Best Bitcoin Exchanges For Beginners

The concept behind cryptocurrencies is relatively simple, but when it comes to math and technology it's more complicated. Essentially, a cryptocurrency is a virtual or digital currency that uses cryptography as a means of protection and security for users. We have separated 5 Bitcoin exchanges for beginners.

This security is also used to regulate the creation of additional units, so as not to let the global Cryptocurrency market become a kind of “wild territory”. Cryptocurrencies are not regulated by any government agency. The most popular currency is Bitcoin (BTC), followed by Ethereum (ETH).

What is Exchange?

We can understand essentially an exchange as an exchange house, in this case it being 'online' as is the case of the vast majority, an 'online' exchange house, simple as such essentially.

What are Exchanges?

Cryptocurrencies can be traded via exchanges, these trades are made on platforms where you can buy or sell Crypto for dollars, euros and currencies in your home country, as well as other digital assets, for example, you can sell ethereum and buy dollars with the sold Ethereum, or you can exchange Ethereum for Bitcoin. These exchanges are a vital part of virtual currency expansion.

There are private, exclusive, and invited members-only exchanges, as well as those available to the general public. Local exchanges also exist. Some are easier to use than others; some exchanges are flexible that assets can be traded directly through resources like: chat room, Telegram among others.

What Should Be Considered When Choosing the Best Exchanges on the Market?

Here are some things you might want to consider before choosing the best Cryptocurrency exchange that suits your trading needs.

Verification and Security — This is one of the most important things to understand before starting a trade. Most exchanges require some form of identity verification such as a driver's license, proof of residency, passport or other similar document for account verification. The more complex the verification process, the more secure the exchange.

Rates — Most exchanges charge fees for you to trade on their platforms. First, when you're applying for a scholarship, make sure you know everything about its fees, so you won't regret it later.

Reputation — The best exchanges always have ups and downs, however, the opinion is generally positive. At best handbags have a solid reputation and have a good reputation among users.

Exchange Rates — Fees are important, you don't want to sign up to a Cryptocurrency exchange that charges exorbitant fees for exchanges and trades. 

Geography — It's also important to find a scholarship that supports your geographic region. Some exchanges may be open to all countries in South America, otherwise it is not open to countries in Asia.

If you are living in Latin American countries, for example, choose the best platform that supports your region.

Security of Funds 

Something that is important to keep in mind when choosing a cryptocurrency exchange to do your business and purchases is its security measures. It is well known that many exchanges have been hacked in the past, most notably Mt Gox.

You should know that your funds or coins in a stock exchange are really your property, unless you are relying on someone else to manage your exchange.

Fortunately, there are some basic steps you can take when using an exchange. Most importantly, never store more than you are willing to lose, if you have a significant balance you should withdraw it back to your own wallet and for extra security use a Hardware wallet to secure these funds.

Exchanges should be used for quick purchases of your desired currency or for trading a certain amount. 

Another important step to follow is to use all the security options available on the platform, verify that two-factor authentication (2FA) is correctly configured and that you use an application such as Google's authenticator. Do not use the mobile phone messaging option, this is not secure, hackers can take your phone number and gain full access to your account.

Huobi

Quick registration

Huobi is a global leader in the cryptocurrency industry with over 25 billion transactions on the platform every 24 hours.

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Huobi is a global leader in the cryptocurrency industry with over 25 billion transactions on the platform every 24 hours. Founded in 2013, Huobi has grown exponentially and is the 3rd largest exchange based on trading volumes. Platform users can access a variety of products and services to buy, trade, exchange, store, lend, earn, stake and sell digital currencies.

The exchange is suitable for individuals of all experience levels and has an advanced trading terminal with competitive fees of 0,2% per transaction.

The exchange serves tens of millions of users in over 195 countries worldwide with over 60 payment methods to convert fiat to cryptocurrency.

POSITIVE
  • Advanced user interface for serious cryptocurrency traders
  • Deep liquidity in its BTC/USD and ETH/USD trading pairs
  • Competitive trading fees of 0,2% per order
  • Lending and staking features to earn interest on cryptocurrencies
  • Supports soft staking of cryptocurrencies to earn passive rewards
NEGATIVE
  • Trading fee discounts and rebates are confusing
  • The mobile app has a history of bugs and intermittent issues
  • Not available in the United States or Canada

 

Seeds

Quick registration

Buy and sell crypto seamlessly at the best available rate with our competitive market liquidity.

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Bybit is a Singapore-based trading platform for cryptocurrency derivatives — the contracts that give you the right to buy or sell cryptocurrencies at certain prices in the future.

The Bybit platform is used by over 1,2 million traders. It is very simple to understand, hence the influx of people. With a little practice, you can learn the basics quickly and start making a profit.

Bybit is an attractive cryptocurrency derivatives exchange. The platform has some shortcomings, and its limited ability to convert fiat currencies to cryptocurrencies is a prime example.

But it also has many advantages, like cold wallet storage with multiple signatures. You will be able to trade with leverage and manage your positions with its user-friendly interface.

