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Are you hearing a lot about Bitcoin, Ethereum, or Dogecoin? Even though the crypto market has plummeted this year, there is still a lingering craze around this relatively new asset, and everyone wants a piece of the pie. We have made it easier for crypto traders to choose from the best cryptocurrency exchanges below and start investing today.

Best Crypto Platforms of 2023:

1

Kraken

Trading fees0.0% to 0.26%

Tradable coins120+

Learn MoreOn Kraken’s Website
Overview
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Best for Experienced Traders and Low Fees

Trading fees: 0.0% to 0.26%

Tradable coins: 120+

Kraken boasts itself as the “crypto exchange for everyone.” This platform is best for experienced crypto investors who enjoy low fees. Transaction fees can add up rather quickly for traders who trade daily or very frequently. Experienced traders can efficiently execute advanced order types and perform margin and futures trading.

Kraken is also very suitable for beginners who want to buy and hold. Kraken has a large selection of coins available and makes it easy to buy with Kraken’s Instant Buy Platform. They also offer various types of customer service ranging from chat boxes to phone support. They also provide a great educational resource for those who want to learn more.

On the downside, Kraken is unavailable in all 50 states and only accepts a limited number of fiat currencies.

2

Gemini

Trading fees0.2% to 0.4%

Tradable coins120+

Learn MoreOn Gemini’s Website
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Best for Security

Trading fees: 0.2% to 0.4%

Tradable coins: 120+

Gemini crypto exchange is New York-based and was created in 2014. Its extensive security measures and protocols are rated with the highest security features. For their users, they offer hot wallet insurance that secures your wallet in case of a security breach and includes an authentication code to reduce potential fraud.

It is very user-friendly and great for beginners and experienced traders. Gemini provides a professional-grade trading dashboard that supports over 75 digital currencies and tokens. 

They offer a unique rewards program through their Gemini Earn Program that earns additional interest on crypto holdings and their Gemini credit card.

Compared to other crypto platforms, Gemini has one up as they offer their services in all 50 states, including New York.

3

Crypto.com

Trading fees0.4%

Tradable coins250+

Learn MoreOn Crypto’s Website
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Best for Mobile App

Trading fees: 0.4%

Tradable coins: 250+

Crypto.com undeniably has the best mobile app functions among the crypto platforms. Their app allows their 50 million+ users to easily trade 250+ different cryptocurrencies and 20+ fiat currencies with bank transfers and credit cards.

They also have a crypto.com visa credit card that offers up to 5% cash back on eligible spending and up to 14.5% rewards on crypto assets in your portfolio.

This exchange is highly rated for its security measures and cybersecurity. If you want to trade anywhere and anytime, Crypto.com may be your crypto platform.

4

Coinbase

Trading fees:1%

Tradable coins 150+

Learn MoreOn Coinbase’s Website
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Best for Easy Purchase Process

Trading fees: 1%

Tradable coins: 150+

Coinbase is one of the top trading platforms in 2022, with more than 98 million users. They offer 150+ tradable cryptocurrencies, enough for beginner investors to get their feet wet in the crypto space.

This exchange platform is known for being user-friendly with its easy-to-use interface and fast transaction time.

For more experienced traders, Coinbase offers Coinbase’s Advanced Trade products to trade more easily with higher security measures. This Advanced Trade platform is slowly replacing Coinbase Pro, an alternative trading platform that allows more extensive trading options, which will be put to bed at the end of 2022.

A special feature that Coinbase provides is the option for staking of Algorand (ALGO), Cosmos (ATOM), Ethereum (ETH), Tezos (XTM), Cardano (ADA, and Solana (SOL), in 48 states, which does not include New York.

If you sign up to trade with Coinbase, they offer a $200 bonus incentive worth Bitcoin.

5

BitYard

Trading fees0.0% to 0.2%

Tradable coins45 coins

Learn MoreOn BitYard’s Website
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Best for New Platform

Trading fees: 0.0% to 0.2%

Tradable coins: 45 coins

BitYard is the new dog in town and is making quite a bite for itself. BitYard launched in 2019 and already has more than 500,000 users. They are based in Singapore and provide trading in 150+ countries worldwide.

