Crepin SondouNow that you know how to buy bitcoin, it's time to learn how to trade cryptocurrencies. This is indeed the logical next step for many bitcoin holders. That said, to start, you simply need to find out about the best cryptocurrency trading platforms, in other words the brokers.
Moreover, these are mainly so-called exchange platforms in which we can buy cryptocurrency and exchange them. This is why these platforms are essential in the world of cryptocurrencies.
Besides, I'll stop you right now if you think it's easy. There's no point in getting started if you don't intend to learn at least the basics. Likewise, there's no point starting crypto trading if you don't have the necessary capital. And, by necessary capital, I mean additional capital that you don't need to pay your basic expenses. As a first step, I would advise you to try with a small amount, like $10. (Yes, the big advantage with cryptocurrency trading platforms is that the deposits are low).
In short, I put together this little article for beginners. I will tackle the more serious things later, when you have chosen the best cryptocurrency trading platform for you.
What you should look at first:
Before choosing your cryptocurrency trading platform, it is important to consider the following:
- Ease of use and user interface
- The notoriety of the platform
- Past performances
- The project team.
- Check if your country is accepted in the platform
- Check customer support.
Keep these parameters in mind when choosing your trading platform from the list below.
1. Binance : The leading platform in terms of volume
The cryptocurrency trading platform Binance no longer needs to be described as it is so well known in the cryptographic world. It is even the heavyweight when it comes to cryptocurrency trading. Moreover, I would like to point out that this platform is suitable for both beginners and advanced traders. The interface is quite user-friendly. That said, if you have never traded before, all trading platforms will seem “heavy” to you. If you are not used to seeing graphs and curves, in fact, this may confuse you.
But, rest assured, you will get used to it very quickly.
Why Binance is the most used trading platform? This means that there is never a problem with liquidation. Whether you are selling or buying, you will certainly find someone to fill your order. Binance is in fact in the top 5 crypto exchange platforms in terms of financial volume.
(In addition, if you use the platform token (BNB), then your transaction fees will be reduced by more than half. I'm not even talking about the fact that you can also keep this token for future evaluation in the time. Basically, even if you don't want to trade right away, it would be smart to buy BNB).
And the most interesting thing in my opinion is the Binance smartphone application which is really practical and easy to use. You can also consult the article tutorial on Binance if you want to know more.
- Fee: 0,1% (claim up to 50% off)
- Accessible worldwide
- Site and platform in French
- Many features
- Secure platform.
2. KuCoin: A pleasant-to-use trading platform
KuCoin is a very functional trading platform with an ideal interface for beginners. Maybe you've even heard of this cryptocurrency trading platform? It is indeed very popular with beginners and experienced traders.
In terms of volume, the platform is among the top 25 exchanges in the market. In the same way as for the Binance BNB token, the Kucoin platform has its own tokens. Here again, it is interesting to obtain it in an HODL strategy.
- Fee: 0,1%
- Accessible worldwide
3. CEX.io: A very popular platform
CEX.io is another very reputable platform for buying/selling cryptocurrencies for beginners and for trading in general. Here again, the interface is clear. Likewise, their history has been very solid since the site existed. The CEX trading platform is a UK based company and has been operating since 2013.
Similar to Coinbase, you can also deposit fiat currencies like EUR, GBP, USD, RUB, etc. on CEX and trade cryptocurrencies such as Bitcoin, Bitcoin Cash, Ether or Ripple.
A small advantage of this cryptocurrency trading platform is that you can buy cryptocurrencies by bank card.
You can buy cryptos by following these simple steps. Let's say for the example, you want to buy ether:
- Register for CEX.
- Go to “purchase”
- Write down your credit/debit card information.
- Wait until the amount received in euros.
- Exchange your Euro currency for Ethereum.
Note that card verification takes 24-48 hours, but after that you will be able to buy ETH instantly.
4. Bitfinex : A must in the industry
Bitfinex is quite simply one of the oldest cryptocurrency trading platforms. Eh yes! So the oldest ones aren't the most popular. The platform looks a lot like Bittrex. Bitfinex, like Binance, still has a huge trading volume. So you don't have to worry about liquidity when buying or selling on this exchange because it always ranks in the top 10 trading platform.
