The Bitcoin exchange rate is calculated by multiplying the average BTC/USD rates across all major Bitcoin exchanges with the mid-market rates of USD into any other local currency. Due to limited availability at some local Bitcoin markets and various other factors, it can be a challenge to directly convert your local currency into Bitcoin, which. Exchange from Bitcoin to Fiat, and from Bitcoin to other cryptocurrencies (or vice versa) is just lightning fast and takes only a few seconds. The exchange operation occurs at the current rate (the rate is being updated every second). Its highest fees are % on purchases from $ to $, with fees falling in increments from there in two additional tranches until it reaches its lowest rate of % for purchases above.
Bitcoin trading ratesBest Places to Buy Bitcoin of
While this is platform offers a huge range of currencies at a low cost, there are some bugs reported with the Android mobile app, and some users have reported delays withdrawing certain currencies. Binance is not insured, which may be a major concern to some, particularly after some irregular trades were detected and reversed in March Coinbase Pro formerly known as GDAX is a serious trading platform with screens that look familiar to those who use Bloomberg terminals or active stock, commodity and option trading platforms.
It charges fees ranging from 0. If you want to try Coinbase but with much higher volume, this platform is the way to go. Coinmama is an all-in-one exchange and digital wallet that makes it easy to buy Bitcoin and a limited list of additional currencies in U. Dollars or Euros. The site claims more than 2 million customers in countries.
One of the easy features lets you buy Bitcoin in just a few clicks from the homepage. While the exchange offers great real-time transactions, it does charge higher fees than some others on this list—there's a 3. Rather than buying and selling on the open market, Coinmama funds user trades from its own holdings, adding a little extra security compared to some open market platforms.
There is no mobile app, but the website is very high quality. Coinmama is a registered money business in the United States, giving it additional legitimacy and recognition above some competitors.
Bitcoin is a digital currency, or cryptocurrency, that is created, distributed, and kept through blockchain, a decentralized ledger system that aims to lower the costs of making payments. Bitcoin was the first ever cryptocurrency and has carried the largest value of any digital currency since the invention of blockchain.
Bitcoin traders sell through platforms that will provide a digital wallet for you to buy and store your Bitcoin. Such a platform serves as an exchange that anonymously matches up buyers and sellers and completes transactions. Your digital wallet allows you to use other traditional financial resources, such as your debit card or bank account, to complete the purchase of Bitcoin.
Another option is to use a peer-to-peer exchange service that connects buyers and sellers to make their own transactions via the platform, with both parties being able to see and speak to each other. The value of Bitcoin fluctuates based on what people are willing to pay for the currency, just like many other investments or assets.
P2PB2B, for example, charges a 0. Buying Bitcoin is safe whenever you use a vetted and respected platform. In terms of Bitcoin being a safe investment, the value fluctuates more frequently than many other traditional investments. We looked at more than a dozen of the best places to buy and sell Bitcoin online and settled on the top 6 places based on a number of factors.
These factors included the history of the exchange, customer reviews, the fees each charges, the strength of features for each digital wallet, and the speed at which you can buy Bitcoin. Cash App. Coinbase Pro. We publish unbiased reviews; our opinions are our own and are not influenced by payments from advertisers. Learn about our independent review process and partners in our advertiser disclosure. Full Bio Follow Linkedin. Follow Twitter. Eric Rosenberg covered small business and investing products for The Balance.
He has an MBA and has been writing about money since Read The Balance's editorial policies. Coinbase: Best Overall. Open Account. Robinhood: Best for Low Cost. Square Cash: Best for Versatility. Coinbase Pro: Best for Active Traders. Coinmama: Best for Quick and Easy Transactions. What is Bitcoin? Once you have money on your account, you can convert it to USD and other fiat currencies, but in the end, you need to convert is back to crypto if you want to withdraw from the platform.
When trading bitcoin you need to consider the following fees. The trading fees are usually expressed in a maker-taker fee model.
This means that if you provide liquidity to the platform you are a liquidity maker you add orders to the order book in the form of limit orders, that stays on the order book until some other trader accepts your order on the other side they are the liquidity takers with a limit or market order.
