Cryptocurrency Exchanges 101

Cryptocurrency exchanges are basically online platforms that allow their users to exchange one cryptocurrency for another based on the current market valuations of each cryptocurrency.

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Cryptocurrency exchanges

  • Coinbase

    While Coinbase is mainly used to buy cryptocurrencies with fiat money and then send them to offline wallets or exchanges to trade, it is also an exchange in itself with its product Coinbase Pro that is also available to users looking to trade right through Coinbase.

  • Binance and Kucoin

    These are mainly exchanges where one would need to send cryptocurrencies to the particular exchange in order to trade it for different coins. So, if for example someone found a cryptocurrency that was trading on Kucoin but not available on Binance or Coinbase, they would need to then set up a Kucoin account in order to buy it

  • Uphold and Crypto.com

    Some exchanges like Uphold and Crypto.com allow for users to get a debit card that can be used worldwide to purchase goods using the cryptocurrencies stored on the exchange. It just depends what coins a person is wanting to buy or how they plan to use their cryptocurrencies once purchased.

  • Brand New?

     If you're brand new to the crypto space, I would recommend getting familiar with Coinbase first and Binance or Binance.Us if in the United States. With these two services, you will be able to buy your first cryptocurrencies as well as exchange them for newer coins that may have a potential to become much more valuable in the future.