Since Trump took office, the financial regulations around cryptocurrency exchange in New York have softened a bit. New Yorkers now have flexibility when buying bitcoin or choosing an exchange to invest or trade cryptocurrencies. Even with all the good news, finding the best crypto exchange in New York is challenging.
The state has strict regulations, with exchanges mandated to obtain a BitLicense if they wish to operate within the region. However, we’ve done the research, considered users’ experiences, and determined the top 10 crypto exchanges and apps for New York residents to buy Ethereum and other assets.
Throughout this article, we’ll look at what crypto exchanges are available in New York, explain how to choose the right platform, detail the registration process, and share some helpful information regarding crypto taxes in NY. Let’s get started.
Since its establishment in 2018, MEXC has become one of the most popular cryptocurrency exchanges worldwide. While its services are expansive, it is unavailable to users in the United States and lacks detailed licensing disclosures.
The exchange supports over 2,500 cryptocurrencies and offers features like staking, spot trading, and high-leverage futures trading. Fiat deposits can be made via credit or debit cards. The platform’s fees are highly competitive, offering no maker fees and low taker fees.
Pros
An extensive selection of over 1,500 cryptocurrencies
Early listings of emerging projects
Competitive fee structure (0.2% standard)
No mandatory KYC for basic accounts
Multiple earning products (staking, Savings, etc.)
Futures trading with up to 200x leverage
Cons
Not available to US customers
Less established reputation than major exchanges
Lower liquidity for some trading pairs
Limited regulatory clarity
Complex interface for beginners
Customer service language barriers
Bitunix is a crypto exchange specializing in derivatives trading. It was founded in 2022 by Aaron Lee with the goal of building a secure futures trading-focused platform suitable for novices and experienced traders. Headquartered in Saint Vincent, Bitunix is a regulated exchange with a Money Services Business (MSB) license with the US Financial Crimes Enforcement Network (FinCEN).
Users can purchase crypto directly with seven fiat currencies using a debit or credit card. Alternatively, Bitunix has integrated third-party service providers that support buys with more currencies and payment methods, such as bank transfer and Revolut. Users also have access to a Peer-to-Peer marketplace for decentralized trading.
Bitunix offers 414 futures contracts with up to 125x leverage and 501 spot assets. It provides flexible crypto staking, dual-investment products, and copy trading. It also offers a crypto conversion tool and a recurring buy system. Fees are 0.08% / 0.1% (spot) and 0.02% / 0.06% (futures), which is reasonable compared to other crypto exchanges.
Bitunix is a reasonably well-equipped exchange catering to derivatives and spot traders. It boasts competitive fees and a good range of assets, but it lacks certain advanced features like trading bots and crypto loans. Thus, it’s best suited to spot and derivatives traders seeking a cheap platform, while those seeking a general feature set will likely prefer an alternative.
Regulated exchange
Offers a good selection of assets
Spot and futures trading with high leverage
Competitive trading fees
Lacks specific advanced features
The fiat on-ramp is restricted in countries like the UK
BTCC is a cryptocurrency futures trading platform founded in 2011 with offices worldwide. It’s a comprehensive platform covering both trading and investing. Users can purchase 395 assets on the spot market (BTC, major altcoins, and meme coins) and 376 USDT-denominated futures contracts, making BTCC versatile for traders.
Users can deposit funds via credit/debit card, Skrill, or Simple/MoonPay (third-party services that cover a wide range of payment methods and currencies). Alternatively, users can buy/sell USDT, BTC, SOL, or ETH directly with other users via the Peer-to-Peer (P2P) marketplace. Demo and copy trading cater to novices.
While BTCC is a fairly feature-rich trading platform, spot fees are high, starting at 0.3% (taker) / 0.2% (maker). Futures trading is much more competitively priced at 0.06% / 0.03%. With up to 500x leverage, BTCC is a solid choice for futures traders, but not investors.
Supports a reasonable selection of assets
Multiple options for buying/selling crypto
Demo and copy trading assist beginners
Supports a broad range of payment methods
High leverage limits
High trading fees
Unavailable in select regions
WEEX is a global crypto exchange founded in 2018 that serves more than 2 million users. It offers multiple trading options, including spot and futures markets. However, users are restricted to using crypto for payments and withdrawals, as they cannot buy with or deposit fiat currency. The exchange is registered as a Money Service Business in Canada and the US.
