Best Crypto Exchange platforms will certainly help new traders to understand which one is the best suited for them.
You probably opened this page because every 5th video you saw on YouTube was about investing in cryptocurrency. And you made the mistake of clicking on one and now you have all these doubts in your mind.
Do I have to have Bitcoin first to start investing? Or do you transfer funds from your bank account and somehow it converts to Bitcoin? How does that work anyway?
Well, you’ve come to the right place. Here we present to you the Best Crypto Exchange – the top 10 cryptocurrency platforms where you can buy Bitcoin.
One more thing. We’ll be using BTC as the shorthand for Bitcoin, just so you get familiar with seeing this acronym on the platforms. Now, without further ado, let’s jump right into the details of Best Crypto Exchange.
CHECK OUT: Best Metaverse Crypto Coins 2022
Best Crypto Exchange – Top 10 Crypto Platforms
- Coinbase – Best Crypto Exchange
Coinbase happens to be one of the most famous and one of the best Crypto Exchange platforms by all standards. This is because here, you can invest directly with USD. There’s a plethora of coins and tokens that you can buy on this platform presently, like Bitcoin, Litecoin, Ethereum, and 30+ other currencies. What’s more, you can earn token rewards if you complete activities, plus you can get interest on USDT. You don’t need to worry about the security here.
But a downside is that there are high fees unless you use Coinbase Pro. And you can’t control the private keys in your wallet.
- Voyager – Best Crypto Exchange
Voyager was one of the first publicly traded exchanges. They are app-driven and provide a trading structure that is without commission. Also, they have a user-friendly app-based interface.
Voyager provides a good amount of interest if you invest here. But there is also the fact that withdrawals are rather slow, sometimes taking more than 1 day. And also, if you live in New York, then this service isn’t available for you.
- BlockFi – Best Crypto Exchange
BlockFi is a cryptocurrency investment platform where you can also lend funds and get some interest on your holdings. And you have the option of borrowing against these holdings, instead of selling your coins.
There are no commissions or fees and the trade is US-based and regulated. The interest rates are rather high. However, not many coins or tokens are supported here, and the free withdrawals are limited.
- Uphold – Best Crypto Exchange
Uphold allows you to start a single account, but still trade many assets and not have to go back to cash every time. If you are familiar with this topic, you know that many tokens and coins can be traded in particular pairs only. You also have to go back to BTC or ETH. But not on Uphold. And you can trade DOGE, XRO, and more here as well.
The prices are transparent and you have a variety of tokens to select from on this Crypto Exchange platform. You can manage your account from a desktop or your mobile phone.
But this is not as user-friendly as the other on the list. And there have been reports of bad customer service.
CHECK OUT: Top Metaverse games for 2022 along with its top pioneers
- Kraken – Best Crypto Exchange
Kraken is amongst the original crypto exchange platforms. And so they have a wide variety of tokens and coins to invest and trade with. And they allow margin trading too. But it is a real exchange and hence, not that easy to use.
It is one of the oldest platforms and does not cut down on security and reliability. But even if you have a lot of coins to trade with, it proves to be one of the most difficult platforms to work with. Plus, it also has difficulty with 2FA. And there have also been some complaints about low customer service.
- eToro – Best Crypto Exchange
After some time of eToro operating only in the UK and Europe, they are now allowing trading in the US as well. They’ve got a boatload of worldwide options for you to start your crypto journey with. And they offer a practice trading account that’ll allow you to practice before you start using real money.
eToro gives you the option to copy others’ portfolios and you don’t need much to get started.
There is, however, restricted availability in the US. Only 41 states can assess eToro. And you won’t see a lot of tokens and coins here as you would on other platforms.
- Bitcoin IRA – Best Crypto Exchange
You’ll have to switch gears while using Bitcoin IRA because it is somewhat different than others. Here, you are more or less bartering currencies and will have to pay taxes on them. But since this platform is an IRA, the gains inside your account are tax-free or tax-deferred.
You’ll get to earn some interest on the crypto you have in your IRA. And there’s no need to worry about security as they are many options here.
But you need to pay high fees and there are high minimums as well. And you don’t get a wide variety of coins or tokens here.
