Best ACH Crypto Exchanges

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Contributor, Benzinga
December 15, 2022

Automated Clearing House (ACH) is one of the quickest and cheapest ways to transfer money inside the U.S. The following discussion will explore the best exchanges that accept ACH transfers to buy cryptocurrencies such as Bitcoin (BTC) or Ethereum (ETH). 

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What Are ACH Transfers?

ACH transfers are a type of payment method that comes from the traditional banking world. It refers to a payment made electronically between bank accounts through the ACH network. 

ACH is a U.S. financial network used by businesses, individuals and local, state and federal governments for electronic fund payments and transfers. It’s managed by an organization called Nacha, formerly the National Automated Clearing House Association.

ACH enables consumers and businesses to transfer funds between bank accounts rapidly and securely without using paper checks, credit card networks, wire transfers or cash. Only a few fundamental pieces of information are needed for ACH transfers. These include name, banking routing number and bank account number.

The two types of ACH transactions are direct payments and direct deposits.

  • Direct payment involves the electronic movement of funds by organizations or individuals to receive or make payments 
  • Direct deposit is used for payments from the government or businesses to a consumer, typically for payroll, in addition to government benefits and interest payments.

Best ACH Crypto Exchanges

Cryptocurrency exchanges are digital marketplaces where you can buy or trade crypto for other assets, such as fiat currency or other digital currencies. Exchanges reflect the current market prices of the cryptocurrency they offer. 

Several cryptocurrency centralized exchanges (CEXes) and service providers support ACH payments as a deposit method. This feature allows crypto investors and traders to use ACH transfers to fund their personal trading accounts and cryptocurrency wallets. Here are a few of the leading crypto exchanges that support ACH transfers.

Gemini

Gemini is a fantastic cryptocurrency exchange with industry-leading security features and a strong support team; it is a great choice for beginners, experienced traders and institutions.​​ Gemini was founded in New York by the famous twin billionaires, Tyler and Cameron Winklevoss, and is regulated by the New York State Department of Financial Services (NYSDFS). Unlike some of its competitors, Gemini is available in all 50 U.S. states and offers digital asset insurance in the event of a hack or security breach.

Pros:

  • Available in all 50 U.S. states
  • Gemini offers hot wallet insurance
  • Strong security

Cons:

  • Only around 100 cryptocurrencies supported
  • High trading fees compared to competitors

Crypto.com

Crypto.com is a popular U.S. cryptocurrency exchange that offers an extensive list of tradable assets and relatively low trading fees. Users can buy, sell, trade and earn interest on more than 250 cryptocurrencies with spot trading, futures and advanced order types. Compared to Coinbase and Gemini, Crypto.com offers superior interest-earning capabilities. Users can earn up to 14.5% p.a. on their cryptocurrency and up to 8.5% p.a. for stablecoins.

Pros:

  • Extensive range of cryptocurrencies supported
  • Offers simple and advanced trading
  • Offers Coinbase debit card

Cons:

  • Limited interest and staking opportunities
  • Fairly complex fee structure

Uphold

Uphold is a global multi-asset digital trading platform that allows users to trade 210+ cryptocurrencies and 50+ U.S. stocks in 150 different countries including most of the top ERC-20 tokens. The platform has 10+ million users and is widely trusted around the world. 

Users can buy and sell crypto assets instantly, and withdraw any asset with as little as $1. Moreover, Uphold offers competitive rewards, allowing users to earn up to 25% with specific cryptocurrencies. At the time of writing, Uphold is currently registered with FinCEN (U.S.), FCA (U.K.) and the Bank of Lithuania.

Pros:

  • Ability to buy and trade across asset classes
  • Transparent fee structure
  • Competitive reward scheme

Cons:

  • Limited advanced trading features
  • Variable spreads

eToro

eToro is an industry-leading trading network that allows U.S. customers to trade forex, crypto, exchanged-traded securities and stocks. The biggest appeal of eToro is its copy trading capability, which enables users to track the trades and portfolios of other users.

eToro’s platform is intuitive and straightforward, making it suitable for beginners. However, eToro’s cryptocurrency offering is limited compared to crypto-centric competitors such as Coinbase. 

Pros:

  • Regulated in numerous jurisdictions
  • Unique social trading capabilities
  • Established platform with strong reputation

Cons:

  • Crypto margin trading not supported for U.S. users
  • High non-trading fees
  • eToro
    Best For:
    Social Investing
    securely through eToro's website

    Cryptocurrency is offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured. Investing involves risk

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Coinbase

Coinbase Global Inc. (NASDAQ: COIN) is a reputable, web-based crypto exchange platform that was founded in 2012 as a place to send and receive Bitcoin. The exchange allows users to buy, sell, trade and earn interest on an extensive suite of cryptocurrencies. 

Coinbase’s mission is to create a global, open financial system and to be the leading global brand for helping people convert digital currency into and out of their local currency. With over 98 million users and $256 billion in assets on the platform, Coinbase is a trustworthy choice.

Pros:

  • Extensive range of cryptocurrencies supported
  • Offers simple and advanced trading
  • Offers Coinbase debit card

Cons:

  • Limited interest and staking opportunities
  • Fairly complex fee structure
  • Coinbase
    Best For:
    Active Crypto Traders
    securely through Coinbase's website

    Sum of median estimated savings and rewards earned, per user in 2021 across multiple Coinbase programs (excluding sweepstakes). This amount includes fee waivers from Coinbase One (excluding the subscription cost), rewards from Coinbase Card, and staking rewards. ³Crypto rewards is an optional Coinbase offer. Upon purchase of USDC, you will be automatically opted in to rewards. If you’d like to opt out or learn more about rewards, you can click here. The rewards rate is subject to change and can vary by region. Customers will be able to see the latest applicable rates directly within their accounts.

How Important Are ACH Transfers for Crypto?

The vast majority of cryptocurrency platforms are increasingly interested in ACH – a highly reliable and inexpensive payment option that appeals to both consumer and institutional clients. ACH costs significantly less than a wire transfer.

Nacha Consulting is becoming more and more aware of this and is assisting crypto platforms around the world to establish ACH programs that ensure stable, legal footing in the market. The exchanges covered here support ACH payments and are great places to get started today.

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