You may have heard of the term ‘bitcoin’ if you’ve been following the news or trading market for the last few months or more. It’s a fast-growing and currently the most expensive cryptocurrency on the planet. Literally, everyone’s talking about it. And if you’re willing to try your luck in the field of crypto, you may be wondering what’s the best place to buy bitcoin or any other major cryptocurrency for that matter.
Best Exchanges to Buy Bitcoin
Although hundreds of crypto exchanges are based in many countries, not all of them are safe to use. We know that people are very concerned about security when it comes to money and investments. This is why it’s better to compare and find the best crypto exchange before making your first move.
In this article, we’ll list some of the best crypto exchanges that you’ll find on the web. We’ll also be discussing the basics of bitcoin and help you understand a little more about it if you’re a beginner. Here are some of the best marketplaces and exchanges you can check out to buy bitcoins and all other altcoins.
Binance is one of those exchanges where you can trade bitcoins or almost any cryptocurrency at a very competitive market rate. It was found in China but later moved its headquarters to Malta because of strict Chinese government policies against bitcoin. Since 2017, it has grown to become the biggest crypto exchange in terms of trading volume.
Users from every country that allows crypto trading can sign up on Binance. You can use the platform through their website or download the mobile app available on both play and app store. Generally, the company allows deposits only through crypto, but they’ve recently implemented wire transfers through limited fiat currencies like Euro, CAD, and AUD.
Another reason why we prefer Binance is easy to use and secure P2P trading platform. It allows you to trade several cryptocurrencies with local traders directly. You don’t need to verify your identity to get started on Binance, but you need to provide your identity proof if you want to trade more than 2 BTC.
As of March 2021, Binance charges only a 0.1% trading fee on buy/sell transactions. You can get a discount on the trading fee if you choose to trade with their token called Binance Coin. The withdrawal fees can differ for each coin.
- Very competitive crypto rates
- You can use the platform without any ID verification
- Easy to find trusted traders on the P2P platform
- Discount on the 0.1% fee if you trade with Binance coin
- Responsive customer support
- Fiat deposits are only possible through limited currencies
Coinbase is a regulated US-Based crypto exchange established in 2012. It’s now supported in more than 100 countries and offers more than 30 major cryptocurrencies. It’s one of the best exchanges to buy bitcoin if you’re a US resident. The exchange had also launched its wallet three years ago. The beginner-friendly user interface makes it easier to buy, sell or transfer crypto for novice traders.
The company allows fiat and wire deposits for the USA, Canada, and a couple of EU countries. You can even use PayPal to deposit funds. Users that want to trade in high volume can also switch to Coinbase Pro. It’s a free platform that offers a better fee structure and more convenience for big traders.
Trading and deposit fee may vary in different countries. You’ll be charged a 3.99% fee on debit/credit card deposits in the USA and a 1.49% on bank transfers, while ACH transfers are completely free. A 0.5% transaction fee is also charged on every trade.
As we mentioned earlier, it’s a regulated exchange. Users are required to complete KYC to use the platform completely. You cannot trade anonymously, and your information is shared with government bodies. It’s a great way to buy bitcoin with fiat currency but with a comparatively higher fee.
- Allows Fiat, Wire, and PayPal transfers for some major countries
- Simple and optimized user interface
- Stores user’s assets in cold storages
- A digital wallet makes it easier to store your crypto
- High trading fee
- No anonymity, bound to share user’s info with the government
Kraken is yet another US-based crypto exchange. It’s one of the most reliable platforms that offer both spot and margin trading. Kraken currently has about 56 coins available for trade. Although Kraken is supported by most of the countries, residents of NY and Washington State in the USA cannot use this exchange because of licensing issues.
It’s a great exchange for low-volume traders as it charges only 0.16% maker and 0.26% taker fees on transactions less than 50K$ per month. They charge even less when you trade in higher volumes. Like most other exchanges, withdrawal fees vary for every currency, and you can find the fee list for every crypto here.
The company allows deposits through major fiat currencies like GBP, JPY, USD, EUR, CAD, etc. There’s no fee on SEPA deposits, making it suitable for EU traders. However, you need to complete a KYC verification before you can use fiat deposits. You can use debit or credit cards to deposit, but you’ll end up paying a hefty fee of 3.75%; only a few countries are supported for debit/credit card deposits.
Kraken is a tough competition to Coinbase, considering both are US-based exchanges. The low fee structure and more available coins give it an upper hand over many platforms. Additionally, the zero-deposit fee makes it more convenient for European users. Overall, Kraken’s an easy and affordable way to buy bitcoin from anywhere in the world.
- Low trading and deposit fees
- Offers more than 50 cryptocurrencies
- Kraken supports fiat and wire deposits
- Reliable and trusted
- Does not provide services in NY and Washington States
4. Huobi Global
Huobi was focused on serving the Chinese market when it was found in 2013. With great success in the Asian Market, the Huobi Global initiative now thrives on providing a reliable crypto exchange for many countries. The company has offices in major countries like the USA, Japan, South Korea, etc. They were forced to stop operation in the states in 2019 but have returned to the country in late 2020.
