Top 7 Platforms to Buy and Sell Bitcoin
Several new users are now entering the cryptocurrency industry and while they want to buy cryptocurrencies especially Bitcoin, they are faced with difficulty on how to navigate the space. One of the major challenges they face is where to buy their cryptocurrency of choice. Apart from this, they have difficulty finding credible platforms for buying cryptocurrency since there are so many scams in the industry and even experienced users have fallen into some of the traps.
There are several credible places where you can buy the cryptocurrency of your choice, but in this article, we will discuss the top 7 of those places where you can buy Bitcoin safely without fear of being scammed and if later you want to sell it, the same platforms will allow you to do so without risking your Bitcoin.
The services provided by these platforms are sort of unique and that is okay because it allows users from different parts of the world and with different backgrounds to choose which platform to use based on convenience because one platform that is convenient for one person may not be the best for the next person.
It also makes room for variety so that if you try one and you are not pleased with their service, you could try several other options that may suit you just fine. You will most likely find more than one platform here that suits you, so let’s get started. The platforms are as follows:
One of the best places you can where you can easily buy Bitcoin is Coinbase. It is a cryptocurrency company that is very much interested in making life easier for cryptocurrency users on a global scale. Coinbase has an exchange as well as a cryptocurrency wallet that offers access to different cryptocurrencies, including Bitcoin.
Bitcoins you buy on Coinbase can be easily stored in the Coinbase wallet as well unless you want to use a different wallet. Coinbase even allows U.S residents to buy Bitcoin using their Visa or Master debit cards. Other countries can use their local bank accounts to buy Bitcoins or easily exchange existing cryptocurrencies in their wallets for Bitcoin.
To buy Bitcoin on Coinbase, you will need to create an account after which verification of the account using a photo ID to protect your account from fraudsters and impersonators. Then you can easily buy or sell Bitcoin as you wish. The buy/sell option is however not currently available to some countries for now so you might want to find out before signing up unless you just want to use their wallet for your digital assets. But not to worry, there are other options as you will see below.
Binance is the largest and probably the most trusted cryptocurrency exchange in the entire world. It has the highest adjusted trade volume and like Coinbase, has its own wallet known as Trust Wallet that operates on both Android and iOS devices. Binance also allows you to buy several cryptocurrencies including Bitcoin, but the process is a little more demanding.
To buy Bitcoin, you need to create an account as well, just like Coinbase. No verification is required for Binance as long as you withdraw less than 2 BTC every day. You will then need to deposit a cryptocurrency preferably ETH in your account since it is paired with several other digital currencies thus giving you several options to work with. The ETH is what you will then use to buy BTC on the exchange. Next, you will need to place a buy order for BTC using your deposited ETH.
For the sale of BTC, you already have BTC in your account so you will only need to place a sell order. Once you complete this step, you may choose to withdraw your BTC to your preferred wallet or use Binance’s Trust Wallet, the choice is yours to make.
Interestingly, it’s not just exchanges that allow you to buy BTC. Localbitcoins is not an exchange, but just an interactive platform that allows Bitcoin holders and potential buyers to interact and complete trades online. It is a peer-to-peer community with no third party involved in the trading process.
Unlike exchanges, it offers a more flexible way of buying and selling cryptocurrencies. Localbitcoins offers over-the-counter trading of local fiat currencies in exchange for BTC, unlike exchanges that do not accept a lot of local fiat currencies. Individuals who own BTC go to Localbitcoins to sell them and those who want to buy will agree with them to buy on the basis of payment method, price, etc.
Like exchanges though, you have to register on the website but no verification is needed as the platform is just meant to link local BTC traders who want to reveal as little information about themselves as possible. Once you have registered, you can then search for BTC sales advertisements.
When you find one that suits you and you like the exchange rate, you can then contact the proposed seller to meet one-on-one for the exchange. You will then send the amount to the seller’s bank account or in cash depending on the agreement and then the BTC will be sent to your account.
To sell BTC, you will follow the same procedure, only this time you are the one posting the advertisement and getting the fiat payment. The platform operates an escrow and conflict resolution service for its users that ensures no issues arise in the course of the exchange so things go pretty smoothly. As at 2013, Localbitcoins was already trading at least 1,400 BTC in a day, that is pretty large for a non-exchange platform for local exchange of currencies.
Skrill is a U.K-based e-commerce platform that allows the cross-border transfer of funds around the globe. It is particularly interested in enabling the transfer of money at a very low cost, which makes it a good option for buying BTC. To increase the convenience for users, Skrill supports payments with almost all fiat currencies around the world except for a few countries.
