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With a whole host of success stories about crypto traders who have been able to make a significant amount of cash from their investments, it’s not hard to guess why so many individuals want to get started in the niche. After all, who wouldn’t want to jump in and make a profit by investing in the digital currency of the future?

If you’re interested in the world of cryptocurrency, you’re going to need to find a good crypto exchange. These platforms are a necessity for traders, as they can allow you to buy and sell digital coins.

It’s important to note that each one is different – and because of this, it’s vital that you find the right one for your unique needs. Whether you’re interested in a variety of cryptocurrencies or low commission fees, there are simply so many options to choose from.

What are the best cryptocurrency exchanges?

With a wide variety of different cryptocurrency exchanges out there, it’s not always easy to choose the right one. Fortunately, with a little research into the available options, it can often be a much simpler process. To give you an idea of the platforms we’re going to take a look into in this post, here’s a quick glance at the 7 exchanges we’re checking out:

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List of top best crypto exchanges

Capital.com

While fairly young, being founded back in 2016, Capital has continuously risen in popularity over the last few years thanks to everything that it has to offer.

Capital.com crypto trading

With competitive spreads, 70 different crypto trading pairs, 24/7 customer support, and more, it shouldn’t be hard to guess why Capital.com was a solid choice for us. One particular point that’s worth mentioning is that Capital isn’t limited to just cryptocurrency. On this platform, you can trade in more than 4000 different markets, which gives you far more opportunities with your investments.

Alongside the fact that there are no fees or commissions associated with using the site, it’s undoubtedly one of the best choices out there.

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Crypto assets are unregulated investment products. Your capital may be at risk

eToro

eToro crypto exchange

Founded in 2007, eToro is an exchange that has been in the business for quite some time now – and over the years, they’ve built quite a good reputation. So much so in fact, that many traders consider it to be the best cryptocurrency exchange out there.

There are quite a few reasons why this platform has become so prominent in the crypto market; from their FinCEN regulation to their unique social copy trading feature. Outside of this, there’s also the bonus of their low trading fees, which makes it easier for anyone to get involved without having to worry about taking a huge chunk out of their profits. This in specific is something that pretty much all traders can enjoy, so it’s well worth considering.

Overall, there’s a broad range of things that make eToro one of the most popular trading platforms on the market, which is why it deserves a spot on this list.

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Crypto assets are unregulated investment products. Your capital may be at risk

Binance

Binance is often one of the best crypto exchanges for those who want to get into active trading. Offering the ability to work with numerous pairs, it’s much easier for users to make a profit on fluctuating values on a day-to-day basis, rather than buying and holding the assets for a long period of time. However, it’s generally a better choice for those who are more experienced in crypto trading than beginners. 

On the plus side, it does have competitive fees and the opportunity to purchase BNB – Binance’s own cryptocurrency.

Coinbase

Coinbase exchange

As one of the most popular crypto exchanges on the market, we felt that we had to include it on this list. With a large number of users, there are certainly going to be a few things that have allowed Coinbase to reach the top and keep its position as one of the best platforms around.

There are various crypto pairs, allowing you to invest in any of the mainstream coins; from Bitcoin to Ether. Plus, featuring some of the tightest security of any cryptocurrency exchange, you can rely on Coinbase to keep your coins and data secure.

Gemini

With both a mobile app and web platform, Gemini is a cryptocurrency exchange that makes crypto investments as simple as they can possibly be. It’s easy to purchase digital coins with debit cards or via bank transfer and the software offers all the tools you need to get the most out of every endeavor. It might not be ideal for beginners (it’s geared more toward seasoned traders), but it does offer plenty of features and the opportunity to make the right investments.

Kraken

Kraken exchangeFor a lot of people, Kraken can be one of the best places to start. This platform is incredibly easy to use and allows you to buy digital coins without having to worry too much about the costs (thanks to their low fees). 