They offer a lot more than just bitcoins and other major coins. It has one of the largest crypto-list of all exchanges, and you can find more than 100 altcoins on the platform. A maximum of 0.2% trading fee is applicable on every transaction, but VIP users can enjoy an even lower fee. Huobi has also implemented fiat deposits recently that support GBP, AUD, EUR, and many other major currencies. The company is constantly looking for more opportunities for better deposits and withdrawal options.
Withdrawal fees depend on the virtual currency, and deposit fees can also vary from zero to 5%, depending on the payment method. They claim to store more than 98% of assets in cold storage, making it one of the most secure platforms. We also admire the responsive customer desk; you can contact them directly through the live chat option any time of the day.
- No verification required for low volume trades
- One of the biggest lists of cryptocurrencies
- Stores majority of assets in cold wallets
- Low trading and deposit fee
- Supports many fiat currencies
- Nothing specific to mention
You may have heard of Bitfinex if you’ve been following crypto for a long time. They are now one of the largest in volume and user base. The company operates from Hong Kong and does not provide its services in the United States.
It also has more than a hundred currencies available for trade. You can also use the margin trading and funding feature to lend your assets for interest or borrow funds up to 10× leverage. The fee structure is also pretty similar to Huobi, they charge around 0.2% taker fee, but it’s lesser for high volume traders.
Fiat deposits are possible only through bank transfers, and you’ll have to verify identity to use fiat currencies for depositing funds. You can make crypto deposits if you’d like to remain anonymous. The withdrawal fees for bitcoin are less (0.0004 BTC), and it’s the same with many other altcoins.
Bitfinex has dealt with many losses in the past and now prioritizes user’s and assets’ safety. They store 99.5% of their crypto in cold storage and enhanced account settings, making it difficult to breach the security and be assured of your investments.
- Reliable margin funding and trading facility
- Crypto OTC for buying from individuals
- Assets are stored in cold storages
- Low withdrawal fees
- Supports many fiat currencies
- USA residents cannot use Bitfinex
- You can’t add funds on the exchange through credit or debit cards
If you are looking to buy bitcoin and other altcoins with fiat currency options like debit or credit card, KuCoin is one of the safest and reliable platforms. KuCoin supports more than 25 fiat currencies around the globe, making it easier for novice traders. It was found in 2017 and has managed to become one of the leading exchanges within four years.
You can find more than 200 cryptocurrencies on KuCoin, and you can always find newer digital currencies on the platform. Also, the exchange offers one of the lowest trading and other fees in the market. KuCoin charges about 0.1% for every trade with a discount when you trade with its token. Additionally, they’ll also give away 50% of their profits with the shareholders. There are zero charges for crypto deposits.
As usual, withdrawal charges on KuCoin can vary as per the digital currency you want to withdraw, but they’re still pretty low compared to other major platforms. The company also features a P2P trading facility making it easier for individuals to trade locally and provide them other payment options.
Users can also lend their cryptocurrencies for earning a daily interest. Margin funding and trading are also possible, but I won’t recommend getting into it if you’re a newbie.
- Easier to find newer cryptocurrencies
- A very low trading fee with additional discounts
- Very competitive withdrawal rates
- No verification required to begin trading
- Secure and Reliable
- Average customer support
The European Union is very open to the idea of cryptocurrencies, which has given rise to many EU-based crypto exchanges globally. Bitstamp is one such platform found in Slovenia and now operates from the UK. If you’re an EU resident, Bitstamp may offer you some convenient features, but traders from most countries can trade on the platform.
It only offers around 15 digital currencies, which is enough for beginners who want to buy major coins like Ethereum, ripple, or bitcoin, but it’s not very convenient for a veteran who wants to trade less popular coins. You can buy all the available crypto with fiat money like EUR and USD. Bank deposits for EU users are free, easy, and faster.
Withdrawal charges are also less for EU residents compared to other countries. Remember that you’ll have to pay a high 5% fee when you buy through a credit/debit card. So, it’s better you deposit funds through wire transfers on Bitstamp. You’ll also be charged a 0.5% trading fee, which can get lower for higher volume.
Considering the trading fee and availability of coins, I recommended signing up only if you’re looking to invest in a major coin like bitcoin or Ethereum for a long time. It’s a great platform for EU residents, but trading fees are comparatively higher.
- Easier to buy crypto with fiat money
- Free bank deposits for EU
- Less withdrawal charge for EU residents
- Licensed platform with better security
- Offers less than 20 cryptocurrencies
- High deposit fee on credit cards
Bittrex is a mainly crypto-to-crypto exchange that operates from the United States. It’s recently started working on fiat currencies and now supports a couple of them. The company aims to provide a highly secure and organized way to buy and sell bitcoins and other digital currencies. Although the exchange supports major parts of the world, New York residents cannot access the platform due to Bitlicense.
