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Best Sites And Place To Buy Cryptocurrency

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Investing in Bitcoin is all the rage, but how exactly does a beginner get started?

Do you already have to have Bitcoin to invest?

Or do you transfer money from your bank account somewhere and convert it to Bitcoin? What does it look like?

We will answer all these questions and list 10 of the best cryptocurrency exchanges and platforms that allow you to buy Bitcoin and other tokens.

In the future, we will use BTC, which is the symbol for Bitcoin on exchanges and trading platforms.

If you just want to earn high returns on crypto, you might want to consider a crypto savings account. These accounts pay up to 12%, but they come with risk (just like normal crypto investments).

Top 10 Bitcoin and Cryptocurrency Exchanges


1. Coinbase

2. Voyager

3. BlockFi

4. Uphold 

5. Kraken

6. eToro

7. Bitcoin IRA

8. Crypto.com

9. Binance 

10. Hodlnaut

The best cryptocurrency exchanges and investment platforms

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Here is our list of the top 10 cryptocurrency exchanges and investment or trading platforms. The cryptocurrency offerings appearing on this site are from companies from which The College Investor receives compensation. This compensation may affect how and where products appear on this site (including, for example, the order in which they appear). College Investor does not include all cryptocurrency exchanges or cryptocurrency offerings available in the market.

1. Coinbase

Coinbase is by far the most popular and one of the best cryptocurrency exchanges because you can invest directly with USD. You can currently buy Bitcoin, Ethereum and Litecoin and over 30 other coins and tokens on the platform. Additionally, you can earn interest on your USDT and earn token rewards by performing various activities.

2. Voyager

Voyager is a popular platform for investing in crypto as it was one of the first publicly traded exchanges. They are app-driven and offer a commission-free trading structure.

Voyager supports most major cryptocurrencies, has strong support and engagement, and pays competitive interest rates on assets.

Additionally, when you open a Voyager account, you can earn $25 worth of BTC after trading $100 worth of crypto.

3. BlockFi

BlockFi is a cryptocurrency investment platform that lets you lend and earn interest on your assets. Moreover, instead of selling your coins and tokens, you can also borrow against your holdings.

If you are just looking to hold your tokens, you can also let them earn interest for you.

Bonus Offer: Get a bonus of up to $250 when you deposit $25 and keep it for the specified time period.

4. Uphold

Uphold offers a simple solution for trading multiple assets: open an account and trade multiple assets without returning cash. If you have traded all cryptocurrencies, you know that many coins and tokens are only traded in certain pairs, so you will always come back to BTC or ETH. But at Uphold, you can trade multiple assets directly.

Also, Uphold is one of the few exchanges that allows you to trade XRP, DOGE, etc.

5. Kraken

Kraken is one of the original cryptocurrency trading platforms and offers a good selection of coins and tokens for trading and investing. They also allow margin trading. However, it is a real exchange and not as easy to use as some of the top platforms on this list.

Kraken is one of the few platforms on this list that allows you to trade DOGE and other riskier tokens.

Note: Kraken offers a limited section of coins and tokens for US customers compared to international customers.

6.eToro

eToro has been around for a while in the UK and across Europe, but they now allow traders in the US. They offer a wide variety of digital assets to buy and sell on their platform, and best of all, they have a practice trading account so you can try it out before using real funds.

Currently, eToro also offers a $10 bonus if you deposit and trade $100 worth of crypto assets. This offer is only available to US users.

7. Bitcoin IRA

Bitcoin IRA is a bit different from other platforms here. Unlike most exchanges and wallets, you only trade currencies and are subject to paying taxes on your earnings (find out how taxes work on your crypto here).

That being said, Bitcoin IRA combines the best of being a crypto wallet and an exchange, while also being an IRA. This means that your earnings on the account are tax-exempt or tax-deferred.

8. Crypto.com

Crypto.com is one of the largest and fastest growing crypto exchanges. It's based in Hong Kong, but offers plenty of support for US-based customers.

Currently, you can access over 90 tokens and coins worldwide and 50 tokens and coins if you are in the United States. Also, they offer solid rates on their crypto savings accounts.

The only major downside is that it's app only at the moment, there's no desktop platform.

9. Binance

A great platform to enter coins like Cardano or Neo. It's not as easy to use as some of the best platforms on this list, but they have one of the most powerful trading platforms out there. They have a decent mobile app, but again it's not that easy to use and that left us frustrated. Try Binance here.

Note: Binance.us is the US version of the platform and has a limited number of coins and tokens to invest compared to the international version of Binance.

10. Hodlnaut

If you are looking for an alternative to cryptocurrency trading, check out Hodlnaut. Hodlnaut is a savings and lending platform that focuses on Bitcoin and various stablecoins.

Right now, you can earn up to 7.46% on your bitcoin and up to 12.73% on your USDC through savings and loan options on their platform.

How to Invest in Bitcoin

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Investing in BTC is similar to investing in stocks, except it is much more volatile due to daily fluctuations in BTC. Here are the steps for investing in stocks right from the start:

Open a brokerage account with a company that allows crypto investments

Deposit funds from your bank into the brokerage account.