For many years now, Kraken has been popular for simply being a safe and reliable platform – something that’s essential in a market flooded with scams and frauds. If you want to be able to buy and sell crypto easily and without issue, Kraken could be a great choice. 

Crypto.com

With excellent security and a number of different crypto investments on offer, it’s not hard to see why Crypto.com has steadily been increasing in popularity. There’s much more that makes this particular platform worth checking out though; from low costs to user-friendliness. These may be points that a lot of the best crypto exchanges have, but they’re all necessary for a great platform, which is why it’s so good to keep in mind.

You can also enjoy several cash-back rewards too, which only helps to make it an even more appealing choice when compared to the rest of the market. 

How to buy cryptocurrencies?

If you want to get started with crypto trading, you’re going to need to purchase some digital coins. There are three simple steps to this; choosing your platform, depositing some cash and then, of course, the purchase of your digital assets. Here’s a quick look into these:

Choose a crypto broker

Before you go ahead and start buying your digital coins, you’re going to need to find the best place to purchase them. With the seven different platforms we looked into above, you should have some idea of what your options are – and this can be a great starting point if you want to do some research of your own.

Once you’ve picked one, you’re going to need to set up your account. Fortunately, most of the best cryptocurrency exchanges will make it easy for you to do, so you can go about your business without any hassle.

There are plenty of good platforms out there, but for this example, we’re going to take a closer look into eToro and how you can make your investments on this platform. For the most part though, the process shouldn’t be too different on any other legitimate exchange out there.

Fund your account/make a deposit

After registering an account with eToro and going through the verification process (which shouldn’t take too long at all), you’re going to need to connect it to your debit card. You can also make a deposit via PayPal, credit card, or wire transfer if that’s what you would prefer. It’s a great feature that there are so many methods to make payments and that getting money into your account is straightforward, as some cryptocurrency exchanges can be rather limited.

When you link your card to your eToro account, you’ll be able to make a deposit without any hassle. The minimum amount is $200, which is fairly average for a cryptocurrency exchange and not too bad for your investments either, since it’s a decent amount to get you started.

Buy and trade crypto assets

Finally, with some money in your account, you should have no trouble purchasing the crypto available on the site. With eToro this is an incredibly simple process too, just click on the button that allows you to buy Bitcoin (or any other crypto that you’re interested in) and you should be good to go. You can even buy a fraction of a Bitcoin on this platform, which is a nice bonus for those who can’t purchase a full one.

Once you’ve bought some digital coins, you’ll also be able to sell them. Of course, it’s important to wait for the right time to make a profit, but you will generally find that it’s quite easy to do.

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Crypto assets are unregulated investment products. Your capital may be at risk

How to choose a platform to buy crypto and what to consider

Bitcoin and its price graph

With a number of different cryptocurrency exchanges on the market, it isn’t always an easy task to pick the right one. After all, each of them will generally have its own pros and cons, with many of them also sharing many positive attributes. 

Unfortunately, many beginners don’t get the best start with trading, all because they didn’t choose the right platform. From buggy sites, to expensive transaction fees; there are far too many potential issues to keep track of, especially for someone who’s new to it all and doesn’t exactly know what they’re looking for in an exchange.

So, what can you do to find the best trading platform for your needs? Here are a few of the things that you’re going to want to keep in mind while searching for the ideal crypto exchange:

The overall user experience

There are plenty of factors that can go into this; from the interface of the website, to how much information you’ll need to provide about your identity in order to get started. Overall, several things go into determining the user experience and it’s well worth thinking about different aspects of a platform and how they could affect you and your investments.

If you’re uncertain, it could be a great idea to check some reviews of the platform. By getting an idea of the experiences of others, you can often build a more realistic view of what to expect – which will certainly help you in making the right decision.

Focus on security and privacy

Whatever the platform offers, it’s essential that you ensure that it is properly protected. Looking through the history of cryptocurrency and different exchanges, you’ll find that there are far too many stories of individuals who have lost their investments and had their data stolen by a cyber attack that was only possible because of poor security measures. 

