What is the Safest Place to Buy Bitcoin?
While seemingly everyone knows a lot about Bitcoin, taking the next step and actually investing in it is a whole other ballgame. You want to find an exchange that sells Bitcoin with acceptable fees as well as one that is secure. Safety of your funds is incredibly important, and you need to make sure that your exchange meets that requirement. In an effort to help you out, this article will look at some of the safest places to buy Bitcoin.
Out of all the solid options we will be mentioning further, many users feel that CEX.IO is the best Bitcoin exchange of the bunch. This is because they seem to check off every single thing people look for in an exchange. They have a long history and are quite trustworthy, offer fair and suitable fees, and a variety of coins if you want to experiment with more than just Bitcoin.
As a broker, CEX.IO lures newbie investors with easy access to cryptocurrency, as it allows them to buy Bitcoin with a credit card making several clicks only. Moreover, it caters for the needs and demands of seasoned traders just as well. CEX.IO maintains a fully functional platform for trading top cryptocurrency pairs in a highly liquid market. This two-faced nature of the exchange makes it unique and gives it a competitive edge.
But perhaps the best part about CEX.IO is their dedication to security. It follows the AML/KYC rules, supports 2FA, encrypts user data, and requires all of its customers to be verified to make sure that no sorts of fraud or shady behaviour are taking place.
Ever since it got its start back in 2014, Poloniex has been one of the most popular exchanges for purchasing crypto of all kinds, including Bitcoin, of course. But in addition to Bitcoin, this exchange offers more than 100 different altcoins, which is great if you want to experience all things crypto. The fee setup is fair within this platform, and it offers a lot of tools for analyzing data on the markets.
As for safety features, they claim to store most of the user funds in cold storage with air-gap protection. The exchange also recommends to set up two-factor authentication for enhanced security.
Kraken is among the most popular cryptocurrency exchanges in Europe, which is one of the biggest crypto markets on the planet. It lets people use a variety of different currencies to purchase Bitcoin and other cryptocurrencies. Kraken also has excellent fees, which will save you a lot if you trade a lot. It is also easy (and cheap) to deposit and withdraw.
If you are a newcomer to the sphere, you might want to look elsewhere as this platform can be a little bit complex and intimidating. However, if you are after an advanced and cost-effective exchange, with a lot of trust among their users, this is a decent option for you.
Kraken stores only a small amount of coins in hot wallets – this is to maintain active trading. Most crypto assets are kept in cold and semi-cold storage media. 2FA is also available.
Binance has the distinction of being one of the first Chinese exchanges to really become popular. They have experienced a lot of growth very quickly (as they only started operating in mid-2017). They even have their own token granting owners a discount on fees, which is a unique thing.
One of the better things about this exchange is that there is an interface for beginners that is quite simple, but also one that is better suited for those who are more experienced. They get millions of visitors every month. This amount of support and attention is a good thing and indicates that the exchange is popular and fast-growing.
Like all cryptocurrency exchanges, Binance should comply with terms and policies of AML/KYC and CTF standards. Thus, it requires users to undergo identity verification. The exchange also implements other security measures like 2FA and SSL encryption.
Based in Israel, Coinmama is a good option for those who want to buy their Bitcoin with a card, as some exchanges simply do not allow that. They also cover many countries around the globe and have a flexible policy when it comes to the countries they accept. People from 188 states can buy cryptocurrency there. It has a good-looking design, is easy to use, and tries to keep things as private and secure as possible. However, Coinmama is a broker rather than a fully functional trading platform. It allows for buying cryptocurrency only, so to sell it or trade you will need to go for another option.
Still while Coinmama might not be one of the biggest options out there, they are certainly growing in popularity and they pride themselves on being a fast platform to buy Bitcoin on.
CoinMama is unique as it keeps none of the user coins or money. When buying, the cryptocurrency is sent to the customer’s wallet directly.
Coinbase is the US exchange that lets people buy Bitcoin with various currencies and is one of the most popular platforms with millions of customers using it. The main reason it is so popular is that it is one of the oldest (since 2012). What’s more, the website is intuitive and the interface is quite attractive and easy to use. They also have a mobile app so, no matter where you are, buying or selling Bitcoin is easy.
While it isn’t the cheapest option out there in terms of fees, it is still a solid choice for beginners or people looking to dip their toes into the world of buying Bitcoin and other crypto.
As most exchanges out there, Coinbase stores over 90% of the crypto funds in cold storage. Data is encrypted and kept offline.
In conclusion, while there are dozens of different places where you can buy Bitcoin, there are a few that stand out against the rest for their quality, support and, most of all, their privacy. However, no matter which exchange you purchase from, you need to take necessary precautions on your own to ensure your information and investments are secure. To be on a safe side, it is always a good idea if you hold your crypto assets in individual wallets – better hardware or paper ones.
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At the same time, you can lose some of your capital on commissions. Their size on exchanges can be significantly higher than those set by exchangers. Reason: trading platforms do not sell cryptocurrency directly through other services. In other words, the user transfers money to a third-party company, it makes an exchange with the exchange, and then the latter credits the user with coins. In this case, a double commission may be charged, so you should carefully check the terms of the deal.
Another advantage of exchanges over exchangers is that the purchased cryptocurrency can be immediately used for trading or other purposes. For example, exchanging for many other coins to build an investment portfolio. However, it is not safe to store funds on marketplaces. If the risk is that the exchange will go bankrupt or be hacked by hackers, as happened with KuCoin. Therefore, it is safer to keep digital assets in cold wallets.
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