What is the best cryptocurrency exchange for beginners

[beaxchange]

Cryptocurrency now is an integral part of the financial mainstream, but it still has a long way to go. Despite the niche size, wealthy people around the world add cryptocurrencies to their portfolios. Large investment funds, such as Grayscale and Andreessen Horowitz, increase their holdings, Grayscale received more than $1 billion in the last 12 months from its clients. For a retail investor, it might be a good idea to follow the big fish. There are many ways to profit on cryptocurrencies, but the main two ways are trading and investing. Both of these ways require picking a good service to store and manage the funds, which can be a little challenging for a beginner. In this article, we’ll review some basic rules on how to choose a great cryptocurrency exchange. However, before digging deeper into making money, let’s see how cryptocurrency works overall...

The concept of digital currency has existed for many years. Before cryptocurrencies, there were many attempts to create some form of digital money. One of them was Ecash, which was created in 1983, and it became Bitcoin’s predecessor. In 2009, Bitcoin was created by Satoshi Nakamoto, a mysterious developer, and the new class of assets was born.

Bitcoin was the first example of successful blockchain technology implementation in finance. A blockchain is a database where the entries are sequences of blocks. Every block contains information about the previous one, its hash, and of course, information on transactions. Blockchain is a distributed technology, in the case of Bitcoin and the majority of other blockchains, copies of the database are stored on the nodes of all participants. This distribution allows making sure that nobody would be able to change the database, to reverse transactions or to add new ones without everyone knowing.

Another feature is that every user has their own wallet – to send or receive cryptocurrency, you have to know a public key which is a sequence of Hex-numbers, for example, 1PAt5oKQGBRigFDY6fB2WgQTtQJNzFyTDr. The private key, on the other hand, is a tool that allows signing transactions and managing the funds. All the assets on blockchain truly belong to their owners. Overall, immutability and true ownership are two things that differ cryptocurrencies from the government-issued fiat money.


https://swapzone.io/learn/best-cryptocurrency-exchange-beginners/

[Oshosondy]

The simple conclusion is – the best cryptocurrency exchange for a beginner is a service that lets you easily choose the best options and see the full picture.

This is a bad conclusion, I got it from the link you posted up there. The first thing to consider while choosing an exchange is the security, no matter the best option or the full picture of an exchange you noticed, if it is not secure, the exchange will not last for long. Then, the second can be the ease of use. Also in the link or site, there is no single exchange that was mentioned. The best exchanges I have used are hodlhodl and bsiq, but I have used binance also during complex trading types, especially for future trading orders.

[Bitstar_coin]

Did you forgot simplicity and user friendly! If you as a beginner is looking to join a crypto exchange i think the first thing to come to mind is how easy to use and understand the platform is,  because not able to understand the platform will also affect the ability to choose the best options, before talking about security,  the issue of security broad because no exchange is 100% secure, many people transact in many exchange without knowing the level of the security of that exchange,
Although it all depends on individual preferences.

[davinchi]

The best way to pick is the one you are feeling comfortable with, obviously you shouldn't be comfortable with it for that easily, but we could potentially make it work even with not the best ones neither so you could find a middle one, or you could pick binance like every other person does anyway.

There are things you need to look at, things like exchange fee's, and volume and obviously security or check if they look shady, how long they have been operating and many other stuff like that, I would say that would work to be shaping up something in the end that you could work with. After you know the exchanges in an out with all the data, it is all about that comfortable feeling, if you are feeling comfortable with any of them you could pick them to try to make a profit trading.

[cheezcarls]

I hate to say this but you are trying to shill or advertise your link (or creating a backlink or doing off-page SEO), and this topic has been discussed many times here in the forum. I can’t count though, because there are so many of these topics existed here on Bitcointalk.

And of course, there are so many Youtube videos talking about that topic for beginners. Just saying.

[Joy.J]

Here are a few things that you should consider before picking the best cryptocurrency exchange suited for trading.
-Fees
-Exchange Rates
-Reputation
-Security
-Easy to use
and definitely technical support, if you are new in crypto and exchanges you shall need this option for future exchanges.
When I first started to be interested in exchange and trading, https://swapspace.co/ helped me a lot. Later I used many exchanges, but this one remained the best for me due to its simplicity and ease of use

[adaseb]

I have used many exchanges and what I found is that the simpliest exchanges for beginners usually have the largest rates and the most complicated usually have the cheapest rates. Take Gemini for exchange. In huge large fonts it asks how much BTC (or alts) you want to buy and have one large button to BUY (or sell) and that's it. You are buying BTC against USD and can't accidently buy BCH or ETHBTC or LTCBTC or BCHBTC etc. Those are the common mistakes that many extremely new people to crypto make. Even if you want to buy say ETH by selling BTC, you can't do it with the main platform, need to upgrade to some activetrader platform. They do this to make it as easy as possible. Coinbase is the same.

