Top 5 Crypto Exchanges For Beginners Reviewed
Crypto trading can quickly become incredibly confusing when choosing the wrong platform. Some crypto exchanges are carefully designed for seasoned professionals with loads of tools and advanced features, making it hard to navigate for beginners.
For this reason, finding the best crypto exchange for a beginner is the best option, as it allows users to gain all the necessary grooming and environment to hone their skills.
This guide aims to offer insight into crypto exchanges for beginners. It will outline their functions, the important factors to consider when selecting the right platform, and how beginners can purchase their first crypto.
1. Coinbase
Users:
100m
Free Demo:
Mobile App:
Bonus:
$10
Cryptos:
250+
Leverage:
5x
Spot Fees:
0.4%/0.6%
Futures Fees:
0.02%/0.05% Coinbase is one of the largest and most well-known cryptocurrency exchanges for buying cryptos.The platform currently has a user community of over 100 million users worldwide. What makes Coinbase special is its user-friendly interface. The platform is designed to be easy to use, making it accessible for beginners. Coinbase offers a clean and intuitive interface for buying, selling, and managing cryptocurrencies. Crypto traders have access to over 250 cryptos for active trading. One downside of Coinbase is the fee structure. When you place an order at the market price that gets filled immediately, you are considered a taker and will pay a fee of 0.60%, which is very expensive. Another thing about Coinbase is that it offers a wide range of crypto services. These include wallets, NFT, crypto staking, Coinbase cards, and many more to help improve the overall trading experience on the platform. One of our favorite features is the Coinbase wallet. It is suitable for beginners but also offers advanced trading tools including real-time charts, technical indicators, and many more for advanced traders. Pros
Cons
Coinbase Overview
2. Bitvavo
Users:
7m
Free Demo:
Mobile App:
Bonus:
$10
Cryptos:
200+
Leverage:
Not Supported
Spot Fees:
0.15%/0.25%
Futures Fees:
Not Supported Bitvavo is a European crypto exchange allowing users to trade a wide range of cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and many others. Users have access to over 190 cryptocurrencies for active trading. The exchange primarily focuses on spot trading, hence it does not support futures, NFTs, or derivative trading options. Trading fees are as low as 0.15% for makers and 0.25% for takers on the spot market. You can also reduce your trading fees to as low as 0.03% for makers and 0.04% for takers based on your 30-day trading volume. With access to up to 15% Annual Percentage Yield (API), Bitvavo offers a comprehensive way to earn more passive income on the platform through crypto staking. Bitvavo is a versatile platform, catering to the needs of both beginners and experienced traders. The platform provides advanced trading tools including multiple order types to help advanced traders execute their trading strategies. However, futures trading is not supported.Pros
Cons
Bitvavo Overview
3. Bitget
Users:
23m
Free Demo:
Mobile App:
Bonus
$6,200
Cryptos:
840+
Leverage:
125x
Spot Fees:
0.1%
Futures Fees:
0.02%/0.06% Bitget is a true powerhouse for crypto traders from over 100 supported countries. What makes Bitget special is its beginner-friendly trading platform, which has over 800 supported cryptocurrencies. With so many supported cryptocurrencies, if you are looking to trade altcoins, Bitget might be one of your best shots. With fiat support for 6 currencies, including EUR and RUB, Bitget is a top choice, especially for European users looking to deposit and withdraw funds in their native currency with ease. The 0% fee for SEPA transactions makes Bitget stand out. Credit card payments are also supported. Experienced crypto traders can trade futures contracts on Bitget with 125x leverage on selected assets such as Bitcoin or Ethereum. The spot trading fees start at 0.1% for makers and takers, which is very common in the industry. For futures traders seeking leverage for their day trading activities, Bitget charges very low fees of 0.02% maker and 0.06% taker.Pros
Cons
Overview
4. Kraken
Users:
10m
Free Demo:
Mobile App:
Bonus:
None
Cryptos:
220+
Leverage:
100x
Spot Fees:
0.25%/0.4%
Futures Fees:
0.02%/0.05% Kraken stands out as one of the most beginner-friendly crypto exchanges. With an easy to understand UI, simple features, and a straightforward approach, Kraken has onboarded over 10 million users to its platform from all around the world. Spot traders can access over 220 cryptocurrencies for buying and selling. For traders seeking more buying power, Kraken offers a leverage trading platform with up to 50x leverage on selected assets such as BTC. In terms of fees, Kraken has a different approach for spot and futures trading. While spot trading fees are relatively high (0.25% maker and 0.4% taker), the futures fees are very low (0.02% maker and 0.05% taker). Based on your 30-day trading volume, you can obtain additional fee discounts. What we love about Kraken is its comprehensive fiat support. You can deposit funds using your credit card or bank transfer. Once you are done trading, you can withdraw fiat currencies such as EUR or USD back to your personal bank account to lock in your profits.Pros
Cons
Kraken Overview
5. Uphold
Users:
3m
Free Demo:
Mobile App:
Bonus:
None
Cryptos:
200+
Leverage:
Not Supported
Spot Fees:
1.4%
Futures Fees:
