Bitcoin has become one of the most significant sensations of the early 21st century. But because of its popularity, many people have been caught in scams. Fraudsters attempt to sell fake online wallets and Bitcoins to enthusiasts. Do you want to find out where to buy Bitcoin but are worried about losing your money?
Relax, as we are here to show you the most legitimate purchasing portals.
Since Bitcoin is expensive and many people are interested in it, fraudsters see it as their chance to shine. If you rely on someone with a bad reputation or someone new to the market, chances are you will get defrauded. Moreover, Bitcoin rates are not the same on every portal, so ideally, your choice should benefit you more than the seller.
Along with that, you should keep in mind the fluctuation in Bitcoin rates, as they can rise to great heights in hours and then hit rock bottom in minutes. So, a medium that also forecasts the Bitcoin value is a great choice.
Since Bitcoin hit its trading value back in 2017, at $20,000, not much has been able to slow its upward march. Thanks to that, people prefer to purchase it as an investment. There is no guarantee when Bitcoin will stop at a specific value. As of now, one Bitcoin is equal to $45,000, and if we look a couple of months back, it was above $55,000.
Despite all of the changes, Bitcoin is still a volatile investment. How volatile? Well, a few tweets from Elon Musk are enough to change Bitcoin rates. Considering this, it is best to find a crypto exchange that also has a financial advisor, who can help you determine how much you should spend on each Bitcoin.
However, our goal with this article is to show you where to buy Bitcoin. But, finding trusty crypto deals is not always easy, as there are people on these portals that post negative comments to lead customers astray. In order to see past all of that, we have to do thorough research. This way, we can provide you with an accurate list of legitimate crypto exchanges.
Best Places for Buying Bitcoin & Other Cryptocurrencies [Full Reviews]
Here is the list of crypto exchanges to buy Bitcoin, where we will provide the details, highlights, pros, and cons of each. Make sure to give it a read before making up your mind.
#1. eToro: Best for Wide Variety of Cryptocurrencies
#2. Coinmama: Best to Buy Bitcoin Instantly
#3. BlockFi: Overall Best Bitcoin Trading Platform
#1. eToro: Best for Wide Variety of Cryptocurrencies
eToro made its way into the world back in 2007 and now has more than 13 million users. But, that is not all, as this company has branches in 140 countries worldwide. So, there is a big chance they are operating within your country.
While speculating, one thing everyone looks out for is the competitors. An average person cannot keep track of this, and, as a result, they might lose some value in the process. However, eToro’s social investing platform tool allows them to copy the trades of other investors. This tool is the sole reason they got famous and made their way to the U.S.
eToro gives you a detailed moving plan of the competitors out there. Then, it either matches their moves, or the company provides you with something better. Now, keep in mind they will not offer you too much, but it will be enough to get you to stick you around.
The best thing is that you do not have to change your exchange based on someone else’s better offer, as eToro has everything you need. They are a little more expensive than BlockFi, but their support is much better.
What is good about them is that they keep track of your record, as eToro wants people to only trade with those that have a good reputation. And yes, they help you get to the famous traders if you are not satisfied with their offerings.
The crypto-to-crypto trading pairs are not available in the U.S. at the moment. However, the company is looking forward to expanding its operations, although that will take some time.
Highlights
Their CopyTrader tool allows you to copy a trader’s moves and then trade automatically based on those moves. That way, you do not have to come up with a plan of your own. This copy-move works best for those who are new in this business of trading. The minimum amount you can copy is $200, and the maximum is $500,000. The best part is users can copy up to 100 traders at the same time. This single technique can change your entire trading experience, and you can become a professional trader in significantly less time.
eToro offers up to 15 coins for trading, and apart from the U.S., they offer crypto-to-crypto trading in most areas. So, you can quickly scroll between these 15 currencies and choose which one is best suited for the next trade. However, in the U.S., you can trade up to 18 coins with other traders. While they did not add one feature for the U.S., they gave them another, far better one.
You do not have to pay any charges to get a digital wallet when you create an account on eToro’s website, as they give you a free wallet to keep all of your coins safe. Their wallet is called the eToro wallet and is available for both iOS and Android. The minimum transaction you can make with this wallet is $125, while the maximum transaction limit is $10,000.
Pros
- Offers access to 18 cryptocurrencies
- Begin investing with a low fund
- Offers the ability to match the moves of famous traders
Cons
- Customers are limited to crypto trades
#2. Coinmama: Best to Buy Bitcoin Instantly
Coinmama is one of the most significant crypto exchanges to buy and sell Bitcoin. However, you may find a huge difference in buying and selling prices. But, with all of the other features they offer, you will forget about that one aspect. If you are new to cryptocurrency, the easy-to-use and straightforward interface of Coinmama will catch your eyes.