Similar to Binance and KuCoin, Bittrex provides about 250 cryptocurrencies available for trade. This makes it appropriate for altcoin traders to find new opportunities. It charges a flat 0.25% fee on every trade you make, which is a lot easier to understand for a novice. You can make fiat deposits with USD and EUR, but you’ll need to complete identity and bank verification for it.
Even after verification, the withdrawal and trading limits are a little less. Many customers have reported temporary or permanent account suspensions on the platform as they follow strict guidelines. Although the risk of getting your account banned is very low, you should consider it if you’re looking to invest in a large volume.
In terms of security, users have to go through a 2-factor authentication to access their accounts, providing an extra safety layer. They also store more than 90% of the assets offline, making it difficult to breach.
- Better cryptocurrency availability
- Recently started accepting fiat currencies
- A flat 0.25% trading fee
- A lot of complaints regarding account suspensions
Poloniex was founded in the States but now operates from Seychelles in East Africa. The primary reason for the shift is the highly regulated crypto environment in the states. It’s now starting to gain more popularity with its decreased regulations. Like many other exchanges, it also doesn’t provide services in the USA.
The company offers more than 200 spot trading pairs along with 25 margin pairs. A maximum fee of 0.12% is charged but is reduced to 0.09% if you trade more than 50k$ a month. They also allow new users to buy bitcoin and other major coins with credit and debit cards. Withdrawal charges are also very competitive; for example, they charge just 0.0005 on BTC withdrawals.
It’s very easy to use the platform, and an optimized mobile app allows you to trade on the go. If you want to earn interest, you can also lend your crypto funds to other individuals. They take 15% profits from the interest you earn by crypto lending. Depositing funds on Poloniex with crypto is completely free.
The 24/7 customer support works with the ticketing system’s help, and users can expect to get their issues resolved within 24 hours. You should consider this exchange if you’re a Non-US resident looking for a cheap and reliable crypto-to-crypto trading platform.
- Buy cryptocurrencies through cards or bank account
- Around 200 spot trading pairs available
- Respectable trading fee
- Discounts on the fee for high-volume traders
- You can lend your crypto and earn interest
- Discontinued services in the United States
- Suffered minor hacks in the past
BitFlyer is licensed to provide cryptocurrency services in United States, Japan, and European Union. It’s primarily one of Japan’s biggest exchanges and follows the regulations of the US and Europe. NY residents can also buy and trade on BitFlyer. With such great compatibility, it’s widely preferred and gets high trading numbers every day.
You can instantly buy bitcoins on the platform with fiat currencies that include JPY, USD, and EUR. Unfortunately, it doesn’t offer a lot of altcoins for veteran traders. Wire deposits are also available on BitFlyer. Deposit charges may vary depending on the region and payment method.
BitFlyer charges a flat trading fee of 0.2%, 0.12%, and 0.15% for Europe, the USA, and Japan. It boasts one of the lowest withdrawal fees, with only a 0.0004 cut on bitcoin withdrawals. You don’t need to verify your identity to start, but it’s necessary to sign up for BitFlyer Lightning (pro version) and increase your trading volume.
Bank deposits and withdrawals are free except for a 10$ fee on wire withdrawals. So, if you need an exchange where you can easily withdraw and deposit funds at a good price, BitFlyer is the right choice for you.
- Complies with USA, Japan, and EU crypto regulations
- Supports USD, EUR, and JPY fiat currencies
- One of the lowest trading fees
- Free bank deposits and withdrawals
- Operates in limited countries
- Identify verification required for high-volume investments
Gemini is yet another USA-based crypto exchange that complies with the New York trust license. It’s a regulated exchange, so you can’t expect anonymity on the platform. It also provides services in major countries like UK, Canada, South Korea. Some exceptional features like Gemini Pay and Gemini Credit Cards allow USA residents to spend their crypto on retail and online stores.
As it’s a regulated platform, identity verification is required to create an account. The company only offers around 40 major cryptocurrencies because of strict policies. Users can deposit funds with USD, AUD, CAD, SGD, major crypto like ETH, LTC, and BTC. They also have their own stablecoin named GUSD.
You’re required to connect your bank account to make deposits on Gemini. It charges a trading fee of 0.5% on every trade and a 0.99$ or 1.49% transaction fee which is comparatively a lot higher. Deposits are free, but the withdrawal charges are also not very convenient.
We recommend you to use Gemini for buying major digital currencies like bitcoin or Ethereum. But if you’re a regular trader and a Non-US resident, it’s easy to find an exchange that offers better flexibility and rewards for large crypto traders.
