Cryptocurrency exchanges are those platforms where purchasing, selling, and conversion of digital currencies is possible. Every crypto trading platform comes with its own unique features that set it apart from competitors. Now, these exchanges are very important for the trading of cryptocurrencies at the scale they are at present. Some crypto exchanges facilitate the competitive price and other offers special financial products.
Best cryptocurrency exchanges for beginners
Below are some of the best cryptocurrency exchanges for those who are new to crypto trading.
Coinbase is one of the best cryptocurrency exchanges ideal for both experienced traders and also for the ones who are new to it. This user-friendly trading platform gives them a complete thorough experience in trading cryptocurrencies. Coinbase is an ideal exchange for novice traders because of its simple interface that can be easily understood by them.
Plus, it also facilitates assorted educational resources including all from blockchain technology to market volatility. And if security is the main concern for you, then Coinbase excels in it with strong security provisions via 2FA (Two-Factor authentication), stores 98% of cryptos offline, and protects custodial accounts via insurance policy. Despite higher fees, Coinbase is a reputed exchange for advanced traders. Its fee structure is very complicated.
Crypto. com exchange
Crypto. com exchange comes as another best option for beginners. Like Coinbase, it also comes among the category of top-rated exchanges. But it is not listed, merely for this. It assures its users with trusted security measures that help them from cyberattacks and other crypto frauds.
There are reputed exchanges featured with a strong cybersecurity framework. And this is where Crypto. com exchange excels above them. In terms of ranking, this crypto trading platform ranks first in the Cybersecurity Ranking and Certification Platform’s top 100 exchanges. Crypto. com comes with many techniques for ensuring the security of users’ crypto on its trading platform. This includes the provision of offline cold storage of all the cryptocurrencies.
The exchange also makes the best use of multi-factor identification via the biometric system, phone, email, password, and authenticator verification. Other than security, Crypto.com is also known for its large collection of 250 coins. Featuring of non-custodial Defi wallet is one of its best features.
This helps users in sending the cryptocurrency at speed and getting interested in tokens – crypto loans, margin trading, plus prepaid visa cards for spending crypto. One of the demerits of the Crypto.com exchange is no trading options are given for crypto to crypto trading, purchases with debit and credit cards are expensive, and no availability of some services in the United States.
Bisq is a decentralized exchange and can be the best crypto exchange option for beginners. Earlier, it was popular with the name Bitsquare. It also comes with an unstained, and simple-to-use interface, plus the support of coins of centralized exchanges to decentralized eco-space. Created on open-source software, indicating the publicly available design, the funding of this crypto project is done by the community of users with their donations and personal savings.
For conducting cryptocurrency transactions, there is no need for a third party by Bisq. Also, this exchange platform does not even ask its users to submit their personal data for allowing trading on it. Bitcoin fans can look at it as the best substitute especially if they are seeking a wide array of alternate coins like ADA, DOGE, and XRP to trade with.
Coming on to security factor, then yes, Bisq is indeed a reliable exchange, as it ensures safety with multi-signature and security deposit system techniques. The main advantages of this exchange include trade support with an array of coins and fiat currencies, a wide range of methods for doing payments, and a brief verification process. But it has two major demerits, which is you can do trading with either BSQ or Bitcoin. Even though it does have a mobile version, still, it is functioning only for notifications.
So these are the 3 top cryptocurrency exchanges for a beginner. Trading on crypto trading platforms has increased in countries that accept cryptocurrencies. However, let us remind you one thing. If you are new to crypto trading, then never barge into a crypto investment without proper research on the particular crypto exchange.
This is not to scare you away from crypto trading but to aware you from losing your money. There have been cases of scams, hacking, and other crypto frauds. So whenever you choose any exchanges, do your own research or even ask for expert help. He will surely guide you and will give you the right direction. To know more about Kraken vs Binance, log on to the Cryptoknowmics website.