Furthermore, they do not hide anything from you, and right on the company’s site, you can easily find the buying and selling prices. They also have a lot of mediums you can adopt to pay for your digital currency. Moreover, they will send the coins right away, so no need to wait for even a single minute. As soon as you deposit the money, your Bitcoin wallet is credited. However, they do require a minimum deposit of $30 to buy Bitcoin.
To sell on Coinmama, you will need Bitcoin with a $100 value, and they do not accept anything below that. However, their fees are higher than other companies, as they charge 2% above the market rate to buy and 0.9% to sell. Furthermore, they charge up to 3.9% on purchases plus 5% for credit/debit card transactions.
They also do not offer crypto-to-crypto trading, so you will have to rely on other exchanges for that. Although their website interface is as simple as possible, some information is still hard to find. But, on the other hand, they offer a Bitcoin wallet, although there is no app available yet. In addition, the only way to contact them is via email.
Highlights
Trading on Coinmama is straightforward, as you can simply put in the amount and purchase Bitcoin. If you want to sell, enter the amount you wish to sell, and you will get the money. They take deposits in multiple currencies, so you do not need to convert if you already have the supported currency.
By default, the fees are high compared to some other platforms. However, Coinmama offers a fee reduction feature through its loyalty program. Customers who make $5,000 in purchases in 90 days can reduce their sales fees by 12%. And if you make $18,000 over 90 days or $50,000 in your lifetime purchase, you can reduce your fees by 25%.
Once you get the cryptocurrency wallet, Coinmama holds no funds or any cryptocurrency of yours. Since they do not save any information, you do not have to worry about any data breaches. However, it would help if you kept your eye on the Bitcoin wallet you are using. Since it contains all of your information, it is at high risk.
This is the best feature so far, as you do not have to rely on one payment method like most exchanges. Instead, all international payment methods are accepted here. They even recently added Apple Pay to their list, so all of the native iOS users are in for a treat.
Pros
- Multiple cryptocurrencies available
- No fees for crypto withdrawals or deposits
- Range of payment options
Cons
- Does not allow crypto-to-crypto transactions
#3. BlockFi: Overall Best Bitcoin Trading Platform
Bitcoin is not cheap to purchase, so the best way to grab Bitcoins is to buy as much as you can when you have the chance. It might take some time to make a whole Bitcoin, but even a tiny amount of it is enough to make anyone happy. BlockFi offers you the option to not only purchase Bitcoins but also earn them on their website.
BlockFi introduced itself to the market in 2017 with a simple vision in mind — to provide people with credit and banking services, especially those who had little access to these. Thus, they have had quite an impact on those who love to trade in cryptocurrencies. The best part is that they have a mobile app for both iOS and Android devices.
You do not need to check their website for every single detail, as they will send you notifications if something interesting is happening. If we are talking about investment, you do not need one. You can simply make a crypto account, follow their steps, and start earning Bitcoin. In contrast, most other crypto exchanges ask for a certain level of investment.
BlockFi is the best option for those looking to trade daily. There are no access fees at all, and the spread fees are no more than 1%, if any. On the other hand, they offer a 7.5% interest rate if you deposit your digital currencies in their exchange account. Moreover, they have a simple annual percentage yield rate, which you can find on their website.
Highlights
There is no cost to trade Bitcoin with anyone or exchange it between different currencies. The only charge they ask for is the spread fee, which is 1% of the amount you are using. Moreover, there are no hidden charges either.
Loans are necessary to survive in this world. So, BlockFi offers crypto-based loans, and they are rather good at it. The interest rate they offer is as low as 4.5%, and they deliver the loan the same day. There is no period for you to get the loan, not even for a single day. Moreover, there are no prepayment penalties, as you can pay the entire amount whenever you want to. Additionally, you can borrow up to 50% of your asset’s value in one attempt. The more assets you have, the larger the loan you can take. In comparison, other companies and banks hesitate to provide you with loans on physical assets.
Want to trade with other companies or exchanges? BlockFi offers services you can use to take your trades to the next level. Their support is available 24/7, so you can call them anytime if you have any questions. They also offer financial advice for trading and funding. Moreover, they provide services in other cryptocurrencies, so you are fully backed up in any crisis.
Pros
- Commission-free trades
- No minimum account size requirement
- Instant trades
- Recurring trades feature
- Interest account is available worldwide
Cons
- Limited cryptocurrency selection
- No insurance available
#4. Coinbase: Best Crypto to Buy Now for a Crypto Wallet
Back in 2012, Coinbase introduced itself to the crypto market, and afterward, it became a standard on-ramp for new crypto investors. So, you can say that if you want to see how the professional world does its trading, this is the spot where traders deal in buying and selling Bitcoin.
