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Best Cryptocurrency Exchange for Beginners

Last Updated on January 31, 2024

James Headshot
Written by
Adam Headshot
Edited by
Table of Contents
Disclaimer: This is not a validation of cryptocurrency or any particular provider, service, or product. It should not be taken as advice to engage in trading or use any services. Please check our terms and conditions.

Navigating the world of cryptocurrency can be daunting for beginners, with a myriad of exchanges each offering unique features and services. Understanding this, our “Best Cryptocurrency Exchange for Beginners” guide serves as a comprehensive and trustworthy compass for those embarking on their cryptocurrency journey.

In this guide, we have meticulously selected and reviewed the top 10 cryptocurrency exchanges, considering key factors like user-friendliness, security, fee structures, and educational resources. These platforms have been chosen specifically for their ability to facilitate a smooth and informative entry into the complex realm of cryptocurrency trading.

Best Cryptocurrency Exchange for Beginners in 2024

  • Best for Comprehensive Security Features: Kraken
  • Best for User-Friendly Interface and Simplicity: Coinbase
  • Best for a Balanced Approach to Trading and Security: Gemini
  • Best for Social Trading and Learning from Others: eToro
  • Best for a Wide Range of Cryptocurrencies and Features: Binance
  • Best for Easy and Quick Crypto Swaps: Changelly
  • Best for Intuitive Interface: Bybit

Why Trust Crypto Head

We have been committed to providing our readers with well-researched, unbiased, and reliable information since 2017. Our team consists of crypto experts who understand the importance of choosing the right exchange.

We have spent a huge amount of time over the years evaluating and comparing a range of crypto platforms. We use a rigorous methodology to evaluate each platform, considering factors like security, user experience, and fees.

232

Exchanges considered

147

Exchanges analysed

9,555

Data points collected

1. Kraken - Best for Comprehensive Security Features

3.67
Crypto Head Rating
Our review is based on the spot trading platform. Please check our methodology on how we rate exchanges for further information.

Trading Fees

0.06% - 0.16%

Supported Crypto

233+

Supported Fiat Currencies

USD, AUD, GBP, CAD, EUR + 1 other

Why We Chose It Our review is based on the spot trading platform. Please check our methodology on how we rate exchanges for further information.

Kraken is chosen for its robust security features and comprehensive educational resources, making it an ideal platform for beginners in cryptocurrency trading. Known for its user-friendly interface and extensive support system, Kraken helps ease new users into the world of crypto trading.

The exchange is also commended for offering a wide range of cryptocurrencies and fiat currency pairs, providing beginners with a variety of trading options. Kraken’s commitment to regulatory compliance further assures users of a secure and trustworthy trading environment.

Kraken homepage
Pros & Cons

Pros

  • Wide range of cryptocurrencies available
  • Strong security measures
  • Advanced trading features
  • Supports fiat-to-crypto transactions
  • Educational resources for beginners
  • Low trading fees

Cons

  • Complex interface for new users
  • Limited customer service options
  • No credit card deposits for US customers
  • Occasional slow performance during peak times
Overview

Founded in 2011, Kraken has established itself as one of the most reputable cryptocurrency exchanges globally. It offers a secure platform that is well-suited for beginners, with an easy-to-navigate interface and helpful customer support.

Kraken provides a diverse selection of cryptocurrencies and fiat currency trading pairs, allowing new traders to experiment with various assets. The platform’s educational resources are particularly beneficial for beginners, offering guides and articles to help them understand the complexities of crypto trading.

The exchange operates with a competitive fee structure, making it affordable for users who are starting out. Fees vary depending on the user’s trading volume and the type of trade, but are generally reasonable and transparent.

Security is a top priority for Kraken, with features like two-factor authentication and rigorous verification procedures in place to protect user accounts and assets. Kraken’s strong security record and commitment to regulatory compliance make it a reliable choice for new traders.

In terms of customer support, Kraken is known for its responsive and knowledgeable team, available to assist users with any questions or issues they may have. This level of support is invaluable for beginners who may need guidance as they navigate their first trading experiences.

Detailed Fees
Type Fee
Deposit Fee (Bank Transfer) $0 USD - $5 USD
Deposit Fee (Credit/Debit Card) Not Listed
Trading Fee 0.06% - 0.16%
Withdrawal Fee (Bank Transfer) $0 USD - $35 USD

2. Coinbase - Best for User-Friendly Interface and Simplicity

3.20
Crypto Head Rating
Our review is based on the spot trading platform. Please check our methodology on how we rate exchanges for further information.

