Best Crypto Exchange for Beginners

Coinbase Exchange

First up on the list is the number one best crypto exchange for beginners. Every seasoned crypto trader would agree that Coinbase offers the most user-friendly interface with the most competitive rates.

Founded back in 2012, Coinbase has grown exponentially into one of the world’s leading crypto exchange platforms. Coinbase co-founders Brian Armstrong and Fred Ehrsam grew their team to more than 200 employees since they first birthed the platform. Coinbase’s reputation relies heavily on the fact that the crypto exchange platform helps crypto investors make the most of their trades while maintaining maximum performance and security measures to prevent hacks and scams.

The American crypto platform simplifies the overall exchange process by allowing users to purchase cryptocurrencies safely and fast. In addition, Coinbase only offers the most popular and lucrative coins: Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH), Dogecoin (DOGE), Bitcoin Cash (BCH), etc.

Rather than sending users to an order book, Coinbase acts as a broker by providing its own liquidity.

As a new investor, you can purchase digital currencies with fiat through the platform’s fiat gateway. To do this, link your bank account to the platform and initiate a wire transfer. Wire transfers are subject to a per-trade fee of 1.49%, while debit card transactions are subject to a 3.99% fee.

To register for a Coinbase account, you will need to provide basic information such as your full name, phone number, email address, and place of residence. Generally, you will need to use an ID to prove your identity. Your account will be ready to use once Coinbase verifies your information and sends you a confirmation email.

We put Coinbase as the number one crypto brokerage for beginners due to its simplistic yet innovative interface as well as educational material. New crypto traders are constantly looking for more information to help them boost their strategies.

Coinbase provides educational guides and articles on topics ranging from volatility to blockchains in the Coinbase Earn program. There, you can also learn how to trade different types of cryptocurrencies while earning free crypto rewards.

Another major benefit of the platform is its impressive security to prevent hackers. Coinbase stores 98% of customers’ assets offline while employing two-factor authentication for platform access. In addition, Coinbase protects customers’ custodial accounts with an insurance policy of up to $250,000.

One of the best things about the Coinbase platform is that it is also available for more experienced traders. You can utilize Coinbase Pro for more advanced trading features that help you progress your crypto exchange skills.

All in all, Coinbase is an exceptional crypto exchange platform for beginner traders. With over 30 available cryptocurrencies, a state-of-the-art interface, and abundant educational materials, you can learn the best trading strategies in no time.

Tap here for a full Coinbase crypto exchange review!

Binance Exchange

Next up on the best crypto exchange for beginners list is Binance. Changpeng Zhao founded the platform in 2017, with its initial headquarters located in Hong Kong, China.

An essential factor to know about Binance is that it does not operate under a regulatory party, meaning it has yet to obtain official trading permits or licensing from local authorities. Although this makes Binance unavailable in the US States, American crypto traders can use the new Binance US subsidiary.

One of the significant benefits of the Binance exchange platform is that it doesn’t have high fees structure. New users constantly compare deposit fees, withdrawal fees, and other network fees when exploring platforms.

Not only is Binance the largest cryptocurrency exchange in the world by trading volume, but it also has some of the lowest fees. With a maximum maker and taker fee of 0.1%, Binance easily attracts new and seasoned crypto traders looking to save on trading fees.

Binance is the ideal platform for new traders looking to exchange familiar cryptocurrencies as well as altcoins. Traders can find DeFi tokens, assets, and stablecoins like Ethereum Classic (ECH) and Tether (USDT) on the Binance exchange.

Like other beginner-friendly exchanges such as Crypto.com or Robinhood, Binance offers various fiat payment methods. You can deposit funds via bank account, debit or credit cards, third parties, PayPal and P2P trading.

Binance makes an excellent exchange for beginner traders as it offers competitively low trading fees, fast executions, and utilizes advanced yet straightforward charting. It’s also the perfect exchange if you’re into staking cryptocurrencies and spot trading.

Tap here for a full Binance crypto exchange review!

Kraken Exchange

Founded in 2011, Kraken is one of the oldest cryptocurrency exchanges. Its founder, Jesse Powell, took his experience as a cybersecurity expert to create the platform and open it up to the public in 2013.

