The price of bitcoin has multiplied significantly in the last year and will continue to rise much further in 2020 due to he overwhelming demand, limited supply and the unstoppable adoption of the blockchain technology. A challenge you are facing currently is“But how do you buy bitcoin?” We will explain further in the article how to buy Bitcoin and cryptocurrencies and the best Bitcoin exchanges to buy your coins from. You can buy them securely and for the best prices online available at many exchanges in 2020 however many of them do not offer the best rate and easy of use, so we wrote this guide to help you buy Bitcoin at the best rates and most trustworthy exchanges to store safely and give you access to the various cryptocurrency exchanges to trade Bitcoin and other cryptocurrencies.
Buying Bitcoin and other cryptocurrency? Where do you start … We answer that for you.
The best way to buy bitcoin is using a reputable cryptocurrency exchange. There are many exchanges currently and it may be confusing which one should you use to get the best value and more importantly security of your cryptocurrencies and personal information. We have also been through wrapping our heads around which exchange to use initially but let our lessons learned be your reward as we have identified the best in class exchanges, user friendly and seamless registration process.
- Coinbase, to buy bitcoin (largest bitcoin exchange in the world)
- Binance (Best bitcoin exchange to trade cryptocurrencies)
- Litebit (Best place to buy and hold cryptocurrencies)
- Kucoin (Ine of the largest exchanges to trade cryptocurrencies)
- Hitbtc (a great bitcoin exchange with many different currencies)
If you prefer to buy bitcoin, ethereum or litecoin we would recommend registrering an account at Coinbase and leaving them there as that’s the easiest option.
If you intend on actively trading or acquiring additional cryptocurrencies ,we recommend buying Bitcoin on Coinbase or Litebit then registering an account at Binance or Kucoin and you can begin your trading. You can simply send the bitcoin from Coinbase to Binance and trade from Binance. Binance has more than 150 different cryptocurrencies and adding more each month. This gives the best options to trade between a lot of different cryptocurrencies.
Only at Coinbase and Litebit you can buy directly with your local currency also known as FIAT currency. Binance, Kucoin and Hitbtc are only crypto exchanges where you can trade, but not buy and sell for FIAT currency. This means that you will need atleast an account at an exchange where you can buy and sell for FIAT currency and at an exchange to trade between cryptocurrencies.
Buying cryptocurrency – Best cryptocurrency exchange 2020
|Exchange name||Cryptocurrency||Payment methods||More information|
|Coinbase||Only bitcoin, ethereum and litecoin||Bank transfer & creditcard||At More information|
|Recommended: Binance||150+ different cryptocurrencies||Can't buy directly here||At More information|
|Litebit||Around 50 different cryptocurrencies||Bank transfer, iDeal and creditcard||At More information|
|Kucoin||50+ different cryptocurrencies||Can't buy directly here||At More information|
To guide you out in selecting the right and appropriate cryptocurrency exchange where you could purchase bitcoin we have compiled a list of such exchanges.
The onus would be on you to peruse them and decide whom you would choose as it would be your judgement to do so as some of them have been actively trading with bitcoins fairly recently.
Each of these sites would need to be visited and thoroughly studied as we have only provided a general overview of each cryptocurrency exchange and a more detailed analysis would be required prior to selecting one or more of them to help you trade and invest in bitcoin.
The prices of bitcoin has been healthy and it recently reached record highs and some who have invested and traded in them have made a tidy sum of money and is considered as safe investments especially in the digital investment fraternity.
Keeping a close eye on how they are trading and studying the fluctuations that are happening and how they behave would be a good way to begin on this very new phenomenon which is revolutionary in how it will change the world.
Coinbase is operating out of San Francisco, California in the United States of America and they would trade the following cryptocurrencies, bitcoin, ethereum and litecoin, exchanging and trading in US dollars, Euros and British pounds. It’s one of the largest bitcoin exchanges, with the biggest amount of members actively trading.
They have exchanged over US $ 50 billion worth of cryptocurrencies and boast of a customer base in excess of 10 million serving them in more than 32 countries worldwide since they began operations in June 2012.
- Many prominent investors working with them
- Insurance protection offered
- Secure storage facilities
- Flexibility in purchases
- More information on their support facilities required
- Deals only in three cryptocurrencies so far (more to be added in 2018)
The fees on Coinbase are really good. One of the lowest fees for exchanges.
One of the leading cryptocurrency exchanges and have been well accepted within the digital fraternity which speaks volumes of their dedication with a worldwide customer base which is well serviced.
