Best Exchanges for US Customer To Buy/Sell Crypto to US Bank Account?

[jerry0]

So I"m an American but i'm also outside the US majority of the year.  Thus you can pretty much call me an ex pat so to speak.  Now I like to be able to sell btc and have it sent to my US bank account.  I use bank of america if that matters.  Previously a while back, I sold some tiny amount of btc on circle when they allowed you to sell btc... and i recalled the ach transfer hit my bank of america in a few days.  But a little while after that, circle no longer allowed selling of btc for usd anymore.  And ach transfer is free.



Now I know the options out there seem to be.


coinbase/coinbase pro

gemini

kraken

bitstamp



For altcoins its..


bittrex US

binance US




Would you say this list is correct?  Now because im outside the US, i do have an account on binance.com international site.  So i have bought altcoins there.  But could i actually buy/sell btc or coins with a us bank account on the binance international site?  Thus imagine selling btc on binance for usdt... then transferring it to my us bank account?  Or is that not allowed?  Or if it is... is it only wire or option of ACH?  I know wire is more expensive.



I wanted to use gemini but the issue is they require me to have a US SMS phone number as a two factor authorization.  I do have a US google voice number though and they don't accept it so I can't use gemini. 


Coinbase however, does allow me to use my google voice number.  So i could use them.  But i heard avoid coinbase because there are so many issues with it... especially when they send you a tax document even if you hit a certain amount in transactions... even if that is not profit.  Is that still true?  Recall someone getting a 1099 for over 100k... but that wasn't their profit... it was just total amount of transactions when their profit might been only a few grand.


Bitstamp i heard is good option for US customers especially if they are abroad.  But someone said they don't allow you to withdraw via ACH... only wire.  So the fees are much more expensive. 


Kraken i heard of.  But is this mainly a US exchange or world wide exchange?  Do they do ach or only wire? 



Anyone have experience on this?  Like to make everything simple... imagine wanting to sell 1000 dollars worth of btc so you can get that money into your US bank account.  Which option is most cheapest to most expensive on this list?  And are there any other exchanges you recommend for people wanting to cashout for US bank account?

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[jerry0]

And what about bittrex US and binance US?  Do they allow you to directly cashout to your US bank account?  I recall back then when i used bittrex when im out of the US... i dont believe you could cash out to your us bank account because well bittrex was like a buy/sell altcoin site.  And if you had btc and sold it... you only got usdt... which apparently could not be sent to your bank account.  What about now?  I assume the bittrex US site allows that now?  Or basically you use it to buy alts... then when you cash out to your US bank account, you then just sell the alt for btc... then send the btc to coinbase/gemini/ etc to cash out to US bank account?



Same with binance US.  How is it with that?  I got to assume these US bittrex and binance... they allow ach transfer to your US bank account like coinbase/gemini etc?




Also do all of these sites send you a 1099 at the end of the year if you do a certain amount of transactions?  I have no issue with this... but obviously it wouldn't look good if you do say 50k in transactions and say have little profit or no profit and then the 1099 looks like you made 50k when essentially you were just moving the coins.  And since they have no idea how much you bought it at and then sold it to them... then obviously it might look like you had lot of income when you didn't. 



But any of the sites i listed...  do not give 1099?  Or is it 1099-k? 



So because of what i heard with coinbase... Im not a fan of it.  But then again, wouldn't all the other sites do the same thing and count it as transactions?  If so, then i guess going with any of the sites would be fine?  Main issue is getting money back to my US bank account while abroad.  And circle worked great for me.

[jerry0]

An US people can offer insight on this?

[figmentofmyass]

An US people can offer insight on this?

you might get more responses on the "exchanges" board.