Apart from this, they also offer cryptocurrency investing, custodial accounts for institutions, their own U.S. dollar stable-coin, a wallet for local investors, and an advanced trading platform. Currently, it is operating in every state of the U.S, except for Hawaii. If you are interested, you can expand your buying or selling list to other cryptocurrencies, provided you meet their requirements.
Coinbase offers the best and most secure way to buy and sell Bitcoin. If you are to engage in regular transactions, this portal is the best for you. They offer trading opportunities in 25 different currencies, and the list is growing. As soon as trending money reaches the top, they will add it to the list. That way, you do not have to search for new currencies, as this company will keep you updated.
Furthermore, trading is effortless with Coinbase, and it is perfect for beginners. There is also a Pro version with more features and lower fees. In the Pro version, you will pay 0% to 0.5% per trade, while in the free version, you will have to pay up to 3.99% per trade.
Highlights
This one feature is what makes Coinbase the best crypto exchange among all others. They offer the best protection with security details in the hand of the customer. There is an option of two-step verification that gets triggered every time you log in from a new device. Unless you have added your device to the trusted ones, you will have to go through the two-step verification every time. So, hacking your account and getting the money out of it is very difficult since there is no easy way to bypass this verification process.
Coinbase has a complicated fee structure, but it is easy to buy the Coinbase Pro version. Although the Pro version is quite expensive to purchase, it comes with many perks. If you are a daily life trader, you must go after the Pro version, as it will remove a lot of barriers to fees and extra charges for every transaction. Everyone likes to trade with ease, and the free version will not be that great for you.
The best feature is the fact you can protect your assets with insurance. So, in the case of any loss, the company is bound to recover it, as per laws on insurance. That way, you do not have to worry about making a backup of all of your coins in a local or offline wallet. However, the recommendation is that you keep the latest backup of your digital assets. Coinbase offers a lot of different features that no other crypto exchange is offering, and if you want protection, this is the best portal.
Pros
- Solid variety of cryptocurrency choices
- Extremely simple to use interface
- High liquidity rate
Cons
- High fees when not using Coinbase Pro
#5. Bisq: Best Decentralized Crypto Exchange
A decentralized exchange, Bisq, is relatively new in the crypto world. However, they are making rapid progress and gaining a lot of popularity. The best part of a decentralized exchange is they do not need any third-party to store your funds. As a result, you have complete control over your funds, and all of the power is in your hands.
They are bound not to expose your personal information to anyone, and they even have personal servers, which reduces the risk of downed servers. Therefore, you can keep your workflow smooth all of the time.
They have mentioned all of the functions on their website, so give it a thorough read before buying anything from them. Some exchanges prohibit U.S. residents from making trades, but not this company. Unless the state’s law binds you, you can make as many transactions as you want. However, you can still decide to stick with them after a month’s use.
Bisq also shares their trading view with you, so you can have a good look at that before you make any trades with them. They even have a Windows app that keeps your work offline. However, for updates, you need to stay online.
Bisq has a different structure for fees. Their costs are below the industrial average, which means you can make many transactions with a comparatively lower fee amount. Both the buyer and seller have to pay 0.0001 BTC. Then, a mining fee of 0.0003 BTC is charged three times, so you will pay a total of 0.0009 BTC. The withdrawal fee is 0.0003 BTC, going up to 0.0008 BTC, but it stays within the 0.0005 BTC limit. Furthermore, you can use multiple methods to deposit money, but the credit card is the most prominent one.
Highlights
The decentralized exchanges have multiple servers across the globe. Therefore, if one of them fails, you are backed up by several other servers. The higher number of servers also makes Bisq virtually immune to any attack. That way, all of your information is safe without any risk. On the other hand, the exchange you make never touches your asset. Even if a hacker manages to make an exchange, they still cannot mess with your cryptocurrency investments. Therefore, everything you own is safe and away from people’s hands.
You do not have to verify your identity to start trading at Bisq. You just need to visit the page, make a deposit, and start selling or buying. You can set a nickname to connect with people easily, and this step of “non-verification” makes it easy to create an account and saves a lot of time.
Since all of the data is stored locally, no one knows your identity over the internet or takes away your information. So, even if someone tries to attack the server, all of the information is saved anonymously and hidden. However, that also makes online trading a little time-consuming, as you have to connect to other sellers online.