Based in Shanghai, China and led by a very strong team with experience in Wall Street as well as in dealing in cryptocurrencies, and has built up an indelible reputation in the field of financial trading and investments.
They support multiple languages and are comfortable working in English, Chinese, Japanese and Korean. Selective Trading with bitcoin, litecoin, ethereum and bnb.
- Works with an abundant of resources and diverse partners
- High performance processing, capable of handling 1,400,000 orders per second
- Ability to work in many customer devices
- Safe and has stability
- Wide experience in Wall Street but lacks the same experience in cryptocurrencies
- Website is not sufficiently informative
Binance fees are the best in the market as it has a unique system. They have their own Binance Coin tokens which allow you to get 50% discount on trading. This means you can buy a few Binance coins and trade really cheap.
Their terms of trading would need to be well studied prior to taking a firm decision as to how you would work with them and how best to ensure that your
Based in the Netherlands and has had some problems with some adverse reviews and comments by some of their own customers who have complained of the website being down a couple of times, but there have been others who have been happy. The website being down had mostly to do with the new amount of visitors trying to register on the website, which has been solved now. The platform works well again and works most of the day. It’s a very beginners friendly bitcoin exchange which make it really easy to buy your first coins on the platform.
Though they are supposed to be big in that part of the world and have been trading in cryptocurrencies for some time there have been some issues which they would need to sort out.
- What has been written about them has to be checked out as they have a good reputation.
- Deals with more than 50 different cryptocurrencies
- Founded in 2013, and has been around
- Adverse reviews in the recent past
- Customer dissatisfaction evident
- Scams reported by customers
Litebit fees are a bit more expensive than Coinbase and Binance as example. But a good thing at Litebit is that you can buy a lot of cryptocurrencies directly with several payment methods really easy and quick which is convenient. They also have a wallet for every crypto coin what makes it easy to just hold a cryptocurrency of your choice. Litebit is not a bitcoin or cryptocurrency exchange which means you can’t trade it for a other coin. For this you will need to make an account at Binance or Kucoin.
Has to be thoroughly checked before dealing with them and if there is even an iota ob doubt about their bona fides it would be advisable to move away because in cryptocurrency dealings, trust is of paramount importance.
Founded in 2011 and went through a phase of understanding the cryptocurrency environment and began total operations in early 2017 and though new into the arena has a very dedicated team to give the other established players a run for their money. Kucoin has been growing rapidly with over 500 btc trading daily already and growing by the day.
The team at Kucoin though young has a total experience of many years shared among themselves and has been dealing with their customers in a very healthy manner and has been successful since they arrived in the marketplace.
- Able to process around 1,000,000 orders per second
- Young and energetic team
- Has provided exemplary service to their customers
- Secure wallets for cold storage
- May lack sufficient experience
- Newcomer and need to establish bona fides
Kucoin has the same system as Binance almost. You can get discount on your trading fees by buying the Kucoin Shares coin. This gives you 50% discount on trading. Also, it has a unique system. Holding Kucoin shares give you daily interest of all the coins on the platform that are getting traded. The more Kucoin Shares you hold, the more your daily interest will be.
There is an element of risk involved because of the reason that they being new entrants but with a very energetic team to back their clients
Based in Copenhagen, Denmark and was founded in 2013 with a six million Euro capital investment and since then have not looked back and have been in the forefront among the cryptocurrency exchanges worldwide. Hitbtc is one of the biggest bitcoin exchanges worldwide.
Has high liquidity and is backed by state of the art technology, charges low fees for their services and has more than 150 instruments that their customers could choose from and has built a solid screen of dedicated service.
- Safe and secure in conducting all services
- Fast and very courteous service
- Very easy to climb onboard and trade
- 24 hours trading option available
- Some customer reviews are not satisfactory
Hitbtc has low trading fees which is interesting to use as your platform to trade. Also they have a big amount of different cryptocurrencies to trade.
They have been long enough in the marketplace to know exactly what is happening in the very volatile cryptocurrency environment and have been praised by many who have worked with them though some may be disgruntled.
They are based in Hong Kong and would deal with US dollars, and deals in a variety of cryptocurrencies and are a force to reckon with vast experience with high turnovers being recorded every hour. Bitfinex is a very user friendly platform.
Very well secured and provides good storage facilities to their customers and uses very high efficiency state of the art technology to deliver fast and best services to their customers.
