Bitcoin is a revolutionary new technology that has the power to change the way we view money. It offers both simplicity and security for those who are interested in trading or investing in cryptocurrency.
The world of cryptocurrency and blockchain is an extremely new and evolving one. It can be hard to keep up with the latest trends, innovations, and investments. The question of where to buy bitcoin confounds both new and experienced investors.
Bitcoin exchange platforms are an essential part of this process, as they provide users with the ability to buy, sell, trade, and store their Bitcoins securely online against theft or hackers.
This article shall cover all crucial information regarding bitcoin exchange and platforms for you to make an informed decision.
Table of Contents
What Is A Bitcoin Exchange?
A bitcoin exchange is a digital marketplace where traders can buy and sell bitcoins using different fiat currencies or altcoins. Many bitcoin exchanges offer varying degrees of anonymity, security, trade volume, price, and more.
Bitcoin exchanges typically charge a fee for all transactions. Depending on the exchange, it can be anywhere from 0.5% to over 5%. Some bitcoin traders and investors like using Bitcoin exchanges because they offer convenient interfaces and features such as:
– Bitcoin Wallet
– Bitcoin Debit Card for easy money transaction or payment processing with merchants.
– Bitcoin Payment Processor for exchanging your bitcoins into FIAT currency and vice versa.
– Bitcoin ATM Map: Find all places where you can exchange bitcoins in your local area or anywhere in the world. The bitcoin ATMs are becoming more popular nowadays; they are becoming more familiar to mainstream users. Don’t worry if you have never used one before because usually, when you approach them for the first time, they offer step-by-step guidance until you complete your purchase/sell operation successfully! , Nowadays most of these machines allow small transactions without ID verification which is a significant improvement over previous times when you had to jump over several hoops.
Bitcoin Teller Machines (BTMs): It is another type of machine primarily found in different bitcoin conferences or at the business premises of more prominent companies. You can buy bitcoins without ID verification with these machines, but you need to own a wallet first!
Here is a list of the most popular and the safest bitcoin exchange platforms:
1. Coinbase
This is a peer-to-peer platform for individuals to buy, sell and store cryptocurrency.
You can purchase BTC immediately after your registration is complete! Once you have made the payment of at least 100 USD, you are likely to get access to their services instantly. If, however, you find it difficult to follow up on the KYC process (know your customer), it might take some time before you are eligible to use their services. The first thing that they require from users is a simple picture of yourself and the address on your ID card or passport to verify their identity. After verification on Coinbase, you have instant access to various additional features, including Bank Transfer, Credit Card, Debit card, and PayPal.
The Coinbase platform has been designed to allow new traders to understand the dynamics of this market easily. They offer a variety of payment methods such as credit cards and even PayPal to facilitate an instant purchase. It is important to note that, unlike other exchanges, they don’t charge any fees for using these payment services. Another thing you should know about Cryptocurrency exchange platforms is that they keep 30% of all Bitcoin sales as commission, and other third-party payment service providers like CoinPayments also take a small fee (1%) for their service.
2. Binance Exchange
Binance is a Chinese Bitcoin exchange that launched in 2017 and now claims to be the fastest Bitcoin exchange available. Sign-up usually takes less than 5 minutes, and it has proved to be a very reliable Bitcoin trading platform. Binance offers Bitcoin, Bitcoin Cash, Ethereum, and Litecoin with plans to add more altcoins soon. They also offer high volume for all pairs and low fees, which means you can make decent profits from this Bitcoin Exchange Platform.
The biggest reason why we suggest using Binance is that it’s simple and easy to use, even for beginners, most of whom will buy their first bitcoins through the Binance platform due to its user-friendly interface. Also, for those who want added security or advanced features like stop-loss orders, Binance offers that too with swaps in swaps out.
Binance also provides its own wallet, which means you can store your coins safely on their system rather than elsewhere if you choose to do so. The company will continue to develop new features for its platform whilst still maintaining a sleek-looking user interface. The company claims that they have a state-of-the-art security system and will not be hacked, providing users with peace of mind knowing their crypto assets are safe.
3. Kraken
Kraken is known for its low transaction fees, varying from 0.9 – 1.5 percent, depending on your 30-day trading volume. This makes Kraken the cheapest among the most popular exchange platforms.
The site also has 50+ cryptocurrencies available for purchase and allows you to trade with numerous fiat options such as USD, EUR, AUD, CAD, CHF, GBP, and JPY. The site is well-designed and intuitive; it offers three account packages: starter, intermediate, and pro, making it an ideal platform for both newbie traders looking to invest in cryptocurrency as well as experienced investors.
Various other bitcoin exchange platforms such as eToro, Coinmama, and crypto.com offer some premium bitcoin services that you can check out.
Please read thoroughly through the terms and conditions of these sites so that you make a decision that suits you the best.
Invest Smartly, Earn Exponentially!
