I’m pretty sure you’ve heard of Bitcoin by now — you know that mysterious form of currency that you can’t touch or see. Well Bitcoin is kind of a big thing, and it is very quickly revolutionising the financial sector.
Buying Bitcoin in 2021 has never been easier, however, there are a few things to look out for when buying Bitcoin and other cryptocurrencies. In this article I break down the steps to buying Bitcoin, what you will need and in my opinion, the best platforms to use to make your purchase.
Firstly how does one go about buying Bitcoin?
1. Comparing crypto exchanges
The easiest way to buy Bitcoin is through a crypto exchange. Things to look out for when comparing exchanges are:
- Low fees
- User Interface (Easy to understand and navigate)
- Safety (Is your Bitcoin safe on these exchanges)
- Offers (Free Bitcoin and other benefits)
- Reputable platform
2. Create an account
To buy or sell cryptocurrency like Bitcoin on a crypto exchange, you normally need to verify your email address and identity. Have a photo ID and phone number ready.
3. Deposit your funds
Once verified, you can deposit fiat currency (your countries currency) using your preferred payment method (not all exchanges accept all currencies so do your own research first). Exchanges normally accept — Bank transfers, debit cards, and credit cards.
4. Buy your first Bitcoin (or part of)
You can now exchange money for Bitcoin. The platforms listed below make it very easy to specify the amount and click buy. What you do from then on, is entirely up to you.
The 5 Best Platforms To Buy Bitcoin in 2021
(In My Opinion)
1. SwissBorg
SwissBorg is challenging the status quo by making investing in digital assets easier, safer, and faster than ever. SwissBorg is a reliable, versatile, and comprehensive investment platform without the limitations and exclusions of traditional money management. SwissBorg is committed to providing everyone with access to comprehensive cash management, and making investments in the financial future fair, secure, and easy through crypto-assets.
One of the features that make SwissBorg’s Wealth app the ultimate digital management tool is the SwissBorg Smart Machine. By connecting with Binance, Kraken, HitBTC, and LMAX exchanges, society can access top liquidity and interest rates in seconds. Smart Engine analyses over 100 trading pairs to find the best deals when buying or selling in local currency or cryptocurrency.
Pros
- Up to €100 in free Bitcoin when you sign up using this link here
- Get the best price from multiple exchanges
- Supports 15 fiat currencies
- Super low fees
- Premium membership which enables discounts fees
- Analyse and exchange, all in one app
- Simple and easy to navigate interface.
- Great for those who know little about the cryptocurrency market and want to explore more while staying secure.
Cons
- Semi-centralised exchange
- Number of cryptocurrencies is limited
- No website version, app only
Free Bitcoin up to €100 when you sign up to Swissborg using this link:
Click Here For The Sign Up Bonus
2. Bitpanda
Bitpanda started out in bitcoin trading in 2014, it has grown into the leading European retail broker of Bitcoin, Ethereum, Litecoin and other cryptos.
Bitpanda provides a simple and easy to use website and app to quickly sell and buy cryptocurrency. The broker is continually adding new crypto exchange services.
For many users, the many services offered and reliability justifies the broker’s fees. Additionally, Bitpanda offers more than 10 ways to pay for your cryptocurrency, including credit cad, debit card, SEPA, bank transfer, EPS, GiroPay, Sofort, Neteller, Skrill and cash (Bitpanda To Go).
Pros
- Free €10 when you sign up using this link here
- Instantly buy cryptos from a regulated broker accepting more than 10 payment methods
- Fixed fees to buy and sell
- Additional services, including a savings plan and OTC crypto purchases (large investor)
- Full-featured, secure wallet app
Cons
- No direct trading
- Full services accessible to European residents
- Verification may not be available in some European countries
- Fair but not the lowest commissions
- No phone or live chat support
Free €10 when you sign up to Bitpanda using this link:
Click Here For The Sign Up Bonus
3. Crypto.com
Crypto.com is a one-stop-shop for consumers to buy, store, and use cryptocurrencies such as Bitcoin, Binance Coin, and Ethereum. The site offers a variety of betting options for customers to unlock features such as cashback, discounts, and interest rewards. Consumer-focused companies offer customers a variety of ways to make the most of their digital assets. You can buy and sell 7 fiat currencies and more than 80 cryptocurrencies through Crypto.com.
The site offers a variety of betting options for customers to unlock features such as cashback, discounts, and interest rewards. Consumer-focused companies offer customers a variety of ways to make the most of their digital assets. Crypto.com manages its CRO token. Coinbase attracts more of the bigger traders, while Crypto.com offers more “daily” services.