While WEEX is a relatively bare-bones exchange in terms of features, it hosts 971 cryptocurrencies and offers copy and demo trading functionality. It also has a rewards hub offering various trading and airdrop promotions. WEEX offers zero maker fees and 0.1% taker fees on most trading pairs. However, some are subject to a 0.1% maker order fee.
WEEX users can access up to 200x leverage on certain assets
Easy-to-navigate platform makes onboarding simpler
Free maker fees on many pairs (competitive fees otherwise)
Registered as a money service business
Copy and demo trading make WEEX suitable for beginners
No fiat currency support
Not many additional features outside of trading
BuyUcoin is a leading Indian crypto exchange operating since 2016, serving over 1 million users. It was founded by Atulya Bhatt, Devesh Aggrawal, and Shivam Thakral to provide a convenient way for Indians to invest and trade crypto. It’s registered with the Financial Intelligence Unit - India (FIU-IND) and is based in Delhi.
While users may find BuyUcoin somewhat basic, as it lacks tools like futures trading, crypto loans, or bots, it offers a solid selection of 239 cryptocurrencies. However, some are not available to purchase on BuyUcoin. The exchange offers a basic line chart and a TradingView integration for advanced users. It offers an easy-trade tool and a spot exchange.
Outside of typical exchange features, BuyUcoin provides Systematic Crypto Investment Plans (SCIP) that involve buying regularly over extended periods. It also offers an NFT marketplace and Bitcoin rebates for trading.
BuyUcoin is a strong choice for Indian crypto investors as it’s registered with FIU-IND. Trading fees are reasonable at 0.24%, so it’s a top crypto exchange for local enthusiasts, but international investors can find more feature-rich exchanges.
Reasonable trading fees
Registered with FIU-IND
Good selection of assets
TradingView for advanced charting
Built-in NFT marketplace
Doesn’t have advanced features
Can only trade spot, not derivatives
Launched in 2018, YouHolder is a crypto exchange and loans platform available worldwide, except in a few countries, such as the USA and Canada. The exchange lets people trade 110 cryptocurrencies after depositing via crypto or fiat (credit/debit card, wire, bank transfer, SEPA). It also supports many fiat currencies, including EUR, USD, GBP, and CHF.
While the exchange already offers up to 70x leverage, YouHolder’s Turbocharge tool lets people buy crypto with funds borrowed using their holdings as collateral. It also provides a crypto-loans feature, enabling users to borrow funds using their crypto without triggering a taxable event. MultiHODL trades charge an hourly rollover fee of 0.02%. No fee is listed for conversions.
Provides access to a reasonable amount of leverage
Users can borrow based on their crypto holdings
MultiHODL lets people boost profits and losses through a series of crypto loans
Available in many countries with local currency support
A good variety of large and small cryptocurrencies
Confusing fee structure, no listed costs for regular trades
Unavailable in the USA and Canada
Launched in 2013, Kraken is a US-based crypto exchange known for its robust security measures and consistent performance. With billions in daily trading volumes, it’s a go-to choice for both novice and experienced traders worldwide.
Kraken supports a wide variety of cryptocurrencies—more than 300—and offers trading options like spot trading, margin trading with up to x5 leverage, and futures trading with leverage up to x50. The platform also provides staking opportunities for users looking to earn a passive income.
Deposits are supported in six major fiat currencies via multiple payment methods. Kraken’s transparent fee structure rewards high-volume traders with lower rates.
Strong security focus with no major breaches in its operating history
Competitive fee structure (maker 0.16%/taker 0.26%, decreasing with volume)
Over 200 cryptocurrencies available
Advanced trading features, including margin trading and futures
Excellent customer service reputation
Proof of reserves program for transparency
Interface not as beginner-friendly as competitors
Fiat deposit methods are more limited than some exchanges
The verification process can be lengthy
Mobile app functionality is not as robust as the desktop version
Founded in 2013 and based in London, CEX.IO is one of the earliest cryptocurrency exchanges. It operates globally, offering a secure platform for spot trading, margin trading, and staking.
The platform supports over 180 cryptocurrencies and allows users to deposit fiat in USD, EUR, and GBP. Payment methods include credit cards, bank transfers, PayPal, and Skrill. CEX.IO’s tiered fee system provides reduced fees for high-volume traders, making it a cost-effective choice for active users.
