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Finding the top sites to buy Bitcoin is not an easy task.
This is why I’ve compiled the top 5 sites to buy Bitcoin today to help you with this dilemma.
But before we indulge in this, let’s have a little preview of what exactly is bitcoin.
What is Bitcoin?
The modern era produces a modern currency known as bitcoin.
Bitcoin is a cryptocurrency that was first invented in January 2009. The term “cryptocurrency” itself defines it.
Cryptocurrency is a type of digital currency; it has no physical existence like a coin or bill. It is all virtual money stored in your computer file.
How Does it Work?
Now that we know about Bitcoin, the question is, how does it work?
Since it is digital money, it works digitally on your computer.
Each bitcoin has a rate as a dollar. It is stored in the “digital wallet” app on your Smartphone or computer.
You can send bitcoin from your digital wallet to other people and receive it from them as well.
It functions just like actual money but is only an advanced form of it.
However, for the entire process to begin, you need first to buy the bitcoins, which is I’ll cover next.
Important Things to Consider Before Buying a Bitcoin From Any Site
This section will tell you about the things you need to consider before buying bitcoin from any site.
A blind eye will do you no good; you need to be cautious and consider each factor before deciding.
So, here we go:
Fee
Among all the factors, the most important thing you need to consider is the bitcoin fee.
This refers to the cost incurred during the transaction of bitcoins.
Currently, several users are facing trouble with significantly high bitcoin transaction fees.
Hence, you must always go for the wallet to assign an appropriate and minimum fee to your transaction.
Some even let you review it.
Another thing you need to consider is the current fee or value of bitcoin. Wait up for the price to fall to purchase them and sell them when it is essentially high.
Always play smart.
Privacy
After the fee comes privacy.
Before you go on buying bitcoins blindly from untrustworthy sites, always be cautious about your privacy.
The digital and technological world is full of scams, just like the physical world.
It would be best if you always bought bitcoins from sites that will protect your privacy, your transactions, and your digital money.
Speed
Third, look for speed while buying bitcoins from any site.
This refers to the processing speed or the smooth working of the respective site and the transaction fee.
Mostly, notification of a payment is almost instant with bitcoins; however, there could be a delay to confirm your transaction.
Each transaction takes around a few seconds to 90 minutes, 10 minutes being the average.
Your transaction fee must not be too low to cause a prolonged delay in your confirmation.
Accessibility
I would recommend you surf the site properly before putting all your money into it.
Check to see what it provides and what it offers. You must know what you are gaining access to.
The site must give you complete access to purchase products, earn, sell, and more.
Reputation
Last, you must be sure of the excellent reputation of the site you are relying upon in.
Surf through the site, and research it to know if it is reliable to use, and how many people are entrusting them.
Read the reviews and learn about their client’s experience and then decide.
How to Avoid Bitcoin Scams in the Digital World?
As mentioned before, scams corrupt the digital world.
Save yourself from falling down the pit with these few simple steps:
Do Research
Proper research is essential whenever you are opting for things you have never done.
You must have all the knowledge about Bitcoin, cryptocurrency, bitcoin wallets, and sites to buy bitcoin from.
Also, you must know how the sites function, where to invest in them, and how to buy and sell to save yourself from these notorious scams.
Never go in blind.
Check Ratings
Once you have done the proper research, check the ratings on the relevant website of your preference.
Rating is a great way to see the authenticity and reliability of any platform. It depends on the people’s experience with that site.
If you see good ratings and positive feedback, you can consider that site without doubt and fear.
Use Escrow
To save yourself from any sort of scams and fake sites, use an Escrow account for the safer site.
It is a legal holding account that first confirms the predetermined conditions and then releases any item.
Your items are stored in your escrow account until the financial transaction has been successfully made.
With Escrow, you can save yourself from many scams.
Avoid Bitcoin Investment
If you are thinking about bitcoin investments, you need to think twice.
Investing in bitcoin could lead to scams and fraud as well, with these scammers manipulating you to invest a higher amount and then asking you to bring more and more people into it.
You never know what you will get back.
Ponzi and Pyramid schemes are a few examples of bitcoin investment scams.
What Is Bitcoin Wallet and How to Secure Your Coins?
In simple words, a Bitcoin Wallet is a software or device in which your bitcoins are stored.
Bitcoin Wallets provide a private key or a secret number to every individual with a Bitcoin balance.
Here are the top wallets you should consider using:
1. Exodus
Exodus is a more straightforward and easy-to-use desktop and mobile wallet.
It is user-friendly and has some unique features, such as providing you with the ability to swap between 100 different cryptocurrencies.
It is specifically recommended for beginners, as it provides proper guidance and excellent customer support.
2. Coin Base
Coinbase is one of the easiest to hold your cryptocurrency.
It is mainly referred to as a cryptocurrency exchange, more than a bitcoin wallet; it still allows you to store your bitcoins.