- Regulated and licensed by NYSDFS
- Offers a credit card and Gemini Pay app for spending your crypto in the USA
- Supports major fiat currency deposits
- A reliable, stable coin named GUSD
- Higher trading and withdrawal fee
Liquid is a relatively new platform that has its headquarters in Singapore, but it is licensed by Japan FSA. Since its launch in 2018, it has focused on providing some rare features that most crypto exchanges lack at that time. It supports all major countries in the world, excluding the USA.
It’s dedicated to providing more fiat payment options paired with more than 200 cryptocurrencies on its list. Users can easily navigate between spot, margin, and futures trading options on Liquid’s website. Fiat deposits with bank and wire transfers are possible with all major currencies, including USD, SGD, EUR, etc. You can also ‘instant buy’ several famous cryptocurrencies like bitcoin with a credit or debit card.
The above-average 0.3% trading fee is still decent for low-volume traders. You can get a discount if you’re a regular trader. Withdrawal fees for bitcoin are about 0.0007 BTC which is not at all enormous. You’ll also have to pay a high fee if you buy crypto with your card. Fortunately, both fiat and crypto deposits do not ask for any charges.
For fiat withdrawals, you’ll have to pay 0.1% processing charges. Overall, it’s a secure and efficient way to trade crypto with fiat money.
- More fiat-to-crypto trading pairs
- Easier to buy major coins with a credit/debit card
- Decent taker fee and zero maker fee
- No deposit charges
- Worldwide support with few exceptions
- High charges on credit/debit card transactions
OkEx is an all-in-one crypto exchange and brokerage which you can use to buy, sell, store or lend your digital currencies at a highly competitive price. It’s one of China’s largest crypto platforms and allows users from more than 200 countries to sign up and trade on the platform. The company currently operates from Malta, Europe.
Unfortunately, USA residents cannot use OkEx to buy or trade. It provides more than 450 trading pairs along with more than 200 major coins available for spot trading. You can buy seven major cryptocurrencies, including bitcoin with more than 40 different fiat currencies.
Some convenient payment options like PayPal, Google Pay, ApplePay, and much more make it easier for new traders. They only charge a 0.1% maker and 0.15% taker fee. Another useful feature we noticed is the lending and borrowing platform allowing you to make money by lending your assets to other users on applied terms and conditions.
A very low withdrawal fee of 0.0004 on Bitcoin is also admirable. The platform can be used in more than ten major languages and allows P2P trading for few countries. It also provides you a hot wallet to store your valuable currencies, but I recommend avoiding using hot wallets as they’re pretty vulnerable.
- Allows both fiat-to-crypto and crypto-to-crypto trades
- Available in more than ten languages
- Low withdrawal and deposit fee
- Accepts worldwide payment wallets like PayPal or ApplePay
- Fiat deposits with more than 40 supported currencies
- Not available in States
- Average customer service
Gate.io is also a Chinese crypto exchange established in 2013. It’s now a popular global platform with high liquidity and daily trading volumes. It supports most countries along with the United States (except for New York and Washington). It moved out of China in 2017 and now focuses on providing a crypto-to-crypto platform worldwide.
Like many other Chinese firms, Gate.io also features more than 200 cryptocurrencies on their exchange. There are more than 400 markets and trading pairs for user’s convenience. You won’t be able to deal with fiat currencies on the platform. So, you already need to have a wallet with crypto to get started on Gate.io.
It also allows you to borrow or lend crypto along with margin and futures trading. There are zero deposit fees and a 0.2% maker and taker fee on margin or spot trades. The withdrawal fees on some particular coins are a little above the market average. For example, it charges 0.001 BTC for bitcoin withdrawals compared to a market average of 0.0007.
Gate.io doesn’t need to verify your identity to begin trading. Security features like two-factor authentication and anti-phishing measures assure you a better overall experience. It’s an effective and advanced platform for experienced traders.
- Works in most countries, including the US
- A huge variety of coins and tokens
- No identity verification for beginners
- No deposit fees
- It doesn’t support fiat payment options
Being founded in mid-2018 to getting fully operational in early 2019, AscendEX (formerly BitMax) currently dominates most of the cryptocurrency exchange platforms in terms of pure numbers and trading volume. With the people from rich trading backgrounds sitting on the board of the table, they’ve made sure to contribute their Wall Street Expertise to the platform, reflecting from the moment you sign up on AscendEX.
AscendEX is a modern innovative digital asset trading platform that adds a lot of its own dimensions to the trading world. With their ‘Transaction Mining’ model, you get their exclusive tokens out of a very limited 10 billion tokens, which could be termed as the primary unit of exchange at this very platform.
AscendEX is mainly used for trading related to Bitcoins and Altcoins. With about 60 Altcoins currently listed on AscendEX, they could be traded handily for BTC or Ethereum. AscendEX charges 0.20% as taker’s and maker’s fee, which is relatively higher than its substitutes. In terms of BTC, the exchange fee is 0.0005 BTC, which is quite good compared to the industrial average.
