Bitcoin is not only the first cryptocurrency but is today also the largest in terms of market capitalization. With over $19 billion worth of BTC traded daily, Bitcoin is also the most popular and recognized digital token. Owing to its market dominance, the coin is sought out for a variety of reasons. While some people are looking to speculate on its value, others are looking to own a piece of this revolutionary technology.
There are several different ways to buy Bitcoin, so it is important that you understand what you intend to do with the digital token once you own it. Using the wrong option may end up costing you more and it may be harder to reach your objective.
Coinbase is the world’s largest Bitcoin broker and a cryptocurrency exchange available across the world. Offering a variety of cryptocurrencies and supporting payments in fiat currency using cards or bank transfers, Coinbase tops the list of the best exchanges where to buy Bitcoin.
Based on your trading experience level and requirements, you can choose to register with Coinbase or Coinbase Pro. The pro version offers advanced charting tools along with some of the lowest fees to buy Bitcoin and other Altcoins. Moreover, the platform ensures its client’s funds against theft or unauthorized access.
Bitmex is a more advanced trading platform, best suited to experienced traders and investors. The company, domiciled in Seychelles, specializes in Bitcoin derivatives, such as futures contracts. It is not a typical cryptocurrency exchange, and only accepts deposits and withdrawals in BTC.
Bitmex offers traders the opportunity to trade on margin, with leverages of up to 100x. This allows traders to open much larger positions than their investment capital allows. It is also a riskier financial instrument, so it should only be used by traders who understand the risks involved.
Launched in 2013 and based in London, CEX.io is amongst the larger cryptocurrency exchanges in Europe. The company is licensed to carry out money-based transactions and offers both brokerage and trading platforms. Supporting card payments and bank transfers, you can buy Bitcoin on CEX.io in a matter of seconds.
The company also runs a specialized platform for Bitcoin speculators, who can trade on margin at very competitive fees. CEX.io offers extensive historical charting data along with news and information to help you trade effectively.
As one of the largest trading platforms in the world, eToro allows you to invest in Bitcoin, Ethereum, Litecoin and an almost endless list of Altcoins. If you want to learn more here you can find a detailed Etoro Review. The platform offers you the opportunity to invest directly in the asset or opt for advanced financial instruments such as Bitcoin Contracts for Difference (CFDs). These instruments allow you to profit from Bitcoin’s price movements without requiring you to purchase the actual digital coin.
eToro also offers the innovative social trading platform, where you can emulate trades made by successful traders. This tool has proven especially useful to newer traders, or those just entering the cryptocurrency market. Together with cryptocurrencies, eToro offers you the option to trade forex, stocks, and more.
As one of the largest Bitcoin CFD trading platforms in the world, Plus500 has built its reputation for offering a functional interface and some of the lowest fees of the industry. The regulated platform is available across the world, except in countries such as the US, since CFD trading is banned. Users get access to up to 1:2 leverage and a variety of cryptocurrencies and pairs, including the very popular Ethereum/Bitcoin (ETHBTC). You can fund your Plus500 account using a variety of currencies and payment methods, including PayPal.
Once you have purchased your digital currency you need to store it securely. Although this step is not necessary if you want to invest in Bitcoin CFDs, if you’ve purchased the actual asset you will need a hot or cold storage device. Although several exchanges offer free in-built wallets, it is not recommended that you store your crypto there for long.
Hardware wallets, such as the Ledger Nano S or Trezor are your best options since they provide a virtually impenetrable safe which you can conveniently carry with you wherever you go. These Bitcoin wallets are also ideal as they can safely store additional Altcoins, including Ethereum and Litecoin.
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