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In the past decade, digital currencies like crypto have seen a rapid surge and significant growth. It has evolved from a doubtful digital coin used by several finance geeks to becoming a future currency.
From financial institutions offering smart crypto courses to everyday investors, the demand for Cryptocurrency is increasing.
To keep up with this strong urge, one needs a crypto exchange account to buy, sell, and invest in digital currencies, like Bitcoin, Binance coin, Dogecoin, etc.
To help you choose the right platform for your digital currency needs, Superprof has listed some of the best leading platforms which can help you make your investment in crypto worth it.
But before you hop on to picking a platform, it's essential to know and understand cryptocurrency basics. Read on to find out everything you need to know about crypto.
Cryptocurrency – A Gateway to Transformational Technology
Crypto (or 'cryptocurrency') is a digital asset that has been hailed as a game-changing coin for various industries, from banking to shipping to healthcare.
Crypto is a digital form of currency without any central fiscal authority such as a bank, so it uses cryptography to carry out secure transactions.
Furthermore, cryptocurrencies like Bitcoin, and Ethereum, are supported by a technology called 'Blockchain,' which has a decentralized system to keep records of transactions, enabling people to invest in new units securely.
Blockchain is a digital public ledger distributed through a network and is completely transparent.
If you're on the fence about whether you should invest in Cryptocurrency or not, here's a quick look at some significant benefits that crypto has to offer.
Cryptocurrency Can Provide Protection From Inflation
Inflation is one of the significant causes why the value of any currency begins to decline with time. At the time of the crypto launch, almost every Cryptocurrency was released with a hard and fast amount.
As reported by ASCII, the quantity of Bitcoin's supply will never go above 21 million. As a result, the demand and value of Bitcoin increase, which can prevent inflation in the long run.
Crypto Transactions Are Quick And Secure
Most transactions carried out in the U.S. financial organizations are settled in two to three days. However, a wire transfer with Cryptocurrency typically takes 24 hours.
One of the best reasons to invest in Cryptocurrency is it gives seamless and quickest transactions. Once the network confirms the block connected to your transaction, the funds are available within minutes.
Moreover, these quick transactions are secured through cryptography by Blockchain technology. People who invest in Cryptocurrency are called 'network participants.'
They are assigned their own private key, a personal digital signature, to carry out any transaction.
If the transaction is altered, this private key or digital signature becomes invalid, and the central network will be notified right away.
Easy Accessibility — Purchase And Sale Is Pretty Straightforward
Everyone can buy and sell Cryptocurrency. The process of signing up for a cryptocurrency wallet is relatively easy.
All you need is an internet connection and a smart device. Unlike traditional bank account opening, signing up for a crypto wallet requires no filling out forms, documents, or I.D. verification.
Those who wish to set up a crypto wallet should always take a cryptocurrency masterclass to understand its setup process.
Cryptocurrency Provides The Option To Diversify
Cryptocurrency offers investors great diversification from traditional banking assets such as bonds and stocks.
While there is a little history of the crypto market to stocks or bonds, the price action of crypto seems to be incompatible with other markets – making it an excellent means of portfolio diversification.
In easy words, by incorporating financial assets with minimal price action, one can generate steady returns. If your stock portfolio has gone down, the crypto assets may increase.
Which Exchange Is Best For Cryptocurrency?
As the demand for cryptocurrencies in the market increases, investors worldwide opt for cryptocurrency trading for beginners.
A crypto exchange allows people to buy cryptocurrencies such as; Bitcoin, Ethereum, Dogecoin, etc., in exchange for other assets. However, it is important to look out for new currencies that may take the world by storm.
Several cryptocurrency exchange platforms provide easy setup, secure and quick transactions with acceptance to various funding sources.
Here are top picks to help you find the right trading platform that suits your requirements:
| Crypto Exchange Places | Why Use It |
|---|---|
| Coinbase | Overall Best |
| Robinhood | Best for Beginners |
| Binance | Best for Trading |
| Gemini | Best to buy, sell, and invest in Bitcoin and Ether |
| Kraken | Best for Online Brokers and Advanced Traders |
| Bisq | Great Security and Compliance |
Trade Cryptocurrencies Using Coinbase
Coinbase is a global cryptocurrency wallet and exchanging platform where one can invest, buy, and sell popular crypto coins, including Bitcoin, Ether, and Litecoin. If you've just started investing in Cryptocurrency, this place is best for you.
It provides a beginner-friendly interface and easy, quick setup. Coinbase makes buying and selling digital coins as easy as buying stock from an online brokerage.
This place offers ultimate security and privacy through its Coinbase Vaults, digital key, and two-factor authentication.
| Pros | Cons |
|---|---|
| Easy User Interface | Poor Customer Service |
| Great Place to Learn Crypto Basics | Unavailability to Trade Many Altcoins |
| Secure Transactions | High Transactional and Convenience Fees |
| Supports a Variety of Cryptocurrencies |
Trade Cryptocurrencies Using Robinhood
Online payment giants like Venmo and PayPal and a digital stock and crypto trading platform Robinhood have made it extremely easy to invest in crypto coins.
