platform based on trade volume. Good reputation when it comes to security. Lots of cryptocurrencies available to buy/sell (recently added Cardano, SushiSwap, Polygon, etc.). Variety of products offered (Coinbase, Coinbase Pro, Coinbase Prime, Coinbase Commerce, Coinbase Custody, etc.). 98% of assets are in cold storage.

Cons: horrible customer support. Higher fees than Gemini, Kraken and Binance. Does not currently offer staking.

Kraken

Pros: attractive web user interface and mobile app. Offers staking for some cryptocurrencies. Generally faster account verification times. Access to cryptos like PolkaDot that Coinbase does not support. Support for fiat currencies (such as Canadian Dollars and Japanese Yen) that Coinbase does not support. Excellent reputation for security.

Cons: extremely difficult for US customers to deposit/withdraw money (wire transfers only). This is a show stopper for me because I don't want to pay outgoing wire transfer fees for my deposits. You can transfer crypto to Kraken from other exchanges to take advantage of their staking offerings. I was told by a Kraken support agent that they are adding support for ACH for American customers in 2-3 weeks as of March 24, 2021.

Gemini

Pros: lower fees than Coinbase. Backed by the Winklevoss twins. Gemini Earn offers the chance to earn interest on your crypto holdings.

Cons: much lower volume than Coinbase, Kraken or Binance. Extremely long wait times for account verification (took 5-6 weeks for mine). They require a wire transfer for the initial deposit.

Binance.US

Pros: lowest fees of the major trading platforms. Easily the largest exchange in the world; however, they have a separate site for American customers (Binance.US). Excellent exchange score - based on data from CoinMarketCap.com. Access to over 50 cryptocurrencies. Staking is offered for cryptos such as Algorand, Cosmos, etc. Offers ACH, debit card and wire transfer options for moving money (although the ACH option did not work for me).

Cons: parent company is based in Malta, not the United States. I generally prefer to use US based exchanges because of things that have happened in India, Morocco, Nigeria, etc. I have no idea what would happen if the US government cracked down on foreign exchanges. Binance.US is located in San Francisco, California. Huobi and Binance do a lot of business in China.