Bitcoin has been tagged by several financial technology experts as a potential challenger of the centralized financial system. It remains the most popular, most traded, and largest cryptocurrency by market capitalization. In this article, experts at Trading Education share their top 5 best ways to buy Bitcoin in 2023, pros and cons of exchanges and the important factors to look out for in knowing the best cryptocurrency exchange to buy Bitcoin in 2023.
Bitcoin’s upgrade in 4 years called Taproot shed new light on the blockchain technology. The Taproot update has brought about greater transaction efficiency and privacy.
In addition to this, Bitcoin has joined the ranks of Ethereum, Solana, Tron, Binance, Polkadot, and Algorand among others in using smart contracts to eliminate middlemen from all forms of financial transactions.
This has taken the popularity of Satoshi Nakamoto’s innovation to new heights.
The extensive popularity has transcended positively onto its native asset, BTC. There have been increments in the number of active wallets from 669,843 on 31st December 2019 to an all-time high of $1,181,761 on 2nd December 2021, and finally to a year high of $1,055,745 on 1st February 2023.
There have been improvements as Bitcoin continues to be involved in thousands of transactions worth billions of dollars daily, with diminishing transaction fees.
Such interest has led to questions such as how do you buy Bitcoin, how do beginners buy Bitcoin, can you legally buy it, and what is the best exchange for Bitcoin?
What this means is that you are not the only curious investor searching for the best exchanges to buy Bitcoin.
By following this article through, you will discover the best ways to buy BTC coins. This will help you join the ranks of experienced cryptocurrency enthusiasts that know the several ways to buy Bitcoin based on your preferences.
TABLE OF CONTENTS:
- Best 5 Favorite Exchanges To Buy Bitcoin (BTC)
- Bitcoin: Introduction To The Crypto World Of The First Blockchain Technology
- Payment Methods Compared
- The Cheapest Place To Buy Bitcoin
- The Safest Way To Buy Bitcoin
- The Easiest Way To Buy Bitcoin
- The Fastest Way To Buy Bitcoin
- How Do I Buy Bitcoin (BTC) Near Me?
- Best Ways To Buy Bitcoin Anonymously
- Best Ways To Buy Bitcoin With PayPal
- Best Places To Buy With A Credit/Debit Card
- Best Ways To Buy Bitcoin With Bank Account
- How To Buy More Cryptocurrencies, Or ‘Altcoins’
- See You On The Other Side!
Best 5 Favorite Exchanges To Buy Bitcoin (BTC)
Having been a part of the crypto revolution for years, experts at Trading Education have experimented with the use of several cryptocurrency exchanges to buy Bitcoin (BTC).
Since experience is the best teacher, we encountered numerous issues concerning security, insurance, fees, liquidity, and customer service among others.
This is why we took it upon ourselves to document the 5 best exchanges to buy Bitcoin that will enable you to go about your trading and investing activities peacefully.
The sum of our cumulative knowledge has been presented below.
It comprises a list of the best exchanges we trust which we have recommended to millions of our readers and clients.
These are the best places to buy Bitcoin. And the winners are eToro, Binance, Coinbase, OKEx, Huobi Global, and other Honorable Mentions.
1. eToro
This multi-asset exchange was founded in 2007. The exchange added support for the trading of cryptocurrencies in 2013. The number of registered eToro users as of the last quarter of 2021 stands at 30.1 million.
The large customer base has led many that want to trade the digital gold to ask the question, is Bitcoin on eToro?
eToro added support for Bitcoin on its CFD trading platform in 2014. Before you invest in Bitcoin, let us analyze the pros and cons of buying Bitcoin with eToro.
Pros of eToro:
✅ Highly regulated in numerous jurisdictions.
✅ Provides a demo account to help beginners learn about trading.
✅ Well-established company with close to 15 years of experience without negative incidents.
✅ Multiple payment methods.
✅ A highly secure platform that prioritizes multi-factor authentication.