Pros
- Decentralized
- Safe
- Easy to use
- Anonymous verification
Cons
- Mobile trading not offered
- You have to reconnect to other sellers every time you want to trade
Factors Considered While Making This List of the Best Bitcoin Platforms
As mentioned above, getting a safe and secure crypto exchange is not easy. In several cases, portals scam individuals due to the physical distance. For instance, say a person purchases Bitcoin online, and the business place is in a distant region. These portals might not provide them the exact amount or may even rob them.
We kept security as our priority since nothing is more important than getting what you paid for as smoothly as possible. There are over 380 crypto exchanges available globally, so finding the best ones is quite challenging. You can never be sure about them revealing everything about their business or rates.
For example, the value of Bitcoin may rise for a few moments, but the exchange platform may not notify you on purpose. As such, you will lose your chance to earn a lot of money in an instant. These are the platforms our criteria are meant to avoid. So, here are the factors we looked for when choosing where to buy Bitcoin with a few traditional brokers.
We narrowed down our list based on the following points.
- Higher Security: In this digital age, every digital portal is accessible. If a person is good at hacking, they can easily hack into your crypto wallet and take all of your money. The best way to avoid such a tragedy is to choose a crypto exchange with a higher level of security. That way, you can rest assured your money is safe and you can access it anytime. However, we suggest you keep a backup of your digital assets in offline storage, too. This storage can provide some cushioning if your online investment disappears in an instant.
- Fees: This single problem can affect your investment on a large scale since higher transaction fees and pairs can take a lot of money from you. The more transactions you make in a day, the more fees you will incur. So, keep in mind how you want to work with your currency. If you are active regularly, you must choose a company that offers low fees, which is what we have done.
- Currency Pairs: One more thing to consider is what cryptocurrency you are exchanging. Ideally, you should sell at a higher price than your purchase price every time. Exchanges that offer more cryptocurrencies will provide you with less turnover if you trade, which is why we chose exchanges providing the best rates among all of the cryptocurrency exchanges.
Things to Check Before Choosing Where to Buy Bitcoin
Buying Bitcoin for the first time could be exciting. But, if you choose the wrong crypto exchange, things could go very wrong. So, it would help if you kept some factors in mind before choosing a place to buy Bitcoin. Here is what we suggest you should check before you decide where to buy Bitcoin.
- Availability in Your Country
Finding this information will help you if you want to avoid scams and fraud. If the physical office is in your country, you can visit them and take your money back. Moreover, it is easy to contact them for support or give the office a visit, if necessary, to clear your issues. That also includes the acceptance of the cryptocurrency with the bank account you have. If your country’s banks are not accepting cryptocurrencies, then you cannot withdraw the amount.
Cryptocurrencies are entirely digital, so you cannot keep them in your house. You have to get a digital wallet to carry these currencies. If the exchange you choose has a bad reputation, it might take away your digital assets, leaving your wallet empty. And in most cases, you cannot do anything about these companies since they will not respond to your calls.
Mobile industries are revolutionizing technology as we see it. We are moving towards a portable world where even laptops will not be enough. It is only a matter of time before people start using apps more than the web version of the product, and we have already seen such examples. So, if you are looking for a crypto exchange, you must check for their mobile app. That will eliminate the hindrance of checking the website repeatedly, and it can also notify you about new things.
FAQs: Buying Bitcoin & Cryptocurrency
Q1. How to Buy Bitcoin?
Bitcoin is a cryptocurrency that is available worldwide, and there are more than 50 registered businesses that sell Bitcoin. First, you need to find a crypto exchange (you can follow the article above for convenience).
Once you have found one, you have to deposit an amount of money to open an account there. Based on the funds you have deposited, they will credit the amount of Bitcoin to your wallet. If the company is not offering a free wallet, you will have to get one from external sources.
Q2. What Is a Cryptocurrency Exchange?
A cryptocurrency exchange is a company dealing in the buying and selling of Bitcoins and other digital currencies. If you want to purchase or sell Bitcoins without getting scammed, we suggest going after one of the Bitcoin exchanges we have featured. This is because they offer good buying and selling rates, and they also protect your data.
Furthermore, some exchanges offer crypto trading, where you can trade Bitcoin for other digital coins. If you are looking to invest in something other than Bitcoin, you must choose a crypto exchange. Not to mention, some businesses offer a free digital wallet on your first purchase, so you do not have to get a third-party wallet.
Q3. What Can Bitcoin Do?
Bitcoin is a cryptocurrency you can use to purchase anything from those who deal in Bitcoin. You will also need to check whether your country allows you to work with Bitcoin or not.
Moreover, taxation on Bitcoin is complicated, so ensure to look at that before making any transactions. Since a digital ledger records all of the Bitcoin transactions, they are difficult to fake. But, if we are talking about the future, then Bitcoin and other digital currencies are sure to be the medium of exchange in no time.
