What We Have Covered in This Article
- 1 What is a Crypto Exchange?
- 2 What does a crypto exchange do?
- 3 Best Bitcoin & Cryptocurrency Exchanges for Beginners!
- 4 Common cryptocurrency exchange questions
- 5 Final Thoughts
Last Updated on March 28, 2022 by Editor Futurescope
Cryptocurrency trading can be a great way to make money, but it can also be overwhelming for beginners. There are so many different exchanges and Coinbase strategies to choose from, and it can be difficult to know where to start. If you’re new to the world of cryptocurrency trading, check out these best crypto exchange for beginners!.
What is a Crypto Exchange?
If you want to get into the cryptocurrency game, one of the best ways to start is by opening an account with a reputable exchange. Digital currency exchanges work like online brokerage platforms, allowing you to buy and sell digital currencies and tokens such as Bitcoin, Ethereum, and Dogecoin.
A crypto exchange is a marketplace where you can buy and sell cryptocurrencies, like Bitcoin, Ether or Dogecoin. You can also use it to trade other digital assets, like stocks, bonds, and commodities. Cryptocurrency exchanges are similar to other trading platforms that you may be familiar with. You can create different types on accounts to buy, sell, and speculate in the crypto market.
Some of best crypto exchanges support advanced trading features like margin accounts and futures trading, although these are less commonly available to U.S.-based users. There are other features like crypto staking or crypto loans that allow you to earn interest on your crypto holdings. The best exchanges offer educational offerings to keep you up to date on all things crypto. They also offer great customer service and a user-friendly platform.
What does a crypto exchange do?
When you create an account with a cryptocurrency exchange, you gain the ability to buy and sell digital currencies like bitcoin (BTC), ether (ETH), litecoin (LTC), polkadot (DOT), dogecoin (DOGE), and so on. You can buy crypto using a regular currency like the US dollar, or trade one type of crypto for another, depending on the exchange.
The more established and expansive a service is, the more likely it is to offer a range of cryptocurrencies. Even though that, you probably will want to double check if the cryptocurrency that you want is available before making an account.
On a crypto exchange, you can buy crypto with fiat currency, or trade one crypto for another. You can convert your cryptocurrency back into regular currency, leave it in your account for future trades, or withdraw it as cash The services available can vary depending on the exchange or app you use. Some services do not allow you to move your crypto off of their platform and into your own crypto wallet. For example, this can be frustrating if you want to use your crypto for more than just investing on that one platform.
Cryptocurrency exchanges are always open for business, 24 hours a day, 7 days a week. Traditional exchanges have set trading hours, but crypto never sleeps!
Best Bitcoin & Cryptocurrency Exchanges for Beginners!
There are numerous ways and platforms to invest in cryptocurrency. We consider crypto exchanges, cryptocurrency trading sites, platforms and online brokers that offer crypto, as well as cash and payment apps that let you buy and sell Bitcoin. Even if you’re familiar with more traditional investing platforms, be mindful that crypto often comes with different fee structures, narrower customer service options and increased security risks.
|Name||Key Features||Crypto Purchase Fee|
|Pionex||Live market cap, manual buy/sell, customizable time filters, etc.||Its transaction fees are 0.05% for maker & 0.05% for taker|
|eTORO||Copy and social trading, multiple assets like CFDs, stocks, forex, etc.||0.75% to trade, crypto conversion fee is 5%|
|Coinmama||Buy crypto with fiat via credit card and electronic payments and cash out Bitcoin via bank account.||0% for SEPA, 0% SWIFT for orders above $1000 (otherwise 20 GBP), 0% for Faster Payments in UK only, and $4.99% credit/debit card|
|Binance||100 cryptos supported, available in 180 countries||Makers pay 0.0750% to 0.0525%; takers 0.075% to 0.0525%|
|ChangeNow||Over 10000 currency pairs, Real Rates System, instant crypto exchange, etc.||As per reviews, it varies from 0.5% to 4%|
|Kraken||Low fees, high transactional limit of $100k, high daily volumes||Makers from- 0.16% to 0.10%; takers 0.26% to 0.20%|
|Coinbase||Easy to use, multiple crypto trading options||$0.99 and $2.99|
|CEX.io||Commisions for market makers and takers, used in 99% of the countries in the world||Taker fee 0.25% and 0.20%; maker 0.16% and 0.12%|
|Crypto.com||Crypto.com Visa debit card to convert, spend, and withdraw crypto instantly as fiat||2.99% for credit card purchases, 0.04% to 0.4% maker fees, 0.1% to 0.4% taker fees|
Here is a few list of the best bitcoin & cryptocurrency exchanges for beginners available now in the market:
- Cash App
Pionex is one of the world’s first exchanges with 18 free trading bots. Users can automate their trading 24/7 without always having to check the markets. Binance Liquidity Aggregator is one of the biggest Binance brokers that aggregates liquidity from Binance and Huobi Global.
