Best Crypto Exchanges: Everything You Need to Know to Start Trading Crypto
It seems like it is impossible to avoid talk of cryptocurrencies these days. Indeed, the energy and excitement surrounding these digital currencies are palpable everywhere. You’ll find discussions about them on your local forums, major news stations, and even most stock trading sites now have sections dedicated to crypto. If you’ve been following some of the news, you may have seen that this market is exploding – every year, it seems like there are new places to buy, sell, and use crypto. Even nations like El Salvador are switching entirely to digital currencies like Bitcoin. If you want to get started in this fascinating new world, you’ll need to use one of the best crypto exchanges to buy and sell your cryptocurrency.
The problem, of course, for newcomers is: how do you know which are the best? At GambleGuys, our goal is always to make it easier for our readers to use the latest trends in the gaming industry. And, since crypto has also taken the casino world by storm, here’s everything you need to know to start using cryptocurrencies – whether that’s for deposits and withdrawals at online casinos or paying for a latte at your local coffee shop (if they take crypto, that is!).
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What Is a Crypto Trading Platform?
You probably have some money in your bank accounts and your home. In the crypto world, that money is called fiat currency. When you go to a store, you’ll spend that money on goods, or if you want to buy investments with it, you can transfer it to your favourite brokerage and start buying stocks, bonds, ETFs, and more. If you want to buy some crypto, you’ll need a way to trade your fiat currency for cryptocurrency. You do that through a crypto trading platform, which is also called a crypto exchange. Much like stock exchanges and brokerages let you buy and sell stocks, the crypto trading platform lets you buy and sell different cryptocurrencies. The similarities don’t stop there, however. Much like stocks, there are many cryptocurrencies. The most popular ones are arguably Bitcoin, Litecoin, Ethereum, and Dogecoin, although the most popular coins can vary depending on what is happening at any given point in time. Therefore, the best crypto exchanges let you buy multiple cryptocurrencies – or, at the very least, the ones you are interested in acquiring! Therefore, a crypto trading platform is a site where anyone interested in crypto can buy, sell, and exchange cryptocurrencies and fiat currency.
What Are the Best Crypto Exchanges in 2023?
Given the rising popularity of crypto, numerous startup exchanges have come online over the past few years. Indeed, where it was once hard to buy Bitcoin, there are now hundreds of places servicing almost every country where you can get your hands on this valuable digital asset. However, in 2023, a few exchanges were standouts and typically were the best crypto exchanges because they offered fantastic rates and the ability to buy and sell virtually every cryptocurrency! Here were the best crypto platforms 2023!
Coinbase: This site has numerous different cryptocurrencies you can buy, and it is also one of the biggest sites. The website is sleek, and the interface to trade is relatively intuitive. If you’re looking, to begin with, crypto, this is an excellent place to start.
Binance: Advertising the ability to buy and sell crypto in minutes, this site lives up to its name! Much like Coinbase, there are numerous cryptocurrencies to choose from, and the site makes it intuitive to start.
Kraken: Kraken is a relative newcomer to the crypto space, but they have had a tangible impact on the market. Indeed, their app is incredibly well-designed, and they have numerous help articles that make it easy for people of all ages to learn and trade crypto! Its simplicity easily made it one of the best crypto platforms in 2023.
Where to Buy Crypto
You can buy cryptocurrency at any one of the exchanges above. If you are new to the crypto world, your best bet is probably to start with buying some Bitcoin. Bitcoin has been around for a very long time, and its name is nearly ubiquitous with cryptocurrencies. It tends to be the most “stable” of all the crypto coins. Stable, of course, is relative since almost all of the currencies have significant swings. Therefore, please treat crypto as a reasonably volatile investment and do not invest more than you are willing to lose!
If you have experience trading stocks, you know that the markets have limits on them. For example, you can only trade stocks from 9:30 am to 4:00 pm EST on the NYSE and NASDAQ. And, they have circuit breakers designed to prevent panic selling by shutting down the market if it falls too drastically (a holdover from the Great Depression). No such limitations apply to crypto. You can buy, sell, and exchange crypto at any time! Additionally, there are no “circuit breakers,” so prices can go up and down with nothing stopping their increase or freefall. Once you sign up for a crypto trading platform, you can buy crypto immediately!
How to Buy Crypto
The most efficient way to buy crypto is through a crypto trading platform. With these sites, you sign up, and then you can use a debit card, credit card, or some other payment method to buy the coin you want. The nice thing about these exchanges is that they are quick, easy, and typically only take a few minutes to join!
Once you buy the crypto, you often have the choice of where you want to store it. You can keep it in the exchange’s wallet (this is the easiest) or transfer it to your wallet. Some people even have hardware keys that are ultra-secure wallets. If you plan on buying a substantial sum of cryptocurrency, you should invest in the most secure storage method possible. While rare, hackers can get into trading platform wallets, and people have lost their money that way.
However, a crypto trading platform is not the only way to buy crypto. You could, in theory, buy crypto from a friend. If you know anyone that has crypto that wants to offload it, you can set up a wallet, agree on a price for it, and they can send it to you. In some parts of the world, there are hardware Bitcoin kiosks/ATMs in some parts of the world that are also places to buy that particular cryptocurrency. If you are looking for another coin, like Dogecoin, finding a land-based place to purchase it is much less likely. Lastly, you can also often buy crypto at many crypto-based online casinos. Some of these casinos have partnered with a payment provider that accepts debit cards, credit cards, etc., to purchase crypto, and then the casino lets you deposit that into their system. If you’re looking to gamble with your cryptocurrency, that can be an efficient way!
Using Crypto at Online Casinos
As noted earlier, some online crypto casinos offer the ability to buy and immediately deposit cryptocurrency as one of the payment methods. This method is often one of the most efficient ways to buy crypto if you want to use it for this particular purpose. You can also use crypto at online casinos by purchasing the digital currency through an exchange and then sending it to the casino’s wallet. The casino will typically offer crypto as one of the various payment methods and, if you select that, there will be an address where you send the cryptocurrency. Send it there, and your deposit will be complete!
One thing to keep in mind is that some online casinos let you keep your balance in cryptocurrency. Others convert it to a fiat currency, and then you’ll need to convert it back when you withdraw. So, let’s say, for example, that you are a Canadian and you want to deposit 0.01 Bitcoin. Depending on the day or year, that is probably around $450 Canadian. If the casino keeps your balance in Bitcoin, you then have 0.01 BTC in your account, and each spin of the slot, for example, would be 0.000044 BTC. Maybe you’d eventually get 0.02 BTC and cash that out directly. However, some casinos will take the 0.01 BTC and give you $450 Canadian. Let’s say you do the same and double your money. At that point, you’ll withdraw $900 for however many Bitcoins that is worth at the current exchange rate!
If you love crypto, it’s usually better to have the casino balance and gambling in crypto denominations!
Buy and Sell Only at the Best Crypto Exchanges
Cryptocurrency is a great new technology and relatively new, at least when compared with how long humans have been using other forms of money, like bills, coins, silver, and gold. Getting started is exciting, but it can also feel a little overwhelming. As you can see, even though most people wonder “where to buy crypto” or “how to buy crypto,” the process is quite simple, and there are numerous places where you can get all the newest cryptocurrencies!
The best crypto exchanges will make it easy for you to buy, sell, and exchange cryptocurrency. Check out the exchanges listed above if you’re looking to get into crypto. And, the next time you’re looking to make a deposit, see if your favourite casino offers crypto! If not, you may wish to consider signing up with one that made our list of best crypto casinos!