- Provides a variety of trading options
- Well secured environment
- Quick and efficient service
- Easy trading facilities
- Not to many different cryptocurrencies (around 25)
Bitfinex fees are low which makes it an interesting platform to trade. It also offers possibilities to sell and buy Bitcoin directly here which is good. Not every exchange offers this, Binance, Bittrex and Kucoin only offer to trade but not to buy and sell unfortunately.
Has made trading in any of the variety of choices of cryptocurrencies that they deal with easier to understand and also good help is provided so that it makes ease in learning the various tips to trade successfully.
Based in the Republic of the Seychelles and handles only bitcoin and none of the other cryptocurrencies and has been a very vibrant exchange since they came into this business. Bitmex is different than most bitcoin and crypto exchanges. On Bitmex you can trade with leverage which mean you can trade up to 100 times the price. There is more risk involved in trading like this. You also don’t own the coins yourself, you trade on the price of the coin.
They deal in only bitcoin and would not buy or sell in normal currency , which is an issue for those who are newcomers to the cryptocurrency environment, which could put off bona fide investors who want to begin somewhere.
- Easy to trade as they deal only in bitcoin
- Flexible terms of trading
- Online training accorded to beginners
- Dealing in only bitcoin could deny variety in others
- Only a few coins you can trade in
- You don’t own the bitcoin
Has very secure storage facilities and with the initial breakthroughs provided to newcomers there is an element of added incentives for learning the ropes and other tips on how to trade successfully on the bitcoin platform.
Operates out from their offices in Las Vegas, The United States of America, assures confidentiality to all their clients and has some of the best state of the technology in use to provide quick and efficient services to their customers. Bittrex is one of the earliest cryptocurrency exchanges in the market with the biggest amount of members. They have a great user friendly platform and trading on it is easier.
Boasts of a fifty year history in trading and has been very active since the introduction of cryptocurrencies and is well versatile in financial trading possibilities.
- Brings immense experience
- Adheres to all State and Federal laws
- They have experience in financial markets but cryptocurrencies are a different ball game.
- They don’t a lot of the new cryptocurrencies
There work in the cryptocurrency sector has been quite enlightening and has helped many investors to pick some good returns, and if they could keep the tempo would be successful with their customers. Bittrex is a good choice to use as your main btc exchange. Only unfortunate thing is that they don’t add so many new coins anymore.
Another London, United Kingdom based company, which has shown some great results over the years and a string of very satisfied customers. They deal with bitcoin and ethereum and have been in the forefront in these two cryptocurrencies.
The fees are reasonable and the trading is very simple but you would need to master it if you are to get the better of it and make some monies without much of a thought for others.
- Safe with the required security clearances
- Follows all British laws
- Registered with FinCEN the US regulators
- A bit more transparency required
They have been well accepted by most of their clients as being flexible in trading operations and providing the right inputs to their clients. Cex.io is a stable cryptocurrency platform and a good choice. For beginners Binance, Coinbase, Litebit or Kucoin might be a better choice.
Operating out of Tokyo, in Japan and has some very impressive shareholders backing them and have been always vibrant in their dealings and with this trend becoming more aggressive as the cryptocurrency platform becomes volatile. In 2018 Bitflyer is going to target the U.S. market. It will open several offices and be open for a bigger audience.
Uses state of the art technology and provides high speed connectivity and has been an asset to all the customers who have come onboard with them to try their hands at trading in cryptocurrencies.
- Very aggressive and vibrant in trading
- Complies strictly with all laid down rules and regulations.
- A culture gap may arise when dealing with the Japanese.
- They offer less cryptocurrencies than other platforms.
A very well managed exchange, which has done extremely well in the cryptocurrency trading platforms, and have some very loyal clients who swear by them and have brought success to many, in this difficult to understand trading endeavor. At this moment only available to the Japanese, but a big change it will be available for everyone in the world somewhere in 2018.
Located in Helsinki, Finland and is trading in 15,850 cities and in 248 countries worldwide. Here bitcoin are only traded and the service is fast because unlike other transactions here you deal with person to person. It’s the only platform where you can find people in your area to trade offline.
You could trade your bitcoin directly with other people in your locality and without dealing with exchanges you could meet and buy your bitcoins directly from the seller or you could sell to the buyer.
- No hassles as you would be buying or selling directly from a person
- Because it is local, there would be bargains too
- Being local it could create unnecessary problems
A very good idea as you could monitor your purchases and have the responsibility to keep your bitcoins safe and secure with this exchange as they provide some very exciting packages for the discerning.
