Top Three Crypto Exchanges for Beginners

This article is here to help you make a decision. We will highlight the top three exchanges you should use as a beginner and also highlight their pros and cons, so you know what you are going for. If you’re ready, buckle up and let’s get started. Before highlighting the top three exchanges, let’s highlight what you should look out for in a crypto exchange as a beginner.

What to Look Out for in a Crypto Exchange

It can be quite a challenge choosing the right crypto exchange. There are many factors to consider before picking the right exchange to deposit your digital assets into.

One factor to consider is how secure the crypto exchange is. As crypto becomes more popular, hackers and criminals try to create opportunities to steal user funds from exchanges. You don’t want to put your money in an unsecured place, would you? This is why you need to put your digital assets in a secure crypto exchange.

If you’re looking to be a crypto trader, you also need to consider the currency pairs the crypto exchange has. If you’re looking to invest in a single popular coin, you can settle for a secured crypto exchange. However, if you’re looking to diversify your portfolio, you need to go for an exchange that serves as a host for multiple currencies and trading pairs.

There are other factors such as deposit and withdrawal fees and liquidity. These are factors you need to consider before choosing the right crypto exchange for your needs. If you’re just getting started with cryptocurrency, it is advisable to go for an exchange that’s easy to use.

Top Three Crypto Exchanges for Beginners

Choosing the right exchange may not be easy. That’s why we have compiled the best three exchanges for you. We will also highlight the pros and cons of each exchange and what you should look out for.

Coinbase

Coinbase is characterized by its user-friendly interface, which makes crypto investments fun. But this convenience comes at a price.

One issue with Coinbase is its fee structure. The confusing fee structure will charge you more than the cost of the same purchase on the company’s Coinbase Pro platform, which is not suitable for beginners, and which is also free to use.

The exchange has a lot of crypto assets, and the buying process is easy. It also has a platform where you can learn about crypto and get rewards for learning. Isn’t that amazing?

Binance

Crypto figure Zhao Changpeng (CZ) founded Binance in China in 2017. Binance is considered the number one crypto exchange on CoinMarketCap.

With Binance you can buy, sell, and trade cryptocurrencies for a fee of 0.1%. You can use bank deposits, wire transfers, and credit/debit cards to buy cryptocurrency, so there are many payment methods to choose from. However, there is a heavy 4.5% charge to purchase a debit card.

For security reasons, Binance has an asset fund as insurance to prevent user funds from being stolen and a 2-factor authentication system (2FA) system to protect your account from hackers.

Another advantage Binance has is that it hosts thousands of cryptocurrencies, some of which are not on other cryptocurrency exchanges. This is one of the reasons it has become the preferred exchange for crypto assets.

Kraken

Based in the United States, Kraken was launched in 2011 and relaunched in 2013. The exchange has a lot of cryptocurrencies, so you have a lot of trading options.

Kraken offers 3 account plans: starter, intermediate, and pro. The starter account enables the deposit, exchange, and withdrawal of cryptocurrency. The perfect platform for crypto beginners.

The average transaction fee is between 0.9% and 1.5% depending on the transaction amount. This makes Kraken one of the cheaper cryptocurrency exchanges with a good reputation.

On the other hand, there are some bad reviews about the service even though customer support guarantees users 24/7 availability.

Conclusion

The aforementioned crypto exchanges all have their advantages, unique features, and disadvantages. If you are looking to start trading or investing in cryptocurrency, it is important to choose the best exchange for your goals. Whether you want the most currency, the lowest fees, or the easiest experience, the choice is yours.

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