Now take Bitfinex for example. Sure it has a nice design and everything but there is no way some 60 year old person can figure out exactly how to buy bitcoin there. Way too many links, way too many different alt coin pairs and the tether might create some confusion. But Bitfinex has like 0.1% rates while Gemini has 2% rates. So since they are getting away with 2% rates and people are still using the exchange it means that there are people out there that prefer to pay a higher rate for easy platform than the other way around.

[Renampun]

I suggest bigger exchanges with good reputation and trust which I think is the most important factor. The others to check: security which is also related to reputation in crypto community, customer support, low fees, good liquidity, user friendly platform.

currently, Binance, Coinbase, and Huobi have all of what you have said...
For newbies, it is highly recommended to start trading on large exchanges with real trading volume so that you are familiar with the user interface displayed by the exchange site. Don't you dare try a newcomer exchange because it is very risky.

[StephenJH]

I suggest bigger exchanges with good reputation and trust which I think is the most important factor. The others to check: security which is also related to reputation in crypto community, customer support, low fees, good liquidity, user friendly platform.

currently, Binance, Coinbase, and Huobi have all of what you have said...
For newbies, it is highly recommended to start trading on large exchanges with real trading volume so that you are familiar with the user interface displayed by the exchange site. Don't you dare try a newcomer exchange because it is very risky.

Instead of using real money, I prefer to suggest demo versions of crypto exchanges. It will be early to talk about the crypto margin trading but there are demo versions of leveraged crypto trading which can be useful for learning the up-downs in the volatile crypto markets. Even 1:10 leverage is enough to understand the risk management in case they skip the demo version and go directly for the low capital trading. 1:100 leverage is for experienced traders but testing the skills with high leverage is a good idea in case of trader is on the demo server. There are crazy leverage trades too, 1:1000 leverage means having a $1 and trading with $1000 equally trades. Now multiply the mentioned leverage with your trading capital, sounds crazy right?

[sgenuine]

Suppose, this thread will stay active for a long time. Thus, the answer that should work here for all these months or years will be as follows. Find on the internet the exchanges list and read about them, taking into account the time they work and real users’ reviews.

[Rengga Jati]

I was a newbie at that time (actually until now, I am also not a good trader    ),
What I did at that time was about only trading in my local exchange, without thinking of the trading volume about t. But at least, I think about the legality and also the reputation of the exchange. because I didn't want to risk my very small funds to lose in the exchange. So, I only chose a reputable exchange in my local country.

But, it is likely not good enough if only pay attention to reputation and trust, There must be also other things to be considered in order to get more profits, being comfortable while trading, and others.

And here are what at least I should consider:

Here are a few things that you should consider before picking the best cryptocurrency exchange suited for trading.
-Fees
-Exchange Rates
-Reputation
-Security
-Easy to use

And of course, trading volume and also more events that are given by the exchanges are also part of my consideration.
One more, I think that if there is a Demo menu in that exchange where we can learn first before trading live, it will be better.

The most important thing is how our strategy and analysis in trading, and how we manage our funds, and also our emotion

[Savemore]

disclaimer first, this is just my opinion and my experiences in the exchanges that I've been use before. When I was a newbie, the biggest mistake that I made is where I put real money quickly without studying and making research first. So the result is obvious and I lost most of money, and I know that it is my fault for being ignorant in the market. Then I research about trading and I found Bitfinex, so for the newbies out there this exchange is my suggestion. Why it is my suggestion? because they have a features called paper trading or what they called virtual trading where in you can trade cryptocurrencies real time even you do not put real money. So this feature is for practice trading first, you can sign up there and try it for months before putting real money. And also be aware that the money that you will put in certain exchange is the money that you are willing to lose.

There are many types of traders and investors that are losing huge in different exchanges because they are always thinking winning big in just small period of time. Trading is a game of possibilities so everything can happen there so our thinking should be different and we should not just expect winning but also losses in order to be prepared on it if that time happens. But if you do not want to do practice trading then I suggest Binance and Kucoin as substitute exchange.

[~Money~]

Here are a few things that you should consider before picking the best cryptocurrency exchange suited for trading.
-Fees
-Exchange Rates
-Reputation
-Security
-Easy to use
and definitely technical support, if you are new in crypto and exchanges you shall need this option for future exchanges.
When I first started to be interested in exchange and trading, https://swapspace.co/ helped me a lot. Later I used many exchanges, but this one remained the best for me due to its simplicity and ease of use

I think the points you have covered in your post are really good. All these should be considered by a trader before using any exchange.
But Most important of all is the security and trust of an exchange. Bitcoin and most of the other cryptos are decentralized, so there is no authority(legal) on exchanges which can ensure the right working of exchanges. Also, new investors should trade with reputed coins with high volume to stay away from manipulation by big fishes.
Moreover, Big exchanges have a backup of funds behind them which give a sense of security to investors. Like hackers stole $40 million Btc in 2019, but still, no investors have to bear any losses. I only like to trade with Binance after this incident. (it's not a recommendation to use an exchange but my opinion)

[CryptopreneurBrainboss]

I suggest bigger exchanges with good reputation and trust which I think is the most important factor. The others to check: security which is also related to reputation in crypto community, customer support, low fees, good liquidity, user friendly platform.

