The Best Cryptocurrency Exchanges for Newbie Traders
Finding the best cryptocurrency exchanges for newbie traders can seem like a daunting task. For one, as a new user, it’s hard even to know where to begin. There are literally dozens of popular crypto exchanges at this time. Each exchange has its own features, and many serve niche markets. Rather than wade through the masses, until you find an exchange you like, some top platforms have earned a reputation as a wise starting point for newbie traders.
KuCoin is a popular exchange that has been described as an excellent option for newbie traders. The site was built to be easy to navigate so new users can find all of their trading tools at a simple glance. The network is known for its high liquidity and excellent coin selection. The network features access to more than 200+ cryptocurrencies. Notably, KuCoin is a great place to find niche coins and those with lower market caps.
Currently, KuCoin users have access to hundreds of cryptocurrency trading pairs and more than 500 digital assets. The network also features one of the most competitive fee structures available today. The network utilizes a sliding maker/taker fee structure that rewards those who trade more with discounted rates. The current flat rate for tier one clients is only 0.01%. This is far less than the industry standard.
You can buy crypto directly using a debit or credit card on this exchange. However, direct bank transfers are not supported yet. The exchange offers speedy customer service and features banking-level security. The network has never had service interruptions or been hacked. Users enjoy advanced security features such as dynamic multifactor authentication and multilayer encryption. You can even choose micro-withdrawal wallets to split up your activities and further secure your withdrawals.
Read the full review of the KuCoin exchange here.
Luno provides users with an efficient trading system that is known for its low-latency and tight trading spreads. The network features high liquidity and an active trading community. Additionally, the platform has a mobile Dapp that allows you to conduct buys and sells on the go. The app is free to download on Android and iOS.
Luno provides a sliding-fee that takes into account your overall trading volume. The more you trade, the lower your fees will be. Luno provides industry-grade security across the network. For example, the network supports both 2FA and multi-sig wallets. Multi-sig wallets are ideal for businesses because they require multiple parties to sign off on any withdrawals from the account.
Luno is a high-performance crypto exchange that integrates an easy-to-navigate interface. New users gain the advantages of larger platforms like Binance and the comfort and customer care of smaller exchanges. Additionally, the trading window provides you with all the information you need to improve your market responsiveness.
Kraken has long been a great way for new users to enter the market. This exchange has been involved in the market since 2011. The platform is very flexible and can accommodate new users and advanced traders. The network’s simplistic trading interface makes it easy to find the coins you want to trade and execute your strategy.
Kraken is one of the largest exchanges in terms of Euro value. This popularity means that you can find deep liquidity on this network. Additionally, Kraken is international exchange, so you have more options in terms of fiat currency accounts. You can load your account with USD, JPY, CAD, and GBP via wire transfers. Kraken has a top-notch security record, and all accounts offer 2-factor authentication protocols and PGP email encryption.
Another advantage Kraken has over its competitors is its advanced trading features. New traders can become better investors using this platform. Once their skills have matured, they can seamlessly take advantage of the network’s professional trading features such as margin and leveraged trading options. In this way, Kraken provides room for the growth of its users.
Read the full review of the Kraken exchange here.
Bitstamp is an established option for traders new to the market. This platform is another pioneer in the market. Bitstamp entered the market in 2011. Since that time, it has earned a reputation as one of the oldest and most trusted exchanges in Europe. The network is very safe and was one of the first exchanges to support multi-signature (multi-sig) technology and 2-factor authentication.
Bitstamp has one of the lowest fee structures on this list. Specifically, all purchases under $20,000 have a fee of 0.25%. This fee is substantially lower than many competitors. Notably, Bitstamp is an EU-centric exchange that supports fiat to crypto trading as well. You can load your account with Swiss francs, euros, and GBP. In this way, Bitstamp is a flexible and highly recognized option for newbie traders to consider.
Read the full review of the Bitstamp exchange here.
Huobi is a global cryptocurrency exchange that is known for its high security and liquidity. This crypto exchange has a keen focus on the Asian markets but is available to a global audience. Currently, Huobi ranks amongst the world’s top 10 largest exchanges by trade volume. Interestingly, the word Huobi means “currency” in Mandarin Chinese.
Huobi users enjoy a safe trading experience that includes a global trading platform that supports 27 fiat currencies. The network incorporates a user-friendly interface that makes it simple for users to trade their favorite crypto efficiently. Impressively, all fiat deposits show in minutes, and you can buy cryptocurrency with your credit card on this exchange.
The Best Cryptocurrency Exchanges for Newbie Traders
One important factor to keep in mind when determining the best cryptocurrency exchanges is how you intend to trade. Do you need an exchange that has a fiat on-ramp, or do you want to trade crypto-to-crypto? The region you live in is another important factor that can help determine what platform will best suit your needs.
The main thing to understand is that every exchange is different and services a unique niche. Sticking with the reputable platforms in this review will help you to narrow down your search to only the cream of the crop. In this way, you can avoid any headaches due to unreliable exchange performance or hacks.