Here are the best cryptocurrency trading platforms for beginners:
It is no doubt that cryptocurrency is revolutionary. Cryptocurrency slowly gains popularity as newcomers join the crypto space. The majority of newcomers get into the crypto space by learning about Bitcoin. First, they read about Bitcoin, then they learn what cryptocurrency is, and finally how to own cryptocurrency. It is at this point they learn what cryptocurrency trading platforms are. If you are a newcomer to the crypto world, you may wonder “what is the best cryptocurrency trading platform for beginners?”. In this article, we will list out the best cryptocurrency trading platforms for beginners.
What we consider “best” can be very subjective. So, in this article, our criteria for an exchange to be best is as follows:
- Ease of use
- Fees
- Security of funds
- Anonymity
Here are the top cryptocurrency trading platforms for beginners:
Binance
This cryptocurrency trading platform is top on our list for its incredibly easy user interface. This exchange is suited for beginners as well as advance traders. Binance has an inbuilt option to switch between basic and advance mode, which makes it incredibly user-friendly.
In terms of fees, Binance constantly ranks in exchanges that have some of the lowest fees. You are given a discount of 50% to your trading fee if you own Binance Coin (BNB), their native coin.
When it comes to deposits and withdrawals, Binance is very quick. This cryptocurrency trading platform is very liquid. It constantly ranks in top cryptocurrency exchanges that have the highest trading volumes.
Interestingly, Binance supports margin and futures trading. If you are a beginner to cryptocurrency trading, I suggest you stay away from margin or futures trading. Margin and futures trading is suited well for advance traders.
What is great about this cryptocurrency trading platform is that they provide mobile app versions of it. So, you can trade cryptocurrency on your iPhone or Android.
In terms of Anonymity, Binance only requires your email and password when registering. You can withdraw up to 2 BTC daily without submitting any form of KYC. Although, you can go through the KYC process if you want to lift these limitations.
This trading platform also supports buying cryptocurrency with fiat. Now you can buy crypto with credit/debit cards or bank transfers.
Trading fee: Check here.
KuCoin
This trading platform has one of the nicest and easiest to use user interfaces ever. KuCoin has amassed a large customer base due to its various incentives and rewards toward the crypto community. KuCoin has its own cryptocurrency KuCoin (KCS). If you own this coin, you get a discount on fees when trading. What is even more great about KuCoin is its profit-sharing incentive. When a trader trades, KuCoin charges a fee. 50% of this fee is redistributed to KCS holders. This means, if you hold KCS, you can earn passive income. This passive income can add up quite quickly.
In many ways, KuCoin is similar to Binance. Their sleek user interface, deposit & withdrawal times, and everything else is on par with Binance. You can trade on KuCoin without providing any form of identity verification. Only your email is required to register at KuCoin. Although they do have a limitation on the amount of cryptocurrency you get to withdraw daily (2 BTC per 24hr), this limitation can be lifted by abiding by KYC requirements.
KuCoin’s iPhone and Android app versions are feature-rich, yet very user-friendly. If you haven’t traded cryptocurrency on a smartphone, you can do it now with the KuCoin app.
This trading platform has been for many years and has never been hacked. You can rest assured that this trading platform is very secure.
KuCoin is not just a regular cryptocurrency trading platform. KuCoin is a platform to trade, buy, invest in ICOs, earn passive income, and to learn about cryptocurrency. This is why KuCoin is one of the best cryptocurrency trading platforms for beginners.
Trading fee: Check here.
Changelly
This cryptocurrency trading platform is the most privacy centered platform on our list. If you enjoy anonymity, this is your platform. As far as user experience goes, Changelly is very simple to use. They allow you to trade cryptocurrencies without providing any form of identity. All that is required to trade on Changelly is your wallet address.
Changelly is more of a cryptocurrency swapping service than a cryptocurrency trading platform. Changelly does not provide you with tools to perform technical analysis like other platforms do, instead Changelly provides you with a simple interface to exchange cryptocurrency. This is why this platform is very user-friendly.
Changelly is connected to major cryptocurrency exchanges. So, when you place an order, Changelly bot finds the best rate across multiple exchanges and gives the best deal.
This platform also allows you to buy cryptocurrency with fiat. As of now, they support USD, EUR, GBP. You can buy cryptocurrency with Debit/Credit cards. The process of buying cryptocurrency with fiat is very beginner-friendly. You have to be severely retarded to do something wrong here. Although it is important to be aware of the limitations when it comes to buying cryptocurrency using Changelly. You can check out the limitations here.
This platform supports over 150+ cryptocurrencies and more are added regularly.
Changelly has been operating for a very long time now and has never been hacked to this date. For beginners worried about the safety of funds, rest assured that this platform is safe.
Coinbase
Coinbase is one of the oldest cryptocurrency exchanges to date. It started as a Bitcoin brokerage service but later, more and more features were added. Coinbase is where the newbies usually buy their first Bitcoin thanks to its very user-friendly interface and company’s reputation.
Coinbase operates similar to a bank account. When you open a Coinbase account and buy your first cryptocurrency, Coinbase stores it for you, much like a bank storing your money. This can be very convenient for newbies because they do not have to worry about keeping their cryptocurrency safe and saving private keys. Everything is done by Coinbase for you.
Coinbase is where you buy and sell cryptocurrencies and Coinbase Pro is their trading platform. Be aware that you are required to go through identity verification before you are allowed to trade.
In terms of safety, Coinbase is one of the safest places to buy and trade cryptocurrencies. The majority of their funds are stored in secure offline storage. However, it is important to add that Coinbase is the least anonymous trading platform on our list.
You can check out the full break down of their fee structure here.
Conclusion
If you are a beginner to cryptocurrency trading, it is very important that you do not store cryptocurrency on a trading platform. All trading platforms listed above are very secure, but security is not always a guarantee. Each trading platform listed above is primarily good at one thing, be it ease of use, security, privacy, or low fee. It is up to you to select the right trading platform based on your requirements.