Trading Fees

0% - 0.60%

Supported Crypto

243+

Supported Fiat Currencies

USD, AUD, GBP, CAD, EUR, NZD + 50 others

Why We Chose It Our review is based on the spot trading platform. Please check our methodology on how we rate exchanges for further information.

Coinbase is recognized for its exceptionally user-friendly interface and strong global presence, making it a top choice for beginners in cryptocurrency trading. Its straightforward approach to buying, selling, and managing cryptocurrencies is ideal for those new to the digital currency space.

The platform’s commitment to security, educational resources, and regulatory compliance offers a safe and informative environment for novice traders. Additionally, Coinbase’s wide range of supported cryptocurrencies and fiat options provides beginners with valuable exposure to the crypto market.

Coinbase homepage
Pros & Cons

Pros

  • User-friendly interface
  • Wide range of cryptocurrencies
  • High liquidity
  • Strong security measures
  • Educational resources available

Cons

  • Higher fees compared to some competitors
  • Limited customer support options
  • May track how its users spend bitcoin
  • Wallet services are custodial
  • Limited advanced trading features
Overview

Coinbase, founded in 2012, has become one of the most mainstream and accessible cryptocurrency exchanges worldwide. It is particularly favored by beginners for its simplicity and ease of use.

The exchange supports a broad spectrum of cryptocurrencies, allowing users to explore various digital assets. Coinbase’s educational platform, Coinbase Earn, is an excellent resource for beginners, providing learning materials and even opportunities to earn crypto while learning about it.

In terms of fees, Coinbase operates with a straightforward fee structure, though it is generally considered to be on the higher side compared to some other exchanges. The platform charges a percentage of the transaction as a fee, which varies based on the user’s location and the size of the transaction.

Security is a strong suit for Coinbase, which employs rigorous measures to protect user accounts and funds. This includes two-factor authentication, biometric fingerprint logins, and insurance in case of a security breach.

Customer support on Coinbase is robust, offering various channels for assistance, including email and an extensive FAQ section. For beginners, this level of support can be very reassuring as they navigate their early crypto trading experiences.

Detailed Fees
Type Fee
Deposit Fee (Bank Transfer) $0 - $10
Deposit Fee (Credit/Debit Card) $0 - $10
Trading Fee 0% - 0.60%
Withdrawal Fee (Bank Transfer) $0 - $25

3. Gemini - Best for a Balanced Approach to Trading and Security

2.90
Crypto Head Rating
Our review is based on the spot trading platform. Please check our methodology on how we rate exchanges for further information.

Trading Fees

0.05% - 0.15%

Supported Crypto

85+

Supported Fiat Currencies

USD, AUD, GBP, CAD, EUR + 2 others

Why We Chose It Our review is based on the spot trading platform. Please check our methodology on how we rate exchanges for further information.

Gemini is chosen for its strong emphasis on security and regulatory compliance, making it a trustworthy platform for beginners in cryptocurrency trading. The exchange, founded by the Winklevoss twins, is known for its user-friendly design and commitment to providing a safe trading environment.

Gemini stands out for its beginner-friendly approach, offering a streamlined experience with clear navigation and educational resources. This makes it an excellent starting point for those new to the crypto space.

Gemini homepage
Pros & Cons

Pros

  • User-friendly interface
  • High security standards
  • Regulated by the New York State Department of Financial Services
  • Variety of cryptocurrencies available for trading
  • Offers both a simple brokerage service and a professional trading platform

Cons

  • Higher fees compared to some other exchanges
  • Limited selection of altcoins compared to larger exchanges
  • No margin trading available
  • Customer support can be slow to respond
  • No credit card deposits for US customers
Overview

Established in 2014, Gemini has quickly become a go-to exchange for newcomers to the cryptocurrency market. It offers a clean, intuitive interface that simplifies the process of buying, selling, and storing digital assets.

The platform supports a wide range of cryptocurrencies, catering to users looking to explore beyond the most popular coins. Gemini’s educational content is helpful for beginners, providing clear guidance on various aspects of crypto trading.

Fee-wise, Gemini operates with a transparent fee structure, though it is worth noting that fees can be on the higher side, especially for smaller trades. The platform uses a dynamic fee model, which varies depending on the user’s trade volume and the type of trade executed.

