The Best Cryptocurrency Exchanges of May 2023

That said, if you don't want to use your exchange's built-in wallet (if applicable), you'll need to set up an external crypto wallet to store your assets securely.

Cryptocurrency regulation has changed dramatically from the launch of the Bitcoin blockchain in 2009. The first cryptocurrency exchange — the now-defunct launched in 2010 BitcoinMarket.com — launched in 2010, followed by the now-infamous Mt. Gox trading platform.

The cryptocurrency trading ecosystem has evolved from a largely unregulated “wild west” in which anybody could trade cryptocurrency without providing identity information into a highly regulated financial market overseen by KYC and AML requirements for most major exchanges.

While increased oversight has made it possible for crypto exchanges to offer higher levels of security and reliability, strict regulatory requirements have established a fractured trading ecosystem in which exchange availability is divided by geographic location and jurisdiction.

There are now hundreds of cryptocurrency exchanges online — choosing the right one means carefully balancing a variety of factors such as reliability, security, history, fee structure, and supported cryptocurrencies.

If you're looking for a roundup of the best cryptocurrency exchanges globally, take a look at our guide which details the Best Crypto Exchanges. If you’re based in the United States, however, keep reading — the best cryptocurrency exchanges for US-based traders are a little different.

Why Are Some Crypto Exchanges Not Available in the United States?

The United States places significant regulatory stress on crypto exchanges, which can make it difficult for US-based crypto traders to identify which trading platforms are suitable for their needs. Cryptocurrency exchanges that operate in the United States are subject to regulation by the Commodity Futures Trading Commission (CFTC), which enforces various anti-money laundering programs and requirements, FinCEN regulation, as well as other rules and regulations across various government agencies.