Cryptocurrency has been around for quite some time now, but not everyone truly understands it. There remains confusion with it, which is quite understandable since it is not easily accessible to everyone because of its purely electronic existence.
What is Cryptocurrency?
Before we go to our list of recommended cryptocurrency platforms, you need to understand first what it is.
Cryptocurrency is a digital currency that only exists electronically and is exchanged with other people online. Transactions involving cryptocurrency do not require intermediaries such as banks. They are stored in digital wallets that can be accessed via mobile device or computer or stored in an external hard drive.
It can be used to pay for items or services that a person acquires. For instance, an individual can use it to pay for groceries in a shop that accepts cryptocurrency as payment. Or perhaps a business owner decides to buy a high-quality industrial gas heater as part of expanding his business, he can simply access his digital wallet and pay for it using cryptocurrency, provided the merchant accepts this mode of payment.
However, as convenient as cryptocurrency might seem, it does come with certain risks. That is why those who are interested in getting a piece of the action should be educated first. Due diligence is required if one expects to be successful in this arena.
9 Top Cryptocurrency Exchanges That Are Best for Beginners
The great news is that, although cryptocurrency might seem hard to understand at first, certain platforms make it easy and engaging for beginners.
Here are some of the cryptocurrency exchanges that most experts recommend for newbies:
If you’re looking at trading the most popular cryptocurrencies, such as Bitcoin, Litecoin, and Ethereum, and forex, Etoro is perfect for you. It is surprisingly intuitive and easy to use and is available on both web and mobile platforms.
Binance is a great cryptocurrency platform that both beginners and experts enjoy. It offers services such as futures trading, margin trading, and a lot more giving people more opportunities to make the most of their investments. With its massive transaction options and cryptocurrencies, it’s no wonder it remains one of the most popular exchanges today.
When looking for the right exchange, you need to consider a company’s track record, on top of the range of services they provide. Fortunately, CEX has an outstanding track record along with an easy-to-use User Interface and wider worldwide coverage compared to others on this list.
As one of the oldest platforms in the race, Bitfinex offers beginners the ability to trade on the go with their mobile apps on both iOS and Android. Liquidity is also not a concern as it has always had enormous volume.
If there’s one thing Coinbase is quite known for, it’s that it is hands-down one of the best platforms for online Bitcoin exchanges. Lots of beginners use Coinbase to acquire digital currency, making a lot of deposits and withdrawals using Bitcoin. With over 30 million users already on board, it’s safe to say that you’re in good hands with Coinbase.
BitMEX is one of the busiest cryptocurrency exchanges you will find in the cryptorealm. And understandably so because it is designed to be run by economists, developers, and professional algorithm traders. But despite its intimidating setup, its tools and techniques easily accommodate both beginner and advanced users to trade cryptocurrencies.
If you want to keep things simple and easy, they don’t come as easy as Changelly’s platform. It allows you to send and trade currency easily and only requires your email ID to sign in. Buying cryptocurrency using a debit or credit card is also not a problem.
KuCoin has gained a lot of traction over the past year, more specifically during the past 6 months. This should come as no surprise since its volume has put it in the top 25 exchanges on CMC. It also helps that its UI is easy to navigate and user-friendly.
One of the best selling points of Bisq is its brilliant security system. With its servers sporadically spread throughout the world, the chances of an attack on its servers are very low. This makes both beginner and experienced traders more secure with their transactions.
Cryptocurrency holds much promise but that’s no reason for anyone to dive into it foolhardily. Due diligence must be observed, just like in any major financial decision. The more you know about it, the more confident you are with your decision. Whether you decide to give it a go or not, the important thing is your decision is backed up by factual data and not just emotional hype.