Robinhood is a one-stop for all the trading and investment options, from investing in stocks and ETFs to purchasing different types of cryptocurrencies, like Bitcoin, Dogecoin, and Ethereum.
Robinhood is a beginner-friendly crypto trading platform that offers no commission fee for trading, meaning the process of signing up is extremely easy.
| Pros | Cons |
|---|---|
| No Commission Fees | Limited Selection of Cryptocurrency Types |
| Great Interface for Beginners | Multiple Security Concerns |
| Crypto and Stock Trading Options | No Mutual Funds or Bonds |
If you have just entered the world of Cryptocurrency and want to master cryptocurrency trading for beginners, Robinhood is a great place, to begin with.
Trade Cryptocurrencies Using Binance
Binance is the largest crypto exchange platform operating globally based on trading volume. It's a great trading platform for investors who look to invest in some different crypto coins like Neo or Cardano.
However, this app is quite complex and difficult to navigate compared to others.
So, this trading platform features 'Binance Academy,' where any trader or investor can learn Cryptocurrency, trading, and Blockchain technology through a smart crypto course.
Binance is known for great crypto-to-crypto trading (trading between different cryptocurrencies). It has the lowest transactional fees, high liquidity, and cost-effective discounts for anyone who pays in BNB cryptocurrency tokens.
| Pros | Cons |
|---|---|
| Supports a Variety of Coins and Tokens | No Margin Trading |
| Quick Transactions | Poor Account Verification |
| Low Trading Fees | |
| Basic Order Types as well as OTC Trading Available |
Trade Cryptocurrencies Using Gemini
Gemini is another trusted trading platform for a cryptocurrency exchange that prides itself on great investment in crypto leaders Bitcoin and Ether.
It's a great trading platform that combines an exchange and fiduciary custodial service for digital assets.
In addition to great trading, Gemini also offers crypto rewards and credit cards to pay and earn interest on your crypto coins in addition to great trading.
With over 70 different cryptocurrencies, Gemini is a learning hub to learn crypto basics and a suite of impressive coins that can add value to the portfolio of advanced investors.
| Pros | Cons |
|---|---|
| 70+ Cryptocurrencies to Choose From | High Trading Fees |
| Strong Security Measures | Complicated for New Traders |
| Simple Interface | |
| Advanced Trading Options | |
| Learning Hub for Crypto Basics | |
| 8% APY on your Cryptocurrency Balance through Gemini Earn | |
| Hot Gemini Wallet Insurance |
Just like Coinbase, Gemini is a great platform to carry out cryptocurrency trading for beginners.
With comprehensive trading options like Gemini Earn, Gemini Pay, and Gemini Wallet, Gemini could be a good choice if you want to trade or invest in crypto.
Trade Cryptocurrencies Using Kraken
One of the oldest and original crypto exchange platforms launched in 2011. Kraken is a comprehensive trading platform with a good selection of crypto coins and tokens to trade and invest in.
While Kraken is accessible to everyone, the tools, features, and products on this trading platform are more focused on seasoned investors. Margin trading is also available with a high tolerance of risk.
With trading in more than 100 cryptocurrencies, this platform maintains protection and security for every investment and transaction.
Moreover, it's one of the fewer trading platforms which allows you to trade and invest in DOGE, Solano, Ethereum, and other risky crypto tokens.
| Pros | Cons |
|---|---|
| 120+ Coins Available | Limited Features by Location |
| Simple User Interface | No Wallet |
| Reliable and Secure | Poor Customer Service |
| High Liquidity | |
| Rewards through Staking | |
| Crypto Masterclass for Beginners |
Trade Cryptocurrencies Using Bisq
Bisq is a great crypto trading platform for those who believe in the idea of decentralization.
It's an easy-to-use decentralized crypto exchange platform that performs secure transactions.
Investment and trading transactions in this platform are completed between network peers without any involvement of a third party.
It requires no signup or a trading account to buy or sell crypto, which means you can do it anonymously. It also offers a range of payment options, including bank transfers, Western Union, and Popmoney.
| Pros | Cons |
|---|---|
| No Sign-up or Registration Required | Slow Transactions |
| No Identity Verification | Not Ideal for Advanced Traders |
| Different Payment Options | Fraud Potential |
How Hiring A Superprof Tutor Can Help You Become A Seasoned Crypto Trader
The demand for Cryptocurrency is ever-increasing, and it's here to stay. To reap the ultimate financial benefits of crypto, investing in any cryptocurrency through the places mentioned above is the right step.
Furthermore, signing up for a cryptocurrency masterclass can help you learn about different types of crypto and which platform would be best for you to invest in.
Courses related to Cryptocurrency are broad-spectrum. They offer a comprehensive overview of the trading and investment process.
Moreover, Superprof offers an online smart crypto course that consists of different topics, from building a trading strategy to determining which crypto coin is best for investment.
The platform that connects tutors and students
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