Sleek, easy to use platform<\/td> <\/td><\/tr><\/tbody><\/table><\/figure>\n<\/div><\/div>\n\n\n\n\n
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Bitstamp<\/h3>\n\n\n\n Bitstamp was founded in 2011 and is based in Europe. It is a first-generation digital exchange. <\/p>\n\n\n\n
It has gained a reputation as being a safe and reliable trading platform. It has secure two-step verification technology for wallets and insured cold storage. <\/p>\n\n\n\n
Bitstamp offers free accounts. After opening your account and making the deposit, you can start trading immediately. <\/p>\n<\/div>\n\n\n\n
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PROS<\/th> CONS<\/strong><\/th><\/tr><\/thead>High-level security<\/td> Not beginner-friendly<\/td><\/tr> Available globally<\/td> High deposit fees<\/td><\/tr> Low transaction fees<\/td> Bad user interface<\/td><\/tr> <\/td> Limited payment methods<\/td><\/tr><\/tbody><\/table><\/figure>\n<\/div><\/div>\n\n\n\n\n
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Binance<\/h3>\n\n\n\n Binance is a centralized platform that focuses on crypto-to-crypto trading. What makes Binance interesting is that they offer their coin called BNB (Binance coin). They also offer a discount if you decide to trade with BNB. <\/p>\n\n\n\n
Binance has a 0.1% trading fee and has a variety of altcoins available. <\/p>\n\n\n\n
They are rapidly growing in popularity because of their amazing offerings and low trading fee. <\/p>\n\n\n\n
We would recommend this platform for both beginners and advanced traders.<\/p>\n<\/div>\n\n\n\n
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PROS<\/th> CONS<\/strong><\/th><\/tr><\/thead>Offers their coin<\/td> Does not offer fiat trading<\/td><\/tr> Low trading fee<\/td> Limited payment methods<\/td><\/tr> Available Worldwide<\/td> <\/td><\/tr><\/tbody><\/table><\/figure>\n<\/div><\/div>\n\n\n\n\n
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Gemini<\/h3>\n\n\n\n Gemini is a licensed US-based exchange. Being licensed means that Gemini is held to the same regulations and standards as a US-based bank. It also comes with impressive security measures such as cold storage.<\/p>\n\n\n\n
Gemini has a maker-taker fee schedule and offers discounts to high-volume traders. They don\u2019t charge fees for deposits or withdrawals so that was a major win in our book. <\/p>\n\n\n\n
A downside is that Gemini is not fully available worldwide. Another downside is that they only trade in three currencies, the US dollar, ether, and Bitcoin. This might discourage advanced or serious traders from investing with Gemini. <\/p>\n\n\n\n
We recommend this platform to beginner or experienced traders.<\/p>\n<\/div>\n\n\n\n
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PROS<\/th> CONS<\/strong><\/th><\/tr><\/thead>High volume trading<\/td> Limited currencies<\/td><\/tr> Amazing security technology <\/td> Not fully available worldwide<\/td><\/tr> User-friendly<\/td> Lacks margin trading<\/td><\/tr> Licensed in the US<\/td> <\/td><\/tr><\/tbody><\/table><\/figure>\n<\/div><\/div>\n\n\n\nWhat is cryptocurrency?<\/h2>\n\n\n\n Cryptocurrency is a digital currency. You can use it as a way to pay for goods and services online or trade it to make a profit. <\/p>\n\n\n\n
The uses of cryptocurrencies are regulated by online ledgers to make sure online transactions are secure. A lot of companies have begun using their cryptocurrencies that you can use in exchange for their goods and services. These are usually called tokens and you can think of them as casino chips or arcade tokens. Cryptocurrency works by using blockchain. Blockchain is a decentralized technology that is spread among computers worldwide. Blockchain manages and records online transactions as well. <\/p>\n\n\n\n
There are over 6700 different cryptocurrencies. The most famous currency, Bitcoin, is currently worth around $563.8 billion. <\/p>\n\n\n\n
Brokers are the middlemen between the buyer and the exchange. Brokers can buy up large amounts of cryptocurrencies and then sell them on their platforms. <\/p>\n\n\n\n
To make a profit off this, brokers sell cryptocurrencies at a higher rate than the exchange. If you choose to work with a broker you get access to services like easy payment methods, working systems, and support. <\/p>\n\n\n\n
How to pick a crypto trading platform?<\/h2>\n\n\n\n Before jumping into the world of cryptocurrencies, here are a few things you should consider:<\/p>\n\n\n\n
Privacy<\/h3>\n\n\n\n Most cryptocurrency platforms should offer you privacy settings. The two-step authentication process is a common setting that can be manually enabled. <\/p>\n\n\n\n
This is essential to your security. The two-step authentication gives you extra protection against hackers. It protects your account and personal information. <\/p>\n\n\n\n
What can you trade?<\/h3>\n\n\n\n Platforms offer different digital currencies. When choosing a platform you should check which coins they offer and if you\u2019d like to trade with them. <\/p>\n\n\n\n
For beginners, this might not be high on the list of needs. But, it is important to know which coins are worth trading. <\/p>\n\n\n\n
Limits<\/h3>\n\n\n\n If you\u2019re an active trader, checking daily or monthly limits are useful. Some trading platforms might have transaction limits. Going over these limits can lead to increased fees so this is something to keep in mind. <\/p>\n\n\n\n
Fees<\/h3>\n\n\n\n Exchanges should have this information easily available on their website. Before jumping in you need to understand the fees that might be attached to your account and trades. <\/p>\n\n\n\n
Fees can differ from platform to platform and from transaction to transaction. <\/p>\n\n\n\n
Liquidity<\/h3>\n\n\n\n Something every trader should consider is the liquidity options offered by their preferred trading platform. How easy is it to convert your coins to cash? What are the costs of doing this? These are a few questions you should consider. <\/p>\n\n\n\n
Speed<\/h3>\n\n\n\n It is good to check out the trade execution speeds of a trading platform. That is, how fast a trade can occur. <\/p>\n\n\n\n
If you\u2019re an active trader slow trade execution speeds might be a deal-breaker. This might not be an issue for beginners or casual traders. <\/p>\n\n\n\n
Education<\/h3>\n\n\n\n This is a good thing to check on if you\u2019re a beginner and want to learn by experience. The educational content a platform offers can help you with your trading and how to use the tools offered. <\/p>\n\n\n\n
Research<\/h3>\n\n\n\n This is an important feature that every trading platform should have. The research content should be robust and easy to use. <\/p>\n\n\n\n
In the case of short-term cryptocurrencies, this is important because they are sensitive to relevant news. <\/p>\n\n\n\n
Minimums<\/h3>\n\n\n\n When choosing a trading platform you should check out if the platform has multiple minimums. <\/p>\n\n\n\n
Things like the minimum amount needed to open an account, the minimum deposits or investments you need to make, and minimum account balances. <\/p>\n\n\n\n
These minimums require you to have a certain amount of money in your account or pay a certain amount to trade. If you\u2019re a beginner we would advise you to choose a platform with low minimums. <\/p>\n\n\n\n
Payments Methods <\/h3>\n\n\n\n You should know what payment options are available to you. Does the platform allow for credit and debit cards? PayPal? Wire transfers? <\/p>\n\n\n\n
You should also consider if the platform has limited payment options and which currencies they support. <\/p>\n\n\n\n
Tools<\/h3>\n\n\n\n The tools a platform offers can make a huge difference in your trading methods. Tools like historical price charts that show market trends can help you decide when and how to trade. <\/p>\n\n\n\n
There are also tools like real-time data streaming and charting. For active traders, being able to customize these tools to suit your needs is a must. <\/p>\n\n\n\n
Supported Countries<\/h3>\n\n\n\n When choosing a platform it is important to make sure that it is available in your region or country. Some platforms have user functions that are only available in certain areas. <\/p>\n\n\n\n
You need to make sure that your preferred platform is fully accessible in your country. <\/p>\n\n\n\n
Reputation<\/h3>\n\n\n\n This is one of the easiest things to research when looking for a platform. You can check user reviews, google the exchange, and read articles on the platform. <\/p>\n\n\n\n
Security<\/h3>\n\n\n\n When trading you want to be as safe as possible to avoid scams and hackers. The securities a platform offers can guard your interests and investments. <\/p>\n\n\n\n
You should check whether the platform has security measures in place like cold storage. <\/p>\n\n\n\n
Trading Platform<\/h3>\n\n\n\n If you\u2019re a trader on the go or if you have a hectic lifestyle, it might be important for a trading broker to have multiple platforms.<\/p>\n\n\n\n
A popular option is having a mobile trading platform app and most brokers offer this. The most common platforms we have seen are an online-based platform, desktop app, and mobile app. Most platforms offer all three. If you are looking to do a lot of trades day trading crypto, check out our top rated apps for day trading<\/a>.<\/p>\n\n\n\nLeverage<\/h3>\n\n\n\n Crypto leverage trading is a tool that you can use to open long or short positions by leveraging borrowed funds. This lets you maximize your potential profits while using a small amount of money. <\/p>\n\n\n\n
This is a great way to increase profits. If you are an active, advanced trader this is something you could consider however, we would not recommend this tool for beginners. <\/p>\n\n\n\n
When leveraging borrowed funds you open yourself up to compound profits and losses so keep this in mind. <\/p>\n\n\n\n
Regulation<\/h3>\n\n\n\n The first thing to know is that the regulation of cryptocurrencies differs from platform to platform and from country to country. <\/p>\n\n\n\n
Whether you\u2019re a beginner or an advanced trader, checking if a platform is regulated by the government and other financial institutions is important. <\/p>\n\n\n\n
Regulation affects how coins are exchanged, bought, sold, and traded. It also affects the security measures in place. <\/p>\n\n\n\n
Types of Exchanges<\/h2>\n\n\n\nBrokers<\/h3>\n\n\n\n These are websites you can join to buy and trade cryptocurrencies around the world. This is done using prices set by the broker. <\/p>\n\n\n\n
Trading Platforms<\/h3>\n\n\n\n Trading platforms are websites or applications that connect buyers to sellers. When using a platform a fee is charged for each transaction. Fees vary from platform to platform. <\/p>\n\n\n\n
Peer-to-Peer<\/h3>\n\n\n\n This is when people can trade cryptocurrencies with each other. There are platforms where traders can buy, sell, and trade on their terms. <\/p>\n\n\n\n
\nCentralized and decentralized exchanges<\/li>\n<\/ul>\n\n\n\nThis has to do with control over your account. In centralized exchanges, most of the control over your account stays with the party that runs the exchange. In decentralized exchanges, you control your account. <\/p>\n\n\n\n
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