This is the fourth part of an introduction to cryptocurrency exchange trading. This article covers selecting a cryptocurrency exchange to use for that special first trade. Terms in bold are defined in the article or here.
UPDATE: Things have changed since writing this article. Kraken provides the best experience for aspiring cryptocurrency traders based in the US, especially in terms of asset choice. An article on Kraken is forthcoming. However, for a complete beginner, Coinbase still offers the gentlest account establishment and trading experience. Read on to learn more.
Gateway exchanges are a gateway to the cryptocurrency universe. For those that are not into cryptocurrency mining, or fortunate enough to benefit from an airdrop, the entrance to the cryptocurrency world starts here. Gateway exchanges allow traders to exchange legal tender for cryptocurrency and vice versa. There are two hugely popular gateway exchanges for cryptocurrency enthusiasts domiciled in the United States of America:
- Gemini
- Coinbase and GDAX
Gemini was founded by famous twins. Cameron Winklevoss and Tyler Winklevoss founded Gemini Trust Company, LLC in 2015. Coinbase was founded by Brian Armstrong and Fred Ehrsam in 2011, and Coinbase launched GDAX, or Global Digital Asset Exchange, in 2016.
