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5 of the Best US Regulated Crypto Exchanges

5 of the Best US Regulated Crypto Exchanges

For several years following the creation of Bitcoin, the act of trading cryptocurrencies for profit was fraught with danger, both from a legal and extralegal standpoint. Now, over ten years on from the birth of Satoshi Nakamoto’s groundbreaking invention, cryptocurrency trading has entered the mainstream, where it is protected by the same kind of legal mechanisms that accompany traditional trading markets.

As such, first-time cryptocurrency traders can now operate on exchanges that have gained full regulatory compliance with US lawmakers. While renegade exchanges continue to operate outside the purview of US regulations, these platforms now find their days to be increasingly numbered, as witnessed by the recent criminal charges leveled against the executives in charge of BitMEX exchange. 

While the judicial system deliberates on the future of BitMEX and its associates, here are five fully compliant US cryptocurrency exchanges where you can trade without fear of running foul of the law.

Coinbase

Founded in 2012, Coinbase has since emerged as one of the most well-known trading platforms in the cryptocurrency space. Coinbase is licensed to operate in Canada, the UK, Europe, and the vast majority of US states (excluding Hawaii).

Coinbase has gained a reputation as a good first point of contact for new entrants to the cryptocurrency space, helped by its easy-to-use, intuitive interface, and responsive customer support. 

Trading fees on Coinbase’s main platform have drawn criticism from the crypto community for being excessively high, however this is generally seen as the accepted cost of utilizing Coinbase’s simplified services. 

For those traders who are experienced enough to operate order books by themselves, the associated Coinbase Pro platform offers greatly reduced trading fees, while putting more responsibility on the end user.

Gemini

Gemini is a New York-based cryptocurrency exchange founded by the Winklevoss twins in 2015, and was the first platform to gain an official license to trade Ethereum (ETH) in 2016.

For years Gemini only offered access to the two largest cryptocurrencies by market cap, Bitcoin and Ethereum. This preference to exercise extreme caution over listing any more of the world’s 7,000+ digital assets greatly boosted the perception of Gemini’s security, while at the same time limiting its trade volume to levels much lower than its major competitors. 

As of 2020, however, Gemini has opened its doors to several more major cryptocurrencies, including Bitcoin Cash (BCH) and Litecoin (LTC), as well as privacy coin Zcash (ZEC), and the defi (decentralized finance) sensation, Chainlink (LINK).

CoinZoom

Founded in 2018, CoinZoom is an institutional grade cryptocurrency exchange that is fully licensed to operate in the US. CoinZoom is registered as an MSB (Money Services Business) in 50 states, and is legally recognized as a Money Transmitter in all but two US jurisdictions (New York and Hawaii). 

As one of the small handful of exchanges to be granted full regulatory compliance on US soil, CoinZoom finds itself competing head on with the likes of Coinbase, Gemini, and Kraken. Building on the services offered by its competitors, CoinZoom recently became the first US exchange to offer an integrated Visa debit card, allowing customers to spend their cryptocurrencies at over 53 million merchants worldwide, while also earning cashback of up to 5% in the form of its native ZOOM token. 

The CoinZoom team has previous experience operating in conjunction with the US Commodities and Futures Exchange Commision – its CEO, Todd Crosland, founded Interbank FX, LLC (“IBFX”), a Futures Commission Merchant and Retail Foreign Exchange Dealer.

bitFlyer

bitFlyer has the unique distinction of being the only cryptocurrency exchange licensed to operate across the board in the US, Europe, and Japan. It grew to become the largest venue for cryptocurrency trading in Japan, after being the first from the East Asian nation to gain a BitLicense.

Founded in 2013 by Yuzo Kano and Takafumi Komiyama - both formerly of Goldman Sachs - bitFlyer is registered in 46 US states, including Washington DC. It was the first cryptocurrency exchange to broadcast a TV commercial in the US, and as of 2017, was the largest trading platform by volume worldwide.

bitFlyer provides secure access to a wide range of cryptocurrencies including Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Ethereum Classic, and more. BitFlyer intends to list more digital assets in the near future, and aims to reduce the onboarding process (turning fiat to crypto) to less than ten minutes. 

Kraken

Rounding up this list is Kraken, a US registered cryptocurrency exchange that was founded in 2011, and has since expanded into over 170 countries worldwide. Kraken is currently licensed to operate in 46 US states, and offers access to over 40 cryptocurrencies at time of writing. 

Rather than simply provide a secure, legally authorised trading platform for cryptocurrency users, Kraken aims to accelerate the rate of crypto adoption worldwide – a goal which Kraken states will help the world achieve financial freedom and inclusion.

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The benefits of Ethereum 2.0 will come sooner rather than later according to Vitalik Buterin

The benefits of Ethereum 2.0 will come sooner rather than later according to Vitalik Buterin

Quick take

1 minute read

  • Vitalik Buterin, has recently answered a number of questions from the community as a part of a “ask me anything“ session on Reddit. 
  • The co-founder highlighted many different topics but specifically said that he expects some significant and noticeable network improvements to come for the project sooner rather than later. 

