Who should make use of this comparison?
Our expert comparison of the best Bitcoin trading sites is here to help new Bitcoin trading investors who are looking to buy Bitcoin from anywhere in the world. Our experts aren’t just here to tell you what they think is the best Bitcoin trading platform for us, we’re also here to help you find the right Bitcoin trading platform for you to buy Bitcoin. No matter the size of your Bitcoin trading investment, or which country you want to buy Bitcoin in, our experts are sure to help find the best Bitcoin trading platform for you.
Even if you have some existing knowledge of Bitcoin trading, cloud mining and Bitcoin mining software, we’re confident that our experts will be able to further your knowledge. Our aim is to help you to invest and buy Bitcoin and smartly as possible. If you’re completely new to Bitcoin trading, our comparisons ensure you take your first steps in the right direction.
Top 5 things to know before you invest
Don’t expect a repeat of the 2017 fluke
If your plan to get into Bitcoin trading is mainly motivated by the 2017 spike, don’t be too expectant of a repeat. In 2017, Bitcoin’s value rose rapidly, peaking at almost $20,000, making it the best Bitcoin trading year we’ve seen so far. However, it was something of a fluke, and Bitcoin’s value plummeted shortly after. It’s definitely not out of the question that Bitcoin could spike again in the future, but deciding to buy Bitcoin based on the hope of a 2017 repeat isn’t a sound investment strategy. Bitcoin trading can be a potentially lucrative investment, but don’t expect big overnight profits.
Know when to buy
As is the case with most types of investment, the best Bitcoin trading practices are all about timing. To know the best time to buy Bitcoin, first you should know a little bit about how Bitcoin works as a currency. Bitcoin and other crypto currencies are global and aren’t affected by any single country’s situation. Whether you buy Bitcoin in India, Australia or Canada, its value is exactly the same. To predict what might happen with Bitcoin’s value, you have to look at what’s happening on a global scale, rather than in one particular country or region.
Know where to buy
When it comes to knowing where to buy Bitcoin, individual countries become more of an important factor. Coinbase currently have the widest reach, as they operate in the UK, USA, Canada and most EU member states. It’s best to use trustworthy Bitcoin trading site reviews to keep yourself informed and avoid scams.
Mining is no longer for newbies
You may have heard about cloud Bitcoin mining being done at home with basic software on a laptop. Sadly those days are long gone as mining has grown rapidly and is now done in large data centers. To realistically profit from Bitcoin mining today, a 7 figure investment would be required.
Taxes and regulations
Bitcoin may not be the official currency of any nation in the world right now, but most developed nations have regulations for Bitcoin and other cryptocurrencies. In the UK for example, crypto assets can be subjected to capital gains tax, national insurance and income tax. Check the taxes and regulations in the country you’re in before you go ahead.
In our opinion, the best Bitcoin trading operator overall for new investors is Coinbase, as they are perhaps the most trustworthy Bitcoin trading platform with the widest international reach. Founded in San Francisco in 2012, Coinbase is one of the oldest crypto trading sites and remains one of the most popular for good reason. Coinbase currently supports the trading of Bitcoin and a number of other crypto currencies in 32 countries including the UK, USA, Canada and most European Union member states (with the exception of Germany). Accordingly, you can buy Bitcoin here using the American Dollar ($), the British Pound (£) or the Euro (€). They also accept Bitcoin storage and transactions from 190 countries. A handy list of all countries and their capabilities can be found on the Coinbase website.
Find the best Bitcoin exchange where you are:
Germany is one of the few countries with zero capabilities on Coinbase’s extensive platform, however there are plenty of suitable alternatives for German traders. Bitpanda is perhaps the best Bitcoin trading platform for Germany and the rest of Europe, but they don’t support North American markets.
If you’re looking to buy Bitcoin in Asia or South Africa, then Luno is an excellent choice, as they offer free deposits and have pretty small withdrawal fees. Other than Bitcoin, Luno only supports Ethereum. While this may be a hangup for those looking to invest and trade in multiple different crypto currencies, it keeps things simple and straightforward for new investors and those focusing solely on Bitcoin trading.
For those who want to buy Bitcoin down under, Independent Reserve is probably the most trusted and secure exchanges in Australia and New Zealand where you can buy Bitcoin and other crypto currencies using AUD, NZD and USD. They do have fees to be considered, but they fall rapidly as your trading volume grows, ending up as low as 0.05%.
