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What’s The Ideal Platform For Buying Bitcoin?

Buying Bitcoin has never been this easy. Finding a good exchange platform, though, is a daunting task: they have different transaction fees, conditions of registration and exchange, and additional features like margin trading and staking rewards. This piece guides you on what to consider when choosing an exchange platform and lists the top four platforms you can use to buy bitcoin.

What to Consider When Choosing an Exchange Platform

When choosing a resource to buy bitcoin, consider the factors below first. 

1. Security

Crypto theft has risen as digital assets have grown more desirable over the past few years. Hackers are always on the lookout for security loopholes in exchange platforms — in 2021, hacks and theft in the crypto space accounted for almost $2.99B, and that’s the mid-year data. 

Research the security features of a crypto exchange before buying or storing your BTC in their wallets. Chose platforms that have encryption and good reviews (in addition to reading reviews on official resources, try asking for opinions on Reddit and Twitter.) Check if the exchange has a history of crypto theft — although from the point of risk management, companies that have already experienced data leak or theft and are still working most likely have good security safeguards.

2. Transaction Fees

Trading platforms always deduct a percentage of your crypto after a transaction. Always check if the trading fees are clearly defined and sustainable for your goals — platforms with high fees are likely to eat up your crypto assets over time without you noticing. Fees also often fluctuate depending on market conditions at the moment and specifics of the way transaction is processed in the blockchain — fees estimates before you click Convert or Deposit may differ from the percentage that will actually be taken from your operation. Some platforms dedicate resources to fee compression, some don’t — in any way, carefully study the way fees are collected on the exchange you’re planning to choose. 

3. User Interface

An ideal crypto exchange should be easy to use and easily accessible. A mess in the navigation can cost you money — so the platforms with complex interfaces are not ideal, especially if you’re new to crypto trading. 

4. Cryptocurrencies Available + Trading volume

Most platforms offer recognized trading pairs involving BTC/LTC, BTC/ETH, etc. However, a good exchange platform should also offer lesser-known altcoins. With adequate liquidity on altcoins and high trading volume, you can easily buy Bitcoins and earn via trading. 

The Best Crypto Exchanges to Buy Bitcoin Securely

Here are the top 4 exchange platforms today;

1. Godex.io

Godex.io is first on the list because using it, you buy Bitcoin (BTC) anonymously. It doesn’t require your personal data — only the address of your target wallet, and even that is deleted within a week. In the age of cybercrime, the exchange that [almost] doesn’t store your personal data is what you need; Godex also applies strong security measures to protect your privacy. 

Launched in 2018, now Godex supports over 300 altcoins. Their trading fees range between 0 and 0.5%: they freeze the fees when you start a transaction, so they won’t fluctuate in the middle of it. There’s no upper limit of BTC you can buy or exchange. Transactions take up to half an hour. The UI is simple and comfortable to use. 

Note, that Godex doesn’t support exchanges with fiat. 

2. Binance

Binance is one of the leading centralized crypto exchanges today. Founded in 2017, Binance has a long list of crypto and fiat pairs. You can either deposit fiat currency to the platform or exchange it for crypto coins directly from your debit card. 

Binance is a good fit for traders who want to invest in altcoins and stable coins. The platform offers you a crypto wallet, has its own crypto called Binance Coin, and a stable coin, Binance USD. Currently, Binance has the largest crypto daily trading volume. It’s fast, and its transaction fees range between 0.002% and 4.5%, depending on your payment method.

Binance requires you to provide your personal data — in compliance with KYC requirements — before trading. It also has a complex user interface and is difficult to use for new crypto traders. 

3. Coinbase

Like Binance, Coinbase ranks among the top centralized exchange platforms by trading volume. It launched in 2012 — its easy-to-use interface and straightforward purchase process make it the go-to platform for new crypto traders. Coinbase also provides an education platform to teach users more about crypto and rewards them with coins if they do learn. 

Only 2% of Coinbase’s user funds are online. Developers claim that most of the crypto is held in cold storage, safe from hackers.

Coinbase also lets you buy BTC using dollars and other fiat currencies. They charge 0.5% to 2% on your transactions depending on the amount of BTC you buy plus extra charges that depend on how you pay — the overall fee can grow up to 4%. You can connect your debit card to allow bank transfers to the platform. The platform is famous for its fee fluctuations. 

Registration is required. The platform only offers about 56 trading pairs, which is not much — but they have a premium version called Coinbase Pro with low transaction fees, more trading pairs, and additional trading features like trading charts and stop-limit orders.

4. Crypto.com

Developed in 2016, Crypto.com is one of the old ones — it supports over 90 cryptocurrencies and provides users with AES-256 encrypted wallets. It’s famous for its altcoin, the CRO — with this token people can earn interest. 

With Crypto.com, you can buy BTC with fiat or crypto. The platform also offers a prepaid Visa card you use to pay for Crypto.com’s services. Its fees range between 0.04%-0.4% and 0.1%-0.4% for makers and takers respectively. They depend on your monthly trade volume. 

Like Coinbase, Crypto.com stores its user assets in cold storage and has insured the platform against theft. Registration is mandatory. 

Conclusion

These exchange platforms offer many trading pairs and guarantee the safety of your crypto. If you want to buy BTC anonymously without going through KYC procedures, go for Godex.io. If you want to access complex trading features such as margin trading, use Binance or Coinbase.

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