Operating since 2013 with a strong security record
Regulated in multiple jurisdictions
Competitive fees for high-volume traders
Margin trading and staking available
Multiple fiat currency support
Institutional services available
Higher fees for low-volume traders and card purchases
Geographic restrictions on certain features
Verification can be lengthy
Less competitive rates for staking than specialized platforms
Uniswap V2 is a decentralized exchange (DEX) operating on the Ethereum blockchain, launched in May 2020. It introduced significant improvements over its predecessor, such as direct ERC-20 to ERC-20 trading pairs, automated market maker (AMM) functionality, and flash swaps. Uniswap V2 allows anyone to provide liquidity to trading pools and earn a share of transaction fees, making it a popular choice for DeFi users.
The platform stands out for its security, transparency, and the ability to handle a vast number of trading pairs without relying on order books. But Uniswap V2 is subject to high Ethereum gas fees, especially during periods of network congestion, which can make trading expensive for smaller transactions. Some users also experience failed swaps due to low liquidity in certain pools, and the interface may be daunting for complete beginners.
Decentralized, non-custodial trading with no registration required
Supports a wide variety of ERC-20 tokens and pairs
Transparent and secure, with funds managed by smart contracts
Anyone can provide liquidity and earn fees
High gas fees on the Ethereum network, especially during peak times
Failed swaps are possible due to low liquidity in some pools
No customer support or recourse for failed transactions
May be complex for beginners unfamiliar with DeFi and self-custody
Coinone, founded in 2014, is one of South Korea’s leading cryptocurrency exchanges. It is praised for its intuitive interface, robust security (with no major hacks reported), and diverse offerings, including spot and margin trading, staking (Coinone Plus), and an advanced trading platform (Coinone Pro). Coinone charges a flat 0.20% trading fee and offers lower fees for new listings. Deposits are free, while withdrawal fees vary by coin.
Security is a notable strength, with the platform founded by a “white-hacker.” Yet, Coinone has faced some controversies, including legal issues involving executives accused of accepting bribes for coin listings. Some users also report dissatisfaction with customer service and fund management. Coinone is not regulated by a major international financial authority, which may be a concern for non-Korean users.
User-friendly interface and advanced trading features
Strong security record; no major hacks reported
Wide range of supported cryptocurrencies
Staking and margin trading are available
Past legal controversies involving management
Not regulated by strict international authorities
Some negative feedback on customer support
Primarily focused on the Korean market
Coinrule, established in 2018, is an automated cryptocurrency trading platform designed to simplify trading for users without coding expertise. It operates on an "If-This-Then-That" framework, allowing traders to set up strategies based on specific market conditions. The platform integrates with major exchanges like Binance, Kraken, and Coinbase, offering tools such as backtesting, customizable trading rules, and pre-built templates.
While its user-friendly interface makes it ideal for beginners, Coinrule has some limitations, including restricted exchange support and higher pricing tiers. Users can experiment with strategies risk-free using its demo account feature.
Automated trading strategy platform rather than traditional exchange
Templates for different trading strategies
No coding knowledge is required
Connects to major exchanges via API
Demo mode for testing strategies
Regular strategy performance updates
Not an actual exchange (requires another exchange account)
Monthly subscription fees for advanced features
Learning curve for effective rule creation
Limited to exchanges with API support
Potential latency in trade execution
Relies on third-party exchange security
BitMEX is a well-known crypto exchange specializing in derivatives trading, offering high leverage and advanced trading features. The platform is popular among experienced traders seeking sophisticated tools and deep liquidity. But, BitMEX does not support direct fiat deposits or withdrawals, meaning users cannot buy crypto with a credit card directly on the exchange.
To use BitMEX, traders must first purchase crypto elsewhere and transfer it to their BitMEX account. This extra step makes BitMEX less suitable for beginners or those looking for a simple way to buy crypto with a credit card. The platform’s interface is designed for advanced users, with complex order types and risk management tools.
Security is a strong point for BitMEX, with robust measures in place to protect user funds. The exchange also offers low trading fees and a wide range of derivatives products. However, its lack of fiat support and complex interface may deter casual investors.
Advanced trading features and high leverage
Deep liquidity and low trading fees
Strong security measures
No direct fiat deposits or credit card purchases
Complex interface, not beginner-friendly
Not suitable for simple crypto purchases
Coinmama has been operating since 2013 to simplify the acquisition of cryptocurrencies. It’s a no-frills exchange that offers only a beginner-friendly way to purchase crypto with fiat currency. The exchange is available globally, except in a few restricted regions, including New York, Louisiana, Iran, and Afghanistan.
Coinmama focuses exclusively on simplicity. Users have access to a simple order interface, a crypto-to-crypto conversion tool that connects to your wallet, and a basic staking program. Coinmama plans to release advanced trading features in the future (Written 05/12/25). The platform supports various fiat currencies, including GBP, USD, EUR, AED, IDR, INR, THB, CHF, and JPY.