Would you say this list is correct?

binance.us is also a fiat exchange. they have a BTC/USD market and process bank transfers.

bitflyer is another option for fiat exchange. https://bitflyer.com/en-us/

Now because im outside the US, i do have an account on binance.com international site.  So i have bought altcoins there.  But could i actually buy/sell btc or coins with a us bank account on the binance international site?  Thus imagine selling btc on binance for usdt... then transferring it to my us bank account?  Or is that not allowed?  Or if it is... is it only wire or option of ACH?  I know wire is more expensive.

binance.com doesn't support fiat. CZ said they don't plan to IIRC. you can technically send USDT to your binance.us account and trade it for USD. or you could send altcoins from binance.com to binance.us, assuming they are supported.

you may wanna be careful though since binance.com technically doesn't allow americans---citizens or residents. if you're constantly withdrawing to your verified binance.us account, i could see your account getting flagged for KYC.

I wanted to use gemini but the issue is they require me to have a US SMS phone number as a two factor authorization.  I do have a US google voice number though and they don't accept it so I can't use gemini.

Coinbase however, does allow me to use my google voice number.  So i could use them.  But i heard avoid coinbase because there are so many issues with it... especially when they send you a tax document even if you hit a certain amount in transactions... even if that is not profit.  Is that still true?  Recall someone getting a 1099 for over 100k... but that wasn't their profit... it was just total amount of transactions when their profit might been only a few grand.

Bitstamp i heard is good option for US customers especially if they are abroad.  But someone said they don't allow you to withdraw via ACH... only wire.  So the fees are much more expensive.

Kraken i heard of.  But is this mainly a US exchange or world wide exchange?  Do they do ach or only wire? 

kraken also only supports wires---no ACH. but they have the cheapest fees aside from binance.

coinbase is not sending form 1099 anymore. https://help.coinbase.com/en/coinbase/taxes-reports-and-financial-services/taxes/coinbase-tax-resource-center

it should be easy enough to get an SMS # for gemini's verification. IIRC, that is just a one-time verification.

[jerry0]

An US people can offer insight on this?

you might get more responses on the "exchanges" board.

Would you say this list is correct?

binance.us is also a fiat exchange. they have a BTC/USD market and process bank transfers.

bitflyer is another option for fiat exchange. https://bitflyer.com/en-us/

Now because im outside the US, i do have an account on binance.com international site.  So i have bought altcoins there.  But could i actually buy/sell btc or coins with a us bank account on the binance international site?  Thus imagine selling btc on binance for usdt... then transferring it to my us bank account?  Or is that not allowed?  Or if it is... is it only wire or option of ACH?  I know wire is more expensive.

binance.com doesn't support fiat. CZ said they don't plan to IIRC. you can technically send USDT to your binance.us account and trade it for USD. or you could send altcoins from binance.com to binance.us, assuming they are supported.

you may wanna be careful though since binance.com technically doesn't allow americans---citizens or residents. if you're constantly withdrawing to your verified binance.us account, i could see your account getting flagged for KYC.

I wanted to use gemini but the issue is they require me to have a US SMS phone number as a two factor authorization.  I do have a US google voice number though and they don't accept it so I can't use gemini.

Coinbase however, does allow me to use my google voice number.  So i could use them.  But i heard avoid coinbase because there are so many issues with it... especially when they send you a tax document even if you hit a certain amount in transactions... even if that is not profit.  Is that still true?  Recall someone getting a 1099 for over 100k... but that wasn't their profit... it was just total amount of transactions when their profit might been only a few grand.

Bitstamp i heard is good option for US customers especially if they are abroad.  But someone said they don't allow you to withdraw via ACH... only wire.  So the fees are much more expensive.

Kraken i heard of.  But is this mainly a US exchange or world wide exchange?  Do they do ach or only wire? 

kraken also only supports wires---no ACH. but they have the cheapest fees aside from binance.

coinbase is not sending form 1099 anymore. https://help.coinbase.com/en/coinbase/taxes-reports-and-financial-services/taxes/coinbase-tax-resource-center

it should be easy enough to get an SMS # for gemini's verification. IIRC, that is just a one-time verification.

Hi thanks for response.


Wait so binance.com never ever supported fiat?  So anyone that wants cash withdrawn to their bank account cannot do this?  Thus binance.com is basically a place to buy/sell altcoins then?  Well then what is the point of btc and usdt there then?  So if someone has altcoin or btc on binance and wants to cash it to their bank account... they have to convert their altcoins to btc... then send those btc to a fiat exchange and then sell for bank transfer there right?

