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Best Places to Buy Bitcoin - Beginner’s Guide 2020
2020-02-17 10:45 (GMT+8) visibility 64 thumb_up 3


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Knowing the best place to buy bitcoins these days is not an easy task. With all the noise surrounding the cryptocurrency market, it is complicated to identify not only the safest exchange but also the cheapest place to purchase bitcoins.

 

Bitcoin turned ten years old in 2020. During those years, the crypto king has rocketed and plunged with violence, but now it is trading consistently, so the digital currency is getting investor's attention again.

 

However, many people ask themselves: where do you can buy bitcoins with confidence? Well, if you are looking for tips on how to choose bitcoin brokers wisely, then you are in the right place.

 

In this article, we will talk about the most important topics to consider when you are going to buy BTC. After reading this page, you will be able to identify the cheapest place to buy bitcoin, also the safest and at the end, the best site to acquire the king of the cryptocurrencies.


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The Favorite Places to Buy Bitcoin


There are no two exchanges that are the same. In the same way that no two people are alike, each Bitcoin broker works differently and responds to specific conditions and business models.

 

For example, some brokers charge you with spreads, but in other places, you should pay for custody. That being said, when choosing the best place to buy and sell Bitcoin and other cryptocurrencies, you should first identify your necessities, and then, you should select a broker or exchange that fits with your trading style and those needs.

 

In this article, we have researched across the market, and we have chosen people's favorite places to buy and sell bitcoins. 


Keep reading, and we will walk you through the pros and cons of every top cryptocurrency broker and exchange that allows you to trade with BTC.

 

1. Coinbase

 

 


Digital assets platform Coinbase offers a top liquid exchange where you can buy and sell bitcoins and other cryptocurrencies. Anonymity is not granted as Coinbase tracks users' use of cryptos.

 

Pros

Services in 103 countries

Independent mobile wallet

Top liquidity

Over 14 cryptocurrencies

 

Cons

Limited payment methods

The company tracks cryptos and how it is used

Hidden requirements in promotions

High fees

Buying limits

 


2. BitBuy


 

 

Canadian based Crypto exchange BitBuy opened in 2013. It offers "express trade" where you can buy and sell orders in just once click — previously known as InstaBT.

 

Pros

Easy buying and selling

OTC trading

 

Cons

Only open to Canadian customers

You need a US or Canada phone number

Only support Canadian dollar

No credit card support

High fees

 


3. Binance

 

 

 

Multi cryptocurrency exchange Binance was founded in 2017 in China, but regulations in that country forced the company to move to Malta. Binance provides free wallets and offers services with a flat 0.1% fee on each trade.

 

Pros

Over 100 tokens

You own the cryptocurrency

Low fees

Easy to maintain anonymity

 

Cons

Unstable platform

No support for fiat coins

No demo account

 


4. Coinmama

 

 

 

Bitcoin trading platform Coinmama allows users to acquire and maintain cryptocurrencies via wallet, cash, and cards. Founded in 2013 in Slovakia,  it has served over 1.5 million clients in 190 countries.

 

Pros

Can buy bitcoins, but also fractions as little as 0.1 BTC

Allowed in the United States

Direct transactions, no intermediaries

 

Cons

High fees

Need a European account to sell Bitcoin on Coinmama

No Paypal

No mobile app

 

5.  LocalBitcoins


 

 

Finland based bitcoin exchange platform facilitates over-the-counter trading between bitcoins and local currencies. The model is a platform of sale announcements where a person offers him cryptos and sets the conditions; then, another individual accepts the deal.

 

Pros

Direct transactions between individuals

The payment method depends on the seller

No limits on selling and buying BTC

 

Cons

High fees

Scam risks

Not a fast service

Best Places to Buy Bitcoin - The 2020 Ultimate List


Exchange                

Min Deposit                

Deposit Method                

Regulator                

Max Leverage                

Platform                

Better for                

Coinbase                

Minimum transaction of 2 cryptos                

Bank Account/Debit card/Wire transfer/SEPA transfer/3D secure   card/Ideal/Sofort                

NFA                

FCA                

N/A                

Web                

iOS                

Android                

Owners of real BTC                

BitBuy                

$100 Interact $10,000 with bank transfers                

Bank Wire/Interac                

Fintrac                

N/A                

Web                

Owners of real BTC                

Binance                

0.01 BTC       No Fiat money accepted                


 
 
               

Wallets/Tokens                

MFSA-VFA                

N/A                

Web                

iOS                

Android                

Owners of cryptos                

Coinmama                

$60 minimum purchase                

Bank transfers/ Credit cards/                

Debit cards                

No                

N/A                

Web                

Ownership                

LocalBitcoins                

No limits                

Depends on Seller                

No                

N/A                

Web                

iOS                

Android                

Casual traders   Worldwide                


How To Find The Best Place To Buy Bitcoins?


When it comes to talking about the best place to purchase bitcoins, you should understand that there are two ways to buy and trade BTC and most of the cryptocurrencies in the market.

 

One way to buy cryptocurrencies is to purchase the asset in a trading venue or exchange platform. That means that you will use one crypto to purchase or to exchange it for another cryptocurrency. Some exchanges allow you to use fiat money to buy Bitcoin, Ethereum, etc.

 

In that way, you will have to take full control of the cryptocurrency and to keep it safe. It could be in an e-wallet or a cold wallet.

 

purchase bitcoin or trade bitcoin


Now, when trying to identify where is the best place to buy Bitcoins, ideally, you should first discover what your needs are and why do you want to buy or to trade BTC.