Unfortunately, Coinmma suffered a breach in 2019, which led to around 450,000 email addresses and hashed passwords being released online.
Available across most of the world
Support for the most significant fiat currencies
Makes buying and selling crypto as easy as possible
Unveiling new features like the conversion tool and advanced exchange
Offers the most popular cryptos
High commission fees
No analysis tools at present
Does not support crypto trading
Suffered a data breach in the past
Symlix emerged as a non-custodial cryptocurrency exchange focused on providing anonymous crypto swaps without requiring user registration or Know Your Customer (KYC) verification. The platform positions itself as a privacy-centered solution in the crypto exchange market, allowing you to exchange various cryptocurrencies directly from your wallet to another without creating accounts or storing personal information.
Symlix operates by connecting users with liquidity providers to facilitate instant swaps at current market rates. The exchange has built its reputation around speed and discretion, appealing to users who prioritize privacy and want to avoid the lengthy verification processes that traditional exchanges require. Its streamlined approach makes it particularly attractive for quick cryptocurrency conversions.
No registration or KYC requirements, so you can start swapping immediately without providing personal details
Anonymous transactions that don't track or store your trading history or personal information
Fast processing times with most swaps completed within minutes of confirmation
Wide range of supported cryptocurrencies covering popular coins and various altcoins
Transparent pricing with exchange rates and fees displayed before you confirm transactions
Simple interface that makes crypto swapping straightforward for users at any experience level
Limited customer support compared to traditional exchanges with account-based systems
Higher transaction fees than some competitors due to the privacy and convenience premium
No advanced trading features like limit orders or technical analysis tools
Potential for rate fluctuations between quote and execution during volatile periods
Lack of educational resources for users who are new to crypto
Emirex launched as a crypto exchange based in the UAE, aiming to serve the Middle Eastern market with a focus on regulatory compliance and institutional-grade trading infrastructure. The platform was designed to bridge traditional finance with crypto trading, offering both retail and institutional services in a region where crypto adoption has been growing steadily.
Emirex positioned itself as a regulated exchange that follows strict compliance standards, which was important for gaining trust in markets where regulatory clarity matters a lot. The exchange offers spot trading, futures, and various other services while emphasizing security and transparency. It's built its reputation around serving both individual traders and larger institutional clients who need reliable execution and proper regulatory oversight.
Regulatory compliance in multiple jurisdictions provides extra security and legitimacy for your trades
Institutional-grade infrastructure designed to handle large trading volumes and professional requirements
Multiple trading options, including spot, futures, and margin trading, for different strategies
Strong security protocols with cold storage and multi-signature wallet protection
Professional trading interface with advanced charting tools and order types
Dedicated support for institutional clients with personalized service options
Limited geographic availability compared to global crypto exchange platforms
Higher minimum deposit requirements that might not suit smaller traders
Verification process can be lengthy due to strict compliance requirements
Fewer altcoin options compared to larger international exchanges
Trading fees may be higher than some competitors, especially for smaller volume traders
Paymium started back in 2011 as one of Europe's earliest Bitcoin exchanges, originally operating under the name Bitcoin-Central before rebranding. It has built its reputation around regulatory compliance, being registered with the French Financial Markets Authority (AMF). The French-based platform holds the distinction of being the first Bitcoin exchange to obtain proper banking licenses in Europe.
Paymium has always focused on the European market, particularly France, and built its reputation around regulatory compliance and traditional banking integration. The exchange primarily deals with Bitcoin trading against the Euro, keeping things simple rather than trying to support hundreds of different cryptocurrencies.
Over the years, it's maintained its position as a reliable, regulation-focused cryptocurrency exchange that appeals to users who want a straightforward Bitcoin trading experience with proper legal backing.
Regulated and licensed exchange with proper European banking credentials for added security
Strong focus on Euro trading pairs, making it convenient for European Bitcoin buyers
Long operational history since 2011 demonstrates stability and reliability in the market
Bank-level security standards with segregated customer funds and insurance coverage
Simple, clean interface that's easy to navigate without overwhelming features
Direct SEPA bank transfers for convenient Euro deposits and withdrawals
Limited to primarily Bitcoin trading with very few other cryptocurrency options
Higher fees compared to some modern exchanges due to the traditional banking approach
Lower trading volumes than major international platforms, which can affect liquidity
Geographic focus mainly on Europe limits accessibility for users in other regions
Fewer advanced trading features compared to more modern exchange platforms
Cryptonex launched back in 2017 as a blockchain-based cryptocurrency exchange that aimed to bridge traditional banking with crypto trading. The platform built its own blockchain and native CNX token while offering exchange services for various cryptocurrencies.