CHECK OUT: HOYOVERSE – METAVERSE BRAND BY MIHOYO
- Crypto.com – Best Crypto Exchange
Based in Hong Kong, but not compromising on its support for US-based customers, Crypto.com is among the rapidly growing crypto exchange platforms. They offer a huge number of coins and tokens, over 90 in number, worldwide. The number reduces to 50 if you are in the US. And they’ve got competitive rates on crypto savings accounts.
They’ll pay you interests weekly on crypto savings. And you can apply for a debit card that is linked to the account.
- Binance – Best Crypto Exchange
The fee structure is a tad bit complicated, and it is only available on mobile phones. The customer service is also limited.
You’ll get to use currencies like Cardano and Neo on Binance. It may not prove to be the most user-friendly platform to use on this list, but they’ve got a strong platform. A comparatively good mobile app is available.
They’ve got an array of tokens and coins you can try out. The transaction speeds are quick and you won’t spend much on fees.
If you are based in the US, however, you won’t get to use the majority of them. And it isn’t available in all of the 50 states either. User support is rather lacking.
- Hodlnaut – Best Crypto Exchange
Hodlnaut is an option for you if you are looking for alternatives for savings and lending platforms. This one here focuses on several stablecoins, and Bitcoin, of course. As of now, you can earn up to 12.73% on USDC by using these options on this crypto exchange platform.
Hodlnaut’ll fetch you high interest in your holdings. There is no minimum balance requirement. And you get $20 free if you deposit $1,000. But they only support USDC, DAI, BTC, USDT, and ETH. The customer service is routed to Singapore and so the response may not be instant.
CHECK OUT: Best Metaverse Games To Play
Investing in Bitcoin
The basic steps would be:
- Start a brokerage account at a firm where you can invest in crypto
- Deposit money into the account from your bank
- Using that money, buy a stock
- Now you can sell the stock later, either with a profit or loss. The money is returned to your brokerage account.
With BTC, sometimes, you can purchase them using your credit card or by directly transferring money from your bank account.
Purchasing Bitcoin and Crypto by depositing USD
If you are using Coinbase, you simply need to make an account, link your credit card or bank account, and then purchase BTC on credit or using funds transferred from the bank account.
The process goes like this: You enter whatever amount you want to invest, say, 1000 USD. The platform will then automatically fill in the BTC side with whatever the current BTC exchange rate is for that value, say 0.0714.
After this, just click and buy the BTC. If time is a factor for you, then consider using a credit card. They are costly but they are fast. Bank account purchases can take up to a few days.
Now, consider the scenario that you’ve deposited 10,000 USD and have bought BTC with 5,000 USD. Then your wallet will look like this:
5,000 USD
0.34 BTC
Now after you’ve deposited the funds and purchased some BTC with them, you can invest. You will see a chart and buy/sell buttons and also the amount of BTC you can trade.
CHECK OUT: Grand Theft Auto 6 – release date, plotline, characters, location, more
Direct deposit of BTC
If your selected crypto exchange does not let you purchase BTC from your bank account as well as your credit card, then you can deposit BTC from another exchange. You’ll have to acquire your wallet address from the exchange you want, and then put it on the source exchange as well as the amount of BTC you want to transfer to the new crypto exchange.
It takes a few minutes for the transaction to complete.
FAQ on Crypto Exchange
How do I purchase cryptocurrency?
You start an account at any of the listed platforms, deposit some money, and then exchange that money for any cryptocurrency that the platform supports. You can also trade a cryptocurrency with another. Keep in mind, however, that some websites only allow certain pairs to be traded.
How many funds do I need in the beginning?
Not much at all. You can get started with as little as $5.
What features do I look for in a platform?
Some factors for picking a reliable platform would be the number of coins and tokens available, commission charged, user-friendly or not, customer service, etc.
Bottom Line
The bottom line would be that investing and trading in BTC isn’t really different from doing the same with stocks. You start an account on the crypto exchange platform with BTC, and with stocks, you do it with a brokerage. The major difference would be that you have to purchase BTC with finds that you’ve already deposited.
We will update you with the new information, so keep following Gamevro.