Best Places to buy Bitcoin Online

(Updated January 2021)

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The amount of places offering services for buying bitcoin online has exploded in the last 2 years. The services offered are also getting increasingly sophisticated as professional traders are looking to apply traditional trading strategies to the crypto space. It can be confusing for a newcomer to know where to go to simply buy and sell bitcoin. In addition, a lot of exchanges only offer crypto-to-crypto trading and not fiat-to-crypto on and off ramps. Below we’ve reviewed some of the of the most popular platforms out there where you can buy Bitcoin. If you have any questions you can contact us at info@boinnex.com.

4.5/5
Switchere is a new crypto exchange based out of Estonia. It prides itself on being a safe, transparent and fair exchange for cryptocurrency. They have a 4-tier verification model, with a €100 euro threshold for unverified users. Providing an email and phone number allows you to raise the limit to €500 and full verification has no limits imposed. The company is a licensed provider of financial service and if you are looking for a convenient and safe way to buy cryptocurrencies, this is a good place to go.

Here are some of the pros and cons of Switchere

Pros

Cons

2 - LocalBitcoins

3.5/5

LocalBitcoins is a Helsinki based company that has been around since 2012 and has a strong reputation in the Bitcoin community. The website facilitates over-the-counter trading of local currency for bitcoins using an online P2P marketplace and escrow service. Purchases can be made online or in person for cash. Buyers and sellers advertise rates and agree on trade terms on the website and once a trade is initiated the escrow service can be used to secure bitcoins until payment is confirmed. The company traditionally was the go-to place for anonymous transactions, but has implemented AML/KYC in recent times to comply with regulations.  There has also been some high profile convictions in the US of people running unlicensed bitcoin businesses on LocalBitcoin. 

Here are some of the pros and cons of LocalBitcoins

Pros

Cons

3 - Coinbase

Coinbase1
4.5/5

Coinbase is headquartered in San Francisco, California and was also founded in 2012 by Brian Armstrong and Fred Ehrsam. It’s one of the most popular online cryptocurrency exchanges and is often the first port of call for newcomers looking for an easy way to buy bitcoin . It allows European customers to deposit using EUR bank transfers (via SEPA) and buy instantly using debit/credit cards. In addition, Coinbase also provide a separate professional trading platform, merchant services and APIs for developers. In 2017, Coinbase was ordered by the US IRS to report any US users that were moving more than $20,000 through their accounts in a single year between 2013 and 2015. Coinbase challenged the order, but On February 23, 2018, Coinbase told approximately 13,000 affected customers that the company would be providing their taxpayer ID, name, birth date, address, and historical transaction records from 2013-2015 to the IRS within 21 days.

Here are some of the pros and cons of Coinbase

Kraken
4/5

Kraken was founded in  San Francisco, California in 2011. Jesse Powell is the company founder and current CEO. The company  is known for it’s high level of security and offers an exchange and trading platform to buy and sell bitcoin and many other cryptocurrency. The exchange is very popular in the U.S and Europe. In late 2017 they experienced some technical issues with login that affected a lot of users, but we haven’t  seen any issues in recent times. As an enhanced security measure, the company has enforced 2FA on all accounts since March of 2019.

Here are some of the pros and cons of Kraken

Pros

Cons

5 - Binance

Binance
3/5

Binance is a popular Chinese crypto exchange, which was set up in 2017. The company was founded in China but moved its HQ out of China and into Japan. Binance then opened an office in Malta in 2018.  The company Co-Founder and CEO is Changpeng Zhao, commonly referred to by his nickname of “CZ”.  It is considered the biggest exchange in the world in terms of trading volumes and supports trading of over 100 different cryptocurrencies. Initially they did not support buying of crypto with fiat and was primarily used as a platform to trade Bitcoin for other Altcoins. Binance now allows you to buy crypto with credit cards and start trading in minutes. Our score of 3 reflects some concerns about frozen withdrawals and locked accounts reported.

Here are some of the pros and cons of Binance

O.k, so that’s our review of some of the top places to buy Bitcoin online. There’s obviously a lot of other options out there, but these four have be tried and tested. Robinhood, Coinmama and Bitstamp are also popular options to buy Bitcoin online.

Remember,  you can also avoid going online to an exchange by visiting a Bitcoin ATM near you!