Kraken, like Binance, supports various tokens and fiat currencies such as CHF, USD, EUR GBP, AUD, CAD, and JPY. You can use a bank transfer or wire transfer to purchase assets; however, it can take up to five days for the funds to show on your balance sheet.

Kraken bases trading fees on your trading volume in 30 days. Generally, trading fees range between 0% and 0.2%.

With a priority for cybersecurity, Kraken takes several steps to protect customers’ digital assets. One of the ways they do this is with identification verification. Kraken has three levels of verification:

1. Starter
2. Intermediate
3. Pro

New crypto traders who want to start trading small can apply for the starter verification level. More experienced traders will need to apply for intermediate or pro verification levels to trade greater amounts of assets. The higher verification tiers require your social security number, occupation information, a photo of your face, and a completed KYC test.

Along with identification qualification, Kraken protects user assets and funds by storing 98% of them in cold storage, or offline wallets. For additional security, the platform encourages traders to set up two-factor authentication, Master Key, and a Global Settings Lock. These customizable security steps help protect your account from unwanted changes or infiltration.

Kraken supports a range of cryptocurrencies, including Bitcoin, BitcoinCash, and Ethereum. If you are considering trading on Kraken, it is essential to know that the platform does not provide a digital crypto wallet.

Kraken exchange gives new traders an easy-to-use platform that centers around cybersecurity. If you don’t mind the identification verification steps, consider Kraken as your first crypto exchange.

Tap here for a full Kraken crypto exchange review!

Bittrex Exchange

When looking for the best crypto exchange for beginners, consider Bittrex. Bittrex founders Bill Shihara, Rami Kawach, and Richi Lai used their experience as leading cybersecurity experts to start the platform in 2014. Although most people recognized these names as crypto leaders, they were once working for some of America’s largest tech firms like Amazon, Microsoft, and BlackBerry.

In 2018, the exchange founders rebranded to become more attractive to traders and expand its services to a global scale. This expansion process included adding hundreds of trading pairs and tokens to extend its selection of cryptocurrency. Today, you can choose from over 400 assets on the platform.

To protect traders from malicious activity and scams, Bittrex routinely checks for suspicious coins and delists questionable assets.

Originally, Bittrex acted strictly as a crypto-to-crypto exchange. Now, you can make U.S. Dollars (USD) withdrawals and deposits by verifying your account and filing a Fiat Trading Request.

Similar to Kraken, Bittrex utilizes a scaled fee structure. The platform has a maker and a taker fee of 0.2% on trading volumes less than $50,000.

To meet the needs of both new and experienced traders, Bittrex offers two different accounts. Beginner traders can use the Basic Account with a withdrawal limit of three Bitcoin a day, and more seasoned users can open an Advanced Account with a daily withdrawal limit of 100 BTC.

Tap here for a full Bittrex crypto exchange review!

Bitfinex Exchange

Raphael Nicolle founded Bitfinex in Hong Kong, China, in 2012. Although the platform’s OTC trading, margin trading, and altcoin support features can make it seem intimidating at first, Bitfinex is on the best crypto exchange for beginner list for a reason.

The first thing to know is that the Bitfinex platform is easy to navigate while offering approximately 72 trading pairs and over 100 cryptocurrencies. Once you verify your Bitfinex account, you can make USD, GBP, JPY, EUR, and CNH fiat currency deposits.

You can deposit funds into your verified Bitfinex account via wire transfer. However, Bitfinex requires a minimum deposit of $60 (USD or EUR) and has a 0.1% fee for each transaction. Stablecoin and cryptocurrency deposits, on the other hand, are free of charge.

The exchange platform also utilizes a maker and taker fee structure. Generally, the highest taker fee you’ll encounter is 0.2%, and the higher maker fee you’ll see is 0.1%. Although Bitfinex offers competitively low fees, regulatory issues prevent users in the US from using the platform.

One of the reasons Bitfinex is on the best crypto exchange for beginners list is because of its paper trading feature. Paper trading is a unique tool that allows new traders to practice their trading strategies without risking actual funds. By mimicking the actual crypto market, the paper trading feature will enable you to perfect your crypto trading skills before starting the real thing.

