What Is Best Crypto Trading Platform?

Investing in cryptocurrency is now a new trend these days mainly because of the rise in the price of crypto coins like Bitcoin, Dogecoin, and more. It also looks pretty intimidating at first. But, what is best crypto trading platform, and how exactly can a beginner get started?

Do you need to have a crypto coin to invest in? Or do you transfer money from your account to somewhere to convert it to a cryptocurrency? Is there any platform for doing this? What is best crypto trading platform? And what does that look like?

We will answer all these questions and suggest some of the best crypto trading platforms that will allow you to buy cryptocurrencies like Bitcoin and other tokens. Also, if you wish to know further in detail before getting started, have a quick read What Is Crypto Trading?

What Is Best Crypto Trading Platform?

For buying or selling cryptocurrency, you have to use a cryptocurrency trading platform. These online services often work as a stockbroker by offering you the tools to buy and sell digital currencies like Bitcoin, Dogecoin, Ethereum, etc.

And the best cryptocurrency trading platform makes it easy for you to buy and sell the digital currencies you want with low fees and tight security features. When choosing a crypto trading platform, it’s crucial to watch the supported currencies, pricing, money withdrawal options, and security. 

To select the best trading platform, it is crucial to understand the types of exchanges-

  • Centralized exchange
  • Decentralized exchange

Centralized exchanges are private companies that provide you with a platform to trade cryptocurrency, and these types of trading require registration, identification, and KYC rule. These are not in line with Bitcoin philosophy. Instead, they run on private servers that create a vector for attack. So, if a company server is compromised, the whole system will be shut down for some time.

However, Decentralized exchanges work in the same way as Bitcoin. They have no central point of control, and you can think of it as a server that is dispersed all over the globe, and an individual controls each computer that is a part of a server. So, if one computer shuts down, it will not affect the network because many other computers will be running the network.

Below is the list mentioning some of the best cryptocurrency trading platforms-

1. Coinbase

Coinbase is our favorite crypto trading platform which you must try. These days, the cryptocurrency market is filled with fraudulent coins and dubious exchanges, and the coin base has avoided such controversies.

Coinbase is the most famous and best cryptocurrency trading platform because you can invest there directly with USD. Currently, you can purchase 30+ digital cryptocurrencies and tokens on this exchange platform. Moreover, you can win interest on your USDT, and you can even earn token rewards by performing various activities.

Coinbase also provides you with insured custodial wallets for traders to store their investments. They perform insurance against data trespassing and hacking, plus your cash will be held in Federal Deposit Insurance Corporation (FDIC)- insured bank accounts. It is imperative to protect your accounts and their funds from getting drained. 

The custodial account of coinbase is efficient for newcomers, it’s just like getting their feet wet, but the private keys are owned by coinbase, not the investors. You can also get coinbase pro features that offer some additional options in terms of charts and indicators.

2. Voyager

Voyager is another famous crypto trading platform for exchanging digital currencies; it is also one of the first publicly traded exchanges. It is app-driven and also offers a commission-free trading platform.

The voyager supports almost all major crypto coins, holds solid support and engagement, and pays a competitive interest rate on money.

When you open the Voyager app, you can earn $25 in Bitcoin (BTC) after trading $100 in cryptocurrency. It is an easy-to-use app-based interface, and its plus point is that it provides solid interest rates. However, the withdrawals can be slow and can take almost a day. 

3. Binance

Binance is on our crypto trading platform list because it presents a huge list of currencies beyond the popular crypto coins. The Binance exchange was started in 2017 with a focus on altcoin trading. Today, the company dominates the global exchange space, making up a noticeable portion of cryptocurrency trading volume daily.

what is best crypto trading platform

The trading is only allowed for US Dollar deposits by global users through the Society for Worldwide Interbank Financial Telecommunications(SWIFT). Still, it will allow you to directly purchase a selected number of cryptocurrencies with your credit or debit card. Deposits are also allowed using 12 other fiat currencies.

Binance is best for those who want to trade lesser-known altcoins and is a good platform for anyone who wants advanced charting than most other advanced trading.

4. Bisq

Bisq is a decentralized, open-source crypto trading platform with no Know Your Customer (KYC) requirements. It is downloadable software and offers peer-to-peer decentralized cryptocurrency trading. It is also non-custodial, which means no one other than the users can control its funds.

It is different from a centralized trading platform that controls the investor’s funds in a custodial account to which the investor does not have any private key. Because, in that case, the platform can freeze your account if it seems suspicious, based on if that activity is illegal on your location.

Bisq is readily available to everyone with a smartphone or computer because there is no KYC or registration process. This can be ideal for those looking for privacy or anyone with no-government-issued identification.

The platform offers the exchange of numerous fiat currencies, and since it is decentralized, it will have low trading volumes and slower transactions, but it can be worth it for some.

5. Kraken

Kraken is an original crypto trading platform, and they have a good collection of digital coins and tokens to exchange and invest in. It also allows margin trading. Although, it’s an accurate exchange and not an easy-to-use platform like the others on the list.

Kraken is among the few platforms that allow you to invest in Dogecoins and other risky tokens. It is the most extended crypto trading platform with a high level of security and trust.

If you are thinking of starting digital currency trading, choosing the best trading platform and gathering knowledge about How To Invest In Cryptocurrencies should be your first goal. This is Because you will need a funded trading account to purchase your first cryptocurrency, whether it’s an all-rounder Coinbase or its competitor Binance.

Generally, to open a crypto trading account, most platforms ask you to create an online account and require you to provide identity proof to follow KYC standards. This can include some personal questions, identity verification through a third-party application, or providing a pic of your license.

Once you get approved, you can deposit your funds and purchase any cryptocurrency.

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