The Coinbase trading account is incredibly favored to hold at least 43 different tradable cryptocurrencies, including U.S. Dollars.
You can also connect it to a U.S Bank account and quickly transfer dollars in and out of it.
3. Ledger
Ledger comes in two types: Ledger Nano X and Ledger Nano S; both are hardware wallets to keep your bitcoins safe, even offline.
It is merely a USB-sized flash drive that can connect easily to your phone and computer to get access to and hold your cryptocurrencies.
It supports over 1,500 coins and tokens and about 27 different cryptocurrencies.
Top 5 Sites to Buy Bitcoin in 2021
Now that you have some basic knowledge about Bitcoin, let’s dive into the top 5 sites to buy Bitcoin:
1. Coinbase
Coinbase is one of the most popular and beneficial sites for you to consider buying a bitcoin from.
You can directly link yourself with U.S. dollars and conveniently buy Bitcoin, Litecoin, and 30+ other coins and tokens with just a mere click on this platform.
Coinbase is an excellent place to start for beginners.
It provides maximum support and guidance, is convenient to use, has a vast list of popular cryptocurrencies, and is looking out for your safety.
There are around 35 million users in over ten different countries making it an absolute favorite of investors, entrepreneurs, traders, etc.
Coinbase claims it holds over $25 billion in assets and has facilitated more than $320 billion in trades.
You can trade dozens of currencies, including Bitcoin, at Coinbase.
Pros:
- Extensively used by millions of users and is a highly recognized site.
- Supports several popular cryptocurrencies.
- Offers a reasonable fee.
- Straightforward to use.
- Guides our bitcoins safely.
Cons:
- It demands an exorbitant fee for large transactions.
- It also demands an exorbitant fee for debit cards, etc.
Trade Fee
Coinbase charges a flat per-transaction fee and a spread of about 1.49%.
Fees vary based on the funding method going up to 3.99% when you use a debit card to buy.
2. Coinmama
Coinmama is a highly authorized and reliable site for people to purchase bitcoins from.
Two million six hundred thousand clients have entrusted it across 188 different countries since 2013.of hearing all the commission
Its most distinguishing feature is that it lets you buy cryptocurrencies like bitcoins with credit cards, debit cards, Apple pay, or bank accounts.
Once you have placed your order, Coinmama will instantly verify the funds with your connected card.
After the verification is achieved, your choice’s cryptocurrency will be immediately deposited in your bitcoin wallet.
As incredible and unique as it is, it is hard to use compared to the other five sites.
If you want to receive bitcoin instantly, then Coinmama is your go-to option.
With their incredibly fast service, all you need to do is log in, set up your account and buy your bitcoin instantly with various payment methods.
Pros:
- Instant purchase and order delivery
- Fast service
- Bitcoin is delivered to any crypto wallet efficiently.
- Quick account setup
- Use of credit and debit cards
- Variety of cryptocurrencies
Cons:
- Not user-friendly
- Complex Fee structure
- Charge of an additional 5% fee for instant delivery
- No ACH Funding method
Trade Fee
While talking about the trade fees, Coinmama charges approximately around 1.49% of each sale and purchase.
However, it increases up to 3.99% for trades made using your credit cards or debit cards.
3. Robinhood
If you are tired of hearing all the commission and trade fees, Robinhood is here to save the day.
I love Robinhood because of its commission-free crypto-trade.
It allows you to buy and sell bitcoins all for free.
This platform offers a commission-free purchase and selling of bitcoins. It also provides commission-free investing.
Hence, if you are tired of giving a significant portion of your bitcoin earnings with all the fees, Robinhood is undoubtedly the best choice for you.
Although there are certain limitations, and they are only available in a few states, it is still best for beginners and bitcoin buyers.
If you have any experience with stock market investing, this will be just a piece of cake for you.
Pros:
- Commission fee, trading, purchase, and selling of bitcoins
- Easy to use
- Similar to stock market trading
- Premium features such as margin and after-hours trading
Cons:
- Lacks a lot of support
- Lacks a complete set of features
- A shortlist of cryptocurrencies
- No option to withdraw bitcoin to a crypto wallet
Trade Fee
Robinhood offers a very minimum, almost-close-to-nothing trade fee. It is one of its exclusive features that makes it outstanding from the others.
The structure is:
- $0.000119 per equity share
- $0.002 per share (option sell)
- To round up the fee is no greater than $5.95
4. eToro
eToro is the world’s leading social trading platform that is essentially looking out for its clients.
With it, you can purchase, sell, invest and trade with confidence.
It allows you to buy bitcoins while learning about other cryptocurrencies as well. You can test and practice with $100,000 virtual accounts without risking even a penny of yours.
Once you are comfortable and well aware of the process, you can shift to real trade.
eToro further provides its clients, whether a beginner or experts, with a robust and comprehensive trading experience with proper guidance.
