Best Bitcoin Exchanges in 2021
Bitcoin Exchanges – How to Buy Bitcoin
We will cover things you need to keep in mind before signing up to an exchange.
Before getting started with choosing an exchange, you need to ask yourself some questions. This is because not all the exchanges are the same and offer different features.
- What type of bitcoin exchange is this? Is it a broker or a trading platform?
- Does the exchange support the currencies that you want to trade?
- Does the exchange support the payment methods that you currently have?
- What are the fees and buying or trading limits by the bitcoin exchange?
- Is the best bitcoin exchange operating in your country or comes under restriction?
These are all the questions that you need to ask yourself before you start using an exchange.
Quick view of the best crypto exchanges today
How to Get Bitcoins in Exchange for Real Cash?
When you are a new user to an online exchange, to buy Bitcoin or other cryptocurrencies, you need to use real cash like dollars or pounds. Different exchanges accept payment methods such as Credit or Debit cards to exchange currency for Bitcoins. All the procedure is done online digitally.
What are the Types of Crypto Exchanges?
All Bitcoin exchanges are not the same. Some allow trading and some of them support direct selling of Bitcoins. We will discuss different kinds of exchanges.
Brokers, as the name suggests, are online exchanges that sell cryptocurrencies at a predetermined price. The process is quite simple and less confusing, but it is expensive. A major example of broker exchange is CoinMama and CoinBase.
Crypto Trading Platforms
Trading platforms are commonly used exchanges. These exchanges connect buyers and sellers who could trade Bitcoins or other cryptos among each other. For beginners trading platforms might be “too much information” to grasp, that often led to confusions. Orders are placed on these platforms, and if sellers are available, they are connected to make a trade. Binance is an example of a trading platform.
Peer to Peer platforms connect sellers and buyers directly. This led to a wider array of payment options where you could pay each other using traditional payment methods. These kinds of platforms are risky, as two people are directly involved in the transaction process.
Best Bitcoin Exchanges
Coinbase is one of the most reputable and well known Bitcoin exchanges. This platform has features of both being a brokerage service as well as being a trading platform. Coinbase is available in more than 100 countries, and the transaction fee is quite competitive as compared to the market.
When it comes to crypto to crypto trading, Binance is one of the most reputable names in the market. Binance accepts various payment methods that you could use to buy Bitcoins. You could also buy coins using a credit card.
In BitMex traders are allowed to buy and sell contracts instead of selling cryptocurrencies. The exchange works for Bitcoin only, and if you have experience of trading, this platform could prove good for you.
General Terms Associated With Exchange
When you research or read a review about an exchange, you will come up with different terms associated with the exchange. Let’s discuss general terms associated with Exchanges and what you need to check.
One of the most important factors regarding any exchange is its support of various cryptocurrencies. You must check if the coin you are interested in available on the exchange or not.
Although cryptocurrencies are now in the market for a long time, they still face certain restrictions when it comes to worldwide availability. Certain countries have blocked or restricted exchanges in their country.
Few exchanges accept a different kind of payment methods while others offer very few. Some payment methods don’t allow for reversing back the payment. Some have a high fee attached to it. It is important to check what payment methods are supported by the exchange you are interested in.
When it comes to exchanges, there are three kinds of fees associated with them. This includes Deposit fees, transaction fees, and withdrawal fees. The fees are different for every exchange, and the total balance will be determined after cutting off these fees.
Certain exchanges have limitations depending upon the payment method you are using and the identity verification level.
When it comes to the cryptocurrency market, reputation factor plays a huge role. Before using any exchange, check its overall reputation on the market. The team or organization behind the project could play an important role in project trustworthiness. Check the reviews for the exchange, see if it’s ever hacked before or not and see the number of users who have benefited from the platform.
CO-FOUNDER & CRYPTO ENTHUSIAST
We are born in a chaotic age, all looking for our own space. A space that exists beyond ideas of what’s right and what’s wrong. Space where we can express, and find ourselves. Fred Edwards is on his way to find the best expression possible of what are his passions. Enthusiast about blockchain, tech in general and a close-knit gambler. Contact me at info [@] cryptogamble [dot] com