✅ Records at least $1 billion in daily trading volume.
✅ Can be accessed in three ways (through the internet on smart computers as well as iOS and Android-powered mobile devices).
✅ Beginners with little experience can copy the trade of experienced traders.
✅ Low fees (no deposit fees and trading fees are relatively cheaper than others).
✅ For a multi-exchange platform, it offers a decent number of cryptocurrencies.
Cons of eToro:
❌ Customer Service could do with some improvements.
Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
2. Binance
As the largest cryptocurrency exchange by daily trading volume, Binance was founded by Chanpeng Zhao in July 2017.
With more than 15 million users, Binance was coined out of two words and are "binary" and "finance".
The exchange allows you to trade hundreds of digital tokens which include Bitcoin.
As of writing, the top market on Binance was the trading of BTC/USDT which had a volume of $1.45 billion.
In addition to this, Bitcoin is the most traded cryptocurrency on the exchange with a 24-hour volume of $2.85 billion and is available in 292 markets.
It is therefore not surprising that questions are being asked with regards to Binance’s relationship with Bitcoin.
Questions include but are not limited to how do you get Bitcoin on Binance, what cryptocurrency does Binance support, is Bitcoin listed on Binance, does Binance support Bitcoin, what exchanges support Bitcoin, is Bitcoin available on Binance, how to buy Bitcoin on Binance, and can I buy Bitcoin on Binance?
You can buy Bitcoin by registering for an account on Binance.
After signing up, you would be made to go through a verification process. Once you are done, you can deposit funds through accepted payment methods. And then you can buy any amount of BTC that meets your investment budget.
Before you invest in Bitcoin, analyze the pros and cons of buying Bitcoin via Binance Exchange.
Pros of Binance:
✅ High Volume Exchange (records at least $10 billion in daily trading volume).
✅ Supports more than 300 cryptocurrencies (including Bitcoin).
✅ Supports more than 1,000 markets.
✅ Highly Regulated Exchange (company prioritizes knowing your customer and anti-money laundering).
✅ Highly Scalable Exchange (capable of processing approximately 1.4 million orders per second).
✅ Available in more than 180 countries (has offices in several countries).
✅ Highly Secure Exchange (prioritize multi-factor authentication practices).
✅ Offers Staking Services (this can help you make decent annual percentage yields in addition to trading).
✅ Deposits (Accepts Cards and direct crypto wallets).
✅ Accessibility is Very High (Can be found on the web on personal computers as well as iOS and Android applications).
✅ Room to learn more about the space through periodical reports on the state of crypto.
Cons of Binance
❌ Provides limited depositing methods (you cannot use PayPal, Skrill, and other online financial systems wallets to make deposits).
❌ There are complexities on its trading platform which may not be helpful to beginners.
❌ The minimum for fiat deposits is relatively higher.
❌ Continues to be mired in regulatory problems.
Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
3. Crypto.com
Founded in 2016, this exchange had a mission to accelerate the world’s transition to cryptocurrency.
Crypto.com supports Bitcoin and their top market is BTC/USDT which had a volume of $1.15 billion at the time of writing.
In the same period, Bitcoin was the third cryptocurrency involved in most markets with 44.
In addition to this, Bitcoin is the most traded cryptocurrency on the platform with $1.24 billion recorded within the last 24 hours up to the time of writing.
As of January 2023, Crypto.com has more than 10 million customers globally.
Before you settle on Crypto.com as the best way to buy Bitcoin in 2023, you should assess the pros and cons of buying Bitcoin via this exchange.
Pros of Crypto.com:
✅ High Liquidity Exchange (it continues to be ranked in the top 5 exchanges with the largest daily volume).
✅ Supports 235 markets.
✅ Has an extensive list of supported cryptocurrencies with 141.
✅ Fully regulated crypto company (complies with all the necessary risk-prevention and financial regulations).
