Those who are just starting to get acquainted with cryptocurrencies and the operation of exchanges for Bitcoin and other coins will be better off if they begin their training in trading and exchanging cryptocurrencies with one of the exchanges specifically designed for beginners.
How to choose an exchange that is beginner-friendly
While each cryptocurrency exchange has its own unique features, there are a few common basic characteristics that make them suitable for those new to the cryptocurrency markets.
They were created to make it easy for new people to enter the cryptocurrency space. Cryptocurrency exchange development company Merehead tries to take into account the requirements of people without experience with cryptocurrency.
The first thing beginners need is a clear and understandable user interface. The platform should make it immediately clear what needs to be done to buy or sell cryptocurrency.
If important information and trading tools are hidden behind nested menu structures, then you are not on a beginner-friendly cryptocurrency exchange.
Another sign that you have found a cryptocurrency exchange that is friendly to newbies is the introductory overview of working with it, which is provided after registration.
Newbie reviews like these are a sign of not only an exchange that is beginner-friendly, but also an exchange that cares about its customers. For a company developing cryptocurrency exchanges, such reviews are a good addition to the finished project.
Another great feature worth checking out is the demo account, where you can practice trading without risking your own capital.
If you plan to trade cryptocurrencies for profit, it is very important that you have a strong strategy. It is equally important to have a proven strategy, and this can only be done if the exchange offers a demo account.
Even if all of the above is included in the exchange’s services, you, as a beginner, will almost certainly have questions. And in this case, responsive support will be the most important characteristic for you. Getting quick, concise, and accurate answers to any questions can save you a lot of frustration.
We invite you to familiarize yourself with the 5 best cryptocurrency exchanges in the world that are suitable for beginners.
Coinbase is considered one of the most reliable cryptocurrency exchanges, if not the most reliable. The world’s largest cryptocurrency exchange platform, it has more than 20 million active users, making it larger than stock brokers such as Charles Schwab and Fidelity.
Traders can buy and sell Bitcoin, Ethereum, Litecoin, Bitcoin Cash and Ethereum Classic from 32 different countries.
Cryptocurrencies can be purchased using a linked bank account, credit or debit card. Coinbase has strict identity requirements and sets trading limits for users, which increase over time as the user buys and sells more cryptocurrencies.
The fees are quite reasonable, with transaction fees on exchanges being 1%. A Coinbase account also gives you access to Coinbase Pro, where you can take advantage of 0.1% trading fees, as well as more advanced trading options such as limit and stop orders.
Binance is a new exchange that has quickly gained the love and trust of the cryptocurrency community thanks to the huge range of cryptocurrencies available, as well as the combination of a basic interface for new traders and an advanced screen for those with experience in cryptocurrencies.
Launched in July 2017, the exchange has quickly risen to become the world’s largest exchange, with $1 billion in daily trading volume more than double that of its closest competitor.
You can register on Binance and start trading immediately, even without account verification. In addition, the exchange allows you to withdraw up to 2 BTC per day without account verification. Those who need higher limits can go through an account verification process, which involves uploading both a copy of your ID and photos.
The commission is very low – only 0.1%, and for owners of the Bianance cryptocurrency BNB, it can be even less.
As the name suggests, Paxful is a website for buying and selling Bitcoin only.
The Paxful site has been around since 2015 and has grown significantly during this time, as well as improving its security level. This is a peer-to-peer cryptocurrency exchange, which means that buying or selling actually happens from real people.
The exchange has dozens of different payment options: all types of payments are accepted – from bank transfers to Paypal and gift cards. You can even pay with regular currency if you meet the seller in person.
Registering, buying, and selling Bitcoin is completely free, but Paxful users who create ads are charged a 1% fee for each trade made. This doesn’t mean it’s cheap to buy from Paxful. Sellers set their own prices, and they can be significantly higher than market prices.
The platform has added security measures such as a reputation and rating system for users, as well as an escrow system to ensure there is no fraud on the site. It works well and the number of complaints is minimal.
CoinMama calls itself the fastest and easiest way to buy Bitcoin and Ethereum. Purchases are made using a credit or debit card and are very fast.
CoinMama’s limits are much higher than its main competitor Coinbase: users can purchase up to $5,000 of cryptocurrency per day and up to $20,000 per month.
The site has a convenient feature – pre-made purchase amounts of $100, $250, $1,000 and $3,000, where you just need to click the “Buy Now” button and the purchase will be completed. The user does not need to do the math to determine the appropriate amount of cryptocurrency; CoinMama will do everything for him.
Account verification is quick. After uploading the necessary documents, CoinMama reviews the account within an hour, and often much faster.
CoinMama started out selling Bitcoin and Ethereum, but has since expanded to include Bitcoin Cash, Litecoin, Ethereum Classic, ADA, QTUM, Ripple, and Ethereum Classic in addition to these two cryptocurrencies.
Cex.io is one of the oldest cryptocurrency exchanges from which hackers have not stolen a single coin. This shows their commitment to safety.
Although the exchange only accepted Bitcoin and Ethereum for a long time, it has recently added a number of new coins and offers Bitcoin Cash, Litecoin, Dash, Ripple and others.
Cex.io requires you to upload a photo ID to verify your account as they are regulated by FINCEN and adhere to all Know Your Customer and Anti-Money Laundering rules. Purchases can be made using electronic transfers, credit cards and SEPA transfers.
The platform fixes any entered price for 120 seconds, which is very convenient in fast-changing cryptocurrency markets. They also allow margin trading, but this is not recommended for new traders. One of the disadvantages of the platform is the fairly high fees: Cex.io charges a transaction fee of up to 0.25%, and also charges fees for deposits and withdrawals.
Choosing the right cryptocurrency platform can be difficult and time-consuming. This is well understood in the company that develops cryptocurrency exchanges.
Before opening a deposit or making a purchase, consider the fees, reputation, and security of any cryptocurrency exchange.
Check whether the cryptocurrency exchange has 2FA, anti-phishing protection, the ability to log in via SMS, and log the authorization of each user. Also consider verification requirements and the platform’s geographic service area.
Try not to store a lot of money on one platform, but rather save money in cold wallets, they have a high level of security and confidence that your funds are with you.