This is a detailed guide on the best places to trade Bitcoin online.
Bitcoin is currently the leading cryptocurrency in the market and it does not seem to lose its value anytime soon.
Do you want to invest in Bitcoin, or you are an existing trader and want to expand your tentacles, looking for more places you can trust with your Bitcoin investment?
This guide is the help you need. I will give you a breakdown of the best trading platforms as well as what makes them different from one another.
In the end, you will find one that will suit your cryptocurrency trading purpose.
But you may want to ask me especially if you are not yet a trader, what cryptocurrency or Bitcoin means.
How and why should you trade them?
I will provide sufficient answers to these questions right now.
What is cryptocurrency?
Cryptocurrency is money.
Not enough? I Know.
But simply put, Cryptocurrency is a digital currency that can be used in exchange for goods and services online.
Hence, It is digital money that can be spent like we do with our local and international currencies, but it can be stored virtually on the internet.
There are over 6700 cryptocurrencies of which Bitcoin is the first of them.
What is Bitcoin?
Bitcoin is an electronic currency that can be used in trading for goods and services online.
Bitcoin is one of the types of cryptocurrencies.
Although not all countries accept the usage of Bitcoin, it is still a force to reckon with in the financial market.
What is Bitcoin trading?
I mentioned that Bitcoin is a currency that can be used to purchase goods and services electronically. But beyond this, Bitcoin itself can be traded.
The value of Bitcoin changes spontaneously and Bitcoin traders trade the currency by speculating what the valuation will be over a period of time.
Bitcoin trading therefore, is predicting the changes in the price or value of the cryptocurrency.
This process involves buying bitcoin through an exchange, and thereafter hoping that the value will increase over time.
Traders procure bitcoins at a lower price and sell when there is an increase.
Which platform is best to trade Bitcoin?
If you are asking this question, you are not alone.
Many traders old and new are asking the same question and we have come to provide answers to the one million dollar question.
Picking the best platform to trade Bitcoin for you depends on a few factors, and these factors are determined by what you want.
In this regard, the best Bitcoin trading platform for Trader A may differ from the best trading platform for Trader B if they both have different objectives respectively.
What are the Best places to trade Bitcoin?
Again, rating Bitcoin trading platforms depend on some variables with respect to the objectives of each trader.
A few of the variables are low fees, best trading experiences, best mobile app among other variables.
With these in mind, here are the best places you can trade Bitcoin online.
Coinbase is one of the most popular Cryptocurrency exchange platforms in the world.
Coinbase is known to be the largest cryptocurrency exchange based in the US.
Coinbase has over 20 million users worldwide and still growing.
Bitcoin Traders has been using Coinbase since June 2012 and exchange on the platform has gotten better ever since.
One of the qualities that stand coinbase out is that it is user-friendly and also easy to use.
Coinbase can also be used to trade other Cryptocurrencies than Bitcoin.
You can start trading on Coinbase with the following steps:
- Enter your email and follow through to sign up.
- Verify your photo ID.
- Go to the payment methods page.
- Select Add Payment Method on the right-hand side of the page.
- Add card option. Select credit or debit card.
- Here, Coinbase will make two test transactions between 1.01 and 1.99 in your local currency.
- Give access to allow Coinbase make the transactions.
- Then, Log in to your card statement account. Do well to note the amount of those transactions.
- Enter the amounts transacted.
Binance exchange is another popular Cryptocurrency exchange platform.
Binance is good both for beginners and professional traders. It is easy to use and very user-friendly.
Binance exchange is well known among traders globally and it supports over 200 cryptocurrencies.
Binance is a very understandable platform because it is straightforward and it gives users the flexibility to switch between or upscale to a different version of the site when their crypto trading does require.
If you begin with the basic version of the site, you can switch to the advanced when you have progressed and feel a need to.
Binance is best for crypto day traders. It gives low fees and strong charting tools.
Binance is a Bitcoin trading platform that is very secure.
And it offers powerful tools for traders that might want to invest or trade different Cryptocurrencies.
Etoro like the earlier mentioned platform or even is also user-friendly.
It is so easy to use that it is one of the best platforms for beginners that are just looking out to take on the Bitcoin trading career.
Another reason why beginners will enjoy etoro is that it has free practice accounts where users have up to $100,000 for virtual practice.
Gemini is another popular Cryptocurrency exchange platform.
One of the strengths of Gemini as a trading platform is that it is secure and transparent.
When you open an account on Gemini and deposit $100 you will get ten percent ($10) bonus for free.
Gemini also gives you the room to trade up to 26 different currencies.
When you think of the best mobile trading apps, never think past Robinhood as one of the trusted apps.
Although it allows less than 20 different currencies presently and allows the trading of Bitcoin.
Also See: Top 10 Best Ways to Make Money Online
And the unique strength of Robinhood is that it stays as the most suitable mobile app for traders that trades multiple classes of assets.
It is worthwhile to affirm that Robinhood is strictly for trading and it will serve new traders greatly because your funds are safely held and away from danger.
Also Robinhood is free to use and it is also commission-free.
Coinmama is a trusted Bitcoin trading platform.
Setting up your account and verification is very fast on coinmama.
After you have signed in, Coinmama gives instant Bitcoin purchase.
Coinmama Bitcoin traders are not restricted to a particular wallet, Coinmama can deliver their coin to any wallet you prefer.
On coinmama you will also get many options for funding your account.
Do you know you can take loan in US dollars while you use your Bitcoin as collateral?
Also if you have huge Bitcoin that you wouldn’t want to trade yet, Block-fi allows you to deposit your Bitcoin into an account and earn interest on it.
The last platform I’ll be talking about on this list is Bisq.
Coming last on the list does not make Bisq inferior or the least.
In fact, it has some features that stand it out among all other trading platforms.
Bisq offers decentralized transactions with Bitcoin. Simply put, you can trade Bitcoin without having to sign up for an account.
This will give you the utmost privacy. Trading anonymously.