Not Supported Uphold is a versatile crypto trading platform that allows users to trade a wide range of assets, including cryptocurrencies, precious metals, fiat currencies, and U.S. equities. The platform provides access to over 250 digital currencies and allows users to trade in fiat currencies and precious metals. What makes Uphold special is its Cross-Asset Trading feature. Users can trade directly between different asset classes (e.g., BTC to gold) without first converting to a fiat currency. Trading fees vary depending on the type of asset that you are trading. However, Upholding fees are very high compared to industry standards. Users have access to crypto staking, generating yields of up to 13% of your initial asset deposit. Additionally, Uphold offers a trading interface appealing to beginners who want to buy and hold crypto assets. It doesn’t provide advanced trading tools and isn’t suitable for day trading, making it less ideal for experienced traders.Pros
Cons
Uphold Overview
6. Gemini
Users:
30m
Free Demo:
Mobile App:
Bonus:
$10
Cryptos:
76+
Leverage:
20x
Spot Fees:
0.25%/0.35%
Futures Fees:
0.02%/0.07% Gemini is a cryptocurrency exchange and custodian known for its strong emphasis on regulatory compliance and security. The platform prioritizes security and employs various measures to protect user funds and data. These include two-factor authentication (2FA), cold storage, hardware security keys, and regular security audits. Gemini also offers insurance for digital assets held in its custody. Gemini functions primarily as a spot trading platform, offering access to over 76 cryptos for active trading. Trading fees are set at 0.25% for makers and 0.35% for takers. What makes Gemini stand out is its wide range of crypto services. Aside from spot trading, Gemini offers, Custody services, Gemini Earn, Gemini Pay, Active Trader, and many more to help users earn passive income and improve the overall trading experience on the platform.Pros
Cons
Gemini Overview
What is a Crypto Exchange for Beginners?
A crypto exchange for beginners is a platform designed specifically for buying, selling, and trading cryptocurrencies, making it essential for anyone new to the crypto space. These crypto exchanges are usually focused on spot trading, rather than futures trading. Futures trading platforms are generally much more advanced, not beginner-friendly and very risky due to high leverage options.
Beginner crypto exchanges are often tailored to ease the entry process, featuring user-friendly interfaces and straightforward features. These beginner-focused exchanges often provide a simple dashboard, simple charts without analysis tools, and educational resources, allowing newbies to learn about digital assets while they work on their trading skills.
Beginner crypto exchanges prioritize simplicity, not just with their interface, but also with their trading platforms. That means these exchanges provide very basic trading options, charts, and oftentimes a smaller amount of crypto assets to trade.
Additionally, these platforms offer demo trading for beginners to learn without having to put in actual funds. This helps protect them from the volatile nature of the crypto market.
Examples of crypto exchanges that offer services to beginners include Coinbase, Bitvavo, or Kraken.
How to Choose a Crypto Exchange for Beginners
Choosing the right crypto exchange is crucial for beginners. While users can just join any popular exchange, exchanges that have beginners in mind have some common features that cannot be overlooked. Here are some key factors to consider when choosing a crypto exchange for beginners:
User Interface (UI)
A beginner-friendly exchange should have a clean and organized user interface that makes navigation straightforward.
Look for platforms with visually appealing designs, clear labels, and easy access to essential functions such as trading, account management, and market information. A well-designed UI reduces confusion and helps users find what they need quickly.
User-Friendliness
User-friendliness goes beyond the appearance of an exchange. It includes the overall experience of using the platform. This means offering intuitive workflows, easy account setup processes, and accessible educational resources.
A user-friendly exchange often provides guided tutorials, FAQs, and customer support to assist beginners in understanding how to trade effectively.
Simple Features
When selecting a crypto exchange, prioritize those that offer simple features tailored for beginners. These may include basic trading options like market orders and limit orders without overwhelming complexity.
Avoid platforms that present advanced tools, such as margin trading or derivatives, unless you are ready to delve into those areas. A straightforward feature set allows beginners to focus on learning the fundamentals of cryptocurrency trading without getting lost in unnecessary complexities.
For beginners, starting with simple features provides a solid foundation before exploring more advanced trading strategies.
Transparent Fees
Understanding the fee structure is vital when choosing an exchange. Compare trading fees, withdrawal fees, and any hidden costs across different platforms.
Some exchanges may charge higher fees for certain transactions, which can significantly impact profitability, especially for smaller trades. Opt for exchanges that provide clear information about their fees upfront to avoid surprises.
- The industry standard is charging a maker and taker fee
- Maker fees refer to limit orders
- Taker fees refer to market orders
- Low spot trading fees are 0.1%
- Some exchanges charge a fixed fee for buying and selling
- Many crypto exchanges offer lower fees based on trading volume
Security
Security is absolutely crucial in cryptocurrency trading. Choose exchanges that implement security measures such as two-factor authentication (2FA), cold storage for funds, and encryption protocols.
A platform with a strong security history and transparent policies regarding data protection can give you peace of mind while trading.
Deposit and Withdrawal Methods
Crypto deposits are usually free of charge on the receiving side (the withdrawal side has to pay network fees!). Withdrawal fees are different for each cryptocurrency, depending on the network. This can range from $1 per transaction (USDT-TRC20) up to $5 or more per transaction (ETH-ERC20).
