Cryptocurrency is a digital currency that uses cryptography to keep transactions secure. Bitcoin was the first cryptocurrency to use this technology back in 2009. Thanks to Bitcoin, thousands of new cryptocurrencies were able to come into the market, with a new one being created every day.
Cryptocurrencies use decentralized ledger technology instead of centralized systems such as banking. As a result, different platforms such as Coinbase, Binance, Crypto.com, and Voyager have been developed for buying and selling cryptocurrencies.
Investing or trading in cryptocurrencies can be initially challenging and dangerous, due to volatility and various scams. When trading in digital currency, the first concern should be security and safety. Whether you intend to purchase and hold for the long term, want the ease of use, or are looking for frequent trading options; below are the platforms we recommend for getting you started.
Coinbase
Coinbase
is by far the most popular and well-utilized platform for trading cryptocurrencies. Due to its ease of use, it is used by numerous beginners, as they find their entry into the crypto world. Coinbase is a fully authorized and registered platform, certified to operate in more than forty U.S states. It has reliable and convenient support and charges a base rate of 4% for all transactions.
Crypto exchange platforms are marred with controversial exchanges and fake coins, but with Coinbase, it's different. It features a more specific set of standards, chooses coins from blockchain projects, and proactively evaluates existing coins. To understand this further, here is a more detailed
video
about Coinbase.
Additionally, Coinbase is currently the largest cryptocurrency exchange in the U.S. by trading volume.
Binance
Established in 2017,
Binance
has become the largest cryptocurrency exchange in the world by trading volume. It offers free deposits and charges 0.1% on every trade. It has a massive number of users because it provides a wide range of cryptocurrencies, including Bitcoin, Ethereum, Binance coin, Zcoin, and Litecoin.
The Binance trading platform is best for people looking to invest or trade in a wider variety of crypto altcoins as it has the highest altcoin trading volumes. On the flip side, Binance is currently not supported in thirteen US states, including New York, Alaska, Vermont, and Washington. In addition, it doesn't support most traditional payment methods and doesn't offer comprehensive daily market analysis.
Crypto.com
Since its inception in 2016,
Crypto.com
has gained an enormous customer base rate of over ten million users with over one hundred cryptocurrencies. A unique feature of this platform is the more Crypto.com coins you stake, the more benefits you accrue on the exchange.
This platform is appropriate for anyone looking to trade, store, spend and save crypto. As an all-inclusive exchange platform, you are allowed to complete all of these actions at affordable rates. Crypto.com also offers numerous coins unavailable to U.S. residents on other popular platforms, such as DASH, STRAT, and USDM.
Voyager
The
Voyager
trading platform connects you to more than fifty cryptocurrencies and offers up to 9% Annual Percentage Yield (APY) on several assets. This is a good platform for investors who want access to a wide variety of digital coins, without running multiple accounts.
You can trade the crypto with more than fifty currencies, thus no need to sign up for multiple exchanges. The downside of using Voyager is it's not available on the desktop platform, lacks direct crypto to crypto trading, and is unavailable in New York.
Conclusion
Crypto trading can be challenging at first and can bring about high risk if you don't do your research first. Coinbase is a great place to start for anyone new to the crypto world. As you become more crypto knowledgeable, you will likely find yourself using multiple platforms, to increase your investment options.