Which is the best platform to buy Bitcoin? Bitcoin is an encryption currency invented by an unknown person or group of people in 2008 under the name Satoshi Nakamoto and launched in 2009 when it was introduced as open-source software.
Bitcoin is a digital decentralized cryptocurrency without an administrator or central bank. It can be sent in a peer-to-peer bitcoin network from one user to another user without the need for intermediaries.
Network nodes authenticate transactions using encryption technology and store them in a public distributed general ledger called a blockchain. Bitcoin is created as a reward for a process called mining.
Bitcoins can be exchanged for other currencies, services, and products. A University of Cambridge study estimates that in 2017, 2.9 to 5.8 million individual users used cryptocurrency wallets, most of them using bitcoins.
What you should consider when buying bitcoins
Although bitcoin trading is not recognized as currency in all cases, it is still money and you should process all bitcoin transactions in the same way as if you had signed up for a new credit card or loan – you want to know all about the relevant security and fees.
You must have information about the fees before you buy bitcoins because different exchanges have different fees.
When deciding where to buy bitcoins, you should consider, for example, currency; If you transfer British Pounds to an exchange that trades only in US dollars, you will be charged conversion fee immediately.
You can avoid these charges by choosing an exchange that accepts your currency.
It varies depending on the cryptocurrency and should be an important factor in deciding which exchange to use.
Liquidity is how much the bitcoin exchange can sell before the price is affected. You can find out how good a company with liquidity is when you look at their trading volume (perhaps, for example, the amount of traded bitcoins in the previous month); the higher the trading, the more liquidity the company has.
When it comes to getting bitcoins from a wallet and making transactions different exchanges have different speeds. Some may take up to five days to deposit currency into your account, while others are much faster.
Some conversations vary across platforms – for example, they’re just mobile devices, in which case you can’t manage money from your laptop.
Just as you may find it annoying to make large bank transfers to a friend’s phone you’re not used to, you shouldn’t opt for an exchange that works on a platform you don’t want completely.
Think about your location and the location of the exchange you want to trade with and research how easy it is to trade with this company.
In particular, costs can vary considerably from region to region – for example, US-based exchanges may offer some good US rates, but prices may rise in European countries.
Besides, different countries have to follow different rules and regulations. So it is important to ensure that the geographical location does not allow the exchange to be lax when it comes to security.
Best Platform to Buy Bitcoin
There are many places where you can buy bitcoins, so we recommend that you always do thorough research and care before making a selection.
Although we have listed some of the providers below, it is worth noting that this is done through online research, not personal experience. At Blockgeneses we are not financial advisers and all information provided in this article is only for educational purposes.
Binance is one of the leading cryptocurrency exchanges in the world. Customers in the UK must purchase bitcoins through their subsidiary Binance Jersey.
Binance Jersey has free deposit and withdrawal fees and a 0.1% business fee for customers in the UK.
The company is known for supporting multiple digital currencies. This means that bitcoin traders have a wide range of options for trading in multiple currencies.
Coinbase is based in California USA. Buying Bitcoin Coinbase is a popular choice and is one of the leading cryptocurrency exchanges in the world. Coinbase offers wallets (which are free) and exchanges for customers.
As reported by Coinbase, 98% of cryptocurrency is stored offline in safes boxes and vaults. Coinbase also has a 48-hour withdrawal cancellation option, which protects users from fraudulent activity and allows investors to add another person’s name to the approval list to ensure the security of further cancellation.
Coinbase accepts credit and debit card payments and charges a flat fee of $ 3.99 a low fee compared to other UK and US exchanges. So Coinbase is the best platform to buy bitcoin.
Coinmama is both i.e. an exchange and a wallet. This exchange allows users to buy bitcoins in multiples of $ 100 quickly and easily from the home page.
Far from other exchanges that buy and sell on the open market, Coinmama finances trading from its corporate stakes; Coinmama is also a service of a monetary company registered in the USA.
It can be said that this added security provided by coinmama for users comes at a price with Coinmama’s fees which is on the high side as compared to other platforms.
Through Coinmama you can buy bitcoins but be aware that you cannot resell them. This is not necessarily a negative point. Coinmama would be suitable for those who want to buy bitcoins but do not need an exchange.
Bitpanda serves European customers; it has a good selection of payment methods. Fees for the purchase and sale of bitcoins in Bitpanda correspond to Coinbase (1.49%); However, complete cost information is not easy to find on the website and is included in the purchase price.
The privacy level that the user receives depends on his use; you can only purchase bitcoins with a confirmed email, but there is a limit on the amount you can sell.
After verifying your identity, you can buy bitcoins with a credit card and purchase significantly more with other payment methods.
CEX exchange is operating in the United Kingdom. The company accepts credit and debit card payments and bank transfer for the purchase of bitcoins.
Payment through credit card sends bitcoins immediately to the user’s account and the privileged fees are low as compared to other exchanges.
The CEX authorization process is long and requires a lot of personal data. Those looking to purchase a large number of bitcoins by bank transfer require top-level authentication, which includes photographs of several different IDs and proof of address.
This exchange is a completely different exchange than the others on this list. Local Bitcoins is a peer-to-peer exchange that supports users with advertisements stating the method of payment and the exchange rate for buying/selling their bitcoins.
In response to an ad, a trade is opened and escrow protection is activated which protects both buyers and sellers.
Bitcoins are stored in local bitcoin wallets, where users can pay for their purchases directly.
Registration, purchase, and sale are free. Transactions on the wallets of other local bitcoin users are also free. A 1% fee will be charged for each completed transaction. So Local Bitcoins is the best platform to buy Bitcoins.
The EToro website contains a large amount of information on bitcoin purchases, so the exchange is suitable for those who are just starting to trade in bitcoins.
EToro registered traders will receive $ 100,000 virtual trading accounts for practice strategies before trading for real money.
Business courses are offered by eToro, it also offers a study lab that includes a variety of tools to support traders with their business experience.
Financial Conduct Authority (FCA) in the UK has regulated eToro in the UK and money is deposited in tier one European banks. eToro supports deposits and withdrawals from external wallets without any trading fees this is different than other exchanges mentioned in this list. So eToro is also a best platform to buy Bitcoin.
Investing in BTC is no different from investing in shares. You must open an account with an exchange for BTC trading. You can open an account with a broker for shares. Then you deposit the money in it.
The lone difference in investing in bitcoin is that you must first purchase bitcoin with the money you have invested before you can trade on bitcoin. However, your first bitcoin purchase is your first opening trade.
Bitcoin buying is not always as easy as new traders expect. But the number of options is continuously growing and getting easier and this is good news.