What makes Cryptonex different is its focus on creating a full ecosystem that includes mining, mobile apps, and payment cards, trying to make crypto more accessible for everyday use. The exchange has positioned itself as a solution for both regular trading and broader crypto adoption, though it's faced some regulatory challenges in certain regions over the years.
You'll find it offers a mix of spot trading and additional services that go beyond just basic crypto swapping.
Native CNX token provides trading fee discounts and staking rewards for holders
Mobile app available for both iOS and Android with full trading functionality
Multiple deposit methods, including bank transfers and credit card purchases
Built-in mining features allow you to earn cryptocurrencies directly through the platform
Referral program offers commission sharing for bringing in new users
Payment card integration allows you to spend crypto in real-world transactions
Limited availability in some countries due to regulatory restrictions
Lower trading volumes compared to major crypto exchange platforms
Support team may struggle to keep up during busy trading times
Fewer trading pairs are available than in larger competitors
CNX token value fluctuations can affect the benefits of holding it
OKX, a leading name in cryptocurrency trading, was established in 2013. Known for its versatility, the platform offers access to over 350 cryptocurrencies and numerous trading features, although it is not available to US users.
Users can trade spot, futures, and options with leverage or engage in staking and bot trading. Fiat deposits are supported in various currencies through several payment options. OKX’s tiered fee structure provides discounts to high-volume traders.
Extensive product offering beyond spot trading (futures, options, DeFi)
Competitive fee structure (0.08% maker/0.1% taker for spot)
High liquidity for most trading pairs
Advanced trading features, including copy trading
Over 350 cryptocurrencies available
Strong mobile app functionality
Not available to US customers
Complex interface that can intimidate newcomers
Mixed reputation for customer service
Regulatory concerns in some jurisdictions
Withdrawal limits without full verification
Webopedia is a leading crypto information hub. Our reviews consider user experience, ease of use, range of features, and security.
Knowing how to tell a good exchange from a bad one is crucial. It can lead to cost savings and a better experience overall.
Some key aspects we always look out for when selecting NY crypto exchanges include:
Below, we’ll examine each of these factors in detail, explaining their importance and what to look out for.
New York has some of the strictest rules surrounding crypto trading out of any state. As such, compliance can be challenging for exchanges to maintain, yet it remains crucial for traders. Unregulated platforms can unexpectedly withdraw their services or block accounts based in New York, leading to issues like lost funds.
As the New York State Department of Financial Services (NYDFS) has mandated that exchanges must obtain a BitLicense to operate in New York, users should prioritize platforms that comply with this ruling. Peer-to-Peer (P2P) trading falls into a grey area, but person-to-person trades are allowed, which gives platforms like Bisq room to operate.
The top New York crypto exchanges need to employ a high standard of security.
A few things to look out for when choosing a platform include:
Some exchanges don’t disclose their exact security measures, but this checklist will help you assess whether a platform is serious about user safety. Users must trust these platforms with sensitive information, like bank details and home addresses. Exchanges also act as custodians for funds, making them a common target for bad actors looking to conduct illicit activities.
When selecting the best cryptocurrency exchange in New York, it is crucial to check the fees a platform charges, including the amount and type. Global exchanges boast transaction fees as low as around 0.1%, but in our experience, New York’s strict exchange regulations limit your options. As such, a commission below approximately 0.5% is reasonable, although the lower the better.
Crypto exchanges generate a significant portion of their revenue through fees applied to trading. The types of fees can vary. For example, a spread fee is the difference between buy and sell prices, while transaction fees are a fixed cost levied when a trader submits a buy or sell order. Some platforms will also charge fees for deposits or withdrawals.
Liquidity refers to the ease of converting a cryptocurrency or other asset into cash. High liquidity means that the platform holds a large quantity of an asset and can process significant buy or sell orders without them impacting price. On the other hand, low liquidity means there isn’t as much of an asset to go around, so substantial buy or sell orders can cause price fluctuations.
Larger, more popular exchanges usually offer superior liquidity. This is especially true on order-book-based exchanges like Bistamp, which pair buyers and sellers based on sale/purchase price.
Average order execution speeds vary and aren’t always displayed, but a speed of around 50 milliseconds or less is considered good. Regarding the trading interface, most exchanges integrate TradingView, an industry-standard software that offers a comprehensive range of charting and analysis tools. It’s also worth considering whether a platform can integrate with external software, such as MetaTrader.
