Crypto Exchange Sites, what you need to know. How to invest, how to withdraw money, avoid disaster, and which ones are the best for the new investor
Deciding to invest in Crypto currencies
This is a big decision you are making however nothing is irreversible.
First of all, you may need more than one exchange because none carry all 9000 odd coins.
I use a top-four for my holdings and will share them with you.
Coinbase
eToro
FTX.US
Binance
A couple recently was contacted by a broker and asked to join the service. They did this and invested a small amount and all looked great, they then put in their life savings to buy coins.
Within moments the account disappeared and all their money was lost. Therefore be careful with your trading and only use recognised brokers.
You will be asked to supply certain information to prove that you are a real person and this can at times present some difficulties.
| A valid copy of a current Passport | Both pages in a clear image |
| A photo of you holding a date card | No old pics. |
| A copy of a Household bill | Showing your address |
| Drivers Licence | Both sides |
| ID cards | Again both sides. |
| Bank account details | Statement, etc |
Therefore you will need to have all these on hand ready to go.
What brokers holds what coins
Certainly, most hold Bitcoin and Etherium which is over 50% of the market volume.
If you Google a name of a coin you will find the brokers behind it.
If you are new to trading stay in the top 100 coins for some level of safety.
Forbes.com listed their top brokers based on a recent report based on variables.
- Binance
- Kraken
- Crypto.io
- Gemini
- Bittrex
Everywhere you search different brokers will be selected based on;
The fees. the security and available coins.
This is the big one and comes with a bundle of respect.
Holding over 50 coins and low fees they offer an easy entry for players investing under $10,000.
This is two parts with a Parent company and a US-based Binance that may list on the stock exchange soon.
I recently watched a Video with CZ the initiator of the group and found a very smart and humble man.
Money means nothing to him, OK when you have it it’s easy, however, his object is to give most of it away.
This is my proffered place broker for several reasons. First, it is Europe-based so does not get a lot of credence from those in the US.
The dashboard is easy to use and has several entry points. Your Portfolio, your trading, graphs News, and all pricing. This is in an easy-to-see setup.
You can choose from a virtual platform where you can practice trading or live in an easy switch
Copy trading
A unique option is copy trading where you can follow a successful trader and let them make the decisions for you. You have visibility to the history, holdings, and trading so it is great for newcomers.
One thing that had me stumped was selling my crypto, try as hard as I could it took me a while to work it out.
It was quite simple and is called “Close your trade” Just click on the red X choose your amount and pick close trade.
Settlement to my credit card takes a couple of days, however, buying is virtually instant.
I chose FTX.US because I wanted to buy Solana and they were available. Neither eToro nor Binance listed them at that time. I paid my $0.28 a share and am more than happy with this trade.
I have been happy with FTX and they carry many of the major coins or the ones you want to know.
They have good graphs and you can easily pick a trading period to see what is happening
I chose Coinbase because I wanted to buy some Tezos and they were available. Neither eToro nor Binance listed them.
Coinbase rates highly on all counts however I find them more basic in structure than some of the others.
However, If they hold the coins you want there is no choice.
Conclusion
There are many other brokers scattered worldwide all seeking your business. It is a commission-based business and they want turnover.
However look for security, recognition, lack of bad reports, and ease of use. Low fees are great if the system works.
The Crypto world is here to stay however many of the 12,000 coins available will disappear into the ether.
Setting up a coin is relatively easy and raising money on good press makes it all possible.
having lunch this week one of my friends stated that all the young guys in the office were into Crypto and they understood what was going on. Furthermore, he had acted on their representation.
Therefore I searched the coin thinking I may be onto something here only to shake my head in wonder.
I won’t share the coin in fear one of you may take the gamble because that is how this works.
Look at the coin, make sure it achieves something that has credible backing and is not promoted as the next 100x buy of the day. That is unless you are into gambling then this is a great casino for you.
Therefore choose wisely, it is not a game.
Crypto Exchange Sites, what you need to know
Finally buy now or wait for the drop