As the world of cryptocurrency becomes more mainstream, exchanges are popping up left and right.

For a beginner, the sheer number of choices can be overwhelming. Which exchange is the best? How do I know if an exchange is legitimate?

In this blog post, we’ll answer those questions and more as we go over the best crypto exchanges for beginners in 2022.

In this post, we will cover:

- The different types of exchanges

- How to choose an exchange

- The pros and cons of different exchanges

- And more!

By the end of this guide (make sure you read to the end), you will have all the information you need to choose the best crypto exchange for your needs. So, let’s get started!

Types of Crypto Exchanges

There are three types of Crypto exchanges, namely:

1. Centralised exchanges (CEXs)

2. Decentralised exchanges (DEX)

3. Hybrid exchanges (HEX).

You can choose any of the above, depending on your purposes and preferences. Now, let’s explore some of the best crypto exchanges out there.

Advantages and Flaws of Coinbase

One popular option is Coinbase. This is a US-based exchange that has been around since 2012, making it one of the oldest exchanges in the space. Coinbase is often praised for its ease of use, and indeed, it is one of the simplest exchanges to use.

It’s also one of the most popular exchanges, with over 70 million users. Another advantage of Coinbase is that it’s one of the most secure exchanges, with a host of security features such as two-factor authentication and a host of others.

On the downside, Coinbase has been known to be one of the more expensive exchanges to use. It also has a complex fee structure that’s not so easy for beginners to work with. Finally, Coinbase has been criticized in the past for its lack of customer support.

So, if you’re looking for a simple and popular exchange, Coinbase is a good choice. However, if you’re looking for a cheap option or an exchange with a large selection of altcoins, you may want to look elsewhere.

Advantages and Flaws of Binance

Binance is another popular choice, especially among more experienced cryptocurrency users. Binance is a Malta-based exchange that launched in 2017. It has quickly become one of the largest exchanges by trading volume.

One advantage of Binance is its low fees. It charges just 0.10% for trades and 0.50% for instant buy and sells, making it one of the most affordable exchanges to use. Another advantage is its large selection of altcoins — over 100 different coins are listed on Binance.

However, Binance has been criticized in the past for its lack of security features and customer support. It was hacked in 2019. In 2022, it was hacked again, leading Binance to temporarily stop operating its Binance Smart Chain afterwards. A whooping sum of $570 million from a blockchain linked with Binance is feared to have been stolen. This has also resulted in a noticeable drop in the price of Binance Coin (BNB).

Overall, Binance is a good choice for experienced users who are looking for an affordable option with a large selection of altcoins. However, it has security issues, it can be difficult to navigate for beginners, and some users have complained about customer service issues.

Advantages and Flaws of Kraken

Kraken is another well-known exchange that has been around since 2011. It’s known for being a secure exchange with a strong focus on compliance. Kraken is available in 190 countries, making it one of the more accessible exchanges. It also offers a wide variety of altcoins.

Some of the pros of using Kraken include that it’s one of the most secure exchanges (it’s never been hacked), it offers margin trading and advanced order types, and you can trade various fiat currencies for crypto.

On the downside, Kraken has higher fees for certain types of trades. For instance, when you are not using Kraken Pro, you pay higher transaction fees. Additionally, some users report a history of costly hacks with little to no support from Kraken.

Kraken can also be difficult to use for beginners. So, if you’re seeking a secure exchange that is cheap and suitable for beginners, another option might be better suited for you. On the other hand, if you want an exchange with numerous altcoins or one that functions in more countries, you may want to try Kraken.

Vircap: The Best Exchange for Beginners

So, what’s the best crypto exchange for beginners? We believe it’s Vircap. Vircap is a new exchange that combines the best of Coinbase, Binance, and Kraken to create an easy-to-use, secure platform for buying and selling cryptocurrency.

Here are some of the reasons why we believe Vircap is the best exchange for beginners:

1. User-friendly interface: Vircap is designed with the user in mind. We believe that buying and selling crypto should be easy, even for those new to the world of cryptocurrency. Therefore, the user interface is simple and straightforward, and the transaction process is uncomplicated, making it easy for beginners to get started.
2. Low fees: We believe that you shouldn’t have to pay a fortune in fees just to buy and sell cryptocurrency. That’s why we have some of the lowest fees in the industry. Also, there are no charges for peer-to-peer transfers on our platform!
3. Safe and secure: Vircap takes security very seriously. It is built on top of the most secure blockchain technology available. And it uses state-of-the-art security features, like two-factor authentication, escrow and a host of other security features to keep all user accounts and funds safe.
4. Customer Support: In the unlikely event that something does go wrong, our 24/7 customer support team is always there to help. You will never be left high and dry. Vircap is with you on good and bad days.
5. Customized Experience: Vircap is tailored specifically for the African crypto market to suit your unique needs. The platform is built with a genuine understanding of the economic, legal, commercial and all other factors affecting cryptocurrency within the continent.
6. Wide selection of altcoins and fiat currencies: On Vircap, you’ll find all of the major coins like Bitcoin, Ethereum, Litecoin, etc., as well as a wide selection of altcoins.
7. Community: Vircap is building a community of like-minds who will support you through your journey. You’ll be able to ask questions and build knowledge, motivation and wealth along with a group of vibrant crypto investors.
8. Awareness and Advocacy: Vircap carries out advocacy functions as we work to engage critical stakeholders for the betterment of the cryptocurrency industry in Africa. We are also creating a broad assortment of educational material to help beginners learn and gain knowledge about the cryptocurrency market.

If you’re looking for the best crypto exchange for beginners, look no further than Vircap. You should try it and see for yourself why we think it’s the best crypto exchange for beginners.

Sign up today and get started on your crypto journey!

Conclusion

So, there you have it! These are just a few of the many cryptocurrency exchanges that are out there. As you can see, each exchange platform has its own advantages and disadvantages.

It’s important to do your own research to find an exchange that’s right for you. And, don’t forget to check out Vircap — the best crypto exchange for beginners!

What do you think is the best crypto exchange for beginners? Let us know in the comments!

Looking to start leveraging cryptocurrency but not sure where to start? Check out Vircap’s Cryptocurrency 101 — from beginner to pro eBook.

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