Transaction Mining is a thing that marked AscendEX stand out among all in providing a whole new experience to the traders by introducing a wallet to get some coins of good monetary value!
- Unparalleled customer service
- Occasional awards to the brokers
- Supported worldwide except the USA
- Just an email-id for the signup, much easier than other trading platforms
- The trading section is simply understandable for novice traders
- Not the best in-built settings on automated trading
The inception of Crypto.com took place in the June of 2016, and not only have they established themselves as the hottest trading exchange platform, but recently they announced a user base of over 10 million worldwide! Crypto.com allows users to digitally exchange/transfer/store more than 90 cryptocurrencies. Crypto.com supports visa cards, making it dead easy for you to convert your cryptocurrency straight to your card.
Even though Crypto.com charges a complex fee on your trading transactions, which depends utterly on your 30-day trading history, the maximum and minimum withdrawal fees depend purely on your digital coin. The maker fee could range between 0.036% and 0.10%, and the taker fee ends up being somewhat a little above the maker fees.
CRO, Crypto.com’s native token, lets you pay for pretty much anything using the platform’s wallet app, which could also be used to trade the cryptocurrencies you want to trade. Even though Crypto.com was founded and has its main operational unit in Hong Kong, you should not be skeptical about the safety of your money at all.
Although the regulations of HK would probably be peculiar from what you are used to, you are for sure not losing any of your money for no reason on Crypto.com. Even though no such issues are likely to arise, there is no direct way to contact the customer care of Crypto.com; keep this in mind.
- Super quick verification takes a couple of minutes at max!
- Crypto.com issues Visa card with no maintenance fee
- Huge benefits on store subscription purchases
- Poor interest rates unless you lock up your deposit
- Maximum discount is offered if you get tons of CROs
UK Based trading platform, Exmo has been consistently listed as TOP-10 crypto-trading platforms by most of the experts in the field, including myself. I have been using Exmo for more than a year now, even though I won’t be ever recommending Exmo to a professional trader, but as a novice who is just looking to breakthrough in the market, Exmo is your best bet!
Even though Exmo doesn’t charge a penny under the name of taker/maker fee, but it does indeed charge a flat trading fee of exactly 0.40% on your trades! This number is in the higher range than the current market average, but as soon as you start exhausting your wallet into the trading volumes, you could even get this fee to around 0.15%!
In terms of BTC, the withdrawal fee with Exmo is a little around 0.0004 BTC, which is relatively lower by twenty percent than what most platforms are charging at this moment. Exmo lets you deposit through credit cards/wire transfer, which could be a lot easier for the novices out there.
The oversimplified trading style of Exmo does make it quite helpful for a new trader to understand the market. Still, the upper cap of deposit and withdrawal on every currency could make it harder for someone with a big wallet to trade.
- Excellent customer support
- Much easier to use than other platforms
- Simplified trading view with graphs on current market and projections
- Higher trading fee than other platforms
- Withdrawal/deposit limit on every currency
Luno is surely one of the very few platforms being supported in dozens of developing countries and entire Europe! With an overall rating of 4.3 based on thousands of customer reviews and millions of downloads, Luno has been educating about cryptocurrency and trading to the whole world more than most platforms combined.
Though Luno doesn’t charge anything in the name of maker fee, it charges a nominal taker fee of about 0.25%, which could sometimes vary with the country you are operating. There is no deposit fee on European nations and a handful of Asian countries, but a small amount may be charged while trading from developing countries such as Nigeria, Indonesia.
The withdrawal fee varies from country to country, and you might be surprised by the fact that Luno charges around 0.3 euros per transaction, which is much better than most platforms! A small fee is also charged on bitcoin transfer between two users.
Being backed up by the most complex cryptocurrency security system that prioritizes your privacy and safety, Luno still manages to keep its app decently easier to operate to give one a user-friendly experience helps a lot while learning about trading.
- Super easy to sign up, verification will take utmost 24 hours
- Ensures privacy. The personal information of the trader is encrypted
- It helps you convert easily between crypto and fiat currencies
- Limited to Bitcoin and Ethereum
- Unavailable to North American users
Founded in 2013 in Beijing, OkCoin is a large bitcoin exchange platform globally, with around 16 million bitcoin exchanges in a month. Even though any esteemed financial authority does not regulate OkCoin, it still manages to gain immense trust among traders worldwide.
OkCoin is considered the most stable and advanced cryptocurrency trading platform. It deals in very few other cryptocurrencies other than Bitcoin. Even though the interface is relatively easier than the other platforms, most experts are known to trade with OkCoin along with the newbies. OkCoin lets you use dozens of their trading tools and indicators, which gives you an in-depth analysis of the market’s technicalities!
