To buy Bitcoin from a Bitcoin exchange might sound easy, but there are many alternatives out there. For example, one of the most popular Bitcoin exchanges right now is Coinbase, but there are exchanges with lower fees than Coinbase. This is why we created this complete list of the best Bitcoin exchanges where you can buy Bitcoin.
Bitcoin Exchange Fees
So, you’ve decided to buy Bitcoin, now you’ll need to find an exchange that is easy to use and also has low fees. There are different fees you need to compare between the exchanges. Keep reading to learn more about exchange fees.
Ok, so this one is easy to explain. Basically, when you want to withdraw the Bitcoin that you bought, you’ll have to pay a withdrawal fee. Some exchanges have high withdrawal fees and some issue withdrawals for free. If your intention is to only buy and withdraw, then you should look for an exchange with a low withdrawal fee. However, if you intend to buy and sell back and forth many times before withdrawing, then the trading fee becomes more important.
Trading Fee – Maker & Taker
When you buy Bitcoin on any of these exchanges in the list, there will be fees involved. Obviously, you’ll want to choose an exchange with low Bitcoin trading fees. When buying Bitcoin on spot (without margin/leverage), you’ll only have to take the maker and taker fees into consideration. Most people use the market order as a market taker when buying Bitcoin, and some people use the limit order as a market maker when buying Bitcoin. The best way to buy Bitcoin is to choose the order type with the lowest fees. This is usually the limit order.
Bitcoin Trading Exchanges – Margin Trading
If you’re looking to trade Bitcoin with leverage, you should find an exchange that provides Bitcoin margin trading. There are many Bitcoin trading exchanges and we made a complete list of the top Bitcoin & crypto trading exchanges in the world. Click here to view that margin exchange list.
Something else that could be important for you when deciding your Bitcoin exchange is the supported deposit methods. For example, if you want to use FIAT money (USD for example) you’ll have to choose a Bitcoin exchange that provides FIAT as a deposit method. Because some crypto exchanges only support crypto, they are so-called “crypto to crypto” exchanges.
Some Bitcoin exchanges support PayPal, some support credit cards, and some support wire transfers. Scroll up and go through the list and choose the best Bitcoin exchange for you.
How To Buy Bitcoin & Altcoins
The first step is to choose one of the Bitcoin exchanges is the list above. The second step is to register an account. Now, when you already have an account, you’ll have to deposit FIAT or crypto to be able to buy Bitcoin.
FIAT Or Crypto
You can buy Bitcoin with FIAT or with crypto. The easiest way is to use a credit card, this way you can buy instantly on some exchanges. Also, if you already own crypto, you can use a “crypto to crypto” exchange and buy Bitcoin. However, if you want to buy a large sum of Bitcoin with FIAT money, we suggest that you find a Bitcoin exchange that supports wire transfers.
Choose The Deposit Method
When you deposit funds to your Bitcoin exchange, you need to choose one of the following four, before buying Bitcoin:
The cheapest way to buy Bitcoin is usually to use a wire transfer from a bank into the Bitcoin exchange. In our complete Bitcoin exchange list above, you can see what deposit method the different exchanges offer.
Binance for example only supports credit and crypto deposits, so it might not be the best Bitcoin exchange if you want to buy Bitcoin while paying the cheapest fees possible.
If you want to buy altcoins, you should look for a cryptocurrency exchange that supports the altcoin you want to buy. We suggest that you check out Binance, because Binance has the biggest variety of altcoins on the market. You’ll find Binance in the exchange list above.
An important tip though, Binance does not support wire transfer, so a solution to pay less fees is to the following:
1. Sign up to Coinbase
2. Make a wire transfer
3. Buy Bitcoin
4. Send the Bitcoin to Binance
5. Trade Bitcoin for the altcoin you want to buy