Regarding security measures, Bitfinex takes no shortcuts. Along with two-factor authentication, you can protect your assets by locking withdrawals if an unknown IP address submits a request. The platform also has the right to freeze an account temporarily should they suspect potentially malicious activity.

Bitstamp is a similar platform that you can check out if you like the Bitfinex exchange.

Tap here for a full Bitfinex crypto exchange review!

Gemini Exchange

Gemini is one of the most popular American crypto platforms for both beginners and veterans. The Winklevoss twins, mostly known for their lawsuit win over Mark Zuckerberg, founded the New York City-based exchange in 2015.

Cameron and Tyler Winklevoss took the $65 million they won in the Zuckerberg suit to invest in building a crypto trading platform for cryptocurrencies. Now, Gemini is one of the few NYSDFS regulated crypto platforms.

In addition, Gemini is the first exchange to complete security exams for SOC 1 Type 1 and SOC 2 Type 2 with near-perfect performance. To continue meeting regulation standards, the platform undergoes frequent audits.

Gemini makes the list of best exchanges for crypto beginners because its platform is easy to navigate and offers basic trading features. Along with its native token, Gemini Dollar (GUSD), the platform supports about 20 other digital currencies. Additionally, the Gemini Dollar earned the title of the first regulated stablecoin.

Since the exchange does not permit bank payments, you will need to link your checking account to make a wire transfer or ACH. Gemini has a maximum deposit daily limit of $500 and a monthly limit of $15,000, and their withdrawal daily limit is $100,000.

Another benefit of Gemini is that the platform is available through its mobile app for iOS and Android devices.

Tap here for a full Gemini crypto exchange review!

CoinMama Exchange

Launched in 2013 by New Bit Ventures, Coinmama is an Israel-based exchange registered in Slovakia. Now, Coinmama services over 180 countries worldwide and is licensed in the United States by the Financial Crimes Enforcement Network.

An essential factor to know about Coinmama is its coin selection, which is limited to BCH, ETH, BTC, XRP, ETC, LETC, ADA, and QTUM. The platform allows for various payment methods. However, transaction fees for debit and credit card payments typically run at 5%.

If you want to avoid deposit fees, you can initiate SEPA bank transfers (for UK traders). You can also use Fedwire, Sofort, Swift, and ApplePay for purchasing Bitcoin.

Another crucial factor to consider is that Coinmama allows crypto buys only, no selling.

In addition, Coinmama acts as a non-custodial exchange. Other critical factors to consider are the platform’s lack of a digital wallet for tokens and that it is not available on a mobile app. If you’re planning to hold a large holding, private keys are essential.

Tap here for a full CoinMama crypto exchange review!

CEX.io Exchange

The next platform on the best crypto exchange for beginners list is a European exchange called CEX.io. The exchange operates on a global scale, with its headquarters in London and offices in Cyprus, the United States, Ireland, Gibraltar, and Ukraine.

CryptoUK founded CEX.io with the goal of promoting healthy crypto relationships. Additionally, the crypto exchange falls under FinCEN regulations and routinely meets with local regulators.

You can purchase various types of cryptocurrencies such as ETH, BTC, BTG, BCH, XRP, DASH, ZCASH, and XLM. CEX.io also supports major fiat currencies like EUR, USD, RUB, and GBP.

Traders have different payment options for the CEX.io platform. The fastest way to transfer funds is with a Mastercard or Visa card; however, keep in mind that this method is subject to a 2.99% per trade fee. You can also use traditional bank transfers or Epay.

One of the benefits of CEX.io is its simple registration process. You can register for an account by signing up with your Google, Facebook, or GitHub account or using an active email address. Identification verification is not necessary for your initial order; however, this can also limit your withdrawal and deposit amounts.

CEX.io is ideal for new and experienced UK traders. However, US residents should be cautious as the platform does not allow withdrawals for US banks.

Tap here for a full CEX.io crypto exchange review!

eToro Exchange

Launched only a couple of years ahead of Bitcoin, eToro is one of the oldest crypto exchanges out there. Although it launched in 2007, eToro didn’t support crypto trades until ten years later, in 2017. At the time, it was a popular platform for stocks, commodities, ETFs, indices, CFDs, and derivatives.

