2019 is going to be a big year for Bitcoin.
With public awareness constantly increasing, more regulatory oversight on the way, and ETFs still in the works, more people will be buying and trading Bitcoin than ever.
But there are so many different platforms and exchanges these days – are the big names still top-dog? What’s the best way to buy Bitcoin in 2019?
We’ve found that for the time being, the most well-established platforms are the best for most uses, but it really depends on where you are and what you’re looking to get out of your Bitcoin investment. Let’s take a look at some different options and the advantages they have over competitors.
Buying Bitcoin as a US Newcomer – Coinbase
That’s right – Coinbase is still a great place to enter the Bitcoin market for US investors in many countries. Acting as a wallet and an exchange, Coinbase is known as arguably the most user-friendly and easiest way to enter the market for newcomers.
After signing up and connecting your bank account, you’ll be able to transfer funds to and from your bank account. Coinbase charges a 1% on U.S. transactions ($1 min, $50 max) from a bank account or Coinbase USD wallet. Purchases with a credit or debit card add on a 2.49 percent fixed fee.
Cash balances of up to $250,000 are insured against theft or platform breaches and the platform is secure and offers the vital two-factor authentication required to keep finds safe.
The drawback with Coinbase is that it’s only available to investors in the US, UK, Australia, Singapore, Austria, Canada, and Andorra, making it inaccessible to the vast majority of potential investors for the time being.
Buying Bitcoin With No Fees as a US Trader – Robinhood
If someone really wants exposure to Bitcoin as an asset, then Robinhood is a great platform that allows users to trade BTC with no fees – that’s a really great service with a major use case for day traders who can spend a lot of money on fees throughout the course of their workday. You won’t be able to withdraw Bitcoin from Robinhood but you can invest in it. Robinhood does sell their customer’s data though, so take that into consideration when using the site.
However, while its main competitor, Coinbase, is only available in a handful of countries, Robinhood is only available in the US, and even within that nation, only in 16 states. Robinhood is pursuing a banking license and aims to expand, but for now, it’s extremely limited in terms of its user base.
International Low-Fee Trading – Binance
Unlike Coinbase and Robinhood, Binance has a huge selection of currencies to trade against BTC and offers low-fee trading of just 0.1% per trade, making it a very affordable option. The platform is generally very-well trusted within the cryptocurrency community, and very widely-adopted too, usually listed as the world’s largest cryptocurrency exchange.
The reason it’s so popular is that the exchange is available everywhere – while some national regulators have discouraged crypto trading, Binance doesn’t list any countries that it’s not available in, perhaps making it the best option for international traders and investors.
Binance, like the other exchanges on the list so far, does require KYC, and it’s possible that people in countries where cryptocurrency is highly controlled won’t have easy access.
For that, we have DEXs.
Anonymous, Unregulated Crypto Trading – Decentralized Exchanges
Decentralized exchanges are a great option for anyone who doesn’t want to give an exchange their identity or control of their cryptocurrency keys and funds. DEXs allow users to control their funds at all times, and the platforms are owned by nobody.
There are a number of options currently functioning an in development – Binance is actually aiming to launch a DEX soon too.
IDEX is a popular and trusted option with a 24-hour volume of almost $1 million. DEXs are available anywhere in the world with an internet connection and, if they’re in a state trying to regulate crypto, ideally a VPN for private browsing.
As you can see, there are a whole bunch of options – so take a look and see which one is best for you.
Subscribe to our newsletter The Raven’s Dispatch!
Interested in more crypto content? Check out 6 Benefits Of Forex Trading and Weekly Cryptocurrency watch: Bitcoin (BTC), Litecoin (LTC) and Ethereum (ETH)