You can be assured of your funds, as the platform features tons of security encryption so that there is no chance for your data to get compromised! OkCoin assigns a level to a trader, which depends on the extent of verification you’ve gone through, which directly reflects on the withdrawal and deposit limits.
Although maker’s fees are almost negligible, taker’s fee hovers around a range of 0.15-0.20%, which could be even lowered depending on the exchange volume of your monthly history. The more you exchange, the fee percentage keeps declining back. For withdrawals, a transaction fee of around 0.1% is charged on all transactions, which is quite standard as of now.
- Lower trading fees
- Great trading tools to learn
- Highly secured. Nil chance of data leak
- Quiet high liquidity
- Tough verification levels impose a limit on withdrawals/deposits
- Limited to very few cryptocurrencies
Bithumb is a well-heard name in the crypto-trading world founded in South Korea. Even though the platform was mainly laid down to cater to the Koreans, Bithumb has managed to make a spot in the top cryptocurrencies exchange platform by volume! Even though Bithumb mainly deals with Korean citizens, it could be well accessed in English and various other languages to help the traders step–in from all over the world.
Bithumb offers two kinds of accounts, viz, a general account and the other one being a corporate account. The exchange rates at Bithumb are more or less similar to the other competitors, about 0.15% as the maker/taker’s fee.
While for withdraw, depending on the cryptocurrency you are cashing out, a fee in terms of crypto is charged. Around 0.003 BTC is the withdrawal fee, which is quite good than what most platforms offer.
Even though the money you deal in through Bithumb will be quite safe, you have to abide by the Korean financial laws and their restrictions. And it’s quite important to make you aware of the fact that there is no trace of anonymity when you are trading through Bithumb, as the Korean government will be asking for your documents for verification purposes. Ignoring all of that, Bithumb is indeed a simple yet great trading exchange when we are discussing cryptocurrencies.
- Excellent 24/7 customer support
- Improved user interface
- Offers more than a hundred cryptocurrencies to exchange
- Low trading fee
- Less security and anonymity
- Most of the fiat currencies are not supported
Currency.com, founded in Minsk, is popularly known as the world’s first regulated tokenized security exchange. As the name suggests, for the unaware, tokenized securities refer to securities that are indeed regulated but are still in the shape of blockchain-based tokens! There is some sort of underlying trusted asset backing up those tokens in easy words, which makes it regulated, unlike most cryptocurrencies.
Currency.com lets you trade in a little around 200 tokenized securities, including the obvious: Bitcoin, Ethereum, Litecoin, etc. What sets Currency.com apart from any other platform is that a trader could directly trade in the financial market with the current cryptocurrency holdings. Yes, you don’t need to convert your bitcoins to trade and buy a bitcoin again!
The taker’s fee charged by Currency.com is about 0.075%, and as surprising it could be, this exchange gives you a rebate of about 0.025% on the maker’s fee. Along with the cryptocurrency transfer fee of about 0.2% per transaction, the most flattering feature about Currency.com is the fact that there is absolutely no maximum limit to deposit/withdraw money!
- Much lower trading fees
- High liquidity
- Brilliant customer support
- Offers margin trading
- Strict verification policy feels like an invasion of privacy
- Fewer cryptocurrencies to trade
Founded in the late 2017s in the infamous world crypto capital Hong Kong, CoinEx has pretty much everything in a way you could ask from a cryptocurrency exchange platform. CoinEx takes immense pride in stating itself as the world’s most secure, high-speed, low-cost, and user-friendly exchange.
Even though the taker’s and maker’s fees vary a lot depending on the monthly trade volume on CoinEx, they do charge a trading fee of around 0.15%, which is quite okayish for a crypto exchange. The withdrawal fee for every transaction on Coinex in BTC is 0.0015 BTC, which is quite similar to its competitive exchanges.
It welcomes users from more than 200 countries to trade with them, but you should do a proper self-assessment considering the rules of the financial market of the foreign land. For all you know, you could be restricted from trading on the best cryptocurrency by them.
Though the CoinEx is designed as decent as you could think of, the website is designed in a simple yet intriguing manner. Even if you are a beginner, you are set to navigate the website without getting overwhelmed at all!
- Low trading fee
- Many cryptocurrencies to trade
- Beginner-friendly user interface
- Accepts crypto as the only method of exchange
- Below average customer support
What is bitcoin?
Bitcoin is one of the cryptocurrencies available in the market. A cryptocurrency is a decentralized virtual or digital currency without a central authority. These currencies can be used to make online and even offline payments. Bitcoin is one of the most popular digital currencies found twelve years ago by Satoshi Nakamoto. The total amount of bitcoins available on the internet are limited, leading to high demand. It is now a huge means for people to invest money and trade. It’s a lot more than a currency today.
How do bitcoins work?
