Best Cryptocurrency Platforms for Beginners

Best Cryptocurrency Platforms for Beginners

CRYPTOCURRENCIES Actually are probably the latest craze to sweep the finance world, with Bitcoin (BTC) dominating the headlines while Dogecoin nails the punchlines.

As the number of cryptocurrencies on the market continues to expand, investors have more choices than ever before to exchange the hard-earned cash of theirs for decentralized digital money. But how can you really go about trading your favorite cryptocurrency?

The web is actually filled with horror stories of hackers swindling traders of the gains theirs from poorly protected cryptocurrency exchanges, making it all the more essential to properly select a secure crypto trading platform before you invest in yours. That said, which of the many cryptocurrency exchanges is actually the best option for you?

There is a myriad of variables that will influence your decision: security, ease of use, fees as well as the number of coins available for trading all play a part in helping you determine the very best crypto exchange for you. To support you in finding the cryptocurrency trading platform that meets the needs of yours, here are 5 choices to choose from that will match a variety of cryptocurrency investors:

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Coinbase
Binance
Robinhood
Gemini

Coinbase
It should come as no surprise that Coinbase, one of the most popular crypto exchanges globally, tops this list. Coinbase is going to go public via a strong listing in the next couple of weeks. With a hundred dollars billion valuations, the anticipation surrounding the company’s debut is actually mounting. While investors will soon have the ability to get a portion of the Coinbase pie, crypto traders have been using Coinbase after 2012, and the exchange has just gotten better with age.

A user-friendly interface, a straightforward onboarding process, along a free five dollars just for opening an account make Coinbase an excellent place for new traders to begin. Advanced users will enjoy Coinbase Pro, which provides a lot more powerful tools for power users looking to dive into cryptocurrency trading. Coinbase even provides users with a wallet, albeit a great wallet, opening the door for potential attacks – though George Chrysochou, worldwide marketing manager at Financer.com, notes that Coinbase is actually among the most reliable exchanges, keeps very high-security standards, and has never been hacked.

With forty-six different digital currency types and altcoins supported on Coinbase, users have an excellent range of options to choose from, although the list is actually by no means extensive. Additionally, users will want to look out for fees that are high tacked onto the trades of theirs, part of a labyrinthine fee structure across the Coinbase site. Plus, Chrysochou notes that users do not own their own private keys on Coinbase, and slow email support plus limited privacy may turn some users off. But these fairly minor cons to an otherwise strong list of pros, and it is so easy to see why Coinbase has become the crypto exchange of choice for many, many individuals.

Binance
Another viral crypto trading site, Binance, has only been around for the last 3 years but has quickly taken the crypto market by storm.

Based on Hong Kong, Binance is actually an international exchange that supports much more than 200 different cryptocurrencies. The site is intuitive and straightforward, allowing users to transition between an advanced and basic version of the site at will as they advance in their crypto trading careers. While new cryptocurrency traders will find Binance simple to use, it may ultimately be ideal for crypto day traders – meager fees, strong charting tools, and an easy-to-use mobile app allows for fast, simple cryptocurrency trading. It is apparent why Binance has become one of probably the largest cryptocurrency exchanges on the planet.

Remember that Binance does not allow you to exchange U.S. dollars for cryptocurrency, although it does accept debit and credit cards. There is a U.S.-based site for American users, but it offers much more limited options than the main website. Additionally, Binance has been hit by cyberattacks in the past, most recently in 2019 – though the website does have an insurance fund to cover some losses. That said, Binance is actually a secure trading platform that provides several powerful tools for users who wish to invest in different digital currencies on the blockchain.

Robinhood
You might not think of Robinhood when you think of cryptocurrency trading, and for a good reason. The mobile app known for commission-free stock trading – and for prohibiting users from selling GameStop (ticker: Other “meme and game) stocks” in recent months – is actually a stock first app, but in 2018 Robinhood began to roll out cryptocurrency trading also. In the years since, Robinhood has slowly built up the crypto side of the app of its, allowing users in select states to trade a mere 7 cryptocurrencies, including Dogecoin.

While that is a little pool to work from, it has a lot of selection for users just beginning their crypto journey. With its mobile-first mindset, Robinhood has built an incredibly simple-to-use app, and no fees for trading mean the barriers to entry are incredibly small. As for security, “Robinhood utilizes cold wallets to save your cryptos, meaning that the vast majority of users’ funds are actually held safely offline,” says Edmund McCormack, CEO and founder of chained. “However, if a hack was to take place, they’re underwritten by Lloyd’s to cover some cybersecurity breaches.”

You must know that Robinhood does not allow users to eliminate the coins and put them right into a wallet of choice. In reality, Robinhood does not let users utilize the coinage of theirs for payments – it’s absolutely a trading app. Clearly, Robinhood lacks the bells and whistles of its larger, better-established competition, and experienced users will be better served elsewhere. But it’s all of the essentials for a cryptocurrency rookie, and it may simply be the very best crypto exchange for new traders to begin with.

Gemini
Founded by the Winklevoss twins in 2014, Gemini has established itself as one of the most trusted names in crypto. The 2 stars of Gemini were Ethereum and Bitcoin. Today, the exchange allows users to trade twenty-six different cryptocurrencies on the website of its, including Gemini dollars, a U.S. dollar-backed stable coin. Gemini is actually predicated on legitimacy, and the website was founded with regulation compliance as a high priority. Gemini is actually a fiduciary, and the website is actually FDIC insured, and as you may well imagine, this means security is actually paramount for Gemini.

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