Q4. How Can I Buy Bitcoin?
To purchase Bitcoin, you first need to learn about the crypto exchange, which is an online dealer in Bitcoin. You deposit some money on their portals, and they fill your digital wallet with Bitcoins of the same value.
If you still want to know where to buy Bitcoin, you can check out the article above, and it will give you an idea. Moreover, we have also detailed the top Bitcoin exchanges. So, you can visit them, check their suitability for you, and make a purchase through their portals.
Q5. How Can I Sell Bitcoin?
Selling Bitcoin might be a little tricky, as buying and selling rates vary based on several factors. So, you have to choose your exchange platform carefully to get the most value out of your Bitcoin. Otherwise, you can end up losing more than $5,000 to $6,000 in this process.
Moreover, some exchanges offer currency trade options to exchange Bitcoin for some other digital currency. Exchanging Bitcoin works when you need to purchase something, but the seller will not accept Bitcoin as money. Instead, they ask you to provide some other digital money for the purchase.
Q6. Which Crypto Exchange Is Best for Bitcoin?
There is no correct answer to this question, as you have to choose one that is suitable for your specific needs. Although we have listed some of the best crypto exchanges, it is up to you to go through the list and see which one of them favors you the most.
They all have distinct features, as some might charge less but will not give you a wallet for free. Others offer free digital wallets, but they charge more. Some even have a pro version that reduces the fees. So, you may not be able to find a perfect exchange, but you can get the next best thing.
Q7. What Is a Bitcoin Wallet?
A Bitcoin wallet works the same as the physical wallet you use to hold your physical cash. The only difference is a Bitcoin wallet is not a physical thing, as it is a digital wallet you can use to store all of your digital currency. The wallet makes it easy for you to keep track of your money and make transactions with others. Every Bitcoin wallet has a code you can use to take out money from it or put money in it. However, not all companies offer free Bitcoin wallets if you purchase Bitcoin from them.
Q8. How Do Bitcoin Transactions Work?
Bitcoin transactions have a process that can be split into three parts. There is an input, a private, and then an output. If you have the private key to your Bitcoin, you can enter the receiving address. Once the miners confirming blocks of exchanges approve the transaction, further treatment starts to happen. Then, that transaction is processed, and you deliver your Bitcoin to the person you want to send it to. The process is highly secure and free of any errors and mistakes. However, your wallet might not be safe if you got it from the Bitcoin exchange and did not check their security.
Q9. Is Bitcoin Legal?
Yes, Bitcoin is legal in all 50 states in the U.S. If we talk about it globally, some franchises work in 140 countries. That means those 140 countries have legalized bitcoin.
The biggest problem is the taxation of Bitcoin, since its value is not static. It keeps going up and down, which has caused a problem for the taxation authorities. However, some countries do not support Bitcoin, but people are still using them. So, make sure to check whether it is legal in your country before buying any digital currency.
Q10. What Happens If I Lose My Bitcoins?
Losing your Bitcoin will not happen unless one of two things occurs. The first is losing the key that is associated with your wallet and your Bitcoins, which is required to make transactions and keep your Bitcoins safe. If you lose that key, you cannot make any transactions with the Bitcoins you have in your wallet. You will then need to make another Bitcoin wallet and start purchasing new Bitcoin. There is no way to retrieve that key via resetting, so make sure not to lose it. However, some cryptocurrency wallets have a backup feature to keep your money safe.
The second exception is the possibility of your online wallet getting hacked. While there is a smaller chance of this happening, you should choose a wallet with enough security to keep your coins safe.
Conclusion: Buying Bitcoin
To sum this article up, the best place to buy Bitcoin is a crypto exchange. They will keep your Bitcoin safe, and you can trade whenever you want. Furthermore, they will keep you notified about the variations in Bitcoin value. That way, you can speculate and make a decision based on your calculation. You can get a secure digital wallet from somewhere else, but you must rely on these portals to purchase Bitcoins. We mentioned some of the above and recommend to you the best, such as BlockFi and Coinmama. You can take a look and decide; or, you can check the internet, and maybe you will find something more useful.
Dealing with Bitcoins is a risky business since it is not stable at any price. You also have to wait an extended amount of time to make a transaction. Those who are waiting to purchase it will make a move when it is low, but those who want to earn a profit will sell it when it is high. So, those who are new to this field will be the ones having most of the trouble. So, if you are new to Bitcoin and wondering where to buy it, this entire article is dedicated to you.
The news and editorial staffs of The Denver Post had no role in this post’s preparation.
