The hype around Bitcoin might have faded away, but its proponents are still confident that the world’s first cryptocurrency has a future.
Before buying Bitcoin, you should understand that it is as risky as any other investment. In fact, if you look at its performance history you’ll notice that it has faltered and picked itself back up on numerous occasions. Also, Bitcoin is not universally accepted, although adoption is on the rise.
There are several platforms on you which you can profit from trading Bitcoin. For instance, you can learn how to profit from Bitcoin from xcoins here.
If you have decided to buy Bitcoin, the following are the best and safest platforms for doing so.
Coinbase is perhaps the most popular Bitcoin exchange in the world. It also offers a storage solution for your purchased Bitcoin.
A Coinbase account can seamlessly connect with your bank account, allowing you to easily transfer fiat money and convert it to Bitcoin as you please. Coinbase charges a 1% fee for every transaction made on the platform. This fee, however, cannot go below $1, neither can it go beyond $50.
Coinbase is accessible through its mobile app as well as the web-based application.
If you are looking to buy Bitcoin using Euros, use Kraken. It has the highest liquidity and trading volume for the BTC/EUR trading pair.
Additionally, Kraken is also a key partner in the world’s pioneering cryptocurrency bank. It also has advanced trading features such as margin trading, making it the ideal platform for experienced crypto investors.
Kraken is available for web and iOS platforms.
Poloniex is yet another leading Bitcoin exchange platform. Besides offering a secure trading environment, it has market analysis tools for seasoned investors.
Other perks of Poloniex include a high trading volume, BTC lending and ease of use. The main disadvantage is non-support for fiat currencies.
Changelly is a multi-currency crypto exchange. It is the subsidiary of the MinerGate crypto mining form, which has mining pools in all major operating systems i.e. Windows, Mac, Linux, and Android.
The exchange charges 0.5% flat fee for all transactions. Although it encourages the use of cryptocurrencies exclusively, this platform allows users to buy Bitcoin using fiat currencies.
If you want to buy Bitcoin at an incredibly low fee, choose the Binance digital exchange. At a paltry 0.1%, this platform offers the most affordable transaction fees among the leading crypto exchanges.
The downside of Binance is the presence of bugs in their Android application. Apparently, these glitches slow down the withdrawal of fiat currencies after trading. Also, Binance has been a victim of irregular trades in the past, although they were reversed.
Coinmama is the ideal platform if you are green in Bitcoin trading. It is a comprehensive platform that has both an exchange and a crypto wallet.
The standout feature of Coinmama is the ability to buy Bitcoin in increments of $100, $200, $1,000, and $2,000. The transactions are also processed in real-time.
Coinmama uses its own fund to facilitate user trades, meaning that security of your investment is guaranteed. Also, the company is a registered money business in the US.
The disadvantage of this exchange is its high transaction fees. Standard transactions attract a 5.9% fee. Credit and debit card transactions will cost you 10.9% of the transacted amount.
Gemini is a creation of the Winklevoss brothers, Cameron and Tyler. It is one of the few US-based exchange platforms that are linseed and fully regulated by the country’s financial oversight authorities. Customer funds are stored in a bank insured by the FDIC, whereas most of the Bitcoin is stored in cold storage wallets. These measures ensure that user funds are secure throughout.
All deposit and withdrawal transactions on Gemini are free of charge. Other transactions have a variable fee, which initially starts at 1% and drops as your trading volume increase.
Bitstamp was the first crypto exchange to become fully licensed. It is based in the EU and was established in 2011. Because it was among the first entrants into the scene, it has a large client base.
The security of use funds is provided by features such as multi-factor authentication and cold storage. Transaction fees are also cheap, making it ideal if you want to purchase large amounts of Bitcoin.
The demerits of Bitstamp include a complicated user interface, few payment methods and high deposit fees.
Bittrex is a popular Bitcoin exchange renowned for its minimalist design and user-friendly interface. Because this platform is regulated, users are assured of the security of their funds.
You have to undergo the KYC process before withdrawing funds from Bittrex. This usually involves the submission of identification documents and contact address.
Bittrex caters for both newbies and experienced traders. For novices, the simple design makes the platform easy to use. Experts, on the other hand, have access to a variety of advanced trading tools such as candlestick charts and crosshairs.
Notably, Bittrex exclusively deals with virtual currencies. The transaction fee is set at 0.25% for all transactions.
OKCoin is a Chinese Bitcoin exchange that supports purchase made using the US dollar. Its main advantages are excellent support and an easy to use interface.
An account is verified two days after registration. Deposits made over wire transfer are free of charge, whereas Perfect Money deposits attract a 3% fee.
Coinsquare shares the same technology as the New York Stock Exchange. The platform emphasizes the security of user funds so at maximize client retention. To date, the platform boasts of a perfect security record, as every coin that has been transacted on it can be accounted for.
The disadvantages of Coinsquare are poor support, few payment methods, availability in selected countries and an uneven distribution of features in various markets.
This is a peer-to-peer exchange platform that allows you to physically meet others for the purposes of trading Bitcoin. You can buy Bitcoin using cash, bank deposits, PayPal, and Skrill.
This platform charges a 1% fee on all transactions. However, you will be required to pay more, depending on your agreement with the seller. To ensure the security of funds, the money is held in escrow until you get your Bitcoin.