Which is the best instant bitcoin exchange for US customers

In this article, we answer the question on which is the best instant bitcoin exchange for US customers. To rate sites where it is possible to buy bitcoin instantly, we measure up BTC exchange platforms in terms of:

  • Fee policy
  • Verification requirements
  • Time needed to create an account
  • Available deposit options

Since US government employs strict business rules, only verified companies are part of our investigation for the best instant bitcoin exchange. These include Coinmama, Changelly, Coinbase, CEX.io, Kraken, Bitstamp, and Gemini. 

You can click on the names of each platform below, to read their own detailed reviews. 

Platform

Buy / Sell

Exchange Spread

Deposit/Withdrawal

Verification Requirements

Deposit Methods

Coinmama

0% – 5%

5.0%

Direct

Verification

Credit Card

Changelly

0.50%

17.0%

Direct

Verification

Credit Card

Coinbase

$0.99-$2.99 + 0% – 3.99%

1.5% – 2.2%

On Site

Verification

Bank Transfer, Credit Card

CEX.io

0% – 2.99%

9.40%

On Site / Direct

Verification

Bank Transfer, Credit Card

Kraken

0%

up to 1%

On Site

No Verification

Bank Transfer

Bitstamp

0% – 5%

up to 1%

On Site / Direct

Verification

Bank Transfer, Credit Card

Gemini

0%

up to 1%

On Site

Verification

Bank Transfer

Instant Bitcoin Exchange Fee Policy

In terms of profitability, your analysis should definitely include instant bitcoin exchange costs as well. Whereas you have an industry average, some platforms offer a cheap way of getting digital coins. Others, not so much. Add these to your Profit/Loss tables, as to accurately calculate the bitcoin price you’ve got at the end of the process.

There are several layers of XBT exchange fees that you should account for. The first and obvious one is direct purchase or sale of cryptocurrency. On the cheaper side, Kraken, Bitstamp, and Gemini offer XBT price best bitcoin exchange spread. All three have the option of free wire transfers, with a spread rate standing at 1% or even below at times. However, Bitstamp has a credit card fee of 5% should you wish to gain coins instantly.

In the middle, Coinbase fees policy offers a cheap way to get coins at moderate buy and sell XBT price spread. You can buy bitcoin with a credit card at the platform for a fee of 3.99% while bank transfers range from free to 1.49%.

US instant bitcoin exchanges that are quite expensive right now are Coinmama, Changelly, and SEX.io. Interestingly, these offer cheaper direct purchase or deposit options but their bitcoin exchange rate is wide.

Coinmama has a spread of 5.9% plus a credit card cost of 5%. Changelly has only 0.5% of the transfer fee but a spread of 17% from average market value is quite high. Finally, CEX.io has fees ranging from 0% to 2.99% depending on if you use bank transfers of credit cards. However, their spread from the industry’s average stands at 9.4%.

Verification Requirements

Verification Instant Exchanges for US customersDue to the strict KYC (Know Your Customer) and AML (Anti-Money Laundering) policies set by the US government, rare are platforms with no verification requirements. Thus, most of the companies require you to provide scans of your ID, driver’s license and even bank statements. 

So, how do they differ? In terms of the verification process and necessary documents, of course. Some are satisfied with your ID card and details regarding your name and address. Others take the process much more seriously and their identity checklists are quite long.

Most platforms adhere to similar KYC and AML policies. For example, CEX.io, Coinmama, and Bitstamp, both of which demand personal details, scanned ID, and proof of residence. CEX.io and Coinmama also require a selfie with an ID along the way. 

Gemini and Changelly are a bit more complex, as they might demand other documents apart from your ID. Gemini asks for Social Security Number (“SSN”) but no proof of address. Changelly, on the other hand, requires a bank statement as proof of the origin of funds. Interestingly, it might be possible to avoid verification for small-sized exchanges during the day. However, for continuous daily volumes, KYC/AML is practically unavoidable.

Finally, the only instant bitcoin exchange platform that has no verification document requirements is Kraken but only up to a certain monthly volume. Namely, it is possible to exchange bitcoin with a value of up to $2.000 without scanned ID. However, you do need to provide your personal details and verification of tiers can take quite a long time. Consult Kraken charts regarding verification tiers to gain better understanding on the platform’s limit system.

Registration Time Needed

Traders usually lose most of their time in verification process due to how complex steps might be. Companies take time in reviewing each application, meaning that complete registration might require hours or even days to complete. Thus, many of the exchanges worked hard to automatize the process, cutting out the time needed to purchase bitcoins.

Here, a number of documents plays an important role, as well as how prepared you are. Coinbase, Coinmama, Kraken, and CEX.io usually take up few hours of their time to confirm your identity. Some traders even mentioned on Reddit that their verification took less than 30 minutes to complete.

Changelly, on the other hand, has a personal approach for each application, as it demands it on a personal basis. Thus, the time to complete KYC/AML requirements can stretch from an hour to a week even, depending on circumstances.

Gemini still has issues in processing their accounts and verification processes. At Gemini, it can take up from a week to a month to reach verified status. Each application goes through extensive checks within the company, slowing down the process.

Deposit Options for instant bitcoin exchanges

Deposit Options Instant Exchanges for US customersTo get cryptos into your bitcoin wallet, one needs either fiats or other digital coins to swap them around. Thus, platforms offer their own set of deposit/purchase methods. Coinbase credit card is a quick way to get bitcoins while bank transfers are cheaper, though much slower. CEX.io offers much the same methods, including cryptos, credit card, and bank transfers. Coinmama and Changelly deal only with bank cards while Gemini and Kraken offer solely bank transfers.

Cash and PayPal are currently unavailable since they usually entail high fees. Additionally, traders should take into account fees that their own bank charges when conducting crypto exchange. Fees vary from bank to bank, thus consulting with monthly report would provide a good idea on these costs.

Conclusion

Now you know what the best instant bitcoin exchange for US customers is. We provided you with the top platforms in the market, however, it is important to keep in mind that factors such as fees and verification requirements change over time. Additionally, new players are entering the sector as well, although known exchanges are the safest to deal with.

The post Which is the best instant bitcoin exchange for US customers appeared first on Cryptocoinzone.

Original source: https://www.cryptocoinzone.com/bitcoin-exchanges/which-is-the-best-instant-bitcoin-exchange-for-us-customers/

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