Thing that confuses me is this.  So if they have btc... and sell it for usdt... could they send the usdt from binance.com to a fiat exchange?  Or would that not work? 


Binance doesn't allow Americans?  Well what if they are abroad almost all the time then and don't have a binance us account?  I assume no issue unless they withdraw directly from binance.com to binance US?


I have binance account but i never sent in verification.  So that means it would be no issue if i were to then withdraw in the future as long as it isn't directly to binance.us?

[figmentofmyass]

Hi thanks for response.

Wait so binance.com never ever supported fiat?  So anyone that wants cash withdrawn to their bank account cannot do this?  Thus binance.com is basically a place to buy/sell altcoins then?  Well then what is the point of btc and usdt there then?  So if someone has altcoin or btc on binance and wants to cash it to their bank account... they have to convert their altcoins to btc... then send those btc to a fiat exchange and then sell for bank transfer there right?

Thing that confuses me is this.  So if they have btc... and sell it for usdt... could they send the usdt from binance.com to a fiat exchange?  Or would that not work?

it would work, but only on the limited number of fiat exchanges who support USDT. in your case, this is further restricted to fiat exchanges who serve USA citizens. off the top of my head, you're probably looking at binance.us, kraken, bittrex.

alternatively, you could just send your BTC to a fiat exchange and trade it directly for USD, and not bother with USDT at all. before stablecoins, that's how everyone interfaced with altcoin exchanges.

Binance doesn't allow Americans?  Well what if they are abroad almost all the time then and don't have a binance us account?  I assume no issue unless they withdraw directly from binance.com to binance US?

I have binance account but i never sent in verification.  So that means it would be no issue if i were to then withdraw in the future as long as it isn't directly to binance.us?

re their TOS, it doesn't matter if you're abroad all the time. they prohibit us persons, which includes citizens. so if your account ever got flagged and they forced you to KYC, they would close your account once they found out you were american.

tbh, i don't know what they would do (if anything) if you withdrew from binance.com to your binance.us account. i was just saying be careful because i could imagine an AML risk algorithm flagging you for that.

[jerry0]

Hi thanks for response.

Wait so binance.com never ever supported fiat?  So anyone that wants cash withdrawn to their bank account cannot do this?  Thus binance.com is basically a place to buy/sell altcoins then?  Well then what is the point of btc and usdt there then?  So if someone has altcoin or btc on binance and wants to cash it to their bank account... they have to convert their altcoins to btc... then send those btc to a fiat exchange and then sell for bank transfer there right?

Thing that confuses me is this.  So if they have btc... and sell it for usdt... could they send the usdt from binance.com to a fiat exchange?  Or would that not work?

it would work, but only on the limited number of fiat exchanges who support USDT. in your case, this is further restricted to fiat exchanges who serve USA citizens. off the top of my head, you're probably looking at binance.us, kraken, bittrex.

alternatively, you could just send your BTC to a fiat exchange and trade it directly for USD, and not bother with USDT at all. before stablecoins, that's how everyone interfaced with altcoin exchanges.

Binance doesn't allow Americans?  Well what if they are abroad almost all the time then and don't have a binance us account?  I assume no issue unless they withdraw directly from binance.com to binance US?

I have binance account but i never sent in verification.  So that means it would be no issue if i were to then withdraw in the future as long as it isn't directly to binance.us?

re their TOS, it doesn't matter if you're abroad all the time. they prohibit us persons, which includes citizens. so if your account ever got flagged and they forced you to KYC, they would close your account once they found out you were american.

tbh, i don't know what they would do (if anything) if you withdrew from binance.com to your binance.us account. i was just saying be careful because i could imagine an AML risk algorithm flagging you for that.

So kraken and bittrex allows usdt... but coinbase/gemini only deals with usd right?  But i believe bitstamp deals with both?  Thus usd and usdt are not same thing right?