Regardless of the promises, you should never put yourself in a position where your investments are at risk of being stolen. On the plus side, many of the best sites put effort into keeping their traders safe – but being so popular, some are still a primary target for hackers, so you should always be careful. 

Expect full transparency

In any situation, when it comes to your investments, you have to find an exchange that is 100% transparent. With so many platforms out there being less than reliable, it’s essential that you find an exchange that is undoubtedly trustworthy. How do you do this?

Well, there are several ways that a platform like this can be transparent with their users; for example, being open about who the owner is, their headquarters, team members and any other information that you need to know. Being shady about fees and not being entirely upfront is generally a bad sign.

Available trading options

When you’re trading with cryptocurrency, it’s essential that you have the ability to invest in the right assets. Not all exchanges will offer the ability to trade in any coin, though. In fact, most will only have a small selection for their users to choose from. 

While this might not always be too much of a downside, especially for those who are only really interested in stable coins (such as Bitcoin, Ether, Ripple, etc.), it’s always worth considering the options that will be presented to you. Luckily, most good exchanges will offer the option to trade in popular currencies, so it doesn’t have to be a huge inconvenience. 

Other factors to consider:

  • Any crypto exchange’s web address should begin with HTTPS. If it’s anything else, even HTTP, it might not be the best choice
  • There are some exchanges that insure their users’ funds, which could be worth keeping in mind if you’re worried about losing your investments to a cyber attack
  • The higher the liquidity (trading volume), the better. This can often contribute to advantages like faster transactions and less severe price fluctuations
  • Since most reputable exchanges charge fees for their services, it can be well worth taking the time to consider the costs that come with different platforms
  • For the best possible experience, it’s usually worth going with a website that’s tried and tested. If you know that countless other investors use it, it’s usually a good sign

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Crypto assets are unregulated investment products. Your capital may be at risk

How can you sell crypto

There are quite a few ways that individuals can sell their digital coins, which is certainly something that many investors can benefit from. One of the most common options is to do everything through an exchange, since it’s generally the most convenient way to trade.

You’ll often already have some crypto held in your account, as it’s also likely to be the place where you get your coins from. If you’re planning on using an exchange, you may as well go about selling your digital assets on one, too.

What options are there?

When it comes to your investments and making the right calls, it can often be worth having an idea of all your options. Outside of exchanges, you can often trade crypto via direct P2P transactions, or even at Bitcoin ATMs. While these might not offer the convenience that an exchange does, some will find that they have their own advantages that are worth considering. 

For example, with a peer-to-peer transaction, you could do it in person or even online. This can open up different opportunities and maybe help you to meet other crypto enthusiasts and ensure that the person on the other side is the real deal. It could also be worthwhile if you want to cut out the middleman.

For most beginners, we’d suggest sticking to an exchange though. They’re convenient and widely used, generally giving you access to a variety of trades and investment opportunities. Of course, you could use any of the platforms mentioned earlier if you want to start selling your digital coins.

How to store crypto

Crypto wallet

When you put your money into something like cryptocurrency, you’re going to want to make sure that it’s as safe as possible. You have to remember that, unlike fiat money, there isn’t quite as much protection that you would receive from, say, a bank. With crypto, it’s your responsibility to store your money and if something goes wrong, there’s not much you can do about it.

Because of this, there are quite a few companies out there that are dedicated to providing you with solutions to effectively safeguard your assets. Typically speaking, crypto wallets are the ideal storage options, but it’s important that you pick a decent provider. 

Online/web wallets

A common option for most traders is to use an online crypto wallet to store their coins. One of the main reasons for this is because they tend to be easy to use and fairly convenient, since they’re easy to access whenever you have an internet connection. There are even several free web wallets, which can be an advantage for many investors.

