Kraken, CoinEgg, Gemini, Binance — we’re not talking about mythical creatures or the Internet’s latest buzzword. These are all cryptocurrency exchanges — digital marketplaces where you can buy and trade crypto.
You can’t just buy crypto from your bank or investing firm. Once you’ve decided you want to buy some Bitcoin, Ethereum, or another cryptocurrency, you’ll need to create an account on a crypto trading platform to exchange your U.S. dollars (or other currency) for digital assets.
Some, like Coinbase, have been around since the early days of Bitcoin, when there was far less oversight into how crypto was bought, sold, and traded. Others, like Robinhood and PayPal, are better-known for other services, and have only recently allowed customers to trade crypto within their existing accounts.
Here’s what you need to know about why choosing the right crypto exchange is important, and the details experts recommend evaluating before making your choice.
