Best Site to Buy Bitcoins 2023
Because Bitcoin is widely regarded as the most coveted and in-demand cryptocurrency asset on the market, there is no shortage of crypto exchange platforms claiming to be the best Bitcoin vendor. While this is understandable because they rely on good marketing and slogans in order to spark the interest of potential users, we must also acknowledge that there isn’t one single site that provides the best Bitcoin services.
The reality is that the best Bitcoin site where traders can purchase and trade the currency completely depends on their individual needs and preferences. So instead of asking the question, What’s the best site to buy Bitcoin from? We should be after the site that is best aligned with our interests.
How to Choose a Cryptocurrency Exchange
Choosing a site where you are going to settle in as a trader and start doing business is a difficult task, to say the least. Sure, you can go with one of the most popular crypto exchanges on the market and call it a day, but the thing is that not all crypto exchanges are created equal. In fact, many of them are nothing alike and provide their clientele with completely different features and offerings.
To make things even more confusing, it doesn’t look like the avalanche of new cryptocurrency platforms will be coming to a halt anytime soon. So, where do we begin? For starters, traders need to establish what kind of trading they would like to take part in through their platform of choice. Let’s consider some of the main ones.
Types of Trading
The very first decision that new crypto users will face is whether they would like to lean towards crypto-to-crypto trades, fiat-to-crypto trades or split both down the middle. This decision alone should and will considerably narrow the choice of preferred crypto destination. The second parameter that has to be met is the crypto platform’s currency support. If you decide you want to stick to AUD deposits and the cryptocurrency platform does not accept them, then it doesn’t matter how low the trading fees are.
Once that’s settled and traders make sure that the crypto trading platform they would like to do business with does support their currencies of choice, it’s time to look into payment methods and ways of depositing funds. Some users prefer the tried and tested bank transfers, while others will opt for instant purchases and credit card deposits.
Traders who are interested in trading one cryptocurrency for another, such as BTC to ETH, will probably be better off at a platform that specialises in direct crypto-to-crypto instant swaps.
User-Friendliness
Once users get their preferred currencies and deposit methods in order, the next thing they should take into account is the platform’s API and interface. If the experience of trading isn’t enjoyable for you, there is a good chance that you won’t be doing much of it. This goes for the platform’s design and features as well.
Some traders prefer a busy and crowded interface where they’ll be able to be on top of every nuance, while others would rather settle for a clean design that doesn’t take the focus off their main task. New traders will find that different crypto exchange platforms have vastly different approaches and offerings when it comes to their interfaces and the way that they choose to present their services. Novice traders are one advanced crypto trading platform away from never picking up a crypto coin again. So, be mindful of where your home base is, and look around before going all in.
Supported Cryptocurrencies
Cryptocurrency support is one of the main factors that traders should check before planting their flag on a crypto exchange platform. Users should always take into account the volumes of their trades before looking into the variety of altcoins that a platform can offer. This is because there are platforms that exclusively support Bitcoin traders.
As a trader who is looking for the best possible trading platform for BTC, Bitcoin exclusive platforms might be the way to go. However, this is not always the case. Although BTC exclusive trading platforms are usually equipped with the very best spreads and trading fees, they aren’t very convenient when users want to make the most of a BTC trading pair that has just entered a very favourable position.
Most centralised crypto exchanges on the crypto market will provide support for BTC one way or another. It’s not as important as whether BTC is the main focus on the platform as long as it is a flagship feature. Some traders like to immediately set their Bitcoin purchases against some of the most popular cryptocurrencies on the market. So, cryptocurrency exchanges that offer Bitcoin Cash (BCH), Ethereum (ETH), and Litecoin (LTC) pairings might have the upper hand over BTC exclusive ones.
Deposit & Withdrawal Methods
Naturally, deposits and withdrawals are some of the most important parameters to consider. A lot of cryptocurrency platforms will be equipped with every deposit method under the sun. Sometimes this may prove beneficial, but other times, the broad selection of deposit methods might come at a high price. Users should always be aware whether the trading platform favours more traditional deposit methods, such as wire transfers, bank transfers and credit card purchases, or leaning towards speed and instant e-payment transfer providers.
There are many avenues to go by; however, the two most important parameters would be whether the cryptocurrency exchange provides support for AUD deposits and withdrawals and whether they have strict policies towards daily, monthly and annual deposit and withdrawal thresholds.
Trading Fees and Exchange Rates
The trading fee structures and protocols are the most sneaky and hard to navigate features at crypto exchanges. This is because most of the rates tend to be in constant flux. Users will be met with a lot of different types of fees even when executing one single trade on an open order. The main and most prominent types of fees usually come down to trading fees, transaction fees, withdrawal fees, and deposit fees.