A trading engine and an interface are at the foundation of any exchange. To be competitive, both must be efficient, robust, and modern. This is because the speed at which an order is placed can impact profits/losses, and the charting tools available to a trader can affect the validity of their analysis.
Look out for platforms that offer automated support for simple requests and respond quickly when tailored help is needed. Replies that take less than 24 hours are good, but the best crypto exchanges in New York typically respond in under two hours.
Customer support is a crucial factor to consider, as it will impact how quickly you get help and the quality of assistance, should anything go wrong. After determining which crypto exchanges are legal in NY with a Bitlicense, it’s essential to carefully review each platform before choosing between them.
This is how each exchange performed during my testing:
Generally, the more cryptocurrencies an exchange supports, the better. Checking whether a platform supports your desired assets is crucial. Some exchanges lack popular coins like XRP or Hedera Hashgraph. Each exchange is different, but platforms offering 100+ assets are worth keeping an eye out for, especially if you’re an altcoin investor.
Having access to a wide selection of assets is crucial for individuals seeking to trade or build a diversified portfolio of cryptocurrencies. It means you’ll be more likely to find worthwhile opportunities and won’t have to spread your purchases across multiple exchanges, which can be time-consuming, inconvenient, and confusing.
While the best crypto exchange in New York can vary based on your preferences, contenders often offer some form of insurance to protect users. Look out for deposit and balance insurance provided by the Federal Deposit Insurance Corporation (FDIC), which offers protection of up to $250,000 per user.
It’s worth noting that balances and deposits are only insured against the failure of an insured bank or custodian. These types of polices rarely cover losses arising from user error, theft, or fraud, so employing proper security measures remains crucial, even if an exchange provides insurance.
Typically, the best cryptocurrency exchanges in New York will have a solid track record spanning 4+ years without any significant issues. Platforms that have been hacked or on which users regularly report issues should be approached with caution. While susceptibility to general attacks can indicate poor security, hacks directly impacting user funds are the most severe.
When deciding which exchange or app is best for your needs, always research the platform’s reputation and history. Check how long the exchange has been operating, if users report consistent issues, whether it’s been involved in any controversy, and if it’s ever been hacked.
Wondering how to register with the best crypto exchange in New York? Below, we explain the entire process in a simple step-by-step format.
First, users must create an account. The initial registration process is simple. Enter your email, choose a strong password, and select a username.
Next, your account must be verified by opening the confirmation message sent to your registration email.
Then, you’ll need to complete the Know-Your-Customer (KYC) process using some KYC documents to activate your account. You’ll have to provide some information regarding your financials and submit an image of your photo ID (driving license, passport, national ID). The verification process typically takes between 10 minutes and one business day.
It’s advisable to enhance your security by activating protections like 2-factor authentication and biometric (face or fingerprint) unlocking if available. It’s also a good idea to set up an anti-phishing code for secure communications.
Lastly, deposit crypto or fiat currency into your account, and you’re ready to trade. When choosing a deposit method, consider fees and processing times. If you’re not sure how to deposit, here’s a guide on how to send Bitcoin to another wallet. It covers common questions, like how long a transaction takes, and explains the risks of sending crypto.
If you want the process of buying crypto explained in greater detail, check out our guide on how to buy crypto. It features Gemini, one of our top-rated NY exchanges, and goes in-depth on depositing funds, buying crypto, keeping your assets safe, and alternative ways to buy.
If you’re a New York resident trading or investing in crypto, you need to know about taxes.
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Here are a few helpful tips that assist you in the exchange selection process: Before selecting the best crypto exchange in New York, you should make a comprehensive list of your requirements. Order them by priority. This will help you choose an exchange that best matches your individual needs.
Due to New York’s strict crypto regulations, certain platforms will be limited in the services they can offer. For example, Swan Bitcoin cannot currently provide BTC withdrawals, and Cash App users cannot send Bitcoin between accounts. Check any restrictions before registering.
Although Binance created its Binance.US arm to serve customers in the United States, it is unavailable in 16 states, including New York and Washington. Binance has not obtained the required BitLicense from the New York State Department of Financial Services (NYSDFS), so the exchange is unable to onboard users residing in the state.
Unfortunately, margin trading is unavailable in New York due to the state’s strict cryptocurrency exchange regulations. Some decentralized exchanges may offer margin trading services, but they’re unregulated and not legally allowed to operate in NY.