It can seem a little overwhelming when you arrive on a trading website. There are so many charts with different colors, all sorts of numbers, and indicators that sound exotic. Don’t be put off by the amount of information you’ll see. Most aren’t applicable to basic trading.
We will examine which cryptocurrency exchange provides the easiest entry for new traders. The platforms are similar, with the exception of the layout and presentation. It is important to be confident in your abilities and know what you’re doing. Below you will find some helpful information.
Best Crypto Trading Platforms
The recent bull crypto market has piqued society’s interest in digital currency once again, and lots of them want in on the action. We also see DeFi projects breaking out as an eventual challenge to the centralized crypto exchange .
The best trading platform for you will depend on your requirements and experience. This includes your location, your coins and tokens, as well as the type of transactions you wish to conduct.
Top Crypto Trading Platforms
Below are brief reviews of the best-known crypto exchange. For each, I will give a short history, the regions which they service, the trading pairs they offer, and the types of trades and leverage options. Look and feel has a lot to do with it, but that’s subjective, so I recommend you visit each site and take a look for yourself. Links are in the reviews.
Binance
History
Since its launch in 2017, binance.com is the largest crypto exchange by volume. It was founded by former Changpeng Zhang and moved to the United States before China’s crackdown on cryptocurrency in 2018. Binance’s multifaceted ecosystem has been built around the Binance chain powered by Binance Coin(BNB) — the fourth largest cryptocurrency in terms of market capital. Binance is much more than a simple crypto exchange.
Region
Users can access Binance in 180 different countries,so pretty much everywhere. Some local restrictions apply.
Coins
There is a huge range of currencies to choose from. Binance is the best place to find coins that are worth buying. It is a great honor to be listed in binance. It is possible to buy cryptocurrency with almost any major currency, including USD, GBP and Euros. They also accept 16 lesser-known currencies from the Vietnamese Dong up to Kazakhstani Tenge.
Trading
Leveraged shorts, spot trading and margin – There’s plenty for a novice trader. To enable margin trading you must pass a short test. But getting started is simple. You have all the information that you require right at your fingertips. There are many help videos available.
Summary
Binance has to be the largest and best cryptocurrency exchange. Binance is easy to use and has a great help section if you need it. I began using Binance mid-2017, and still do. Free crypto transfers to Binance users is my killer app. The fact that there are no fees for BTCtransfers on exchange is a huge plus. This is the reason I set up an account recently on Binance for my mother (The Crypto Grandma).
Binance has a mobile app for Android and iOS.
Coinbase
History
Coinbase.com is another major player on the market. Since 2012 they have existed, and in the crypto world that is “forever”. This US-based company with more than 1000 employees in over 30 countries offers crypto exchange services.
Region
The crypto exchange is accessible in thirty countries, and they also offer custody and crypto-housing service to around ninety countries.
Coins
Here’s where I think new traders have a challenge. The fun part of cryptocurrency trading is evaluating all the different projects to determine the best ones. Polkadot is not listed, nor are Theta Terra VeChain and DogeCoin. The early gains may have already been made by the time the coins are available.
Trading
It is laid out with typical features such as charts, buy and sell limits, limitless purchases, etc. The platform is intuitively laid out and has all the features a beginner would need. If you need the complete set of advanced trading features, then you should upgrade to Coinbase Pro.
Coinbase, as a crypto-exchange based in the US, is highly regulated. You should go somewhere else if you care about your privacy. It is expensive and complicated to use.
Summary
This is one of the first crypto exchanges that brought crypto to US consumers. Coinbase chose to focus on compliance and security at the expense of fees and privacy. It’s an excellent way for beginners to start if they don’t wish to trade Doge.
Kraken
History
Kraken.com, another US-based cryptocurrency exchange was established in 2011. The fourth largest crypto exchange has a solid reputation of reliability. Wyoming, a forward-thinking State, chartered Kraken in 2020 as a Bank. It could be an indication of what is to come, as digital currencies become more respected as an asset.
Region
You can use Kraken in 48 US States. They are very universal.
Coins
The site offers trading in about 56 different coins, and some interesting projects. Polkadot and Uniwap are all featured, as well as chainlink and Dogecoin. Yay!
Trading
Kraken takes pride in its ability to onboard beginners. The resources are excellent and explain all the things a beginner trader may encounter. I’d definitely recommend this platform to any new trader.
Summary
Kraken is a major crypto exchange based in the US. It is a reliable exchange that will continue to be in business for some time. There is no chance that they will be hacked, or take your money. This makes them a safe option.
Crypto.com
History
Kris Marszalek’s LinkedIn page gives us a good idea about the strategy of Crypto.com. He is a CEO who is working to “Accelerate” the transition of the world to crypto. The core ideology behind Crypto.com’s business is that the people must have the control over their digital assets, data and identity. This should be considered a right. Crypt.com, one of the most rapidly growing projects and their new chain, which is about to be launched, are on my radar.
Region
They did not list the countries that they serve, but mentions that Crypto.com is available in over 10,000,000 users and 49 US States.
Coins
More than 100 coins is the claim. They trade in pairs with USDT BTC and CRO. Before you open an account with them, check that they support the altcoins you need. They also have DogeCoin.
Trading
It has a very standard format with an order book and charts. There are also moving averages. Crypto.com is standard, but the design and layout are very appealing. The site offers spot pairs, derivatives, 3x margin trading and DeFi projects.
Summary
This is another good crypto exchange. It has been around for some time. You can earn interest with your Crypto.com account and borrow using your crypto assets. A Crypto.com Visa card is available, which offers cashback in CRO. But the best news of all, they have just launched a Crypto.com Swap . The DeFi Crypto Wallet and the Crypto.com DeFi Swap are both new products that I will be checking out.