Traders usually have the difficult task of navigating through all of these before they confirm their purchase or swap. Some crypto exchanges will stick to fixed rates across the board. And while these are easy to calculate, they don’t always have the best deals in-store.
Of course, some exchanges charge no deposit and withdrawal fees, yet they might be compensating for that on the spreads. The crypto industry doesn’t rely on a single established price of purchase. A currency is worth as much as someone is willing to pay for it. And when it comes to Bitcoin, it’s the cream of the crop.
Account Verification Process
Before we dive into the security side of things, traders have to make a difficult choice on whether they would like to lift limits by providing a lot of personal data or preserving their anonymity at the price of low margin limits. Established centralised exchanges will ask their new users to go through AML/CFT (Anti-Money Laundering) and KYC (Know Your Customer) processes before depositing or withdrawing bitcoins from their premises. While these checks are seen by many as a breach of privacy, they also make it a lot more difficult for someone to run away with your BTC and never be heard from again.
In most cases, users who opt to make their trades through regulated crypto exchange platforms will have to provide the trading platform with their full legal name, an active and valid email address, their personal phone number, a utility bill that proves their place of residence and any document that verifies their identity, such as a national ID card, a passport, or a driver’s license. Some crypto trading platforms may ask users to take a selfie or a video of themselves to prove that it is in fact them who are requesting verification from the crypto vendor. The more information a crypto platform has, the looser the limits will be.
Security Features
Different crypto exchanges have different cryptocurrency infrastructures and protocols in place. For most centralised exchanges, security is paramount across all levels. The cryptocurrency industry has had its fair share of difficulties and incidents when it comes to security. They have been witnesses to everything from personal account breaches and identity theft to hacks and breaches that have left million-dollar holes.
Users who choose to conduct their business through verified trader accounts should settle for nothing but the best possible security strongholds that feature multi-key wallets, 2FA (two-factor authentication), cold storage on their funds, absolute and utter control over users private keys, notifications for every account request via email or SMS, top to bottom encryption, around the clock monitoring, as well as audits. Yes, all of these should be offered to you in one form or another if you choose to trust the crypto trading platform with your BTC and private data.
Customer Support
The customer support that exchange platforms provide is often the most overlooked feature in their offering. A lot of cryptocurrency exchanges will max out their features only to cut corners on the support end of things. This never bodes well because BTC traders, especially new ones, need all the help and support they can get. So, always make sure that your preferred Bitcoin destination platform has an excellent support team in place before deciding to join in.
The most important thing to consider is the response time. The crypto industry is as volatile as they come, so traders usually need answers on the spot in order to capitalise on a certain opportunity. When choosing a Bitcoin trading platform, users should always take into account the options and features that the crypto platform has in store for its clientele. Crypto exchanges that exceed in customer support will usually be equipped with a multitude of ways for traders to get in touch. Some of the most popular ones include an official email address, a live chat bubble, a dedicated phone line and a ticketing system.
The next step is to check when are these support services available – of course, 24/7 around the clock support would be ideal – and whether the platform offers a knowledge library through which you are able to educate yourself on the ins and outs of its protocols and operations. Sometimes we don’t know what questions we should be asking, so a dedicated knowledge base or a FAQ section can do a lot of good.
Cryptocurrency Exchange Types
Although the features listed above are pretty universal and are staples at most serious crypto exchanges, they aren’t the norm per se. As we mentioned at the beginning of the article, not all crypto exchanges are created equal. Some of them have virtually nothing in common other than Bitcoin. So let’s take a closer look at the types of Bitcoin exchange platforms.
Cryptocurrency Brokerages
Cryptocurrency brokerages are platforms that provide users with services that are super easy to understand and navigate. Even beginner traders will have no trouble swapping their currency for some bitcoins without any prior experience. Almost all cryptocurrency brokers will support fiat currencies and payments. So the only thing that traders have to do is select their employed fiat currency, set it against Bitcoin and type in the sum that they would like to acquire. Once these parameters are in place, the brokerage service will ask for the traders to confirm the order and go through with it. It’s as simple as that.
Some of the best and most sought-after brokerages include Coinbase, Gemini, and Kraken. Most of these platforms typically offer a digital wallet, or Bitcoin wallet, where you can receive your coins immediately. Still, we recommend using a hardware wallet if you plan to store Bitcoin long-term.