Although eToro is a more advanced broker, it acts as a simple and easy-to-navigate crypto exchange for new traders. You can buy 16 different cryptocurrencies on eToro: XTZ, ZEC, BNB, EOS, TRX, IOTA, ETH, NEO, ETC, ADA, XRP, DASH, LTC, XLM, and BTC.

You can purchase currencies on the platform via bank transfers or credit or debit cards. As long as you pay in USD, you don’t have to worry about deposit fees. However, if you don’t pay in USD, you will see a 0.5% conversion fee.

EToro is also licensed and registered by various regulators such as the Cyprus Securities and Exchange Commission, FinCEN in the US, Financial Conduct Authority in the UK, and Australia’s ASIC.

EToro has analysis tools and margin trading services that benefit more advanced traders. You can also trade on the go by downloading their mobile app for iOS and Android devices.

Tap here for a full eToro crypto exchange review!

Changelly Exchange

The last exchange on our list is Changelly. Changelly is a decentralized European exchange with headquarters in the Czech Republic and over 1.5 million users.

The platform’s vast customer base is mainly because it has no geographical restrictions. It also supports over 150 underrepresented tokens and several altcoins.

Creating a Changelly account is fast and simple. All you have to do is provide an active email address and initiate two-factor authentication. Additionally, you don’t have to worry about identity verification or KYC tests, so long as you don’t buy Bitcoin and buy cryptocurrency with fiat currencies.

You have different payment options for purchasing a crypto asset. You can either link a bank account or use a debit or credit card. If you choose to use a card, you can use one of the platform’s financial partners, which include Simplex, MoonPay, and Indacoin.

It is crucial to remember that using one of these third parties when making payments will likely subject you to separate requirements or rules.

In regards to transaction fees, the platform employs a fee of 0.5%.

Tap here for a full Changelly crypto exchange review!

What Should You Look for in a Crypto Exchange as a Beginner?

When it comes to finding the best crypto exchange for beginners, research is critical.

Avoid using more sophisticated platforms, even when recommended by experienced traders. Cryptocurrency trading requires experience and practice, and you can quickly overwhelm yourself by using more advanced platforms too soon.

Additionally, find a platform that has a simple interface. User-friendly interfaces won’t require you to search for the buy and sell options. They also won’t clutter the interface with additional indicators or charts, as this will only make the trading cryptocurrency process more confusing.

It is also essential to find a platform with educational material. The ideal beginner platform will give you access to numerous articles, video guides, and other training materials to help you get familiar with the exchange platform.

Pay attention to the exchange’s security and customer support features. A quality exchange offers more than an interface with ease of use and functionality. You can learn more about security and customer service by reading online reviews and checking the FAQ section.

Finally, find a platform that has a fiat gateway and supports fiat deposits. Since you are new to crypto purchases, this is a crucial feature to look for.

Frequently Asked Questions

What Is the Best Bitcoin Exchange for Beginners?

As the world’s most popular cryptocurrency, Bitcoin is highly attractive to new traders. However, this also means that there are endless exchanges to choose from if you want to trade crypto and trade Bitcoin.

For beginners, we recommend Coinmama, CEX.io, or Coinbase. These three exchanges offer simplistic interfaces, straightforward trading tools, and allow for various payment methods.

What Is the Best Altcoin Exchange for Beginners?

Looking to start trading more than Bitcoin? We recommend Binance, Kraken, and Bittrex for altcoin trading.

These crypto platforms offer multiple digital assets, low fees, and high liquidity. In addition, they offer more advanced trading features for when you’re ready to take your trading skills to the next level.

Can You Purchase Bitcoin Anonymously?

In short, yes. You can purchase BTC anonymously by using decentralized crypto exchanges or Bitcoin ATMs.

When looking for the best cryptocurrency exchange for beginners, be careful to avoid scams. Take your time finding suggested and reputable platforms to protect your assets and funding. A common red flag to watch out for is platforms claiming to be both decentralized exchanges and free of KYC testing.