Crypto 101 A newbies guide to crypto exchanges and trading

The safest way to acquire crypto, especially for beginners, is through a crypto exchange platform. It is important to find and choose one that suits your needs and offers benefits such as low to no exchange fees, security, and accessibility. With so many options, how do you decide which one fits your financial needs and goals best?

Crypto exchanges are privately operated platforms that allow the buying and selling of digital cryptocurrencies as well as other assets like NFTs. If you are looking to invest in a specific coin, the best way is through an exchange that offers the asset you want to buy and sell.

With this guide from Gamdom, you will learn everything about how to choose a crypto exchange and the best ones to transact with so keep reading below to find out more.

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Factors to consider when choosing a crypto exchange

You should be aware of two different types of crypto exchange which are centralised or decentralised exchange. Besides this, these platforms have many features like price monitoring, trading, and fast transactions that draw in many investors. You can also find specialised features like fiat availability, wallets, and investment guides.

There are a number of factors to consider before you dive into your first crypto transaction. Learn more about them here:

Coins offered

There are already more than 19,000 coins in circulation in the crypto market and blockchain platforms that are accessible to crypto users. There isn't a single one that provides all of them on a single platform due to their sheer quantity. 

With this, finding the best crypto exchange can be intimidating and a challenge with so much to choose from but it is definitely possible. Despite this, choosing an exchange means you’ll also consider the selection of crypto you can choose from. 

Fees

Most crypto exchanges charge a fee for each transaction on their platform. Even if certain exchanges, like TradeStation and Robinhood Crypto, have a no-fee ethos, the services they provide will have restrictions, such as a limited selection of cryptocurrencies that may be traded. 

In general, it is best to start on larger, more reliable platforms like Coinbase, Finance.US, and BlockFI since they provide more services. You have to identify which cryptos have the lowest crypto exchange fees while providing significant.

Security

Since crypto is primarily decentralised, it is your responsibility to safeguard your assets. To do this, it's crucial to select an exchange that provides the highest level of security. Research and reading reviews on the internet can be done to determine whether their services suit your preferences. 

An excellent approach to determine whether a lesser-known exchange prioritises security is throughout the sign-up process. It indicates a lack of commitment to protecting your assets if the platform is simple to sign up for and lacks a rigorous screening procedure.

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Accessibility 

Depending on where you reside, there are different regulations regarding crypto ownership. Some countries, such as China, have made it illegal to access crypto exchanges, while others have in-depth rules that must be followed before an exchange can be authorised to operate. 

For instance, the state of New York mandates that exchanges get BitLicenses before they can operate and provide recognised currencies. With this, it is important that you first do your homework before selecting an exchange to find out what restrictions they have in accordance with local laws and regulations.

Storage

Regardless of the crypto exchange platform you choose, keeping your funds in a separate storage service like a crypto wallet is recommended for further security. The safest way to store cryptocurrency is in an offline wallet, sometimes known as 'cold storage,' because it isn't connected to the internet. 

User reviews

Reading user reviews that include all the finest and worst features and services provided by a certain platform can help you determine whether or not a crypto exchange platform is up to par. Having narrowed down your options, you can look online for first-hand experience assessments so you'll know what to anticipate before completing your transaction. 

User interface

Understanding crypto and how it functions is difficult enough for a newbie. To reduce the chance of errors like double-spending, you should opt for a crypto exchange that has an intuitive user interface. Exchanges like Binance, StormGain, and Coinbase Pro are among the easiest to use. 

You can conduct a more extensive examination of these platforms, but simply viewing their websites will show you that they have a modern design and simple navigational features to ensure a smooth transaction. 

Top exchanges to transact with

Now that you know more about choosing the right platform for your goals, here is a crypto exchange list of some of the best platforms to trade with:

Kraken

Kraken, one of the original crypto trading platforms, was established in 2011 and is the third-largest online exchange. This is because it takes fiat currencies like the US dollar and Japanese yen and provides over 200 cryptocurrencies from over 190 nations, it continues to be a preferred choice for customers.

Binance

Almost immediately after Changpeng Zhao started Binance in 2017, it gained rapid popularity due to several factors such as low fees. Since then, it has expanded to support over 150 cryptocurrencies, although it is most recognised for facilitating trade between two cryptocurrency pairings. Additionally, it has a low maker and taker fee at 0.015% and 0.03% respectively.

Coinbase

A favourite of more than 100 million users, the 2012-created Coinbase platform is adored by seasoned users for its user experience, coin availability, and security. 

More than 200 cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and Cardano (ADA), are supported on the platform. A maker fee of 0.4% and a taker fee of 0.6% is charged by Coinbase.

Start investing in crypto with a reliable exchange today

Only choose the best crypto exchange that can offer the varying factors mentioned above. All of the aforementioned platforms are among the top in terms of usability, security, coin offers, fees, and other characteristics that many rely on to diversify their portfolio of crypto investments. With this knowledge, we hope you can decide which exchanges provide the greatest deals for you and your crypto goals this year. 

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Words by: Raphael Latorre