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Finding the best crypto exchange may be a challenging task for beginners. Below we have summarized the top 10 choices for you.
If you purchase Bitcoin or any other cryptocurrency, you'll need to find the best exchange or trading platform to facilitate your trades. An exchange is a trusted third party that lets you exchange your assets with someone else.
Many exchanges have grown and added more functions or features to their service to stay competitive and attract more clients. As there are many options, picking the best crypto exchange for beginners is not easy. Every exchange probably looks the same for a beginner who just started their career. But in reality, every exchange is different, and a handful of them should be avoided.
Many scams have happened and still continue to happen until this day, so it is important to be sure that you're choosing the right exchange before you decide to register.
Some exchanges that you can consider are:
- eToro: One of the largest cryptocurrency exchanges active since 2006.
- Coinbase: Buy, sell, store, and send various cryptocurrencies as easily as possible.
- Changelly: offers the easiest way to buy cryptocurrency.
- Kraken: Offers more choices, such as allowing margin trading and more advanced tools.
- Square's Cash app: An excellent choice for those who wish to own Bitcoin instantly.
- Robinhood: Lets you buy, sell and store cryptos, some at no cost at all.
- Gemini: One of the most secure crypto exchanges right now.
- Bittrex: This exchange is particularly useful if you want to trade with altcoins.
- Binance: This exchange charges 0.1% per trade and offers a free deposit.
- Luno: It offers a great trading platform with 2FA protection.
The following article will cover the top 10 best exchanges suitable for beginners. Whether you intend to buy and hold in the long term, trade frequently, or want a platform that is easy to navigate, the following exchanges may provide what you need.
Top 10 Exchanges Suitable for Beginners
Here are some examples of top crypto exchanges for beginners. You may want to check their specialties first so that it can match with your condition. That is the secret of choosing the best crypto exchange.
1. eToro
eToro is one the largest cryptocurrency exchanges that has been active since 2006 and served more than 17 million users across approximately 140 countries. Regarding security, ease of use, and liquidity, eToro undoubtedly tops the market.
Also, as an online trading platform that not only facilitates crypto trading but also forex and other commodities, the company operates under the regulation of the UK's Financial Conduct Authority (FCA) and the Cyprus Securities Exchange Commission (CySEC).
Currently, eToro offers 18 cryptocurrencies that you can trade anytime, including Bitcoin, Litecoin, and Ethereum. The website and mobile app are nearly identical and very suitable for beginners because it is simple and easy to navigate.
Besides that, the platform also facilitates social trading feature that allows you to mirror the trades of experts, so you wouldn't have to be highly experienced to start investing.
eToro established in early 2007, with a mission to make trading accessible to anyone, anywhere, and reduce dependency on traditional financial institutions. The company has head offices in the United Kingdom, Cyprus, USA, and Australia.
eToro (Europe) Ltd operates as a Financial Services Company authorized and regulated by the Cyprus Securities Exchange Commission (CySEC) under license no. #109/10. Meanwhile, eToro (UK) Ltd is authorized and regulated by the Financial Conduct Authority (FCA) under the license FRN 583263.
As for eToro AUS Capital Pty Ltd, the legal standing is acknowledged by the Australian Securities and Investments Commission (ASIC) to provide financial services under Australian Financial Services License 491139.
A broker that belongs to the 4-digit type, eToro offers both short-term options for day traders and long-term options for investors, such as their innovative Smart Portfolios, a fully managed thematic portfolio.
Since 2007, eToro has been at the forefront of the Fintech revolution. The most recent was launched in 2017, which is Smart Portfolios powered by Machine learning Al. Beyond developing Smart Portfolios, the company integrated Microsoft's machine learning technology into Momentum DD.
The new Smart Portfolios investment strategy uses artificial intelligence to find the steadiest traders who are most likely to generate a double-digit return and bundle traders into one fully-managed portfolio. eToro has hundreds of financial assets for trading across several categories including stocks, commodities, crypto assets, currencies, indices, and ETFs. Each asset class has characteristics and can be traded using a variety of investment strategies.
Some positions on eToro involve ownership of underlying assets, such as non-leveraged positions on stocks and cryptos. Employing CFDs will enable a variety of options, such as leveraged trades, short (sell) positions, fractional ownership, and more. For example, traders can invest as little as USD100 in gold, even if a single unit of gold cost USD1,000. Some of eToro's most popular CFD commodities include gold, oil, natural gas, silver, and platinum.
