Hey everyone!

So I recently (a few months ago) got into Crypto, and wanted to document my progress, both for my sake as well as to hopefully make the path a bit clearer for other newcomers.

The very first step in entering the world of crypto is setting up your exchange. There are many many exchanges out there that enable you to trade crypto, but it is fairly safe to say that not all exchanges were created equally. That said, I will address the most common ones as well as consider some of the associated pros and cons (in my experience).

• Binance:
  • Arguably one of the most popular platforms out there, it remains to be the single largest cryptocurrency exchange based on market cap.
  • Pros:
    • Lots of coins available on the platform
    • Wide array of staking options available
    • Low trading fees (0.02%-0.1%)
  • Cons:
    • Relatively user-unfriendly interface, especially for beginners 
    • Withdrawal fees can take a significant bite out of profits if you're a small-time investor
    • Minimum conversion limits can be tough to reach as a small-time investor

• Coinbase:
  • The second largest cryptocurrency exchange based on market cap
  • Pros:
    • Very user-friendly interface, great for beginners
    • Have an 'Earn' program where you can get free coins worth between US$20-US$30 for simply completing quizzes (can complete quiz as many times as needed)
  • Cons:
    • Fewer cryptocurrencies available
    • Fees are high (unless you use Coinbase Pro - which, despite the perhaps misleading name, is free)

Despite those two being the largest exchanges, there are a number of other reputable exchanges which could be worth looking into. These include, but aren't limited to:

• FTX - I personally use this, little bit confusing at first and not as many cryptocurrencies available, but low fees.
• Kraken - I have never used this, but have heard nothing but good things about it, especially in the US.

I find that I use different exchanges for different purposes, but considering the first exchange you should set up an account on can make things considerably easier for you. 

When setting up an account with the exchange platform of your choice, you will be faced with KYC - Know Your Customer. A legal requirement for these platforms to enable you to trade is that they must have proof of who you are. Typically, this will consist of your regular registration details (name, email, phone number etc.), as well as some form of Photo Identification (driver's license, national ID, passport) and proof of address (bank statement, utility statement, credit card statement etc.). This can take up to a few days to verify!

After picking an exchange and completing KYC requirements, you will officially be able to trade!

Always remember to Do Your Own Research, and good luck!