Most individuals are mistaken, believing exchanging Bitcoin and other cryptocurrencies to be a difficult and even confusing process. One can start exchanging cryptos in no time by choosing a cryptocurrency wallet and using a reputable crypto exchange. Crypto exchanges are the gateway to the cryptocurrency market, hence play a significant role in the growth of the cryptocurrency Industry.
What are Crypto Exchanges?
Crypto exchanges are platforms where users can purchase and sell several digital currencies such as Bitcoin, Ethereum, Ripple, Cardano, etc. You can trade one cryptocurrency to another — turning Bitcoin into Ethereum or buy the cryptocurrency with conventional fiat currencies such as USD, EUR, or GBP. The users can also exchange cryptocurrencies into fiat currencies, allowing traders to withdraw the funds back into their traditional bank account or re-exchange them for cryptocurrencies later.
One can also use these crypto exchange platforms to learn more about digital currencies by studying educational materials. Sometimes, customer support may become your guru to the world of crypto.
How to Exchange Cryptocurrency
Using a Crypto exchange platform is easy and requires only a few steps:
- Signup at your chosen cryptocurrency exchange.
- Enter your name and other details to validate your account according to AML and KYC criteria.
- Fill your account using any of your chosen payment methods.
- Select the coin you want to purchase and exchange deposited funds for your preferred crypto-currency
- Choose the storage. It’s preferable to transfer the coins to a cold storage wallet if you intend to keep them for long. However, if you want to trade the coin, you can retain them in the exchange wallet.
The Best Cryptocurrency Exchanges for Beginners
Crypto beginners can choose from a large number of cryptocurrency exchanges. The below three are the world’s most prominent and reliable crypto exchange platforms:
Binance is regarded as a strong crypto exchange worldwide. It provides its users with access to hundreds of cryptocurrencies. Minimal fees, 400 trade pairs, advanced trading options are some of the factors that make this platform a great choice for crypto beginners.
Changelly is another prominent exchange. It enables customers to exchange, purchase, and sell more than 200 cryptocurrencies. Its easy-to-navigate user interface makes it a native platform for anyone unfamiliar with the world of cryptocurrencies.
It has one of the simplest and best crypto exchange apps that allows you to exchange one crypto to another within minutes by simply completing a form, which makes it a viable option for crypto beginners. One can purchase cryptos with a credit card, Apple Pay, or bank transfer at Changelly.
The platform is well known for its user-friendly features like transparent flat fees, no hidden costs, and 24/7 customer support.
Kraken is one of the oldest and popular crypto exchange platforms in the industry. It enables you to exchange dozens of currencies like Solana, Uniswap, or Cardano that are not usually available on other crypto exchanges.
Kraken is renowned for its high levels of security and advanced options for trading. It also provides help materials, making it a suitable choice for crypto newbies.
Crypto exchanges determine the success of any Crypto trade or investment. So knowing how they work is essential. Before choosing the right crypto exchange for your crypto needs, make sure you do enough research.