What is the best crypto trading platform?
If you’ve asked yourself that question, you are far from alone – new traders have been struggling with just about every platform out there.
“Where to buy cryptocurrency” is one of the most heavily searched terms in Google these days and it’s not showing any signs of slowing down.
First let’s quickly go over the bullets that led you into the meat of this guide:
There’s SO MUCH demand for cryptocurrency, that just about all cryptocurrency exchanges simply do not have the manpower, time or resources to adequately supply the demand.
That’s why in this guide, you’ll be shown how to navigate the wild seas of cryptocurrency buying and being able to cash in your chips after you sell up..
But the fun part is, this is the new wild west, you’re at the forefront of it and, if you play your cards right, you could very well find yourself getting a nice piece of the pie.
What we’ll be showing you is that you MUST (at least for the next little while) have more than one trading account. You’ll see exactly why further down.
See, with the demand grossly outstripping the crypt exchanges’ ability to supply, it’ll be up to you to use your accounts with different exchanges to shift your coins from one account to the other to make buying, selling and withdrawing back to cash as easy as possible.
Is There Really A Best Cryptocurrency Exchange?
As you’ll see in this guide, you’ll quickly realize that there really is no such thing as a Best Cryptocurrency Exchange.
There are shitloads of problems across the entire industry.
That is exactly why this guide was written.
Instead of griping about why ONE cryptocurrency exchange sucks ass, we’re going to show you how to leverage the strengths of all the exchanges, regardless of their many (and very frustrating) shortcomings.
Coinbase is where DappChap started its foray into cryptocurrency trading. Now, this was pretty exciting at first…whipping out a credit card and adding that initial trading amount.
Why People Use Coinbase:
- Instant funding with your credit card: believe it or not, this isn’t a feature all platforms offer. Because of this, alt coin buyers can swoop in and instantly fund their accounts if they sense a “little something in the wind”.
- Offers $10USD in free Bitcoin when you invest your first $100USD – In order to grow their platform, Coinbase is offering referral incentives to get new crypto investors started.
Why Coinbase Sucks:
- Their CEO, Brian Armstrong, is a bit of a dick. He has been well aware of the platforms more well-documented problems for a good deal of time and never publicly addresses any of them or instruct his staff to strike at the problem.
- Customer Support – if the CEO is a dick, you can pretty well rest assured that the support staff will inherit a matching attitude. Though an exact percentage can’t be provided, the amount of support tickets that go permanently unanswered are legion, if raging Tweets are anything to go by.
- Coinbase Canada – huge controversy for Canadian crypto buyers who whipped out their credit cards to buy currency, only to discover that they had NO MEANS to sell off their assets:
- BS Protectionism: More recently, the platform started to throttle Sends worth more than $100 with freezes of up to 72 hours. You could (supposedly) ‘accelerate’ the approval of these send by providing photo ID. 1) Their AI can’t read the IDs properly, so many don’t go through.
2) Their human staff struggle as much as the AI does, so don’t count on manual assistance, either.
Bottom Line on Coinbase: For the time being, the platform is best used for IMMEDIATE account funding via credit card.
Once you’ve acquired your alt coin of choice through Coinbase, your first move is to send it to another crypto trading platform.
But which Cryptocurrency exchange can solve these problems?
Why People Use Coinsquare:
- Coinsquare offers access to several Alt Coins – unlike Coinbase and other bigger-name exchanges, and they also allow users to shift from alt coins to fiat currencies to precious metals.
- They’re recently expanded their range of funding options (at the time of this writing, credit card funding is not yet an option).
- Recently released a more robust crypto trading platform
Why Coinsquare Sucks:
- Ethereum is the #2 cryptocurrency after Bitcoin. Yet, for several months, Coinsquare has been unable to procure new addresses for ETH to be sent to your account.
What this means is, if you bought Ethereum through Coinbase, there is NO way for you to transfer that ETH to your Coinsquare account so you can sell or trade it:
- At the time of this writing, Coinsquare had to disable transfers to bank accounts, meaning you could buy and sell crypto on the platform, but could not withdraw the proceeds of your investments to your bank account.
- Some bank transfer appear to stall and go into limbo for several days.
Kraken (Hellz NO!)
Kraken – Rather than delve into this one here, thought it might be best for you to see how utterly bad things have gone for this company by reading the following thread.
That is so utterly toxic, we’re not even going to give it a shot. Yikes!
On to the next prospective Crypto Trading Platform…
Why choose QuadrigaCX?
Like to other crypt trading platforms we’ve reviewed so far, QuadrigaCX has its share of shortcomings.
Example #1: At the time of this writing, it’s been two weeks since we signed up and we have yet to get our account verified, despite filling out all forms and providing the required documents.
Despite this, we can at least use our QuadrigaCX account to send crypto from other platforms over to this one.
We have now established that QuadrigaCX can act as a bridge between Coinbase and Coinsquare.
As you’ve just read, almost all cryptocurrency trading platforms have drawbacks that can greatly impact your ability to shift your assets.
- Step 1: Coinbase to QuadrigaCX
We’re going to use ETH for this example since crypto investors are having trouble with that specific alt coin.
Once you’ve opened a QuadrigaCX account (it does NOT need to be verified for you to do this), click on the currency tab and select the ‘Fund Account’ option.
- Step 2: Get Your ETH Wallet Address
You’ll find your ETH Funding Address about mid-page. Copy that string of characters.
Be sure to paste it into Notepad or something first and double-check to make sure the first and last characters match what you just copied.
- Step 3: Login to Coinbase, Prepare to Transfer
Once you’ve copied your ETH funding address from QuadrigaCX, log into your Coinbase account and click on the ‘Accounts’ tab.
- Step Four: Select The ETH Wallet
At the time of this writing, we have no ETH left in our Coinbase account, so we’re going to use the BTC wallet to show you how to proceed.
- Step Five: Send That Coin!
- Step Six: Now that your ETH is now in QuadrigaCX, you must choose
QuadrigaCX has been known to take forever to approve new accounts and the whole point of this exercise is to cut back on waiting, right?
Also, QuadrigaCX offers limited trading options.
Despite its many faults, Coinsquare offers 15 different investment options AND (so long as they’re not having system issues), you can withdraw your money to your bank account pretty quickly and easily.
So let’s go with Coinsquare…
- Step Seven: Getting Into Coinsquare
For a good portion of 2017, Coinsquare has (inexplicably) been unable to procure ETH addresses.
The fix for that is to trade your ETH for either Bitcoin, Bitcoin Cash or Litecoin in QuadrigaCX.
Once you’ve done that, you need to get the address from Coinsquare:
- Step Eight: Send your crypto from QuadrigaCX to Coinsquare
You made it – the final step.
After you’ve copied the wallet address from Coinsquare, go back to QuadrigaCX and choose the Alt Coin option you traded your ETH for.
Click on the currency’s tab and select the ‘Withdraw’ option.
You’ll want to click on the maximum link to make sure you leave no fraction of your money behind.
Once the maximum has been selected, paste the wallet address you copied from Coinsquare and drop it into the field, then click ‘Send’.
And that’s it.
You should see the amount you transferred appear in your Coinsquare account within 15 to 60 minutes.
Caveat: it will take another hour or so for Coinsquare to confirm that the amount is tradeable, even though it already appears in your dashboard. Until they confirm receipt, you will not be able to trade the amount.
And THAT Is How You Get Around Some Of
The Biggest Obstacles Facing Crypto Trading Platforms!