Find the best crypto exchange to grow your portfolioWhat is a cryptocurrency exchange and which cryptocurrency exchanges are the best ones?
What is a cryptocurrency exchange?
Cryptocurrency exchange is a basically an online business that allows you to buy and sell cryptocurrencies.
In most cases you can buy cryptos there for real money (so for fiat currencies like EUR or USD) as well as trade one cryptocurrency for another.
What are some of the most known cryptocurrency exchanges?
Right now the most well known cryptocurrency exchanges are most likely Binance, Kraken, Coinbase, Bittrex, Gemini and Bisq.
What should you pay attention to when choosing the exchange?
There are a number of things to consider before joining a cryptocurrency exchange and the following list is far from complete:
- License and trust factor. While crypto market is still sort of a gray area even in 2021. You should still choose an exchange which is regulated by someone. Just to make sure your money is safe.
- Deposit/Withdrawal methods. You need to find an exchange that offers the deposit and withdrawal methods that suit you. Another thing to keep in mind here is that not all exchanges allow you to make deposits with fiat money (they only accept crypto transfers from your crypto wallet). At the same time not all exchanges allow you to make cryptocurrency withdrawals (they only allow withdrawals in fiat money).
- Fees. All cryptocurrency exchanges are there to make money. And all of them charge you fees for deposits, withdrawals, for trades. So make sure you choose an exchange where the fees would be low enough.
- Cryptocurrencies and trading volumes. You will also want to choose cryptocurrency exchange that has a lot of cryptos you can buy/trade and where the trading volumes are high enough as well.
Which are the best cryptocurrency exchanges?
I'll try to get to that in the near future. But right now I am personally using Binance because of all the previously mentioned reasons.
But even they have their kinks which will all be revealed in the upcoming Binance review .
Finding the best possible cryptocurrency exchange is extremely important in order to simplify your life later on.