Additionally, we recommend you select an exchange that offers a variety of fiat deposit and withdrawal methods to suit your preferences, and most importantly your local currency.
Common options include bank transfers, credit/debit cards, and cryptocurrency deposits. Ensure the platform supports your local currency and has efficient processing times for both deposits and withdrawals.
- European crypto traders may want to look for crypto exchanges supporting SEPA transfers.
- US crypto traders should look for platforms offering ACH deposits.
Customer Support
Reliable customer support is essential for beginners who may encounter challenges while trading. Look for exchanges that provide 24/7 support through multiple channels such as live chat, email, or phone.
Responsive customer service can help resolve issues quickly and enhance your overall trading experience.
How to buy cryptocurrency as a beginner
Buying cryptocurrency can be tricky for first-timers, and will require that you have seen or read the process over and again. Therefore, it’s crucial to pay attention to each step detailed in this section using Coinbase’s platform, designed specifically for beginners.
Here’s the step-by-step instructions for purchasing crypto on Coinbase:
Step 1: Create a Coinbase Account
To begin, you need to create an account on Coinbase. Start by downloading the Coinbase app from your device’s app store or visiting their website. Click on “Get Started” and fill in your email address, then choose a strong password.
After signing up, you’ll need to verify your identity. This typically involves uploading a government-issued ID, such as a driver’s license or passport, and possibly providing proof of address, like a utility bill.
This verification process is crucial for security and compliance with regulations and may take anywhere from a few minutes to a couple of hours.
Step 2: Add a Payment Method
Once your account is verified, you’ll need to link a payment method. Coinbase offers several options, including debit card payments and wire transfers. There are also third-party payment options available on the platform.
Each method has its pros and cons; for example, linking a bank account generally incurs lower fees but may take longer for transactions to process (1-3 business days). In contrast, using a debit card allows for instant purchases but may involve higher fees.
Follow the prompts to link your chosen payment method, ensuring that the name on the payment method matches the name on your Coinbase account for successful verification.
Step 3: Start a Trade
Now that your account is set up and funded, you can begin trading. On the Coinbase app, tap the “Buy” button prominently displayed on the home screen. If you’re using the website, look for the “Buy & Sell” option in the upper right corner.
Step 4: Select the Cryptocurrency
Choose which cryptocurrency you want to buy from the list provided or use the search bar for quick access.
For beginners, starting with popular options like Bitcoin (BTC) or Ethereum (ETH) is often recommended due to its established presence in the market.
Take some time to read about each cryptocurrency if you’re unsure; understanding what you’re buying can help you make informed decisions.
Step 5: Enter the Purchase Amount
Input how much you want to spend in your local currency or specify how much cryptocurrency you wish to buy. The app will automatically calculate and display how much crypto you will receive based on current market prices.
Step 6: Preview Your Purchase
Before finalizing your purchase, review all transaction details carefully. Tap “Preview Buy” to see a summary of your transaction, which includes the amount of cryptocurrency you will receive and any applicable fees.
This summary will also show the total cost of your purchase in your local currency. It’s crucial to check this information thoroughly; mistakes at this stage can lead to unexpected costs or errors in your purchase.
Step 7: Complete Your Purchase
If everything looks correct, it’s time to finalize your transaction. Click “Buy Now” to complete your purchase. You’ll receive a confirmation screen indicating that your transaction was successful.
Depending on your payment method, it may take some time for the transaction to reflect in your account balance; bank transfers usually take longer than debit card purchases.
Step 8 (Optional): Add Recurring Purchases
If you plan to buy cryptocurrencies regularly, you can also set up recurring purchases. Coinbase allows users to automate their purchases by selecting how often they want to buy crypto.
That means you can select a daily, weekly, or monthly repurchase plan on the platform. This feature can help you build your investment gradually without having to remember to make purchases manually.
Bottom Line
Throughout this guide, we have emphasized the importance of thoroughly researching and understanding the exchanges you wish to join before signing up.
We explored key factors to consider when choosing an exchange, including user interface, user-friendliness, transparent fees, security measures, deposit and withdrawal methods, and customer support.
By following these guidelines, beginners can equip themselves with the knowledge necessary to make informed decisions in the dynamic world of cryptocurrency. With a solid understanding of how to choose an exchange and how to buy their first crypto, new investors can approach the market with greater confidence and clarity.
FAQS
What is the best crypto trading platform for beginners?
Beginners seeking to kickstart their journey can head to Coinbase. Coinbase offers a suite of products and services that make it ideal for any crypto newbie.
Which crypto is best for beginners to trade?
Beginners are advised to start their journey with trading pairs like Bitcoin and Ethereum. This helps them understand how the market moves, with BTC and ETH being less volatile compared to other tokens.
Do crypto exchanges for beginners charge fees for deposits?
Most beginner-friendly exchanges do not charge deposit fees. However, the payment method may attract some charges by default.
Where do I learn crypto as a beginner?
Beginner platforms provide users with an academy where they can become familiar with various concepts around the cryptocurrency landscape.
