In our previous lesson, we discussed how you could buy, sell and trade cryptocurrencies on exchange platforms. In this lesson, I’ll take you through some of the popular crypto exchanges which are beginner-friendly.
You can use these platforms to trade and invest in cryptocurrencies to gain profits and grow your wealth. I’ll cover various aspects such as ease-of-use, trading fees, customer support, etc., to help you determine the best cryptocurrency exchange for your needs.
Binance has the largest crypto trading volume in the world. It’s by far one of the best exchanges for beginners and seasoned traders alike. This is because it has all the tools, trading options, and features an experienced trader can leverage while also having educational material that can teach beginners how to use them.
The platform has numerous pros, such as low trading fees (ranging between 0.1% to 0.02% ), support for various fiat and cryptocurrencies, high security, impeccable customer support, and more. Any beginner who walks onto a platform that entails all this will have an excellent experience.
Perhaps the only con is that it might look pretty intimidating at first glance, considering the platform has an overwhelming amount of things to offer. So explore it step by step, one feature at a time, and you’ll enjoy trading cryptocurrencies there.
LocalBitcoins is one of the largest peer-to-peer Bitcoin transaction platforms. It enables buying and selling of the said cryptocurrency remotely. Unlike most other exchanges, there are no intermediaries.
This is a good platform to debut into the cryptocurrency world since you can kickstart your journey with simple buying and selling operations before getting into trading on full-fledged exchanges. Furthermore, since Bitcoin is the most popular cryptocurrency in Africa, you’ll have enough opportunities to understand its market trends and observe people’s reactions to them.
The trading fee to transfer Bitcoins to different people on the same native wallet is free. This is fantastic because you can invest less in your trial phase when you’re testing waters.
However, the platform has had issues with scammers in the past. The platform has evolved since then and has numerous ways for you to check if the other party is legit or not. Furthermore, the platform takes active steps such as KYC and enforcing ranking systems to prevent fraudulent activities.
Paxful is yet another peer-to-peer Bitcoin trading platform that is becoming increasingly popular amongst African users. This is because the platform can be accessed by most countries within the continent, supports over 100 fiat currencies, and provides over 200 payment methods to buy Bitcoins.
In this aspect, it is pretty beginner-friendly since new traders have enough ways by which they can get into the crypto world.
The platform has impeccable security and a 24/7 available customer support team that is always at your aid.
Paxful charges a 1% fee for sellers, which is a con. Though it is less than several other platforms, it’s still much higher than those mentioned above.
Luno is another popular exchange whose most significant strength is its customer support. Credible forums such as TrustPilot have a rating of 4.2 on 5. Trustpilot is where people can drop reviews about their experience of using the platform, and 4.2 is an impeccable rating.
Luno provides only two cryptocurrencies to be traded with numerous fiat currencies. These are Bitcoin and Ethereum, with Bitcoin being the most popular cryptocurrency in Africa. If you’re someone who gets overwhelmed with too many options, look no further. This platform has two of the world’s largest cryptocurrencies at your disposal!
The trading fees are as low as 0.20% and go up to a maximum of 1%. Furthermore, people are pleased with the entire user interface since you can easily navigate through it.
For security, the platform follows two-factor authentication. This requires you to approve login attempts with your phone or mail ID using a one-time password (OTP) or an authentication code.
Remitano is a peer-to-peer crypto transaction platform that supports Bitcoin, Ethereum, Litecoin, Tether, and Bitcoin Cash. The platform is multilingual, has 24/7 customer support available, and even a fairly straightforward fee structure.
Since most crypto platforms are inclined towards Bitcoin in Africa, this platform will give people an exposure to other popular cryptocurrencies while ensuring that they are not overwhelmed with too many options.
Numerous fiat currencies are supported by the platform, enabling people to get onto the platform easily. Other pros include a mobile app, simple registration and verification process, and even referral programs that give people 40% commission.
The only significant con is its trading fee of 1%, which though transparent, is relatively higher.
Coindirect is one of the leading cryptocurrency exchanges in Africa that was launched in 2017. With over 40 cryptocurrencies to choose from, Coindirect enlists Bitcoin, Ethereum, Litecoin, Ripple, Bitcoin Cash, Cardano, EOS, etc.
The platform accepts real-world/fiat currencies NGN, ZAR, and KES, thus making it easy for beginners/first-time traders to buy cryptocurrencies.
The trading fee, i.e., the fees per transaction (buy/sell), is about 0.25%, a reasonably competitive price. The fee structure is simplified, and there are no hidden charges.
Besides this, the platform’s functionalities are pretty intuitive and well explained, making it easy for users to navigate through the platform.
The platform also has a rich FAQ section accompanied by tutorials that enable users to understand the exchange better.
Quidax is Africa’s leading cryptocurrency exchange that also holds customer support as one of its significant offerings for people. It supports Bitcoin, Ethereum, Ripple, Litecoin, and Tether cryptocurrencies.
The standard trading fee can be 0.2% to 0.3%, which is one of the lowest and can go to a maximum of 1.4% based on your payment method.
One thing that sets Quidax apart is its customer service is not limited to emails but is also active on social media platforms. This makes accessibility for people much more straightforward since most people these days are on different social media platforms.
Other Bitcoin exchanges, such as LocalBitcoins, Paxful, Remitano, etc., are available in Africa if you want to buy, sell, or trade in Bitcoin mainly.
So based on your requirements and needs, you can decide which platform to choose. Signup and start trading!