Best Places To Buy Bitcoin In 2021, How To Buy Bitcoin

Best Overall : Coinbase

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Coinbase

Currencies: 50+Transaction Fees: Flat fee between $0.99 to $2.99, plus funding fee of up to $3.99%.Wallet Included: Yes
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 eToro

Currencies: 17Transaction Fees: Spread price of 0.75%Wallet Included: Yes
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 Robinhood

Currencies: 7Transaction Fees: N/AWallet Included: No
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 Coinmama

Currencies: 8Transaction Fees: Up to 3.90% commission feeWallet Included: No
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BlockFi

Currencies: 6Transaction Fees: N/AWallet Included: No
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 Bisq

Currencies: 64Transaction Fees: 0.05% to 0.7%Wallet Included: Yes
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Why We Chose It

We like Bisq’s decentralized features that improve privacy and anonymity when buying and selling bitcoin through an open-source desktop app.

Pros & Cons
Pros

Decentralized network improves privacy

Software is open source

No registration required

No identity verification required

Cons

Potential for slow transactions

Not ideal for active traders

Overview

For those drawn to the anonymity provided by bitcoin, Bisq may offer what you’re looking for. Bisq is a decentralized exchange that doesn’t require any signup or account. That means you can use Bisq to buy and sell with nearly complete privacy. The required Bisq desktop app is open source and free to use.

Bisq supports a wide range of payment methods, including bank transfers, Chase QuickPay, Popmoney, Zelle, and Western Union. Trade fees range from 0.05% to 0.70%, depending on what you’re doing and how you pay.

Bisq is best for those with at least a little crypto experience.

Final Verdict

The right cryptocurrency exchange for you will strike an ideal balance between fees, security, and trading options. That’s why it’s important to determine what you want out of an exchange before you dive in.

But if you aren’t sure exactly what you want, then Coinbase is a good place to get started. You can buy a variety of digital currencies with a fair pricing structure in a secure setting.

Compare the Best Places to Buy Bitcoin

Frequently Asked Questions

What is a Bitcoin Exchange?

A bitcoin exchange is a digital marketplace where you can convert currency like U.S. dollars into bitcoin. Many exchanges that support bitcoin also support other digital cryptocurrencies.

Every bitcoin exchange uses its own pricing and platform, which may instantly draw you to one exchange over another. Advanced bitcoin users may be interested in more details about the type of exchange. For example, some exchanges use centralized systems and user accounts while others are decentralized with a focus on privacy. Depending on what you’re trying to accomplish, you may prefer one type of exchange over another.

How Does a Bitcoin Exchange Work?

Bitcoin exchanges connect buyers and sellers and act as a middleman, or a broker, in some cases. When you buy bitcoin using a bitcoin wallet, the transaction is recorded on the Bitcoin Blockchain, which publicly tracks bitcoin-based transactions. In some cases, exchanges may transact on your behalf and not deliver bitcoin to an external digital wallet.

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Are Bitcoin Exchanges Legal?

Bitcoin exchanges are generally considered legal in the United States. However, it is your responsibility to report capital gains to stay on the right side of the law for your annual tax filing.

What Are Some Differences Between Bitcoin Exchanges and Wallets?

Bitcoin exchanges are a place you can buy and sell bitcoin. In many cases, the exchange also includes a wallet, which is the “account” that holds your cryptocurrency. When you use a centralized exchange online or through a mobile app, the exchange will effectively hold the bitcoin on your behalf.

Bitcoin also enables you to use external wallets outside of an exchange. These include computer-based and web-based “hot wallets” and offline “cold wallets” that work kind of like a USB security fob. If you buy bitcoin at most exchanges, you have the option to transfer your coins to any bitcoin wallet.

What Are Some Differences Between Bitcoin Exchanges and Mining Software?

Bitcoin mining software is a type of application that helps maintain the Bitcoin Blockchain. Every transaction on the blockchain is public and recorded on countless computers around the world. When a transaction takes place, computers called miners race to record the transaction and get a small fee, which is paid by those who make the transaction.

When you run a bitcoin miner, you can effectively “create” your own bitcoin if you win the race and get paid the transaction fee. To improve your chances, you can join a pool with other miners. However, be aware that mining is very power-intensive and could wind up costing you more than it makes you. Bitcoin mining is best for those who are very computer savvy.

Is Buying Bitcoin Safe?

Buying Bitcoin is safe whenever you use a vetted and respected platform. It’s important to research any platform where you’re considering purchasing Bitcoin before you decide to take the plunge. In terms of Bitcoin being a safe investment, the value fluctuates more frequently than many other traditional investments. If you’re looking to support a decentralized method of making payments, Bitcoin can be valuable. However, there’s no guarantee or insurance protecting any value of what you”re purchasing.

How Can I Buy Bitcoin?

If you’re looking to buy bitcoin, follow these steps to get started:

Pick an exchange and wallet provider: The first step is to pick a place to buy and store your bitcoin. The easiest and fastest way to start is to choose an exchange that also offers secure bitcoin storage.Open an account: Once you’ve picked your favorite exchange, you will most likely need to open an account and supply basic personal information. Some decentralized exchanges don’t require an account, but you’ll need an existing wallet and more technical know-how to use this type of exchange.Fund your account: If you choose a provider that allows you to deposit fiat current (USD, EUR, GBP, etc.), you’ll probably have to fund your account before you can make an order. You may be able to buy right away with a debit or credit card, but beware of extra fees.Place an order: Now it’s time for the big moment. Place your order and wait for it to fully execute. Because blockchain processing takes some time, your purchase may not be instant. There are many factors that can lead this to take anywhere from a few minutes to over an hour to complete.

Once your order is done, you should see your new bitcoin in your bitcoin wallet or account. Congratulations! You”re a cryptocurrency owner.

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Methodology

We looked at more than a dozen of the best places to buy and sell Bitcoin online and settled on the top six places based on a number of factors. These factors included the history of the exchange, customer reviews, the fees each charge, the strength of features for each digital wallet, and the speed at which you can buy Bitcoin.