So, you’ve finally decided to start trading cryptocurrency? But you have no idea where to get your first coins. Not to worry! All you have to do is find a cryptocurrency exchange that is right for you. A cryptocurrency exchange is basically just a marketplace for you to buy or sell your cryptocurrency. In a marketplace, you can either use your fiat money or legal tender. Like a stock exchange, it allows you to invest in other cryptos through trading. Of course, before you start trading, you must have a cryptocurrency wallet first.
How do you decide on what cryptocurrency exchange to join? Consider the following tips:
How diverse is your option for trade? Many exchanges offer only two: Bitcoin (the most popular crypto) and Ethereum. As a trader, it is always better to choose a place that will give you more options for coins to buy.
Most exchanges require you to store your coins online. This in itself poses some risks, since the internet is highly susceptible to attacks by hackers. Choose an exchange that allows you to keep your coins in cold storage – offline, like in a separate USB flash drive. Make sure that the exchange features email encryption. As well as a verification process that sends you notifications whenever a transaction is made in your account.
The concept of cryptocurrency is easy enough to understand. However, the nuances of the trade can be pretty tricky. Most especially if you’re learning everything on your own. Choose an exchange that has a responsive customer support service. One that is willing to answer your queries promptly and in a concise manner.
Since most cryptocurrency exchanges are in the form of a website, choose one with a user-friendly interface that is quick to learn and easy to navigate through.
With these tips in mind, here are some cryptocurrency exchanges you can try: Coinbase CoinEx, GDAX, IDEX, EtherDelta, LocalBitcoin, LocalEthereum