Best Cryptocurrency Exchanges: A Guide to Deciding What's Best For You

In this episode of That Crypto Hustle - Kurt Braget, founder of White Rabbit ICO , shared his favorite cryptocurrency trading exchanges. He also shared some less known exchanges in case you are feeling more adventurous with your investment plays. 

It is no surprise that Binance is winning the exchange game at #1, as exchanges through this medium account for over $1.5 billion daily.

Binance is the leading cryptocurrency exchange and is Kurt’s favorite. Binance, which is based in Hong Kong, is the number one exchange in the world at the moment. It’s no surprise that Binance is top dog, considering it boasts over $1.5 billion in daily trade volume. Not only is it successful, but, according to Kurt, It’s a reliable and secure exchange. He also admires how Binance is bending the rules and trendsetting with their new token. In addition to this, Binance will be releasing a decentralized exchange, or DEX. This new public blockchain will revolve around “the transfer and trading of blockchain assets, as well as provide new possibilities for the future flow of blockchain assets.”

The SEC is putting pressure on the blockchain ecosystem by issuing a warning about the legal problems presented by cryptocurrency exchanges - alluding to potential future regulations. Binance is not backing down, they’re doubling down - Moving aggressively towards a decentralized environment. Kurt loves their dedication to helping drive the cryptocurrency market - and supporting the mission of cryptocurrency, which is decentralization, essentially.

However, if you are new to crypto, Binance’s learning curve is steep. It is built for people who have some prior trading experience and is not user-friendly for people just starting out. Kurt believes that the exchange of the future that works in the cryptocurrency markets will need to be more friendly towards a variety of users (maybe even young gamers).

Coinbase may very well be that “exchange of the future”. The platform is built around the idea of this emerging market, rather than following the traditional financial institution type of thinking that Binance has. Coinbase is also user-friendly and easy to set up. For this reason, Coinbase is Kurt’s first pick for the noobs out there. One thing to note about Coinbase is its fees - which clock in at about 1.49%. This fee is subtracted from the amount entered, it is not added to the total.

Now, if you’re a bit more of a rebel - you might want to check out back alley exchanges. Kurt’s recommendations include EtherDelta and Cryptopia, where he bought Pickle Ricks - which 10 X’d after he bought them. But Kurt made it clear - “This is not investment advice. This is a shit coin. It’s a mean coin.” You don’t take risks in these exchanges, you treat them as a game.

So what’s the deal with these two back alley exchanges?

EtherDelta specializes in Ethereum and ERC-20 tokens. It’s a decentralized crypto exchange, which found success because it was the first point of access to a lot of ERC-20 tokens that were released soon after ICOs. Tokens could be purchased on EtherDelta before they were listed on more mainstream exchanges, so traders flocked to the site to get ahead of the pack. EtherDelta was the top choice for ERC-20 traders for much of 2017, but due to an unprecedented increase in the number of competing sites (and a change of management) - the trading volume has been slowly declining over the last several months.

Cryptopia is one of several crypto exchanges where users can buy and sell their assets. Transactions do not go through the exchange itself, all trades are done directly with other users. Cryptopia stands out from the rest because it has a marketplace that allows you to buy, sell, or trade almost anything using cryptocurrency.

Finally, We discussed the Robinhood app. It's a fun app to use and probably one of the easier ways that you can actually buy Bitcoin. Kurt found it a bit easier to grasp than Coinbase at the moment, and they're starting to support alt coins that Coinbase might not. Furthermore, Robinhood also offers free US stock trading (with no withdrawal or inactivity fee). The app is user-friendly and opening an account is a seamless and quick process. A couple of downsides - Robinhood is currently only available for US and Aussie users, and the product portfolio is mainly focused on the US market.

 

🚀 Time-stamps!

00:40: Kurt Braget favorite Crypto Trading Exchange

01:24: Binance’s steep learning curve

02:54: Binance milestone

05:03: Advice to become more familiar with Binance

05:44: Overall take on Coinbase

07:05: Why coinbase is good for noobs

09:25: Will Facebook acquire Coinbase?

11:14: The 99 cent store of Crypto Exchanges

14:24: The Robinhood app

 

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