I DO NOT PARTICIPATE IN PAID REVIEWS OR PROMOTIONS. IF YOU HAVE BEEN APPROACHED BY SOMEONE ON TELEGRAM CLAIMING TO BE A PART OF THE CRYPTO TIPS TEAM, THEY ARE SCAMMERS!
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LINKS FOR ADDITIONAL READING FOR THIS VIDEO & ALL INFO IN TEXT DOWN BELOW:
Video Suggestions:
5 Things Crypto Exchanges Don’t Want You to Know:
How to Choose Your Crypto Wallet Type:
Calling Out Fake DEXs (Decentralize Exchanges):
Why KYC is a Scam:
Additional Articles:
CryptoCompare Exchange Rankings:
Bitcoin Exchange Guide (as of 2018) Fee structures of exchanges:
Although I am listing these exchanges here please note that I am not recommending that you store your cryptocurrencies for the long term on these exchanges.
Your next step will be to familiarize yourself with the different cryptocurrency wallet options which allow you to have complete possession of your cryptocurrency investment. I encourage you to watch the videos that I suggest in the video description down below.
Please take your time when deciding which centralized exchange you are going to use, especially if you’re going to be going through a KYC process in order to use it.
These are the basic attributes of a centralized exchange that I look for if I am in the position of needing to use one:
Longevity,
limited KYC (as uninvasive as possible)
insurance fund for theft that occurs due to the exchange’s security practices (no exchange will ensure your funds if they are stolen due to your own negligence or poor security practices)
Coins listed and their volume (determines the speed at which your trades will execute)
What is being said negatively by users of that exchange- if they have trouble withdrawing their funds, if the exchange mysteriously shuts down right before or even during times of particularly volatile price movements are all big red flags.
Here are the specific exchanges that could work for you, along with some pros and cons of each:
Kraken-
PROS: transparent security updates, KYC is handled in house, low fees
CONS: If you want to buy crypto using fiat and you are a US citizen, you’ll have to give them your social security number.
Bitstamp-
PROS: Longest surviving centralized exchange. KYC is pretty simple (again, for non us citizens)
CONS: The fees for trading and withdrawing can be quite high.
I’m saying this one with a big lump in my throat because there is a lot about the actions taken by the CEO of this exchange that I do not agree with but regardless,
Binance-
PROS: Insurance fund covers losses from theft (which they have used successfully in the past) Lots of coins listed, High volumes=faster trades, low fees
CONS: They outsource KYC information to third parties. Like any centralized exchange, if you are a US citizen and you want to use this exchange, you’ll be forced to give up incredibly sensitive information like your SSN.
Coinmama-
PROS: available in 188 countries, long standing, brokerage service allows for quick purchases of crypto
CONS: Minimum purchase of $60 worth of BTC, available in 40 of the 50 US states.
