The top 3 best low-cost exchange platforms for beginners are Coinbase, CoinMama and CEX.IO, which are three of the most popular and preferred exchange platforms for beginners.
Coinbase is available in the United States, Canada and Europe where it was launched in 2012.
The fees on coinbase is 0% per trade with a minimum purchase of $10.00 or more to get a better exchange rate.
With Coinmama you can buy bitcoins using your credit card and you can also sell your bitcoin back to them at anytime.
CEX.IO is one of the best cryptocurrency exchange platforms that was launched in 2013 and currently supports over 300 cryptocurrencies including Bitcoin, Ethereum, Ripple, Litecoin, Monero, Dash and Iota.
CEX.IO charges no fees on trades but they charge a fee of 1% or 2% depending on the amount of cryptocurrency you’re buying or selling for an additional fee that varies from 0 to 15%.
There are many ways for a beginner to invest in cryptocurrencies. The simplest is to buy bitcoins (or some other coins) on an exchange like Coinbase, Gemini or Poloniex. But if you’re interested in understanding why cryptocurrencies exist and what makes them so appealing, you might want to consider using one of the top three low-cost cryptocurrency exchanges.
I’m going to recommend Poloniex, because it’s the most popular cryptocurrency exchange with over a million monthly users. It’s easy enough for anyone to use, but it also has an API that can be useful for developers and people who want to write their own trading bots. Coinigy is more expensive, but it offers better customer support and it specializes in helping traders quickly find profitable trades.
As a new trader, you have to learn how to find the best platform for you. There are a lot of different ways of doing this, but one of them is to read the reviews.
Websites give their users the opportunity to review each other’s services. They are a form of social proof: if you see enough people using the crypto exchange, then it must be good. But there is no evidence that everyone who uses an exchange is equally competent at trading it. If your aim is to get rich as quickly as possible, then you’re going to want a platform where as many people as possible are losing money.
If you want to make money quickly, you should do what most people do: make sure there aren’t any reviews.
What is the best way to get started? I’ve said it before, and I’ll say it again: don’t try to figure anything out. If you want my advice, read the posts in this blog; they are written by smart people who know what they are talking about and they will tell you how to do it. If you want to know more, Google is your friend.
You may also want to check out my book on Cryptocurrency Trading: http://www.amazon.com/Crypto-Trading-ebook/dp/B00FVY0G0I/ref=sr_1_2?ie=UTF8&qid=1445221395&sr=8-2&keywords=crypto+trading
In the last 4 months, the world’s cryptocurrency market capitalization has grown from $17 billion to $200 billion. The Bitcoin price has skyrocketed from about $4,000 per coin to over $20,000. You’ve probably heard of Bitcoin; you may even have bought some on an exchange such as Coinbase or Gemini. But cryptocurrencies aren’t just for techies anymore. They’re starting to be used in mainstream retail outlets as everyday payment methods.
And there are plenty of reasons for that. First and foremost, cryptocurrencies are decentralized and decentralized networks are resilient against hacks and 51% attacks. Many people like using the phrase “the blockchain” instead of “the Internet.” In many ways, this is a dream come true for any cryptocurrency enthusiast: a whole industry built around a technology many people like using!
A cryptocurrency exchange is a web site or app that lets you buy and sell cryptocurrencies for fiat money. You typically use fiat money like dollars, euros, or pounds to buy the cryptocurrency (which means it’s outside the control of a central bank, and not dependent on the financial system).
When the exchange converts the cryptocurrency into fiat money, you get your money. When you want to convert it back into cryptocurrency, they take it from you.
The two types of exchange are:
1) peer-to-peer exchanges where traders can directly trade with each other
2) centralized exchanges where traders trade with the exchange instead of trading with each other.
Peer-to-peer exchanges are faster, but centralized exchanges are safer. Centralized exchanges hold funds, which means they have a legal responsibility to protect them from fraud or theft. Many smaller centralized exchanges have been hacked. The largest centralized exchanges are insured against theft by governments if they lose funds, which makes some people nervous about using them. Some popular centralized exchanges also charge fees on both sides of any trade. Fees are usually small, but they can add up when you are trading many times a day. The fees generally aren’t visible to buyers or sellers, who may not even realize they’re paying them by
Most people already know that bitcoin is a cryptocurrency, and not a real currency, but they don’t know what it is. Nor do most people understand how to use bitcoin or any of the other cryptocurrencies.
That’s dangerous: they are one of the most important new technologies in history. They could help us make the world a better place, or they could be a massive fraud. If they are a fraud, it would be hard to stop them before they wreck the economy.
It’s especially worrying because we can’t understand how they work. You can’t read their source code, because that would reveal how they work and give them away as scams; you can’t read their history, because that would tell you what mistakes were made; and you can’t reverse engineer them because then you would know which parts of their protocol are real functions and which are fake ones designed by insiders to fool outsiders.
The only way to figure out whether bitcoin is legitimate is to try to use it. The only way to figure out whether any other cryptocurrency works is to try it out yourself.