Guide To Finding The Best Place To Buy Bitcoin For Novice Traders
If you are new to the cryptocurrency market, knowing the best place to buy bitcoin can be challenging because of the numerous currently available exchanges. It is essential to identify a platform with a good reputation and good security because nowadays, there is a proliferation of scam exchanges.
Besides the exchange, you need to have a secure wallet where you can store BTC after buying because it is not advisable to leave your coins in exchange wallets as they will be susceptible to hacking. Third parties offer hard crypto wallets such as PrivateX.io, which offer you a variety to pick from. The exciting aspect with PriavateX.io is, it is one of the reputable companies in the crypto industry, and you get a bitcoin wallet for free.
Unique aspects of bitcoin
Before finding the best way to buy bitcoin, you should know that bitcoin is a decentralized digital asset that can be used for making online payments or as an investment, although it is risky. No one controls Bitcoin, and it works through a distributed public ledger called blockchain, where users earn bitcoin from mining buy or buying from exchanges and other platforms.
BTC's most peculiar aspect is its price volatility, which therefore requires investors to be very careful when investing. Despite the stories that have been there of individuals who have made a fortune from bitcoin investment in the past, it is a risky venture, and thus users should consider investing what they can comfortably lose.
Remember that you will need a bitcoin wallet to store your funds when you buy bitcoin, and it is recommended to have an offline hard crypto wallet. Get a digital wallet from PrivateX.io and link it to a bitcoin trading platform to store funds easily. You can use Bitcoin as a mode of exchange for paying for goods bought online buy keep in mind transfer, conversion, and transaction fees.
Three best places to buy bitcoin
There are no two bitcoin purchase places that are the same as each exchange works independently because of different business models and conditions. For instance, some will charge users with spreads while other sites require the user to pay only for custody. Therefore choosing the best place to buy BTC requires identifying their needs and then picking a platform that fits your needs and trading style. Here are some of the best place to buy BTC:
Binance is a top and most trusted exchange that offers beginners an easy way to buy bitcoin because it's easy to use and intuitive. As the largest exchange globally, Binance has the most liquidity, and there is a variety of digital assets offering at reasonable prices. The exchange charges the lowest fees among crypto trading platforms, which makes it ideal for day traders.
Coinbase is an exchange that has been around since 2012 which has grown to be one of the world's largest bitcoin trading platforms. The site is easy to use, and it is ideal for greenhorns looking to buy BTC as well as other cryptocurrencies. The platform offers the best way to buy Bitcoin with credit card, SEPA, Bank transfers, and many more in over 30 countries. Security is enhanced as the platform supports two-factor authentication and stores redundant paper and digital data backups in safe vaults or deposit boxes.
If you want a platforms offering the best way to buy bitcoin easily in almost any country, then Coinmama has you covered. Besides BTC, this exchange allows customers to buy Ethreum, Litecoins, and many more. The transaction fee depends on the volume one purchases, and for European customers, they can buy BTC through SEPA at lower fees. Also, users receive high limits when using a credit card which is the best way to buy BTC.
Factors to consider when choosing the best place to buy bitcoin
When looking for the best place to buy BTC, you should keep in mind that you will buy your BTC on the exchange using cryptocurrency or trade it for other digital assets. The good thing is that some exchanges do accept fiat purchases for Bitcoin. Always store-purchased BTC in a cold wallet or e-wallet.
The first consideration is about what you are buying BTC for, as either a long term investment or daily trading to make profits. It will dictate the kind of site you pick, especially if you are after trading; you should consider exchanges charging low transaction fees. The amount an exchange charges for transactions is significant because the lower the fees, the higher the chances of making more profits.
Another consideration is the deposit and withdrawal methods the exchange support. Having a variety of deposit and withdrawal methods is essential, and thus it is ideal to consider exchanges with many options. The different exchanges support not all countries, so you might consider checking if your country is supported and the payment options available.
Also, compliance and regulations should be prioritized when looking for the best place to buy btc as this will help avoid scam exchanges that will defraud you. Crypto trading is one industry where scams run high, and thus you need to find a regulated platform.
Best way to buy bitcoin with credit card
Buying BTC with a credit card seems challenging, but nowadays, with exchanges such as Coinbase and Coinmama, you can easily buy BTC with your credit card. Anti-fraud companies have dealt with the challenge of chargebacks, and now more exchanges allow bitcoin purchase with a credit card without any problem.
The best way to buy BTC with credit cards is by visiting a bitcoin exchange and creating an account. Choose the BTC amount you are willing to purchases and then complete KYC. Assuming you have your free bitcoin wallet from PrivateX.io, you enter the address, and you will instantly receive your coins in your digital wallet. The process is pretty simple for almost all exchanges supporting credit card BTC purchases.