Which Crypto exchanges should you use?

There truly is a SLEW of Crypto currency exchanges that you can choose to buy your coins from but with all the hacks that have occurred with MULTI millions being lost, which can you trust and what is the best method to go about buying your coins.

The manner in which your investment should be stored has been outlined in our previous post (click on ‘how to store Crypto…’ below)

Now, although there are plenty of Crypto exchanges n existence at the moment, it is only the following that we recommend/trust, we base our recommendation on personal experience/use, adherence to regulation, relationship with customer base. They are;

Coinbase

Coinbase dashboard

Founded in 2012

Advantage – Ease of use, highly recommended for beginners, allows easy transfer of fiat currency (£$) into exchange, in the UK, direct bank transfer is available.

Disadvantage – Currently the number of coins available for purchase compared to other exchanges is significantly less (although they are slowly changing this)

Binance

Binance trading page

Founded in 2017

Advantages – Has one of the largest amount of Cryptocurrencies to choose from (over 100), so there is access to the projects that are still very early stage.

Additionally, it’s arguably the largest exchange currently running and has a thorough check when listing a Crypto, adding a layer of legitimacy crypto’s that have been added.

Disadvantages – Complicated user interface, to a beginner, initially interacting with the trading site can be very confusing and put a lot of people off, it will require some guidance or some tutorial to learn how to safely and effectively use Binance.

Kraken

Kraken trading page

Founded in 2011

Advantages – Once funds have been added to a kraken account, fairly easy to purchase Crypto

Has feature called Kraken Pro which is a great tool for visually (chart) tracking at what price purchases have been made relative to current price, so you can see how far in profit (or loss) you are .

Disadvantages – Requires international (SEPA) payment to be made to fund your kraken account which takes a few days to arrive. In an age where we are used to instant speed, this feels like an eternity.

Separate yourself from the herd

Photo by Frans Van Heerden from Pexels

The average retail investor will only go so far to invest in cryptocurrencies as to not inconvenience themselves. The process of registration, funding accounts, converting between crypto’s can be a daunting and prolonged process. However where most people quit and go on a Youtube binge, taking that extra few steps and grabbing hold of some cryptocurrencies will unsurprisingly have a higher chance of paying dividends than watching cat videos (there’s a time and place for cat videos). Therefore your future self urges you to save those cat videos to the ‘watch later’ playlist, spend some time investing and separate yourself from the herd.

Recommended strategy

The easiest and most user friendly way to get FIAT (‘£$’) into a Crypto exchange is by far (at the moment), using coinbase, they have a very simple way to link to directly to your bank account/credit card/paypal, where you can deposit money in very easily and start buying up Cryptocurrencies.

Following this, if you decide you want to venture deeper into the rabbit hole and purchase cryptocurrencies that are not available on Coinbase, you can use Binance, they do accept credit cards and you can purchase bitcoin and ethereum with it, however these are only available for EU countries. After purchasing either Ethereum or Bitcoin, you have access to their 100+ Crypto’s. In due course, we will have a dedicated post on how to set up accounts on both coinbase and binance.

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