KuCoin
History
KuCoin.com, which is headquartered in Seychelles was founded also in 2017. 2017 has been a very popular year. The company has an in-house research team that monitors the crypto market for new projects. We can tell by the vast array of digital currencies that you can buy and sell that the researchers have worked hard. Now they are partnered with the venture capital company IDG Capital, and offer crypto-backed borrowing and lending facilities.
Region
KuCoin is available in more than 100 countries and has over 5 million users. It should be available from anywhere as long as there aren’t any local restrictions.
Coins
The list is the most complete. Even though I am a big coin nerd, I had never heard of some of these coins. KuCoin offers 647 different crypto assets to trade. You should find the project you are interested in here.
Trading
It’s an impressive exchange with its high liquidity levels, massive user base, and wide range of trading pairs. With fees less than a tenth percent, and a good reputation in terms of security it is a great exchange for those who are already familiar with the basics.
Summary
KuCoin.com is a major player in the crypto-trading space. KuCoin is also used to power their network. As this network expands, we’ll be hearing more and more about it.
Blockfi
History
Blockfi.com is a New York-based startup founded by Zac prince in 2017. His resume also includes junior tennis pro, poker professional, and tech startup prodigy. Initially, it was intended to provide traditional banking services in the crypto-space. It has grown to include new markets in crypto after several investment rounds.
Region
Lending is available to date in 47 US States. They offer interest-based accounts in most areas, and are gradually expanding to include other countries.
Coins
They have a wide range of stable US$ coins, including USDT, USDC PAX and GUSD. This fits with their lending, staking and business model.
Trading
BlockFi may not be the first choice for crypto traders. The unique selling point of BlockFi is that you can earn interest from your crypto assets and borrow US dollars against them while still maintaining ownership.
Summary
blockFi is not a platform for trading. You can trade the main coins but this platform is aimed at institutions and individuals who need traditional banking services to use cryptocurrency. Instead of promoting their trading tool, they promote their low-interest rate and high-yield crypto debit/credit card.
Crypto Trading For Beginners
FAQs
Where is the best place to view exchange rates❓
Visit Coinmarketcap.com for an average price across the market. It’s important to check for variations on the crypto exchange where you will place the trade.
What is the best cryptocurrency exchange for beginners❓
Binance.com is closely followed by Coinbase.com if you prefer a US-based trading platform. Kraken.com is also a great place for beginners to start trading.
Should I trade or invest in cryptocurrency❓
Invest – Hodling is by far the best medium to long-term strategy. Trading is fraught with terrible losses for most people, but it can be so much fun. Picking a coin that goes 10x is a great feeling.
How much money can I make trading cryptocurrency❓
It ranges from losing all your money to making an absolute packet – think ‘casino.’
How to start cryptocurrency trading❓
Go to Binance.com or Coinbase.com and set up an account. Jump through the KYC (Know Your Customer) hoops, buy some crypto, and you’re off!
Which cryptocurrency is best for trading❓
I can tell you which cryptocurrencies were the best. The future is harder to predict. In general, the larger the market cap, the lower the volatility. So for a less nerve-jangling trading experience, choose the big boys, like Bitcoin, Ethereum, BinanceCoin, etc. Maybe throw in a couple of up-and-coming projects that are trending right now.
How much money do you need to start trading crypto❓
Literally 1$, depending on where you start trading. Only ever trade money that you are happy never to see again. The question you need to consider is not how much you need to start, but how much you can afford to lose.
What is the top crypto trading platform for beginners❓
Binance.com is my favorite, with Coinbase.com for a more regulated, US platform.
What is the best crypto platform to trade altcoins❓
Some very interesting projects in their early stages are traded on only minor exchanges at first. For these altcoins, you need to search the web to find out where. KuCoin.com has a massive selection, so for the well-known coins, start there.
For more established altcoins, most of the non-USbased exchanges have a comprehensive roster. Again, you need to research the particular coins you want to trade to know for sure which exchanges support them.
Which crypto trading platforms have a demo account❓
Binance has one that lets you practice margin and leveraged short trading, but I didn’t see the equivalent for regular spot trading. eToro also offers a practice account for beginners. Kraken offers a test account for learning advanced trading with leverage, but they don’t have one for regular trading.
Can you trade cryptocurrency without paying fees❓
Some of the new wave of DeFi projects promote fee-free platforms. Traditional exchanges often have market makers on the other end of your crypto trades. They manufacture a spread instead of charging a trading fee.
You may even be obliged to buy an exchange token to trade or qualify for the discounted fees. There are so many subtle ways the platform can take a slice of your crypto, even without charging trading fees.
Where To Store Your Cryptocurrency❓
Large amounts belong in cold-storage, offline. I am happy to have smaller amounts on a trusted exchange. The exact amounts depend on an individual’s overall wealth, but for me, a couple of thousand dollars is the maximum on any given exchange.
If you want to end up with more than you started, buy an HODL, especially in the medium and long term. If you are happy to change your arm and can afford to lose your money, have fun trading. Be aware that around 90% of crypto traders lose money overall . These figures are similar to online poker player stats.
It’s very easy to appear as a genius trader in an incredibly bullish market. But don’t fool yourself by thinking that you are owed a profit. This is not the case, and can create a harsh environment that’s “red in tooth and claw”.
Take some of the crypto profits you have made and gamble them. Enjoy it but don’t rely on the income.
You should consider the importance of technical analysis as well as news in your decision. Technical analysis is best when it focuses on developing an integrated strategy to decide how and when you should enter or exit positions.
