Logo Cryptotesters

Hub

Academy

Choosing the best exchange

New users often struggle with figuring out how to buy their first crypto, but it isn’t as difficult as people make it seem. There are a handful of world-class crypto exchanges to pick from.

Compare Exchanges

Crypto Exchanges

Crypto exchanges allow you to buy crypto at the best market rate using conventional payment methods like credit cards or bank transfer. They are gateways to connect the old financial system with the new world of cryptocurrencies.

Compare Crypto exchanges

How do crypto exchanges work?

1. Register for free
Sign up for any exchange listed on our website. All you need is an email address and password.Compare crypto exhanges
Upload digital copies of your ID documents and proof-of-address. Most exchanges need this to comply with regulation.
Load fiat currency ($, € etc.) into your exchange account by sending via bank transfer or per credit card.
Once the money is in your account you can simply buy any cryptocurrency that you want in one simple button click.

Peer-to-peer exchanges

Peer-to-peer exchanges allow you to buy cryptocurrencies from private sellers. They are similar to marketplaces like eBay in the traditional world where sellers can set whatever price and payment method they want.

Compare peer-to-peer exchanges

How do crypto peer-to-peer exchanges work?

1. Register for free
Sign up for the exchange by providing an e-mail and password.
Some but not all peer-to-peer exchanges will oblige you to verify your identity before you can buy or sell. On some it’s optional but individual sellers might require it.
Browse through the marketplace and look for sell offers that suit you. Look for price, payment methods and seller reputation.
Make a request to the seller. Once they accept the marketplace opens an escrow account where you can send the money to.
Transfer the payment into the secure escrow account. Once the payment has arrived the escrow account with release the crypto you have purchased into your wallet.

Decentralized exchanges

Decentralized exchanges allow you to trade directly on the Ethereum Blockchain from your Ethereum wallet retaining 100% control over your funds. Swaps are automated by so-called “smart contracts” without any intermediary involved.
Get any of the Ethereum wallets that we are suggesting on this site. Transfer ether (ETH) from an exchange to that wallet to pay for transaction fees.

Compare decentralized exchanges

How do crypto Decentralized exchanges work?

1. Get an Ethereum wallet
Download any of the free Ethereum wallets listed on Cryptotesters. You need a wallet to use any decentralized application.Compare ethereum wallets
Send some Ether (ETH) from an exchange to your wallet. You need ETH to pay for transaction fees on the blockchain.
Every decentralized application has one (or multiple) user interfaces for users to use.
Connect your wallet by scanning a QR-code or clicking a “connect” button. This varies depending on whether you have a mobile wallet or a browser wallet.
Select the tokens you want to buy and execute the trade by signing with your wallet. There will also be a network transaction fee included that goes to miners.
Exchange guide

How to choose the right cryptocurrency exchange

See the whole guide

Ease of use

If you’re a crypto-trading beginner, look for a platform with a simple and straightforward interface. A good exchange starts simple, and hides complex features for advanced traders in the settings.

Payment methods

Make sure your exchange has deposit and withdrawal options that work for you, and remember to check the fees associated with different methods. Bank deposits are always the most inexpensive method, PayPal and credit cards are faster but more expensive.

Liquidity

The level of liquidity on an exchange affects the ease and speed with which you can complete trades. If there's a high level of liquidity – in other words, if the exchange has a high trading volume – then trades should be completed quickly and easily.

Fees

From deposit through to trading and then withdrawing funds, how much will it cost you to buy and sell crypto on each platform from start to finish? Good exchanges are transparent about their fees.

FAQ

Frequently asked questions

See all questions

Crypto exchanges are marketplaces that connect buyers and sellers. They provide an easy option for new users to buy crypto with conventional payment methods like credit card or bank transfer.

Cryptocurrency exchanges hold user funds in two types of wallets: hot wallets and cold wallets. Hot wallets are connected to the internet so they are more exposed to hackers who can break into the servers of that exchange. That’s why most exchanges hold the majority of user funds in cold wallets, which are not connected to the internet. Often the keys to the cold wallets are split between multiple senior staff members of the exchange who all have to approve a transaction before funds can leave the exchange.

Yes, after you’ve bought crypto you can also leave it on the exchange for them to keep it under custody. This means you’re not in full control though. You can also transfer the crypto out of the exchange to any other wallet.

In most Western countries cryptocurrency exchanges need some sort of licenses to operate. In the US it is common for exchanges to register with FINCEN and apply for a money transmitter license while in Europe, exchanges frequently need a brokerage license. This is why users need to identify themselves upon registering with an exchange. Furthermore, they often need to have a crypto custody license.

Academy

Browse videos, guides, and courses to start out in the crypto world.

Learn More
Podcasts

Explore about everything that’s poppin’ in Crypto.

Learn More
Community

See what we do on social. Explore Podcasts, quick tips etc.

Learn More
Cryptotesters Logo

We are a multi-faceted team of crypto enthusiasts based in Berlin.

© 2021 cryptotesters UG

Stay up to date!  Sign-up for a monthly roundup of the newest crypto products


Products

How to buy bitcoin

Cryptocurrency exchanges

Crypto wallet guide

Crypto savings accounts

Defi lending rates

Crypto cards

Exclusive crypto deals

Ethereum staking

Resources

Articles

Reviews

Podcasts

Tutorials


Twitter logoLinkedIn logoFacebook logo
Cryptotesters Logo

We are a multi-faceted team of crypto enthusiasts based in Berlin.

© 2021 cryptotesters UG