what is the best place to buy bitcoins
Investing in Bitcoin is all the rage but how exactly does a beginner get started?
Practice y'all demand to already have Bitcoin to invest?
Or practice yous transfer money from your bank business relationship to somewhere and catechumen it to Bitcoin? What does that look like?
We'll respond all of these questions and listing 10 of the best cryptocurrency exchanges and platforms that allow you to purchase Bitcoin and other tokens.
Going forrard, we'll use BTC, which is the symbol for Bitcoin on exchanges and trading platforms.
If you just want to earn a loftier render with crypto, you might consider a crypto savings account. These accounts pay up to 12%, but do come with risks (merely like regular crypto investing). Check out the best cryptocurrency savings accounts here.
Editor'south Picks For All-time Crypto Exchanges:
- Best Overall: Coinbase
- All-time For Trading: Binance
- Best To Earn Interest: Hodlnaut
- Best For Altcoins:Uphold
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Top 10 Bitcoin and Cryptocurrency Exchanges
Best Crypto Exchanges and Investing Platforms
Hither is our list of the 10 all-time cryptocurrency exchanges and investing or trading platforms. The cyrpto offers that appear on this site are from companies from which The College Investor receives compensation. This compensation may impact how and where products appear on this site (including, for instance, the guild in which they appear). The College Investor does not include all cryptocurrency exchanges or all crypto offers available in the marketplace.
one. Coinbase
Coinbase is by far the most popular and one of the best cryptocurrency exchanges because yous can invest direct with USD. Y'all tin can currently purchase Bitcoin, Ethereum, and Litecoin and 30+ other coins and tokens on the platform. Furthermore, y'all tin can earn interest on your USDT, and you lot can earn token rewards by completing various activities.
Plus, when you open a new Coinbase account, you lot get a $five bonus for getting started using our link!
Read our total Coinbase Review here.
Pros
Cons
Get $5 in free BTC!
2. Voyager
Voyager is a popular platform to invest in crypto as it was one of the first publicly traded exchanges. They are app-driven and offer a commission-complimentary trading structure.
Voyager supports most major cryptocurrencies, has solid support and appointment, and pays competitive involvement rates on assets.
Plus, when you open a Voyager account, you tin earn $25 in BTC afterwards trading $100 in crypto.
Read our full Voyager review here.
Pros
Cons
Go up to $25 in BTC gratuitous!
3. BlockFi
BlockFi is a cryptocurrency investment platform that allows you to lend and earn interest on your holdings. Besides, instead of selling your coins and tokens, you can also borrow against your holdings.
If you're just looking to concord your tokens, you can as well just allow them earn involvement for you.
Bonus Offer:Get upwardly to $250 bonus when yous make a $25 deposit and maintain it for the specified period of fourth dimension.
Pros
Cons
Get up to a $250 bonus!
4. Uphold
Uphold offers simple solution to trading multiple assets — open one business relationship and merchandise multiple assets without making a trip back to cash. If you've every traded crypto, you'll know a lot of coins and tokens only trade in certain pairs, and then y'all're always going dorsum to BTC or ETH. But on Uphold, you can trade multiple assets straight.
Plus, Uphold is 1 of the few exchanges that allows you to trade XRP, DOGE, and more.
Read our total Uphold review here.
Pros
Cons
5. Kraken
Kraken is one of the original crypto trading platforms and they accept a good selection of coins and tokens to trade and invest in. They also let margin trading. Notwithstanding, it's a real exchange, and not every bit easy to use as some of the top platforms on this listing.
Kraken is one of the few platforms on this list that allow you to trade in DOGE and other, more risky, tokens.
Note: Kraken offers a express section of coins and tokens to United states customers versus international customers.
Pros
Cons
6. eToro
eToro has been effectually for a while in the UK and throughout Europe, but they are at present allowing traders in the United States. They offer a huge variety of digital avails to buy and sell on their platform, and even better, they take a practice trading account and so yous can requite it a effort before y'all actually apply real funds.
Right now, eToro is likewise offering a $10 bonus if you deposit and trade $100 in crypto-avails. This offer is only bachelor for United states of america users.
Read our full eToro review here.
