After the big Bitcoin boom in 2017, cryptocurrencies are not a secret anymore. With over 5000 cryptocurrencies in existence today and a total Market Capitalization of almost $200 billion, there are many opportunities for traders to also make a success and profit by trading this market. The topic of today’s article is the top 10 best cryptocurrency trading sites for beginners. Note that this list is in no particular order.
Firstly we will discuss the key components looked at when creating this list as to give you as reader a better understanding and freedom of choice to make your own decision.
Selecting a cryptocurrency exchange to purchase your first cryptocurrencies can be a daunting and overwhelming process.
After all, there are cryptocurrency trading platform in today’s market, with 24-hour trade volume in the billions. So, how do you make your choice?
Here are a few attributes to look at while choosing your cryptocurrency trading platform of choice:
- Know Your Customer (KYC) and Security – This is an implementation these sites have where users on the site needs to submit person information. This shows a level of trust and that no money laundering or any other illegal actions is allowed on the site. This creates a safe place to trade and shows that the exchange is following the correct legal procedures. Sites with added security levels such as 2FA (2 Factor Authentication) also adds another level of security protecting the user themselves.
- Fiat exchange – It is important that the exchange on which you are trading allows for fiat deposits and withdrawals. This will allow users to exchange their own national currencies to and from the site making it easy to cash out profits and eliminates the effort to transfer it to another site where it could be then be withdrawn.
- Volume – Volume is a very important aspect of a good cryptocurrency trading site. Volume in this sense means the amount of people trading on the site, thus the amount of liquid assets that is traded. With low volume trading sites it is difficult to buy and sell cryptocurrencies, which most of the time leads to the trader setting for a too high or too low price. Some exchanges have so little volume that nobody wants to buy your asst which could lead to your asset being stuck in that site. This happens when the exchange stops withdrawals in desperation trying to keep the volume of the site up and growing. This is a big red flag for ay trading website.
- Fees – The fees of trading sites could be of great importance for a cryptocurrency trader and not so important for a cryptocurrency investor. If you plan on trading a currency in the short term, it is important to trade on a site with low transaction and trading fees as these could easily make your trade profits less worthwhile.
- Selection of digital assets – This is a tricky one. It is optimal that a cryptocurrency trading site does not have too much or too little digital assets available to trade. With too little to trade, it is less likely that the site will have a lot of customers and it in some way also forces a very unstable portfolio as you will only have that asset. Too much digital assets provided on a trading site gives the idea that almost any asset can be listed on the site, making the risk of investing in an asset with no future promise a lot more likely.
There is obviously more factors to keep in mind when consider a cryptocurrency trading site such as the prices of the assets, leverage options and the team transparency, but the above 5 seems like a good enough consideration for a good site.
The article will now discuss 10 cryptocurrency trading sites with their score in each of these 5 factors briefly discussing them.
Etoro
| Rating: | |
| Website: | etoro.com |
| CEO: | Yoni Assia |
| Headquarters: | London, United Kingdom |
| Founders: | David Ring, Ronen Assia, Yoni Assia |
| Founded: | 2007 |
| Customer service: | Knowledge Base |
Etoro is a multi-asset platform that offers both investing in stocks and cryptocurrencies, as well as trading CFD assets.
Please note that CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Since 2007, Etoro has been democratizing traditional money management in order to open the financial markets to everyone, everywhere.
Deposits may be made via online bank transfer, wire transfer, e-wallet (PayPal, Skrill, or Neteller), or bank card. Customers may withdraw funds from their Etoro account at any time, and without fees from the platform (though charges from your bank may apply).
Minimum first time deposit for US users is $50 USD and $200 USD for most countries.
Etoro accepts deposits in USD, EUR, GBP, and AUD.
Pros
- Diverse selection of markets
- Excellent reputation
- User-friendly interface
- Great customer support
- Low fees
Cons
- Bitcoins can not be withdrawn
Disclaimer: This ad promotes virtual cryptocurrency investing within the EU (by eToro Europe Ltd. and eToro UK Ltd.) & USA (by eToro USA LLC); which is highly volatile, unregulated in most EU countries, no EU protections & not supervised by the EU regulatory framework. Investments are subject to market risk, including the loss of principal. 67% of retail investor accounts lose money when trading CFDs. You should consider whether you can afford to take the high risk of losing your money.
| Reputation | Fees | Privacy | Limits |
|---|---|---|---|
| Excellent | Low | High | High |
Binance
| Rating: | |
| Website: | binance.com |
| CEO: | Changpeng Zhao |
| Headquarters: | Malta, European Union |
| Founders: | Changpeng Zhao, Yi He |
| Founded: | 2017 |
| Customer service: | Knowledge Base |
Binance is a first-rate exchange for experienced traders who are looking for a respectable cryptocurrency marketplace to perform real-time trades.
