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5 Best Places to Buy Bitcoin

5 Best Places to Buy Bitcoin
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Best legitimate places to buy bitcoin on the internet

Bitcoin has taken the world by a storm with its bull rally at the start of the year 2021. It has broken all previous price records within weeks. The trading volume of BTC rose to a record peak on Friday. Whereas, the total value of the crypto market reached 1 Trillion USD

Bitcoin is the parent cryptocurrency with a wide range of use in the financial industry. It is the top choice of investors. High trading volume and liquidity make bitcoin ideal for holding in long term. 

The crypto industry is relatively new. There are a lot of scammers out there taking advantage of the novelty of industry. You will come across websites and blockchain ventures built solely on the notion to rob people of their hard-earned cash. Hence, you need to beware of fishy places. Lest you end up scammed.

Read: 7 common Bitcoin Scams and How to Avoid Them

In this blog, we will list the top places for buying bitcoin.

How to Select the Best Places to Buy Bitcoin?

Ther are some key things you should look for when buying bitcoin from a platform.

1. Security:

The place you choose for buying BTC must be secure. Go through the Terms & Conditions and Privacy Policy Pages of the website. Do your research and ask the previous users for their input. Try to get as much information as you can before sending in your personal data and transaction amount.

2. Transaction Fees:

Almost all of the crypto exchanges charge some transaction or trading fee. You should make a cost-effective decision. Essentially, go for a place which charges less. Nevertheless, do not compromise on security. A safe exchange with a higher fee is better than a cheap one with poor security.

3. Country Of Operation:

The country of operation impacts the way a platform behaves. Governments around the globe have their own regulatory measures and laws for functioning of the cryptocurrency industry. Hence, understand the importance of the country of operation and make the purchase accordingly.

Here are the top platforms you can choose for buying bitcoin.

Coinbase:

Methods:

  • Bank Transfer
  • Credit/Debit Card Transfer

Coinbase is the best place to buy bitcoin. It allows you to buy BTC and store them in the wallet instantly. 

Coinbase is based in the United States. During the high buying season following the bitcoin bull rally last week, Coinbase exchange crashed twice. It is the sign of the popularity of the website as all individuals flocked towards it for buying BTC.

Also Read: Best Cryptocurrency Exchanges

Coinbase wallet is significantly secure. It has two-factor authentication in place. Moreover, it keeps the backup of all form of data in different places. The cash balance of up to $250,000 per individual is insured. Coinbase keeps 98% of user currencies in cold storage to protect funds against a possible online hack or data breach.

The fee for every purchase varies on Coinbase platform. For instance, It charges 1.49% for the transaction made through a bank account in the US.  Whereas, 3.99% is fixed fee for credit/debit card purchase.

Binance:

Methods:

  • Credit/Debit Card Transfer
  • Bank Transfer
  • Peer-to-Peer

Binance is the biggest cryptocurrency exchange. It is known for upgrades, security and innovations in the crypto industry. Binance exchange even has its own digital currency called Binance coin or BNB.

Binance offers a multitude of cryptocurrencies. It is the best place to buy bitcoin for traders as they get to have exclusive discounts. The usual fee for buying bitcoin is 1% to 3%.

Binance has been hacked once but the exchange was able to refund customer’s money with its cold storage funds. It is now made safe with extra layers of security such as 2-factor authentication, address whitelisting and email whitelisting etc.

Coinmama:

Methods:

  • Credit/Debit Card Transfer
  • Bank Transfer

If you have fiat money in US dollars or Euros then Coinmama is the best place for you to buy bitcoin. Coinmama is both an exchange and a digital wallet.

The platform of Coinmama is user-friendly. You can buy BTC with a few clicks. Nonetheless, the exchange charges a higher fee than others. There is 3.90% commission fee and then 5% extra money if you are using credit/debit card for purchase.

Coinamma’s website is secure and takes care of user funds. It is registered in the United States hence has more legitimacy for US citizens.

Buy Bitcoin With PayPal:

Methods:

  • Through PayPal Account

Paypal is the most popular platform for online money transfer. It recently started supporting cryptocurrency. Now, you can buy/sell or hold crypto on your PayPal account.

Buying crypto with PayPal is simple and easy. Go to your account select ‘crypto’ from the dashboard and choose the currency you want to buy. You can start with as low funds as $1. Proceed to trade your holdings with other members.

PayPal has stood the test of time so we know that it is secure. It operates globally with restrictions in a few countries. The fees for buying Bitcoin with PayPal is more than 12% which is significantly higher than many Bitcoin exchanges.

Following the recent bitcoin bull rally, crypto trading volume on PayPal reached the record of $242 million.

Buy Bitcoin With ATM:

Methods:

  • Cash

The blockchain revolution has faded the line between traditional finance and cryptocurrency. Bitcoin ATMs are an epitome of this new reality.

Bitcoin ATMs are situated in 71 countries around the globe. These ATMs allow you to buy bitcoin directly with Cash. Insert your money into the ATM and BTC will be sent to your wallet.

Buying with ATM is safe as no personal information is acquired from user. Additionally, local customers can easily walk to the ATM and make transaction.

ATM purchase costs you 5% to 15% more than the actual market price of bitcoin.

How to Earn Free Bitcoin:

You can earn free bitcoin through following ways without actually buying them:

  1. Ask your employer to pay you in bitcoin.
  2. Lend your Cryptocurrencies and get paid in bitcoin.
  3. Do marketing for crypto ventures and get paid in bitcoin.

You can read the details of above strategies on this blog.

Conclusion:

Bitcoin is a powerful cryptocurrency with a bright future ahead. It has gained the trust of many investors through price surge and institutional support in the previous few years. Bitcoin trading volume is also on the rise. If you too want to benefit from crypto trading then right now is the best time to buy bitcoin.

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