Top 7 Crypto Exchanges in 2019 for Newbies

By Prashant Jha

Cryptocurrency space is thriving with the surge in prices and with increasing prices the interest of the new and first-time traders is also on the rise. With the bear markets on the verge of its end, and Bitcoin prices are scheduled to peak again, the interest is quite obvious, as many who have heard of Bitcoin before 2017 were quite disappointed to not invest in the digital asset when the prices were low.

There are thousands of altcoins today and almost an equal number of cryptocurrency exchanges, but which one should the newcomers use to make their first trade? Well, we have got you covered, as we are going to compile a comprehensive guide with the list of top 7 cryptocurrency exchanges which could be used by the newcomers to make their first trade, and more than that get versed with the ecosystem of crypto trading.

The list has been prepared on the basis of accessibility, ease of trading, the confidence of the community towards the platform and many other features which would help you decide the best option for you to make the first trade in cryptocurrency. InsideBitcoins has written an elaborate list of cryptocurrency exchanges

How To Decide The Best Exchange For Your First Trade

While navigating through the list of top 7 exchanges to make your first trade, it is very important to set your priorities right. Every other crypto exchange boast of being the best, however its user’s responsibility to look for the niche which suits their need. A user should look for following traits in an exchange before proceeding to make their first trade.

  • Affordable Fee: If you are looking to make frequent trades, high transaction fee can add up to cut a significant portion of your profits, so make sure your exchange has a low or affordable transaction fee.
  • Regulation Compliant: Cryptocurrencies being the new technology faces a lot of scrutinies, thus regulation plays a very important role in assuring safety for the customers. So make sure the exchange you are going to use is regulatory compliant.
  • Customer Service: A good exchange knows the importance of the users, thus always select an exchange with a responsive customer service which can help you with any technical or trading difficulty you faces along the way.
  • High Liquidity: Liquidity refers to the supply, an exchange can list any token, but it is not worth investing if they don’t have the necessary liquidity for that token.

1. Top Crypto Exchanges For Newbies: eToro

eToro comes in the first position for the diverse crypto trading options that the platform provides. A trader can use the platform in two ways either through CFD’s or traditional ownership.

eToro has always been regulation compliant (CySEC & FCA regulated) and offers considerable investor protections to its users. It’s now available in more than 60 countries, recently including the United States (finally!).

The interface of the platform is simple and easy to use, which would be added benefit for the newbies as they can navigate through the platform without much confusion.

Pros

  • Regulated and overseen trading exchange (Higher safety enforced)
  • Wide range of assets to trade and purchase
  • Different ways to add funds to your account (Credit card, wire transfers, PayPal, etc.)
  • Guided account opening process
  • Interactive and adaptive social trading platform

Cons

  • Verification is needed for the purchase
  • Fees incurred

How to buy cryptocurrency on eToro

  • Sign up on eToro
  • Click on “Deposit” to put funds into your account
  • Decide on the amount you want to deposit (you can deposit at least$250, and they have Paypal)
  • Once the Payment has been processed, click on “Search” and type in “crypto” or the name of the currency you’re interested in and then click on “buy”
  • Place an Open Trade on that asset
  • Wait and see if you make profit

2. Top Crypto Exchanges For Newbies: Binance

Binance is the leading crypto exchange by trading volume and one of the most trusted for its numbers. Although the exchange originated in China, due to the complete ban on crypto exchanges in 2017, the firm shifted its operation to Japan.

The exchange has the largest portfolio of crypto tokens for trading as well as various options for deposits and withdrawals. Users also get 50% of all trading fee for trading against the native token BNB.

Pros

  • Various selection of up-to-date cryptocurrencies
  • No verification needed (Besides email) to purchase Crypto
  • Cryptocurrency deposits accepted as well as credit card

Cons

  • Most targeted exchange from hackers/phishers
  • Slow verification if looking for extended limits

How to buy cryptocurrency on Binance

  • Sign up on Binance
  • Deposit funds into your account
  • Decide on the amount you want to deposit (you can deposit a minimum of $250 to be allowed to access the trading platform)
  • Then click on the search engine on the top right of the screen and type in the name of the digital coin you’re interested in and then click on “buy”
  • Place an Open Trade on that currency
  • Wait and see if you make a profit and then it will appear on your trading history

3. Top Crypto Exchanges For Newbies: Coinbase

Coinbase is an American exchange offering trading options for  Bitcoin, Ethereum, Litecoin, Ethereum Classic, and Bitcoin Cash. Users have the option to make fiat deposits. Coinbase is often the most preferred choice of an exchange for newbies for its user-friendly interface and ease of use.

The transaction fee is comparatively higher than others on the list majorly due to the higher degree of investor protection that they offer.

