Cryptocurrency has been a hot topic lately and a lot of people are getting interested in cryptocurrency trading for beginners.
Now, how do you even go about buying it?
Much like stocks, many cryptocurrencies are also traded on exchanges. You input your preferred fiat currency and use that capital to buy, sell or trade various forms of cryptocurrency.
You can either own a coin directly or you can trade in a contract for difference, owning a position with a broker. You’ll have to choose based on things like security of the trading platform, how currency is stored once purchased, which fiat currency you can input, currency input methods, and more.
Cryptocurrency Exchanges Options
- Binance – Only supports crypto-to-crypto exchanges and does not accept any form of fiat currency into the system. Very low maker and taker fees and no reported security issues.
- GDAX – Owned by Coinbase but aimed at professional clients. Accepts U.S. dollars, British Pounds, and Euros through bank transfers as well as cryptocurrencies. No maker fees and moderate taker fees and no reported security breaches.
- Bitstamp – A great platform for European investors, it does not charge for conversion of fiat currency when Euros are deposited through SEPA. U.S. dollars are also accepted with a fee. There are moderate maker and taker fees and there was a major hack in 2015 that lost $5 million worth of cryptocurrency through hot wallets.
- Kraken – Probably the most versatile exchange in terms…
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