Best Platforms to buy Digital Currencies

Introduction

Bitcoin (BTC) has seen meteoric growth in recent years. In May 2016, you could buy 1 BTC for about $500. As of August 2022, even with all the price drops, a single Bitcoin was still worth around $23,000. That’s a growth of approximately 4,500%.

Some analysts believe the price of Bitcoin could rise even further as cryptocurrency and blockchain technology become a bigger part of people’s daily lives.

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The Places to Buy Bitcoin

The best places to buy Bitcoin allow you to use locally available and preferred payment methods like credit cards, bank accounts, and online payment methods. The trading platform should be easy to use, available 24/7, and it should be quick to deposit and withdraw your BTC to and from it. Most importantly, it should not charge exorbitant fees.

Bitcoin has huge monetary value and is in high demand, so you should use secure platforms that are safe to purchase from and store the cryptocurrency on. There are a lot of exchangers that you can buy bitcoin from. These are one of the most popular and easy-to-use exchangers.

1.Binance

With over 166+ cryptocurrencies available, both beginners and advanced traders have a myriad of tools and pairs available to them within one powerful trading platform.?Binance is a first-rate exchange for experienced traders who are looking for a respectable cryptocurrency marketplace to perform real-time trades.

Users, however, need to verify their identity after registering to buy Bitcoin and many other cryptocurrencies. The exchanger allows users to purchase crypto via bank transfer, credit or debit card, or cash. You can also deposit a cryptocurrency to use it to buy others or convert it into another cryptocurrency.

Pros:

Trustworthy management.

High volume exchange.

Low fees.

A large number of cryptocurrency pairs

Global support.

Verification: 1 day.

Cons:

There are a few payment options.

2. Coinbase

Coinbase has over 68 million users and went public in April of 2021. The platform is available in over 100 countries and supports more than 100 cryptocurrencies, with more being added regularly. Coinbase is the dominant U.S. cryptocurrency exchange that is known, used, and trusted by millions of customers worldwide. The user interface is one of the best in the world.

It is colourful and easy to use, and there is even a mobile app for both Android and iOS. It recently enabled integration with PayPal so users can pay for crypto with PayPal.

Coinbase accepts deposits in USD, EUR, GBP, CAN, AUS, and SGD.

Pros:

It takes 2-3 minutes for the verification process to be completed.

Coinbase is legal in every country in which it operates.

The site and mobile app are quick to understand and use.

Coinbase has over 100 cryptos available, with more being added all the time.

Established a reputation.

Large purchase limits.

Incredible level of security.

Low fees.

Cons:

Limits on features. You can use Coinbase to its full potential only if you’re a US, UK, or EU resident.

Some features vary based on your country of residence.

Support takes time to respond.

Slow bank transfers.

Find out the services offered by Coinbase in different countries of the world at https://www.coinbase.com/places

3. Kraken

With millions of active users in an international market, Kraken joins Coinbase and Binance to become the big three cryptocurrency exchanges in the global market. Launched just two years after Bitcoin, Kraken is one of the more established crypto exchanges on the market. While oldest isn’t always synonymous with best, Kraken offers a platform with top-notch security, more than 120 coins to choose from domestically and up to 160 coins for international users.

Kraken has become known as one of the safest places to trade cryptocurrencies, and it is the only cryptocurrency company to have a Special Purpose Depository Institution (SPDI) license.

Kraken accepts deposits in USD, EUR, CAD, GBP, JPY, and CHF.

Pros:

Respectable reputation.

Good customer service options.

Tiered Verification

Affordable fees.

Ease of Use: Easy.

Verification: 2-3 days.

Trustworthy.

Sophisticated features like margin trading and staking.

Cons:

No Futures Products for US Citizens.

There are few features outside of trading. Other exchanges have NFT marketplaces, debit cards, hotel and airline bookings, and more exotic offerings.

It is not available in about 50 states.

Kraken only accepts a select few fiat currencies.

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4. Paxful

Paxful is a peer-to-peer trading platform that allows buyers and sellers to trade BTC and other digital currencies in their local fiat currency. It also supports credit cards, Visa, MasterCard, PayPal and other local payment methods easily available in multiple countries around the world. To buy BTC, one needs to buy from peers needing to sell. Paxful supports over 350 payment methods, making it one of the most accessible exchanges out there and one of the top exchanges in the Southeast Asia region.

Its biggest limitation is that it only supports 3 cryptocurrencies: BTC, ETH, and USDT, but it makes up for it with very high liquidity and low fees. Paxful charges transaction fees to the sellers based on the wallet you use. These amounts vary as per the transaction size and are less if you use Paxful’s own wallet.

Interestingly, Paxful sellers can set their own crypto prices and trading limits. You can buy Bitcoin, Ether, and Tether with them. The buyer will publish a buy offer after which he or she can communicate with the seller to facilitate payment and deposit of crypto in escrow before payment is done and confirmed.

Pro:

350+ payment methods are supported.

All trades are secured with the Escrow Protocol.

Simple user interface (UI).

Wide variety of sellers.

Selling Fees: 0.5%

Buying Fees: Free

Crypto Conversion Fee: 0.5%

Deposit Fees (Bank Transfer): 0.5%

Deposit Fees (Credit/Debit Cards): 1%

Withdrawal Fees (Crypto): Depends on the crypto (0.0004 BTC for Bitcoin).

Cons:

It supports only three digital currencies.

Consider the following points to understand the best way to buy bitcoin:

i. Locate the best bitcoin trading platform where you can open an account or keep your bitcoins:

The first step is to locate the best Bitcoin trading platform where you can open an account or keep your Bitcoins. It is recommended to open a wallet with a trading platform because then you do not have to own multiple wallets or accounts and keep sending the bitcoins from one place to another.

Please look at our review above of the best places to buy Bitcoin and create a wallet with any of those platforms, or contact us at [email protected] for further information. With most platforms, creating an account is synonymous with creating a wallet. After signing up, check your account features to see if the wallet is available. It should be on the four platforms. All you need to do is to generate a wallet address where you can send the bitcoins after buying them.

ii.?Creating a Bitcoin wallet:

In case you need to create a wallet address separate from the trading platforms, for instance, with a hardware device, there is a detailed guide on the best Bitcoin wallets, including hardware wallets you can use. Most of the wallets are software on platforms where you need to create an account and own a wallet. Otherwise, if it is a hardware wallet, simply buy it and proceed with the setup.

If provided by the platform, remember to back up your wallet, write and save the recovery passphrase, or save the private keys offline. This ensures you can restore the wallet in case something happens with the account.

iii. Connect to a Fiat source:

We assume you want to buy BTC with your local currency, such as USD or EUR. For those who ask about how to purchase Bitcoin with other local currencies and locally available payment methods, peer-to-peer platforms like Paxful will be helpful. The platforms we have reviewed above allow you to connect your bank, Visa, Web Money, PayPal, credit card accounts, and other money sources to pay for Bitcoins.

iv. Buy the Bitcoin:

Bitcoin trading platforms vary in their manner of operation. Some, like Paxful , allow you to buy directly from other peers. In that case, you will find different customers who post sell orders on the platform. Identify a sell order at the lowest price. Ensure that the person who posted the order adheres to your buying terms, such as allowing you to pay with your preferred payment method.

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CONCLUSION

There are a lot of places to buy bitcoin, and the ones we discussed are some of the most popular and safest ways to buy bitcoin. Binance and Coinbase are two of the best places to buy bitcoin because they also offer an advanced trading platform, a custodial platform, and staking, and they are also safe.

However, since they are not available in some countries, there is a need for other exchangers that offer similar services safely and securely.