Crypto Exchanges
Cryptocurrency exchange platforms are the most popular marketplace for those who want to purchase Bitcoin. Crypto trading platforms are a step up from crypto brokerages in terms of the services and features they provide. Through them, traders are able to paint with a broader palette and execute more specific orders at different parameters. This doesn’t imply that crypto exchange platforms are difficult to understand and operate, as there are a lot of platforms on the market that are as user-friendly as regular crypto brokerages.
By employing and making use of cryptocurrency exchanges, traders are able to buy, sell, and participate in trades at a more advanced stage if they choose so. A lot of exchanges will provide support for advanced trading features such as margin and leverage trading; however, users who are not interested in advanced trading can stick to what they do best and not venture out of their comfort zone. Binance is one of the most prominent and sought-after trading platforms that provide its clientele with an intuitive and simple way of acquiring Bitcoin.
Bitcoin CFD Providers
CFDs or contracts for different trading providers are trading platforms through which experienced and seasoned crypto traders are able to make the most out of advanced and complex trade features. CFDs have ventured into the crypto market from the traditional stocks market, where traders would buy shares and dive into forex traders.
CFD trading is different from traditional trading features that can be found on crypto exchange platforms because, in this type of trading, traders never actually own the BTC they’re trading with. Instead, the traders use Bitcoin’s price in order to take speculative positions. If the position of the trader is in line with Bitcoin’s price movement on the market, they score a profit. One of the best and most utilised CFD platform providers is crypto giant eToro.
Futures & Derivatives Crypto Exchanges
Derivative trades are the meat and potatoes of serious professional and experienced traders. This echelon is reserved only for traders who have been around the block a couple of times and know what they are doing. Derivatives trading comes in the form of contracts that derive their inherent value directly from an underlying asset. The utilised derivative traders usually include futures in one way or another. Futures are established contracts that state the parameters at which a certain trade will be executed on a certain date. Once the contract is made, it becomes a currency on itself, because it deducts its value from Bitcoin’s volatility on the market.
There is a great deal of cryptocurrency trading platforms that offer margin and futures trading as an advanced supported feature; however, there are also Bitcoin exchanges that are exclusive to margin, derivatives and futures. Veteran traders that have no use for regular Bitcoin trading can usually find a better all-around offer on advanced trading at designated advanced exchange providers. That being said, most traders will find the feature and derivative trade offerings from CEX.IO and Coinbase more than capable of delivering what they are after.
The Best Bitcoin Exchanges
Coinbase
Coinbase is one of the most prominent crypto trading platforms on the market today. The crypto exchange was launched in San Francisco by Brian Armstrong and Fred Ehrsam, both of whom had been well acquainted with the ways of the crypto industry. Coinbase shot straight to the very top of the crypto market thanks to its intuitive and easy-to-navigate interface that boded well with beginners.
Traders are able to engage in Bitcoin transactions and trades from any corner of the world. Experienced crypto merchants who are looking for something more than the run of the mill are able to make the most of the advanced Bitcoin trading features at Coinbase Pro. Both trading platforms feature a plethora of purchasing and withdrawal options. You can buy BTC with Australian or U.S. Dollars via traditional bank transfers, wire transfers, credit and debit cards, or through instant swap providers, such as PayPal and SEPA.
Coinbase comes with a native crypto wallet that is activated immediately upon registration. The fees on Bitcoin purchases done by credit card or an instant provider come with a fee of 3.99%.
eToro
eToro was one of the very first Bitcoin exchange platforms. In fact, the platform preceded Bitcoin’s launch by two full years. It was founded back in 2007 as the brainchild of founders Yoni Assia, Ronen Assia, and David Ring. The Tel Aviv exchange platform is one of the most secure spaces to deal in Bitcoin in the whole world, as it is heavily regulated by the FCA, ASIC, FinCEN, as well as the CySEC.
Traders have multiple purchase points on their bitcoins and are able to make the most out of traditional bank transfers, as well as debit and credit card purchases. The platform administers a 0.5% conversion fee on all of its currency purchases, including Bitcoin.
The minimum on buys is set at $50, while the millennium on withdrawals comes at $5. The platform features a stellar app that basically mirrors the main platform app, so traders are able to buy and sell Bitcoin wherever and whenever.
Binance
Everyone that has spent at least a day researching the crypto industry has come across Binance. The platform was established back in 2017 by Changpeng Zhao and has grown to become one of the premier crypto exchange outlets across the globe. The fact that it was based in China made it difficult for it to do business after the ban on ICOs; however, the platform was quick to act and relocate to Malta, where it only continued to grow to unprecedented heights.