The biggest downside to this however is a general lack of security. Even with the best encryption, there is still a risk that a hacker could get access if they’re able to work around the security measures put in place. Even if the risks are low, it might be important to consider the fact that these issues still exist.

There are many exchanges that offer online wallets as part of their platform, so you can generally store your digital coins right there on the site without having to transfer and store them elsewhere, offering even more convenience to their users.

While not all crypto exchanges have the most secure online cryptocurrency wallets either, you can generally rely on the more popular ones to keep your assets safe for you. As mentioned earlier, some even offer insurance on the funds to further protect their users, which can always be a bonus when available.

Cold wallets

If you’re worried about the chances of cyber-attacks, you might be interested in storing your assets in a cold wallet. These are usually pieces of hardware; some resemble USB sticks, whereas others are more unique in their designs. While they might not offer as much convenience as an online wallet, they are generally the most secure storage option available, alongside paper wallets. 

Even with this, it is worth considering that there are quite a few disadvantages that these storage options can pose to traders. For one, there’s the common issue of simply forgetting your password. 

This might not sound like a big deal, but a large number of Bitcoins are believed to be locked away in cold storage that the owners simply can’t get into due to a lost passcode. It’s a common issue, so much so that many hardware wallet providers have other tools to help individuals keep their passwords safe and secure, yet accessible, in case the worst should happen.

There’s also the risk of the device being lost, stolen, or damaged. From a house fire, to being affected by water; it really can be frustrating to lose your digital coins due to an accident or an event that’s not your fault. These can also be far less cost-effective than online wallets, which could be another drawback, especially for many new traders.

That being said, if you’re hoping to avoid the risks of online storage and want to keep large amounts of crypto safe for the long term, they are usually the best choice.

What you need to know about trading cryptocurrencies 

Just to give you a little more information before you get started with crypto investments, here are 3 things that we think you should know:

Learn about your options

With so many different digital currencies, it could be a great idea to learn more about the different coins available and how much potential they offer. Similarly, doing your research on other factors, like blockchain technology or trading strategies, can always be worthwhile to ensure that you get the most out of your trades.

Don’t give in to the hype

So many people get into crypto for the dream of making huge profits – but it’s vital that you keep a level head if you want to get anywhere. Far too many beginners take significant losses due to emotional trading and the all-too-common occurrence of FOMO (fear of missing out). This isn’t something exclusive to crypto, but a warning for any kind of investment, to be considerate of what you’re doing. 

Be wary of the volatility

It’s no secret that the value of digital coins fluctuates. This is the main reason why they can be so profitable – but also lead to individuals losing large amounts of cash. It’s not the most stable of investments and when getting into it, it’s important to be mindful of the risks and how you could potentially balance them out or reduce them.

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Crypto assets are unregulated investment products. Your capital may be at risk

FAQ

How do I get better at trading cryptocurrencies?

While you’ll often get better with experience, there are often a number of things that you can do to give yourself a better chance of succeeding earlier on; like the 3 points mentioned in the section above. Careful trading, implementing strategies, and choosing the right exchange can all be vital.

Can trading crypto be profitable?

While there are risks involved, the history of this digital asset has certainly shown that there’s a lot of potential in cryptocurrency investments. Some will find it best to trade in small amounts regularly or save their assets for a longer period of time. It’s always best to consider the right method for you, as this will often be essential in your potential to make rewarding trades.

How much can I make from day trading cryptocurrency?

While the amount you could earn will often depend on a wide variety of factors, from the asset you invest into the current state of the market, there is definitely a potential to earn from day trading, with the average amount of earning being around $45 an hour. This won’t be the same for everybody, with some earning more or less, but this is a general idea of what you could expect as you improve.

Can you get rich from trading cryptocurrencies?

While not for everybody, there’s no doubt that crypto has the power to reward investors with significant profits. While not everyone will get rich quickly, time and effort will often assist you in building wealth with this digital asset.