They are one of the few exchanges that fully comply with the financial industry’s regulations and hold licenses in Singapore, Australia, and the U.S. for users who are interested in spot trading with low fees. Due to financial compliance, they only offer 45 tradable coins on their exchange.

That being said, they do not offer many advanced trading options as of yet and do not allow for staking or lending of assets.

On the brighter side, BitYard is available in all 50 states and has low trading fees. Because they are an international platform, they accept over 50 fiat currencies and offer options for online wallets and cold storage. 

6

Cash App

Trading fees0%

Tradable coinsBitcoin only

Learn MoreOn Crash App’s Website
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Best for Purchasing Bitcoin

Trading fees: 0%

Tradable coins: Bitcoin only

Cash App is not an entire cryptocurrency exchange platform but is a good option if you are only interested in buying and selling Bitcoin. This platform allows new users in U.S. states and the UK to buy, sell and store Bitcoin all from your smartphone device.

As some may know, the Cash app is used for peer-to-peer transactions of direct funds to a bank account, but it also has a secure investment option. The Cash app allows users to invest in stocks, ETFs and Bitcoin.

Unlike Venmo, the Cash app lets users withdraw their Bitcoin into third-party wallets for safekeeping. Cash app rolled out their “Bitcoin Lightning Network” to their users, allowing them to transact Bitcoin instantly at a minimal cost safely.

One of the downsides of using this platform is that your wallet is custodial, meaning that the Cash app holds your digital assets on your behalf and may appear less secure than holding your Bitcoin in a non-custodial wallet.

What is cryptocurrency?

Crypto is one of the most important topics of conversation these days. Many are still unsure what it is and how to get involved correctly.

Cryptocurrency is a digital asset secured by a unique cryptography code, making it decentralized and hard to duplicate. When we say decentralized, we mean that it is not regulated by any government entity, which makes it easily exchangeable online without tracing.

This digital asset is unique as it is based on a blockchain technology network distributed digitally through the internet. Bitcoin was the first of its kind and was created in 2009 in response to the market crash in 2008 by an anonymous person who called themselves Satoshi Nakamoto. Bitcoin was initially designed to withstand economic fall, beat inflation, and have freedom from government control.

At that time, the only people who knew about Bitcoin were using cryptocurrency for black market purchases. Still, as more individuals were getting rich off this digital asset, more people wanted in.

An increasing number of businesses are allowing purchases to be made with cryptocurrency, while credit card companies are implementing rewards systems that include cryptocurrency.

Cryptocurrency can be bought and sold through crypto exchange platforms that work very similarly to online brokerage platforms, which we have outlined below.

Things to consider when choosing a crypto exchange platform

When choosing the right crypto exchange platform to fit all of your needs, there are a few things to consider: 

  • Supported assets: If you want to trade specific currencies, it is essential to know if your platform trades that specific one. For example, most platforms trade Bitcoin but not all platforms support tokens such as Cardano (ADA).
  • Payment methods: Most platforms allow you to trade using bank transfers, but not all allow you to purchase with credit cards. If that means something to you, double-check the accepted payment methods.
  • Fee structure: As most platforms will charge a fee, the fees can differ depending on the amount traded and the frequency of trades.
  • Security: Security breaches and cyber hacking are widespread in crypto as many hackers are looking to get their hands on cryptocurrency. The platform you choose must have extensive security measures and protocols in place. 

The bottom line

When choosing an online brokerage account when you start investing, choosing the proper crypto exchange will incur the same measures. Be clear on what kinds of coins you want to trade and if your location supports your chosen platform.

Digital assets are not just a growing trend; they are the future and are an essential piece of your financial portfolio, whether personal or for business use.

Cryptocurrency is entering the entrepreneur space, and you should know how to get in. 

Information provided on Entrepreneur Guide is for educational purposes only. Your financial situation is unique and the products and services we review may not be right for your circumstances. We do not offer financial advice, advisory or brokerage services, we do not recommend or advise individuals to buy or sell particular stocks or securities. Performance information may have changed since the time of publication. Past performance is not indicative of future results

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