Bullish Review (October 2026): Fees, US States and Licenses

Best for: High-volume spot traders

6.0/10

US access 20%5.0
Regulation 20%8.5
Security record 15%6.0
Cost 15%10.0
Range 10%4.5
Popularity 15%1.0
Data quality 5%7.0

By Vahe Hakobyan Verified October 5, 2026 Medium confidence No affiliate links

Taker fee0.005%
US states— Not verified
New YorkYes
Coins— Not verified
CustodyCustodial
App Store4.2 ★ · 10

Our verdict

Bullish is a NYSE-listed exchange (BLSH) whose US unit, Bullish US Operations LLC, holds a New York BitLicense and money transmitter licenses in about 30 states. It opened to institutions and individual traders on October 1, 2025 in 20 jurisdictions, with a waitlist elsewhere. US accounts trade spot only; derivatives are not offered. The fee schedule lists 0 bps maker and 0.5 bps taker for individuals.

Pros

New York BitLicense and NYSE-listed parent (BLSH)
Fee schedule: 0 bps maker, 0.5 bps taker for individuals
REST and FIX APIs; iOS and Android apps

Cons

Spot only in the US; derivatives not offered
Launched in 20 jurisdictions; current state list not published
USD Fedwire withdrawals cost $30

Bullish fees

Maker / taker: 0.00% / 0.005%
Simple buy: — Not verified
Volume tiers: Fee schedule effective Oct 1, 2026: individuals pay 0 bps maker / 0.5 bps taker on standard spot markets and 0 / 0 on promotional markets; the US individuals page advertises '0% trading fees for individual accounts'
ACH deposit: — Not verified
Wire deposit: Free
Card purchase: — Not verified
USD withdrawal: Fedwire $30; CUBIX instant transfer free
Crypto withdrawal: Per-asset fee, e.g. 0.00006 BTC, 0.0025 ETH, 5 USDC
Minimum deposit: — Not verified

Is Bullish available in my state?

Opened to US institutions and individual traders on Oct 1, 2025 in 20 jurisdictions with a waitlist elsewhere; its US site still says services are available only 'in select locations' (checked Oct 5, 2026).

The list of states this platform serves is not verified yet.

Launch jurisdictions (Oct 2025): AZ, AR, CA, CO, DE, FL, HI, IN, MI, MO, MT, NH, NM, NY, UT, VA, WV, WY, DC and Puerto Rico. The license page (updated Sept 30, 2026) lists licenses in about 30 states plus DC and Puerto Rico and 13 states where no license is required; GA, LA, ME, NV, NC, TN and TX appear in neither list. A current list of states open for sign-up was not found.

New York: Yes
ID check (KYC): Yes
Withdraw crypto: Yes
Funding: Wire, Crypto

Is Bullish regulated?

FinCEN MSB
NMLS 2383000
BitLicense
CFTC
NYSE: BLSH

US operator: Bullish US Operations LLC
Parent company: Bullish (NYSE: BLSH)
State licenses: NYDFS virtual currency license no. 0000046 and NY money transmitter license; money transmitter licenses in about 30 states, DC and Puerto Rico
New York license: BitLicense
CFTC / NFA: None yet; Q1 2026 results say Bullish filed for DCM and DCO licenses
Other: Affiliates regulated by BaFin (Germany), SFC (Hong Kong) and GFSC (Gibraltar); agreement to acquire Equiniti for $4.2 billion announced May 2026
Founded: 2020
Headquarters: George Town, Cayman Islands (parent); New York, NY (US entity)

How secure is Bullish?

Proof of reserves: — Not verified
Audits: — Not verified
Insurance: — Not verified

Incidents since 2019

None found in the sources checked.

Crypto held on a platform is not covered by FDIC or SIPC insurance.

What you can do on Bullish

Spot
Advanced trading
API

US accounts trade spot only; Bullish states its derivatives are not available in the US. The venue targets institutions and 'advanced' individual traders, with REST and FIX APIs.

Apps: Web, iOS, Android
Support: Help center

Bullish FAQ

Can New York residents use Bullish?

Yes. Bullish accepts New York residents.

What are Bullish's fees?

On its order-book screen Bullish charges 0.00% maker and 0.005% taker at the base tier.

Is Bullish regulated in the US?

US customers are served by Bullish US Operations LLC. Registrations and licenses on record: FinCEN MSB, NMLS 2383000, BitLicense, CFTC, NYSE: BLSH.

Can I withdraw crypto from Bullish to my own wallet?

Yes. Bullish lets US users send crypto to an external wallet.

Does Bullish require ID verification?

Yes. Bullish verifies your identity before you can trade.

Alternatives to Bullish

Not financial advice. Crypto prices are volatile and you can lose everything you put in. World-Crypt earns nothing from the platforms reviewed here.