Best Crypto Exchanges you Must use.

You don’t need to wait to get started in crypto space.

You look at crypto and you feel randomness in how this market operates? Different coins popping and increasing in value, you feel left behind?

Cryptocurrency has created millionaires, the one invested in early days.

Take an example price of Bitcoin since it was invented even though the asset has been highly volatile, those who have held it long term have created incredible gains.

For example, if you invested in bitcoin when it was first launched in 2009, your returns could be in the millions or billions, because the initial value of the asset was $0.

You have probably been asking which cryptocurrency exchange to use in your crypto journey.

What is Cryptocurrency exchange wallet?

If you want to buy or sell cryptocurrencies, opening an account with a cryptocurrency exchange is a great way to start.

Crypto exchanges function similarly to online brokerage platforms, providing you with the tools you need to buy and sell digital currencies like Bitcoin.

Bitcoin is the form of money and it can be used to purchase goods and services just like fiat money in a centralized world.

Take Away Note: To get started with bitcoin you need a Bitcoin wallet where you can store and trade your cryptocurrency. There are multiple exchange wallets as we’ll discuss.

Let’s discuss and understand the types of Bitcoin wallets

When choosing a cryptocurrency exchange wallet, it’s important to look at factors such as

• Supported assets
• Fees
• Payment methods
• Security
• Customer support

Best Crypto Exchange Wallets To use

• Binance: Best Overall and Best for Beginners
• KuCoin : Best for Altcoins and Crypto Beginners
• Coinbase: Best for Overall and Crypto beginners
• Remitano: Best for Beginners

Point To Note: Investing in Cryptocurrencies and other speculative assets can be extremely volatile and risk to lose your capital. Consult with a qualified professional financial advisor before making any financial decision. This blog post does not recommend you to invest in crypto but only stands for educational purpose and entertainment.

What are types of Bitcoin wallets?

Bitcoin wallets fall into three types which you can be used for storage or trading purposes.

1. Centralized Exchange wallet (CEX)
2. Decentralized Exchange (DEX)
3. Hardware wallet

CENTRALIZED EXCHANGE WALLET (CEX)

A centralized exchange wallet is a platform where you can buy, sell and trade your cryptocurrencies.

With Cex wallet you have to trust a third party to monitor your transactions since such wallets are centralized and regulated under certain authority. You can also store your coins and trade them on a margin

Example of Centralized Exchange wallets:

• Binance
• KuCoin
• CoinBase

What are features of Centralized Exchange wallets?

• Require you to submit your personal information for verification (KYC)
• Exchange wallet is under central authority
• They need additional documents to verify your identity
• Investors need to trust owners of the exchange wallet
• Very risk for your cryptocurrency to be hacked especially for low-security exchange wallets. Most preferred wallets is Binance.
• They have additional services like trading peer to peer, staking cryptos, and trading on margins

DECENTRALIZED EXCHANGE (DEX)

DEX is a decentralized cryptocurrency wallet based on blockchain with no third party on which you can rely.

You can store your coins safely since your bitcoins are in a blockchain

All Dex wallets are based on a certain blockchain ecosystem,

Trust wallet is the Dex based on Ethereum blockchain, and Trust wallet is based on Binance smart chain.

Other Dex wallets are:

• Exodus
• Mycelium
• Meta-Mask
• Trust-Wallet

What are features of Decentralized wallets?

• All of the funds in this exchange remain stored in a blockchain.
• You don’t submit any personal information or additional documents for verification.
• On signup you required to store the seed phrases which as the password to your wallet
• You’re the owner of your cryptocurrencies.
• No additional services like peer to peer like CEX

HARDWARE WALLET

A hardware wallet is a cryptocurrency wallet that stores the user’s private keys in a secure hardware device. Private keys are a critical piece of information used to authorize outgoing transactions on the blockchain network.

Hardware wallet is the cold storage that ensures offline storage of your crypto assets

Hardware wallets include Ledger wallets which are in different versions

Note: Ledger are hardware cryptocurrency wallets made by Ledger which is a company headquartered in Paris, France, and U.S.  The company has offices in San Francisco and California.

Ledger was launched in 2014 by eight experts who had backgrounds in embedded security, cryptocurrencies, and entrepreneurship.

The company’s goal is to create security solutions for blockchain applications.

HOW A LEDGER WALLET WORKS

Ledger’s hardware wallets are devices-based use storage mechanisms of connecting USB drives to store private keys. Connecting private keys to hardware wallets makes it difficult for hackers to access the keys from an online location.

Ledger company offers two hardware wallets which are the Ledger Nano S and the Ledger Nano X wallets.

Both wallets are USB storage wallets that enable users to perform a wide variety of functions, including sending and receiving bitcoin from blockchains or running third-party apps on the device.

Ledger wallets also use 24 words as backup recovery phrases that can be used to access a user’s cryptocurrencies

LEDGER NANO S

• Ledger Nano S was introduced in 2016 as the original hardware wallet.
• Its price ranges around $70.00
• It can be used to buy cryptocurrencies, and secure and manage assets.
• It can integrate a secure chip and allow users to store between three and 20 applications.

LEDGER NANO X

• Ledger Nano X was introduced in 2019.
• Its price ranges from $173.00.
• It can also be used to buy cryptocurrencies, and secure and manage assets.
• Like the Ledger Nano S, the Nano X also integrates a certified secure chip.
• It allows users to store a greater number of applications up to 100 applications.
•  Ledger Nano X has a Bluetooth connection so you can manage your cryptocurrency assets from anywhere.

Note: All Ledger wallets support 30 coins and more than 1,500 tokens. Make sure you buy such wallets to an official website of Ledger

QUICK STEPS ON HOW TO BUY AND STORE YOUR BITCOIN

Make sure you have passed through to beginner’s guide to cryptocurrency.

Here is the simple steps you can take:

• Download Exchange wallet on a phone from Appstore
• Signup and verify by providing your essential information or KYC
• Purchase your coins (stable coins) by using your Debit card or for some exchange wallets like Binance you can use Peer to Peer.
• Select your coin to Buy in a spot trading panel and Exchange from USDT to that coin.
• Then, Download a Decentralized Exchange wallet like Trust Wallet, Metamask, or Exodus (Optional)
• Send your coins from the Centralization Exchange wallet to the Decentralization exchange for security purposes
• Watch your Portfolio Growing

Point Note: You can add more options to earn passive income while holding your coins through DeFi services which is a risk for a beginner.

Closing Thoughts

If you’re looking to get started with cryptocurrency trading or investing, choosing the best exchange for your specific needs is very important. Whether you want a large number of digital assets to trade, the lowest possible fees, or the most beginner and friendly user experience, there is a good option for you. 

Our best overall choice is Binance, could be the right exchange for you if you’re seeking a user friendly platform that supports a large number of cryptocurrencies.