✅ Offers discounts such as an 8% cashback on spending when you use Crypto.com Visa Card.
✅ Aside from accessibility on the World Wide Web, Crypto.com can be accessed via Microsoft, Apple, and Google Play Store.
✅ Earn 8% to 14% interest when you deposit crypto in the form of staking.
Cons of Crypto.com:
❌ Geo-restrictions (the exchange is not available to residents of the United States).
❌ Customer Support has come under scrutiny several times.
❌ Some beginners may find the platform difficult to use.
Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
4. Coinbase Pro
Formally known as GDAX, Coinbase Pro was launched in 2015.
This exchange has the primary aim of offering advanced traders the ability to trade a variety of cryptocurrencies on an insured and highly secure platform.
Coinbase Pro supports Bitcoin (BTC) and the top market on the platform is BTC/USD which had a volume of $312.87 million in the last 24 hours up to the time of writing.
The top cryptocurrency by markets on the platform was Bitcoin which was available in 68 markets. Bitcoin is among the top 10 most traded coins on the platform.
Pros of Coinbase Pro:
✅ High cryptocurrency support (122).
✅ Supports 365 markets.
✅ High Volume Exchange (records at least $1 billion as daily volume).
✅ Provides advanced trading features.
✅ Provides strong security features.
✅ Provides trading fees relatively lower than other exchanges (this plays an invaluable role in high volume trading).
✅ Has a user-friendly interface.
✅ Three-way accessibility (can be found on the World Wide Web as well as smartphones powered by android and iOS).
✅ Supports a range of payment methods (bank account, debit card, wire transfer, PayPal, Apple Pay, and Google Pay).
✅ Earn commission by referring others to the platform.
Cons of Coinbase Pro:
❌ Customer support problems due to high volume of users.
❌ Beginners may find their trading platform complex.
❌ It is not decentralized.
❌ In comparison to other pure cryptocurrency exchanges, the platform does not support many crypto pairings.
5. HONORABLE MENTIONS
Aside from the aforementioned exchanges, some of the best ways, exchanges, and places to buy Bitcoin (BTC) are FTX, Kraken, BitMart, Gate.io, Gemini, OKCoin, KuCoin, DigiFinex, Upbit, BitForex, AAX, Bithumb, BitFlyer, Currency.com, and BitGlobal.
Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
Bitcoin: Introduction To The Crypto World Of The First Blockchain Technology
As of Saturday, 12th February 2023, there are more than 17,500 cryptocurrencies in a market of more than 450 exchanges.
Despite these statistics, a growing number of people who are alien to crypto believe all or most cryptocurrencies are called Bitcoin.
Aside from Bitcoin being the first blockchain technology-backed digital currency, there are others in the space that Trading Education will like to draw your attention to.
Other areas of interest are centralized and decentralized exchanges normally abbreviated as CEXs and DEXs, decentralized finance (DeFi), crypto wallets, decentralized applications or protocols (DAPPS), non-fungible tokens (NFTs), and central bank digital currencies (CBDCs).
You will come across several terminologies as you continue to hold stakes in this space.
Having a basic understanding of their meaning will go a long way in simplifying your trading and investing journey.
- Bitcoin is the most popular digital currency among thousands of tokens. Aside from BTC, there are others such as Litecoin (LTC), Dogecoin (DOGE), Dash (DASH), Ethereum (ETH), and Tronix (TRX) among others.
- Bitcoin has value because it has the attribute of divisibility. Satoshi Nakamoto divided Bitcoin into eight (8) decimal points (1.00000000). As a result, you do not have to buy a whole token (1BTC) if you do not have the means. For $10,000, you can buy approximately 0.23814763 BTC.
- Bitcoin was built on blockchain technology. Blockchain technology plays an invaluable role in the creation, distribution, trading, and storage of BTC. If Bitcoin was a train, imagine blockchain as the railway that allows BTC to move from one user to another.
