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When it comes to trading Cryptocurrencies, there is a myriad of options available. From the most reputable large exchanges like BitQT and Bitfinex to small, lesser-known exchanges that offer the quirky crypto community some extra support, these are the best crypto exchanges for beginners. Though crypto trading is becoming more widespread every day, it can be a difficult and intimidating process for newbies. That’s why we’ve listed five of the best crypto exchanges for beginners so that you can get started as soon as possible.
What is a Crypto Exchange?
A crypto exchange is where people buy and sell Cryptocurrencies. The most popular cryptocurrency exchanges are typically used for exchanging fiat (money) to purchase cryptocurrency, but they can also be used to sell your cryptocurrency for more cash.
One of the biggest reasons why crypto exchanges are so popular is that they allow you to easily take advantage of the market volatility and increase your profit margins. One second, you might be doing well on one exchange, but then the next minute, another exchange might have a much better price for the same coin. If you’re able to see that firsthand, you’ll be able to take advantage of it and make more money in the process.
But even if you don’t want to be actively involved in trading Cryptocurrencies — whether it’s because you just want a place to store your coins or because you’re not sure what type of trade strategy might work best for your portfolio– using an exchange can still be beneficial. Most major digital asset investment funds use crypto exchanges as their primary trading platform. This means that if you don’t want to bother with managing your trades or tracking your portfolio all on your own, then using an exchange is a great option for beginners who want the ease of use without too much effort invested into their daily activities.
- Coinbase.
Coinbase is one of the best places for beginners to start their crypto trading journey. Coinbase has a simple interface and a user-friendly website that makes it easy to get started. There are also beginner-friendly tools like the Coinbase wallet, which allows you to store your coins and make transactions easily. The only drawback is that this exchange requires a verification process, which means some time will be spent waiting before getting started.
2. BitQT.
BitQT is a newer exchange that’s quickly gaining traction with experienced crypto traders and newcomers alike. The platform offers the benefit of a straightforward interface that’s easy to navigate and understand. There is also no account minimum, which is great for people who don’t have much experience in trading.
3. Bitstamp.
Bitstamp is one of the oldest and most reputable exchanges on the market. It was founded in 2011 but has been active for even longer. The exchange is well-known for offering a variety of currencies as well as BitStamp’s official wallet that supports both Bitcoin and Ethereum Cryptocurrencies.
4. CEX.IO
CEX.IO is a cryptocurrency exchange and trading platform that offers a wide range of crypto coins for trading. CEX.IO supports Bitcoin, Ethereum, Litecoin, Ripple, NEO NEM, and Bitcoin Cash.
The site also provides users with the option to deposit funds directly into their account as well as withdraw them to any location supported by SEPA transfer. Another great feature offered by CEX.IO is the ability to trade on margin, allowing you to speculate on rising or falling Cryptocurrencies to make more money (or just settle those losses!).
5. Kraken.
Overall, Kraken is a good option for beginners because of its low fees and straightforward interface. With more than 10 million users worldwide, the exchange offers plenty of liquidity. The trading fee is 0.26% which is much lower than other exchanges like Coinbase’s 1% fee. In terms of the user interface, Kraken has an easy-to-navigate charting tool that makes it easier to spot patterns and make quick decisions on trades.
Conclusion
As you can see, there are many different exchanges to choose from, each with its pros and cons. It is important to know what exchanges are out there and where to start your search for the best exchange for your needs.
