After a lot of research and study, you have finally decided to invest in Bitcoin. If this is your first time investing in a digital currency, several questions may arise. When you are planning to purchase a cryptocurrency, let's say Bitcoin (BTC), whose value is exposed to market volatility, it is needful to be extra careful as well as thorough with your research. You must know the nitty-gritty of BTC trading. It might look daunting at first, but it becomes comprehensible when someone proceeds cautiously one step at a time. The very first thing that you are supposed to do when you plan to purchase BTC is to select a suitable exchange agency.
A cryptocurrency exchange is a platform where you purchase and sell BTC and Altcoins. This is the destination where you can purchase, sell, and exchange cryptocurrencies for altcoins and fiat currencies. They are online portals that assist users in trading IT-based currencies.
Deciding your crypto exchange is the foremost step towards buying it. The exchange should be secured. It should provide smooth and seamless transactions to its users. You might have already selected your BTC exchange right after you made up your mind to purchase it. However, if you require a detailed guide on this before you opt for a smart choice, then this article will guide you in taking the decision, with the list of 5 best exchanges to buy BTC.
Given you are a smart investor, you will search for the cheapest BTC exchange. Therefore, stop for a few minutes and check every possible option that you have. Sometimes you can end up saving one-two percent of each purchase, and it becomes a lot if you have planned to buy lots of BTC. It becomes quite significant to select a BTC exchange that charges the least on transaction fees.
Before we learn about the 5 best exchanges to buy BTC, let us first understand the things that you should focus on in a crypto exchange to buy BTC.
Major Points that You Must Notice Before Joining a BTC Exchange
A good background check helps a lot before you buy BTC from any exchanges. So be careful about the following things when you are selecting your Bitcoin exchange.
Reviews- The best possible way to know about a BTC exchange is to hear about it from the people who have used it. Look for feedbacks and opinions from active users and industrial sites.
Trading Fees- Even though you only plan to buy BTC from the exchange and trade somewhere else, it is always a wise idea to know the fees charged by the exchange for each transaction.
Transaction Methods- It is always better to go for an exchange that has various payment methods. Check whether they have payment methods such as credit card, debit card, PayPal, bank transfer, etc. If your exchange has restricted transaction options, then possibly it will cause a problem in future transactions.
Verifications- When you buy BTC or other cryptocurrencies from any exchange, they need you to confirm your identity. You will be required to give any ID verification to make deposits or withdrawals. Better verification methods mean safer transactions.Note: Different countries have different regulations regarding bitcoin trading. Therefore, a lot of Bitcoin traders want to buy Bitcoin anonymously, without any identification. There are various ways to do so, and one of the simplest ways is to find a local Bitcoin trader who is available to deal physically.
The 5 Top BTC Exchanges that You Should Know
Binance- Binance comes under one of the most preferred BTC exchanges for traders. The platform works best for both a beginner and a pro. It offers an almost ground-level trading fee with several impressive offerings. Recently, Binance added an impressive feature of purchasing BTC using Master or Visa debit/credit cards, and this has made trading quite efficient.
ChangeNOW- This exchange agency is perhaps one of the 5 best cryptocurrency exchanges of 2021. The exchange agency has been in the crypto space for a long time now and has earned the reputation of providing trustworthy services with good rates. You do not have to create an account on ChangeNow for buying or trading BTC and other cryptocurrencies. It offers speedy transactions between decentralized currencies as well as digital and fiat currencies. If you are planning to buy Bitcoin through your mobile, then this exchange platform also has a mobile application.
CEX- This comes under one of the most cost-effective BTC exchanges. The fee that they charge is only 0.25%, which comes under the industry standards. One of the most remarkable things about this exchange is that it offers top-notch security. CEX supports multiple payment methods. It is one of the top destinations around the globe to purchase BTC.
Coinbase- To start with Coinbase, buying BTC for the first time is a good choice. The Coinbase app is available on the Play Store and the App Store, making it even convenient to buy BTC. The exchange is supported by trustworthy investors. Millions of Bitcoin traders use this exchange platform globally, and that makes it one of the most trusted BTC exchanges. This is quite a popular exchange in the United States.
Kraken- This can be called one of the 5 best cryptocurrency exchanges of 2020. You can sell and purchase BTC and altcoins at an affordable low rate. It is a good choice if you are a pro or experienced BTC trader. It offers dense volume in trading with decent rates.Buying BTC through the above-mentioned exchanges will offer you the best experience in buying Bitcoin. Although, there are other crypto exchanges from where you can buy BTC at a lower price. However, be careful about scams and frauds. Some exchanges can offer you the cheapest transaction fees. You should always check the authenticity and reputation of the platform.