In India, WazirX is the newest exchange on the block, but is perhaps the best Bitcoin trading platform in the country at the moment. They are backed up by crypto exchange giants Binance, so while WazirX may be new, they can also be trusted. If you’re outside of India and interested in WazirX, they recently opened up services in countries across the globe.
This is how our experts test operators
In order to help you find the best Bitcoin trading operator out there, our experts use the apps and platforms themselves, reviewing and rating several different aspects before providing an overall review. Below, you can find a list and explanation of each aspect of a trading operator our experts assess. This should also help you see better what matters most to you when choosing the best place for you to buy Bitcoin and start trading and/or investing:
Trustability and security
First of all, we want to ensure that the operators we’re choosing to recommend are safe and secure before we review any other aspect of their platform. To do this we check if the platform is regulated or is officially licensed. For example, UK platforms should be regulated by the FCA and US based operators should have a Bitlicense. We also look for user reviews to certify the trustability of an operator’s website and app.
As well as being able to store and buy Bitcoin, the best sites and apps should allow you to do so much more. If you’re looking to start properly trading and investing in Bitcoin, it’s important to choose an operator with good exchange and brokering platforms, as well as a Bitcoin wallet.
Bitcoin trading rules and regulations are different in every country, which is why we look for and recommend the best trading operators in each country and region. If you’re generally staying put, it’s best to use the best operator in your region, however, there are operators with a much wider reach for the globetrotting traders and digital nomads.
A Bitcoin exchange and trading operator can have a wide reach and jurisdiction, great usability and a high level of security, but is the price worth paying? Every exchange operator will have fees of some form. Most charge transaction fees which generally lower the bigger your volume is. Other operators work with monthly or yearly subscription fees.
An easy to use interface is perhaps one of the most important elements to consider when reviewing a Bitcoin exchange operator. This is especially important for new investors as a complicated and difficult to use interface can cause further confusion and headache.
When it comes to payment, our experts look at more than just the currencies that can be used and the variety of payment options available. We also look at payment processing and withdrawal times as well as hidden fees for different payment types.
Finding the right operator for you
When it comes to buying and trading Bitcoin, there are quite literally thousands of sites, apps and operators with varying features and capabilities. With that in mind, it’s pretty much impossible to choose a single best Bitcoin trading site that reigns supreme above all others. Whatsmore is everyone’s individual needs are different, from investment size to location and trading options required.
With all of that in mind, our experts aim to select a decent and varied choice of operators, each with different strengths and weaknesses, in order to help find the operator that’s right for you. We’re also aware that too much choice can be a bad thing, so we do still aim to provide a neat and easy to browse selection of operators.
One of the main subcategories we divide our selection of operators into is country and region, so no matter where you’re trading from, you know where to go to find the best Bitcoin trading operator in your location. We also provide advice and operator comparisons for traders and investors of all experience levels. From the complete newbie, to the casual part time investor, our experts have carefully selected the best operators for you, no matter your level of experience or the size of your investment.
What type of investor are you
It almost goes without saying, but different types of investors have different needs. If you’re new to Bitcoin investing and trading, then you’re more likely to require a website or app that’s straightforward and easy to use. If you’re a bit more experienced, you might be looking to move up a level and find an operator with more capabilities, but that requires more knowledge and skill in order to navigate and use efficiently.
Investing vs. Trading
You also need to think about the size of your investment and what you plan on doing with it. The main thing to consider here is if you want to invest in Bitcoin or trade in Bitcoin. Investing is perhaps the most advisable option if you plan to be more casual about your venture into Bitcoin and cryptocurrency. Investing is a long term game whereby you buy Bitcoin and leave it as a long term asset, hoping it will ultimately gain value years down the line. Trading is the more fast paced option, where you keep an eye on the short term market in the hopes of turning a quick profit. This does, of course, mean you also run the risk of quick losses as well.
Investing and trading in Bitcoin certainly has the potential to be an exciting and fruitful endeavour for anyone with a little money to work with. However, Bitcoin and other cryptocurrencies can be volatile in their nature and fluctuate at a rapid pace. Doing your homework beforehand and keeping an eye on what’s happening throughout are both essential for any new investor.
The most important thing when getting started is choosing the right operator as that’s where your trading and investing will be done in the mid to long term – so it’s important to get it right the first time. Here’s a recap of the most important points to remember:
Pay close attention to the five points above and you shouldn’t go wrong when selecting the best Bitcoin trading operator for you.