Most people on their introduction to cryptocurrency start with exchange accounts and even experienced traders usually have to interact with these centralized exchanges at one point or another. Exchanges in short just connect a seller of cryptocurrency to a buyer. They are by far the easiest method to purchase cryptocurrency from fiat(physical currency). Exchanges have many benefits to be had including staking, lending, price charts, and many give away free crypto in different ways. While exchanges do kind of go against decentralized finance that cryptocurrency was created for, they are a necessary “evil” for most users to interact safely with cryptocurrency or to connect cryptocurrency to fiat (physical currency).
|Exchange Learn Staking|
|Coinbase arguably is one of the most know exchanges around. It’s very easy to start as it keeps cryptocurrency buying and selling very simplified. For most Coinbase was the starting point to get into the cryptocurrency market. The downside to ease of access and ease of use (isn’t there always) is out of everyone on this list they are going to have one of the highest fees for buying, selling, and exchanging cryptocurrency. Unless you are doing a lot of trading those fees may be worth it for the simplicity! Coinbase has many options to help grow your assets whether by earning from learning, easy access to staking, or news trying to keep you in the loop for the next big run.|
|Exchange Lending Margin Staking|
|Kucoin is on the list as one of the most popular exchanges out there and my personal favorites. With one of the lowest trading fees available, 370+ cryptocurrency pairs, a P2P marketplace, crypto trading bots, and many more features – it is no wonder it stays at the top of most lists. I’ve used this exchange for my day trading, spot trading, futures trading, as well as some minor staking. Even my personal trading bot runs through Kucoin’s API due to the low fees making small scalps still profitable. |
While new users will most likely find the number of options on Kucoin daunting, once you get through the learning curve it can be one of the most useful tools and exchanges available. While this is one of my go-to exchanges they are not without some issues. Trying to purchase cryptocurrency from fiat can be done but with some extremely high fees(3%-12%). Currently, no route to cash out your crypt to fiat currency, you will have to deal with another exchange or method if you plan to cash out to your local currency.
|Binance.us is the United States version of Binance. While they do not offer the same features as its parent company Binance they are still the exchange with the most volume of any exchange available. They offer very quick trades on over 60 trading pairs, staking, some decent charting compared to others. Maker/taker fees on Binance.US range from 0% to .1%, and instant buy fees are .50% making it one of the best in terms of trading fees. They do require full KYC verification to access trading options which can (best case) take a week or two. In some instances, it’s been known to take months to re-verify locking people out of accessing or transferring funds back out. (I’ll cover my experience below). |
I have used them in the past but in full disclosure have closed all Binance accounts due to issues getting locked out of my account and taking 6 months to reach someone to re-verify identity and release my funds. This seems to be a very common issue and after losing access to over 80% of my portfolio for 6 months I have not returned.