The company offers a wide variety of robots, including the Smart Trade Bot, Grid Trading Bot, Trailing Sell Bot, Spot Futures Arbitrage Bot, Martingale Bot, Rebalancing Bot, and Dollar-Cost Averaging (DCA) Bot.
It allows you to trade cryptocurrencies manually by converting them into each other. Its cryptocurrency trading bot is an automated program that buys and sells orders without manual inputs. When specific, pre-defined market conditions are fulfilled, it will carry out the execution.
EToro is a social platform that allows users to copy trade stocks, securities, forex, CFD, and crypto assets. On eToro, you can trade multiple assets from different categories. The trading platform, founded in 2007, is regulated and considered a safe avenue for those looking for easy-to-use trading platforms that offer a mixer of assets for trading.
Copy trading allows a user to copy the trades of more experienced investors. So, you can trade with less experience or knowledge in the assets. Forex trading is a popular option for those who want to trade 47 pairs.
Despite being popular for CFDs, the exchange charges a higher fee than most other exchanges. This is despite the zero dollar commissions for US traders and the recent cutting of spreads on the exchange. EToro is a unique trading platform that has fewer research materials than other similar platforms.
Coinmama is the perfect place to buy and sell cryptocurrency! With local and easily available methods and currencies, you can’t go wrong! There are several ways to buy including VISA, SEPA, MasterCard, bank transfer, Apple Pay, Google Pay, and Skrill. You can only receive fiat currency in your bank account when selling. The exchange is one of the most well-known in the industry and is now being used by over 3 million people across 188 countries.
When you purchase Bitcoin and other cryptocurrencies on the platform, you don’t need to deposit the money; the crypto will be sent to your external wallet within an hour. You can track your ongoing and past orders by signing up and verifying your brokarage account. You can choose coinmama as one of best platforms for Bitcoin exchanges!
Binance is one of the top 5 largest cryptocurrency exchange apps in terms of trading volumes. It now supports over 150 cryptocurrencies and coins, including the most popular ones like Bitcoin, Ethereum, Litecoin, and its own BNB coin. It now works in the US, Europe, Australia, and Africa.
The cryptocurrency exchange reported that 100 million people are using the exchange this year.
ChangeNOW is the best platform for exchanging cryptocurrencies without having to store them in a custodial account. The exchange is unlimited, so you can exchange as many cryptocurrencies as you want. This service allows you to exchange Bitcoin for Ethereum, Ripple, XMR, and more without needing to create an account. It doesn’t store any funds, so you can rest assured your information is safe.
More than 170 coins will be available for exchange. There are no limits on how much you can exchange, so feel free to trade as much as you want! Its fiat option allows you to buy cryptocurrency with Visa or MasterCard through a third-party partner.
Kraken, headquartered in the United States, has been operational since 2011 and is available in 48 US states and 176 countries. This cryptocurrency exchange is a popular choice for many investors, as it supports and lists 40 cryptocurrencies, including BTC.
Kraken is one of the top 10 largest cryptocurrency exchanges by daily market transactional volume. It is widely considered to be one of the safest exchanges to trade on, as it has never been hacked – unlike some of its competitors, such as Binance or Coinbase.
Coinbase is the most popular cryptocurrency exchange in the United States. It was founded in 2012 and is fully regulated and licensed to operate in the United States, in over 40 states and territories.
It is considered the one that lowers barriers of entry to crypto in the United States and other countries. This platform is easy to use and offers insured custodial services. It supports many cryptocurrencies, making it a great choice for those looking for a reliable and secure way to invest. The Pro version of this software lets users trade crypto for cheaper using charting and indicators.
CEX.io was established in London in 2013 with the aim of allowing users to buy and sell digital cryptocurrencies. Withdrawals can be made via bank accounts or VISA and other debit and credit cards. There are few other payment methods available for those buying crypto, including Swift and cryptocurrencies.
Cryptocurrency traders who trade large volumes can get a commission. The exchange announced that it now has over 3 million registered users on its crypto trading platform.
