Best Exchange Crypto: A Quick Guide to Choosing One
If you’re new to buying cryptocurrency and don’t know where to start, here’s a helpful guide to choosing the best exchange crypto to help you get started. Learning about cryptocurrencies can be daunting in and of itself, and if you’re new to cryptocurrency trading, finding the best exchange crypto to know how and when to buy and sell popular assets can be another challenge.
If you don’t want to use the exchange’s built-in wallet (if you have one), create an external cryptocurrency wallet to safely store your funds. The best exchange crypto also offers incentives for staking, holding cryptocurrency assets for a fixed period of time, margin trading, and institutional services.
What Is a Cryptocurrency Exchange?
Before we go any further, let’s quickly review what an exchange actually is. They are platforms (websites or apps) where you can buy and/or sell cryptocurrencies by exchanging or using traditional assets, or other digital currencies.
Some platforms accept deposits via credit cards, bank accounts, or wire transfers, while others trade only cryptocurrencies.
Some offer withdrawals from their wallets, and there are multiple currencies, fees, and apps.
There are also more sophisticated exchanges that allow users to trade cryptocurrency derivatives or decentralized exchanges (DEXs) that allow user-to-user trading without intermediaries.
Cryptocurrency exchanges are like online brokers for cryptocurrencies, tokens (virtual assets created with existing blockchains), and other digital assets. Many of these exchanges offer investment opportunities for active traders who want to buy, sell, or hold digital assets like Bitcoin, Ethereum, and Litecoin.
The best exchange crypto also offers custody and storage options for users who want to securely protect their cryptocurrencies from theft and hacking. These are not just personal wallets.
If you want to create an external wallet using a bitcoin wallet provider or other storage wallet service, you can do so while maintaining your cryptocurrency exchange account. If necessary, you can easily transfer assets between your trading account and the cryptocurrency wallet.
Best Exchange Crypto – Coinbase
Coinbase offers more than 170 cryptocurrencies, including Bitcoin, Ethereum, Litecoin, Dogecoin, and Ripple. The exchange also offers various investment opportunities for individual and institutional clients.
Some of its account features include engagement rewards, iOS and Android mobile apps, and a Coinbase Learning Rewards account option that pays you in crypto assets for watching educational videos.
Coinbase also offers a few other options: Coinbase Pro and Coinbase Advanced Trade for experienced traders and Coinbase Prime for high net worth institutions and clients (individuals with at least $1 million).
Additionally, Coinbase Pro users can access advanced features like secure trading robots, charting tools, and real-time order books. Coinbase Advanced Trade enhances the Coinbase Pro offering, allowing users to earn crypto rewards as well as additional security tools and features.
In addition to Prime’s cryptocurrency trading platform, institutional clients will also have access to trading services, a cold storage (offline storage of crypto assets) and an asset hub that allows issuers to list and grow their portfolio on the platform.
Coinbase has also launched a beta version of its NFT trading platform. For a limited time, it does not charge transaction fees to creators and collectors using the platform. Many NFT platforms charge a 2.5% fee per transaction, so Coinbase’s offering is very competitive in terms of pricing.
Coinbase is not the best option if you frequently trade on a margin account. The exchange does not allow you to temporarily borrow money to trade crypto assets, nor does it offer futures, legal contracts that allow you to trade securities at a certain price in the future.
Best Exchange Crypto – Binance
Along with Coinbase, Binance is one of the most recognized cryptocurrency exchanges, and ranks first in the world by trading volume.
Binance offers hundreds of tokens for users to trade, including BTC, ETH, and LTC, and of course their own BNB token. The exchange is constantly expanding its collection of listed coins and is often considered the holy grail of listed coins, especially among the coin-passionate community.
Binance can quickly respond to new cryptocurrency trends and quickly list the latest popular coins; one of the reasons why their list of supported coins is so extensive.
The variety of coins and trading offerings can be overwhelming for beginners. But once you understand the basics of buy and sell orders, it’s easy to use, though not quite as user-friendly as the regular Coinbase version.
