If you weren’t familiar with cryptocurrencies like Bitcoin or Ethereum before you’ve likely seen them in the news recently. As businesses begin to accept cryptocurrency and alternative uses for the blockchain emerge, like NFTs, interest is growing in the future of crypto, and many people are looking for ways to invest.
However, purchasing cryptocurrency can be confusing if you don’t know where to look. Much like stocks, various cryptocurrencies are sold on publicly accessible exchanges, of which there are many. Different exchanges offer different types of cryptocurrency, different user interfaces, and different transaction fees, so it’s worth finding one that provides reliable service and a fair deal. If you want to educate yourself on crypto exchanges but don’t know where to look, read on to learn more about three of the top exchanges where you can buy and sell cryptocurrency.
Coinbase is likely to be on any list of top crypto exchanges, given how widely used it is. If you’ve never used a crypto exchange before, Coinbase is extremely user-friendly and can be the best option for beginners. Purchases can also be made instantly, and the daily limit for purchases is high if you connect your bank account.
If your interest is primarily in altcoins, Coinbase might not offer all of the types of crypto you’re looking to purchase, but they still offer a decent selection of cryptocurrencies at the moment. The main downside to using Coinbase is that they have transaction fees that are on the higher end of the scale. However, for many traders, the simplicity and ease of use is worth the fee. Coinbase Pro is also available for a monthly fee, which has additional features that advanced traders can make use of.
For anyone buying cryptocurrency in significant quantities, Binance is one of the best options out there. Binance offers some of the lowest transaction fees of any crypto exchange and offers over-the-counter services for purchases over $10,000.
Binance also offers a broad selection of coins, meaning that it’s a great exchange platform for anyone who is interested in altcoins. Binance is the largest exchange in terms of daily trading volume, and it offers both a basic and a more advanced version of its platform for users looking to buy and sell cryptocurrencies.
Kraken is a veteran trading platform that underwent a recent redesign and boosted its investment in security and customer support. The investment seems to be paying off, as Kraken claims to be the largest exchange in terms of liquidity and euro volume. Kraken also offers users both over-the-counter and margin trading options, for those interested in those types of investment strategies. Kraken also offers low fees compared to some of the other platforms. It offers over 40 coins available for trade, so it’s likely that Kraken can help you trade in your preferred type of cryptocurrency.
There are a number of crypto exchanges, so if you’re new to investing, make sure you do your research before you dive in. Depending on which type of cryptocurrency you want to purchase and how frequently you intend to trade, the best crypto exchange to suit your needs can vary. Coinbase is a great option for beginners, but other exchanges like Binance and Kraken offer a wider variety of altcoins and lower transaction fees.
Coinbase also offers Coinbase Pro, with more features for advanced traders. No matter where you purchase your crypto, take time to learn about the market and understand the risks and volatility involved before you make a significant investment. Once you’re ready to take the next step, checking out one of these exchanges is a great way to get started.