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Cryptocurrency is inarguably the latest trend in the finance world, with Bitcoin particularly stealing the show in the headlines.
Truly the thought of trading or even investing in cryptocurrencies could be very intimidating at first.
One’s utmost concern however when trading cryptocurrencies of any kind should be Safety or say Security.
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Normally, the number of cryptocurrencies would continue to expand, thereby inspiring investors to have diverse options to choose from, whenever it comes to exchanging cash for decentralized digital money.
I guess we must have heard sorry stories of hackers exploiting unsuspecting and ill-informed traders by subtly making gains from poorly protected cryptocurrency exchanges.
This is why it is very important to be digitally circumspect when trying to secure a reliable crypto-trading forum.
There are lots of platforms out there, but this article has compiled a few of them that will help guide anyone in deciding on a good and secure cryptocurrency trading platform.
But first, let us get acclimated to some of the benefits associated with Cryptocurrencies which include:
• Total elimination of banking fees/charges
• Reduced transaction fees for international payments
• All Cryptocurrency exchange platforms are easily accessible from any location and via any device that has access to a reliable internet connection.
Table of Contents
Purchasing Cryptocurrency
Without mincing words, cryptocurrency is not what someone can simply purchase from the regular bank or even currency exchange office. This is why there is need for online marketing platforms whence a trader buys, sells and stores bitcoins or other cryptocurrencies of choice.
There is a consistent need though for aspiring traders to pay close attention to the leading and trusted platforms, such that as cryptocurrency is heating up, they soon get to know which of the exchange platforms are truly legit.
What-to-know Before Choosing A Cryptocurrency Exchange Platform
The following is a list of factors that should influence one’s choice of crypto-trading platform:
• Security
• Easy use
• Commissions
• Verification process
• Transaction volume in the cryptocurrency market.
Furthermore, the total number of coins available also plays a key role in determining the most suitable cryptocurrency exchange platform to adopt.
The Best Cryptocurrency Trading Platforms
As earlier cited, there are lots of cryptocurrency trading platforms, but for the purpose of simplicity, this article will focus on just a few.
Binance
This particular platform has been honestly ruling the crypto-market for the past few months.
It is 100 percent suitable for beginners and also advanced users. There is also an added option that is inbuilt in the user interface that helps one switch between the two modes.
This feature uniquely makes their UI very user-friendly.
The sooner a user starts buying BNB, the more such user will likely save in the long run.
The most interesting thing about this platform is that the user is able to use mobile apps for trading cryptocurrencies on Androids as well as on iOS devices. That simple and amazing, right?!
Binance will not allow a user to exchange U.S dollars for cryptocurrency, as there is a U.S based site for American users.
Binance is a very secure trading platform that offers a variety of tools for users interested in investing in various digital currencies on the blockchain.
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Coinbase
Coinbase is another popular cryptocurrency Exchange platform that cannot be left out.
One can use this platform to buy and sell other cryptocurrencies like Bitcoin; Bitcoin Cash; Ethereum and Litecoin.
Users are also free to deposit their flat currency in Coinbase and then easily have access to withdraw in a ledger Nano S or even a Trezor-like device.
Another merit of Coinbase is that it allows users to buy cryptocurrencies with their credit and debit cards.
One can purchase cryptocurrencies on Coinbase with these few steps:
• Register at Coinbase
• Complete an authentic photo ID verification
• Click on payment methods page
• Click on add payment method ( this is on the right hand side)
• Go ahead to choose card and add credit/debit card
• Accept and allow Coinbase to make transactions
• Log into your card statement account and take note of the transactions done
• Input the amount transacted in the Coinbase application.
Coinbase pro even goes ahead to provide amazing features and tools; it also provides users with a wallet.
Changelly
There is no ounce of doubt this is one of the easiest platforms to use when it comes to cryptocurrency exchange in the market. With Changelly, a user can easily send one currency and swap it for another supported currency.
