What Are The Best Places to Buy Bitcoin?

Bitcoin is a kind of virtual currency that you can use for online purchases or you can use it to trade like stocks or bonds. To buy and sell cryptocurrencies including Bitcoin, you will need to use a bitcoin exchange.

The best cryptocurrency exchanges are safe, cost-effective, and quick to set up, easy to use, and accept a wide variety of funding sources. Here are some of our favourite choices on where to buy bitcoin.

1. Coinbase

Coinbase is a huge cryptocurrency wallet provider and exchange based in San Francisco, the USA. It showcases and hosts over 35 million users in over 100 countries, making it a popular option for cryptocurrency enthusiasts, investors, and traders alike. Coinbase claims that it holds over US$25 billion in assets and has expedited more than US$320 billion in trades. You can trade several dozens of currencies, including Bitcoin at Coinbase.

Coinbase charges several fees, of which it discloses upfront when you go into a transaction. Those include a flat per-transaction rate and a spread of about 0.50%. Fees may differ based on the funding method going up to 3.99% when you use a debit card to purchase. Serious users may wish to upgrade to Coinbase Pro, which uses its own exclusive pricing model.

Coinbase provides strong security through Coinbase Vaults, 2-factor authentication (2FA), and its use of offline storage for the huge majority of its client assets.

2. eToro

If you’re searching for a simple and focused platform that allows you to buy bitcoin while finding out more about the cryptocurrency ecosystem, then eToro could be right for you. Those who are new to bitcoin will like the simple and straightforward platform and CopyTrader system that consents you to copy trades from others on the platform itself.

You can test the waters with a sum of US$100,000 virtual account with no risk to your actual money when you sign up then. As soon as you're comfortable, you can enter a live trade with real money currencies. Just take note of the 0.75% spread price for bitcoin and higher fees for other similar currencies.

3. Robinhood

When you pay the fees of 0.5% or more to buy and sell, you are giving up a big portion of your potential bitcoin gains right off the top. Robinhood is best known to be a commission-free stockbroker. However, you can buy and sell bitcoin with no commissions too, just so you know. If you already have some knowledge with stock market investing, then buying cryptocurrencies with Robinhood will likely feel familiar, which is a bonus for those new to bitcoin.

Robinhood Crypto is basically a separate account that you use alongside your Robinhood stock investment account. It ropes a fairly short list of currencies, however that can be fine for many bitcoin buyers.

4. Coinmama

If you want to own bitcoin as fast as possible and already have a bitcoin wallet, Coinmama may be your best option. Coinmama comes with a fast account setup and verification. As soon as you’re logged in, you can buy bitcoin immediately using several payment methods, although there may be a fairly high price tag for those immediate purchase privileges.

You can use a credit or debit card to buy 1 of 9 different cryptocurrencies. When you place an order, the funds are immediately verified with your connected card by Coinmama, then the cryptocurrency you opted for is deposited into your crypto wallet. Those residing in the UK and EU have additional instant funding choices that are not available in the US.

Hopefully, they’ll add US-based ACH payments as a funding option, though the nature of electronic transfers in the U.S. will not permit for instant purchases with this funding method. However, if you have a credit or debit card and don’t mind the extra fees, Coinmama allows you to buy coins with any bitcoin wallet pretty much instantly.

Conclusion

Buying Bitcoin is safe whenever you use a scrutinised and respected platform. It’s imperative to research any platform where you’re considering buying Bitcoin before you decide to take the plunge. In terms of Bitcoin being a safe form of investment, the value varies more frequently than many other traditional investments. If you’re looking to support a dispersed method of making payments, Bitcoin can be valuable for people like you. However, there’s no guarantee, assurance, or insurance protecting any value of what you're buying though.