 

Do you want to keep it as a long-term investment? Or do you prefer to make trades where you buy and sell the underlying asset to make quick profits?

 

Also, do you like to trade often, or do you prefer to open a few positions for more significant but slow profit-making? In that case, you may want to decide for a cheap broker but a reliable platform.

 

Now, let's take a look at what you should consider before signing up for a broker or exchange.

 

★  Transaction fees

 

How much a broker or an exchange charge you for transactions will have a crucial part in your trading costs. Although there is nothing free at all, a cheaper broker will provide you with extra room to make your investments. Pay attention to spreads, fixed fees, commissions for deposits and withdrawals, and of course, be aware of hidden costs.

 

★  Supported countries

 

We are living in a global world, and we all move from one part to the other for work or pleasure. So, look for a broker that is regulated and allows you to trade anywhere. The best brokers are always accepted in many countries.

 

★  Deposit methods

 

Having different options to make deposits and to cash out your profits is essential. Look for companies that have more payment, deposit, and withdrawal alternatives so you will have the opportunity to choose the best way for you at any given moment.

 

★  Easy of use

 

Are you comfortable with the broker's platform? Do they have demo accounts? Practice and paper money accounts are the best educational tool when you are learning how to trade, and when you are testing a new platform. Your broker must have an easy-to-use and friendly platform. Also, we strongly recommend you to open a demo account before going live in any new platform. Practice makes the master.

 

★  Regulation and compliance

 

The number one rule in the investment career is to maintain your account healthy and don't get burned or stolen. Well, online trading is, unfortunately, one of the places where scams are waiting to make their bad stuff. That's the reason you should find a broker that is regulated in one of the most important financial markets around the world, such as Australia, Europe, Japan, and the United States. Look for a regulated broker, period!

Best Sites To Buy Bitcoin Per Category


So, after taking all of the above information into consideration, what is the best, cheapest, and safest place to purchase Bitcoins and other cryptocurrencies?

 

There is not such a perfect place as every company responds to different characteristics, and what it could be right for you may not be suitable for me.

 

After researching all options in the industry, we have identified the champions for each category. Should we see it?

 

●  The safest place to buy bitcoin

 

Coinbase is the most liquid exchange in the market and has a presence in over 30 countries.

 

●  Best site to buy bitcoin anonymously

 

In the case you are looking for buying Bitcoins anonymously, LocalBitcoins is your place. You don't need to provide too many details, and most of the transactions are held between people from the same region. They don't track cryptos.

 

●  Best Exchange with the more cryptocurrencies and altcoins

 

Binance is the champions of altcoins as it offers over 100 tokens to be traded. They are 100% crypto believers and don't accept fiat currencies. So, any deposit or withdrawal should be done with digital assets.

 

●  Best website to purchase bitcoin with credit and debit cards

 

Plastic money is always a comfortable way to make transactions. In this category, the best options are Coinbase and Bitbuy for ownership. They offer more advantages when purchasing and depositing money with credit and debit cards.

 

●  Best for Quick and Easy transaction

 

Everybody loves plug-and-play devices. So, when purchasing Bitcoins and other cryptocurrencies,  Coinmama are is the best choices to have a smooth and friendly experience.

 

So, what is the best broker to trade and exchange Bitcoins?

An Alternative Way to Trade On Bitcoin


On the contrary to purchase/sell cryptocurrency on exchanges, you can trade cryptocurrencies as an over-the-counter product on a speculative basis with contracts for difference (CFD). With this option, you will trade cryptos, and you will take profit or losses with the differences between opening and closing prices of the underlying asset.

 

Although you open a buying position of Bitcoins against US Dollar, you will not purchase the real asset. Therefore, you will not have to take care of the digital assets or worry for its safe custody.

 

So, at the moment that you decide to get involved with cryptocurrencies, you should determine if you want to purchase the BTC or trade the underlying asset.


If the CFD trading sounds more like your type, Mitrade may be your starting point. 


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Australian-based broker Mitrade is regulated by ASIC and is one of the best options to buy Bitcoin CFD product. It also provides CFDs for Forex, cryptocurrencies, commodities, and indices. Mitrade provides clients with negative balance protection, so you have an extra safety net to avoid burning your account.


Pros:      

Regulated by ASIC

Zero commissions and competitive trading costs          

Low minimum deposit requirement             

Transaction as low as 0.01 lot              

Leverage up to 1:200

Desktop and Mobile

 

Cons:

No MT4 support

Limited educational material

Basic trading tools


Summing up, every company has its ups and downs, but after researching the top places that offer these services, some sites rise above the average.


Mitrade, on the other hand, offers a relatively convenience way to trade Bitcoins, as well as an intuitive and easy to use platform. At the same time, Mitrade is a regulated broker that gives juicy bonuses and promotions to traders.


That being said, before signing up in a broker or exchange, the best way to know the platforms and to get used to all the features every company has is to try it out in their demo accounts.

 

Check the places that have demo and paper money accounts and test them. You will make your wisest decision when choosing the best place to buy bitcoin.


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Note: OTC derivatives can result in the loss of your entire catital. 




The content presented above, whether from a third party or not, is considered as general advice only. The information provided here does not consider one or more of the objectives, financial situation and needs of audiences. In addition to the disclaimer below, Mitrade does not represent that the information provided here is accurate, current or complete, and therefore should not be relied upon as such. This information does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. Mitrade is not a financial advisor and all services are provided on an execution only basis. We advise any readers of this content to seek their own advice. 

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I am a Forex/ cryptocurrency trader with a Master's degree in Financial markets. My expertise covers a wide range of topics, including trading strategies, specific analysis, investment advice, and general finance topics.
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