- Exchanges come in two forms. There are centralized exchanges (CEXs) such as eToro, Coinbase, Binance, and OKX that were solely created for the exchange of fiat money such as the GBP, EUR, or USD for cryptocurrencies. Aside from CEXs, there are decentralized exchanges (DEXs) such as Uniswap, PancakeSwap, and SushiSwap that were created for the exchange of digital tokens for other digital coins.
- Wallets that support Bitcoin such as Exodus, Electrum, Mycelium, Ledger Nano X, Trezor Model T, and Ledger Nano S are software that helps users access the Bitcoin blockchain. Wallets help in the storing and transferring of BTC and other coins securely and safely.
These represent a few of the terminologies you are going to come across as you search for the best way to buy Bitcoin (BTC).
To help you have the best experience in investing in Bitcoin, always answer the questions, how to buy Bitcoin and where can I buy Bitcoin?
Once you can find legitimate answers to them, you will soon realize that your preferences, speed, insurance, fees, regulation, and geographical location are extremely important when finding the best places to buy Bitcoin.
Check Out: Bitcoin (BTC) Price Prediction
Payment Methods Compared
There is nothing like a single method of making deposits when it comes to investing in Bitcoin. There is a range of payments for everyone but below are some of the methods that may be helpful to you.
PayPal ─ This is one of the most popular payment methods used in buying Bitcoin and other cryptocurrencies. As an online payment services wallet, PayPal deposits on several centralized cryptocurrency exchanges are mostly free. This is the primary reason why several analysts believe using PayPal is one of the easiest ways to buy Bitcoin. Trading Education will like to caution traders and investors that you should not use PayPal as a means to buy Bitcoin if it does not support your country.
Bank Transfers ─ This is another method popularly used by cautious investors due to the bureaucracies involved. This method is relatively slower than others but provides much-needed security in a complex world of cryptocurrencies. Fees for depositing funds via this method are low, especially on centralized exchanges.
Cash ─ This is one of the ways where you can buy Bitcoin anonymously via stores and ATMs that list BTC for purchase. This method is mostly used by traders that do not want to go through any form of the verification process.
Credit/Debit Card ─ Investing in Bitcoin via credit and debit card is fast and easy. It is fast because your transaction will be processed within seconds. It is easy if you have a VISA, MASTERCARD, or MAESTRO wherever you find yourself as this can help you upload funds within a short period.
Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
The Cheapest Place To Buy Bitcoin
eToro is the cheapest place to buy Bitcoin on our list of best exchanges. eToro was chosen due to their support of payment deposits that allows users to upload funds without fees.
What this means is that you can take $10,000 already uploaded to Skrill, Neteller, and PayPal among a range of payment methods and buy $10,000 worth of Bitcoin.
Aside from eToro, we would like to recommend Binance, Coinbase Pro, and OKX as some of the cheapest places to buy Bitcoin.
In addition to these, if you are a verified Skrill wallet holder, you would realize Skrill is one of the cheapest places to buy Bitcoin since they offer relatively lower transaction fees.
The Safest Way To Buy Bitcoin
To tell you the truth, all the aforementioned exchanges (eToro and others) are among the safest ways to buy Bitcoin.
This is because they have all prioritized the need to use multi-factor verification such as two-factor authentication (2FA) that safeguards your accounts from all forms of hacks.
Aside from mainstream centralized exchanges, Skrill is one of the safest ways to buy Bitcoin.
This is because of the extensive verification process (uploading of government-issued identification cards plus NOT less than 6 months old bank or credit card statement) customers go through before they become fully verified members.
The Easiest Way To Buy Bitcoin
The easiest way to buy Bitcoin from the long list provided is eToro. The exchange is very accessible and has an easy-to-use platform that can be understood by beginners.
In addition to eToro, exchanges such as Binance, Coinbase Pro, and online wallet payment wallet provider (Skrill) are among the easiest ways to buy Bitcoin.