POSITIVE
  • Top 3 derivatives trading volumes
  • Currency and USDT Settled Contracts
  • Reduced risk of price manipulation and settlements
  • high bonuses
  • high leverage
  • Supports anonymity
NEGATIVE
  • A limited number of trading pairs
  • ByBit is not regulated

Bitfinex

Quick registration

Bitfinex is a Hong Kong-operated cryptocurrency exchange that has been in operation since late 2012.

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Bitfinex is an experienced Bitcoin exchange with a dark history of hacking and accusations. The exchange is suitable for sophisticated traders with both margin and loan trading options available.

Bitfinex accepts EUR, JPY, GBP and USD as fiat currency deposits. Deposits in fiat currency can only be made by bank transfer.

Tether, a quasi-fiat currency that is informally pegged to the US dollar price, is also supported by Bitfinex.

Bitfinex has the most liquid order book in the world. Traders value high volume because it guarantees a low spread, or the difference between the best bid and asking prices.

Bitfinex has a sophisticated and customizable user interface, 50+ trading pairs (e.g. BTC/LTC) and a variety of order types.

The user interface of the trading platform on Bitfinex can be customized. Advanced graphics capability and API access are also available. These elements combine to make it a popular Bitcoin exchange among experienced traders.

Bitfinex's P2P margin trading platform allows users to borrow and trade with up to 3,3x leverage. Loan terms can be set manually by the user or automatically by Bitfinex.

POSITIVE
  • Ethics - paid back all losses to traders who were hacked in 2016 on the exchange
  • High liquidity
  • Allows deposits and withdrawals by bank transfer
  • Suitable for experienced traders
  • Supports over 100 cryptocurrencies
  • demo account
  • investment programs
  • Leverage up to 1:10 (derivatives are up to 1:100)
NEGATIVE
  • High trading fees
  • Not a regulated exchange
  • The customer support team can only be contacted by email

CEX.IO

Quick registration

CEX.IO is one of the oldest cryptocurrency platforms in the world to buy Bitcoin quickly.

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Cex's simplicity is probably notorious at this point — when it comes to the best cryptocurrency exchanges Cex.io is certainly one of the most straightforward and user-friendly platforms!

The bag also has some very strict security measures. This is evident every time you log in to your account — in addition to 2FA, you'll also receive notifications in your registered email about every login attempt — this is awesome for those who really care about the security and integrity of their coins cryptocurrencies.

As with some other cryptocurrency exchanges, Cex also offers great rates for its users. Fees will range from 0% to 0,25%.

POSITIVE
  • Easy to use
  • Different trading pairs
  • great support
NEGATIVE
  • Currency options may be missing

Binance

Quick registration

Using Binance's native cryptocurrency, the BNB, reduces fees by 25%.

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Binance is a household name for anyone who has ever traded cryptocurrencies or was looking for the best cryptocurrency exchange. It's one of the dominant exchanges in the industry, and there are some good reasons for that.

For starters, Binance has some pretty high trading volumes. If you're a novice when it comes to encryption negotiation (or simply negotiation in general), you may not be aware how significant this point actually is!

See, if an exchange has some high trading volumes, that means people really trust the platform, and there are a lot of cryptocurrencies that go through it constantly.

POSITIVE
  • A well-known cryptocurrency platform
  • More than 100 different cryptocurrencies available for trading
  • Two-factor authentication
NEGATIVE
  • It can be a little difficult for beginners.

eToro

Quick registration

With over 17 million registered users, eToro offers one of the largest and most active trading communities

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Innovative platform: eToro has distinguished itself through its social investing platform, an innovative tool that allows users to copy trades from other investors.

Internationally Established: Founded in 2007, eToro has over 20 million users in 140 countries worldwide — and the US is now on that list.

However, while eToro runs multi-asset exchanges (offering stocks, commodities and Forex trading) in other countries, so far US clients can only trade cryptocurrencies on the platform.

Social Trading: EToro's CopyTrader allows you to automatically copy and trade based on the movements of other traders. How it works: You choose an investor you want to copy, and with a click of a button you can start mirroring their positions automatically (with the option of a stop-loss level to limit potential losses).

The minimum amount to copy a user is $200 and the maximum amount is $500.000. Users can copy up to 100 traders simultaneously. Even without using CopyTrader, users can view millions of portfolios, statistics and risk scores from other traders.

POSITIVE
  • Offers access to 17 cryptocurrencies.
  • Expanding the educational offer for novice traders
  • Social Trading: Ability to copy trades from popular traders.
  • Free stock and ETF trading
  • Regulated in two high-profile jurisdictions
NEGATIVE
  • Customer support needs to be improved
  • Internal withdrawal fees
  • Low leverage and higher minimum deposits, but within a reasonable range

Conclusion About Bitcoin Exchanges For Beginners

Choosing the right cryptocurrency trading platform for your needs can be a difficult and time-consuming process. Remember to pay attention to the fees, reputation, security, verification processes and geographic services that a platform performs. Remember that you are not limited to using just one platform. 

I hope the information provided will help you decide which platform suits your needs. We've selected 5 Cryptocurrency platforms that are reliable and easy to use for beginners.

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