Cryptocurrency is undoubtedly one of the hottest and best investment vehicles today. And that’s not entirely surprising considering the rapidly increasing value of digital coins and the growing interest on the blockchain, the very promising technology behind it. But just like other investment tools, it is essential to gain a deep understanding of the digital economy before diving into it.
Many investors agree that Bitcoin is the best pick for newbie and novice investors. Of the hundreds of virtual coins out there, Bitcoin continues to be one of the most stable and safest coins to bet in. In 2017, Bitcoin made headlines as it posted record highs, attracting mainstream investors into the crypto world. Choosing a cryptocurrency to invest in seem quite an easy decision but selecting an exchange where to buy, sell, and trade coins are not.
As one of the most crucial decisions you’ll make as a first-time crypto investor, you want to make sure that you study carefully and research each prospective crypto exchange. There are over 200 virtual currency exchanges out there, such as Coinbase, Coinmama, LocalBitcoins, WunderBit, Bitstamp, Paxful, and many more. Every trade has its advantages and disadvantages which makes it vital to pick the right one.
So, what are the places to buy Bitcoin? Let’s check out below.
Launched in 2012, Coinbase is a popular Bitcoin exchange available to traders around the world. This San Francisco-based digital coin trading platform has been working to make crypto investing easy for the general public. With Coinbase, you create an account, choose a payment method, fill out the necessary forms, and begin buying Bitcoin. It allows investors to buy in USD, GBP, and Euros.
With its very intuitive interface, Coinbase makes cryptocurrency trading easy for everyone. It serves over 18 million satisfied users every month and guarantees stringent security standards. Accessing the wallet require multi-signature verification. Users can also access the wallet online, if necessary. But perhaps the best thing about Coinbase wallets is that they are insured.
Coinbase fees are also very competitive and easy to understand. And since Coinbase works with financial regulators, profits earned and purchases above $20,000 are reported to authorities for proper taxation. This is the main reason why Coinbase requires users to submit proof of identification before you can finalize an order.
Among the downsides of Coinbase are its frequent downtimes on sell-off days and credit card purchases in the US are disabled. Other than these two, Coinbase should be among the best places to buy Bitcoin.
Coinmama is also a great place to buy Bitcoin. With its easy-to-use design and mobile-adapted browser, anyone can trade Bitcoin with ease. This Israel-based crypto exchange accepts both cash and credit card payments, which makes it the best alternative when other exchanges do not accept your card. With its very flexible policies, Coinmama is available to more countries as compared to Coinbase. Since it is based offshore, it is also a good exchange for those who want to make their crypto investment private. It also has very reliable customer support.
LocalBitcoins is not like many other exchanges. In this coin exchange, prices vary greatly depending on how much a vendor is selling their Bitcoin. So, there’s a good chance you’ll find Bitcoin at a great process. Users can also back-read on the history of the vendor to get an idea about the trustworthiness of the transaction. You can also see the average response time of the seller to order.
Aside from the usual payment methods, LocalBitcoins has also enabled payment through Paypal. However, this route charges higher fees to cover potential charge-back and requires a good vendor history.
LocalBitcoins is a peer-to-peer alternative to the usual coin exchanges.
Another great place to buy Bitcoin, Bitstamp boldly claims that it is a licensed Bitcoin exchange. It offers both credit card and bank payments for purchases, as well as bank transfer, SEPA transfer, and even conversion of balance to gold.
Bitstamp has a simple interface which makes control and navigation easier for users. On account creation and purchase of Bitcoin, users are required to show proof of identification. However, once the KYC identity verification and payment method is completed, you can purchase Bitcoin immediately.
These are just four of the numerous cryptocurrency exchanges out there. Choosing which exchange to use will depend mainly on your trading needs, investment experience, and your location. Make sure to thoroughly research the exchange before finally making your first Bitcoin purchase.
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