Best Crypto Exchanges for Beginners
Top 3 Best crypto exchanges for beginners 2023
All these best crypto exchanges for beginners are safe exchanges that offer fiat payments. And it is easy to get started in any of them. I have account in each of these myself as well, and they are definitely beginner friendly exchanges.
What’s more – all of these exchanges actually have simple version of their platform as well as advanced version of their platform. All of them also offer simple crypto swap option.
# of cryptos
100+ cryptos in Coinbase, 250+ in Coinbase Pro
Coinbase has a really nice and simple version of its exchange meant for with crypto newbies in mind.
Binance is my personal favorite when it comes to the best crypto exchanges for beginners. Maybe it’s because that’s when I made my first buy. Maybe it’s something else. But I had no problems getting started there whatsoever. And I knew nothing about cryptos before.
Kraken was founded back in 2011, and they know what they are doing. They have multiple different trading “views” of their exchange, so even people with no knowledge about cryptocurrencies should be able to figure it out.
What makes an exchange good for beginners?
The best crypto exchanges for beginners try to make it as easy getting started with cryptos as possible.
So when talking about the best exchanges for beginners, in my opinion they should offer you the following:
Signing up for the exchange should be as easy as possible. Fortunately, most exchanges these days make it possible to get started pretty fast and the sign-up process is pretty straight forward independent of the exchange we are talking about.
As a beginner you also want to be be able to get started as easily as possible. This means that you also want to be able to use your bank account or credit card to make a deposit to the exchange and get started quickly.
There are many exchanges out there that while they allow fiat deposits (or at least offer the option to buy crypto directly with your credit card), they do not actually deal with fiat money, and as such, you can’t make fiat withdrawals there.
All the best crypto exchanges for beginners listed on this page offer both – fiat deposits, and fiat withdrawals.
Mostly, when trading cryptocurrencies, you submit a Limit or market order and then wait for the trade to take place (with cryptos with more volume the transactions are instant though). But asa a newbie, the trading window interface can actually look confusing at first.
And the crypto exchanges have realized that. That’s where simple crypto swaps come into play.
Swapping cryptos is as simple as currency exchanges.
Imagine you deposited USDT to your beginner friendly crypto exchange account. Now, instead of going to the trading window, you just choose the crypto you’d like to buy, and you just swap X amount of USDT into BTC or any other currency.
These swaps are normally not more expensive than simple buying and selling.
Understandable fee schedule
Everything you do in a crypto exchange costs money – deposits, withdrawals, trading. As a beginner, the exact size of the deposit/withdrawal and trading fees shouldn’t matter that much. Well, as long as they are not too high.
But the main thing you’re looking for in a beginner friendly crypto exchange is the clarity of information.
Whether the deposits cost 1 or 10%, whether the trading fees are 0.1 or 1%, it’s should all be easily understandable. Clarity is the most important aspect as a beginner.
Important things to keep in mind when choosing the best beginner friendly crypto exchanges
There are some things you need to keep in mind when looking for the beginner friendly crypto exchanges. Obviously, they apply to all exchanges, but for newbie traders these topics are a must-know.
If you want to make fiat payments (payments using USD, EUR, or any other fiat currency), then independent of which crypto exchange you choose, going through the KYC process is a must. And that’s normally mandatory even in case of no-KYC exchanges. That’s because companies dealing with fiat money have currently regulated differently.
During the KYC process you need to share your full name, copy of your ID, and possibly also proof of address. You can read more about the KYC procees here.
Beware of non-exchanges
There are some sites which allow you to buy and sell cryptocurrencies within their platform. But you don’t actually own the cryptocurrencies. This means that while you can speculate with them and earn with them, you can’t send your cryptos to some other exchange or crypto wallet.
Some examples here are Revolut and Skrill.
Note that there’s nothing bad about this kind of platforms, but I’m just making an assumption here that you might actually, at some point at least, trade in different exchanges, and you need to be aware of the fact that you might not be able to transfer cryptos from those sites to real crypto exchanges.
Why choose beginner friendly crypto exchange?
You absolutely don’t have to.
But beginner friendly crypto exchanges have just made everything simpler for you.
- It’s easy to get started
- It’s easy to deposit & withdraw
- It’s easy to trade or swap currencies
- It has easy interface
- It doesn’t scare you off at first glance
How do we review crypto exchanges?
Whenever we review any crypto exchanges, including the crypto exchanges for beginners, we pay attention to similar aspects like safety, regulation, fees, payment option, crypto selection and so on.
Learn more about our exchanges review process here.
How to create an account in crypto exchange
Creating and account in a crypto exchange is normally a four-step process, but by the end of the day, it never takes more than a few minutes.
And in most cases, even the KYC process has been automated, and your account can be fully verified in a matter of minutes as well.
Learn about the account creation process here.
There are literally hundreds of crypto exchanges around and by the end of the day it’s up to you which exchange you choose. But if you’re just getting started with cryptos, we do recommend you start by joining only beginner friendly crypto exchanges.
The best crypto exchanges for beginners have made it simple to sign up, simple to deposit and withdraw money, simple to trade (and ideally offer a simple swap option), simple to understand what’s going on on the screen.
If you go straight to some more advanced exchanges, or exchanges with slightly more confusing interface, you might feel too overwhelmed.
And what’s more, the fact that some crypto exchange is great for beginners, doesn’t make it bad for advanced traders. There are exchanges where you can get started very easily, but once you feel comfortable already, you can switch to their more advanced trading platform (i.e. Coinbase/Coinbase Pro, Kraken/Kraken Pro.)