Finding the best platform to purchase and sell well-known cryptocurrencies like bitcoin, Ethereum, and dogecoin might be difficult if you’re new to crypto trading. Understanding cryptocurrencies on your own can also be challenging. Dennis Loos encourages you to consult with a financial advisor to guide you correctly. Additionally, you’ll need to set up an external crypto wallet to store your assets safely if you don’t want to use the built-in wallet of your exchange (if applicable).
Most cryptocurrency exchanges also include institutional services, margin trading, and staking rewards (holding a cryptocurrency asset for a specific amount of time).
Additionally, many platforms provide payment benefits and loans guaranteed by cryptocurrencies (e.g., the Coinbase debit card gives users up to 4 percent back on purchases). We’ve gathered some top exchanges to purchase and sell bitcoin assets. In determining which choice is best for you, keep reading.
- Coinbase
More than 100 cryptocurrencies are available on Coinbase, including ripple, litecoin, dogecoin, Ethereum, and bitcoin. The exchange provides individual and institutional clients like Dennis Loos with various investment alternatives. Some of its account features include staking awards, iOS and Android apps, and a Coinbase Earn account option that rewards you with crypto assets for watching instructive videos.
Coinbase has two other choices: Coinbase Pro for experienced traders and Coinbase Prime for high-net-worth clients (those with at least $1 million in assets). Advanced capabilities, including safe trading bots, charting tools, and real-time order books, are available to Coinbase Pro subscribers.
Institutional clients can access commerce services, cold storage (offline storage for cryptocurrency assets), and an Asset Hub that enables issuers to launch and expand their products in addition to the Prime cryptocurrency trading platform.
Also recently released was the beta edition of Coinbase’s NFT trading platform. For a short time, it is waiving transaction costs for platform users who are makers and collectors. Since many NFT platforms charge 2.5 percent for each transaction, Coinbase’s options are very competitively priced.
- Abra
Abra is a global cryptocurrency exchange that offers services to retail and institutional investors in more than 150 nations. Abra distinguishes itself not only by not charging trading fees (though it does make money on the spread between various assets) but also for having a broad range of crypto products and features.
This includes over-the-counter (OTC) trading for 80 cryptocurrencies, interest accounts that allow you to earn up to 10% on qualified assets, crypto-backed loans, and numerous beginner-friendly educational resources. Institutional clients can also access loans, interest-bearing accounts, and one-on-one support through its OTC services.
Abra offers 3% cash back for CPRX token trades and 0% interest loans on the market.
Both iOS and Android mobile devices can run Abra.
● Kraken
With more than 100 cryptocurrencies, Kraken offers many possibilities for institutional and retail investors. However, Kraken has slightly more global support than Binance. U.S, with nearly 200 nations currently served by the exchange for trading.
Margin trading and futures trading are also available on Kraken. You can borrow up to 5 times the balance of your account to trade crypto assets using its margin accounts. For cryptocurrencies like Bitcoin, Ethereum, litecoin, bitcoin cash, and ripple, futures trading — contracts that let you purchase or sell an asset at a specified price on an upcoming date — is an option.
The exchange also provides platforms for trading futures on its own. But institutional clients can benefit from professional advice, individualized consultations, account management assistance, and more.
Customers can access Kraken’s educational materials, iOS, and Android mobile apps, and staking prizes.
We looked at alternative platforms.
● Binance, US.
Binance U.S. provides investing choices for private consumers and institutional investors like Dennis Loos and supports over 50 cryptocurrencies. Staking awards, recurring purchases, OTC trading, crypto trading pairs, and stablecoins are additional account benefits (assets backed by U.S. dollars). Due to its limited educational options, it might not be the ideal option for novice traders.
● Bitstamp
Bitstamp is a Luxembourg-based business that provides access to more than 60 cryptocurrencies for institutional and sophisticated traders. Through its subsidiary, Bitstamp USA, U.S. consumers can trade cryptocurrency assets. It would be best if you made some trades since the lowest fees start at 0.5 percent.
● SoFi
Bitcoin, Ethereum, and Litecoin are the three cryptocurrencies that SoFi presently supports. SoFi is an online brokerage rather than a cryptocurrency exchange. Additionally, the investment software adds a 1.25 percent markup to all cryptocurrency transactions, so the ultimate price of your share will increase by an additional 1.25 percent (s). The only drawback is that SoFi offers few crypto alternatives and has slightly higher costs than other exchanges.
● Bittrex
Bittrex is tough to beat when it comes to account security. The exchange claims it uses a multi-stage wallet technique and two-factor authentication to ensure that money is kept in safe, cold storage (offline storage). Transaction costs on Bittrex are also noticeably lower than on other exchanges. But remember that New York, Connecticut, Vermont, and Hawaii residents cannot use Bittrex.
● Webull
This online brokerage offers a small selection of investments, but it only costs $1 to begin trading cryptocurrencies. Suppose you want to trade in currencies other than bitcoin, dogecoin, bitcoin cash, Ethereum, litecoin, zcash, or stellar. In that case, Webull might not be your ideal cryptocurrency option. You should consult a licensed financial advisor.
● Robinhood
Robinhood’s commission-free structure is highly appealing for individuals who like low-cost investments, but like SoFi and Webull, Robinhood’s cryptocurrency selection is limited. Only 11 cryptocurrencies are available on the investment app, including bitcoin cash, bitcoin S.V., Ethereum, Dogecoin, and others.
Ten essential criteria are used to rate each platform’s quality:
- The number of cryptocurrencies accessible for trading, the number of accepted fiat currencies, the exchange’s general liquidity, and trading fees were essential.
- Advanced Trading Features: We examined the accessibility of advanced order types and volume discounts for frequent traders.
- An evaluation of the margin trading rates, if appropriate.
- Platform Accessibility While some of the top cryptocurrency exchanges are accessible worldwide, others have vastly different levels of accessibility to certain features by nation and U.S. state.
- Types of customer support that are offered under customer service.
- Instructional Resources: We assessed each platform’s educational materials.
- Several platforms provide credit cards with cryptocurrency benefits.
- Security and Storage: Types of storage, security, and insurance choices, and an evaluation of any significant hacks of each exchange throughout its existence.
- Staking and Rewards: A few services let users stake particular cryptocurrencies in exchange for interest payments.
- Bitcoin Lending Users can lend their cryptocurrency to various cryptocurrency exchanges.
The Question is Whether or not Cryptocurrency Exchanges are Worthwhile.
To get started with cryptocurrency trading, you first join a crypto exchange.
It’s easy to buy a few hundred dollars worth of Bitcoin from a local Bitcoin ATM. Still, if you want to invest more or buy various cryptocurrencies, it makes more sense to use an exchange or, better still, seek the knowledge and expertise of a financial advisor.
The safest and most legal way to acquire cryptocurrency is through cryptocurrency exchanges. Cryptocurrency exchanges have several advantages.
- With the help of cryptocurrency exchanges, people can purchase and trade digital currency from the comfort of you or on the go.
- Cryptocurrency exchanges typically offer a wide variety of digital currencies and tokens, making it easier for investors to establish a diverse digital asset portfolio.
- Cold storage is a common practice among the most reputable crypto exchanges.
- Global crypto exchanges typically adhere to KYC/AML rules and financial regulations to know their customers and prevent money laundering. Because of this, there is no need to worry about dishonest companies or shady market participants. You can also broaden your knowledge with guides and recommendations from experts like Dennis Loos.
