5 Best Crypto Exchanges for Beginners

When choosing the best crypto exchanges to work with, there are certain variables you need to pay attention to.

That includes; 

• The Payment Methods 

Before choosing a cryptocurrency exchange, you also need to consider the different possibilities for depositing funds into your account.

The process of buying cryptocurrencies differs depending on the platform. 

While some exchanges need bank transfers, others need debit cards, credit cards and PayPal.

At the same time, there are some exchanges that only accept Bitcoin for purchases. 

In essence, the more payments methods a cryptocurrency exchange provides, the more convenient it is for the users.

That said, before you settle for a specific exchange make sure it accepts all the payment methods you want.

If you don’t have cryptos before joining an exchange, find a platform that accepts fiat currencies. 

• User Friendliness 

People who are just getting started in the crypto realm and don’t know much about selling and buying cryptocurrencies may have a hard time getting started.

That’s why a major aspect that every beginner needs to consider when choosing the best crypto exchanges is user-friendliness and functionality. 

A simple and easy to understand user interface helps users make more efficient and informed actions on the exchange.

All in all, you must remember that user experience can be very subjective.

So, different people are likely to appreciate different things.

That said, ensure you find a UI you like and can fully commit to. 

• The Trading Pairs

Most globally known crypto exchanges allow you to trade the popular cryptos such as Ethereum USDT, Bitcoin and Litecoin.

However, you want to choose a crypto exchange that offers a wide range of coins.

Having a wide scope of offered coins gives you the chance to diversify your trading options.

Now that cryptos are receiving mainstream attention, diversity is very crucial.

But if you want to trade the rarer altcoins, you will need to find dedicated crypto exchanges. 

• Order Limits 

Another thing you need to consider when choosing the best crypto exchanges for beginners is the order limits.

It’s important that you check if there are any limits to how much money you deposit to your trading account. 

Also, check if any limits have been set to how many cryptocurrencies you can purchase or sell in a certain period or transaction.

At the same note, make sure you also check if there’s a limitation to how much money you can withdraw from your account after trading. 

• Transaction Fees

Particularly if you plan on being an active trader, you must understand that transaction fee will be a significant part of your cryptocurrency trading.

For that reason, you must understand the various fees structures presented by different crypto exchanges. 

It’s crucial that as a beginner trader to understand how much fees are required to buy or sell cryptocurrencies.

This applies to every stage of the transaction starting from the deposit to trading to withdrawal.

The good thing is that you will find many exchanges offer a wide range of discounts worth exploring. 

• Accepted Countries

Accessibility of cryptocurrency exchanges may seem obvious but you must remember not all are available and supported globally.

And that’s because the crypto industry is always heavily regulated by the local financial regulations. 

When choosing the best crypto exchanges for beginners, make sure they are available in the user’s country for convenience. 

• Ease of Access 

When choosing the best crypto exchange, something that most people tend to overlook is how they’d like to access their trading account.

Well, here’s to remind you that it’s an equally important factor to consider.

Most exchanges today allow you to access your trading account via the web browser.  

While the web browser might seem like a pretty good option, it’s not ideal for people who want to buy and sell cryptocurrencies on the go.

It’s better to source for a cryptocurrency exchange that supports mobile trading on either different operating system.

That ensures you can view your trading account while on the go. 

• Security of Your Coins 

Security of your cryptocurrencies and data is another thing you need to prioritize when choosing the best exchange for a beginner.

Most exchanges we see today come with a centralized fund storage.

That means, the security of your coins highly depends on the security measures the exchange platform takes. 

If you want to understand the security protocols your selected exchange offers you need to read their precautionary and security clauses.

Their website should at least offer features such as;

• SSL Site Security Certificate 
• Cold Storage Wallets 
• Multi-layered Verifications 
• Easy transfers between the exchange and client’s hardware wallets
• Two-factor authentication