The platform can be frequently seen at the very top of the world’s daily trading volumes charts. Traders who reside in the US and are interesting in acquiring some Bitcoin through the crypto platform will have to defer to Binance US due to legislation entanglements. Binance’s interface is second to none and even comes at 20 different language themes that make it one of the most convenient Bitcoin outlets in the industry.
Coinmama
Another excellent option when it comes to Bitcoin Nuys is the famed Coinmama. The platform came to the scene back in 2013 and stands as one of the most robust and stable trading platforms in the industry. Because of the thorough Financial Crimes Enforcement Network (FinCEN) regulation, traders can rest assured that their Bitcoin purchases are completely safe and legal.
That being said, the platform acts as a non-custodial platform, which means that it does not store any data or digital assets on its servers. All the user’s private keys are part of the wallets that they occupy, so in a sense, traders are responsible for the safety of their Bitcoin. Users are able to make deposits through credit and debit cards at a 5% fee.
BlockFi
BlockFi Is a US trading platform that came to the crypto scene in 2017. With Zac Prince, Flori Marquez, and Rene Van Kesteren at the helm, the crypto trading platform made history by becoming the very first outlet to allow for collateral in the form of Bitcoin and stablecoins.
The platform makes do with an excellent 0% fee structure on deposits as well as transaction fees. The only thing that might cause a bit of a stir is their withdrawal protocols, which are taxed and administered on a monthly basis.
As far as security goes, the platform is not considered to be a top of the crop secure trading exchange; however, the security infrastructure is by no means lacklustre and the platform is regulated by the New York State Department of Financial Services (NYSDFS). Traders are able to activate the featured IP whitelist and 2FA layer for additional protection.
A Few Words Before You Go…
As you can probably tell by now, purchasing crypto assets and Bitcoin online can be as straightforward or as complicated as we make it. A user can take so many avenues that it’s borderline impossible to do detailed research on all available options before choosing one. Some exchanges provide the best possible digital currency experience and low fees for traders who sell cryptocurrencies, or they might serve only as a buying outlet. Others might lack support for USD deposits, debit cards, bank accounts, or PayPal purchases. It seems like most of it comes down to preference and individual taste.
Frequently Asked Questions
Traders who don’t have a lot of mileage to their names and are looking for a trading platform with a simple, straightforward and intuitive interface should stick to platforms that aren’t feature-packed, provide quick and easy trades, and support fiat currency purchases. Crypto giants, such as Coinbase, have separate platforms for beginners and experienced veteran traders, so novices can choose the simplified API and features instead of the endless charts and graphs that put everything under a microscope. Aussies should find exchanges such as Swyftx and Digital Surge quite easy to navigate from the get-go too.
Absolutely. Traders who want to sell some BTC through Coinbase need to register for an account at the platform. The exchange is very user-friendly so even novice traders should not face any difficulties when signing up. Advanced traders should take a look at Coinbase’s sister platform Coinbase Pro. From there, they can sell their bitcoins through leverage trades or lock them up in futures and smart contracts.
Binance is a crypto trading platform that provides a wide variety of altcoins. The repertoire of supported digital assets crosses the 200 mark, which is one of the most generous offerings when it comes to centralised cryptocurrency platforms. Users are able to set these currencies against each other in over 400 trading pairs that include altcoins such as Tron (TRX), Litecoin (LTC), Ripple (XRP), Dash, Tether (USDT), Bitcoin Cash (BCH), Neo, Monero (XMR), Ethereum (ETH), EOS, Cardano (ADA), NANO (NANO), etc.
Traders across Australia are able to acquire Bitcoin by simply employing Bitcoin ATMs, taking advantage of CoinSpot’s Flexepin feature (where they are able to get Bitcoin in exchange for the Flexepin cash vouchers), or make use of a P2P exchange and strike a deal with a seller that will agree to accept cash for their Bitcoins. The popularity and number of Bitcoin ATMs have been on a constant rise across Australia. Traders are able to find them and high-traffic spots, such as airports, shopping malls or major tourist attractions.
There is no definite answer that will enable traders to calculate the BTC price swings. The value of Bitcoin has been on the rise when we look back at it as a whole, but there have also been extended periods of time when the asset was faced with bullish markets that caused a great deal of concern with its holders. Nevertheless, the coin has also seen its fair share of bullish markets that have taken it to unprecedented highs. The most notable one was the bull market of 2017, during which Bitcoin experienced an unreal 1500% increase in a four-month timeframe.
About The Author
Gareth Johnson
Gareth is incredibly passionate about sharing his knowledge in the crypto industry. It's important to make informed decisions in crypto and it's Crypto Wisdom's goal to make this information widely accessible.
This page was last updated on August 23, 2022
