Do you want to start trading cryptocurrencies? You just landed in the right place.Today we shall discuss how to start buying and selling cryptocurrencies and what factors are to be taken care of while choosing a trading platform and a list of top cryptocurrency exchanges which provide you with better service anytime.
Firstly, what is trading? Trading is just buying and selling something. But how do you make money from trading? You buy at a lower price and sell at a higher price. It seems so simple right, but it won't be that simple. Trading is not just buying and selling, but it is waiting. You should wait for the price to appreciate after buying and also you should wait for the price to come lower for you to buy. It is not like, you can buy at any price and then wait for it to rise.
You need to be patient. Trading is like playing a mind game. One thing I suggest you do after you start trading is to note down your trading experiences, whether you gain or loss. It will be very helpful while making choices the next time.
So let's get to our topic on how to start trading cryptocurrencies.
Cryptocurrencies are digital currencies. They have their own network on which we can transfer them. In the stock market, stocks are traded on brokerages where they act as middlemen who facilitate us in buying and selling stocks from exchanges like Newyork Stock Exchange(NYSE), Bombay Stock Exchange(BSE) etc. But in case of trading cryptocurrencies, there won't be such brokers. You can buy and sell cryptocurrencies directly from the cryptocurrency exchanges.
Some exchanges may not be supported in your country or they won't provide support in your country. And some countries have banned cryptocurrencies and their usage in the country. You have to check if trading is permitted in your country.
We have listed some popular cryptocurrency exchanges worldwide and based on geography where you can start trading by depositing some money.
| Country | Exchange |
| US | Coinbase,
Binance US |
| UK & Europe | Coinbase,
Kraken |
| India | Binance, Wazirx,
Coindcx |
| Others | Binance, Kraken,
Huobi Global |
Let's discuss about these exchanges in detail, their trading fees, pros and cons of each exchange.
Coinbase
Coinbase is a popular exchange in the USA. You can buy cryptocurrency with your debit card on Coinbase. They charge 4% for debit card transactions. It is considered to be high fees as other exchanges charge lower. If you want to purchase using a US bank account, they charge you flat $2.99
Fees for trading cryptocurrencies would be 0.50% of each trade. For example, if you buy/sell $100 worth of Bitcoin, the fee would be $0.5. Generally, the fee will be around 0.1% for other exchanges like Binance.
The maker and taker fees for the lowest tier on Coinbase is 0.50% of the trade.
Pros
- High trade volume and high liquidity
- Good for beginners
- High security
Cons
- High trading fees
- Low privacy, requires KYC
- Only a few altcoins are available
Coinbase also offers Coinbase Pro. Once you have gotten experience in trading cryptocurrencies, you can upgrade to Coinbase pro. It has many other options like chart tools, APIs etc.
Start trading on Coinbase by registering here.
Binance
Binance is the world's largest cryptocurrency exchange. It has the highest trade volume. Binance provides a variety of options to buy cryptocurrency using your money. You can also buy cryptocurrencies using our Binance widget. Just type the amount and the cryptocurrency you want to buy, you will be redirected to Binance page, where you can checkout. Binance charges almost zero fees for purchases.
Crypto to crypto trading fees on Binance is the lowest among all exchanges. It is 0.1% of trade.
The maker and taker fees on Binance are 0.1% of the trade. If you hold BNB tokens in your account, you will get 25% discount on the trading fees
Pros
- Lowest trading fees
- A lot of cryptocurrencies to trade
- Classic and Advanced trading features
Cons
If you are in the US, you can only use Binance.us and it has only a few cryptocurrencies listed. If you are not in the US, the international Binance.com provides you with a lot of cryptocurrencies and a variety of earning options like staking, liquidity swap etc. Binance has 281 cryptocurrencies listed, whereas Binance US has only 52 cryptocurrencies.
Start trading on Binance by registering here. Read in detail about Binance exchange and its features here.
Huobi Global
Huobi is the second-largest exchange in terms of trade volume. Huobi has a lot of cryptocurrencies to trade. It is mainly a crypto to crypto trading exchange. You have to buy crypto, transfer them here and trade as almost 308 cryptocurrencies are listed in Huobi.
The maker and taker fees on Huobi Global is 0.2% of each trade. If you have HT tokens in your account, you will get a discount on trading fees.
Pros
- High liquidity for trading
- A lot of cryptocurrencies to trade
Cons
- Requires KYC
- Not many ways to buy crypto using fiat
Huobi will be useful when you trade some new cryptocurrencies that are not listed on other exchanges. So when you buy these cryptocurrencies and they get listed on other popular exchanges, there is a chance of getting good gains.
Sign up here to start trading on Huobi Global.
Kraken
Kraken is a popular exchange in the US and Europe. Kraken is a trusted and oldest cryptocurrency exchange. Kraken offers you a variety of options for deposits and withdrawals through bank wire deposits, SEPA deposits etc. Only 53 different cryptocurrencies are available to trade.
The maker and taker fees on Kraken is 0.2% of each trade if your 30-day trade volume is less than $50,000.
Pros
- Provides maximum security for your assets
- Fiat to crypto trading pairs
Cons
- Few cryptocurrencies to trade
- Requires KYC to trade
Deposit fees will be around $5 for USD bank wire deposit and €10 for EUR bank wire deposit. Withdrawal fee can go up to $60.
Wazirx
Wazirx is the popular exchange in India. Wazirx was acquired by Binance last year. You can deposit INR using NEFT, IMPS, UPI methods with a minimal fee of Rs.5. You can also transfer some cryptocurrencies between Binance and Wazirx and trade where ever you want.
Wazirx also has the highest trade volume in India.
The maker and taker fees on Wazirx is 0.2% of each trade. If you have WRX tokens in your wallet, the maker and taker fees would be only 0.1% of each trade.
Pros
- A good number of cryptocurrencies are available to trade
- Backed by the world's largest exchange, Binance
- Nice and smooth interface for beginners
Cons
- No margins or futures trading
Wazirx also has a P2P(peer-to-peer) option for buying cryptocurrencies using INR.
Start using Wazirx by signing up here.
These are some popular and trusted cryptocurrency exchanges. If you still don't know which exchange to trade cryptocurrency in your country, please comment below.
Please sign up through our referral links, it won't cost you anything, it will support us in writing valuable content for the crypto community.
Also, check out Is it the Right Time to Buy Bitcoin?
Post a Comment