Mar 31
A Quick Guide into Cryptocurrency Exchanges
(Note: This article should not be taken as investment advice. It is an attempt to keep the investor aware of recent changes in the financial landscape. Any investment decision taken after reading this article should be done with the help of professionals.)
If you’re looking to invest in cryptocurrencies, this article will help you to understand the benefits of using a cryptocurrency exchange. We will be looking through 3 of the best crypto exchanges to use and their respective features.
Why should you use a cryptocurrency exchange?
To the new investor who wants to dip their toes into cryptocurrency but not jump in, purchasing crypto from an exchange can be daunting, but don’t worry. Cryptocurrency exchanges (the right ones) are completely safe, convenient and seamless when you use them.
Most investors in this space are concerned with security. Right now, the best solution to guarantee complete security is to buy a private crypto wallet. You can use it to store the cryptocurrency you buy from the exchange and use it to sell your crypto on the exchange as well. Just make sure to take care of your private key information and you’re all set.
Another issue is high trading fees. We will be listing the transaction fees for each cryptocurrency exchange in this list. In cryptocurrency exchanges, using your credit card/debit card is usually more expensive than bank transfers and other methods of payment.
Let’s get started.
1.) Binance
For those looking for a global platform to invest in, Binance may be the answer. Originally started in Hong Kong, the cryptocurrency exchange has physical offices in locations like Dubai, US, Pakistan etc. It comes with over 600 cryptocurrencies to invest in, making it a lucrative option for both the amateur and the pro investor
· Centralized exchange
· Security — Two factor authentication
· Trading fees — 0.1%
· 600+ cryptocurrencies available
2.) Coinbase
Started in 2012, Coinbase offers new investors a friendly way into the crypto space. The crypto-exchange eases you into investing by offering you free learning resources about the world of crypto and what options you have if you invest. Just head on over to their learn section at (https://www.coinbase.com/learn) to find out more!
· Centralized exchange
· Security — Stores 98% of it’s assets in offline cold storage
· Trading fees — 0.00% to 0.60%
· 150+ cryptocurrencies available
3.) Gemini
Gemini comes handy to those who are looking for security when it comes to their wallets. Gemini offers top of the line security systems and is one of the few cryptocurrency exchanges that has not yet been hacked so far, making this a viable option.
· Centralized exchange
· Security — FDIC insurance for US Dollars
· Trading fees — 1.49% (For transactions above $200)
· 65+ cryptocurrencies available
This should get you started on your crypto-journey
When it comes to cryptocurrency exchanges, keep your search simple by choosing a cryptocurrency that’s secure, easy to use and low in trading fees.
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