[figmentofmyass]

by the way, binance.com also has a pretty deep BTC/USDC market. you can use that instead of BTC/USDT. you can withdraw the USDC to circle or coinbase, redeem it for USD, then ACH transfer to your bank account. https://support.usdc.circle.com/hc/en-us/articles/360015269692-How-to-redeem-USDC-for-USD

So kraken and bittrex allows usdt...

you can trade on their USDT markets but they won't honor it for fiat cashouts. to cash out fiat, you need to trade the USDT into USD. they both have USDT/USD markets for that. so basically this requires an extra step than the one i mentioned above, with added trading fees and possible slippage.

but coinbase/gemini only deals with usd right?  

they both have their own stablecoins---coinbase has USDC and gemini has GUSD. no tether though.

But i believe bitstamp deals with both?

no, bitstamp definitely doesn't support USDT and never will. they have their own fiat pairs, and they support the USDC and PAX stablecoins. (USDC is redeemable for USD by circle or coinbase, PAX is redeemable for USD by paxos)

it may seem confusing but it all boils down to this: each stablecoin has an issuer, and you can only redeem for fiat with them.

[jerry0]

by the way, binance.com also has a pretty deep BTC/USDC market. you can use that instead of BTC/USDT. you can withdraw the USDC to circle or coinbase, redeem it for USD, then ACH transfer to your bank account. https://support.usdc.circle.com/hc/en-us/articles/360015269692-How-to-redeem-USDC-for-USD

So kraken and bittrex allows usdt...

you can trade on their USDT markets but they won't honor it for fiat cashouts. to cash out fiat, you need to trade the USDT into USD. they both have USDT/USD markets for that. so basically this requires an extra step than the one i mentioned above, with added trading fees and possible slippage.

but coinbase/gemini only deals with usd right?  

they both have their own stablecoins---coinbase has USDC and gemini has GUSD. no tether though.

But i believe bitstamp deals with both?

no, bitstamp definitely doesn't support USDT and never will. they have their own fiat pairs, and they support the USDC and PAX stablecoins. (USDC is redeemable for USD by circle or coinbase, PAX is redeemable for USD by paxos)

it may seem confusing but it all boils down to this: each stablecoin has an issuer, and you can only redeem for fiat with them.

Hey, are you from the US by the way and located in the US?



I heard of usdc. But that usdc is for binance.com or binance.US?  I assume you mean binance.US?  But what is the purpose of them having usdc?  Is it so ppl who trade for altcoins on binance.com can easily sell it for fiat by sending it to coinbase since coinbase has usdc?  You also mention circle.  I used circle once to make a small withdraw to my bank account a long time ago with no issue.  But after a while, they no longer allowed you to sell btc for fiat anymore.  Circle allows that now or you make mistake here?



So bitstamp and kraken, you say you can use their usdt market but won't honor it for cashouts.  If that is the case... again what would be the purpose of them having the usdt market?  I assume its for ppl who have usdt from other exchanges and then want to convert it to fiat/usd without having to pay double the fees?  Example if you have usdt in say another exchange...u want fiat to your bank account.  Now you need to sell it for btc.  Then send it to fiat exchange and sell it again ... so two fees.  But with bitstamp and kraken allowing selling usdt for fiat... you pay only one fee correct?  So if you plan to use bitstamp/kraken for selling altcoins and also with buy sell btc... wouldn't it make sense to always trade it for usd not never bother with USDT? 



I never understood why exchanges have USDT to begin with.  Is it because they aren't allowed to accept deposits or allow cashouts in fiat?  So that is why binance and bittrex is like that?  Like even back then i thought... why is it you want to buy an altcoin like waves or lisk... you need to first sell the btc for the altcoin.  Then when you want to sell the altcoin for profit... you could only see it for btc... and not directly for usd.


You say

coinbase has USDC and gemini has GUSD. no tether though.