Its user-friendly interface makes it easier to buy bitcoins.
The cherry on top: eToro is offering a $50 bonus to its new customers who sign up and trade $1,000 worth of cryptocurrency.
Pros:
- Easy to use for beginners
- User-friendly
- Free practice accounts
- Variety of leading cryptocurrencies
- Proper guidance with advanced charts and analysis tools
Cons:
It demands a 0.75% spread fee for bitcoin purchases and higher on other currencies.
Trade Fee
eToro charges no fees for sending or receiving transactions; however, it charges a conversion fee of 0.1%. These conversion fees merely depend on eToro market rates.
5. Blockfi
Blockfi is the last of our top five sites to buy bitcoin.
Their motto is stated as “Don’t just buy crypto- start earning on it.”
It was first founded in August 2017, and even in such a short time, the company has successfully raised $158.7 million with a bunch of trusted users.
Their prominent features are that they allow you to earn interest in your cryptocurrency while also taking out loans against it.
However, they offer only a few cryptocurrencies to trade in.
Pros:
- Earn up to 8.6% annually on your cryptocurrencies
- Borrow a loan against your crypto coins
- No added fee for cryptocurrency trade
- BlockFi Visa will earn you rewards in Bitcoin
- User-friendly
Cons:
- Using loans for investment could be risky
- Loan interest rates are pretty high at 9.75%
Trade fee
Blockfi charges no transaction fees or has minimum balance requirements.
You can make one free withdrawal every month using your Blockfi account.
However, for any withdrawals after this you’ll be charged a small fee.
Making a Right Decision About Investing in Bitcoin Is Not Difficult
Now that you know the top 5 sites to buy Bitcoin, you have what you need to start investing in this cryptocurrency.
Still, there is no need to rush into everything; every site above has certain advantages and disadvantages.
Do additional research on Bitcoin before fully diving into it, calculate the risk you are willing to take, and build a good financial plan.
Before you know it, Bitcoin will become a part of your portfolio helping you in your financial freedom journey!
Frequently Asked Questions:
How Do We Choose This List?
I researched online using the following criteria: customer reviews, company reputation, safety features, and ease of use.
This list shows the best places to consider while looking to invest in bitcoin.
You can select them according to your interest by looking at customer reviews, company reputation, safety features, and customer ease policies. These will help ensure your money is secure.
What Is the Safest Place to Buy Bitcoin?
There is never 100% security with anything online, but I’ve selected the safest route for you to invest your money through the online currency market.
For a beginner or a professional dealer in the exchange market, the safest and fastest place we recommend to invest is Coinbase.
What Is the Best Cryptocurrency to Invest In 2021?
Bitcoin is the world’s biggest and safest cryptocurrency to invest in, adding over 400 billion worth to its value in just 2021 alone.
It is ranked as the 1st most-rated currency to invest in, with an expected worth to increase up to 800 billion by the end of this year.
How Can I Buy Bitcoin?
To buy a bitcoin, you first need to have a bank account and an account on the site you want to buy it from.
You’ll also need to get a wallet for easy money exchange; for beginners, it is called Coinbase.
Last, connect a money source and become an owner of the cryptocurrency.
Why Would Anyone Want to Buy Bitcoins?
As an investor or a beginner in digital currency, bitcoin helps you with the safest investment whose value increases as time goes by.
It is easily accessible, and its exchange is between two people without third-party involvement, which saves both time and money.
How Are Altcoins Different from Bitcoins?
Altcoins are another changed form of bitcoin; they are alternatives to bitcoin, as they have slightly changed rules and methods for more simple transactions than bitcoin to attract different users.
Altcoins follow bitcoins for their worth; these have to be first converted to bitcoins and then to currency.
Can I Buy Partial Bitcoins?
Yes, you can buy partial bitcoin.
The best part about buying a bitcoin is that you can buy as much or as little as you want, as per your requirement and comfort.
Partial bitcoin has the smallest fragment known as a Satoshi and its worth increases with the increase of worth in bitcoin.
What Is a Bitcoin Exchange, and How Does It Work?
Bitcoin exchange works as a relationship between any buyer and seller. You can use any method of online money transfer suited to both parties.
There is no need for third-party interference between a maker and a taker, so bitcoin is the safest form to exchange cryptocurrency.
Is Bitcoin Legal?
Bitcoin has recently been declared legal in more developed countries like the U.S and Japan (February 2021), while it is not officially regulated in other countries.
Hence, it is not banned or illegal to buy and exchange bitcoin, but it’s still considered an unreliable and unpredictable cryptocurrency form.
Do I Need to Pay Taxes on Bitcoins?
Bitcoin is considered an asset and not a currency, so taxes apply to its sale and exchange.
You must treat your cryptocurrency as a property or an asset for tax. Commonly for bitcoin, 15 percent capital gain taxes are applied on its sale after one year.