With over 166+ cryptocurrencies available, both beginners and advanced traders have a myriad of tools and pairs available to them within one powerful trading platform.
Binance accepts deposits in over 50+ currencies including USD, EUR, JPY, KRW, GBP, AUD, RUB, and many more.
Pros
- Trustworthy management
- High volume exchange
- Low fees
- A large number of cryptocurrency pairs
- Global support
Cons
- Few payment options
| Reputation | Fees | Privacy | Limits |
|---|---|---|---|
| Excellent | Low | High | High |
Coinbase
| Rating: | |
| Website: | coinbase.com |
| CEO: | Brian Armstrong |
| Headquarters: | San Francisco, California |
| Founders: | Brian Armstrong, Fred Ehrsam |
| Founded: | 2012 |
| Customer service: | Knowledge Base |
| More information: | Read Review |
Coinbase is the dominant U.S. cryptocurrency exchange that is known, used and trusted by millions of customers worldwide. The world-class user interface is both colorful and accessible and there is even a mobile app available for Android and iOS.
Coinbase accepts deposits in USD, EUR, GBP, CAN, AUS, and SGD.
Pros
- Established reputation
- User-friendly interface
- High liquidity
- Large purchasing limits
- Strong security
Cons
- Support takes time to respond
- Slow bank transfers
| Reputation | Fees | Privacy | Limits |
|---|---|---|---|
| Excellent | Low | High | High |
CEX IO
| Rating: | |
| Website: | cex.io |
| CEO: | Oleksandr Lutskevych |
| Headquarters: | London, United Kingdom |
| Founders: | Oleksandr Lutskevych, Dmytro Kalynovskyi, Victoria Polyakova, Peter Ivanov |
| Founded: | 2013 |
| Customer service: | Knowledge Base |
| More information: | Read Review |
CEX.IO is a multifunctional cryptocurrency exchange that is trusted by millions of customers worldwide and allows users to buy bitcoin with a credit card or debit card seamlessly.
CEX.IO boasts multiple payment options (SWIFT, SEPA, ACH, Faster Payments), 24/7 customer support, and proven platform stability.
CEX.IO accepts deposits in USD, EUR, GBP, and RUB.
Pros
- Established and trustworthy
- Supported worldwide
- Low fees
- Simple credit card purchases
- Clean user interface
Cons
- Verification procedure requires private information
- Lengthy verification time
| Reputation | Fees | Privacy | Limits |
|---|---|---|---|
| Excellent | Low | High | High |
Kraken
| Rating: | |
| Website: | kraken.com |
| CEO: | Jesse Powell |
| Headquarters: | San Francisco, California |
| Founders: | Jesse Powell |
| Founded: | 2011 |
| Customer service: | Knowledge Base |
Kraken is the world's largest Bitcoin exchange and offers a vast selection of cryptocurrencies and internationally accepted funding methods.
Kraken Pro provides individual and institutional investors with advanced real-time trading and charting tools.
Kraken accepts deposits in USD, EUR, CAD, GBP, JPY, and CHF.
Pros
- Respectable reputation
- Global support
- Reliable customer support
- Tiered verification
- Affordable fees
Cons
- Few payment methods
- Sophisticated UI
| Reputation | Fees | Privacy | Limits |
|---|---|---|---|
| Excellent | Low | High | High |
Bittrex
| Rating: | |
| Website: | bittrex.com |
| CEO: | Bill Shihara |
| Headquarters: | Seattle, Washington |
| Founders: | Bill Shihara, Richie Lai, Rami Kawach |
| Founded: | 2013 |
| Customer service: | Knowledge Base |
Bittrex is one of the largest cryptocurrency trading platforms in existence and serves customers all over the world.
Bittrex currently accepts deposits in USD for fiat trading only.
Pros
- A large number of cryptocurrency pairs
- Strong security
- Privacy
Cons
- Customer support
| Reputation | Fees | Privacy | Limits |
|---|---|---|---|
| Excellent | Low | High | High |
Bitstamp
| Rating: | |
| Website: | bitstamp.net |
| CEO: | Nejc Kodrič |
| Headquarters: | London, United Kingdom; Luxembourg |
| Founders: | Nejc Kodrič, Damijan Merlak |
| Founded: | 2011 |
| Customer service: | Knowledge Base |
Bitstamp is a bitcoin marketplace based in the European Union and has been around since 2011.
Bitstamp offers clients 24/7 support and a multilanguage interface that can be used by everyone around the world.
Bitstamp accepts deposits in USD and EUR.
Pros
- Supported globally
- High-level security
- Affordable transaction fees
- Reliable customer support
Cons
- Few payment methods
- High deposit fees
| Reputation | Fees | Privacy | Limits |
|---|---|---|---|
| Great | Low | High | High |
Crypto.com
| Rating: | |
| Website: | crypto.com |
| CEO: | Kris Marszalek |
| Headquarters: | Hong Kong |
| Founders: | Kris Marszalek, Rafael Melo, Gary Or |
| Founded: | 2016 |
| Customer service: | Knowledge Base |
Crypto.com is a payment and cryptocurrency platform that empowers users to buy, sell, and pay with crypto.