Currencies are traded on eToro only as CFDs. Also, CFDs enable Sell (short) positions and leveraged trade, even for assets that don't offer the option in traditional trading. Some of the popular currencies include EUR/USD, GBP/USD, AUD/USD, USD/JPY, and USD/CAD.
Furthermore, An Exchange-Traded Fund (ETF) is a financial instrument comprising several assets grouped to serve as one tradable fund. After opening an account in eToro, traders can invest as little as USD250 in an ETF that costs USD500. Some of the popular ETFs on eToro include SPY, VXXB, TLT, and HMMJ.
However, eToro also offers additional functions using CFD trading. All leveraged ETF positions in the UK are under FCA regulations. Meanwhile, all CFD positions executed by eToro Australia are under ASIC regulations.
The company has other advantages. In all financial assets that can be traded, eToro does not charge any deposit or trading frees other than spreads.
eToro charges a USD25 fee for withdrawals and the minimum withdrawal amount is USD50. Long (Buy), non-leveraged crypto, stock, and ETF positions are not executed as CFDs and do not incur any fees. eToro does charge overnight or weekend fees for CFDs positions, such as leveraged positions and short (sell) orders.
Fee updates always apply to open positions. Fees are subject to change at any given time and could change daily, without prior notice, depending on market conditions.
As a beginner, trader can use CopyTrading eToro. Different from the features of other brokers, traders can copy the strategies of professional traders without fee or profit-sharing. Therefore, 100% profit is fully owned by traders. For example, while trader A who is copied by trader B, produces a profit of 10% this month, then trader B also gets a profit of 10%.
The company is the world's leading social trading network. Since eToro operates in complete transparency, each trader has valuable information on their eToro profiles, so other traders that are interested to copy their trades can have assistance in creating their best portfolios.
Another feature that is unique to eToro is the personalized, social News Feed. Just like on any social media, traders can post their updates on feed, comment on other's posts, and gradually create a feed that is tailor-fitted to trader's trading and investing interests. On eToro social trading platform, traders will also get notifications when a trader writes a new post and many other important updates.
2. Coinbase
Coinbase is arguably the most well-known and notable cryptocurrency exchange in the United States. It was founded in 2012, not long after the release of Bitcoin in 2009.
Coinbase has now evolved into a giant crypto exchange that is fully regulated and licensed. Furthermore, the company essentially has two platforms for trading:
- Coinbase, which is a broker-wallet hybrid
- and Coinbase Pro, which is a more professional exchange.
For beginners, starting with Coinbase is probably the best choice. You can buy, sell, store, and send various cryptocurrencies in the easiest way possible. Once you get the hang of cryptocurrency trading, you can switch to Coinbase Pro in order to access more charts and indicators on the platform.
See Also:
3. Changelly
Founded in 2015, Changelly offers the easiest way to buy cryptocurrency. According to the website, the first thing that you have to do is choosing a crypto pair that you'd like to buy.
After confirming the order, you have to input the token amount and wait a few minutes for the tokens to be delivered to your crypto wallet. Also, by working with a variety of trading platforms, Changelly can offer you the best crypto price on the market.
4. Kraken
Kraken is one of the top cryptocurrency exchanges based in San Fransisco on which you can use regular fiat currency to trade with many types of cryptocurrencies. There are at least 50 cryptocurrencies to invest in, including the ones that are considered riskier, like DOGE.
If we compare it to Coinbase, Kraken is slightly more complex, but it offers more choices such as allowing margin trading and more advanced tools like crypto futures.
All in all, Kraken is a great choice especially for US-based investors because it allows you to buy and sell with moderate leverage, allows you to trade with a number of different coins, and has both spot and futures trading.
5. Square's Cash App
Although the features of this app are still quite limited, Square's Cash App offers an easy way to buy and sell Bitcoin. You must download the app, input your personal information, and hit the buy Bitcoin button.
It basically lets you buy, sell, store, withdraw, and deposit Bitcoin. Therefore, the app works as both Bitcoin exchange and custodial wallet.
This is an excellent choice for those who wish to own Bitcoin instantly without any complicated requirements. However, Square's Cash App only lets you buy, sell, send, or receive Bitcoin within the app's ecosystem.
6. Robinhood
Although it is still a relatively new crypto exchange, Robinhood has been proven to be a popular stock trading provider for years. It lets you buy, sell and store cryptos, some at no cost at all.
