Bitcoin is a digital currency used worldwide that first hit the market in 2009, invented by an anonymous person called Satoshi Nakamoto.
Bitcoin can be used for online purchases or as an investment where transactions are peer-to-peer and use blockchain for recording purposes.
Bitcoins can be bought and sold in cryptocurrency markets if you have an account and have an online digital wallet. But first, like any other form of currency, you need to consider certain factors before you commit like safety, fees, speed of transactions, accessibility, and location.
Every bitcoin platform has unique characteristics, and it is up to you to research and find which ones you prefer.
Here are the 9 best places to buy and sell bitcoin online:
1. Coinbase
Coinbase is famous globally and most respected in the USA as a platform to buy and sell bitcoin and other cryptocurrencies. This site supports over 100 countries and has the backing of reliable investors. It also supports payment forms such as credit cards, debit cards, and PayPal for withdrawals.
Coinbase has a simple user interface that is easy to use even for first-time bitcoin buyers. It provides instant verification for users, and you will not need to get verified elsewhere. Since you need a digital wallet to start trading bitcoin, Coinbase provides an integrated wallet once you open an account. Security is a two-factor verification process. Coinbase also requires users to provide personal details for identity verification, which for people looking to trade bitcoin privately is not such a welcome process.
TRY COINBASE FREEWhen you buy bitcoin using Coinbase, it is quick to use debit or credit cards; the process is instant. However, if you are using bank transfers, there is a five-day waiting period until you receive your order.
Coinbase has insured wallets of up to $250,000 for cases of breach or theft. But this insurance does not apply if you compromise your account through your actions.
The cryptocurrency platform also stores about 98% of its users’ currencies offline in vaults and safes to protect against online hackers.
Coinbase also has a pro version best suited for expert traders, offering additional features such as charts, graphs, and cheaper transaction fees. Both versions are available to use on a web or mobile app.
2. Kraken
Kraken is a United States-based cryptocurrency platform that serves users globally since 2012. It is invested mainly in liquidity and euro volume and equally famous for these qualities. The site is maneuverable for new traders and experts alike, but not as easy as Coinbase.
Luckily, the platform offers an intermediate or advanced view depending on your preference. Expert traders will find bitcoin margin trading easy with Kraken.
The site accepts payment methods such as bank and credit transfers for both payouts and deposits. It also comes will a digital wallet, convenient for users who do not want an independent wallet. The site allows trading between different cryptocurrencies aside from bitcoin. There is a 2FA authentication process for identification and security and offers cold storage and Multi-Sig wallets with multiple business accounts.
The platform ranks high in support; with a lot of educational material and FAQ, users can learn about its functionality. Personal support is via email and an easy to use mobile app.
Despite the frequent downtimes and technical issues that the site has experienced in the past, it has recently stabilized, and user reviews are a testimony.
3. Robinhood
Robinhood is a new bitcoin trading platform but quickly growing and expanding into other countries and regions. Their current currency transaction is Bitcoin and Ethereum only. The platform is entirely free and allows users to carry out transactions free of charge. They also offer a free share of stock when you open an account with them. It was initially only mobile-based but recently included the web version.
It’s important to note that this app does not offer many options despite its free-of-commission trading services. The support system is also as readily available as users may like.
4. Coinmama
Coinmama was launched in 2013 and is currently serving over a million users in 190 countries. The site allows users to transact and pay with debit cards, credit cards, bank transfers, and Apple Pay. The app lets you buy bitcoin with a few clicks on their homepage. After opening an account, verification goes through in a matter of minutes.
Coinmama funds user trades from its holdings, a registered company in the United States. It assures its users of safe transactions away from the risks of bitcoin trading in the open market. However, their fees are higher than other platforms, but that is an expectation with all the security features they offer. They charge a 3.90% commission on buy transactions and 5% more pay via debit or credit card.
Additionally, the app offers high spending limits, allowing you to buy as many bitcoins as you want. The site will enable you to sell the coins you have purchased only with a European account. The app is also exclusively web-based; it does not have a mobile version, but the web interface is top-notch.
