Cryptocurrencies are once again entering into the mainstream, with many new investors learning about and wanting to buy Bitcoin with paybis. But most people quickly understand that getting ahold of some BTC is not as simple as going to your broker. The process is aimed towards more tech-savvy people and investors who are familiar with online trading platforms.
Due to this, you might be looking for some direction when it comes to the platforms that are trustworthy and easy to use. In this article, we help you do just that! In the next few chapters, we will introduce you to our top-6 favorite cryptocurrency exchanges and give you important pointers when it comes to their functionality. Ready to delve in? Let’s get started.
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Best trading platform: Binance
Binance is one of the most popular trading platforms in the world. Created in 2017 by Changpeng Zhao, the platform has managed to grow exponentially over the past few years. The exchange itself is split into three different sub platforms:
- Binance.com – This is the first and most popular Binance platform. It comes with more than 150 Bitcoin trading pairs as well as the ability to buy Bitcoin directly, using your bank account or card. Aside from its trading functionalities, Binance.com offers a large array of financial products that allows its users to earn passive income, participate in initial coin offerings, and more.
- Binance.us – The USA is notoriously strict on its regulations when it comes to cryptocurrency exchanges. Binance.us is a separate (and rather limited) exchange platform that aims to serve the American market.
- Binance.org – The decentralized exchange of Binance (DEX). This platform allows its users to trade without any regulatory overview, as each transaction happens in a peer-to-peer fashion. Binance Dex saw a rapid increase in popularity over the past summer with more crypto projects being launched on decentralized platforms rather than the expensive centralized platforms. Keep in mind that you will need to have your own private wallet before you decide to make a transaction on this platform.
Most convenient platform: Coinbase (& Coinbase Pro)
Coinbase is probably the most popular online platform that allows investors to purchase cryptocurrency. Unlike Binance, this platform is actually a brokerage service, meaning that it acts as a middleman between the buyer and the liquidity provider(s). Therefore, you are not directly buying or selling from other users.
Coinbase and its trading platform (Coinbase Pro) offer several financial products to their users, including collateral crypto loans, insurance, staking option and even earning possibilities. It is considered to be the most easy to use service in the crypto market and allows users to add many different protective measures to maximize the security of their funds.
Up and coming exchange: Crypto.com
Crypto.com is another trading platform that increased in popularity over the past two years due to its efforts of merging the traditional financial world with the crypto industry. It is one of the first exchanges to offer a cryptocurrency debit card (MCO card) and has 2 exchange-based coins that have been performing well since their introduction to the market.
The exchange allows users to purchase Bitcoin in just a few minutes and comes with a handy smartphone app to keep track of investments, open trades, and a wide range of financial products and services. While not the most popular platform in the space, Crypto.com is one of the exchanges with the most aggressive marketing campaigns in the space, which translates into thousands of new signups on a daily basis.
Safest platform: Paybis
Paybis is certainly not as popular as the options discussed above. However, the platform offers certain perks which make it an excellent option for both beginners and those who are looking to maximize the safety of their cryptocurrency transactions.
Here’s why you should consider Paybis for your next purchase:
- The platform does not have an exchange-based wallet, which means that your newly purchased BTC is sent directly to your private wallet, bypassing the withdrawal process.
- New users that choose to use their credit or debit card are able to make one transaction without paying any fees. This guarantees the best market price for your order.
- The verification process takes just a few minutes to complete and is much easier than all the previous options.
Best for traders: Bitfinex
If you are looking for the platform with the most BTC trading pairs look no further than Bitfinex. The platform has 482 markets for BTC, making it one of the most liquid platforms worldwide. This is an excellent option for traders who are looking to use their BTC to invest in low cap coins or other, less popular cryptocurrencies.
Aside from its coin availability, Bitfinex is also well-known for its high leverage trading options, which allows traders to make riskier trades with, potentially, higher rewards. The interface is not as simple and easy to use as some of the options mentioned above, so it might not be the best option for beginners.
Best alternative option: Localbitcoins
If cryptocurrency exchanges are not your cup of tea, you might consider looking into other options. One of the most popular alternatives, when it comes to buying and selling Bitcoin, is Localbitcoins, an escrow service that allows users to trade in a peer-to-peer fashion.
The concept is very simple:
- Sign up to the platform and verify your account (unless your transaction is lower than $1000 per year)
- Find an open trade that matches the criteria you are looking for (amount, payment method, fee structure, etc.)
- Start a new transaction and allow the platform to act as a middleman (escrow) to ensure the transaction goes as planned.
- Once your payment is made and received by the seller, you will automatically receive the Bitcoin in your wallet.
While escrow services are a great way to invest in cryptocurrency, try to avoid certain payment options. For example, meeting people in real life for a Bitcoin trade might be a very risky practice and thus not recommended. In LocalBitcoins it is even possible to buy Bitcoin with PayPal or credit card. So you can probably find payment method suitable for you.
I’m a 20-something stay-at-home mother and wife. I have an amazing husband, a beautiful daughter, two loving dogs, and a lazy cat. I wouldn’t change my life for anything! I love to read, listen to music, cook and blog!
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