It does not even require users to sign up with their email ID, whilst the KYC process is not also needed. As at now, Changelly supports more than 35 cryptocurrencies together with flat pairs, digitally priding as one of the best exchange platforms any crypto-trader could think of.
Kucoin
This is an amazing Crypto Exchange platform that has been in the frontline for the past six months.
It actually ranks amongst the top 25 exchanges and has a program that keeps on adding new tokens and coins to the exchange regularly.
It is also pertinent to note that Kucoin’s shares are good to HODL simply because it gives you extra smart passive income just in the form of an exchange fee.
GEMINI
This platform was founded by the Winklevoss’ twins in the year 2014. Gemini has tried to establish itself as one of the most trusted and reliable platforms to uphold in crypto-trading.
The two stars of Gemini at that time were Bitcoin and Ethereum, but as it is today, the platform inclusively allows users to easily trade in 26 different cryptocurrencies on its amazing platform, which includes Gemini dollars and the U.S dollar-backed Stablecoins.
Gemini is 100% legitimate and this site was founded with regulation of compliance as a top priority.
Gemini is extremely safe, with a large number of the coinage on this Exchange platform held in cold storage.
The site has never been hacked for once, this is another reason why you can trust this platform. If you are more interested in safety and security, Gemini is an excellent trading choice to make.
KRAKEN
This is a proven and trusted cryptocurrency trading platform, founded in 2011.
It is such an amazing site with a total of 56 coins available for trading. It also embeds creative features which enhance the love for crypto by crypto-traders.
Kraken’s Pro site is where the real magic happens! Security wise, Kraken has its own inbuilt proprietary custody solution and does not rely on by party service.
It is also noteworthy to know that Kraken is one of the oldest and safest Cryptocurrency Exchange platform and it is a good choice for someone looking for advanced crypto features.
CEX.io
This particular platform is 100% trusted for beginners simply because its user interface is extremely easy to use and its fast-track record has always been really good to use as well.
CEX has been in existence since 2013 and it is a UK-based Exchange.
It is similar to Coinbase in the sense that one can deposit flat currencies like EUR, GBP, RUB, etc. on CEX.io and buy and sell other cryptocurrencies.
When it has to do with liquidity, CEX is not exempted too, because its main traffic is from flat currencies.
The platform also allows users to buy cryptocurrencies via debit and credit cards.
This further stimulates digital operations, as well as going a long way in making the platform a simplified one, especially for beginners.
The following steps can be observed in purchasing cryptocurrency on this platform:
• Register at CEX
• Click on Cards
• Link credit/debit card
• Verify card
• Choose the amount of Ethereum to either buy or sell
• Exchange Currency for Ethereum.
Note: Card verification takes a total of 24-48 hours, this however does not stop one from purchasing ETH immediately. This is why it is still a good option to get your card configured in ETH, even without having plans of buying ETH.
Frequently Asked Questions
• Is Cryptocurrency Trading really profitable?
Cryptocurrency business is an extremely profitable business because of its high volatility.
Traders only need to take their time and get acclimated to the nitty-gritty of crypto-trading, whilst exhibiting plausible devotion and consistency thereof.
• Can I easily get rich trading cryptocurrency?
Not so easily, but yes. This is because most investors always crave to buy coins and sell them when their value rises. Once the market rises, they will definitely sell at a reasonable profit.
Conclusion
So far and to all intents and purposes, all the platforms mentioned in this article are secure and good for digital business, but the best platform I would recommend for beginners is Coinbase.
If we were to ask every professional crypto-trader which of the platforms would be best to trade, we certainly might get different answers.
However, from a professional standpoint and to play safer, it is not so convenient to crown a particular platform the best of all, as this ranking largely depends on each user’s locality or region; the features that matter most to the user; the designated coins such user is interested in buying or selling and lots more.
Once a user is attuned to the nitty-gritty of crypto-trading, it becomes a lot easier to know the platform that is suitable and best for one’s digital needs and experience.