Security on Gemini is top-notch, with a variety of measures in place, including two-factor authentication and cold storage of assets. Gemini’s adherence to strict regulatory standards further enhances its reputation as a secure platform for beginners.

Customer support on Gemini is accessible and responsive, with various resources available to help users navigate their first trading experiences effectively.

Detailed Fees
Type Fee
Deposit Fee (Bank Transfer) 0%
Deposit Fee (Credit/Debit Card) 3.49%
Trading Fee 0.05% - 0.15%
Withdrawal Fee (Bank Transfer) 0% - $25 USD

4. eToro - Best for Social Trading and Learning from Others

4.32
Crypto Head Rating
Our review is based on the spot trading platform. Please check our methodology on how we rate exchanges for further information.

Trading Fees

1%

Supported Crypto

79+

Supported Fiat Currencies

USD

Why We Chose It Our review is based on the spot trading platform. Please check our methodology on how we rate exchanges for further information.

eToro is recognized for its social trading feature, which is particularly appealing for beginners. The platform allows users to observe and copy the trades of experienced investors, providing a unique learning opportunity for those new to cryptocurrency trading.

The user-friendly interface of eToro, combined with its educational resources and demo account option, makes it an excellent choice for beginners. The platform offers a straightforward way to engage with the crypto market, while also providing tools for broader investment opportunities.

eToro homepage
Pros & Cons

Pros

  • User-friendly interface
  • Social trading features
  • A variety of investment instruments beyond crypto
  • Demo account for practice trading
  • Regulated by multiple financial authorities

Cons

  • Withdrawal fees apply
  • Limited charting tools for advanced technical analysis
  • Customer service can be slow to respond
  • Crypto offerings less extensive than some specialised exchanges
  • Spreads can be higher compared to other platforms

Read Review

Crypto assets are unregulated & highly speculative. No consumer protection. Capital at risk.

eToro Service ARSN 637 489 466 Capital at risk. See PDS and TMD.

This ad promotes virtual cryptocurrency investing within the EU (by eToro Europe Ltd. and eToro UK Ltd.) & USA (by eToro USA LLC); which is highly volatile, unregulated in most EU countries, no EU protections & not supervised by the EU regulatory framework. Investments are subject to market risk, including the loss of principal.

Overview

Founded in 2007, eToro has differentiated itself in the cryptocurrency exchange market with its focus on social trading. This feature allows newcomers to learn from and replicate the strategies of more seasoned traders.

eToro supports a decent range of cryptocurrencies, providing beginners with exposure to popular digital assets. The platform is designed with simplicity in mind, ensuring that new users can easily navigate through their trading options.

Fees on eToro are transparent, with a clear structure that users can understand from the outset. However, it’s important for beginners to be aware of the various fees involved, including withdrawal and overnight fees, which may impact their trading costs.

Security is a significant focus for eToro, with robust measures in place to protect user data and funds. This includes two-factor authentication and regular security audits, offering peace of mind to new users.

The platform also offers a demo account, enabling beginners to practice trading with virtual funds before committing real money. This feature, along with its range of educational materials, makes eToro a practical and informative platform for those starting in crypto trading.

Customer support on eToro is comprehensive, with multiple channels available for assistance, including a live chat feature and a detailed FAQ section. This level of support is particularly beneficial for beginners who might need guidance in their initial trading journey.

Detailed Fees
Type Fee
Deposit Fee (Bank Transfer) 0%
Deposit Fee (Debit Card) 0%
Trading Fee 1%
Withdrawal Fee (Bank Transfer) 0% - $5 USD

eToro AUS Capital Limited AFSL 491139. eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.

eToro AUS Capital Limited ACN 612 791 803 AFSL 491139. Smart Portfolios are not exchange-traded funds or hedge funds and are not tailored to your specific objectives, financial situations, and needs. Your capital is at risk. See PDS and TMD.

Past performance is not an indication of future results. Trading history presented is less than 5 complete years and Crypto assets are unregulated & highly speculative. No consumer protection. Capital at risk. May not suffice as a basis for investment decisions.

5. Binance - Best for a Wide Range of Cryptocurrencies and Features

3.27
Crypto Head Rating
Our review is based on the spot trading platform. Please check our methodology on how we rate exchanges for further information.