Vitalik Buterin, the co-founder of one of the biggest crypto projects in the industry known as Ethereum has recently answered a number of questions from the community as a part of a “ask me anything“ session on Reddit. The co-founder highlighted many different topics but specifically said that he expects some significant and noticeable network improvements to come for the project sooner rather than later. He further said:

“TLDR: merge happens faster, PoS happens faster, you get your juicy 100k TPS faster.”

Over the years, the network for Ethereum has experienced some significant rounds of high congestion. Three years ago in 2017, the popular CryptoKitties game slowed down the network massively but with the decentralised finance space growing rapidly, the network has been seriously clogged up.

As a result of this, it has led to high fees and longer than average confirmation times.

With Ethereum 2.0 very much just around the corner, there is a significant scaling upgrade solution that is supposedly going to speed up the network rapidly. This will increase the number of transactions per second and it will also move the blockchain to a different consensus algorithm known as a proof of stake. Phase 0 for the upgrade is set to occur on the 1st of December in two weeks!

The co-founder further went on to say that “all of these changes are designed to decrease the time until eth2 becomes useful to people.” 

For more news on this and other crypto updates, keep it with CryptoDaily!

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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The second richest man in Mexico invest 10% of his portfolio into BTC

The second richest man in Mexico invest 10% of his portfolio into BTC

Quick take

1 minute read

  • Ricardo Salinas Pliego is the second wealthiest businessman in Mexico and the 166th richest man in the world. 
  • It was recently announced last week that he has invested 10% of his liquid portfolio into the leading cryptocurrency, bitcoin. 

Ricardo Salinas Pliego is the second wealthiest businessman in Mexico and the 166th richest man in the world. It was recently announced last week that he has invested 10% of his liquid portfolio into the leading cryptocurrency, bitcoin. This came after he shared a video throwing huge amounts of paper money into the garbage. Not only does it show how worthless the government-issued cash is in today’s world but it also shows how important digital assets such as bitcoin could become.

Furthermore, the video indicates the hyperinflation and how bad it got in Venezuela.

Ricardo is worth more than $11 billion at the time of writing and is the only billionaire from Mexico who seems to have benefited from the coronavirus pandemic and the economic crisis that has come as a result.

For more news on this and other crypto updates, keep it with CryptoDaily!

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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Coinbase co-founder, Fred Ehrsam set to join Fireblocks as a member of the board

Coinbase co-founder, Fred Ehrsam set to join Fireblocks as a member of the board

Quick Take

1 minute read

  • Fred Ehrsam, the co-founder of the crypto platform known as Coinbase is getting ready to join the digital asset security platform Fireblocks. 
  • It was announced last week that Fred would be joining the board following a recent round of funding.

Fred Ehrsam, the co-founder of the crypto platform known as Coinbase is getting ready to join the digital asset security platform Fireblocks. It was announced last week that Fred would be joining the board following a recent round of funding.

The co-founder of the well-known crypto platform is getting ready to join the company as a board member following a $30 million funding ground to help expand its operations on an international level.

Throughout 2020, Fireblocks has launched a secure asset transfer network which would allow more institutions to efficiently transfer assets on chain. And on top of this, the platform also announced that it has seen more than $150 billion in transferred assets over the course of the past year. Fred has said:

“Fireblocks has become the go-to for any business looking to build new digital asset operations or scale existing ones… The extraordinary growth of the Fireblocks Network and its team in the last year attests to the enormous value they have unlocked for enterprise and institutional customers.”

 

For more news on this and other crypto updates, keep it with CryptoDaily!

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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XRP Price Analysis: XRP Continues Correcting

XRP Price Analysis: XRP Continues Correcting

This analysis brought to you by RoboForex.

On Friday, November 27th, XRP has reached stability but is still correcting and trading at $0.5550.

As we can see in the daily chart, after finishing a quick rising wave, XRP/USD price is correcting to the downside. At the moment, the asset is trading close to 61.8% fibo, a breakout of which will indicate further pullback towards 50.0% fibo. The MACD histogram has broken 0 and is still moving to the upside – it may be another signal in favor of a new rising impulse. The upside target of the completion of the correction will be at 0.6800.

In the H4 chart, the cryptocurrency continues correcting to the downside. Right now, it is testing the support level, a breakout of which will result in further decline towards 50.0% fibo. The Stochastic indicator has formed a “Black cross” inside the “overbought area” and is still falling, which is an additional signal in favor of further decline towards 50.0% fibo. After completing the correction, the asset may test and break 61.8% fibo, and then continue trading upwards. The upside target is similar to the daily chart, 0.6800.

Ripple started its rally on November 20th, together with other cryptocurrencies. There are a lot of explanations of why it happened, from investors’ search for alternatives to fiat instruments to a surge in interest in cryptoassets from institutional players. Indeed, all of this really took place and, of course, expansion of the interest was in favor of cryptocurrencies. The entire market is on the rise but since “trees don’t grow sky-high”, active purchases faded to the correction.

Over this period of time, XRP has managed to update its high reached in May 2018. The asset is still moving like 80% below the highs of January 2018, when it was trading at $3.7, but investors are surely positive about further growth.

At the moment, XRP is back to third place in the list of the strongest and most popular cryptoassets.

By Dmitriy Gurkovskiy, Chief Analyst at RoboForex

 

Disclaimer

Any predictions contained herein are based on the author's particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.

 

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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