Centralised exchanges are probably the easiest way to get started.
Most exchanges offer a way to deposit fiat money on the exchange, from where you may convert it into any token you desire. There are a lot of exchanges out there, which one should you choose and why?
Let's dive into a couple of exchanges, in due time an analysis of more exchanges will follow.
Binance
Binance is by far the most
popular en best know
exchange in the world.
At the time of writing
the exchange has a trading volume of over 7 billion dollar a day.
Kucoin
Kucoin is a very popular exchange ranking fourth on the ranking of Coinmarket
Cap.
At the time of writing
the exchange has a trading volume of over 500 million dollar a day.
Bybit
Bybit ranks number 5 in the world and is very popular
for leveraged trading.
At the time of writing
the exchange has a trading volume of over 500 million dollar a day.
Gate.io
Gate.io ranks number 12 in the world and is very popular because it has listed a very large amount of different coins.
At the time of writing
the exchange has a trading volume of over 700 million dollar a day.
There are so many centralised exchanges you may choose from, which one should you take and why?
To answer that question, we first look at the different things to consider when choosing an exchange:
Interest/Borrowing/Liquidation Fees
Spot trading is the most common way to trade crypto currencies. Normally your coins are placed in your spot account to be able to trade them. Centralized exchanges are no charity funds and they want to earn money. They do so by collecting trading fees. For every trade you make, they take a cut.
It doesn't matter if you have a winning or a losing trade, they still take their cut.
The fees are relatively small, but you definitely should take them into account when you plan on day trading the market.
Besides the trading fee, one other major factor is the amount of coins being offered for spot trading.
Not every coin is listed on every centralized exchange. You do not need every coin listed on your preferred exchange, as long as you can trade your desired coins. Some exchanges offer a huge amount of different tokens to trade and other offer a fairly humble amount.
We recommend to use different centralized exchanges and if possible a custodian wallet or a cold wallet.
You do not want to put all your eggs into one basket. When you invested via FTX you know why.
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Subjects where we help:
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