Best Crypto Exchanges to buy and sell bitcoins in 2021
Bitcoin has continued to reach a series of all-time highs this year, leading many to think that the time to buy cryptocurrency is now. With more options to buy the currency than ever before, many beginners might wonder where they can start. One of the easiest ways is to use a bitcoin exchange or leading trading platform. Since there are many exchanges out there, here is a shortlist of the top exchange to get you started.
With concerns of trust becoming increasingly important to consumers, many buyers and sellers continue to look for platforms that also offer escrow services. Cryptoexchange is known for being the first-ever crypto escrow marketplace, also offering users an easy platform to buy and sell bitcoins. Due to its smaller size and niche community, the platform excels in customer support with access to their team open 24 hours and low trading fees of 0.1%.
Coinbase is known as one of the largest cryptocurrency exchanges around today. The American platform continues to be a popular choice for its ease of use and support of multiple fiat currencies from the US dollar to the British Pound. The platform allows users to buy and sell bitcoin and more than 24 other altcoins. On the other hand, the platform does have a tricky fee structure that can be hard to navigate for the novice user.
Founded in July 2011, Kraken offers 18 cryptocurrencies, including bitcoin. For users who are looking to convert major currencies, Kraken has an Instant Buy feature with an associated fee of 3.75% of their total trade and an additional small fee for the payment transfer to fund the order. For those who upgrade to Kraken Pro, maker-taker fees are available based on the total value of trades they place in a 30-day period. An account can be created quickly (in as little as five minutes) with a couple of extra minutes for account verification. Unfortunately, investors only have access to Kraken’s web platform as there is not yet a mobile app.
eToro is another popular option for a bitcoin exchange. The platform has been around since 2007 when it was founded in Israel. One of the unique features is their set up for social trading, which allows investors to find bitcoin trading ideas by copying what others are doing. The platform is easy to use, making it great for beginners and those who don’t invest frequently. Unfortunately, eToro is also slightly pricier than some of the other comparable options.
Binance has over 600 different trading pairs, making it one of the leading global exchanges. Although the platform accounts for the majority of all the crypto transactions that occur, users can not make purchases with USD deposits. Therefore, purchases must be made with a different fiat currency, credit, or debit card instead. Due to high transaction volume, users may also face difficulties contacting their support team if something goes wrong.
Bittrex is an American-based exchange that has been around since 2013. The three founders were all previous Microsoft employees who now headquarter their operations in Seattle, Washington. Bittrex has a reputation for operating with great attention to security. This is evident through their multistage wallet strategy, which keeps 80%-90% of funds safe offline and for customers, ensures that two-factor authentication (2FA) is utilized. Although 2FA is optional for investors on Bittrex, not activating it will result in a withdrawal limit.
Unfortunately, a quick review online will result in a host of unpopular opinions. These reviews are typically about suspended accounts during the completion of the review. Frozen accounts have also been criticized often. The fees are also double that of Binance, leading many to seek other exchange options.
The platform TradeStation is known for its robust desktop platform options for Futures Trading, Options Trading, Mobile Trading, Day Trading, and Professional Trading. With so many offerings, this platform can be complicated to use for beginners.
Before you make your first purchase, it is important to determine which bitcoin exchange makes the most sense for your unique needs. A couple of features that you might consider are which currencies are supported by the exchange. Although bitcoin is a good leeway into cryptocurrency, users may eventually branch out into additional currencies. Another important consideration is the fees. Every transaction has a cost, so it is important for the investor to decide if lower fees are worth giving up other valuable qualities.