Before helping you how to choose your exchange, we will break them down in 4 different types of exchanges:
Fiat money (U.S. Dollars, Euros, yens…) are the national currencies you are using every day to buy yourself a coffee at the machine. To obtain your first cryptocurrencies, you will have to get through a Fiat Exchange to buy your first cryptocurrencies. Popular exchanges amongst them are:
A classic exchange provides a broader range of cryptocurrencies, but most of them do not deal with fiat money. Those platforms are known as “crypto-to-crypto” exchanges.
These exchanges allow you to trade your Bitcoins for several altcoins. While they may look a bit complex for novice users, they offer more trading options than fiat exchanges.
You can try any exchange on the list below that are, in our mind, the best options:
You can see Binance appearing twice already. Binance has recently been supporting a fiat deposit. Thus, many exchanges are now trying to add this feature to their users.
If you just started to investigate trading cryptocurrencies, this part is not for you. However, you must know that Cryptocurrency exchanges for Margin Trading are existing and are dangerous for novice traders.
Margin Trading allows you to trade with more capital than you have in your possession by borrowing assets to an adequate platform. Margin trading can give you more significant profits but also increases your risk.
The list below gathers the best Margin Trading Exchanges for cryptocurrencies:
If you are curious to learn more about Margin Trading, please read our article here.
Most exchanges quoted before are not allowing U.S. citizens to register on their platform.
However, there is a vast list of options to obtain and trade Cryptocurrency as a United States citizen.
All the exchanges are not included in the list. If you find an exchange that is fitting your needs, first make sure you are allowed to trade there as a U.S. citizen.
Since 2017, countless platforms for the exchange of cryptocurrencies have emerged. Most of them are centralized platforms. They are subject to the will of their creators, and to use them, you have to entrust your funds to them.
It is, therefore, quite natural that many other projects aimed at setting up decentralized exchanges. Given the popularity of these platforms and the total lack of understanding of the term, the simple mention of the word “decentralized” is enough to increase the notoriety of the project.
Many exchanges chose to describe their platform as “decentralized“. It is necessary to understand what a decentralized exchange(DEX) is to untangle the truth from the false.
Decentralization is not a genuinely measurable quality. However, with the right criteria, it is possible to establish degrees of decentralization, depending on the number of objectives achieved:
Now that we know the ideal characteristics of a decentralized exchange, we will be able to see that, in truth, few can be described as decentralized:
Some are making genuine efforts to decentralize and are acting in the interests of public service.
This is not the case with BinanceDEX, which is nothing more than an attempt to confuse users with misleading advertising, to crush the competition by profiting of an advantageous situation.
We, therefore, suggest that you discover by yourself all that DEX have to offer and determine which ones are right for you.