The exchange supports several cryptos including Bitcoin, Bitcoin Cash, Bitcoin SV, Dogecoin, Ethereum, Ethereum Classic, and Litecoin. With Robinhood, you can also see the market data for 10 other cryptos.
Despite the limited features and crypto you can choose, you can maximize commission-free trading. It can be helpful to reduce trading cost, especially for novice traders.
7. Gemini
Gemini is a simple US-based exchange that was founded by the Winklevoss twins in 2014 and commonly seen as one of the most secure exchanges out there. The system has never been hacked before and they also accept fiat currency (US dollar) with FDIC protection. In other words, security is their main selling point.
They offer a straightforward platform that is easy to use for beginners and puts high emphasis on security and customer protection. There are over 20 cryptocurrencies to choose from, including its own currency called Gemini dollars.
8. Bittrex
Bittrex is another US-based crypto-to-crypto exchange that has proven to be suitable for beginners. The exchange is particularly useful if you want to trade with altcoins. In Bittrex, you can trade BTC and ETH for a wide option of altcoins, especially if you are a US-based trader that doesn't have access to Kraken and Binance.
9. Binance
Binance is a well-known cryptocurrency exchange that was established in 2017. The exchange is very well-known to be the best at providing altcoin trading, as it offers more than 200 coins to trade with; a whooping number even for a cryptocurrency exchange.
Not only that, the fees are also relatively low compared to other exchanges; Binance charges 0.1% per trade and offers free deposit. Also, since Binance has a large user network from all across the globe, it can offer smaller spreads and better liquidity than other exchanges. That being said, it is a great choice for any trader, including beginners.
10. Luno
The last cryptocurrency exchange we will discuss is Luno, an FCA-regulated exchange that has expanded its service in developing countries, including Nigeria, Malaysia, and Indonesia. The company was first established in 2013 and originally named BitX, but rebranded to Luno in 2016.
Luno currently has offices in London, Cape Town, and Singapore, and has served more than 3 million users worldwide. Compared to other exchanges, Luno's trading fees are relatively high, but it offers a great trading platform with 2FA protection, making it one of the safest and accessible places to buy cryptocurrencies.
What Makes an Exchange Beginner-Friendly?
The obvious answer to the question would be simplicity. Every beginner would want to find an exchange that is easy to use, learn, and master. For someone who just started to trade, the trading process itself is already hard on its own as there are many things to remember and understand. It involves complex charts, unfamiliar terminology, and various types of price indicators which can be challenging at first.
So in other words, you don't need to add another pressure by picking a complex platform designed for advanced traders. Pick a platform that keeps things as clear as possible.
Remember that each platform may have its own specialties and advantages. For example, Changelly lets you stand back and be removed from the actual trading process.
You have to input the number of tokens you desire and pay the necessary price to precede. So you can easily pass the hard parts, such as going through price charts, lists of tokens, etc. Meanwhile, another exchange like Binance would require you to be involved a little more but offer slightly better pricing and a faster platform in return.
Generally, you would want to look for an exchange that doesn't bombard you with complex statistical data and graphs. Find a simple one that at least includes a list of buying options and their associated price.
Different Purposes of an Exchange
Generally, there are three types of exchanges; each facilitates a certain method of trading cryptocurrencies:
- Crypto-Only Exchanges: These sites only allow you to deposit, trade, and withdraw digital tokens.
- Fiat-Crypto Exchanges: This type of exchange accepts fiat currency such as USD, GBP, EUR, etc. Therefore, buying cryptocurrency via credit cards, debit cards, or bank transfers is possible. However, it is important to note that some of these exchanges won't let you withdraw your funds using your deposit method.
- Online Brokerage Platforms: trading cryptocurrencies using a CFD brokerage platform is also possible. As a beginner, this method may have a few advantages. Firstly, the security is more guaranteed as CFD brokerages have been operating in a regulated market for many years.
Conclusion
Cryptocurrency trading is nowhere less risky than any other investment. That is why, choosing a safe and trustworthy exchange is very crucial to avoid unnecessary problems.
If you're a beginner, it's best to start with a simple platform that lets you buy, sell, store, and withdraw crypto in the easiest way possible. More importantly, choose a platform allowing you to trade in a demo account.
At this point, complex charts and advanced trading tools will only weigh you down and potentially complicate things more than they should be. Once you improve your trading skill, you can bring your trades to the next step and register in exchanges that offer advanced trading features.
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