Overview of the Best Cryptocurrency Exchange for Beginners
By: Asianmarketcap Official
Tags: Cryptocurrency Exchange, Binance, Coinbase, Bitcoin, Cryptocurrency

Every user has unique needs when buying cryptocurrency. There is no such thing as one size fits all, especially when it comes to selecting the best cryptocurrency exchange — to buy, trade and sell your cryptocurrencies.

This article aims to give an overview of the best cryptocurrency exchange for beginners based on the following:

Ø Exchanges’ supported countries. Are they open to most countries including yours?

Ø Payment methods. How many payment methods will they accept?

Ø Fees. How much does the exchange charge for converting your money? And how does this fee compare to other similar exchanges?

Ø Privacy. How much personal information does the exchange require? Do you need to upload a picture of your ID?

Ø Limits. How much can you buy? Sometimes, there are crypto and fiat withdrawal limits on exchanges on how much you can withdraw at once. This can be an annoying scenario especially if you deal with large amounts to be withdrawn.

Ø Liquidity. Can you get in and out of your coins fast at good prices?

Ø Reputation. How long does the exchange been around? Is it regulated? Many exchanges have been scams in the past so do your own due diligence before you make a deposit with them.

Ø Speed (delivery of coins). How fast will your coins be delivered to your wallet balance? Note that most problems with speed are due to the legacy banking system and not with cryptocurrency.

Ø Customer support. How fast and reliable their customer service is? Do they have a 24-hour customer service? How do they respond to clients’ inquiries and complaints?

Ø Any past issues. Are they involved to some malicious activities? Do they have awesome clients’ reviews? Do they have history of hacks or DDoS attacks?

Disclaimer: This is to note, however, that Asian Market Cap is not personally promoting any particular crypto exchange. Every user is advised to do his due diligence before engaging into the cryptocurrency sphere.

POPULAR BTC AND CRYPTO EXCHANGES

Words of Advice: Your BTC should not be stored on any exchange — for long period of time. It is still best to keep your BTC and altcoins on a reliable hardware wallet.

COINBASE (www.coinbase.com)

Coinbase is considered to be the world’s largest BTC broker. It supports customers in over 30 countries, including the United States, Europe (except Germany), UK, Singapore, Canada and Australia. Customers can purchase cryptocurrency by debit card, bank transfer, SEPA transfer and more.

Pros:

Ø High liquidity and buying limits

Ø Easy way for newcomers to get Bitcoins

Ø “Instant Buy” option available with debit card

Cons:

Ø Purchases made through bank transfer will take up to 5 days to complete

Ø This exchange may track how and where you spend your BTC

COINMAMA (www.coinmama.com)

Coinmama allows customers to buy BTC, LTC, ETH and many other coins in almost every country with a credit or debit card. They charge a 4.9%-5.9% (depends on volume) fee on every purchase. Europe customers can also purchase cryptocurrencies with SEPA transfer for a much lower fee.

Pros:

Ø Works in almost all countries

Ø Highest limits for buying BTC with a credit card

Ø Reliable and trusted broker

Cons:

Ø Some of the highest fees among debit/credit BTC brokers

BEST CRYPTOCURRENCY EXCHANGE FOR BEGINNERS

The best FIAT cryptocurrency exchange for beginners is probably COINBASE because of the following reasons:

Ø It has the best user interface and is very easy to use and navigate.

Ø The verification process is fast and you can buy crypto almost instantly.

Ø It has excellent mobile apps for iPhone and Android users.

Ø It’s a regulated exchange and FDIC insured.

FIAT exchanges allow you to buy cryptocurrency with fiat money such as USD, GBP, Euros, etc). They let you use traditional payment method to buy cryptocurrency such as credit card, bank transfer or cash.

While the best PURE cryptocurrency exchange or altcoin exchange for beginners is probably BINANCE for the following reasons:

Ø Binance mobile apps make it easy to use for beginners.

Ø Its web interface is quite simple to use as well.

Ø With just an email address, you can instantly start trading in Binance.

Ø It’s probably one of the largest crypto exchanges in the world today.

Altcoin exchanges don’t deal with traditional payment methods like credit/debit cards. Instead, they require you to deposit cryptocurrency FIRST and then you can trade the cryptocurrency you deposited for other coins other than Bitcoin.

CONCLUSION

As mentioned, never ever store your cryptocurrencies on an exchange for a long period of time. If you don’t have the private keys to your coins, they are not really yours.

Make sure to get a secure crypto wallet and use that to keep your coins. Yes, hardware wallets are a bit costly especially for beginners but if you are really serious about secure storage of your coins, they are a must-have. Be responsible of your own assets!

We do hope this article somehow enlighten you as you dive deeper into the cryptocurrency arena.