Now that we know what a bitcoin is, it’s important to understand bitcoin’s working and the algorithms behind it. It’s pretty easy to understand that bitcoin is not some form of physical coin. It’s software that follows a lot of processes. As we mentioned, it’s a cryptocurrency made from a process called cryptography. It involves a lot of codes to make, process, and protect these currencies.
The protocol that bitcoin uses is called the blockchain. It’s easy to figure out the meaning of the term by its name. It consists of a chain of blocks that contains transaction information. The goal is to provide a P2P system to complete a transaction without any third party.
What is bitcoin mining?
Bitcoin Mining is the process of creating bitcoins. To create bitcoins, we need highly complex computers that can solve math problems. Not to forget, it requires a lot of electricity and power for these computers to work on these problems continuously. Every transaction that takes place goes through these mining computers to complete the blocks required for the blockchain. It’s a complicated process, which also rewards the miners with bitcoins for completing the blocks.
If you’re interested in bitcoin mining, it’s important to understand that the normal computer hardware cannot process these blocks. You need specialized hardware like ASIC or high-end RTX GPUs to make a profit out of it. This hardware takes a lot of electricity when running at full capacity. You may not know that blockchain takes up more electricity than many countries around the world.
Ways to buy and sell bitcoins?
Investing in bitcoin is a lot easier than you may think. You can buy and sell any cryptocurrency along with bitcoin on various crypto exchanges all around the globe. All you have to do is create an account, verify your details (if required), and get started. Buying and selling do not take any time and are generally processed within minutes.
It’s very important to pick the right exchange depending on your country, currency, and experience. Many crypto exchanges have shady pasts and have suffered asset losses and hacks. We recommend you invest if you’re sure about the platform. You can also find Bitcoin ATMs in some countries that work in the same way as a normal ATM. Other ways of buying and selling include dealing with local traders on P2P platforms, but it’s only recommended for experienced traders.
Ways to store bitcoin
Bitcoins don’t come cheap, and the worse thing I could imagine is losing access to my bitcoins and other cryptocurrencies. With fraud and hacking cases on the rise, it’s normal to worry about your digital assets’ security. People have lost millions of bitcoins even by losing or forgetting the private access keys. So, what’s the safe way to store bitcoin?
Suppose you’re a new investor who trades in low volumes. In that case, many exchanges provide a hot wallet with customizable private keys and other security features like two-factor authentications, which makes it hard to breach or steal your funds. However, you can still suffer a loss if the exchange gets hacked or bankrupt, doesn’t matter how rare; it has occurred in the past.
If you want your funds to be completely secure, I’ll recommend investing in a physical “cold wallet.” It allows you to store your funds offline on a physical device. All you’ve to do is keep it in a safe place, and you’ll be in full control of your digital currencies. Some common cold wallets you can check out are Ledger and Trezor.
Is bitcoin a good investment?
Cryptocurrency is a high-risk, high-reward market. And when it comes to bitcoin, there is no doubt that many people have invested and earned a lot in it, but no one can predict the future. Although the prices are at an all-time high in 2021, it has still not reached its full potential. You can still make a good profit out of it. I recommend you to invest only if you can afford to lose. You can always find lots of other altcoins other than bitcoin. It’s better to take your time and research before making up your mind.
Buying Guide – Factors To Consider When Buying Bitcoin
This section will feature some factors that can help you find the right exchange to buy or sell bitcoin. You should also know some important things before you start investing. Here’s useful information and factors to consider when buying Bitcoins.
Understanding the currency
Before you put your money into something, it’s always better to have deep and thorough research about the product or service, i.e., bitcoins in this case. It’s a volatile market that involves lots of risks and complications. And it will help you out if you do your research on the history and workings of the coin before investing.
If you’ve decided to invest, I’ll recommend you to look for exchanges that offer security features like cold wallet storage, fund security, and account safety. Make sure you note down your private keys in a safe place. If you invest in a huge volume, invest in an offline wallet for securing your funds. Never fall for offers or schemes from non-authorized emails, websites, or YouTube channels. Phishing scams are very common when it comes to bitcoin.
All exchanges make money by charging a fee on every transaction you make. But these fees can differ a lot depending on your country, currency, or even trading volume. Companies like Binance or KuCoin offer a trading fee as low as 0.1%, while some exchanges can even charge you 0.5% on every trade. This can make a lot of difference for everyday traders. So, you should check the fee structure before signing up on a platform.
It wasn’t easy to find a lot of payment options to buy bitcoin back in the day. You could only make crypto-to-crypto transactions on many exchanges. Now that many governments recognize these currencies, you can buy bitcoin with bank transfers or cards on all major crypto exchanges. Many newer exchanges have also implemented widely used options like Google Pay, Payoneer, Skrill to make it easy for beginners.
Trading and withdrawal fee are separately charged on all exchanges. Generally, the withdrawal fee can vary depending on the cryptocurrency you’d like to withdraw. The average withdrawal fee for bitcoin is about 0.0007 BTC. Anything below that amount can be considered good. Some exchanges can even charge a 0.002 fee, so try to be careful with it.