By stablecoins... you don't mean fiat right?  Thus usdc is different from USD on coinbase and gusd is different from usd on gemini?  But what would be the purpose of trading coins in coinbase/gemini for stablecoins since its pretty much equal to a dollar?  It always is right?  So someone who has btc on coinbase or gemini... has option to sell it for usdc/usd or gusd/usd right?  Then again... why would you use a stablecoin?  I always felt tether or usdt is just stupid.  Like why can't everything be in usd as oppose to usdt.  It has to do with the laws right?  Thus thats why binance can't allow you to deposit/cashout fiat? 



That really makes no sense.  How could the top altcoin exchange not processs deposit/withdraws in fiat? 

[figmentofmyass]

Hey, are you from the US by the way and located in the US?

yes.

I heard of usdc. But that usdc is for binance.com or binance.US?

both. but specifically i was talking about binance.com since you trade there and were looking for a way to cash out fiat.

But what is the purpose of them having usdc?  Is it so ppl who trade for altcoins on binance.com can easily sell it for fiat by sending it to coinbase since coinbase has usdc?

yes.

You also mention circle.  I used circle once to make a small withdraw to my bank account a long time ago with no issue.  But after a while, they no longer allowed you to sell btc for fiat anymore.  Circle allows that now or you make mistake here?

they no longer provide a platform for buying/selling bitcoin. i've never had an account there. for all i know, you can't redeem USDC there anymore either, but according to this link you can: https://support.usdc.circle.com/hc/en-us/articles/360015269692-How-to-redeem-USDC-for-USD

So bitstamp bittrex and kraken, you say you can use their usdt market but won't honor it for cashouts.  If that is the case... again what would be the purpose of them having the usdt market?  I assume its for ppl who have usdt from other exchanges and then want to convert it to fiat/usd without having to pay double the fees?

exchanges list USDT markets because they generate trading fees and their customers need to hedge fiat value. this is particularly relevant on altcoin exchanges that have no fiat markets.

wouldn't it make sense to always trade it for usd not never bother with USDT? 

yes, but that obviously doesn't work on an exchange like binance.com. if you want to avoid KYC verification and you want access to lots and lots of altcoin markets, for example, then stablecoins are a necessity.

How could the top altcoin exchange not processs deposit/withdraws in fiat?

that's just how it is. they have their reasons. their jurisdiction and lack of AML/KYC probably makes high volume banking relationships unworkable. stablecoins provide a way to bridge the gap.

[jerry0]

Hey, are you from the US by the way and located in the US?

yes.

I heard of usdc. But that usdc is for binance.com or binance.US?

both. but specifically i was talking about binance.com since you trade there and were looking for a way to cash out fiat.

But what is the purpose of them having usdc?  Is it so ppl who trade for altcoins on binance.com can easily sell it for fiat by sending it to coinbase since coinbase has usdc?

yes.

You also mention circle.  I used circle once to make a small withdraw to my bank account a long time ago with no issue.  But after a while, they no longer allowed you to sell btc for fiat anymore.  Circle allows that now or you make mistake here?

they no longer provide a platform for buying/selling bitcoin. i've never had an account there. for all i know, you can't redeem USDC there anymore either, but according to this link you can: https://support.usdc.circle.com/hc/en-us/articles/360015269692-How-to-redeem-USDC-for-USD

So bitstamp bittrex and kraken, you say you can use their usdt market but won't honor it for cashouts.  If that is the case... again what would be the purpose of them having the usdt market?  I assume its for ppl who have usdt from other exchanges and then want to convert it to fiat/usd without having to pay double the fees?

exchanges list USDT markets because they generate trading fees and their customers need to hedge fiat value. this is particularly relevant on altcoin exchanges that have no fiat markets.

wouldn't it make sense to always trade it for usd not never bother with USDT? 

yes, but that obviously doesn't work on an exchange like binance.com. if you want to avoid KYC verification and you want access to lots and lots of altcoin markets, for example, then stablecoins are a necessity.

How could the top altcoin exchange not processs deposit/withdraws in fiat?

that's just how it is. they have their reasons. their jurisdiction and lack of AML/KYC probably makes high volume banking relationships unworkable. stablecoins provide a way to bridge the gap.