Trading Fees

0.10%

Supported Crypto

359+

Supported Fiat Currencies

USD, GBP, CAD, EUR, NZD + 78 others Some through third party apps.

Why We Chose It Our review is based on the spot trading platform. Please check our methodology on how we rate exchanges for further information.

Please note: Binance has had regulatory challenges in the U.S. and EU. Binance was fined $4b on 21st Nov 2023 by a coordinated effort between the Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) and Office of Foreign Assets Control (OFAC) and the U.S. Commodity Futures Trading Commission (CFTC). Binance still remains the most used exchange in the world, but we would proceed with caution.

Binance is chosen for its extensive range of cryptocurrencies and advanced trading features, which are presented in a user-friendly manner suitable for beginners. As one of the largest cryptocurrency exchanges globally, Binance offers a comprehensive trading experience with a wide array of tools and resources that are accessible to newcomers.

The platform is noted for its low trading fees and a user interface that can be simplified for beginners, making it a cost-effective and approachable option for those starting in the crypto market.

Binance homepage
Pros & Cons

Pros

  • Wide range of cryptocurrencies available
  • Low trading fees compared to many competitors
  • High liquidity ensures easy trade execution
  • Advanced trading features for experienced users

Cons

  • Complicated interface for beginners
  • History of regulatory challenges in various countries
  • Customer support can be slow to respond
  • Risk of security threats as with any online exchange platform
Overview

Founded in 2017, Binance quickly rose to prominence due to its vast selection of cryptocurrencies and trading pairs. The platform caters to users of all experience levels, with an interface that can be tailored to the simplicity required by beginners.

Binance offers a variety of features, including spot trading, staking, and a savings account, providing newcomers with multiple ways to engage with cryptocurrencies. The platform also includes educational resources to help beginners understand the intricacies of crypto trading.

In terms of fees, Binance is known for its competitive rates, which are among the lowest in the industry. This is particularly appealing to beginners who are conscious of minimizing costs.

Security on Binance is robust, with measures such as two-factor authentication (2FA) and device management to ensure the safety of user accounts and assets. The platform has also established a Secure Asset Fund for Users (SAFU) to offer additional protection to its users.

Customer support on Binance includes a comprehensive help center and a responsive support team, providing beginners with the necessary assistance to navigate their first trading experiences confidently.

Detailed Fees
Type Fee
Deposit Fee (Bank Transfer) 0% - 2%
Deposit Fee (Credit/Debit Card) 0% - 2%
Trading Fee 0.10%
Withdrawal Fee (Bank Transfer) 0% - 1%

6. Changelly - Best for Easy and Quick Crypto Swaps

4.11
Crypto Head Rating

Trading Fees

0.08% - 0.10%

Supported Crypto

580+

Supported Fiat Currencies

USD, AUD, GBP, CAD, EUR, NZD + 100 others Some through third party apps.

Why We Chose It

Changelly is acclaimed for its simplicity and speed, making it an ideal platform for beginners in cryptocurrency trading. Its straightforward interface allows for easy exchanges between different cryptocurrencies without the complexities of traditional trading platforms.

The platform stands out for its ability to offer direct crypto-to-crypto exchanges with minimal hassle, and its integration with multiple wallet services enhances the convenience for new users. Changelly’s transparent fee structure and broad range of supported cryptocurrencies make it a user-friendly choice for beginners.

Changelly homepage
Pros & Cons

Pros

  • Wide selection of cryptocurrencies
  • User-friendly interface
  • No need for account creation for simple exchanges
  • High limits for crypto exchanges
  • 24/7 customer support

Cons

  • Higher fees compared to some other exchanges
  • Exchange rates can be less competitive
  • No advanced trading options
  • No fiat currency trading pairs
  • Mandatory account creation for fiat transactions
Overview

Changelly, established in 2015, is recognized for offering a seamless and user-friendly way to exchange cryptocurrencies. The platform is designed for ease of use, allowing beginners to quickly swap one cryptocurrency for another.

The exchange supports a wide variety of cryptocurrencies, providing newcomers with the flexibility to explore different digital assets. Changelly’s process is straightforward, requiring just a few simple steps to complete a transaction.

In terms of fees, Changelly charges a fixed percentage for crypto-to-crypto swaps, which is transparently disclosed at the time of the transaction. This clarity in pricing is beneficial for beginners who are new to cryptocurrency trading.

Security on Changelly is effective, ensuring the safety of transactions. The platform operates as a non-custodial exchange, meaning it does not hold user funds, thereby minimizing security risks.