To buy Bitcoin on Skrill, you need to create an account on the website at no cost at all. Next, you will need to deposit money in the account, mostly USD or EUR. The service, however, is not available to all countries that support Skrill yet. You will have to buy a minimum of 10 EUR worth which is fine because no one would want to buy Bitcoin worth less than that amount. The maximum amount, however, depends on the status of your account as determined by Skrill.
For those whose countries have purchase and sale of cryptocurrency enabled, your fiat balance can be easily exchanged for cryptocurrency from the comfort of your dashboard almost instantly. There are other platforms as well that allow you to buy or sell Bitcoin with Skrill by creating an account with them.
Coinmama is another huge platform that allows users to buy and sell Bitcoin. Based in Israel, the platform serves millions of customers around the world. It also allows the use of debit or credit cards to buy Bitcoin with very high spending limits, unlike Skrill that allows you to buy based on your account status. In addition to credit cards, Coinmama accepts bank deposits as well as the use of e-wallets. This allows users to explore different payment methods that are convenient for them. The platform however only accepts five major fiat currencies, USD, EUR, GBP, AUD, and CAD.
Coinmama also requires customer verification, so you might be required to upload some form of identification to get your account verified before you can buy or sell Bitcoin. The verification process is however very fast (within an hour) and once your documents are verified, you can start buying Bitcoin immediately.
Also unlike Binance which requires that you buy one cryptocurrency like Ethereum before buying Bitcoin or like Skrill which requires that you make a deposit first, you can pay directly from your bank card and get Bitcoin delivered to your wallet in minutes.
Changelly is another cryptocurrency exchange platform where you can easily buy or sell Bitcoin. Like several other platforms, it requires that you create an account with the website, but you do not need any form of verification to start buying or selling. It supports over 140 cryptocurrencies and according to the website, offers the best rates for buying Bitcoin. They charge a 0.5% fee for any transactions on the platform.
Changelly also supports the use of bank cards and offers very high exchange limits, so if you need a platform that asks you for very little information but allows you to make huge transactions, Changelly is the place to go. All of its services are also available on a mobile app and by installing it either on your Android or iOS mobile device, you have full access to all the goodies on the website.
For those who wish to exchange very large amounts on a regular basis, there is a premium OTC desk for that. Through the OTC desk, you can exchange from 10 BTC upwards directly with someone who wants to buy from you or you could just buy from someone who wants to sell without any hassle. This gives you the freedom to conduct your own trade without any interference from the Changelly exchange itself.
To get started on Changelly, all you have to do is provide your email address and you are in. No KYC or any such thing required, so if you want to make large exchanges or buy/sell huge amounts of BTC, Try Changelly.
Paxful is another amazing platform dedicated to the buying and selling of Bitcoin. It is a peer-to-peer exchange platform similar to Localbitcoins, but even better. It is one of the few platforms that allow a peer-to-peer exchange of Bitcoin with a very wide range of payment options with several fiat currencies supported. Another reason why it is very popular is that like Changelly, it does not require any form of verification or identification to use.
Buyers or sellers just sign up and with their accounts set up, they can either place an order to buy Bitcoin or place an ad to sell Bitcoin. It is probably the only platform that allows users to buy Bitcoin with gift cards from Amazon and other sources.
It even supports Western Union transfer, SWIFT transfer, and other traditional payment methods like local bank transfer for almost every bank worldwide (including Nigerian banks) and the use of debit or credit cards. It even allows buyers to buy Bitcoin with other cryptocurrencies such as Ethereum, Ethereum Classic, XRP, etc from any cryptocurrency wallet.
Paxful is probably the most flexible option as far as buying/selling of Bitcoin is concerned. To get started, you just need to sign up using a functional email, username, and password. You then provide information on whether you want to buy or sell Bitcoin, the amount you have and your most convenient means of payment and press the search button. The system will search offers that match your interests and display for you to choose from.
However, sometimes your perfect choice may not be available and you may have to use the payment option the seller wants if you want to buy. You may also have to buy from or sell to more than one person if you want to exchange a huge amount and no single person is ready to do that with you fast enough.
Like Localbitcoins, the system operates a secure escrow system that holds the seller’s Bitcoins which are released to you once you pay for them, so no fear of losing your money. Paxful currently serves over 2 million customers globally so it’s pretty popular and a proven platform for Bitcoin trading.
If you are a new user trying to experiment with Bitcoin, these are platforms you should try going to in order to easily buy your first Bitcoin. With the details provided here, the choice of which platform to use should be easy depending on what you want. Most of them are also quite simple to navigate so you should be able to find your way around with as little friction as possible.