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Best app/account for a newbie crypto trader and tips

  • 13-05-2021 12:09pm
    #1
    Registered Users Posts: 332 ✭✭ shanmo


    Hi everyone,

    Hoping people can share their recommendations on the best app/account for someone new to crypto trading.
    I was looking at binance, coin base, kraken.

    Any tips would also be appreciated.

    Sorry if this is covered else where. I've looked but there is a lot to sift through.

    Thanks


Comments

  • Registered Users Posts: 72 ✭✭ Seurat


    Depends on what you plan to do and what your timeline is.


    A few things to note

    Binance is super liquid and all about the user. But there is regulatory uncertainty about it. It really is hopping quick to avoid the law. Which can have some serious up and down sides

    Coinbase is generally regarded as safe hands. Terrible customer service if you mess up your sign on you could be weeks waiting for support. Not cheap either. And if you were to stake with them they charge the most. But they are unlikely to get shut down. Can withdraw to revolut

    Kraken similar to Cb just less popular. Considered safe also. They will also follow all regulations. Better staking rates than Cb. Cannot withdraw to revolut

    Really depends on your plan


  • Registered Users Posts: 332 ✭✭ shanmo


    Seurat wrote:
    Depends on what you plan to do and what your timeline is.


    Thanks Seurat.
    At this minute, I want to get started and grow a crypto portfolio by investing each month.
    I want something easy to use but with a range of options (I know different apps have different options), also ideally, I'd like lower fees.


  • Registered Users Posts: 548 ✭✭✭ jrby


    what about revolut?


  • Registered Users Posts: 68 ✭✭ sammye333


    Try Kucoin. Some coins are making mad gains recently #kucoinseason


  • Registered Users Posts: 55 ✭✭ ConseyMan


    Most people start with Coinbase, it's the Cliché gateway drug to Crypto and i started there. They are reliable and safe. There are lots of small amounts of free cryptos available. usually you have to perform a task like watching a video and they give you a small amount of crytpo, usually something that Coinbase ventures is involved in. Coinbase is now on the stock exchange which adds a certain safety to it.
    Most people tend to move on from Coinbase after a while due to high fees and a lack of different cryptos.
    I moved on to Kraken which i find excellent. Kraken is a registered bank in the US. They have to follow bank rules about their customers capital and are a very safe pair of hands. Their probably going to float on the stock exchange next year. They have a good wide selection of cryptos, very low fees and lots of staking options. for instance 0.25% on Bitcoin and even 1.5% on the Euro, be hard pushed to find that in any Irish bank. Great for buying and hodling
    Binance is the biggest exchange and has a HUGE selection of crypto and options. Most ****coins will end up on it at some stage and they have their own liquidity pools, lending and a wide variety of staking option. They are probably the cheapest for fees or at least not far off it.
    All of the above are good options and you can open more than one account if you like. Spend enough time in crypto and you propbably will, i have all three and some more.
    After that i wouldn't be afraid of Kucoin, Crypto.com, Huobi, FTX.com, eToro, BitStamp and plenty others.
    Regarding revolute, i believe that it's revolute policy not to deal with the banks of crypto exchanges, for no other reason i believe than they want to keep the business for themselves, even though their **** and don't allow the customer to keep their private keys.

    For a Noob, I'd start with Kraken. Safe, Easy, Staking rewards and quick SEPA transfer.
    But remember you can have as many accounts as you want.
    Remember, Enjoy your time in the Crypto world, be patient and record all your passwords and seed phrases.
    Good luck


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  • Registered Users Posts: 33,501 ✭✭✭✭ The_Kew_Tour


    Like few above said Coinbase and Kraken

    Research and learn yourself and have patience

    GL


  • Registered Users Posts: 5,099 ✭✭✭ Chris_5339762


    A lot of people start with Revolut.... just cos its easy.

    I ended up with Kraken. Only really started in the last couple of weeks (great bloody time to start! I haven't made billions of euros yet).

    Keep a copy of all of your transactions from Day 1, to make the CGT calculations later on down the line.


  • Registered Users Posts: 169 ✭✭ Daithi40


    skip the fees on CB, go Kraken, you'll get the hang of it quickly.... not Revolut imo, they're not your coins although looks like you can withdraw btc now, still higher fees

    Having said that, am in Binance too, but for someone getting into it, I'd advise Kraken


  • Registered Users Posts: 372 ✭✭ mcriot29


    Daithi40 wrote: »
    skip the fees on CB, go Kraken, you'll get the hang of it quickly.... not Revolut imo, they're not your coins although looks like you can withdraw btc now, still higher fees

    Having said that, am in Binance too, but for someone getting into it, I'd advise Kraken

    Uphold is the best I find but EToro is good too coinbase has issues with customer service EToro too but uphold is good easy to use too


  • Registered Users Posts: 3,058 ✭✭✭ Static M.e.


    What does Staking mean? Thanks


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  • Registered Users Posts: 2,525 ✭✭✭ Irish_rat


    What does Staking mean? Thanks

    Its akin to a locked deposit account.

    You earn returns for locking in your tokens but you need to request if you want to unstake. Like giving notice in a bank.


  • Registered Users Posts: 965 ✭✭✭ SnuggyBear


    I'd say start with binance. The app has a simple mode so you can get the hang of it and then switch the advanced mode.


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