Customer support on Changelly is responsive, with a dedicated team available to assist users with any queries or issues. This support is particularly valuable for beginners who may require guidance during their initial transactions.

Detailed Fees
Type Fee
Deposit Fee (Bank Transfer) 1% - 7%
Deposit Fee (Credit/Debit Card) 1% - 7%
Trading Fee 0.08% - 0.10%
Withdrawal Fee (Bank Transfer) Not Listed

7. Bybit - Best for Intuitive Interface

3.50
Crypto Head Rating
Our review is based on the spot trading platform. Please check our methodology on how we rate exchanges for further information.

Trading Fees

0.04% - 0.10%

Supported Crypto

341+

Supported Fiat Currencies

USD, AUD, GBP, CAD, EUR, NZD + 160 others Some through third party apps.

Why We Chose It Our review is based on the spot trading platform. Please check our methodology on how we rate exchanges for further information.

Bybit is chosen for its intuitive platform and ease of use, making it an appealing choice for beginners in the cryptocurrency trading space. The exchange is known for its user-friendly interface, which simplifies the trading process for newcomers, while still offering access to advanced trading features.

Bybit’s commitment to customer support and its comprehensive educational resources provide a supportive environment for beginners. Additionally, the platform’s high liquidity and real-time trading experience make it an attractive option for those starting out in crypto trading.

Bybit homepage
Pros & Cons

Pros

  • Advanced trading features
  • Competitive trading fees
  • No KYC for basic account functions
  • High liquidity
  • Supports a variety of cryptocurrencies

Cons

  • High risk for inexperienced users
  • Limited educational resources for beginners
  • No fiat deposits or withdrawals
  • Customer support can be slow
Overview

Established in 2018, Bybit has rapidly gained popularity, especially among beginners, due to its straightforward and intuitive user interface. The platform is designed to facilitate easy navigation and trading for users with varying levels of experience.

Bybit offers a range of cryptocurrencies, allowing beginners to explore different trading options. The platform also includes features such as real-time data and advanced charting tools, which are presented in a way that is accessible to new traders.

Regarding fees, Bybit has a transparent fee structure, which is competitive within the industry. This makes it an attractive choice for beginners who are conscious of trading costs.

Security on Bybit is a high priority, with measures like two-factor authentication and multiple layers of security protocols in place to protect users’ funds and personal information.

One of the standout aspects of Bybit is its dedication to customer support. The platform offers a variety of resources, including tutorials and 24/7 customer service, ensuring that beginners have the necessary support to confidently engage in trading.

Bybit’s combination of an easy-to-use interface, educational resources, and robust customer support makes it an ideal choice for beginners looking to enter the world of cryptocurrency trading.

Detailed Fees
Type Fee
Deposit Fee (Bank Transfer) 0%
Deposit Fee (Credit/Debit Card) 0%
Trading Fee 0.04% - 0.10%
Withdrawal Fee (Bank Transfer) 0%

8. KuCoin - Best for Access to a Variety of Altcoins

3.14
Crypto Head Rating
Our review is based on the spot trading platform. Please check our methodology on how we rate exchanges for further information.

Trading Fees

0.025% - 0.1%

Supported Crypto

691+

Supported Fiat Currencies

USD, AUD, GBP, CAD, EUR, NZD + 50 others Some through third party apps.

Why We Chose It Our review is based on the spot trading platform. Please check our methodology on how we rate exchanges for further information.

KuCoin is favored for its easy-to-use platform and a wide array of cryptocurrencies, making it suitable for beginners in the cryptocurrency market. The exchange offers a straightforward trading experience with a user-friendly interface, ideal for those who are new to digital currency trading.

KuCoin stands out for its diverse range of supported coins and tokens, including lesser-known altcoins, providing beginners with a broad spectrum of investment opportunities. Additionally, its educational resources and responsive customer support make it a welcoming platform for novice traders.

KuCoin homepage
Pros & Cons

Pros

  • Wide range of cryptocurrencies available
  • Competitive trading fees
  • Advanced charting and trading tools
  • User-friendly interface
  • Staking and lending services for additional earnings

Cons

  • History of security incidents
  • Customer support can be slow to respond
  • No built-in fiat withdrawal options
  • Complex interface for beginners
  • Limited regulatory oversight in some regions
Overview

Founded in 2017, KuCoin has quickly become a popular choice among new cryptocurrency traders. The platform is renowned for its simplicity and ease of navigation, catering to users who may be less familiar with crypto trading interfaces.

