I’m new to the world of cryptocurrency and I’m trying to figure out the best altcoin exchanges that will fit my needs. When I say altcoin, I mean cryptocurrencies other than bitcoin. I’m not just interested in the popular altcoins like ethereum and litecoin but also smaller ones with potential. I’m looking for an exchange that has a wide range of altcoins.
I live in the USA, which seems to limit my options due to certain regulations. So I need an exchange that’s not only reliable and trustworthy, but also compliant with US laws. It would be great if the platform is user-friendly too as I’m still figuring things out.
In addition, I’d appreciate it if you could also give me a brief overview about the security measures these exchanges take to protect user assets. Cybersecurity is a major concern for me and I want to make sure my investment is safe. Also feel free to share your personal experiences if you’ve used any altcoin exchanges yourself. Your insights could be very helpful to a beginner like me.
Sure, here are some altcoin exchange options that you might consider, as they cater to users in the USA. One good option is Coinbase. It’s one of the largest cryptocurrency exchanges in the world and they offer a wide range of altcoins. Coinbase is known for being very user-friendly, which may be beneficial for someone new to cryptocurrencies like you.
Security-wise, Coinbase stores 98% of users’ funds in offline cold storage. This means these assets aren’t connected to the internet, reducing their vulnerability to hacking. Coinbase also provides insurance coverage, which covers any losses resulting from a breach of their physical security, cybersecurity, or by employee theft.
Binance US and Kraken are also other reliable options that offer a wide range of altcoins for trade. Binance is known for its comprehensive altcoin selection and functionalities while Kraken has a strong reputation for its security measures. They both use standard encryption methods and mandatory 2-factor authentication. They also store a large majority of funds in cold storage. Additionally, Kraken conducts regular third-party audits1 to ensure robust cybersecurity. Personally, I’ve had smooth experiences with these platforms, but remember to always do your own due diligence and only invest what you are willing to lose.