The best cryptocurrency exchanges for beginners
If you are planning to step in the world of cryptocurrency but confused by looking at the overwhelming options, we have got you covered. The first step to enter into the world of cryptocurrency is to choose a good and beginner-friendly Cryptocurrency exchange platform which can let you trade in number of digital assets including Bitcoin, Ethereum, Litecoin, etc. Well, the options are not few and if you choose a very sophisticated platform, there are high chances of you making the wrong decision and losing your hope in the potential of trading in digital currencies. Many beginners look for fiat to crypto and vice versa exchange platform as it basically helps you to use your real money and invest it Cryptocurrencies and get it back in the form of your local currencies. Some novice traders want a pocket-friendly option with minimal fees and intuitive interface to glean lucrative outcomes. Here we have dug deep and listed the most popular, reliable, secure and affordable cryptocurrency exchanges for beginners.
What is cryptocurrency exchange?
Cryptocurrency exchange is a platform which is used for trading Cryptocurrencies. The digital currency can be exchanged on these websites for some other currency easily and you can also use fiat (government issued) currency for trading in these platforms. These exchange websites allows you to buy or sell Cryptocurrencies by monitoring different graphs and make the most profitable decision. For example, you can Buy Bitcoin using Dollar and then sell those Bitcoin for Ethereum or any other altcoin. However, there are local exchanges and private exchanges as well. The private platforms are exclusive to the customer and can be joined through invite only. Some have a sleek and intuitive interface while some cryptocurrency EX website has a complicated and inconvenient interface making it impossible for beginners to use the platform. Nevertheless, such websites can be exceptional for advanced users due to innovative and sophisticated features but the newcomers find it extremely unhandy. So, it is necessary to start with a beginner-friendly and unsophisticated platform for buying or selling Cryptocurrencies and later moving to an advanced version of it.
What beginners should look for before joining an exchange?
The proliferating rises in the rate of Bitcoin or other digital assets are drawing many people towards it. But, these new people are stuck in choosing between so many cryptocurrency exchanges platform. There are many points which we should consider while dealing with such bewildering thoughts. So, we have come up with some of the most important point which you must consider in order to make the most appropriate verdict for yourself.
1) Reputation – The easiest way to figure out how good an exchange is to search through the reviews from individual users and discussion community like Reddit and Bitcointalk. You can shoot your questions on discussion forums like BitcoinTalk or Reddit and get your doubts cleared. Many cryptocurrency exchanges have ups and downs but the best thing to do is to judge them by reputation.
2) Fees –The cryptocurrency EX platform charge fees from you to maintain their platforms and allow the users to use their features. When you are considering platform, it is significant to know everything about them including fees. Many websites displays this information on their website while some even keep it transparent as their charge may fluctuate according to the user, location and coin amount.
3) Verification Requirements and Security – the verification stages for different websites differ and it is eminent to understand them before planning to use them. Almost all the exchanges require some kind of verification details in the form of a photocopy of government issued ID card like passport, driver’s license, proof of residence, etc. This may be tiresome but you must keep in mind that the more complex verification system makes the website safer and away from spammers.
4) Payment Methods – Cryptocurrency exchanges can be discriminated in terms of payment methods. What payment options are available for the customers on the exchange? Credit & debit card? SKRILL? NETELLAR? Wire transfer? PayPal. If a website has limited number of payment options available, it can be difficult for you to work on it. This is because not every country supports Wire transfer or SKRILL or NETELLAR or the charges may be very high, so, you must plan accordingly. Credit cards option requires much more verification and fees as compared to other payment methods but is instantaneous, secure and straightforward. Wire transfer usually takes more time to process but has a significantly lower price as compared to other payment methods.
5) Regional coverage – It is prominent to check whether the website provides service in your country or not. Also, some specific features on the exchange are available and offered to the users of certain countries. Make sure the cryptocurrency exchange which you are planning to join offers full services and features to your country of residence.
6) Exchange rates – Exchange rate is another important thing to note while deciding a platform because the rates may drastically vary from site to site. Choosing a website with draconian fees would definitely not be financially savvy and profitable decision.
7) Website interface – It is recommended for beginner to choose a sleek and unsophisticated exchange platform at the start to avoid messing around with things you can’t figure out. Obviously, it takes time to understand the complex graph, altcoins charts, trade on leverages and other advance features. So, start with an intuitive and less sophisticated website instead of targeting the most complicated exchange platform.
Which are the best cryptocurrency exchanges for beginners?
Every trader whether professional or beginner want a cost –effective, sleek and instinctive interface, reliable and reputed cryptocurrency exchange for playing in their desired Cryptocurrencies. Here is the list of most user-friendly, reputed, affordable and best cryptocurrency exchanges for beginners.
Coinbase is undoubtedly one of most trusted cryptocurrency exchange platforms in the world. Not just it is the largest digital asset exchange platform in the world but one of the best cryptocurrency exchanges for beginners due to its smooth and instinctive interface, challenging fees, fast transaction processing, top-notch security and amazing customer support. This US based company is backed by millions of investors and traders globally and everyone in the crypto space knows about this exchange platform. With great coin selection, Coinbase has the optimum level of security to make the process of buying, selling ad storing cryptocurrency seamless and simple. The Coinbase platform provides service to more than 32 countries including most of the States in USA.
