Top 3 Cryptocurrency Exchanges for Beginners
The “Top” 3 Centralized Crypto Exchanges
Do we really have to list ANY “top” crypto exchanges?
Well, yes, I do because this is the article topic.
Anyone around crypto knows even the top cryptocurrency exchanges are dreadfully awful.
From one-month customer service response times to exorbitantly high fees, cryptocurrency exchanges are some of the most poorly operated business platforms.
Criteria for Selecting a Crypto Exchange
Fees — Crypto exchange fees can be high and hidden. When there are no fees, look for their “spread.”
KYC — Representing “know your customer,” each exchange has its own process to verify the identity documents of those using their exchange. Many feel exchanges will have KYC requirements in the near future.
Location — Exchanges support various countries. And some will have different exchanges such as Binance USA, and Binance.
Reputation — If you search for an exchange, you’ll likely find no shortage of complaints. Generally speaking, some exchanges are better than others.
Security
Cryptocurrency exchanges have a history of being hacked.
I recently wrote about steps one can take to protect themselves.
And while security measures improve, it still makes sense to take meaningful steps to secure your assets.
Kraken — Best for Service and Security
Kraken, with a smaller cryptocurrency selection, makes enrollment fast and easy.
While they have received an increase in applications and have slowed, their one downside is the difficulty in depositing funds.
The only available option is by wire transfer and not ACH like their peers.
Their service is a bright spot, as one can live chat support in real-time.
Offering 2FA security for each action from deposits to trading, Kraken maintains the most secure platform.
Their fees are competitive, and not the best, nor anywhere near the highest.
Kraken allows self-directed IRA LLCs (SIDRAs) to use their platform, which is noteworthy, as I feel this will become an attractive crypto structure in the years to come.
Overall, Kraken is a solid platform worth a look at.
Positives:
Best service with real-time live chat support.
Best and easiest to implement security.
Accepting of Self-Directed IRAs (LLCs) as account holders.
Negatives:
Limited options in depositing funds.
Limited cryptocurrencies are supported.
Binance — Best for Fees
The world’s largest cryptocurrency exchange, Binance also has its own coin, BNB, which has made major moves because of its Binance Smart Chain and “burning” its own tokens.
While BNB customer service is abysmal, their fees are second to none.
Those holding the BNB token pay .1% trading fees.
Besides extremely low fees, BNB offers low withdrawal fees along with fast transfers.
Overall, Binance needs to work on its often comical level of customer service.
And if you accept messages only sometimes being returned after 4 to 6 weeks, their fee structure makes it worth considering.
Positives:
The lowest fees in the industry.
High trading liquidity and fast transfers.
Yubikey is supported by regular Binance.
Negatives:
The worst customer support in the industry.
Several states in the USA are not eligible for service.
Limited cryptocurrencies supported.
Coinbase — Best for Ease of Use
On the heels of an IPO, Coinbase appears to finally be taking customer service seriously.
One might find themselves in a state of shock receiving a same-day support reply.
Coinbase has been adding some of the hottest mid-cap coins to their exchange.
If you use Coinbase, keep in mind their fees are astronomically high.
While Coinbase is the Facebook of crypto, a better option is taking a few minutes to learn how to use their pro version, and save a fortune on fees.
Coinbase fees and speed of transfers rank in the low end of the industry.
With an easy-to-use platform, Coinbase offers moderately competitive fees on its pro platform.
Positives:
Easiest to use, with even their pro version easy to use.
Customer support appears to be vastly improved.
Some of the hottest coins are being added in Q2.
Negatives:
Exorbitantly high fees, especially for regular Coinbase users.
High fees for non-US users.
Network experiences outages often.
Final Conclusions
What do you think of my list?
Which crypto exchange is your favorite?
Would you drop me a comment below?
Your Friends in Prosperity,
Ross Jones
Disclosure/Disclaimer: This article is not an offer to provide financial, legal, or tax advice. This article represents an opinion, as you should not rely upon this subjective opinion, instead of your own independent research. All investments pose the risk of loss to the investor, with any investment posing up to 100% loss of investment. Always consult your financial, legal, and tax advisor prior to engaging in any investment. Always do your own research and invest at your own risk with complete awareness and acceptance of all risks. I am choosing to disclose that I have a financial interest in all tokens discussed in my articles.
