At present, there are many cryptocurrency exchanges, making it difficult to choose the best platforms. In 2014, there were only six exchanges, but by 2017, about 200 exchanges had been opened, and it’s no surprise it gets hard for newbies to choose the right platforms.
However, we’ve got you covered!
We’ve written this article to guide you on the best five cryptocurrency exchanges to buy Bitcoin. We will take you through all the necessary steps from getting your first bitcoins on the best cryptocurrency exchanges, and demonstrate the site that works best with the deposit method you prefer, namely PayPal, cash, bank transfer or Credit/debit card.
Before purchasing Bitcoin, you’ll need to hold the same. This guide will teach you how to create a bitcoin wallet, attached to the account where you can trade Bitcoin.
Let’s have a look at five of the best exchanges to buy Bitcoin.
Coinbase is the biggest cryptocurrency in the United States. Based in San Francisco, the exchange allows users to trade GBP, Euros, and USD. Additionally, the platform is a cryptocurrency wallet and exchange, which qualifies it as one of the best places to buy Bitcoin. Moreover, Coinbase offers support for Litecoin, Bitcoin Cash, and Ethereum.
After signing up your Coinbase account, you can transfer funds in and out of your account and convert them to Bitcoin and back quite easily.
Above is a picture of Coinbase trading account, showing the price of one BTC.
Moreover, Coinbase charges a 1% transaction fee on every transaction in the US ($1 min, $50 max), from Coinbase USD wallet or a bank account. Transactions with a credit/debit card add a 2.49% fee.
The platform’s user interface is simple and appealing. Customer reviews show that it is also one of the most secure crypto exchanges in the market, and has over 18 million satisfied customers every month.
You can access your Coinbase account through the web app or its mobile app, and the accounts are secured using the 2FA. About 98% of users’ currencies are stored offline to ensure they are secure.
This exchange is the first crypto exchange from China to have gained huge mainstream and international appraisal. At present, there are hundreds of users joining the platform because of its features. The platform offers its own token (BNB), which allows users to get a 50% discount on fees when placing orders.
The exchange was launched in mid-2017 and kicked off with a very successful ICO (Initial Coin Offering) fundraiser, where over $20 million was raised.
Additionally, Binance supports several digital currencies, including Bitcoin, Ethereum, and Ripple. It charges 1% on trades, which is very low compared to Coinbase. The platform allows users to trade cryptocurrencies and supports virtual currencies, such as ICON, EOS, TRON, Bitcoin Cash, Ripple, and Stellar Lumens, plus additional virtual currencies that you probably never heard of.
The main feature that sets Binance apart from other exchanges is allowing expert users and beginners to choose between a simple beginner-friendly interface and an advanced interface for trading experts. This feature has attracted millions of users to the platform.
Based in Israel, this exchange accepts both credit card and cash via Western Union and MoneyGram. Coinmama has been around since 2013, and the main feature that makes this platform great is its ability to make buying crypto fast and easy. The site has over one million users in 188 countries.
The platform allows you to purchase Bitcoin in $100, $200, $1000 or $5000 increments in just a few clicks. However, while Coinmama offers great real-time transactions, it charges higher fees compared to other platforms, which is 5.9%. You’ll pay an additional 5% if you’re paying with a credit or debit card.
The platform offers more privacy and security as it holds an offshore cash deposit for its users. Additionally, the Coinmama website is well-designed and perfectly fits on a mobile phone and a desktop.
Rather than trading cryptocurrencies on the open market, this exchange funds users from its holdings. This adds a little extra security compared to other open market exchanges. Many users are happy with the site’s user-friendliness and features, thus a good exchange to buy Bitcoin.
This is a US-based cryptocurrency exchange founded in 2013. The platform was founded by Richie Lai, Bill Shihara, and Rami Kawach; all three previously worked at Microsoft.
The platform emphasizes on security by implementing the most effective security technologies available. The founding team members are all computer security experts, with over 40 plus years’ experience in the same.
Additionally, the platform has an elastic, multistage wallet strategy that keeps about 90% of funds safely online. Meanwhile, users are required to apply the 2-FA setting and API calls, which if not activated, the site places a limit on withdrawals until the user activates 2FA.
Bittrex has never been hacked or lost any customer funds.
As an exchange, Bittrex has listed a wide variety of virtual currencies, including BTC and allows standard spot trading orders to be executed. The current trading engine seamlessly glues together automated trading features, such as instant trading, and stop loss, with all the standard technical charting tools needed by traders. Many customers are satisfied with the site’s quick loading time, with zero incidences of hanging or lags.
In the case of pro-trading cryptocurrencies, Bittrex will always be mentioned. The platform has gained millions of customers since Poloniex, its main rival, started failing to service its customers well. Additionally, the platform has always provided good consistent service, good up-times, and customer service.
Moreover, this exchange charges slightly higher trading fees compared to most cryptocurrency exchanges. All identity verified users operating outside the United States are eligible for US Dollar trading, withdrawals, and deposits.
Although this exchange has not listed many digital currencies as other big exchanges, you should consider buying Bitcoin through the platform.
Cash App is a mobile payment application service that was developed by Square. This App allows users to send and receive money on the mobile App. Additionally, the platform allows users to buy Bitcoin with no fees. This Cash App has been rated as one of the best for buying Bitcoin.
The application was developed by Square, which was founded by Jack Dorsey, also the founder of Twitter. The company is a big financial technology company that provides a host of other services, apart from trading Bitcoin, with zero fees.
Unlike other cryptocurrency exchanges, users don’t hold their Bitcoin outside of the application, but in the account. However, if you want to transfer your Bitcoin to a different wallet, the app provides a feature for this.
Moreover, the application limits purchases at $10,000 per week; however, you can sell up to the amount you feel like since there are no limits on the selling amount.
Although there are hundreds of cryptocurrency exchanges where you can buy Bitcoin, Coinbase, Binance, Coinmama, Bittrex, and Square Cash App represent some of the best places. These platforms offer great security features and are user-friendly, which has helped them attracted millions of users to them, and you should consider being one of them.