This is a question we get a lot..
So lets dive right into it! The Cryptocurrency space has a lot of scams, and its crucial you keep your coins safe! We're going to discuss all the different websites we use ourselves, and why we like them. The links we provide are affiliate links, so you will get a bonus if you use them! The reward ranges from free BTC to cheaper fees, so be sure to use the links we provide!
This is the exchange we use the most on a day to day basis. Their user interface (Ux) is very clean, and easy to use. We prefer to use the "advanced" exchange because it allows us to access both Margin and Spot services within the same window. Binance is the highest volume exchange in the world, and their CEO CZ has a tremendous vision for not only cryptocurrency, but how Binance will be the world leading exchange.
This is the one you must use if you are in the US. Since they have different financial regulatory policies, they must have a different website to comply. At the time of writing this, their service is relatively bare bones. We're hopeful that Binance.US will develop overtime. Fun fact: spending BNB on trading fees is a great way to reduce cost of trading. Binance discounts all users who opt into spending BNB (Binance Coin) for their fees.
One of the world leading exchanges for moving cash-crypto and crypto-cash. This is called "on-ramp" and "off-ramp" respectively. It can be challenging to move funds out of crypto, but likely Coinbase will have your back. This isn't our primary way of purchasing, but it is a method which is much better when making large purchases. The fees can be a bit high when dealing with small amounts, so always check how much you are being charged for their service.
This is our favorite method! Cheap fees, easy to upload and offload crypto directly via e-transfer. Canadian legislation is very different then US, and this is the best option when considering ease of use, fees, and speed of service. This is a great on/off ramp, but we do not trade here. We simply buy/sell and offload the funds onto other exchanges.. Binance, ByBit.. etc
This is a derivative exchange which allows for long/short across many different pairs. What makes this lucrative is the potential to leverage up to 100x. Always remember though: the greater the potential for profit, the greater the potential for loss. Their platform is intuitive, easy to understand, and very clean. We moved from Bitmex to ByBit sem-recently because it is more reliable of a platform.
The original derivative market! These exchanges do not require KYC, and this attracts many different users. However, you will not be able to access them from within the USA. Consider the importance of a VPN if you're adamant on using their service. BitMex does have a central bottleneck though: high volume causes their website to lock up, and you can get errors when submitting or canceling orders. This is part of the reason we switched from BitMex to Bybit.
Further, both ByBit and Bitmex have test-nets. These are fake accounts on a mirrored exchange where one can practice entering/exiting, using their interface, and get a feel for their platform. We always recommend using these services before managing any real money to understand it in and out. Mistakes can cost you a lot if you're careless, and its best practice to minimize wherever possible.
- Kraken - popular among USA residents who cannot access Binance, or don't connect to ByBit/Bitmex. Volume and liquidity can be an issue with smaller pairs, but margin is also available.
- Robinhood/Cash App. Since we're Canadian, we cannot directly comment on these platforms. However, lots of our students enjoy their ease of use. Primary problems that come to mind are low volume, high spread.. However, the free transactions is something to envy!