You’ll need to choose a crypto exchange and register an account, complete KYC, and start purchasing various coins before you can properly play at a Bitcoin casino.
Before you do so, there are several factors to consider before making your selection, and that’s what we’re aiming to help you achieve with this guide. We’ll take a look at the factors first, and then name some of our favorite exchanges and explain why they’re good picks. Here’s our guide on how to choose a crypto exchange.
How we pick crypto exchanges
First off, we’ll be covering the many factors we think are worth keeping in mind when choosing your first crypto exchange, or transferring to a new one. You wouldn’t want to end up using one that ends up going bankrupt (see the infamous case of FTX).
Security and regulation
Crypto exchanges are prime targets for hackers, making security critical. Look for exchanges that have strong security measures such as proper two-factor authentication and encryption.
Regulation is also essential, adding another layer of security. Regulated exchanges are required to adhere to strict security measures and follow the law. Check if the exchange is registered with relevant regulatory bodies relevant to your current residence.
Fees and charges
Exchanges will charge fees for buying and selling crypto. These fees can vary significantly between them, as some exchanges charge a flat fee, while others charge a percentage of the transaction value. We recommend that you understand the fee structure of the exchange before you start trading.
Ease of use and accessibility
A user-friendly interface can make a big difference, especially if you’re new to crypto in general. Look for an exchange that has an intuitive interface, clear instructions, an official downloadable mobile app, and a responsive customer support team.
It’s worth noting that not all exchanges support all cryptocurrencies, so make sure the exchange you choose supports the coins you’re looking to buy or sell.
Trading volume and liquidity
Trading volume refers to the number of transactions that occur on the exchange, while liquidity refers to the ability to buy and sell coins quickly and at a fair price. Look for exchanges with high trading volumes and liquidity – this will make it easier to buy and sell crypto quickly.
Reputation and reviews
Research the exchange online and read reviews from experts and other users. We’ve been using and testing multiple different exchanges ourselves, and will cover our favorite ones further down the guide if you’re interested.
Which Bitcoin exchanges we recommend
Choosing a crypto exchange can be quite a daunting task, but by considering the factors we’ve mentioned above, you’re more likely to make an informed decision. Of course, we’re not going to leave you empty-handed, so we’ll be listing our favorite exchanges below, which we trust and use ourselves on a daily basis. Note that we're not affiliated with any crypto exchanges.
Kraken is a popular crypto exchange based in the US, established in 2011. It’s renowned for its security and reliability, and is our personal top pick. They offer a range of features, including margin trading, futures trading, staking, and low fees. Kraken's fee structure is also transparent and competitive, making it a great choice for those looking for a secure and reliable exchange. Payments are done primarily via bank transfers.
Probably the most well-known Bitcoin exchange, and has been around since 2012. Coinbase has a strong security track record and accepts credit/debit cards. Furthermore, they’ve got an excellent mobile app and is generally very easy to use.
Binance is known for its comprehensive trading features, which is why it’s picked by many advanced traders. The exchange has a high trading volume and liquidity. We should note that Binance was previously unregulated, but is nowadays a fully regulated exchange with strong security.
Founded in 2011 and operating in Europe, Bitstamp prides itself on its user-friendly interface. It’s a good pick for beginners who don’t need access to every coin but are primarily looking for an easy-to-use exchange with good customer support.