That an exchange is a big exchanges doesn't mean it can't go down tomorrow and exit scam with Investors funds on the exchange as of when the incident occurs. Big exchanges are also target to hack as hackers are quite positive if their hack becomes a success they'll likely go away with more funds compared to when the exchange was a medium volume exchange.

Well most exchanges currently in the space todays has all the feature you highlighted but still won't get a recommendation from me that easily if I was to give a newbie advice on an exchange to use. All are vulnerable to hack like the recent (Kucoin) so if I was to make a pick, I'll go for Binance as you stand the chances of getting back your funds if the exchange get hacks due to their insurance policy.

This is in addition to their other features like newbie/user friendly interphase/platform.

[friends1980]

Here are a few things that you should consider before picking the best cryptocurrency exchange suited for trading.
-Fees
-Exchange Rates
-Reputation
-Security
-Easy to use
and definitely technical support, if you are new in crypto and exchanges you shall need this option for future exchanges.
When I first started to be interested in exchange and trading, https://swapspace.co/ helped me a lot. Later I used many exchanges, but this one remained the best for me due to its simplicity and ease of use

Also important aspects for an exchange are the number of traded coins - and above all the quality of coins which are on trade. You'll not want to end up with bags of shilled shitcoins.

Don't forget you cannot expect a rather secure exchange like Binance to offer the lowest fees on one side and offer a watertight insurance policy on the other side.

As with all things in real life, you'll have to find a compromise, based on your own personal list of priorities.


edit: FYI, the guy I quoted is a Swapspace shiller, so don't just open up an account without DYOR.

[Xinarae*]

The best cryptocurrency exchange for beginners is binance In the case of exchanges the risk is much lower here. For newcomers there is no fear of losing much of the fee. The exchange in Binance allows newcomers to trading Bitcoin passively and therefore the inability to spend a huge amount of time on market analysis is the reason why Bitcoin transactions allow users to set up more efficient trades without always keeping them at the top of the market. This allows newcomers to trading very easily.

[Zicadis]

Did you forgot simplicity and user friendly!

There's no point in developing an exchange which has everything but it takes 10 steps to do 1 thing and have to spend a long time trying to work out what's what. This being beginner level or not.

 In that respect, user friendliness and simplicity are top factors to consider, among these are:

• Geographical Location & Restrictions
• Authenticity, Security, Anonymity and Support
• Purchase Method
• Supported Tokens
• Trading Platform/Peer-to-Peer Exchange/Broker
• Fees
• Volume and Liquidity 

For a more in depth read about these, check this out.

[justdimin]

There are tons of reasons to pick an exchange but security and trust has to be at the top level for anyone, that is just not something we could forget and move on and not care about, we are talking about literally safety of your own money and there are tons of people who deposit thousands of dollars even hundreds of thousands of dollars so it is vitally important that you pick a place that is secure and trustworthy.

Binance is huge and has a big volume and they are now spreading towards everything else and doing amazing work but the main thing that made people fall in love with them was the fact that they are secure and got hacked maybe once or twice and each time it happened they ate all the loss and none of the customers got affected. This is why newbies should pick places like that.

[kamadazje]

Your opinion is not that bad but I cannot see that you have tackled the most important part in choosing the best cryptocurrency exchange for beginners. Here is what I can add base on my experience, if you are still a beginner the most important that you need to look for any exchange to use is their asset security.

Meaning, it will be good if you can use an exchange that will guarantee the safety of your money even if their exchange will be hack like what happened to binance hack and other big exchanges that were hacked. Centralized exchange are quite risky for me if I were to judge as we don't have a full control over our money unlike  decentralized exchanges but we need to gamble for this risk if we want to become a successful trader someday.

[celot]

All exchange is the best for beginner but they have know first which one market support to withdraw bank account, usually each country have local exchange where support for deposit and withdraw your asset to bank. Looking for bigger chance like trade with many altcoin choose you can check with Binance, huobi, Bitmex, Bittrex and poloniex, there are still have many exchange still not mention here. For the easy how to trade with exchange you can check first on coinmarket cap looking for which one your coin favorite listing and check where is the exchange have higher volume transaction for selling your coin.