You sure are living in the stone age if you don’t know about bitcoins by now. Bitcoin became the pioneer of thousands of other cryptocurrencies in the blockchain world.
Reigning supreme at the top with the highest value in the cryptocurrency market, Bitcoin is a prominent investment interest to many. Therefore, people involved in crypto arbitrage are constantly monitoring the price update of bitcoin.
Many investors buy bitcoin to make it a valuable asset and sell it at a higher price. The process of buying and selling bitcoin or any other cryptocurrency for that matter requires specific platforms named ‘Exchange.’
In this article, I will discuss five exchange platforms to buy and sell bitcoin.
What Is Bitcoin Exchange?
Bitcoin exchange is an online platform where cryptocurrency traders can buy and sell bitcoin. With the advantage of the volatile nature of bitcoin or other cryptocurrencies, they can also sell it for a better price. In addition, the exchange platforms offer to purchase different cryptocurrencies using the regular fiat currency or altcoin.
How To Exchange Bitcoin?
Bitcoin exchange is an easy task if you know the steps. The exchange platforms work as third-party brokers that allow you to convert your bitcoin into cash. Here are a few steps to guide you through.
- Choose a bitcoin exchange platform like Coinbase.
- Create an account on the exchange platform.
- Deposit your bitcoin in the exchange wallet.
- Ask for withdrawal or conversion of your bitcoin to cash.
- The platform will pay you the money through the bank account you deposited earlier.
- The process is usually speedy but may take longer based on your country.
Best Bitcoin Exchange Platforms
Here are some of the best bitcoin exchange platforms-
It is only natural to include Coinbase in the top list of cryptocurrency exchange platforms. Coinbase has been in use since 2012. Crypto traders love Coinbase for the exchange service it provides.
The user interface on Coinbase is very user-friendly. The onboarding process is very straightforward on Coinbase. If you are a new user, then Coinbase is great for you. The platform offers the users $5 worth of bitcoin just for creating an account on Coinbase.
Users get to see all their coins simultaneously with a straightforward interface in the exchange platform. In addition, with Coinbase Pro, advanced users get access to more premium tools.
Binance is a new crypto exchange platform and has been around only for four years. However, within its short period in the market, Binance has gained remarkable recognition.
The interesting fact about Binance is that it offers exchanges of 500 different, and it is an international cryptocurrency exchange platform. So you can say that Binance is an allrounder. It is very straightforward and allows the users to switch between the basic and the advanced website version.
Binance is great for new cryptocurrency users, but it also offers great service to advanced crypto traders.
- Low trading fees.
- Easy to use mobile app.
- Strong charting tool.
- A large volume of cryptocurrencies is available for trading.
Binance is a great bitcoin exchange platform. Although the platform does not offer an exchange in US dollar currencies, it does accept debit or credit cards. As a result, it remains a secure trading platform for cryptocurrency traders, specifically for Bitcoin.
Robinhood began as a cryptocurrency trading platform in 2018, and it has been developing in the exchange market ever since. Robinhood allows merely seven coins to exchange, which includes Dogecoin and several other coins.
Robinhood is a good cryptocurrency exchange for those just starting their cryptocurrency journey and provides necessary help to the new cryptocurrency users.
The platform has built a very user-friendly mobile app. The no-fees protocol is appreciatable for both the platform and the users—the offline storing of users’ assets in the RobinHood trading platform sounds immune to online theft.
In 2014 the Winklevoss twins founded the Gemini trading platform. The primary coins that Gemini offers trading are bitcoin and Ethereum. But now, Gemini offers trading of more than forty coins, including Bitcoin Cash and a stable coin named Gemini coins. The US dollar backs up Stablecoin.
Gemini is remarkable for-
- Security and safety.
- Responsive customer service.
Kraken is one of the oldest cryptocurrency exchange platforms. It offered bitcoin trading and was founded in 2011.
There are only 90 cryptocurrency coins for trading in Kraken. But, with the small number of available options, Kraken functions charmingly, and the experienced traders love the features and the functions of Kraken. The platform has basic features for beginners.
The premium version of Kraken is truly admirable. There are features like margin trading and crypto future. The assets in Kraken remain offline and geographically distributed to secure customers’ safety.
The only time they go online is when you trade. You can definitely opt for Kraken if advanced security is your concern. Kraken is a good platform for bitcoin trading.
An experienced cryptocurrency investor knows all about bitcoin trading, moon bitcoin cash, the best bitcoin exchange platforms, and all the other relevant cryptocurrency information.
I can assure you that these platforms are the best for both beginner and seasoned cryptocurrency traders. Please let me know which of the platforms you are using.