Pros
- Free $25 worth of CRO if you sign up using this link here
- You can easily gain access to, manage and spend money with your Crypto.com Visa card anytime
- Deposit funds into your account by bank transfer, debit/credit card or cryptocurrency
- Instantly send cryptocurrency to Crypto.com app users without commission
- Take cryptocurrency to external wallet address for a small fixed fee
- Track coins and handle more than 200 coins in your hand; Price, volume, market cap, percentage change, etc
- No fees for depositing cryptocurrency into Crypto.com application, exchanging cryptocurrency with cryptocurrency, transferring cryptocurrency to Crypto.com wallet, and transferring cryptocurrency to an external address
- Crypto.com stores 100% off personal cryptocurrencies in cold storage
- Crypto.com secured $100 million in direct insurance through Underwriting Arch at Lloyd’s Syndicate 2012
Cons
- CRO is required to unlock extra benefits
- Most products are not available in all jurisdictions. Crypto.com exchanges and credits, for example, are not available to US residents
Free $25 worth of CRO when you sign up to Crypto.com using this link:
Click Here For The Sign Up Bonus
4. Binance
Binance was founded by Changpeng “CZ” Zhao, a well known Chinese software developer.
Binance is the preferred cryptocurrency exchange from coin to coin, offering the industry’s best currency pairs and trading volumes. However, since this article was first written, many new features have been added, and many are currently using it for margin trading and derivatives trading.
Binance has also added fiat trading to its flagship exchange, which means it’s no longer a cryptocurrency exchange. Consumers can now trade and exchange currencies for 15 fiat currencies. Binance also has low trading and withdrawal fees. If the user has Binance Piece (BNB), the transaction fee will be reduced.
Pros
- 10% commission kickback on all trades using this link here
- Low fees
- 25% on fees when using BNB
- Over 200 cryptocurrencies are listed
- Crypto coin deposit and withdrawal
- Fiat funding is supported.
- Cryptocurrency margin trading
- Bitcoin futures trading
- Mobile app & web version
- An anonymous account with generous limits (2 BTC/day)
Cons
- Traders from the US are blocked on Binance.com (Binance.US is meant for US traders)
- European traders need to pay with a Visa card
- A lot of features, can be daunting at first
10% fee kickback on every trade you make when you sign up for Binance using this link:
Click Here For 10% Fee Kickback
5. Coinbase
Coinbase is known as one of the easiest cryptocurrency exchanges to use, but fees can vary by location and payment method, so make sure the fees aren’t astronomical before buying. Coinbase was founded in 2012 and is considered by most investors as one of the best places to buy Bitcoin. Coinbase is regulated as a financial institution in the U.S., including FDIC insurance for up to $250,000 in U.S. deposits, and complies with key EU financial rules.
At the end of 2017, Coinbase announced it had 13 million users. Since then, with the rise of cryptocurrency, we can expect the user base to grow to 20 million people who believe it is the easiest way to buy Bitcoin. Coinbase offers many security features in addition to insurance that covers certain types of losses and more. Coinbase is also backed by large general investors such as banks and investment funds.
This level of trust makes Coinbase the desired exchange for the most ambitious cryptocurrency investors and has a simple design that fits this customer base.
Unfortunately, the emphasis on trust means that Coinbase only trades a limited number of cryptocurrencies, even with all major names. Coinbase has a reputation for security online with only 2% of customer funds at a time. Along with its insurance policy, Coinbase is one of the safest exchanges for consumers looking to buy cryptocurrency.
Pros
- Free $10 worth of Bitcoin when you sign up using this link here
- Coinbase offers an incredible level of security. Your cryptocurrency is insured in the event of a hack, read more about it here.
- Coinbase is regulated in all countries in which it operates.
- Some features may vary by country but are available in most countries.
- Easy to use interface. The website and mobile app are easy to understand and use.
- You can use more than 15 cryptocurrencies.
- Offers fiat Bitcoin purchases, offers wallets to customers and provides full customer service.
- Accepts a variety of currencies and accepts credit and debit card payments in addition to bank transfers.
- Designed to make the cryptocurrency buying process as easy as possible with simple instructions at every step.
Cons
- You can use Coinbase fully only if you live in the US, UK, or EU. For example, Canadians cannot purchase crypto via a bank transfer. You can only use credit and debit cards with a 4% fee.
- The fees are high in comparison to the other exchanges on this list.
Free $10 worth of Bitcoin when you sign up to Coinbase using this link:
Click Here For The Sign Up Bonus
Conclusion
Be safe when buying Bitcoin and other cryptocurrencies, the crypto market is extremely volatile, now more than ever. Only invest what you can afford. Be safe people and think smart.
Disclaimer:
- I’m not a financial advisor and this is not financial advice, please do your own research.
- Cryptocurrency is a volatile investment, don’t invest anything you can’t lose.
*Some of the links are referral links
