As the movement for the mainstream adoption of cryptocurrency progresses, more people are finding ways to invest in digital assets. Beginners in the crypto market would have to familiarize themselves with complex terminologies before dipping into crypto investments and trading.
Thanks to constant innovations in the crypto industry, it’s easier for people to make transactions using digital coins such as Bitcoin, ETH, XRP, and ADA. Whether you want to invest and HODL onto your cryptocurrencies or use trading strategies to increase your earning, crypto exchange sites can help you with digital coin transactions.
There are various platforms you can choose from depending on your crypto trading activities. Learn more about the top cryptocurrency exchanges and the features they can offer you right here at BTC Post!
Types of crypto exchanges
Before deciding on which platform to use for your crypto transactions, it’s important to understand the difference between centralized and decentralized exchanges. Each type of exchange is categorized between the two and can offer you features that will help with your trading needs.
Centralized exchanges are platforms operated by private companies that you can use to trade cryptocurrencies. These exchanges require you to register into their system and input your information before creating an account.
These types of exchanges function similar to a brokerage in the stock market. The company has authority over all transactions between users. What makes centralized exchanges useful for crypto transactions is that these sites and apps are programmed to have features that make the trades and purchases easy to carry out and understand.
On the other hand, decentralized exchanges have no central point of control. It operates on the same principles as Bitcoin networks wherein there are no private entities controlling the system.
These servers cannot be subject to any regulatory restrictions, unlike their centralized counterparts. Moreover, crypto users have full control over their funds, trade positions, and personal data because the network only serves as a routing layer for people to transact.
Top crypto exchanges for beginners
For novice Bitcoin investors, Cash App is an easy-to-use centralized exchange that acts as your own bank account. It offers a peer-to-peer money transfer service that can be easily downloaded on your mobile phone.
Cash App also has a mobile-first interface that’s simple to understand and use especially for beginners. Moreover, it also allows you to invest and trade in stocks and Bitcoin.
What makes Cash App stand out from other exchanges is its Bitcoin withdrawal option. As a user, you are allowed to withdraw up to US$5,000 worth of BTC a week into your own digital wallet.
eToro, another centralized exchange, is suitable for beginners in the crypto market because its interface has a straightforward design. Moreover, the exchange site also has a built-in messaging that allows users to interact with one another and exchange investment ideas and trading information.
One of the most important facets of eToro is its CopyTrader feature. This allows you to mimic trades and trading strategies from portfolios of successful eToro clients.
Best decentralized exchange sites
Bisq is an open trading platform that can be accessed regardless of your location and without divulging any sensitive personal information. It’s a downloadable software that allows peer-to-peer crypto transactions that can be accessible to anyone who has a computer or a mobile phone.
This decentralized exchange allows individuals in countries with financial uncertainty and underdeveloped financial systems to have control over their hard-earned money. Moreover, Bisq is non-custodial, which means that only the users have control over their funds.
IDEX is one of the most popular decentralized exchanges in the crypto industry. It was built using an Ethereum-based smart contract that can only be accessed by a private key. This crypto exchange site can be accessed by anyone with a computer or mobile phone because there’s no registration process required.
Compared to the other decentralized exchanges, the IDEX platform has an uncomplicated design. It allows users to view trading pairs and the status of various orders. Moreover, users can set limitations on their trades and orders.
The exchange functions similar to centralized exchanges because IDEX users still rely on the interface to complete their orders and transactions. However, the exchange is more secure and boasts a straightforward interface that users can navigate.
Overall top cryptocurrency exchange sites
Launched in 2017, Binance is one of the largest cryptocurrency exchanges and makes up a significant portion of the trading volume in the global crypto market. Its main focus is altcoin trading and offers more than a hundred different trading pairs between various cryptocurrencies. It also offers fiat-crypto pairings and gives users the option to purchase cryptocurrencies using a credit or debit card.
There are more than 50 different cryptocurrencies available in Binance including its own token, BNB. This makes Binance most suitable for investors interested in purchasing and trading lesser-known altcoins.
When using Binance exchange’s native coin, the fees are lowered by 25%, which is significantly lower compared to other platforms.
The US-based centralized crypto exchange is one of the most popular and utilized platforms for cryptocurrency transactions. It’s a fully regulated and licensed cryptocurrency exchange that has avoided fraudulent controversies since its foundation.
Coinbase is relatively easy to use because its interface is user-friendly which can be helpful for crypto investment beginners. Similar to Binance, Coinbase also offers 46 different cryptocurrencies on its platform. Moreover, it offers insured custodial wallets for its users which can be beneficial for full-time investors and beginners alike.
There’s also the existence of Coinbase Pro which has more affordable rates and a variety of options in charts and trade indicators. Coinbase Pro is best suited for advanced users that would want to customize features based on their crypto activity.
Bitcoin (BTC) $ 47,421.00 2.71%
Ethereum (ETH) $ 3,345.31 4.85%
Cardano (ADA) $ 2.34 2.67%
Tether (USDT) $ 1.00 0.07%
Binance Coin (BNB) $ 406.17 2.89%
XRP (XRP) $ 1.06 2.13%
Solana (SOL) $ 157.74 2.58%
Polkadot (DOT) $ 33.46 4.48%
Dogecoin (DOGE) $ 0.235874 3.4%
USD Coin (USDC) $ 1.00 0.06%