How to Choose Your First Crypto Exchange
Choosing the right cryptocurrency exchange is crucial for a good start. The wrong choice can mean higher fees, security risks, or limited features.
Top Exchanges Compared
| Exchange | Best For | Fees | Security |
|---|---|---|---|
| Coinbase | Beginners | Higher (1.5-4%) | Excellent |
| Kraken | Security-focused | Low (0.16-0.26%) | Excellent |
| Binance | Low fees, variety | Lowest (0.1%) | Good |
| Gemini | US regulation | Medium (0.5-1.5%) | Excellent |
What to Consider
1. Security Features
- 2FA support - Authenticator app, not just SMS
- Cold storage - Most funds kept offline
- Insurance - Protection against hacks
- Track record - No major security breaches
2. Fee Structure
- Trading fees - Per transaction cost
- Deposit fees - Usually free for crypto
- Withdrawal fees - Can vary significantly
- Spread - Difference between buy/sell price
Pro Tip
Use Coinbase Pro instead of regular Coinbase for much lower fees (0.5% vs 1.5-4%). Same account, different interface.
3. Available Cryptocurrencies
- Coinbase - 200+ coins
- Binance - 600+ coins
- Kraken - 200+ coins
- Gemini - 100+ coins
4. Geographic Availability
Not all exchanges operate everywhere:
- US users - Coinbase, Kraken, Gemini (Binance.US limited)
- EU users - All major exchanges available
- UK users - Most exchanges, some restrictions
Avoid Unknown Exchanges
Stick to well-known, regulated exchanges. Small exchanges have higher risk of hacks, scams, or going bankrupt with your funds.
Our Recommendations
- Complete beginner? Start with Coinbase - easiest to use
- Want low fees? Use Kraken or Binance
- US resident? Coinbase or Kraken are safest choices
- Want variety? Binance has the most coins
Start Small
Whichever exchange you choose, start with a small amount to learn how everything works before investing more.