The lack of hacks creates a picture of a safe and secure crypto trading platform. You can also secure your account with two-factor authentication, and there is anti-hacker protection and multi-signature account protection.
Crypto.com is a global company with a presence in 90 countries and 10 million users. It has 3000 employees. You can use the exchange to access crypto research and analyses, as well as educational materials, to learn to trade from scratch or improve your skills as an expert.
The Crypto.com Visa card and bank account allow users to purchase over 250 cryptocurrencies with fiat currency. The Crypto.com card makes it easy for users to access, manage, and spend crypto anytime, anywhere Visa is accepted.
Common cryptocurrency exchange questions
What are the risks of using a cryptocurrency exchange?
The biggest risk when trading cryptocurrencies is their volatility. High-risk and speculative trading can be lucrative, but it is important to understand the risks before you start. Unlike physical money, cryptocurrencies are not backed by banks or governments and are highly speculative.
They are volatile: Sudden changes in market sentiment can lead to sharp price movements. It is not uncommon for cryptocurrencies to quickly lose value by hundreds, if not thousands of dollars.
They are unregulated: As a decentralized currency, cryptocurrencies are not currently regulated by either governments or central banks. They were designed to be free from government oversight or influence and are instead monitored by peer-to-peer internet protocol.
Loss or Destruction of Private Keys: Cryptocurrencies are based on a cryptographic system that uses pairs of keys to authenticate transactions. One key is publicly available, and the other is a private key kept secret and used for identification and authentication.
If you lose your private wallet key, you lose control or access to any cryptocurrencies in that wallet. In fact, 20% of all Bitcoin is lost due to the loss or destruction of private keys.
They are susceptible to error and hacking: Cryptocurrencies are digital currencies that are susceptible to technical glitches, human error or hacking.
They can be affected by forks or discontinuation: Cryptocurrency trading comes with additional risks, such as hard forks or discontinuation of the currency. When a hard fork occurs, there could be some serious price fluctuations. We may have to suspend trading if we can’t get accurate prices from the market.
Which Cryptocurrency Exchange has lowest fees?
Does anyone like paying fees? I didn’t think so. I find cryptocurrency appealing for personal reasons and think many others feel the same way. Let’s explore each of these platforms one by one and find the best cryptocurrency exchange with low cost trading platform for you.
CEX.io — CEX.io is on the list because it only charges 0.20% per trade, while most of the exchanges here have a standard fee of 0.25%. In my opinion, the solid user interface combined with the other great features make it a winner.
Binance — Binance is a cryptocurrency exchange based in China that provides users with access to a variety of trading tools, charts and security features. Following a successful initial coin offering (ICO), Binance began live trading in July 2017, providing users with a convenient and easy-to-use platform for buying and selling cryptocurrencies.
Bittrex — Another large US player in the cryptocurrency exchange market is Bittrex, based in Las Vegas. They charge a 0.25% fee for all trades and have a high volume of trade.
What is the safest crypto exchange?
When it comes to security, don’t just take the word of crypto exchanges – do your own research to be sure. High-profile exchange hacks have demonstrated how easy it is to lose your money. Mt. Gox is one example of this. In 2014, around 850,000 Bitcoins were stolen from the exchange, which was worth about $450 million at the time. Less than a third of the stolen Bitcoins have been recovered since then.
Most large cryptocurrency exchanges have excellent security programs, with user-level protection such as two-factor authentication (2FA) being quite standard. Activating 2FA will require you to provide additional information whenever you log on, such as a code you receive by SMS.
Find an exchange that will go the extra mile to keep your Bitcoin and other currencies safe.
Bitcoin and other digital currencies are a risky investment. When it comes to safeguarding your crypto assets, it’s a good idea to look for an exchange with insurance, cold storage, and bug bounty programs. If you take precautions, you can be pretty confident your assets are safe.
Coinbase website, Crypto.com considered as safest crypto exchange in our list!
Are you new to the world of cryptocurrency trading? If you want to get started in the exciting world of crypto, one of the best ways to begin is by opening an account with a reputable exchange. With so many different exchanges and Coinbase strategies to choose from, it can be tough to know where to start. If you’re new to cryptocurrency trading, check out these exchanges that are perfect for beginners.
The best cryptocurrency exchanges are those that offer secure platforms that are easy to use, have high trading volumes, and allow customers to trade multiple cryptos and pay with multiple payment options.
Different crypto exchanges charge different fees, and most of them will have higher fees for credit and debit cards than for online payment methods and bank accounts. The most secure decentralized exchanges are those that use blockchain technology.