Cryptocurrency exchanges are a vital part of the cryptocurrency ecosystem. They facilitate the trade between different cryptocurrencies and fiat currencies by providing services like spot trading, exchanging one cryptocurrency for another, etc. In this article, we will be talking about the top nine beginner cryptocurrency exchanges. We will also talk about how to pick an exchange that is right for you and what to look out for when choosing one.
Coinbase is a great choice for beginners because it allows them to purchase cryptocurrency with fiat. This means people who have never used something like Luno or Kraken can still get their feet wet in the world of cryptocurrencies without having to worry about all these complex trading platforms and how they work. In addition, Coinbase also operates GDAX, which is an advanced exchange designed specifically for traders looking at active investments into various coins on different exchanges.
Gemini Exchange was launched back in 2015 by two well-known American entrepreneurs – Cameron and Tyler Winklevoss. Gemini has been operational since then, and during this time, they managed to build up quite a reputation among other cryptocurrency exchanges due to their superior technology infrastructure as well as efficient customer service. The Gemini team prides itself on providing its users with the best possible experience, and as such, they have 24/365 customer support as well as a relatively quick verification process.
Binance is a famous cryptocurrency exchange that has been gaining momentum over the past few months. It’s important to note, however, that they are not for everyone – their largest drawback being the lack of fiat support which can make it difficult to enter certain cryptocurrencies without first buying Bitcoin or Ethereum on another platform and then sending them over. You can check an in-depth Binance review to find out whether it is the right exchange for you.
When it comes to exchanges, Kraken stands out due to its low fees as well as high liquidity on all major pairs. If you want an alternative option that offers better rates than Coinbase but doesn’t provide any services like spot trading or wallet storage, then this might be a great choice for you. It also supports margin trading, so if you have some experience in leveraged trades, then Kraken could be a good option to consider.
Bitfinex is a Hong Kong-based cryptocurrency exchange which was founded in 2012. It has been designed to focus on advanced traders and features some of the best security practices you will find anywhere online. While beginner users might be intimidated by how much they can do with Bitfinex, there are many tutorials available that teach them everything from margin trading to lending services which open up advanced options for experienced traders who want access to more markets than offered at other exchanges.
Bittrex is a US-based cryptocurrency exchange launched in 2014. It currently offers more than 190 cryptocurrencies to be traded against USD, BTC, and ETH, which makes it one of the biggest trading platforms out there. Bittrex has earned its reputation as many advanced traders swear by this exchange’s stability, security, and a no-nonsense approach towards new users who are looking for basic options like buying/selling coins with fiat currencies but don’t want any handholding during these processes.
Cex.io is a London-based cryptocurrency exchange launched in 2013 and offers trading options for Bitcoin, Ethereum, Zcash, Dashcoin against fiat currencies like USD or EUR. It’s also one of the few exchanges offering margin trading to its users with two levels of security: basic account protection, which allows you to withdraw up to $1000 worth of coins daily, while advanced mode requires additional input from the user every time they want to make a withdrawal thus making it impossible for hackers/bots to steal your funds by knowing what amount will be transferred on beforehand.
Poloniex is a US-based cryptocurrency exchange that was launched in 2014. It’s one of the most active trading platforms with over 60 cryptocurrencies listed on its website, and it also offers margin lending, which allows you to trade more Bitcoins than what you have deposited, by borrowing funds from peer traders through a contract called “Margin Funding” for x% per day. Plus, they support margin trading, so you can borrow funds from the order book by placing a “Deposit” or “Margin Loan” order.
GDAX is a sister trading platform of Coinbase. It allows you to buy and sell Bitcoins just like the bigger one, but it doesn’t have a margin funding feature which can be considered as an advantage if that’s not something you’re interested in. Besides, it does not charge withdrawal fees (check out the full review on GDAX).
Exchanges are the heart of the cryptocurrency trade. They act as meeting points for buyers and sellers to interact without having to worry about the inconveniences that come with dealing directly, like price volatility, security, etc. This is why it’s important you choose an exchange that suits your needs best while also being secure at all times.