The tremendous benefits brought to us by the technology of the blockchain, one of the most important, the emergent of cryptocurrencies, have gained much popularity amongst different calibers of individuals as a result of its different use-cases fitting almost every aspect of human lives.
With the rapid growth rate being experienced in the community, it’s often difficult for some individuals to get started with trading, especially when they can’t figure out the most suitable trading tools, one of which is the exchange platforms.
To enjoy trading on Exchanges, usually, there are a couple of important features that make them easy to use for new joiners to the cryptocurrency market. The more you can find on a given exchange out of these features the better you are equipped for trading as a newbie on the market.
Here are a few things you will want to consider before picking the best cryptocurrency exchange suited for your trading and speculative needs.
Almost all the exchanges charge one fee or the other. It is inevitable to experience transaction fees or transfer fees. As a beginner, learning and trying to manage your funds, you need to carefully select the proper exchange that helps you minimize the costs of trading.
Verification processes might be time-consuming and overwhelming sometime, however, you need to be patient, and follow the step-by-step processes needed for complete verification. One of the major reasons for verification is to avoid dubious activities by traders, and to allow the exchange track any suspicious activities going on, on the exchange.
Also, another very important feature to look out for is the security. You need to make sure the exchange you are choosing is secured with at least two-factor authentication. If the exchange does not implement the use of two-factor authentication, then you must be aware.
Ease Of Use –
The organization of trading tools must be easy for the new users to understand. The presentation of tools must be simple and easy to interact with, not just for experienced traders, but also for the new users.
Security Of Funds –
Users funds must be properly secured. Like the modern exchanges, funds are often stored offline rather online, to avoid illegal access to users’ funds online.
Having bad experience sometimes is inevitable, however, if the general opinion of the people on an exchange is positive, it can be deduced that the exchange has a solid reputation, and it’s trusted by traders to maintain the value of the exchange.
It’s also important to select the exchange that supports your region. Difficulties in compliance with some governmental restrictions on the use of cryptocurrencies in some regions make it difficult for some exchanges to extend their services to some parts of the word. As a beginner, you need to make sure your region is supported by the exchange you are choosing.
Best 7 Cryptocurrency Trading Sites For Beginners
Having those features in mind, we’ll guide you through some of the carefully selected trading websites for beginners.
One of the most popular exchanges for both the beginners and advanced users. Binance provides options for basic and advanced trading tools to sooth wide variety of users. Another interesting feature of the exchange in satisfying users’ needs is the fact that they not only provide a web application for their trading platform but also mobile application supporting both the Android and iOS.
Binance is known for its advanced level of security built by professionals from in industry. The exchange is also known for its offline storage of funds to protect its users from losing funds should there be any attack.
Binance offers zero charges for deposit. However, withdrawals are subject to the conditions of the blockchain at a point in time. Users can calculate withdrawal fee based on the predefined gauge set by Binance. In addition to that, settling your trading fees with the traditional BNB tokens gives you a discount of up to 50% in your trading fees.
You can check the statistics of the countries supported by Binance here
Coinbase is another exchange that supports Bitcoin, Bitcoin Cash, Ethereum, and Litecoin. It has a very simple and easy-to-use user interface. Unlike Binance, Coinbase allows you to exchange your fiat-currencies to cryptocurrencies and vise-versa.
The exchange allows you to enable two-factor authentication giving you a firm assurance on the security of your funds. However, the exchange strictly requires you to complete necessary Know-Your-Customer details before you can go ahead with any trading activity.
Additionally, the exchange has a responsive mobile application giving its user on-the-go access to their portfolios.
You can check the list of countries supported by the Kucoin exchange here
Kucoin is another exchange that allows an only crypto-to-crypto exchange. It has a simple user interface with easy-to-use trading tools. Kucoin is also known for its standard transfer encryption protocol for data transfer layers, meaning that all of the sensitive data and user data are stored in an encrypted data format. Also, there is multifactor dynamic authentication for additional security. Additionally, Kucoin has a dedicated risk control system with strict standards for operating and using data involving multilevel review and approval.
Another very important feature of the exchange is the fee structure. As a newbie, trading becomes much easier with the reduced
Kucoin takes charges no deposit fee, and the trading fee is set at only 0.1 percent. Additionally, KuCoin happens to be one of the few exchanges that pay you NeoGAS for holding NEO on it.
Changelly is another very accessible exchange. It doesn’t require you to undergo the tedious KYC process but it does require you to sign-in with your email ID. The exchange currently supports more than 35 cryptocurrencies along with fiat pairs such as USD/EUR. It also allows you to buy cryptocurrencies with your credit card.
If you are worried about the stress of moving your funds from wallet to exchange, Changelly can be used as a complete exchange on its own and can be used directly from some of your wallets including the Coinomi wallet, thanks to their wallet integration capability.
The exchange charges a commission fee of 0.5% on each trade, which is minimal in exchange for the volatility and risk that they bear on behalf of their users.
Similar to Changelly, Shapeshift also offers an easy way to exchange cryptocurrencies. ShapeShift greatly reduces the risk of stolen funds and it increases privacy because it requires no account or personal data to use. The exchange offers a nice and easy-to-use user interface erasing all complexities.
When using ShapeShift, users can choose between Quick and Precise orders. Quick transactions refer to a transaction where the user inputs the receiving address and is given a deposit address from ShapeShift. Using quick order, the user is not required to specify how much of the wanted altcoin is required, as they can deposit whatever they like. The Precise transaction allows a user to receive the exact number ShapeShift can be used in almost everywhere in the world except the New York and North Korea.
CEX.io is a UK-based exchange that offers the buying/selling of cryptocurrencies. It is also one of the beginners’ friendly websites because of the easy-to-use user interface and accessible trading tools. Similar to Coinbase, CEX.io also allows the exchange of crypto-to-fiat and fiat-to-crypto transactions. Additionally, as an effort to make things easy for the users, the exchange is made available across all the major mobile platforms including Android and iOS.
It should be noted that Cex.io accepts customers from all over the world, excluding the USA and North Korea.
CEX.io takes all the necessary security feature serious. The Two-factor authentication and use of security questions are also employed for account protection. Also, the majority of coins are stored in the cold wallet. The exchange also offers SMS and email alerts.
Another advantage of using CEX.io is that it offers the use of credit card for purchasing cryptocurrencies. However, the following countries are restricted for credit card purchases: Iceland, Vietnam, Afghanistan, Algeria, Bahrain, Iraq, Kuwait, Lebanon, Libya, Nigeria, Oman, Pakistan, Palestine, Qatar, Saudi Arabia, and Yemen.