Many traders have this question in mind: whether or not Bitcoin is worth it? If we go back in history, there was a time when Bitcoin was not so popular because it was in its starting phase, but as time went on, the popularity increased along with the price of Bitcoin. If you had heard about Bitcoin back in the 2010s, then you would know that Bitcoin was worth a few dollars, it was very easy for traders to buy Bitcoin, but the profits at that time were not that significant. But now, after almost a decade, the price of Bitcoin is almost $60K. This huge increase in price has attracted many traders to this field, and after the incline of the price of Bitcoin, many developers have started introducing many other potent cryptocurrencies as well.
But as a new trader, the world of crypto would not be easy to understand. There are many scams that are out there working along in the cryptocurrency industry. And these scams have gotten so experienced that a new trader easily gets into the trap of these scammers as new traders don’t know much about the market and how it works. This makes new traders very easy prey for fraudsters and scammers. These scammers create a platform that is too good to be doubtful, and this is what makes it so easy for new as well as experienced traders to fall into their traps. But that will not be the case anymore.
There are many worthy platforms as well which are working in the same market with a sole motto to deliver their services in Bitcoin. These platforms are providing some of the best features and services that it is worth giving them a try. But how would a new trader find legitimate and professional platforms to buy Bitcoin? To help them out, I have done the research and found some of the best places where you can buy Bitcoin.
But before we start with the list, let us look into what actually Bitcoin is? And why is it so popular among traders?
A Brief Introduction To Bitcoin
Bitcoin is the world’s first-ever decentralized cryptocurrency. It came into existence twelve years ago in 2009, and since that time, it has gained a great deal of popularity as it is the largest cryptocurrency in the world by market value and is also one of the biggest assets in the world, as per the data from Asset Dash. If you are familiar with old fashioned gold trading, then this is the same as that but in a virtual form. Just like in history, when currency notes were not introduced, people used to buy things in exchange for gold or any other precious resources. But as the technology advanced, hard cash was introduced. This cash is just a piece of paper, but the value of that paper makes it so useful in this world. The same is the case with cryptocurrencies as well. These are virtual currencies which mean that you can’t physically buy them, but they surely exist in the online world.
For a trader, it is one of the most potent assets of modern times. Many traders have invested in cryptocurrencies, but that is because now there are many options. Bitcoin is a pioneer of cryptocurrencies, or you can say that Bitcoin was the first-ever cryptocurrency for the rise of this market. Bitcoin was first introduced in 2009 by Satoshi Nakamoto. At the start, Bitcoin was not popular at all, and because it was a new concept of investment, many people didn’t take it seriously at all and thought of it as a waste of money. But at that time, the visionary traders took the stand and invested in Bitcoin, and they are now extremely happy and satisfied with their decision. No doubt during this journey, Bitcoin experienced many ups and downs, but now almost after a decade, it is worth around $60K, and that is a huge profit for the traders who bought hundreds of Bitcoin back in 2009 and kept them.
So with all of that being said, let us dive into the list of the best places where traders can buy and sell Bitcoin. The list is as follows:
Best Bitcoin Trading Platforms
The first one on the list is Coinbase. This platform is on the top because of the excellent services and features that it provides to traders. For new as well as experienced traders who are looking for a professional and legitimate platform where they can buy and sell Bitcoin, then Coinbase is surely the best option you have. The platform is not only offering Bitcoin, but also other cryptocurrencies like Ethereum, Litecoin, and many more as well which is a fair deal for the traders who are looking for a diverse platform where they can have multiple options.
Coinbase was first introduced in San Francisco, and it is a very popular trading platform with an estimate of over forty-three million traders registered with this firm from over one hundred countries. But what makes this platform the best is the real question. There are plenty of features that make this platform the best for experienced as well as new traders as well, like offline storage option. This feature adds to the reliability and security of the platform. Along with the cold storage option, Coinbase offers two-factor authentication, which allows traders to trade Bitcoin with ultimate peace of mind.
You must be wondering that if Coinbase is on the top of the list, then surely it will charge a very big percentage of fees, but that is not true. The platform is offering fixed charges to the traders who are told before registration so that there is no misunderstanding or chaos. But if you are a professional trader and serious about Bitcoin trading, then you have an option to become a pro member, which has some extra perks at a very reasonable price which is slightly higher than the basic one, but of course, if you are that serious about trading, so this hefty amount of fees will not come in your way at all.
The second on this list is the European based platform named “eToro”. During my research, I have found out that this platform is best for traders who have recently joined crypto trading. The user interface of this platform has been kept extremely simple and easy to use. As a new trader, it can be really confusing to throw lots and lots of information towards you, but eToro has optimized its platform in a way that it offers everything that a trader would need during his trades, but in a very simple and manageable manner.
New traders are surely not that comfortable investing money right after they sign up because they are not aware of how it works and worry that they will lose their investment. It is a quality of a smart trader to not invest everything that he has. Instead, what a good trader does is he starts with the basics and works through his experience and once he knows that he is good enough, only then he invests big amounts. If you are a smart trader like I have just mentioned then, eToro is surely the best place for you. That is because it is offering its customers a demo trading account with around $100,000 deposited into the account. You don’t have to worry about anything as this is not your real money that is at risk. Instead, you can use this money in your demo account. The account is full of features and acts exactly like a real account. You can trade without worrying about the investment and gain experience, and once you know how trading works, then you can switch to the real account and start trading with the real money.