Now that bitcoin is popular worldwide, you can use them for a lot more things. Recently, Tesla announced that they’d start accepting bitcoin as a payment option soon. Exchanges now offer bitcoin credit cards and payment wallets, making it easier for users to utilize the currency. You can also earn interest on many exchanges by lending your bitcoins to other people.
Advantages and disadvantages of bitcoin
Here are some of the advantages that bitcoin has over centralized currencies: –
- Bitcoins allow you to do P2P transactions without the involvement of any third party. It provides you the freedom to store and use your assets in any way you want.
- You can send bitcoins payments all across the globe without paying any banking charges or fees.
- You’re always anonymous when sending crypto payments.
- Governments cannot impose taxes on your bitcoins if you’re dealing with non-regulated exchanges.
- Bitcoin transactions protect your identity from theft.
- It works in a very secure and transparent manner.
- Difficult to steal your money when you store them safely and keep basic precautions.
Some disadvantages associated with bitcoin or cryptocurrencies, in general, are as follow: –
- Not a lot of companies accept bitcoins as a form of payment.
- You can’t get a refund in case of fraud as there is no third party involved.
- Bitcoin prices are pretty volatile and can fluctuate a lot with minor changes in the market.
- Bitcoin scams and hacks are very common. Your assets are always at risk on the internet.
- A lot of governments oppose bitcoin because of its use in payments related to illegal activities.
FAQs (Frequently Asked Questions)
Who invented bitcoin?
Satoshi Nakamoto invented bitcoin. He published the concept in 2009 and made the code open-source. One year later, he left the project and moved on. He later disappeared, raising concerns and many theories. His identity is still unknown to everyone.
Is it legal to buy bitcoin?
Yes, all countries except a few allow the use of bitcoin and other cryptocurrencies. However, the gaining popularity of these coins is forcing governments to interfere or even ban these currencies. But it is impossible to ban the trade of any cryptocurrency in a country completely.
What was the initial cost of bitcoin?
Every cryptocurrency starts from zero. The initial price of bitcoin was around 0.08$ when its trading started.
How are bitcoins created?
Bitcoins are made by a complicated process called bitcoin mining. It involves millions of powerful supercomputers competing to solve a complex math problem to complete the blockchain protocol. The computer that gets to the answer first also gets bitcoin in return.
Is it possible to mine infinite bitcoins?
No, there won’t be infinite bitcoins. Bitcoins are unique digital cryptocurrencies, and people could ever mine only about 21 million Bitcoins. With the current mining technology, it might take a little over 130 years to achieve that.
Why does the price of bitcoin keep varying so much?
As a general rule of thumb, anything with a short supply and greater demands results in a steep increase in its price. With most currencies in the world being used in daily life by millions, Bitcoin is in no way a dominating currency in these years. As soon as Bitcoin’s news strikes through the market resulting in new eyeballs searching about crypto, the values of Bitcoins suddenly increase, which could also easily fade with various changes or activities in the market.
What can you exactly buy with bitcoins?
You can purchase pretty much anything with Bitcoins! Let it be electronic goods, food, clothing, concert tickets, or even diamond ring. As much as Bitcoins are making their way to the mainstream market, new merchants are adding up with bitcoin as an accepted payment method, making it super easy for you to shop. With big companies like Tesla jumping in, it’s only a matter of time when you can pay for everything with bitcoin just like a dollar bill.
What is a bitcoin address?
A bitcoin address is your virtual identity, a very long string of letters and numbers of about 27-34 words, which is pretty much all you need while making bitcoin transactions. All you need is a bitcoin address to receive or send through bitcoin, which makes the whole process pretty quick and secure.
Can bitcoin ever become worthless like a lot of currencies?
You need to understand that when a currency collapses, like Zambian Kwacha and German Mark, it’s always accounted for hyperinflation, which ended up making them so weaker compared to other currencies that they eventually collapsed. This phenomenon is impossible with Bitcoins due to no such regulations by any government. The possibility of another competitor cryptocurrency popping up and making the Bitcoins worthless isn’t impossible, but it looks way too distant even to get considered as of now. Bitcoin is the most reliable cryptocurrency and will keep the same place for upcoming years.
Bitcoin’s been around for more than a decade now. It has excelled as one of the fastest-growing digital currencies for the past few years. Everyone’s looking to make a quick buck by jumping into the market. At this point, it’s very important to understand that bitcoin is a currency with a lot of potentials to shape the future of not just crypto but all worldwide currencies. It’s not just a means of investment.
If you’re a novice looking to buy or trade bitcoins, we’ve listed the 22 best exchanges to buy bitcoins in our guide. You can compare and find the right platform that supports your region, currency and provide you convenient features and payment options. I hope we helped you with your bitcoin research. Thanks for stopping by!