Purchasing bitcoins – How to buy bitcoin?
There are different payment instruments that you could use to purchase bitcoins and one of them is through PAYPAL, some exchanges may not offer this facility but you could check that out. Most exchanges offer a normal bank transfer and credit card to.
Once you buy bitcoin through PAYPAL you could keep them in cold storage till such time that you would like sell them off or even buy more to enhance your investment.
Most countries today have the PAYPAL facility hence its popularity and most who want to trade in bitcoin use this very easy to pay method and is very popular in most countries.
Trading bitcoin on an exchange
Once you have a good idea of which cryptocurrency exchange that you are going to trade with them you could study the fluctuations over a predetermined period and then take the plunge to test your trading skills.
First you could go slow and then gradually increase the tempo of buying and it is a very good pastime to enjoy and there is a thrill too, when you master the trade from which you could earn substantially as the bitcoin prices are rising.
There is ample evidence to show that cryptocurrencies are here to stay and which would be around and which not would be a very difficult guess to make and based on that, there is every chance that among the rest bitcoin being very popular could stay on forever.
If you are new, recommended is to take a look at Coinbase and Litebit if you want to buy bitcoin and just hold it. If you would like to start trading it’s recommended to make an account at Coinbase or Litebit and an exchange at Binance or Kucoin for trading in different cryptocurrencies.
The road and history of Bitcoin
The first cryptocurrency to be introduced was Bitcoin which came into circulation in 2009 and since then, there are many being used with various names attached to them all over the world.
Though cryptocurrencies were introduced nearly eight years ago, it has still not immersed itself into the fabric of the common people’s mind, hence their payment methods and is still looked at with suspicion in the public domain.
The various cryptocurrencies are classified as digital or virtual currencies and their popularity within the public domain has not been encouraged by statements issued by the Financial Crimes Enforcement Network (FinCEN) a bureau of the United States Treasury in 2013.
Prior to the statement from the US Treasury’s FinCEN, the European Central Bank, in 2012, also came out strongly against these cryptocurrencies calling them “a type of unregulated virtual digital money, which is issued and controlled by developers in a virtual community”.
The pressure intensified on cryptocurrencies when the European Banking Authority, the financial watch dog of the European Union in 2014, also came out strongly against what they too called “a virtual digital representation of value not controlled by a Central Bank or public authority of any country”.
The crux among all of these statements stood out one very important aspect describing these cryptocurrencies and that was the word “Virtual” which was generally used to define something superficial.
It was very obvious that the world financial fraternity was banding together to exert pressure and try everything they could within their power to ensure that cryptocurrencies did not have a free entry into an arena that they controlled and that too with close the heart laws and regulations denying any outsiders to enter.
Crptocurrencies were seen to be one such threat and could topple them from their pedestals of holding and controlling the world economy with their own brand of currency the outdated coin and paper, which would one day become obsolete.
Unless and until the big powers especially the United States Treasury and the British Exchequer with the other developed countries joining and banding themselves together, in support, there would not be much of a future for cryptocurrencies and would be always considered as outside the realms of the normal currency climate.
The United States dollar is the major currency that is traded all over the world and whether the United States government would be willing to relinquish that high pedestal that they are sitting on would be a matter of contention.
When they do realize and accept the fact that cryptocurrencies would be the future for the world then we could have a complete overhaul in the world financial environment and many hope that that day would be sooner rather than later.
The noose is still kept tight around the cryptocurrencies especially bitcoin, with no government anywhere recognizing its future potential and when that would be forthcoming, would be eagerly awaited by everyone, who is trading at present in these, and would be looking forward to that day.
The future in a changing financial climate
What the future would hold from now on into another five decades or more would be anybody’s guess and a time could come that it would be only crptocurrencies that would be used for trading and investment, whether that would be wishful thinking “Only Time Will Tell”.
Many things in life have changed over the last five decades and we are seeing a changing world and coins and paper currencies have been too long in use around the world and it has many drawbacks and disadvantages and we have still not found appropriate ways of rectifying them.
Whether crptocurrencies would be the answer especially with the world changing very fast would be a good line for all those financial wizards out there to put their heads together and come out withy the right answers and solutions.
Benefits of crptocurrencies
They are virtual currencies and not in any form that we have been used to in the past and the present too, where we could carry currency notes and coins with us.
There is no money that we could see hence the chances of getting pick-pocketed is nil and no armed criminals could walk into a bank or any such place where money accumulates and rob it.
