It's 2021, and you have heard enough stories about the Cryptocurrency bull market and the number of new Cryptocurrency millionaires that are minted every day. It is time that you get in on the action too. So, where do you start? Here are 3 of the most popular exchanges to buy your first cryptocurrency and a few reasons why people love them.
Depending on which part of the world you're from, you might have access to Binance through a country-specific version of the trading platform. For example, users from Singapore could choose to use either Binance.sg or Binance.com. Otherwise, for the majority of users, you will be accessing Binance.com.
Key features that make Binance.com a great choice:
- Lowest bid-ask spread available on the market.
- Robust and customizable security features for your account – 2FA security key, Google Authentication, SMS Authentication, anti-phishing code, and withdrawal whitelist. You can activate every security feature there is or dial it down to the bare minimum for convenience.
- Toggle between classic or advanced view. Binance understands that not all users on its platform dabble in Crypto professionally. Therefore, you can opt to switch to a classic view with a simple and easy-to-use interface, cutting out the advanced trading tools and making your experience on Binance a more pleasant one.
- Buy your Cryptocurrency with a wide range of payment methods – Bank deposit, Credit/Debit Cards, P2P trading, and third-party payment methods such as Simplex, Banxa, and Paxos.
- Binance publishes a comprehensive blog – Binance Academy – where you can find the most up-to-date educational content about cryptocurrency.
If you are from the United States, there is a good chance that you'd have already heard of Coinbase. It is the largest cryptocurrency exchange in the United States, and they have announced plans for an IPO. Things have been going very well for them with the recent surge in interest for cryptocurrency from retail and institutional investors.
Here's what makes Coinbase a popular exchange:
- Simple and user-friendly interface. Navigating Coinbase on desktop and on mobile is a breeze. There's no cluttering or overloading you with options and information when you use Coinbase. I would highly recommend Coinbase to any beginners or, in fact, anyone who appreciates a more straightforward user experience.
- You can choose from 45 different cryptocurrencies on Coinbase. That is a good amount of altcoin options, and since Coinbase has a large userbase, you can also be assured that the exchange has decent liquidity.
- Users have plenty of opportunities to earn more altcoins by watching videos and taking quizzes directly on the platform.
Things to take note of:
- I'm an international user of Coinbase, and I can only use a credit or debit card as the only payment method on the exchange. Also, I can just buy up to a maximum of $300 worth of cryptocurrency per week. If you are an international user like myself, then this limitation is something that you might want to keep in mind should you wish to purchase cryptocurrency in larger amounts.
Kraken is another popular cryptocurrency exchange that offers fees so low that probably only Binance can better it. I would say that Kraken is a great option if you are looking for something in-between Binance and Coinbase.
Reasons why Kraken would be an excellent option for you:
- Offers lower fees compared to Coinbase and most other exchanges.
- Leveraged trading – Kraken caters to experienced margin traders by offering leveraged trading, which users cannot do on Coinbase.
- Offers the most comprehensive range of cryptocurrencies – 56 of them – that one can purchase or trade.
- Verifying your identity for an Intermediate account is incredibly fast – I had it done and approved within 5 minutes. An Intermediate account allows you to deposit or withdraw cryptocurrency and fiat currency with higher funding limits.
Things to take note of if you use Kraken:
- You can only fund your account with the following 7 fiat currencies at the moment: AUD, CAD, EUR, GBP, CHF, USD, JPY. Kraken might not be the best option if you are looking for more flexibility with fiat currencies.