By Arjun Chandrasekar.
Overview
As many of you may know, cryptocurrency is a form of currency that is digitally transcatable. Unlike regular investing, there’s no middleman involved when investing in cryptocurrencies, meaning there is increased security and safety of the investors’ money. To initially begin investing in cryptocurrencies, you will need to know the traits of the platforms to do so. A few of the popular exchanges include Robinhood, Binance, and a relatively new platform — that recently went IPO(Initial Public Offering) — called Coinbase. These exchanges allow you to buy and sell cryptocurrencies such as Bitcoin, Eethereum, Litecoin, and more. Let’s review each one in-depth.
Coinbase Features
Pros:
- 30+ cryptocurrencies available for exchange
- Only need $2 to open an account
- Appealing, simple UI/UX(User Interface/User Experience)
- High liquidity exchange and protection from high-volatility markets
Cons:
- Fee rates of about 1%-5%, which is much higher than many others
- Many other exchanges provide a larger access to a variety of cryptocurrencies
Robinhood Features
Pros:
- Promotions for free cryptocurrency trades
- Minimum fees to open an account
- Appealing, simple UI/UX
- Fractional shares available
Cons:
- Customer service has bad reviews
- Many other exchanges provide a larger access to a variety of cryptocurrencies
- Doesn’t provide similar quality trading tools as other exchanges
Binance Features
Pros:
- Minimum fees to open an account
- Great customer service reviews
- High liquidity exchange, protection from high-volatility in market
- High-speed transactions provide for great user experience
Cons:
- Many other exchanges provide a larger access to a variety of cryptocurrencies
Conclusion
Listed above are the 3 most popular exchanges to invest in cryptocurrency. They all have their benefits which appeal to a variety of investors, some of which include an easy-to-use UI, low fees to begin, and high liquidity. On the other hand, they all have their disadvantages, some of which include bad customer service, high fees, and a lack of available cryptocurrencies to choose from. Based on this brief review, you will now be able to decide if you desire to invest in cryptocurrency, and which exchange to use.
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