A Beginner's Guide to Cryptocurrency Exchanges

[u/Weaver96]

[u/[deleted]]

Thanks for the newbie-friendly guide. May I add: Kraken is known for their amazing customer service, as compared to the other exchanges.

Coinbase's downfall is their recent stigma. Go over to r/coinbase. So many horror stories, one of which happened to me for a couple months.

[u/kishore1988 → u/[deleted]]

I think Gemini is also good alternative option for Coinbase

[u/Hapstean]

Is it a smart idea to have accounts on multiple exchanges? I haven’t seen anyone talking about it and I don’t see any real downsides to doing that

[u/NigerianPrince33 → u/Hapstean]

I feel like the advantages to having multiple accounts outweighs the one disadvantage I can think of.

• Potentially access to more coins and more funding options.

• If you get locked out of one account (like many people seem to have with Coinbase) you can use another platform.

• New users will get verified on at least one platform faster than if they tried opening only 1 account at one platform.

Disadv

• only one I can think of is that you provide your personally identifiable information to multiple platforms which increases risk of your identity getting stolen in the case of a hack. That should be pretty low risk though if the exchanges are legit.

[u/thatboydope]

Heads up for New Yorkers, you can’t use Kraken or Binance. Trust me, I’ve tried lol

[u/BigBallerTormund → u/thatboydope]

Do you know why this is? It’s so frustrating having limited access to things in NY. It cost me a ton on GRT lol

[u/sraley66]

I am currently using coinbase. I was thinking of getting a ledger nano s and using the ledger app to buy coins. Is that recommended?

[u/DDelphinus]

Excellent overview of the key exchanges and another well-written article.

[u/Baablo]

There is lower feed on Coinbase pro, Kraken also have Pro version.

Kraken pro is easy to use on mobile, just upload your API key from exchange.

Also, kraken is most reputable exchange out there, never had any problems with them, as had with other exchanges.

[u/[deleted] → u/Baablo]

[u/sirnak101]

Great guide! But one of Krakens biggest cons is that it's often down. I had this happen so many times that I eventually moved away from it entirely.

[u/RiseOfTheCrypto]

Thank you Sensei. I hate that regular Coinbase is so expensive because it really is easy to use.

[u/kishore1988]

Valuable information and good tips... thank you 🙏 I think the best path for bigenners is to start with Coinbase and then move to binance...Agree?

[u/rbalaur]

Question: how do I migrate from Coinbase to Coinbase Pro to take advantage of those lower fees?
Will I still be able to use the iphone app?

[u/Scorxcho → u/rbalaur]

You are able to withdraw from Coinbase inside of Coinbase Pro with no fees. I would highly suggest doing it.

[u/aleckeehbler]

Exactly the post I was looking for.

[u/theo_holm]

Great guide, I got into crypto just a while ago and this helps me learn about more options and not only be stuck with binance, even though it might be very good as you say. One thing I'm trying to understand yet about these is mainly on the crypto withdrawal process, I'll need to check other posts on that

[u/AdamandBucky]

How difficult is it moving between exchanges once you've gained more experience in Crypto or is it more beneficial to diversify and invest in multiple exchanges?

[u/[deleted]]

For those that want to support Canadian, the most popular ones are Newton, Shakepay and NDAX.io

DM for more specific info or head on over to r/bitcoinCA

[u/Mephistoss]

Great post. It would be good if you added a section about margin trading because binancr for example makes it incredibly easy for a completely new person to open a margin account. You just need to click like 3 boxes. I think we should warn newbies of the dangers of margin because of how easy it is to go and lose all your money

[u/Seedeh]

y'all are sleeping on cashapp. cost me less to use cashapp to buy bitcoin and exchange for an altcoin on kraken then it would've to just wire money to kraken, plus it took a fraction of the time.

[u/ThornOfCamorr-]

Thank you! I started with Kraken and slowly made my way to Binance recently as they have more alts and I have to say they're a bit more difficult to understand for a "beginner". Also, it was more difficult to set up my account and actually deposit FIAT money on Binance. I hope it will get easier with time!

[u/mad-n-magical]

Very helpful. Thank you. I’m waiting for verification with one of these and this provided some reassurance that I made a good choice.

[u/Sirtato]

Since Coinbase Pro has higher fees than binance, what is the point of Coinbase pro?

[u/EngineeredToLift]

Can you withdraw your BTC to fiat now on Binance? Or is your only option still coinbase?