The payment options is not just limited to Credit or Debit cards, but has many other options like PayPal and SEPA wire transfer. If you want instant exchange then you can choose PayPal or credit cards whereas if you want to pay minimal fees then you can go for SPEA wired deposit. SEPA transfer usually takes more than a day to process while Credit card payments are reflected in less than 30 minutes. Also, it is considered to have the most beginner friendly interface allowing users to make recurring investments while charging as low as 1.49%. However, the charges for credit card payments are around 3.75%. Nevertheless, this commission fee is still less than many other exchanges. Also, you are entitled to receive $10 joining reward in form of Bitcoin.
- Highly reputed and trustworthy platform
- Gives high priority to security and privacy of customers
- Beginner friendly and great interface
- Signing up reward and reasonable fees.
- Fast transaction time and a built-in secure wallet.
- Limited payment options and low regional coverage.
- Non-uniform rollout of services worldwide
- No GDAX suitable for normal traders
Coinmama is the veteran Bitcoin and Ethereum broker platform which is more like a cryptocurrency purchasing website instead of a cryptocurrency exchange. If you talking about the most simplest and intuitive platform in the crypto world, Coinmama will surely be on the top. Even a beginner can buy Bitcoin or Ethereum on this website without any prior experience or tutorial. This is the perfect platform for people who want instant and straightforward purchases of Bitcoin or Ethereum while preserving their anonymity. A user can buy Bitcoin or Ethereum worth up to 150 USD/EUR without any verification. So, you don’t have to hold a government issued card and take a seflie or upload sensitive documents like Passport, driver’s license or any other photo identity.
Coinmama is ideal for those who want to make instant purchases of digital currency using their fiat (local) currency without any verification. Although the regional coverage is available worldwide, traders should be aware that people from some countries may not be able to take advantage of all the features on the website. The biggest drawback of this broker platform is its fees which may even go up to 11 percent. The credit card transaction fee is 6.5% and the processing charge of Simplex is 4%. Additional charges may apply if your fiat currency is different from USD or EUR. However, users still prefer it due to high withdrawal limit, no verification up to 150 USD/EUR, worldwide service and instant and fast order processing.
- Extremely beginner friendly and intuitive interface
- Good reputation
- Wide range of payment options
- Accepts all fiat currencies
- Worldwide coverage
- Swift transaction processing
- No Coinmama wallet for storing coins
- High exchange fees as compared to most other platforms
- No facility to sell Bitcoin or Ethereum
Binance is the fastest growing crypto currency exchange based in Japan and offers a wide range of tools and features for both advanced users and beginners. Although it is a newer exchange, but the features and reputation have made Binance drove past major exchanges in the world. The Binance is the fastest and the largest cryptocurrency exchanges in the world and known for its robust services and instant transaction processing. By now, the platform can handle 1.4 million orders per second without any congestion or transaction errors. This is indeed one of the best cryptocurrency exchanges for beginners as it offers a distinctive and user friendly interface with many features to newcomers. Also, the advanced version of Binance will suffice the need of professional traders with its complex graphs, margin trading, spot trading, etc.
The company is recognized for its reasonable transaction fee which is just 0.1%. Yes, 0.1%.This is not a typographical error and is absolutely correct. Also, they allow you to register and trade immediately without any verification stages. The minimum withdrawal limit is just 0.002 and you can withdraw amount up to 2 BTC per day. However, if you want to withdraw higher amounts then you will have to upload your photo ID and a “selfie” photo.
- Ridiculously low transaction and trading fees
- Strong liquidity and low withdrawal limits
- Separate Basic and advanced interface
- Fastest platform with 1.4 million processing speed per second
- Secure and stable exchange platform
- Few technical glitches especially in Authentication feature
- Not much beginner friendly due to lot of sophisticated features
Cex.io endows an extensive range of services for using multiple Cryptocurrencies. It has a neat and user friendly interface free from any errors or complexity. The platform allows users to trade easily with their fiat currencies for any coins and conversely Cryptocurrencies for fiat currencies. It is one of the best cryptocurrency exchanges for beginners with sophisticated features like margin trading. You can’t just trade Bitcoin professionally but also get well-maintained and user-friendly trading dashboards and margin trading. Alternatively, CEX also foster beginner operations by providing them a brokerage service for an extremely simple way to buy Bitcoin at prices that matches the current market rate. The Cex.io website is completely secure, reliable and intuitive for trading in multiple altcoins and storing them in safe cold storage.
- Mobile app service
- Beginner friendly and great features
- Affordable exchange rate
- Lot of Payment options including credit cards
- High reputation and worldwide coverage
- The verification process is daunting
- Average customer support
Picking the most appropriate cryptocurrency exchange can be difficult and time consuming. But, it is better to spend some time to understand the different aspects of the exchange and make an astute decision which can bring you lucrative outcomes. However, the exchanges listed above are the best cryptocurrency exchanges for beginner by considering various factors like fees, reputation, verification, security, privacy, interface, geographical coverage and features. So, read their review and progress effortlessly.