Crypto.com accepts deposits in USD, GBP, EUR, SGD, CAD, AUD, NZD, HKD, TWD, NOK, SEK, DKK, CHF, PLN, ZAR, KES, RUB, BGN, RON, ILS, SAR, AED, HUF, CZK, TRY and BRL.
Pros
- Diverse selection of currencies
- Crypto.com Visa debit card
- User-friendly interface
- Great customer support
- Low fees
Cons
- A relatively new player in the market, with a shorter track record
| Reputation | Fees | Privacy | Limits |
|---|---|---|---|
| Excellent | Low | High | High |
BitPanda
| Rating: | |
| Website: | bitpanda.com |
| CEO: | Eric Demuth |
| Headquarters: | Vienna, Austria |
| Founders: | Christian Trummer, Eric Demuth, Paul Klanschek |
| Founded: | 2014 |
| Customer service: | Knowledge Base |
BitPanda has been in operation since 2013 and is based in Vienna, Austria. The BitPanda platform is straightforward and easy to use for beginners.
BitPanda accepts deposits in EUR, USD, CHF, and GBP.
Pros
- Low fees
- Multiple payment methods
- Easy verification process
- Dependable and trustworthy
Cons
- Available to European countries only
| Reputation | Fees | Privacy | Limits |
|---|---|---|---|
| Excellent | Low | High | High |
Luno
| Rating: | |
| Website: | luno.com |
| CEO: | Marcus Swanepoel |
| Headquarters: | London, United Kingdom |
| Founders: | Carel van Wyk, Marcus Swanepoel, Pieter Heyns, Timothy Stranex |
| Founded: | 2013 |
| Customer service: | Knowledge Base |
In operation since 2013, the Luno platform enables users who reside in Europe the ability to buy bitcoin using bank transfer, debit card or credit card after depositing funds.
Luno accepts deposits in EUR, IDR, MYR, NGN, SGD, ZAR, and ZMW.
Pros
- Trusted throughout Europe
- Strict security
- Free deposits
Cons
- Withdrawal fees
| Reputation | Fees | Privacy | Limits |
|---|---|---|---|
| Great | Low | High | High |
How Does Cryptocurrency Trading Work?
Just like trading the Foreign Exchange (Forex) market, cryptocurrency trading is the buying and selling of currencies to generate a profit. In its simplest form, you’re betting on the changing price difference between two different currencies. These funds are then used to place buy and sell orders against another currency. You make profits from selling, or closing orders at a higher price than you bought.
Trading cryptocurrencies works exactly the same as the forex market trading, but instead of selling and buying fiat currencies, such as euros or US dollars, traders buy and sell cryptocurrencies, such as Bitcoin, Ethereum or Litecoin. You will usually exchange a fiat currency into a cryptocurrency and then, at a later date, back into a fiat currency, although there are traders and exchanges that allow cryptocurrency-to-cryptocurrency trading.
For example, you might speculate on the change of price between the Bitcoin and the US dollar.
If you think Bitcoin will increase in value you might enter a “Long” position. This means you buy Bitcoin as you believe that it will increase in value relative to the US dollar.
If you think Bitcoin will decrease in value you might enter a “Short” position instead. This means that you sell Bitcoin as you believe that it will decrease in value relative to the US dollar.
Learn How To Trade The Cryptocurrency Market
You may or may not have some experience in trading the Stock or Forex (FX) markets, but the Cryptocurrency market is a whole different ‘game’. It is advised to study the cryptocurrency charts first before starting to trade them. Do not to assume that your skills attained by trading other markets will be sufficient and that your trading strategies will work the same in the crypto market. Traders often assume that skills and trading strategy’s developed in alternative financial markets can be applied to others, you need to take time and research each market respectively.
If you are a new trader in general, it is advised that you either start with a demo trading account and train yourself, or sign up to our FREE online trading academy which is designed to help you prepare for success in the financial markets.
It is important to find a strategy for each trade you will make and apply these strategies in the cryptocurrency market. We have spent years developing ours, it may seem daunting at first but once you pick up the basics, picking up the rest of the knowledge can become a walk in the part.
Conclusion
Cryptocurrency trading is still in its infant stage, if you can stick out the learning curve, you will be glad you started. Always stay calm and do not attach emotions to trading, have a strategy and follow it. Stay open-minded and do not let your emotions stop you from making trades.
In conclusion to this article, we hope that you now have a better overview of what to look at in a cryptocurrency trading site before investing any money into it alongside helping you with your decision with this in detail rundown of 10 very popular crypto trading sites.