KuCoin supports an extensive selection of cryptocurrencies, giving beginners an opportunity to explore a wide range of digital assets beyond the mainstream options. This variety is particularly beneficial for those looking to diversify their crypto portfolio from the start.

In terms of fees, KuCoin maintains a competitive fee structure that is both transparent and affordable, which is advantageous for beginners mindful of trading costs.

The security measures at KuCoin are robust, including industry-standard practices such as encryption and two-factor authentication, ensuring a secure trading environment for newcomers.

Customer support on KuCoin is noteworthy, with multiple channels of assistance available, including a comprehensive FAQ section and a responsive support team. This level of customer service is invaluable for beginners who might require additional guidance as they navigate their first trades.

Detailed Fees
Type Fee
Deposit Fee (Bank Transfer) 1%
Deposit Fee (Credit/Debit Card) 3.80%
Trading Fee 0.025% - 0.1%
Withdrawal Fee (Bank Transfer) No fees listed.

9. Bitfinex - Best for a Mix of Basic and Advanced Trading Options

3.53
Crypto Head Rating
Our review is based on the spot trading platform. Please check our methodology on how we rate exchanges for further information.

Trading Fees

0.10% - 0.20%

Supported Crypto

176+

Supported Fiat Currencies

USD, GBP, EUR + 3 others Some through third party apps.

Why We Chose It Our review is based on the spot trading platform. Please check our methodology on how we rate exchanges for further information.

Bitfinex is selected for its advanced trading features and robust platform, which are presented in a manner that is accessible to beginners. Known for its liquidity and a wide range of cryptocurrency pairs, Bitfinex offers newcomers a comprehensive trading experience.

The platform stands out for its detailed charts and variety of order types, which can be a great educational tool for beginners looking to deepen their understanding of market dynamics. Bitfinex also emphasizes security and user support, making it a reliable choice for those new to cryptocurrency trading.

Bitfinex homepage
Pros & Cons

Pros

  • Wide range of cryptocurrencies
  • Advanced trading features and charting tools
  • High liquidity for large trades
  • Margin trading with up to 10x leverage available
  • Professional and user-friendly interface

Cons

  • Has previously faced security breaches
  • Complex fee structure can be confusing
  • Not available to US customers
  • Customer support can be slow to respond
  • Mandatory 2FA setup can be cumbersome for some users
Overview

Established in 2012, Bitfinex is one of the older and more established cryptocurrency exchanges. It has built a reputation for providing a platform that, while offering advanced features, remains accessible to beginners.

Bitfinex supports a large selection of cryptocurrencies, providing users with ample opportunities to trade various digital assets. The platform is known for its high liquidity, which is beneficial for executing trades efficiently.

The fee structure on Bitfinex is competitive and is designed to be advantageous for both high-volume traders and beginners. Fees vary based on the user’s trading volume and the type of transaction.

Security is taken seriously at Bitfinex, with a range of measures in place to protect user accounts and funds. This includes two-factor authentication, withdrawal protection features, and cold storage of the majority of user funds.

Customer support on Bitfinex is comprehensive, with a dedicated team available to assist users. The platform also provides a wealth of educational materials and tutorials, which can be particularly useful for beginners trying to navigate the complexities of cryptocurrency trading.

For beginners who are willing to invest some time in learning, Bitfinex offers a balanced mix of comprehensive features and a supportive trading environment.

Detailed Fees
Type Fee
Deposit Fee (Bank Transfer) 0.1% (Minimum fee of $60 USD)
Deposit Fee (Credit/Debit Card) €0.50 EUR per transaction
Trading Fee 0.10% - 0.20%
Withdrawal Fee (Bank Transfer) 0.1% (min 60, USD/EUR)

10. Bisq - Best for Privacy-Focused Beginners in Decentralized Trading

3.03
Crypto Head Rating

Trading Fees

0.15% - 1.15%

Supported Crypto

14+

Supported Fiat Currencies

USD, AUD, GBP, CAD, EUR, NZD + 10 others Some through third party apps.

Why We Chose It

Bisq is chosen for its emphasis on privacy and decentralization, offering a unique peer-to-peer trading experience that is accessible to beginners. This open-source, decentralized exchange allows users to trade directly with each other without the need for a central authority, making it a standout choice for those who prioritize security and privacy.

