In April we launched the Elfin crypto course, everything about crypto’s easily explained. By women, for women! Elise tells you in advance how to get crypto, or: where to buy crypto?
By: Elise
Ok, you want to buy crypto and can’t see the forest for the trees. Crypto providers are popping up like mushrooms. They all shout that they have the lowest cost and the most convenient app.
Well-known names like Binance, Bitvavo, Bittonic, Coinbase you’ve probably heard of. And then you have unknown parties and swaps: FTX, Pancake Swap, Uniswap.
But which one do you choose? What is the best choice? Choosing a party is a personal choice, and the best party for you does not have to be the same as someone else’s. It depends on what you want to do, how much experience you have and what you are comfortable with. You might choose one you stick with, or you might end up using several different batches.
There are several things to consider when selecting.
- First, we look at security. Does the party comply with Dutch/European legislation? Do they have a fund to reimburse, in case of a hack, stolen coins? How well known is this party? How big is this party?
- You’re looking at ease of use. How can you get your money from this party? Can this be done with iDeal? How do you get your money back? And how is the website/app interface?
- Furthermore, you look at the offerings. Do they have the coins I want to buy? Are they large enough that I can always buy the coin immediately or do you have to wait for your order to be filled? Here you look at the trading volume on the currency pair you want to trade on.
- And you look at your goal, of course. Which party is the best fit for the activities you want to undertake? Want to daytrade, want to buy DCA, want to save?
My choice
I myself started at Bitvavo. This is a Dutch party and complies with Dutch law. The app has a very easy interface and you can pay with iDeal. I still use these for coins I HODL or to send money to another exchange without iDeal capabilities.
After a while, I wanted to buy a coin that was not available through Bitvavo. I saw that these did come with Coinbase was on sale, and that at Coinbase you could also earn some “free coins” in their Earn program by following very short explainer videos about these coins. However, the transaction fees are a bit higher at Coinbase than Bitvavo so in practice I use this exchange very little. I do still check occasionally to see if there is a new coin in the Earn program. This way I learn about other coins and networks and make a few more bucks.
When I wanted to not just buy and sell, but have buy and sell orders ready at certain prices, a fine advanced trading interface and trading fees became important. Then I created an account at Binance. An added benefit, I can also run my 3comma trading bots on this.
So you see, you can make different choices for different activities.
Talk ahead in the ELFIN community about crypto, where Elise and Heleen are active and answer questions. Sign up for free here. 5000+ women went before you!