Pros

  • You own the Bitcoin you buy on the exchange
  • No need to deposit funds to buy BTC (in case you use your credit card)
  • Newbie and user-friendly interface
  • Low credit card fees

Cons

  • Credit card fees are lower at some brokers
  • Trading fees are higher than at top cryptocurrency exchanges

How to buy cryptocurrency on Coinbase

  • Sign up on Coinbase
  • Place funds into your account
  • Decide on the amount you want to deposit (you can deposit at least $250)
  • Then click on “search”, insert the name of the cryptocurrency you want to trade with and then click on “buy”
  • Place an Open Trade on that asset
  • Wait and see if you make money

4. Top Crypto Exchanges For Newbies: 24Option

24Option is considered to be one of the finest exchanges for buying selling or trading crypto assets because of the marketing strategy that the platform uses. The firm is well-known because of its sponsorship deal with Juventus football club.

24Option also provides its users with CFDs to get the best profit options on their crypto assets. The platform is quite user-friendly and also provides various other trading options like Stocks, Commodities, and Forex. The exchange is also looking into listing cannabis stock.

Pros

  • Accepts payments with electronic wallets, credit and debit cards, and bank transfers
  • Regulated by CySec
  • A minimum deposit of $100 USD

Cons

  • The different account levels are very expensive
  • Does not operate in the U.S

How to buy cryptocurrency on 24Option

  • Sign up on 24 Option
  • Deposit funds into your new account
  • Decide on how much you want to deposit (you have to deposit at least $250 to be able to access the trading platform)
  • Access the trading platform and click on “filter” at the top left of the page, then select “cryptocurrencies” and choose the asset you want to trade with and click on “buy”
  • Place an Open Trade on that asset
  • Wait and see if you see any returns

5. Top Crypto Exchanges For Newbies: Coinmama

Coinmama was established in 2013 and provides services in well over 188 countries. The exchange became quite popular during the 2017 bull run because of the fastest Bitcoin service that the exchange offers. Apart from that its quite easy to buy or sell crypto on the platform given there is credit card as well as debit card buying options.

Pros

  • Accepts payments with credit cards, debit cards, and bank transfers
  • Continuously expands the pairs of crypto offered

Cons

  • High fees
  • Doesn’t allow its users to sell back their cryptocurrencies

How to buy cryptocurrency on Coinmama

  • Register on CoinMama
  • Place funds into your account
  • Choose your deposit amount (you have to deposit at least $250)
  • Click on “buy cryptocurrency”, select the cryptocurrency you are interested in and click on “buy”
  • Place an Open Trade on that currency
  • Check if you’ve made profits

6. Top Crypto Exchanges For Newbies: Bittrex

Bittrex is one of the major American exchanges providing trading options for hundreds of crypto assets and one of the lowest trading fee of 0.25%. Thus, it is one of the best options for those looking to make regular trades as the lower transaction fee would help the traders to save big on their profits.

Pros

  • Strong trading selection, Occasional useful updates
  • Lower transaction fee

Cons

  • Fairly expensive for frequent traders, an older exchange showing its age

How to buy cryptocurrency on Bittrex

  • Register on Bittrex
  • Place funds into your account
  • Choose how much you want to deposit (the minimum deposit is $250)
  • Access the trading platform and click on “find” at the top right corner of the page, find the asset you are interested in and click on “buy”
  • Place an Open Trade on that asset
  • Wait and see if you make any money

7. Top Crypto Exchanges For Newbies: Gemini Exchange

Gemini exchange was established by the famous  Winklevoss Twins of Facebook fame and the platform has established its name over the years for cheaper transaction fee, more advanced order types, and a slightly more varied altcoin selection.

Gemini is also in contention to get the highest level of fintech licensing in New York making it one of the safest and transparent places for investors to make crypto trades.

Pros

  • Fairly affordable for a fiat exchange, Trades Zcash, Intuitive/Attractive
  • Safe and transparent

Cons

  • Limited altcoin trading options

How to buy cryptocurrency on Gemini

  • Register on Gemini
  • Deposit funds into your new account
  • Decide on how much you want to deposit (you have to deposit at least $250 to be able to access the trading platform)
  • Access the trading platform and click on “filter” at the top left of the page, then select “cryptocurrencies” and choose the asset you want to trade with and click on “buy”
  • Place an Open Trade on that cryptocurrency
  • Wait and see if see any returns
  • Register on Gemini
  • Deposit funds into your new account
  • Decide on how much you want to deposit (you have to deposit at least $250 to be able to access the trading platform)
  • Access the trading platform and click on “filter” at the top left of the page, then select “cryptocurrencies” and choose the asset you want to trade with and click on “buy”
  • Place an Open Trade on that cryptocurrency
  • Wait and see if see any returns
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Prashant Jha

As a content writer Prashant believes in presenting complex topics in simple laymen terms. He is a tech enthusiast and an avid reader.

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