For any person entering the world of cryptocurrencies, choosing the appropriate Centralized Exchange is crucial because there are so many CEX platforms and this makes choosing just one in particular from the vast majority an overwhelming task. This guide explains some of the top CEXs and focuses on what makes them suitable for beginners, in order to help determine the best option based on your needs.
What’s a Centralized Exchange (CEX)
A centralized exchange is any avenue through which someone might sell, buy, and trade cryptocurrencies. Usually, these avenues act like middlemen, holding users’ funds and thereafter executing transactions on behalf of the users. In such a case, where you mean to invest in Cardano (ADA), you are supposed to look for an exchange that firstly supports this popular asset. With high liquidity and ease of use in return, centralized exchanges require all their users to rely on them for the secure management of their assets. Advanced features of trading, ease of use in interfaces, and the availability of different depositing/withdrawal means further make CEX a point of appeal for new and experienced traders.
Key Factors to Consider when Selecting a CEX
Before analyzing the best exchanges for you, let’s cover some key features you need to look out for when choosing a CEX:
1. Security: Look for exchanges offering two-factor authentication(2FA), encryption, and cold storage. Cold storage involves moving funds offline as a surefire hack-prevention technique, this is especially needed when one intends to hold coins like ADA for the long term.
2. Fees: Always be on the lookout for various fees associated with a given CEX: trading fees, deposit fees, and withdrawal fees. Many extend a number of discounts to high-volume traders or other incentivized perks of benefits that might occur from using their native token for the paying of fees. This will come in quite handy with your returns in the case of heavy trading activity on ADA.
3. User Experience: You have to seek the ones that are much easier with which to work, having a very easy interface and efficient customer support. An easy-to-use platform allows you to conduct activities with minimal fuss, reducing mistakes and confusion in their usage.
4. Supported Cryptocurrencies: Finally, check the type of cryptocurrencies that your exchange will support. Cardano (ADA) happens to be one of the popular altcoins, but you still have to make sure that your exchange of choice supports it.
5. Payment Methods: The exchange should have support for bank transfer, credit card, or any third-party payment processor available to you or in your region. This becomes very important if one intends to buy ADA with fiat.
6. Ease of use/accessibility: It’s important to make sure the desired exchange is based in your country and subject to all local laws accordingly.
Now, let’s explain further some of the best centralized exchanges for beginners going to support Cardano (ADA) in 2024.
1. Coinbase
CoinBase is really ideal for new investors, having such a friendly interface, while its reputation is excellent regarding top security. This cryptocurrency exchange is available in more than 100 countries and hosts over 240 different cryptocurrencies, of which Cardano, Bitcoin, Ethereum, and a host of altcoins are included. This set-up is so smooth and truly effortless that one can buy or sell ADA with just your phone or computer.
They also have an education program through which one can earn cryptocurrency by completing learning exercises and tasks, and that’s quite a cool way of introducing crypto to newbies. Major drawbacks are: trading fees are pretty high, starting from 0% and going as high as 0.60%, considering the size of the transaction. For more serious traders, there is Coinbase Pro, with higher limits and lower fees.
Apart from ease of use, the combination of heavy security with 2FA and cold storage makes Coinbase perfect for a newbie looking to trade Cardano.
2. Binance
At the moment, Binance is the largest cryptocurrency exchange in the world in terms of trading volume. For an opportunity to purchase over 600 different types of cryptocurrencies-out of which Cardano (ADA), is one-Binance is your go-to for those users seeking to diversify a portfolio with various altcoins and DeFi tokens.
Probably the biggest advantage of using Binance is its very low fees. Its standard trading fee is 0.1%, but to attract more customers, it has given a discount for those paying with its native token, BNB. It provides an advanced set of trading features: spot trading, margin trading, and futures make this exchange suitable for traders at any skill level-from beginner to pro-be it trading Cardano (ADA) or other altcoins.
Despite its extensive features, Binance can be a bit overwhelming for complete beginners. The platform’s comprehensive tools might appeal more to those looking to grow their trading experience over time.
3. Kraken
Kraken has one of the strongest claims if security is your number one priority. Founded in 2011, Kraken is among the oldest and most trustworthy crypto exchanges, recognized for very tight security-the majority of its funds kept in cold storage and frequent audits. It offers more than 200 cryptocurrencies, including Cardano (ADA), and is available in most regions, including Europe, the United States, and Canada.
The UI on Kraken is not convoluted, yet it feels a bit less professional than the tech on Coinbase or Binance. This said, Kraken has excellent customer support and is very transparent. Trading fees on Kraken are competitive, though a bit over those by Binance, between 0% and 0.26%.
Kraken will go the extra mile for beginners in search of security and transparency to trade in Cardano (ADA).
4. Gemini
Another user-friendly option, considering security and regulatory compliance, is Gemini. Founded by the Winklevoss twins, it is one of the few exchanges to have secured licenses to operate in several states, including the U.S. and the U.K. The security protocol at Gemini includes insurance for funds held on the platform, which makes it one of the safest options to trade assets such as Cardano (ADA).
As for the educational resources, it has tutorials on how to trade crypto and different articles. The section of Gemini Learn would be just priceless for a completely new user. It is clean and easy to use, while support for the two most popular cryptocurrencies is available: Bitcoin, Ethereum, and also Cardano.
However, Gemini charges above average-1.49% on trades above $200, a factor that deters a section of its users. The focus is on education, security, and trust, making it a pretty solid option to take up for ADA enthusiasts.
5. Crypto.com
Crypto.com is among the fastest-growing exchanges, offering so much more than just buying and selling crypto. With upwards of 250+ supported cryptocurrencies, including Cardano’s ADA, Crypto.com has everything from staking to a crypto debit card via their ecosystem, which is perfectly fit for that kind of user who wants to do something with ADA.
It charges a very competitive fee structure, starting from as low as 0.075% per trade, which can be further cut down by staking its native token, CRO. The very powerful mobile application of this platform extends it even for the portfolio management, buying, selling, and earning rewards of users for a number of different assets, including Cardano, on-the-go.
While crypto.com has more to offer, it’s a bit more complicated in some ways than some bare-bones UIs, like Coinbase. For those looking for something a bit advanced with fewer fees, however, Crypto.com is among the best options currently out there to manage Cardano.
Conclusion
The best centralized exchange for you will depend on your particular needs and what you’re trying to do with Cardano (ADA).
- If you’re new to crypto and want something simple, Coinbase offers a great starting point with its beginner-friendly interface and educational resources for ADA.
- Binance offers a huge variety of cryptocurrencies and some seriously powerful tools for more advanced traders wanting to pay lower fees.
- If security is your highest priority, Kraken is an excellent and transparent exchange that puts the protection of your ADA first.
- Gemini is very intuitive and full of educational content for users who want to learn something new while trading-especially for those starting with Cardano.
- For those who would like to add extra features, such as staking or a crypto debit card, crypto.com offers a fairly comprehensive platform with quite a few advantages.
Whichever exchange you use will depend on your needs, how you plan to utilize Cardano(ADA), and which features are most important to you. Of the many listed above, each serves best in particular aspects. So take your time to find the best fit for your journey into crypto.
About The Author
Hello guys! I’m Blockchain Mouthpiece an experienced cryptocurrency writer who has been in the game since 2018, crafting the best articles which are proven to be both insightful and engaging to the satisfaction of users. My aim is to bring the complexities of cryptocurrency, Blockchain technology, and Web 3, to the barest minimum, to make adoption more seamless and fast among both seasoned and new users alike.