Every transaction is on the digital platform and can be monitored because the transfer would be traceable and cannot be dropped off at any location for anyone to pick up.
Kidnapping for ransom could be a thing of the past and kidnappers as a breed would cease to exist and the world could be a safer place especially where kidnappers, pickpockets and any other such criminality is concerned.
Cryptocurrencies would also be very secure and it would be only be either carrying a plastic card like what we use today of even some other more sophisticated identity process like for instance, like retina scan.
If it is cryptocurrencies that would be the answer to all financial problems, the world could be brought under one or two cryptocurrencies and a streamlined system brought into place all over the world.
Such a system could also stop and put an end to bribery and massive corruption that most governments around the world are facing today with many unscrupulous individuals inside as well as outside, pilfering billions of dollars with authorities unable to do anything about it.
There could also be a stable world financial climate if the world traded and invested in one or two cryptocurrencies with inflation being checked and other financial disasters averted.
The picture could be rosy but further improvements and fine tuning should be initiated and the system streamlined if we are to get a foolproof financial system based on cryptocurrencies in the future.
Selecting an exchange to trade in bitcoin
The first cryptocurrency to be introduced was bitcoin in 2009, and it is still leading the field with many others, now numbering around 700 or more trying to contend with its popularity and usage.
There are many exchanges that have been recently introduced where we could buy bitcoin but with most of them new to this almost new currency phenomenon, it would be prudent on our part to ensure that we know what we are getting into.
The authenticity and bona fides of the exchange that you would select to buy and sell your bitcoin would need to be carefully selected and their website and its standing along with the server that they are using should be thoroughly checked out.
The older and larger exchanges would have their bona fides well established and would be able to offer bitcoins in exchange for the normal currencies presently in use like the United States dollar, British pound or any other such currencies.
You could also study how transparent they are in their trading activities and whether you could trust them to come good on whatever promises that they would make.
There could be other smaller exchanges which would have still not made their mark on bitcoin trading nevertheless offering very attractive terms that could benefit you, if you are willing to take the risk of going along with them.
Another way to find the best or most trustworthy bitcoin exchange would be to follow the ratings that they are being accorded and whether there is customer satisfaction, but if you find any exchange not keeping their customers happy it should blink the red light in you.
It is best that you avoid such sites as you would not know when they would let you down too and with cryptocurrencies an online traded business activity you should check out all what they espouse on bitcoin prior to having any dealings with any of them.
It is a very complex endeavor and it is your prerogative to know everything, in fact the optimum, prior to stepping into this new phenomenon which is taking the world financial fraternity in a whirlwind and as it looks like at present, could have a tremendous impact on world trade and investment in the future.
Tips for trading bitcoin and cryptocurrencies
Once you have an idea of which bitcoin exchange that you prefer to trade with then you may have to study the options that they offer you on how to purchase your first set of cryptocurrencies.
There are many methods that you could employ to purchase cryptocurrencies and some of the popularly used payment instruments could be used which we would discuss later in this article.
A thorough study on the cryptocurrency exchange and what terms that they would offer, and how you would pay them should all be worked out and finalized, by you prior to getting into investing in cryptocurrencies.
Once you have your first cryptocurrencies it would be prudent to store them offline in a secure “cold storage facility” instead of a “hot storage facility” of which there are many.
It would also be necessary that they are kept as secure as possible without falling prey to the many hackers who have pilfered away bitcoin from gullible investors.
Hence find the best “cold storage facility” and keeping it there wou,ld be the most important aspect when you are dwaling and investing in crytptocurrencies.
To provide you with an easy explanation would be keeping your bitcoin in safe private wallets and locked with keys that you would hold without them being privy to others, especially the unscrupulous criminals.
When you want to dispose them, then you could move them to the online “hot storage facilities” and then carry out whatever trading that you would like and once transactions are completed revert back to the “cold storage facilities”.
Some of the more popular “cold storage facilities” or wallets which could hold cryptocurrencies are web, mobile, desktop, hardware, paper, and multi signature wallets.
Some of them are very secure whilst some others would not be, whichever way it would be your prerogative to ensure that whatever wallet that you may choose it would be as secure as possible.
It would also be a good idea to store your cryptocurrencies in different “cold storage facilities” and spread your bitcoin in as many wallets as possible, which would provide you better security and would be prudent like not putting all your eggs in one basket.
Moving them around would also be a prudent idea so that you would not provide opportunities for any criminal minds to track your bitcoin and pilfer them from under your nose.
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