Buy a stock using the deposited funds (cash balance).

Then sell the shares for a profit or loss. The funds are returned to your cash balance.

The main difference with BTC concerns the third stage; buy BTC or another cryptocurrency instead of stocks.

With BTC, the above flow is similar in most cases, but it depends on the exchange or trading platform. In some cases, you can buy BTC with your credit card or by transferring funds from your bank account.



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For other platforms, you need to transfer BTC directly. This is known as BTC direct deposit.

We will discuss how to invest in BTC for US citizens. Methods vary from country to country due to differences in laws and regulations. Some countries require more private information than others to verify that you are legitimate.

How to Deposit USD to Buy Bitcoin and Crypto


Coinbase is one of the most popular platforms and the process is simple. Some of the websites mentioned below will follow this same process. We love Coinbase because you get $5 if you open an account.

With Coinbase, you open a Coinbase account and link your bank account or credit card. Then transfer funds from your bank account to buy BTC or buy with your credit card. BTC credit card purchases are the most expensive.

The mechanism for buying BTC is to enter a USD amount or a BTC amount. The website will then convert the other currency.

For example, if you enter 500 USD, the website will fill the BTC side with 0.0357 (or the current BTC exchange rate).

Once you have filled in the amount, click to buy your BTC. Although credit card transactions cost more, they are also the fastest way to transact BTC.

Bank accounts can take up to a few days. Please note that you will get the exchange rate at the time you purchased BTC.

If BTC increases by 1,000 by the time your transaction is completed three days later, the increase will be reversed.

Where exactly does the BTC you bought go? After all, you haven't invested it yet. Your BTC is held in what is called a digital wallet. Most exchanges have their own wallet which they use to hold your BTC.

Going back to the brokerage example, your cash balance is used to trade stocks. BTC in your wallet is used to trade BTC.

What happens to your dollars?

Your wallet has space for BTC and USD. If you deposit $10,000 and buy $5,000 worth of BTC, your wallet will look like this:

$5,000

0.34BTC

Wallets are a big talking point when it comes to cryptocurrencies. We won't go into them in depth, but you can use a standalone wallet if you don't want to use the exchange's wallet. Electrum.org is an example of an independent wallet. It can be desktop, mobile or website based.

You can even use a hardware wallet like LedgerWallet.com.

Once you have deposited funds on the exchange of your choice and purchased BTC, you are ready to invest. Trading platforms on exchanges are very similar to brokerage platforms.

It will have a chart and buy/sell buttons with the amount of BTC to trade.

By trading BTC, you can switch to other cryptocurrencies, which is another method of selling BTC. Or you can trade another cryptocurrency for BTC, which is the same as buying BTC.

BTC direct deposit


In case the exchange does not allow buying BTC by transferring funds or using a credit card, you can deposit BTC from another exchange.

This is done by obtaining your wallet address from the destination exchange. Then enter it on the original exchange along with the amount of BTC to be transferred to the new exchange.

The transaction takes a few minutes for the exchanged BTC to appear in the destination wallet.

Common questions about cryptocurrency exchange


These are some of the most common questions we receive when it comes to our picks for the best cryptocurrency exchanges.

What features are important to consider when choosing an exchange?

We consider a few important features, including the number of tokens and coins available, price or commission charged, ease of use, platform security, customer service, and features (such as accounts savings in cryptocurrency).

What is the difference between a cryptocurrency exchange and a cryptocurrency wallet?

A wallet is designed for the secure storage of your cryptocurrency. An exchange is designed to allow you to easily and quickly buy and sell cryptocurrencies. A wallet will keep your private keys safe, whereas when you use an exchange, it allows your private keys to be exchanged. The exchange then acts as your custodian.

How to buy cryptocurrency?

You open an account on one of these exchanges, deposit your funds, and then you can “exchange” your USD or fiat currency for any cryptocurrency of your choice. Some cryptocurrencies only have specific pairs that they trade, so depending on what you want to buy, you may need to buy something like bitcoin and then trade the bitcoin for another token.

How much money do you need to start?

You can get started with most of these exchanges with as little as $5.

Methodology

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The College Investor is dedicated to helping you make informed decisions about complex financial matters, like finding the best cryptocurrency exchange. We do this by providing our readers with unbiased reviews of the top bitcoin and crypto platforms, and then adding those options to this list.

We chose cryptocurrency exchanges based on our opinions on their ease of use, availability of tokens and coins on their platform, costs and fees, reliability and security, and a variety of other factors. We believe our list is an accurate reflection of the best cryptocurrency exchanges on the market for investors.

Final Thoughts


Investing in BTC is not much different from investing in stocks. With BTC, you need to open an account with an exchange. With stocks, open an account with a brokerage firm. Then deposit funds.

The only difference with investing in BTC is that you have to buy BTC, using the deposited funds first, before you can trade BTC. However, your initial BTC purchase is your first open trade.



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