Lets talk exchanges!
Well, first of all, diversify – and not just in the currencies that you invest in, but also the exchanges that you use. This is for safety that should something … anything goes wrong, you have not put your total portfolio in jeopardy.
I use the following three exchanges (but are registered on many more which I will provide the links for below).
This is probably the most popular exchange as it lists most of the currencies available. Buying with your credit card is easy especially to top up your funds. They have training courses that could reward you when answering correct questions, and their YouTube videos are very helpful which is complemented by their strong social media presence. I have started testing out there staking opportunities which are very varied, but I still have a lot to learn in this area. There are many other factors not mentioned here, but I’m still getting used to this exchange as I have only joined in January 2021.
Bittrex.com
This is a very good exchange which I’ve joined in 2017. Since then I have not had any issues with the platform and am able to access the platform on both web and mobile app. I can also add funds via credit card and they have an extensive list of currencies available. They send out email communications regarding trading videos and other opportunities ever now and again, and you’ll find their user experience very similar to what you do on Binance.
Crypto.com
This is a mobile-based exchange that I use almost every day. They have a web version too but this is not linked to your mobile profile like the other exchanges. This could be problematic if you like to do advanced trading or see what your status is on your laptop when your mobile phone’s battery is dead. I mainly use this exchange for hodling and staking as their staking is easy and painless.
Some others worth mentioning for my South African audience:
They have limited coins on their platform, but you are able to transact in ZAR. However, payments are not instant as you have to make a payment into their bank accounts, and if you do not add the correct reference number, you may have trouble in getting your funds allocated to your account. On the flip side, paying out to your bank account will be easier if you want to use your profits in the South African market. Bank transfers to Standard Bank and FNB only – takes up to two working days to clear.
Many South Africans have gotten used to this as the first point of call when buying cryptocurrencies, but unfortunately they only list a couple of coins which means you are not able to leverage and benefit from all of the other great coins in the market. I have also found that their trading fees are more than some of the other trading exchanges. I used to use Luno in 2017 to buy BTC and then withdraw it to Bittrex.com as I was unable to use my credit card for transactions at that time. Luno was a middleman but soon outgrew its usefulness as soon as I realised that there is a much bigger world out there.
Other exchanges that you might want to consider, especially if you want to start trading between exchanges for arbitrage is listed below. Remember that registering is free and it is always a good idea to have a backup plan.
Other Trading Platforms which includes Stocks, Bonds, Commodities, etc
eToro
A general trading site where communities can copy each other’s trades. Cryptocurrencies only available in CFD Futures, and you can copy other successful trader trades.
