10 Best Places to Buy Bitcoins
Bitcoin has recently upped its value per coin to nearly $20,000, which has taken the world by surprise. As a result of this record, Bitcoin has been claimed to be the currency of the future. There are quite several places where you can buy Bitcoins today.
01 Best Overall: Coinbase
This platform is the most respected as well as the largest in the USA. Coinbase offers both the wallet and the exchange combined, which has made it the most comfortable place for anyone who wants to start with Bitcoin. It also incorporates Ethereum, Litecoin, and Bitcoin Cash.
It is easy to move funds in and out of your bank account. You change them to Bitcoin and even to dollars. You need to be signed up and connected to your account. The average percentage fee charge for U.S. transactions from a Combase USD wallet or a bank account is one percent. Other purchases that require a debit or a credit card go at a fixed rate of 2.49%.
The combat wallet can be accessed via the Web or mobile app. It uses two-factor authentication, which makes it very secure. It also has safe deposit boxes and vaults worldwide where it stores redundant and data paper back-ups. There is also an insurance against theft or any form of a breach on all cash balances amounting to $250,000. Guarantee applies to online storage only. Coinbase holds a large percentage of customer currencies that are offline to keep them secure from hackers, which makes it the leading digital currency platform in the USA.
02 Best for Low Cost: Robinhood
Robinhood has recently expanded into the world of digital currencies. It began as a fee-free stock brokerage and the best part about is that there are no fees charged. Trade of Bitcoin and other digital currencies in this platform is free! Robinhood has been a great supporter of Ethereum trades and Bitcoin as from February 2018 as well as 15 other currencies. Robinhood stock account and Robinhood Crypto are two completely different accounts with the latter supporting markets and limit orders.
If you have a Robinhood account, your coins are stored there together with your stocks; hence, they share a standard login. Robinhood has recently added a web version as it is also mobile-first, which has made it easy for people to manage their funds from their phones.
Despite this being a popular platform, it is only functional in 16 states for cryptocurrency trades, with plans of expanding in future. If you live in any of the 16 states where Robinhood is operational, then this is a recommended option to get started in Ethereum and Bitcoin trading.
03 Best for Versatility: Square Cash
Like Robinhood, you can buy and sell Bitcoin free of charge in this mobile app. If you need to send money to your family and friends, you can do that for free as you do in Venmo. Cash app is among the best apps for purchase of Bitcoin because of the free sale. In Cash app, your Bitcoin is held in your Square Cash account, unlike in other digital wallets where it is held outside. Square does not offer a feature that allows you to transfer your coins to another wallet. There is a limit to the purchases you can make, which is $10,000 weekly, but there is no limit to what you can sell every week.
04 Best for Low Rates in Other Currencies: Binance
Many digital currencies are supported by Binance, including Bitcoin, Ethereum, and BNB. The fee charged by Binance is meager, which is 1 percent for trades. Binance is the most recommended option for someone who wants to make significant progress in the Bitcoin business. There is also an option to trade coins into different currencies. Binance also supports digital currencies which is inclusive of TRON, Skycoin, Ripple, ICON, Bitcoin Cash, Stellar Lumens, among others.
This platform offers a big range of currencies for a little cost. However, it also has suffered from bugs which have been reported especially by users of Android mobile app. Some users have complained about delays during the withdrawal of some currencies. This app is also not insured, which may raise questions regarding its legality and operations. There were also some irregular trades in March 2018 which were detected and reversed, affecting the general credibility of Binance.
05 Best for Active Traders: Coinbase Pro
Coinbase Pro was formerly known as GDAX. It is a common platform for trade, and it has screens that are similar to those platforms of Bloomberg terminals or active stock, commodity, and options trading. The charges on this platform range between 0.10 percent to 0.30 percent tier. For people who want to try a higher volume of Combase, then this is the place to start. The funds have now been insured after GDAX became part of Coinbase. The cash is insured to up to $250,000 as it is done in Coinbase. Most of the coins are stored in physical form to prevent theft.
06 Best for Converting to Other Digital Coins: CoinExchange
Another low-cost exchange platform. The fees for CoinExchange are pegged at 0.15% to turn your Bitcoin into other coins. There is a variety of coins offered on this platform, probably the biggest list of coins is in CoinExchange. The website provides tight security and also supports its currencies for a long time on the platform despite it being a straightforward website. However, CoinExchange lacks mobile apps, and it has a lower trading volume compared to other platforms. CoinExchange security policies are also very vague, which poses a challenge for its users and other people who want to join.
07 Best for Quick and Easy Transactions: Coinmama
This platform makes it possible for its customers to buy Bitcoin as well as a limited list of other currencies in Euros or U.S. Dollars. It is an all-in-one exchange and digital wallet. This site has over a million customers in 188 countries so far. Among the comfortable features of Bitcoin is its ability to let customers buy Bitcoin in $1 00, $2 00, $1 .000 or $5,000 increments by merely making a few clicks on the homepage. This platform's charges are at 5.9%, which is higher than others on the list despite it offering real-time transactions. Also, you have to pay an additional five percent if you make purchases using a credit or a debit card.
Users of Coinmama do not buy and sell on the open market. Instead, their trades are funded by Coinmama from its holdings with a small addition for security, which is not the case for open market platforms. This platform does not have a mobile app, but it has a very high quality. This platform is very legitimate, given that it has been registered in the U.S. as a money business to add to its recognition in the market.
CEX is a very reliable and secure exchange. She is registered in both the U.K. and in the USA where it has an MSB status. It began as a Bitcoin mining pool, but with years, it has become an exchange platform that features a dynamic and user-friendly user interface, especially for new users. It upholds trading features that allow comfortable and sophisticated trading. In CEX, users can sign up using their social media accounts.
They can also use standard Visa/ Mastercard in any currency to deposit funds. You can buy Bitcoin and even a withdrawal of flat funds such as EUR, RUB, and USD to the card. This platform also has a data security clearance of Level 2 PC DSS. For people who are just entering the cryptocurrency, CEX is the best platform to start in. The customers learn quickly in this platform as a result of the fully beginner-optimized process. The platform, however, has very high fees, and the customer service of CEX is not up to standards with other exchanges.
LocalBitcoins is one of the first and the largest person to person (P2P) exchanges. This platform pairs the location of the users to that of the sellers in a given locality. This platform helps its users to match buyers and sellers of Bitcoin as it is an escrow service. The primary mode of payment in this platform is a cash deposit, but other users can advertise trades for the methods of payment they prefer. Buying coins through LocalBitcoins is also very secure because the transactions are in-person meetings, making it the fastest and most private way to buy Bitcoins.
This platform is similar to LocalBitcoins in that it connects buyers and sellers. There are over 150 modes of payment in this platform, which are inclusive of PayPal, Skrill and Neteller, cash, iTunes, and Amazon gift cards. This platform, however, has very high fees compared to other P2P platforms.