Last updated on November 11th, 2017 at 11:53 am
Bitcoin is the most attractive digital currency currently and has caught the attention of so many. If you want to buy Bitcoins and you already have a Bitcoin wallet, the very next thing to do is choose a reliable and reputable exchange from which to buy Bitcoins. The services rendered by the various exchanges, the means of payment adopted, fees charged, security, exchange rates and geographical area served by them, differ significantly. Therefore you must choose wisely, out of the very many alternatives that which would best suit you.
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Here is a review of the best Bitcoin exchanges that are out there now:
Founded in 2012 and with a client base reaching 4 million, Coinbase is widely regarded as the most respected and is quite the most popular Bitcoin exchange currently. It is also the largest Bitcoin broker available (according to www.buybitcoinworldwide.com), even though it is also considered a trading platform. It is also secure. Coinbase is available in about 33 countries worldwide, which includes most of Europe, US, UK, Canada, and Singapore. It actually supports almost all means of payment including a credit/debit card, SEPA transfer, Interac online, iDEAL and even a Coinbase wallet. Using a Coinbase wallet, one can buy bitcoins directly from Coinbase. Alternatively, you can use the Coinbase trade platform to purchase coins from other Coinbase users or sell them with low transaction fees. Coinbase is good for new buyers as it is easy to use.
CoinMama which has been functioning in the bitcoin market since 2013, is a bitcoin trade platform which carries out transactions in such a short time although it has a comparatively high exchange rate. In CoinMama, bitcoins can be bought using credit and debit cards or direct cash deposits using western union or even MoneyGram by almost anyone in the world. It is a leading bitcoin exchange in the U.S.
Coinhouse is a European based bitcoin exchange, very reputable and offers high buying limits (amount of bitcoin to be bought in a single transaction). As its name implies, Coinhouse is regarded as the “house of bitcoin” in Paris, and where users can buy bitcoin with a secure credit card, debit card or with Neosurf-prepaid cards, which are available in most European countries. However, Coinhouse has a relatively higher exchange rate and is still expanding around Europe.
Bitstamp is a Slovenia based veteran bitcoin exchange and has been serving the bitcoin industry since 2011. It is by far one of the oldest bitcoin trade platforms in existence. Why it is special is that it has never been hacked and it is a preferred option for brokers and buyers of large amounts of Bitcoins. Nonetheless, Bitstamp charges low transaction fees of up to 0.25% per buy for lower volumes of trade, while this fee reduces at higher volumes of trade. Up to 8% can be charged for some purchasers when you use your credit card, which is very high. It also accepts limited payment methods including wire transfer, and though it is highly respected, it is not suited for beginners who wish to trade in small amounts of money.
Kraken is another top bitcoin exchange veteran which was founded in 2011 (the same year as Bitstamp). It is actually regarded as the top exchange by a couple of news outlets. Kraken is very trusted in security and experienced service and supports residents of Europe, U.S, Canada, and Japan. It is very similar to Bitstamp in its operations but offers comparatively low transaction fees. It is good for buying large amounts of Bitcoins (high buying limit).
CEX.IO is a reputable Bitcoin exchange with quite high buying limits and higher exchange rates. It was brought into operation in 2013 and allows you to actually trade Bitcoins. On this trading exchange, one can buy and sell bitcoins using credit cards for USD, Euros, and RUB. It charges low fees when a credit card is used. It offers services to a reasonable number of countries.
This is a broker that was founded in 2014. It is an Austrian company that offers services to European countries only and uses a credit card as well as wire transfer to buy Bitcoins or even Ethereum. It has a good exchange rate.
Bitfinex is a Bitcoin-trading platform, which offers several advanced trading services. It was launched in 2013 and has expanded to become one of the largest exchanges owing above 10% of the USD trading market. Nonetheless, it has been hacked before and had lost tens of millions of Dollars. Hence its security is not reliable when compared to other trade platforms.
Virwox is a very popular bitcoin exchange though with a low reputation. It offers probably the widest variety of payment methods including credit cards and PayPal. It offers high fees for the purchase of bitcoins and requires no verification from transactions. It is among the top exchanges simply because it is the only exchange in which one can use PayPal to buy bitcoins. It is neither very reliable nor secure.
This is a top exchange co-founded by the Winklevoss twins, Tyler and Cameron. Trading in Gemini takes place in 3 currencies US dollars, Bitcoin and Ether. Gemini is special because all withdrawals, as well as deposits, are free of charge. The Gemini exchange is available in only 42 US states, Canada, Hong Kong, Japan, Singapore, South Korea and the UK.
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