The Fastest Way To Buy Bitcoin
The fastest way to buy Bitcoin is to find exchanges that accept credit or debit cards as a payment method. Aside from that, the exchange should be easily accessible.
Since eToro meets these requirements, we can say eToro is the fastest way to buy Bitcoin.
Once you are a verified account holder on eToro, you can buy any amount of Bitcoin, and the transaction will be processed for you in a matter of seconds.
How Do I Buy Bitcoin (BTC) Near Me?
There are several ways of buying Bitcoin near you.
If you have a smartphone and bank card, you can buy Bitcoin easily since they are near you through your mobile device and internet connection. Another way is to find Bitcoin ATMs.
These are ATM locations that allow users the option to buy and exchange Bitcoin with fiat money.
Best Ways To Buy Bitcoin Anonymously
The only way you can buy Bitcoin anonymously is to use cash. Efforts are being made by regulators to reduce anonymity to the barest minimum.
Therefore, the best way to buy Bitcoin anonymously is to join an investment pool or use an ATM that allows people to buy crypto coins without any identification.
Read Also: Pros and Cons of Investing in Bitcoin
Best Ways To Buy Bitcoin With PayPal
The best ways to buy Bitcoin with PayPal are eToro and Coinbase Pro since they support PayPal as a payment method.
Best Places To Buy With A Credit/Debit Card
The best ways to buy Bitcoin with credit/debit cards are cryptocurrency exchanges eToro and Coinbase Pro as well as online money wallet, Skrill.
Best Ways To Buy Bitcoin With Bank Account
Skrill, Coinbase Pro, and eToro are the best ways to buy Bitcoin with a bank account because they are supported by these platforms.
Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
How To Buy More Cryptocurrencies, Or ‘Altcoins’
Due to the quest for the destabilizing of the centralized financial system, exchanges that allow you to buy Bitcoin in addition to other altcoins with fiat currencies are not that many.
If you are a trader who wants to trade Bitcoin for other coins, you should look for exchanges that support many altcoins.
One such exchange is OKX which is the new name for OKEX as part of a rebranding.
OKX has been operating for more than four years without incident since its formation in 2017.
OKX supports Bitcoin and as a result, you can trade SOL/BTC, LUNA/BTC, and BTC/USDK among others.
At the time of writing, BTC/USDT is the second most popular market on the exchange and had $209.40 million as trading volume.
What’s more, BTC is available in approximately 120 markets.
Pros of OKX:
✅ High Volume Exchange (ranked in the top 5 exchanges by daily trading volume).
✅ Supports 269 Cryptocurrencies.
✅ Support 462 markets.
✅ Highly Secure Exchange (prioritize KYC which helps provide a reliable, stable, and safe environment).
✅ Has Excellent Customer Support.
✅ Supports several trading pairs.
✅ Offers annual percentage yields through staking.
✅ A highly accessible exchange that can be found on the internet (personal computers) as well as Android and iOS mobile applications.
✅ High Country Support (Can be accessed in more than 100 countries).
✅ Supports Range of Payment Methods. Low trading fees.
Cons of OKX :
❌ Do not offer Demo (Virtual) accounts.
❌ Does not support residents of the United States.
❌ Limitations on withdrawals (customers must complete at least level 1 KYC before they can withdraw tokens from the exchange).
See You On The Other Side!
Trading Education has given you a list of the best places and ways to buy Bitcoin in 2023, as per your needs.
Remember that holding a small stake in Bitcoin is one of the best ways to keep tabs on the crypto finance space.
eToro – Best Platform To Buy Bitcoin
eToro have proven themselves trustworthy within the crypto industry over many years – we recommend you try them out.
Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
Read More:
Six Reasons Why Bitcoin Has Intrinsic Value
What Might Happen If You Invest $100 In Bitcoin Today?
Ways to Make (or Lose) Money With Bitcoin (BTC)
Is It Better To Invest Or Trade Bitcoin?