Thanks for all this information.  So if i want to sell btc for bank transfer to my us bank of america account... which would you recommend from best to worst option?


Coinbase pro

gemini

kraken

bitstamp

binance.us



In terms of fees... which is the cheapest?  Example imagine i want to sell 5k usd worth of btc for fiat bank transfer to my boa account.


I heard bitstamp fees are more expensive to us bank accounts because they only do wire transfers... no ach.  Is that true?  But all the other ones does right?  So which do you use?

[figmentofmyass]

In terms of fees... which is the cheapest?  Example imagine i want to sell 5k usd worth of btc for fiat bank transfer to my boa account.

binance.us, hands down. 0.1% trading commission when you sell, free ACH bank transfer to withdraw fiat.

So which do you use?

i'm using centralized exchanges less and less these days, and i'm trying to avoid KYC. the only exchange i've completed KYC at (years ago) is coinbase pro, so that's who i use. i wouldn't necessarily recommend them though.

[jerry0]

In terms of fees... which is the cheapest?  Example imagine i want to sell 5k usd worth of btc for fiat bank transfer to my boa account.

binance.us, hands down. 0.1% trading commission when you sell, free ACH bank transfer to withdraw fiat.

So which do you use?

i'm using centralized exchanges less and less these days, and i'm trying to avoid KYC. the only exchange i've completed KYC at (years ago) is coinbase pro, so that's who i use. i wouldn't necessarily recommend them though.

Hey... i had no idea that was going to be your answer.  For sure i thought it was going to be coinbase pro or gemini.  I know it can't be kraken or bitstamp since they don't use ach... only wires.


But what are the fees for coinbase/coinbase pro and gemini?  I had no idea binance.us has the lowest fees for trading and it doing fiat.  If thats the case, why don't i hear much about them?  I mean... they have the lowest trading fees... but also does fiat deposit/withdraws?  How is that not number one then?  Since all i hear is coinbase/coinbase pro and gemini and maybe kraken with US users?


Why would you not recommend coinbase pro?  I have coinbase account verified a long time ago.  I went to try to get into coinbase pro... seem to ask few questions like what is your employment and few questions before it would let you continue.

[figmentofmyass]

But what are the fees for coinbase/coinbase pro and gemini?

fee schedules here:
https://help.coinbase.com/en/pro/trading-and-funding/trading-rules-and-fees/fees
https://www.gemini.com/fees/activetrader-fee-schedule#section-active-trader-fee-schedule

note: you need to activate "activetrader" in your gemini account, otherwise you will pay higher fees. https://support.gemini.com/hc/en-us/articles/360024137952-What-is-Gemini-ActiveTrader-

I had no idea binance.us has the lowest fees for trading and it doing fiat.  If thats the case, why don't i hear much about them?

i dunno, but their entry into the american market was very anti-climactic. all of binance's fiat exchanges have pretty low volume.

Why would you not recommend coinbase pro?

read up: Coinbase the most anti-Bitcoin organisation. Make #DeleteCoinbase great again

[jerry0]

Well you do agree if you use coinbase, always use coinbase pro right?  Why would anyone use coinbase if its higher fees?


Im from a state where you can't use binance.US nor kraken.. so i would only be able to use coinbase and gemini while in the US.  And outside the US... i can't even use gemini because they require a sms phone number from the US... they dont allow google voice number... which my coinbase account allowed to receive sms.


So basically its coinbase/bitstamp and binance.com as a us citizen abroad... and coinbase/gemini/bitstamp only as a us citizen in the US because of what state im from.


So you all say best to stick with coinbase pro then right?


I gotta wonder how ppl from certain states even trade when they can't use binance.us and kraken and only can use coinbase etc.  Most got to use vpn then to bypass things?

[jerry0]

Okay so if your option was only to cash out to your usa bank account... and your options were


Coinbase/coinbase pro

gemini

kucoin

ftx




Is coinbase pro still the best in terms of fees?  What about kucoin and ftx? 

[jerry0]

Is what is posted back then still true to now?  I do have a coinbase account so that is the cheapest way to sell btc?