Bisq is particularly appealing to beginners who are concerned about privacy and want to learn about decentralized trading mechanisms. Its platform is designed to be straightforward and user-friendly, despite the complexities of decentralized trading.

Bisq homepage
Pros & Cons

Pros

  • Decentralized and peer-to-peer
  • Enhanced privacy and security features
  • Supports a wide range of fiat currencies
  • No need for KYC verification
  • Open-source software with community-driven development

Cons

  • Not as user-friendly as some centralized exchanges
  • Limited payment methods compared to larger exchanges
  • Lower liquidity can lead to slower trades and potentially higher spreads
  • Dispute resolution can be more complex due to peer-to-peer nature
  • Limited cryptocurrency selection compared to larger exchanges
Overview

Bisq, formerly known as Bitsquare, offers a decentralized platform for trading cryptocurrencies, which operates on an open-source desktop application. Launched in 2014, it appeals to users who value privacy and wish to trade in a non-custodial environment.

The exchange supports a variety of cryptocurrencies and payment methods, making it versatile for users with different trading needs. Bisq’s decentralized nature means that trades are conducted directly between users, which adds a layer of privacy not typically found on centralized exchanges.

While decentralized, Bisq manages to maintain a user-friendly interface, making it approachable for beginners. The platform provides detailed guides and documentation to help new users understand how to navigate and use the exchange effectively.

In terms of fees, Bisq charges relatively low and transparent trading fees, which are paid in Bitcoin. This fee structure is appealing for users who are just starting out and looking for cost-effective trading options.

Security in Bisq is strong due to its decentralized nature. The platform uses security deposits and multi-signature wallets to mitigate fraud and resolve disputes, which can be reassuring for users concerned about the safety of their funds.

Customer support in Bisq is primarily community-driven, with an active forum and chat channels where users can seek help and advice. This peer-supported environment can be beneficial for beginners who are looking to learn from more experienced members of the community.

Detailed Fees
Type Fee
Trading Fee 0.15% - 1.15%

How to Choose the Best Crypto Exchange

Selecting the right cryptocurrency exchange is a crucial step for any trader, especially beginners. This decision can significantly influence your trading experience, security, and success in the crypto market. Here are key factors to consider when choosing the best crypto exchange for your needs:

  1. User-Friendliness: The interface of the exchange should be intuitive and easy to navigate. For beginners, a complex platform can be overwhelming. Look for exchanges with straightforward layouts, clear instructions, and additional support like tutorial videos or help centers.
  2. Security Measures: Given the digital nature of cryptocurrencies, security is paramount. Ensure the exchange has robust security protocols, such as two-factor authentication (2FA), encryption methods, and cold storage options for asset protection. Also, check the exchange’s history for security breaches or issues.
  3. Fee Structure: Understand the fee system of the exchange. This includes trading fees, withdrawal fees, and any other hidden charges. Some exchanges offer lower fees for higher trade volumes or hold their native tokens, which can be beneficial for frequent traders.
  4. Range of Cryptocurrencies: A good exchange should offer a wide range of cryptocurrencies, giving you the flexibility to trade in popular coins like Bitcoin and Ethereum, as well as lesser-known altcoins. This variety allows for a more diversified investment portfolio.
  5. Regulatory Compliance: Check if the exchange complies with regulations in your region. A compliant exchange usually adheres to strict standards for operation, which can offer a degree of reliability and legitimacy.
  6. Liquidity: High liquidity means you can buy and sell assets quickly without significantly affecting the market price. An exchange with high trading volumes typically provides better liquidity, ensuring more stable prices and the ability to execute trades swiftly.
  7. Educational Resources: For beginners, educational materials are invaluable. Look for platforms that offer resources like guides, articles, or even learning modules that reward users with crypto for participating. These resources can significantly enhance your understanding of the crypto market.
  8. Customer Support: Good customer service is essential, especially for new traders. Ensure the exchange provides timely and helpful support. This can be via live chat, email, or a comprehensive FAQ section.
  9. Payment Methods: The ease of depositing and withdrawing funds is important. Check the available payment options, such as bank transfers, credit/debit cards, or other payment services. Note that some methods may incur additional fees.
  10. Demo Account or Practice Trading: Some exchanges offer demo accounts where you can practice trading without risking real money. This feature is highly beneficial for beginners to gain experience without financial risk.
  11. Community and Reputation: Research the exchange’s reputation within the crypto community. Reviews and feedback from other users can provide insights into the reliability and performance of the exchange.
  12. Additional Features: Some exchanges offer extra features like staking, margin trading, or crypto savings accounts. While these may not be essential for beginners, they can be valuable as you gain more experience.