5. CEX.IO
CEX is a cryptocurrency platform that offers crypto trading and brokerage services. Its credit payment options are popular because of how your transactions are processed and delivered into your account. The site also accepts debit and bank transfer payments.
The site is keen on security measures, and users must provide proof of identification for a verified account. These are government-provided identification documents, pictures of the user with the record, and residence. The verification process is lengthy and can take up to 24 hours, but the support staff is always there to assist every step of the way.
As much as credit card transfers are instant, you will a small fee is chargeable. Bank transfer deposits are, however, free of charge. The site supports several cryptocurrencies, including bitcoin and Litecoin, and extremely safe to use. Other features include an integrated wallet, mobile app, integrated business accounts, and cold storage.
6. Bitstamp
Bitstamp has been functioning in the cryptocurrency industry since 2011. It has built a reputation for its prominence in bitcoin trading. The site requires users to verify their identity by providing identification documents and proof of residence. This process takes a few hours. There is also a two-factor verification process for security.
Bitstamp’s simple fee schedule allows users such as large institutions, to purchase many bitcoins. The site stores customer assets offline for safekeeping from online hackers. Their payment systems accept credit and debit cards and SEPA bank transfers. The site is licensed and transparent on every information it collects, further giving users a security guarantee.
The site also has an integrated wallet, convenient for users without an independent wallet. It is available as a mobile app and web app and offers cold storage and Multi-Sig wallets. The site’s support system is available 24/7.
7. Binance
Binance is a recent addition in the crypto trading market launched in 2011. The platform support about 150 cryptocurrencies and is especially great for little known cryptocurrencies as altcoins. Binance offers free digital wallets and has low transaction fees of 0.1% for each trade. If you opt to use the site’s cryptocurrency called BNB, you get a 25% less cost.
Binance offers anonymity for its users; if you want to trade privately, this is platform supports it. However, since it is not insured, this is a security concern for many traders. The site is also unstable and prone to bug issues. It requires advanced users to operate; new traders will find it technical. With the wide range of tokens offered, Binance is excellent for people who want to invest in little known coins such as Cardano or Neo.
8. BitPanda
BitPanda is a European based bitcoin broker and has transaction costs like Coinbase. The purchasing price is inclusive of the fees. The platform offers a wide range of payment options, including debit and credit cards. However, there a limit on what you can buy or sell depending on your verification status.
With email verification only, there is a limit on the number of bitcoins you can sell. When you upgrade to verification by Identification documents, you have more payment options and higher purchasing or selling limits.
BitPanda is easy to use even for first-time traders and offers fast processing in a matter of minutes. You can create price alerts for notification via email whenever asset prices rise or fall. Assets are stored in offline wallets for safety, with the site additionally compliant with AML5. The site is operational 24/7, with an online support system ready to help.
9. eToro
eToro was majorly in the UK and Europe but has recently moved to the US, allowing investors to trade cryptocurrency and stocks. One prominent feature of this is it works as a crypto-coaching site where traders can learn from each other and copy trades in real-time. New learners can pick strategies from expert traders and develop their crypto trading knowledge.
The site supports several cryptocurrencies, including bitcoin, Cardano, TRON, Ethereum, and Bitcoin Cash. Features such as CopyTrader, CopyPortfolio, and Risk Scores help traders who want to follow the progress of other traders consider the risks and follow a trend that is more likely to be profitable.
For users, eToro requires identification documents and proof of residence to complete the verification process. The site offers an integrated wallet and is also available as a mobile app. There is a 2FA authentication for securing your account. Different payment options such as bank transfers, credit cards, PayPal, SEPA credit transfer, and Skrill are available in eToro. The selling and buying maneuvers may be confusing initially, but eToro has a robust support system with their staff available to answer questions.
Conclusion
These highlights show you that there are certain factors you will need to consider before you choose a bitcoin trading platform that works for you. Among the listed, we have seen security, payment methods, prices and fees, verification processes, and wallet services, making up the list of features. For other traders, the countries these app covers are equally important.
Every platform has its pros and cons; it is up to you to research, learn about these platforms, and find features that work for you. Cryptocurrency trading can be a smart and a great return on your investment if you choose your exchange platform wisely. However, the wrong choice can cause you thousands of losses.