Pros
Cons
This ad promotes virtual cryptocurrency investing within the European union (by eToro Europe Ltd. and eToro Britain Ltd.) & USA (by eToro Us LLC); which is highly volatile, unregulated in most EU countries, no European union protections & not supervised by the EU regulatory framework. Investments are subject area to market run a risk, including the loss of primary.
vii. Bitcoin IRA
Bitcoin IRA is a niggling different than the other platforms here. Dissimilar most exchanges and wallets, yous're basically just exchanging currency and are subject to paying taxes on your gains (acquire how taxes on your cryptocurrencies work here).
With that being said, Bitcoin IRA combines the all-time of existence a crypto wallet and exchange, with also being an IRA. That means that your gains inside the account are revenue enhancement free or taxation deferred.
Read our full Bitcoin IRA review hither.
Pros
Cons
eight. Crypto.com
Crypto.com is ane of the largest and fastest growing crypto exchanges. Information technology's based in Hong Kong, merely offers a ton of support for US-based customers.
Right now, you can have admission to over 90 tokens and coins worldwide, and fifty tokens and coins if you're in the The states. Plus, the offer solid rates on their crypto savings accounts.
The only major drawback is that it's only app-based at this time, in that location is no desktop platform.
Read our total Crypto.com review here.
Pros
Cons
9. Binance
A great platform for getting into some currencies similar Cardano or Neo. Not as easy to use as some of the top platforms on this list, but they practice have one of the most robust trading platforms out there. They practice have a decent mobile app, merely again, not equally piece of cake to use and we've been frustrated with information technology. Effort Binance hither.
Note: Binance.us is the US-version of the platform and has express coins and tokens to invest in versus the international version of Binance.
Read our total Binance review here.
Pros
Cons
10. Hodlnaut
If you're looking for an alternative to trading cryptocurrencies, check out Hodlnaut. Hodlnaut is a savings and lending platform that focuses on Bitcoin and several stablecoins.
Right now, you can earn up to 7.46% on your bitcoin and up to 12.73% on your USDC through saving and lending options on their platform.
Read our total Hodlnaut review here.
Pros
Cons
Go $20 in-kind if yous eolith $1,000.
How To Invest In Bitcoin
Investing in BTC is similar to investing in stocks, except far more than volatile because of the daily swings in BTC. Here are the steps to invest in stocks from the beginning:
- Open up a brokerage business relationship at a firm that allows crypto investments
- Deposit funds from your banking company into the brokerage account.
- Buy a stock using deposited funds (greenbacks balance).
- Later sell the stock for a gain or loss. Funds are returned to your cash balance.
The main divergence with BTC is for pace iii; you buy BTC or some other cryptocurrency instead of stock.
With BTC, the higher up flow is similar in most cases simply it depends on the exchange or trading platform. In some cases, y'all tin can buy BTC using your credit carte or by transferring funds from your bank business relationship.
For other platforms, you must transfer BTC directly. This is known as a direct deposit of BTC.
We'll discuss how to invest in BTC for US citizens. The methods vary across countries because of differences in laws and regulations. Some countries require more individual information than others to verify you are legitimate.
How To Deposit USD To Purchase Bitcoin And Crypto
Coinbase is one of the well-nigh pop platforms and has a straightforward process. Some of the mentioned websites below volition follow this same procedure. Nosotros love Coinbase because you lot become $5 if you open an account.
With Coinbase, you open a Coinbase account and link your bank account or credit card. And then transfer funds from your bank business relationship to purchase BTC or purchase using your credit card. Credit card purchases of BTC are the most expensive.
The mechanics of purchasing BTC involve entering a USD amount or a BTC amount. The website will then convert the other currency.
For example, if you lot enter in 500 USD, the website will fill in the BTC side with 0.0357 (or what e'er the electric current BTC exchange charge per unit is).
Once you have the amount filled in, click to purchase your BTC. While credit card transactions cost the almost, they are likewise the fastest to consummate BTC transactions.
Banking company accounts tin take upward to a few days. Continue in mind that you will get the exchange rate at the fourth dimension you purchased BTC.
If BTC goes up g by the time your transaction completes three days later, you'll miss out on the ascension.