By carefully considering these factors, you can choose a cryptocurrency exchange that not only aligns with your current needs but also supports your growth as you become more seasoned in the world of crypto trading.

Final Thoughts

Stepping into the world of cryptocurrency trading can be both exhilarating and challenging. With our comprehensive guide, we aim to equip you with the knowledge and confidence to navigate this dynamic landscape.

Remember, the ideal exchange for you depends on a combination of factors, including ease of use, fee structures, security measures, and the availability of educational resources. Our detailed reviews and insights are designed to help you make an informed decision that aligns with your personal trading goals and preferences.

As you embark on your crypto journey, keep in mind that the cryptocurrency market is continually evolving. Staying informed, adaptable, and cautious will be key to navigating the highs and lows of this exciting market. Utilize the educational resources available, and consider starting with smaller investments as you build your understanding and confidence.

FAQs

The “safest” crypto exchange often depends on various factors including security measures, user reviews, and regulatory compliance.

Generally, exchanges like Coinbase, Kraken, and Gemini are renowned for their security protocols. These platforms implement robust security measures like two-factor authentication, cold storage for funds, and insurance policies.

However, it’s crucial to conduct personal research and consider your specific needs and location when choosing an exchange.

Choosing between Coinbase and Binance depends on your preferences and requirements. Coinbase is known for its user-friendly interface, making it suitable for beginners. It also has a strong regulatory compliance record in the United States.

Binance, on the other hand, offers a wider range of cryptocurrencies and lower fees, along with advanced trading options.

Binance might be more suited for users seeking a broader range of trading pairs and more complex trading features. Consider factors like fees, security, supported cryptocurrencies, and ease of use when making your decision.

The disadvantages of Binance can include its complex interface for beginners, regulatory challenges in some countries, and potentially overwhelming options for new users.

In the past, Binance has faced scrutiny from regulators in various countries, which has affected its availability and service offerings in those regions.

For beginners, the wide array of options and advanced trading tools can be intimidating.

Methodology

Our team employs a rigorous rating process, analysing various criteria to determine our star rating system. This system allows us to condense our extensive research into an easy-to-understand format. For a deeper dive into our rating process, check out our full methodology.

We assess crypto exchanges based on the following criteria:

  • Platform Usability: How user-friendly is the platform for beginners? What advanced tooling and charting features are available for seasoned traders?
  • Supported Cryptocurrencies: What's the range of supported cryptocurrencies, and how frequently does the exchange add new ones?
  • Supported Fiat Currencies: How many fiat currencies are supported? Are the banking relationships direct or through third parties?
  • Deposit and Withdrawal Methods: Are there diverse methods for account funding and withdrawals?
  • Fees: How competitive are the trading, deposits, and withdrawal fees? Is the exchange known for adding large spreads to conversions?
  • Customer Support: How accessible and helpful is the customer support team? Are multiple support methods available?
  • Exchange Activity: How proactive is the exchange in terms of updates? Is their social media presence active, and do they engage with the community regularly?
  • Security: What security measures are in place to safeguard users, such as Two-Factor Authentication (2FA), relevant certifications and general security processes? If the exchange has experienced significant hacks, how have they addressed and evolved from those incidents?
  • Regulatory Registrations: Does the exchange meet the necessary regulatory requirements to operate in Australia?

About The Authors

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Written by

Crypto Technical Writer

James Page, previously the lead writer at Crypto Head and a registered psychologist, brings a unique perspective to the world of blockchain and cryptocurrency.

His extensive experience in the industry and ability to present complex concepts in an understandable manner make his articles a valuable resource for readers seeking to navigate the ever-evolving crypto landscape.

Check James out on:
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Edited by

Co-Founder / Managing Editor

Adam Morris, the co-founder of Crypto Head and a respected crypto expert, offers insightful commentary and analysis on cryptocurrency, NFTs, and the evolving digital landscape.

His extensive experience and features in top-tier publications like Forbes and CNN underscore his deep understanding of the crypto world and its future potential.

Check Adam out on: