Cryptos are the latest trend to hit the market, with Bitcoin dominating the headlines and altcoins nailing the punchlines.
As the number of cryptos on the market grows, investors now have more options than ever to trade their hard-earned cash for decentralized digital money. However, how do you go about trading your preferred cryptocurrency?
Furthermore, the internet is filled with stories of hackers stealing traders’ profits from poorly secured cryptocurrency exchanges. Thus, emphasizing the importance of properly selecting a secure crypto investing site before trading. With that being said, which of the numerous cryptocurrency exchanges is the right fit for you?
Other aspects will affect your decision, including security measures, the convenience of usage, trading costs, and the number of coins accessible for trade, all of which play a role in determining the best crypto investing site for you. Below is a list for you to choose your preferred exchange for your investment.
It should come as no surprise that Coinbase, one of the world’s most well-known cryptocurrency investment sites, is at the top of this list. Cryptocurrency traders have used Coinbase since 2012, and the exchange has only become better with time.
Coinbase is a good spot for new traders to get started because of its user-friendly design, simple onboarding procedure, and free $5 in Bitcoin just for opening an account. According to many experts, Coinbase is one of the best websites for beginners because you can purchase a variety of crypto by finding them all in one place.
Furthermore, expert users will like Coinbase Pro, which offers more robust tools for power users eager to start cryptocurrency trading.
Users have a good selection of options to pick from with hundreds of digital currencies and altcoins supported by Coinbase; however, the list is by no means exhaustive. Furthermore, consumers should watch for high trading costs slapped onto their trades, which are part of a complex structure across the Coinbase site.
Remember that Coinbase is more expensive than other cryptocurrency trading platforms and offers only a few payment methods.
Binance, another famous cryptocurrency investment site, has only been active for four years but has quickly grabbed the crypto market by storm.
Binance, based in Hong Kong, is an international exchange that supports over 500 different cryptocurrencies. The website is incredibly user-friendly and easy, allowing users to move between a basic and advanced version of the site at any time as their crypto trading experience improves.
While Binance is easy to use for beginners, it may ultimately be best for crypto day traders — minimal trading fees, powerful charting tools, and an easy-to-use mobile app allow for quick, and simple crypto trading. With all of these advantages, it’s easy to see why Binance has grown to become one of the world’s largest cryptocurrency exchanges.
Gemini, founded in 2014 by the Winklevoss twins, has established itself as one of the most reputable names in cryptocurrency. Gemini’s two stars were Bitcoin and Ethereum. Still, the exchange now allows customers to trade more than 40 alternative cryptocurrencies on its platform, including Bitcoin Cash and Gemini dollars, a US dollar-backed stable coin. Gemini is built on trust, and the site was created with regulatory compliance as a key emphasis. The company is a fiduciary, and the Federal Deposit Insurance Corporation covers the site. As you can expect, security is of the utmost importance to Gemini.
Gemini is well-known for its security, with the majority of the coinage on the exchange kept in cold storage. It also provides incredibly responsive customer support, responding to email inquiries within a few hours.
Furthermore, Gemini’s trading fees are slightly higher than Coinbase Pro’s but lower than Coinbase itself. Fees are imposed on a sliding scale based on trading frequency, encouraging power users to utilize the site more frequently while charging one-time purchasers an above-average fee. The website is simple, albeit the mobile app isn’t as user-friendly as some of the rivals. The website does not allow debit or credit card payments to fund your trading. However, if your primary worry is the safety and security of your cryptocurrency, trading with Gemini is a fantastic alternative.
Kraken’s coin selection is less than some, with only 90 currencies available for trading on the platform. Still, it makes up for it with outstanding features that experienced crypto traders adore. While the platform includes basic capabilities for beginners, Kraken’s Pro site is where the company truly excels.
Margin trading and crypto futures are sure to appeal to power users, while the option to stake your coins will appeal to set-it-and-forget-it users. Kraken employs its proprietary custody system and does not rely on any third-party service in terms of security. Assets are only moved online when you trade or withdraw them from the site.
Kraken’s maker-taker fee schedule mechanism is at best perplexing, and it frequently leaves consumers on the hook for higher costs than they’d find elsewhere unless they’re actively trading for 30 days. Furthermore, Kraken’s exchange has a history of going down during periods of significant volatility. In 2018, the New York Attorney General’s office singled out Kraken for noncompliance issues. Aside from that, Kraken is one of the oldest and safest exchanges, and it’s an excellent choice for anyone looking for complex crypto services.
Selecting the appropriate exchange for your needs is critical if you want to start cryptocurrency trading or investment. Whether you want the most currencies, the lowest fees, or the simplest of experiences, there is always an alternative for you out there. Whether it’s our overall winner Coinbase or a competitor such as Binance, all you need is a funded account to purchase your first crypto.