Binance Academy is a useful resource that can help beginners gain a comprehensive understanding of cryptocurrency and provide in-depth training on all of the trading options Binance has to offer.
Binance has an iOS app and an Android app, both of which bring the functionality of a desktop website to your pocket. The app is highly rated on both platforms, just make sure you download the official version and not a fake copy, especially if you are an Android user.
Abra is a global cryptocurrency exchange serving individual and institutional traders in more than 150 countries. Aside from the fact that Abra does not charge a transaction fee, although it generates income by diversifying various assets, the exchange also stands out for its wide range of cryptocurrency products and features.
It includes trading 75 cryptocurrencies, accounts that allow you to earn up to 10% interest on qualifying assets, crypto-backed loans, over-the-counter (OTC) trading, and a series of educational guides for beginners.
Its OTC services also provide institutional clients with interest-bearing accounts, loans, and support for individual accounts. In addition, Abra pays you 3% cashback on transactions with CPRX tokens and the exchange offers 0% interest loans.
Best Exchange Crypto – Kraken
Kraken has over 185 cryptocurrencies, offering retail and institutional investors a variety of options. But Kraken has a bigger presence than Binance when it comes to global support.
Currently, the exchange supports traders in almost 200 countries. It also offers margin and futures trading. With your margin account, you can borrow up to five times your account balance to trade cryptocurrency assets.
Bitcoin, Ethereum, Litecoin, Bitcoin Cash, and Ripple are available for futures trading (contracts that allow you to buy or sell an asset at a fixed price at a future date).
All customers have access to Kraken staking rewards, access to iOS and Android mobile apps, and educational resources.
Based in London, CEX.IO is a global cryptocurrency exchange that supports traders in more than 99% of countries, according to its website. The exchange also gives you access to Bitcoin and over 100 other crypto assets.
All users will have access to CEX.IO’s instant purchase feature (credit and debit card purchases only), mobile apps, rate rewards, and crypto-backed loans.
However, more experienced traders may prefer CEX.IO’s instant trading feature. This option allows you to place different types of cryptocurrency market orders.
Institutions and companies can use its payment management and collection services. Credit card transactions on CEX.IO can be expensive.
Gemini offers a wide range of cryptocurrency trading services for individuals and institutions. Traders can use various platforms, including the Gemini Web Exchange, the Gemini iOS and Android mobile apps, the Gemini Active Trader platform, Gemini funding solutions, and institutional trading tools.
But the exchange also offers some other notable features: Gemini Wallet, Gemini Earn, Gemini Clearing (a brokerage service for OTC cryptocurrency transactions between parties), Gemini Custody, Gemini Pay, and Gemini Dollar. Its two storage and custody options, Gemini Wallet and Gemini Custody, allow you to store your crypto online or in an offline facility.
Gemini Earn allows you to earn up to 8.05% interest on your crypto balance, while Gemini Pay allows you to use your assets to shop at over 30,000 US stores.
How To Choose the Best Exchange Crypto?
Not all platforms are created equal and it is important to consider several factors when choosing the right trading platform.
- Security measures: One of the most important considerations when choosing an exchange is to check if it has a license to trade cryptocurrencies; this provides customers with a level of legality and regulation.
- Commissions and liquidity: Each exchange has its own trading fees and services. While lower fees may seem attractive, they may not provide the best overall value when accompanied by illiquidity in some of the offered currencies. Therefore, it is important to check the liquidity level of the stock exchanges when making an informed decision.
- Available currencies: When choosing a cryptocurrency exchange, you should consider the available coins. The availability of assets will greatly affect your business activities and opportunities.
- Customer service: The best exchange crypto offers customers several options to communicate with service representatives. Regardless of which method you choose, you need to make sure that the exchange provides strong customer service.
- Reputation and reviews: Another important factor to consider when choosing a cryptocurrency exchange is reputation. Researching reviews online, such as on digital review sites, can be very helpful in making your decision.
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