Beyond the trading fees, you have to consider the bid-ask spreads, which is the price the platform quotes for being on the buyer or on the seller side. The higher the bid-ask spread the more the exchange makes on a specific transaction even if the transaction fees are low and the market needs to move more in favor of your trading strategy to be able to close your trade in this case with profit. And finally, the last fee is the margin fee applicable you need to be aware if you are trading with leverage.
Opening margin trades, holding them over a certain period and closing margin trades can all cost different fees depending on the platform you choose. Be sure to buy some of their platform coin BNB — because when you pay your trading fees with BNB instead of Bitcoin, you get a generous discount on their fees.
Apart from that, Binance has very low fees in general — and fantastic liquidity. No matter how big your position is — you can easily go in an out of large positions because Binance has one of the highes trading volumes in the crypto space. Additionally, Binance does offer Futures and Margin trading as well as coin staking and pretty much everything you want from a reliable Bitcoin exchange. Bitfinex best for advanced orders is offering several advanced order options for trading both bitcoins and several other altcoins.
The advanced order types can help you to tailor your trading strategy to take advantage of any market situations. The order execution cost Visit Bifinex. SimpleFX best for bitcoin CFD trading is a forex broker that has been offering bitcoin trading options for several years by now beside trading with fiat currencies and indices. Note, this is a CFD, a contract for difference platform, where the price of bitcoin is quoted by SimpleFX based on market indices, you are not trading directly with bitcoin.
You can access with MetaTrader 4 and trade up to x leverage on certain currencies. SimpleFX is a completely commission-free trading platform meaning there are no trading fees, the platforms are profiting from the bid-ask spreads they offer. Visit SimpleFX. BaseFEX best for high bitcoin leverage is a relatively new platform offering bitcoin futures and leveraged trading up to x margin. The trading fees are as low as 0.
Visit BaseFEX. Deribit best for bitcoin options is a bitcoin derivative trading platform, the biggest on the market at the moment based on open interest and daily volume. Deribit offers physically-settled bitcoin and ethereum options and futures contracts with various settlement dates and high liquidity.
The trading fees start at 0. Visit Deribit. There are several exchanges now where you can buy, sell and trade altcoins beyond bitcoin. If you are looking for an exchange to trade altcoins with low fees, you need to consider those aspects discussed above on bitcoin exchanges. However, in the case of altcoin exchanges, the deposit and withdrawal fees can vary coin by coins depending on the miner fees of each blockchain.
Make sure you check the fee schedule before depositing a certain coin to an exchange. Additionally, in the case of altcoins with less liquid markets, some exchanges penalize small deposits with using higher fees for small amounts compared to lower fees for bigger deposits. Binance best for altcoins is the no. Their platform offers hundreds of different coins with no or very low deposit thresholds. Just make sure you use the domain specific to your region as Binance uses different platforms for the US, Europe, and Asia depending on the local regulations.
Kucoin best for trading altcoins offers hundreds of altcoins to trade with competitive prices. Trading fees start at 0. There is no KYC verification process on Kucoin as it is a crypto only trading platform. Visit Kucoin. BitMax best for margin trading for lesser-known coins — If you are looking for a platform where you can trade with margin on lesser-known coins, BitMax will be your place. Bitmax offers margin trading beyond bitcoin and ethereum and you can trade up to x margin with altcoins against USDT or bitcoin.
The trading fees are super competitive, as they start at 0. Visit BitMax. LocalCoinSwap best for peer to peer option for trading altcoins is a peer-to-peer market place similar to Paxful or Localbitcoins but they are specialized in trading altcoins. There are a lot of payment methods listed for each seller and the prices are fairly good if you manage to find a reputable trader.
They charge 0. Visit LocalCoinSwap. Changelly best for fast execution — If you are in a hurry and need altcoin right now, Changelly will be your best help.
There is no KYC for crypto to crypto conversions but you can also buy altcoins with credit cards at a reasonable price after verification.