The third on the list will surely shock you. Robinhood is a platform that is offering you no commission trades of Bitcoin. Yes, this is the only platform on the list which is not charging any commission or any type of hidden fees to trade Bitcoin. When you trade with other platforms, even the slightest portion, such as 0.5%, can cause some pretty big fees if you are buying a huge amount of the asset. But if you are not willing to pay that fee, there is no way you could trade Bitcoin because every provider will surely charge some kind of fees because all of them are profitable platforms. But Robinhood has changed the game. For the traders who are not willing to pay a single penny to the platforms and want to keep all of the profit to themselves, then Robinhood is the best option you can choose.
But if you are trading without paying any fees, then surely there will be some downside of that platform as well, and the main mission of this article is to tell you everything about these platforms and what to expect. Robinhood is allowing traders to trade without any fees, but there are not many choices that you can make when it comes to the selection of assets. This means there are a very limited number of crypto coins that you can trade on Robinhood, but if you are interested in only buying or selling Bitcoin, then this is the best option for you. Another downside of this platform is that it allows traders to only store their assets in a Robinhood investment wallet, which means you can’t take out your assets or transfer them to any other personal wallet that you are already using. But if you are happy with keeping your assets in a Robinhood wallet, then this is surely the best option you have got to trade Bitcoin.
The fourth option on the list is Coinmama. This platform has made its way to this list because of the instant delivery of assets that you buy. In the world of crypto trading, time is an essential factor which is going to decide whether you are going to get the profit out of it or not. Even a delay of seconds can cause traders some pretty huge losses, and Coinmama reduces that lag by a significant percentage.
All you have to do is head out to its platform and signup with the platform. It has an extremely easy and short setup process that is going to ask you some basic information and some legal documents to prove your identity and residence. As soon as you have provided that information, your documents are going to get verified within no time, and you can buy Bitcoin instantly. You can also transfer that asset to your personal wallet, which you already have and that way, you can get a hold of Bitcoin at exactly the right time when you see the prices are going up.
There is an option to use your credit or even debit card to buy Bitcoin, but the transaction method of the US doesn’t allow instant purchases, but hopefully, that will be changed soon. If you are living in Europe or any other part of the country which allows instant purchases, then Coinmama is providing you with an option to buy Bitcoin instantly.
The fifth one on the list is BlockFi, and it is offering its traders an option to trade any of the existing cryptocurrencies that they already own with Bitcoin. If you are a trader who has a lot of cryptocurrencies, but you want to earn some more of them without sacrificing those which you already have, then BlockFi is providing a loan facility to its traders. Through which they can buy Bitcoin with a very reasonable interest rate, these rates vary from 3% and go up to 9.3%, which is not as high keeping in mind what this platform is facilitating its customers with.
Other than this feature, BlockFi has an extremely easy to use interface which will allow new traders to trade easily without having any difficulties during their trades as well as there are no hidden charges for trading different cryptocurrencies. Many of the platforms which are working in this field tell you a pre-fixed price of trading, but that price is not the actual one that a trader has to pay during his trades. There are many hidden charges as well, which the trader is not aware of. But with BlockFi, you don’t have to worry about the deduction of any hidden charges. The platform states very clearly that there will be no hidden fees which is a really good and professional step from BlockFi. But there is something that traders should keep in mind before they sign up with this platform, and that is the interest rate of up to 9.3%. Many traders are not willing to pay that much amount to the platform, but these are the only fees that will be charged, and that is mentioned before you register so that there is no misunderstanding or chaos.
The last one on this list is Bisq, but being last doesn’t mean that Bisq is less than any other platform on this list. It is offering everything that a trader would need to enhance his trading experience. The reason why this platform is listed on this list is that it doesn’t compromise the privacy of the traders. Bisq is a decentralized trading platform which means that there is no central authority of this platform. The traders can trade through Bisq without even registering themselves.
It is one of the best options for traders who don’t want to give any of their personal information to the platform and want to trade anonymously. If you are not experienced in crypto trading, then Bisq is for you, it has an extremely user-friendly interface, and most importantly, you don’t have to submit several documents and get them verified before you can start trading. In fact, you can just head out to the Bisq platform and start trading straight away. The platform supports multiple types of payment methods such as bank transfers, Quickpay, Zelle, Western Union, Chase, and many others as well which give traders a variety of options to choose from. The fee of Bisq is kept extremely reasonable as well, which ranges from 0.05% to 0.70%, which is suitable for most of the traders.
Ratings For Top 6 Platforms
As you have reviewed everything that you need to know about these platforms, here is a section that will tell you to make a more informed and comprehensive decision. In this section, we have kept everything in mind regarding platforms where you can buy Bitcoin and came up with the following results:
- Best overall platform – “Coinbase”
- Best platform for new traders – “eToro”
- Best platform for instant trading – “Coinmama”
- Best platform for loan facilities – “BlockFi”
- Best platform for privacy – “Bisq”
- Platform with no charges – “Robinhood”
Bitcoin is gaining popularity every day, and it is the perfect time to invest in Bitcoin if you are willing to earn some profits. But you should keep in mind that there are some platforms which are worth spending your time, energy and money, so make a wise decision.