In recent years, the cryptocurrency market has been developing at a rapid pace. Numerous crypto projects come to the industry: blockchain gaming platforms, metaverses, NFT, exchanges, etc. The crypto market is different from traditional financial markets, and it features a large number of nuances and peculiarities.
When a beginner comes to the crypto industry, one wonders about services that allow working with cryptocurrency – where to buy, sell, and swap coins. Numerous cryptocurrency platforms operate in the market: Binance, Coinbase, WhiteBIT, Huobi, PancakeSwap, SushiSwap, etc. It can be challenging for a beginner to pick one suitable, so let’s consider the aspects one should consider:
- Check out an exchange’s credibility: is it reputable? What kind of reviews does it have?
- What is the trade volume? The higher the trade volume, the more clients use the exchange daily. That is, more people trust it.
- Pay attention to the interface of the exchange. A beginner must handle the platform.
- What fee is charged for buying crypto coins?
- Does the exchange provide a wide array of crypto assets?
- What are the conditions of depositing and withdrawing money?
- Is it possible to buy crypto with fiat currencies?
- Is there an opportunity to use a bank card?
Centralized crypto platforms
The best option where buy cryptocurrency for a beginner is a centralized exchange (Binance, WhiteBIT, Coinbase). Such platforms always provide a high level of security and protection for users’ funds. They operate officially and comply with all the standards of anti-money laundering. Besides, such platforms are usually easy-to-handle for beginners and provide educational sections and charts. The crypto exchange WhiteBIT even offers a demo account for beginners to practice their trading skills without the risk of losing money.
All centralized platforms demand users’ registration and KYC verification. As a rule, only a few features are accessible for not registered people (such as simple swaps). To access the whole range of trading tools, users have to pass the KYC verification, providing their documents to a central office of the exchange for checking. If no illegal actions are found, the user receives an account with numerous earning opportunities such as:
- staking
- trading with leverage
- trading bots
- spot
- margin trading
- etc.
The best ways to buy cryptocurrency include decentralized exchanges (SushiSwap, PancakeSwap). But such services don’t guarantee users’ safety, as they work as intermediaries, so clients just take a risk to swap coins there. Such platforms are also efficient, but they fit experienced traders better.