Trading in digital assets continues to grow rapidly. Every day there are more and more cryptocurrency projects and platforms on the Internet where you can buy, sell and exchange cryptocurrency.
It is safest to make transactions on cryptocurrency exchanges. Now their number has already exceeded 500, and all of them are quite different in many respects. For example, the exchange rate of the same trading pair on two exchanges can differ quite noticeably.
Coming to the exchange with a certain amount of money, everyone expects to increase their funds and gain trading experience. If you are an absolute beginner, you are unlikely to immediately start looking for XFi-friendly crypto exchange or another very specific platform. To begin with, it is better to focus on more understandable basic selection criteria.
What to pay attention to
Surely every trading platform has strengths and weaknesses. Theoretically, you can register at least on all existing exchanges. In practice, it’s definitely not worth sputtering like that, as well as following the very first link that the peak algorithms of your favorite social network will kindly provide you with.
So, when choosing a platform for effective trading and profitable exchange, you should pay attention to the following criteria:
- Site availability in your country. Although cryptocurrencies are not limited by state borders, there are still territorial restrictions for clients of cryptocurrency exchanges.
- Marketplace interface. For a beginner, it is important that the interface is intuitive. Agree, losing money due to an error on the button is not very pleasant.
- Multilingual. It is very difficult to master at the same time a new business for yourself in an unfamiliar language. If the platform settings include your native language, this is a huge plus in favor of the chosen exchange.
- Ways to deposit and withdraw funds. Make sure that you can deposit and withdraw money in the most convenient way for you.
- What coins does the service support? If your goals include not only a one-time exchange of a particular asset but system trading, the number of coins and trading pairs is crucial.
- Daily turnover. The higher the daily turnover, the greater your chances of a fast swap at a favorable exchange rate.
- Availability of a demo account and training materials. It’s best when you have both. On a demo account, you can learn the basics of trading without risking real money.
- Service commissions. The average size of exchange commissions is about 0.2% of the transaction amount. In addition, commissions for depositing and withdrawing funds may be charged at different sites.
- Account verification requirements. In many centralized sites, it is necessary or desirable to verify your identity after registering an account.
- The reputation of the trading platform.
Best Cryptocurrency Exchanges for Beginners
Any rating list displays one of the numerous private opinions. Before making important decisions, study more information about different trading platforms.
Crypto exchange Binance is unlikely to have reached the honorable first place if it were not focused on novice traders. It leads in terms of daily turnover and supports over 500 digital and 60 fiat currencies. The intuitive multilingual interface is suitable for both beginners and professionals. Binance fees are well below industry averages. More than 10 deposit and withdrawal methods are supported.
KuCoin is among the top exchanges in terms of trading volume and leads in terms of the number of coins supported. There are more than 10 ways to replenish the deposit, there are a few fewer ways to withdraw funds. The interface is multilingual, but the support service works only in English.
Huobi Cryptocurrency Exchange supports over 600 coins and tokens. It is considered one of the safest and most reliable trading platforms. The interface is multilingual, there are also 10 ways to replenish the deposit and withdraw funds. It is possible to convert .28 ETH to USD and 16 more fiat currencies.
A fast cryptocurrency exchange service with an extremely simple interface. Registration and special training to work with the service are not required. After filling out the exchange widget and confirming the application, the search for the most profitable deal and its completion are performed automatically.