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The best exchanges to buy cryptocurrency

For new cryptocurrency users, finding the best exchange platform can be complicated and confusing. Crypto exchange platforms are online services that function like a stockbroker. Here, you can buy, sell and trade cryptocurrencies. Learn more about how you can buy coins as well as the best crypto exchange platform you can use below.

How to buy cryptocurrency

Before you start buying coins, you need to have a digital wallet where you can store your funds. Though most exchanges provide digital wallets for additional service fees, crypto exchange platforms are different from digital wallets. The latter is simply secured storage of your coins while the former is where you transact.

If you do not want to use the digital wallets provided by crypto exchange platforms, you can move it to your separate wallet which can be either hot or cold:

  • Hot wallets – Hot wallets are stored online and are only available when you are connected to the internet.
  • Cold wallets – Unlike hot wallets, cold wallets are not connected to the internet. Instead, they are in the form of external devices similar to hard drives.

When creating an account on crypto exchange platforms, you have to go through a series of verification processes before you can finally transact to prevent fraud and adhere to certain regulatory requirements. 

Once your account is verified, you can now deposit funds into your account to buy crypto. Exchange platforms have various payment methods you can use to deposit funds such as bank transfers, credit cards, debit cards, money orders or gift cards.

However, keep in mind that making deposits and withdrawals have certain fees which depend on the payment method you choose. In addition to transaction fees, you are also subject to conversion fees.

Once you have funds in your crypto exchange account, you can now choose which cryptocurrency you are going to buy. There are now hundreds of cryptocurrencies you can choose from, some of the most popular are:

  • Bitcoin(BTC)
  • Tether (USDT)
  • Dogecoin (DOGE)
  • Ethereum (ETH)
  • Cardano (ADA)

Where to buy cryptocurrency

Here are some of the best platforms where you can buy, sell and trade crypto. Continue reading below to check them out!

  1. Coinbase

Launched in 2012, Coinbase is now one of the largest crypto exchanges in the world where you can trade more than 50 cryptocurrencies. Though its fees are higher than other platforms, Coinbase has security features such as private insurance for any losses in case the site is hacked as well as a Know Your Customer (KYC) verification process. Its interface is user-friendly and quick and its mobile app is available for both iOS and Android devices. All Coinbase Pro account users can withdraw up to $50,000 per day.

  1. eToro

Offering access to 18 cryptocurrencies, eToro has now more than 13 million users since its inception in 2007. One of its unique features is the CopyTrader system that allows you to copy the trades of other veteran traders. Also, it provides a free digital wallet called eToro wallet to its users. You can choose to transfer cryptocurrency from eToro to your separate digital wallet but take note that eToro coin transfers are one-way, so they can’t be transferred back. 

Aside from trading cryptocurrencies, you can also trade stocks, commodities and forex in eToro. To prove that they are trustworthy and secure the transactions of their users, eToro conducts a KYC verification process for each account. There is no maximum withdrawal limit but the minimum withdrawal amount is $30.

  1. Gemini

If you are a beginner in crypto trading, Gemini might be the easiest platform for you. It offers more than 30 cryptocurrencies and is now one of the top crypto exchanges by trading volume. Its simple interface and strong safety measures such as its KYC verification procedure will ensure peace of mind for those who are new to the world of crypto trading. When it comes to daily withdrawal limits, verified accounts can withdraw as much as $100,000 at Gemini.

  1. KuCoin

Boasting over 200 cryptocurrencies, KuCoin managed to be one of the top cryptocurrency exchange platforms in just a few years after its inception in 2017. Using KYC verification ensures that the platform can prevent fraud, money laundering schemes and any other security risks for its users. Those who have a KYC level 1 verified account can withdraw a maximum of 5 BTC per day, while those with a KYC level 2 verified account have a limit of 3,000 BTC per day.

KuCoin offers one of the lowest trading fees at 0.1%. It also has various advanced features such as the usage of trading bots on its mobile app which can be used by traders to automatically buy and sell crypto. However, using such features requires proper planning and careful thinking as it can make your trading experience even riskier.

  1. FTX

Launched in 2019, FTX has powerful daily trading volumes and trading products despite its young age. FTX has over 20 cryptocurrencies under its exchange platform and it also provides a range of products and services for its dedicated traders such as:

  • Prediction markets
  • Fiat currency transfers
  • iOS and Android mobile app
  • Customer support in over 10 languages
  • Leveraged tokens

Moreover, FTX requires each account holder to undergo KYC verification to ensure maximum security among its customers. Those with KYC level 1 verified accounts have a daily withdrawal limit of $2,000, while those with KYC level 2 verified accounts can enjoy unlimited crypto and fiat withdrawals.

Looking at the various products and services it offers, this crypto exchange platform may not suit those who are just starting their crypto journey since some of its products are too complex to understand. However, if you are an experienced trader already, you will surely enjoy the comprehensive features it offers.

Explore the best crypto exchange platforms now 

There are various crypto exchanges available all over the world that are easy to use and provide additional features for its traders aside from the usual buying and selling. It is crucial that you study the interface and learn as much as you can about the platform before you start trading. Choosing which crypto exchanges to use depends on your purpose and region, but the platforms mentioned above can ensure that you get maximum security throughout your trading experience.

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