Additionally, the user interface is clear and has enough instructions and help on each page to help everyone use it. This is a blessing for beginner traders.
That said, to start using Bitfinex, you must register, verify your username and authenticate. It typically takes 2 weeks after submitting valid proof of identity for your application to be accepted. This tells you how serious the site is.
- Fees: 0,1% to 0,8%
- Accessible worldwide except for the United States; Bosnia Herzegovina; Democratic People's Republic of Korea (North Korea); Ethiopia; Iran; Iraq; Syria; Uganda; Vanuatu; and Yemen.
5. BitMEX: A very popular platform among seasoned traders
“BitMEX Exchange” was developed by professionals in the financial sector. So this is the most active and solid exchange you can find in the cryptocurrency space.
Moreover, it provides all the tools and techniques for beginners and beginners to start trading cryptocurrencies. Again, this is a trading platform suitable for both beginners and professionals.
Registering on BitMex is quite simple, you just need to register using your email. Fees depend on the cryptocurrency you are trading. Here are their prices:
- Bitcoin (XBT) 100x -0.0250% 0.0750% 0.0500%
- Bitcoin Cash (BCH) 20x -0.0500% 0.2500% 0.0000%
- Cardano (ADA) 20x -0.0500% 0.2500% 0.0000%
- Ethereum (ETH) 50x -0.0500% 0.2500% 0.0000%
- Litecoin (LTC) 33.33x -0.0500% 0.2500% 0.0000%
Our recommendations for all cryptocurrency trading platforms:
Even if you only trade for a few days, we recommend using trading platforms with proper 2FA authentication. In fact, these are centralized platforms. Next time we will explain to you what the difference is with decentralized platforms.
FAQs
What is an exchange platform for?
An exchange is an online service that allows users to buy, sell and trade different cryptocurrencies.
What are the best exchange platforms? A: The best exchanges vary depending on the user's needs, but some of the most popular and well-established include Binance, Coinbase, Kraken, and Bitfinex.
How to choose the best exchange platform?
It is important to consider several factors, including the platform's reputation, transaction fees, security, features offered, ease of use, and availability of the cryptocurrencies you wish to trade.
What are the fees on exchange platforms?
Fees may vary from platform to platform, but typically include transaction fees, deposit and withdrawal fees, and currency conversion fees. Some exchanges also charge fees for using specific features such as limit orders or margins.
Are the exchange platforms secure?
The best exchanges implement robust security measures such as two-step verification, cold fund storage, suspicious activity monitoring, and fund theft insurance. However, it is still important to take additional security measures such as using a strong password and protecting your login information.
How long does it take to verify an account on an exchange?
The verification process may vary depending on the platform and verification level you choose. This may take a few minutes to a few days, depending on the volume of verification requests and the platform's compliance requirements.
What cryptocurrencies are available on exchange platforms?
The best exchanges offer a wide selection of popular cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), and many others. Some platforms also offer access to lesser-known cryptocurrencies and specific digital tokens.
Are there any geographic restrictions for using exchange platforms?
Yes, some exchanges may have geographic restrictions depending on local laws and regulations. It is important to check the platform's terms of use to find out if it is available in your region.
What payment methods are accepted on the exchange platforms?
Accepted payment methods vary depending on the platform, but can include bank transfers, credit/debit cards, PayPal payments, SEPA transfers, and cryptocurrencies themselves. Some exchanges may have payment options specific to certain regions.
Do exchanges provide analysis and trading tools?
Yes, most exchanges offer technical analysis tools, real-time price charts, market indicators, price alerts, and advanced trading features such as limit orders and stop orders -loss. Some exchanges even offer automated trading and cryptocurrency lending features.
That’s it for the best cryptocurrency trading platforms for beginners. There are other platforms of course, but I find (personally) that too much information kills information. I wanted to guide you directly to the 5 best cryptocurrency trading platforms, especially if you are starting in this new world.
Disclaimer: This is not financial advice. Always do your own research. Every investment involves risks.