Where exactly does the BTC you've purchased go? After all, you haven't invested it yet. Your BTC sits in what's chosen a digital wallet. Nigh all exchanges have their own wallet that yous use to comprise your BTC.
Going dorsum to the brokerage example, your cash rest is used to trade stocks. BTC in your wallet is used to trade BTC.
What near your USD?
Your wallet has a space for BTC and USD. If yous deposit 10,000 USD and buy 5,000 USD of BTC, your wallet will wait like this:
five,000 USD
0.34 BTC
Wallets are a big topic of word when talking about cryptocurrencies. We won't go into depth with them just y'all can use a stand-alone wallet if y'all don't want to use the exchange'due south wallet. Electrum.org is one instance of a stand up-alone wallet. This tin can be desktop, mobile or website based.
You can fifty-fifty use a hardware wallet such equally LedgerWallet.com.
Once you've deposited funds with the exchange of selection and purchased BTC, you lot're ready to invest. Trading platforms on the exchanges wait very like to brokerage platforms.
You'll have a chart and buy/sell buttons with the amount of BTC to trade.
When trading in BTC, you can exchange into other cryptocurrencies, which is another method for selling BTC. Or you tin exchange out of another cryptocurrency and into BTC, which is the same as buying BTC.
Directly Deposit Of BTC
In the case that the commutation doesn't let purchasing BTC by transferring funds or using a credit bill of fare, you can deposit BTC from another exchange.
This is washed by getting your wallet address from the target substitution. And so enter it on the source exchange forth with the amount of BTC to transfer to the new exchange.
The transaction takes a few minutes for the exchanged BTC to appear in the target wallet.
Common Cryptocurrency Exchange Questions
Hither are some of the virtually mutual questions we go when it comes to our picks fr the best cryptocurrency exchanges.
What features are of import to look at when deciding on an exchange?
There are a few major features we consider, including the number of tokens and coins available, the cost or committee charged, the ease of utilize, the security of the platform, the customer service, and the features (such as cryptocurrency savings accounts).
What's the difference between a crypto exchange and a crypto wallet?
A wallet is designed for safety storage of your cryptocurrency. An exchange is designed to permit you to buy and sell cryptocurrency hands and chop-chop. A wallet will hold your private keys security, while when yous utilise an exchange, you provide the exchange your individual keys. The exchange so acts every bit your custodian.
How practice yous buy cryptocurrency?
Yous open an account at whatever of these exchanges, deposit your funds, and then you tin "substitution" your USD or fiat currency for the cryptocurrency of your choosing. Some cryptocurrency just have specific pairs they trade with, so depending on what you want to buy, yous may demand to purchase something like Bitcoin, and then exchange the Bitcoin for some other token.
How much money do you need to get started?
Y'all can get started with most of these exchanges with every bit little as $five.
Methodology
The College Investor is dedicated to helping you make informed decisions around complex financial topics like figuring out the best cryptocurrency exchange. We do this past providing unbiased reviews of the tiptop bitcoin and crypto platforms for our readers, and then we aggregate those choices into this listing.
We accept called crypto exchanges based on our opinions of how easy they are to utilize, the availability of tokens and coins on their platform, their costs and fees, their trustworthiness and security, and a diverseness of other factors. We believe that our listing accurately reflects the best cryptocurrency exchanges in the marketplace for investors.
Final Thoughts
Investing in BTC isn't much different from investing in stocks. With BTC, you demand to open an account with an substitution. With stocks, y'all open an business relationship with a brokerage. Then you deposit funds.
The only difference with investing in BTC is that you have to purchase BTC, first using deposited funds, earlier you lot tin trade BTC. Although, your initial purchase of BTC is your beginning opening merchandise.
Have you ever used whatever of these sites?
Disclaimer:
*Personalized $5 advantage offer is displayed after account creation. Limited fourth dimension offer and while supplies last. Offer available to new users who accept not previously verified their identification. Offer non bachelor to new users who were referred to Coinbase through the Referral Program or who accept previously opened an business relationship using different contact data. Coinbase may update the weather condition for eligibility at whatever fourth dimension, in its sole discretion. See Terms and Conditions.
Source: https://thecollegeinvestor.com/21245/top-10-bitcoin-crypto-investing-sites/
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